Document:

Exhibit 4.9

 

EXECUTION VERSION

	 

 

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC,

as Depositor

 

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

as Master Servicer

 

RIALTO
CAPITAL ADVISORS, LLC,

as Special Servicer

 

COMPUTERSHARE
TRUST COMPANY, NATIONAL ASSOCIATION,

as Certificate Administrator

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee,

 

and

 

PENTALPHA
SURVEILLANCE LLC,

as Operating Advisor and as Asset Representations Reviewer

 

POOLING
AND SERVICING AGREEMENT

 

BBCMS
Mortgage Trust 2022-C15 

Commercial
Mortgage Pass-Through Certificates

Series 2022-C15

 

Dated
as of April 1, 2022 

	 

  

     

     

    

 

TABLE
OF CONTENTS

 

ARTICLE
I

 

DEFINITIONS

 

	Section 1.01	Defined Terms	7
	Section 1.02	Certain Calculations	127
	 	 	 
	ARTICLE
    II
	 	 	 
	CONVEYANCE
OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES; 

        CREATION
OF RR INTEREST 

	 	 	 
	Section 2.01	Conveyance of Mortgage Loans	128
	Section 2.02	Acceptance by Trustee	136
	Section 2.03	Representations, Warranties and Covenants of
    the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and
    Breaches of Representations and Warranties	141
	Section 2.04	Execution of Certificates; Issuance of Lower-Tier
    Regular Interests	158
	Section 2.05	Creation of the Grantor Trust	158
	 	 	 
	ARTICLE
    III
	 	 	 
	ADMINISTRATION
    AND SERVICING OF THE TRUST FUND
	 	 	 
	Section 3.01	Administration of the Mortgage Loans, the Serviced
    Companion Loans, and REO Properties	159
	Section 3.02	Collection of Mortgage Loan Payments	166
	Section 3.03	Collection of Taxes, Assessments and Similar
    Items; Servicing Accounts	172
	Section 3.04	The Collection Account, the Lower-Tier REMIC
    Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve
    Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account and the Excess Interest Distribution
    Account	177
	Section 3.05	Permitted Withdrawals from the Collection Account,
    the Distribution Accounts and the Companion Distribution Account	185
	Section 3.06	Investment of Funds in the Collection Account,
    the REO Account and Loss of Value Reserve Fund	195
	Section 3.07	Maintenance of Insurance Policies; Errors and
    Omissions and Fidelity Coverage	197
	Section 3.08	Enforcement of Due-on-Sale Clauses; Assumption
    Agreements	203
	Section 3.09	Realization Upon Defaulted Loans and Companion
    Loans	209

 

    -i- 

     

    

 

	Section 3.10	Trustee
and Certificate Administrator to Cooperate; Release of Mortgage Files 

	213
	Section 3.11	Servicing Compensation	214
	Section 3.12	Inspections; Collection of Financial Statements;
    Delivery of Reports	221
	Section 3.13	Access to Certain Information	227
	Section 3.14	Title to REO Property; REO Account	241
	Section 3.15	Management of REO Property	243
	Section 3.16	Sale of Defaulted Loans and REO Properties	245
	Section 3.17	Additional Obligations of Master Servicer and
    Special Servicer	252
	Section 3.18	Modifications, Waivers, Amendments and Consents	255
	Section 3.19	Transfer of Servicing Between the Master Servicer
    and the Special Servicer; Recordkeeping; Asset Status Report	269
	Section 3.20	Sub-Servicing Agreements	276
	Section 3.21	Interest Reserve Account	280
	Section 3.22	Directing Certificateholder and Operating Advisor
    Contact with Master Servicer and Special Servicer	280
	Section 3.23	Controlling Class Certificateholders, Directing
    Certificateholder and the Risk Retention Consultation Parties; Certain Rights and Powers of Directing Certificateholder and
    the Risk Retention Consultation Parties	281
	Section 3.24	Intercreditor Agreements	286
	Section 3.25	Rating Agency Confirmation	289
	Section 3.26	The Operating Advisor	290
	Section 3.27	Companion Paying Agent	299
	Section 3.28	Serviced Companion Noteholder Register	299
	Section 3.29	Certain Matters Relating to the Whole Loans	300
	Section 3.30	[RESERVED]	302
	Section 3.31	Resignation Upon Prohibited Risk Retention Affiliation	302
	Section 3.32	Litigation Control	303
	Section 3.33	Delivery of Excluded Information to the Certificate
    Administrator	307
	Section 3.34	Certain Matters with Respect to Joint Mortgage
    Loans	307
	 	 	 
	ARTICLE
    IV
	 	 	 
	DISTRIBUTIONS
    TO CERTIFICATEHOLDERS AND RR INTEREST OWNER
	 	 	 
	Section 4.01	Distributions	312
	Section 4.02	Distribution Date Statements; CREFC® Investor
    Reporting Packages; Grant of Power of Attorney	323
	Section 4.03	P&I Advances	330
	Section 4.04	Allocation of Realized Losses	333
	Section 4.05	Appraisal Reduction Amounts; Collateral Deficiency
    Amounts	335
	Section 4.06	Grantor Trust Reporting	339
	Section 4.07	Investor Q&A Forum; Investor Registry; and
    Rating Agency Q&A Forum and Document Request Tool	340
	Section 4.08	Secure Data Room	343

 

    -ii- 

     

    

 

	ARTICLE
    V
	 	 	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	345
	Section 5.02	Form and Registration	346
	Section 5.03	Registration of Transfer and Exchange of Certificates	349
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates	360
	Section 5.05	Persons Deemed Owners	360
	Section 5.06	Access to List of Certificateholders’
    Names and Addresses; Special Notices	360
	Section 5.07	Maintenance of Office or Agency	362
	Section 5.08	Appointment of Certificate Administrator	362
	Section 5.09	[RESERVED]	362
	Section 5.10	Voting Procedures for Certificates	363
	 	 	 
	ARTICLE
    VI
	 	 	 
	THE
DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 

        OPERATING
ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE 

        DIRECTING
CERTIFICATEHOLDER AND THE RISK RETENTION CONSULTATION 

        PARTIES 

	 	 	 
	Section 6.01	Representations, Warranties and Covenants of
    the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer	364
	Section 6.02	Liability of the Depositor, the Master Servicer,
    the Operating Advisor, the Special Servicer and the Asset Representations Reviewer	370
	Section 6.03	Merger, Consolidation or Conversion of the Depositor,
    the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations Reviewer	370
	Section 6.04	Limitation on Liability of the Depositor, the
    Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	372
	Section 6.05	Depositor, Master Servicer and Special Servicer
    Not to Resign	377
	Section 6.06	Rights of the Depositor in Respect of the Master
    Servicer and the Special Servicer	378
	Section 6.07	The Master Servicer and the Special Servicer
    as Certificate Owner	379
	Section 6.08	The Directing Certificateholder and the Risk
    Retention Consultation Parties	379
	Section 6.09	Knowledge of Computershare Trust Company, National
    Association	387

 

    -iii- 

     

    

 

	ARTICLE
    VII
	 	 	 
	SERVICER
    TERMINATION EVENTS
	 	 	 
	Section 7.01	Servicer Termination Events; Master Servicer
    and Special Servicer Termination	387
	Section 7.02	Trustee to Act; Appointment of Successor	396
	Section 7.03	Notification to Certificateholders and RR Interest
    Owner	398
	Section 7.04	Waiver of Servicer Termination Events	398
	Section 7.05	Trustee as Maker of Advances	399
	 	 	 
	ARTICLE
    VIII
	 	 	 
	CONCERNING
    THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	399
	Section 8.02	Certain Matters Affecting the Trustee and the
    Certificate Administrator	401
	Section 8.03	Trustee and Certificate Administrator Not Liable
    for Validity or Sufficiency of Certificates, RR Interest or Mortgage Loans	403
	Section 8.04	Trustee or Certificate Administrator May Own
    Certificates	403
	Section 8.05	Fees and Expenses of Trustee and Certificate
    Administrator; Indemnification of Trustee and Certificate Administrator	403
	Section 8.06	Eligibility Requirements for Trustee and Certificate
    Administrator	405
	Section 8.07	Resignation and Removal of the Trustee and Certificate
    Administrator	406
	Section 8.08	Successor Trustee or Certificate Administrator	408
	Section 8.09	Merger or Consolidation of Trustee or Certificate
    Administrator	409
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	409
	Section 8.11	Appointment of Custodians	410
	Section 8.12	Representations and Warranties of the Trustee	410
	Section 8.13	Provision of Information to Certificate Administrator,
    Master Servicer and Special Servicer	411
	Section 8.14	Representations and Warranties of the Certificate
    Administrator	412
	Section 8.15	Compliance with the PATRIOT Act	413
	 	 	 
	ARTICLE
    IX
	 	 	 
	TERMINATION
	 	 	 
	Section 9.01	Termination upon Repurchase or Liquidation of
    All Mortgage Loans	413
	Section 9.02	Additional Termination Requirements	417
	 	 	 
	ARTICLE
    X
	 	 	 
	ADDITIONAL
    REMIC PROVISIONS
	 	 	 
	Section 10.01	REMIC Administration	418

 

    -iv- 

     

    

 

	Section 10.02	Use
    of Agents	422
	Section 10.03 	Depositor,
    Master Servicer and Special Servicer to Cooperate with Certificate Administrator	422
	Section 10.04	Appointment
    of REMIC Administrators	422
	 	 	 
	ARTICLE
    XI
	 	 	 
	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 11.01	Intent
    of the Parties; Reasonableness	423
	Section 11.02	Succession;
    Subcontractors	424
	Section 11.03	Filing
    Obligations	426
	Section 11.04	Form
    10-D and Form ABS-EE Filings	427
	Section 11.05	Form
    10-K Filings	432
	Section 11.06	Sarbanes-Oxley
    Certification	434
	Section 11.07	Form
    8-K Filings	436
	Section 11.08	Form
    15 Filing	438
	Section 11.09	Annual
    Compliance Statements	438
	Section 11.10	Annual
    Reports on Assessment of Compliance with Servicing Criteria	440
	Section 11.11	Annual
    Independent Public Accountants’ Attestation Report	442
	Section 11.12	Indemnification	444
	Section 11.13	Amendments	446
	Section 11.14	Regulation
    AB Notices	446
	Section 11.15	Certain
    Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans	446
	Section 11.16	Certain
    Matters Regarding Significant Obligors	452
	Section 11.17	Impact
    of Cure Period	452
	 	 	 
	ARTICLE
    XII
	 	 	 
	THE ASSET
    REPRESENTATIONS REVIEWER
	 	 	 
	Section 12.01	Asset
    Review	452
	Section 12.02	Payment
    of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	458
	Section 12.03	Resignation
    of the Asset Representations Reviewer	460
	Section 12.04	Restrictions
    of the Asset Representations Reviewer	460
	Section 12.05	Termination
    of the Asset Representations Reviewer	460
	 	 	 
	ARTICLE
    XIII
	 	 	 
	MISCELLANEOUS
    PROVISIONS
	 	 	 
	Section 13.01	Amendment	463
	Section 13.02	Recordation
    of Agreement; Counterparts	468
	Section 13.03	Limitation
    on Rights of Certificateholders and the RR Interest Owner	469

 

    -v- 

     

    

 

	Section 13.04	Governing Law; Submission
    to Jurisdiction; Waiver of Jury Trial	470
	Section 13.05	Notices	471
	Section 13.06	Severability of Provisions	479
	Section 13.07	Grant of a Security Interest	479
	Section 13.08	Successors and Assigns; Third Party Beneficiaries	480
	Section 13.09	Article and Section Headings	481
	Section 13.10	Notices to the Rating Agencies	481
	Section 13.11	Recognition of U.S. Special Resolution Regimes	482
	Section 13.12	Limitation on the Exercise of Certain Rights
    Related to Affiliate Insolvency Proceedings	483
	Section 13.13	Cooperation with the Mortgage Loan Sellers with
    Respect to Rights Under the Loan Agreements	483
	Section 13.14	PNC Bank, National Association	484

 

    -vi- 

     

    

 

	EXHIBITS	 
	 	 
	EXHIBIT A-1	Form of Certificate (Other than Class R, Class
    S and Class RR Certificates)
	EXHIBIT A-2	Form of Class R Certificate
	EXHIBIT A-3	Form of Class S Certificate
	EXHIBIT A-4	Form of Class RR Certificate
	EXHIBIT B	Mortgage Loan Schedule
	EXHIBIT C	Form of Investment Representation Letter
	EXHIBIT D-1	Form of Transferee Affidavit for Transfers of
    Class R Certificates
	EXHIBIT D-2	Form of Transferor Letter for Transfers of Class
    R Certificates
	EXHIBIT D-3	Form of Transferee Certificate for Transfers
    of the Risk Retention Certificates
	EXHIBIT D-4	Form of Transferor Certificate for Transfers
    of the Risk Retention Certificates
	EXHIBIT D-5	Form of Transferee Certificate for Transfers
    of the RR Interest
	EXHIBIT D-6	Form of Transferor Certificate for Transfers
    of the RR Interest
	EXHIBIT E	Form of Request for Release
	EXHIBIT F-1	Form of ERISA Representation Letter Regarding
    ERISA Restricted Certificates
	EXHIBIT F-2	Form of ERISA Representation Letter Regarding
    [Class R Certificates][Class S Certificates][RR Interest]
	EXHIBIT G	Form of Distribution Date Statement
	EXHIBIT H	Form of Omnibus Assignment
	EXHIBIT I	Form of Transfer Certificate for Rule 144A Book-Entry
    Certificate to Temporary Regulation S Book-Entry Certificate during Restricted Period
	EXHIBIT J	Form of Transfer Certificate for Rule 144A Book-Entry
    Certificate to Regulation S Book-Entry Certificate after Restricted Period
	EXHIBIT K	Form of Transfer Certificate for Temporary Regulation
    S Book-Entry Certificate to Rule 144A Book-Entry Certificate during Restricted Period
	EXHIBIT L	Form of Transfer Certificate for Temporary Regulation
    S Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	EXHIBIT M	Form of Transfer Certificate for Non-Book Entry
    Certificate to Temporary Regulation S Book-Entry Certificate
	EXHIBIT N	Form of Transfer Certificate for Non-Book Entry
    Certificate to Regulation S Book-Entry Certificate
	EXHIBIT O	Form of Transfer Certificate for Non-Book Entry
    Certificate to Rule 144A Book-Entry Certificate
	EXHIBIT P-1A	Form of Investor Certification for Non-Borrower
    Party and/or a Risk Retention Consultation Party (for Persons other than the Directing Certificateholder and/or a Controlling
    Class Certificateholder)
	EXHIBIT P-1B	Form of Investor Certification for Non-Borrower
    Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1C	Form of Investor Certification for Borrower
    Party (for Persons other than the Directing Certificateholder, a Risk Retention Consultation Party and/or a Controlling Class
    Certificateholder)

 

    -vii- 

     

    

 

	EXHIBIT P-1D	Form of Investor Certification
    for Borrower Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1E	Form of Notice of Excluded Controlling Class
    Holder
	EXHIBIT P-1F	Form of Notice of [Excluded Loan][Excluded Controlling
    Class Holder] to Certificate Administrator
	EXHIBIT P-1G	Form of Certification of the Directing Certificateholder
	EXHIBIT P-1H	Form of Certification of a Risk Retention Consultation
    Party
	EXHIBIT P-2	Form of Certification for NRSROs
	EXHIBIT P-3	Online Market Data Provider Certification
	EXHIBIT Q	Custodian Certification/Exception Report
	EXHIBIT R-1	Form of Power of Attorney by Trustee for Master
    Servicer
	EXHIBIT R-2	Form of Power of Attorney by Trustee for Special
    Servicer
	EXHIBIT S	Initial Serviced Companion Noteholders
	EXHIBIT T	Form of Notice for Non-Serviced Mortgage Loan
	EXHIBIT U	Form of Notice and Certification Regarding Defeasance
    of Mortgage Loan
	EXHIBIT V	Form of Operating Advisor Annual Report
	EXHIBIT W	Form of Notice from Operating Advisor Recommending
    Replacement of Special Servicer
	EXHIBIT X	Form of Confidentiality Agreement
	EXHIBIT Y	Form Certification to be Provided with Form
    10-K
	EXHIBIT Z-1	Form of Certification to be Provided to Depositor
    by Certificate Administrator
	EXHIBIT Z-2	Form of Certification to be Provided to Depositor
    by Master Servicer
	EXHIBIT Z-3	Form of Certification to be Provided to Depositor
    by Special Servicer
	EXHIBIT Z-4	Form of Certification to be Provided to Depositor
    by Trustee
	EXHIBIT Z-5	Form of Certification to be Provided to Depositor
    by Operating Advisor
	EXHIBIT Z-6	Form of Certification to be Provided to Depositor
    by Custodian
	EXHIBIT Z-7	Form of Certification to be Provided to Depositor
    by Asset Representations Reviewer
	EXHIBIT AA	Servicing Criteria to be Addressed in Assessment
    of Compliance
	EXHIBIT BB	Additional Form 10-D Disclosure
	EXHIBIT CC	Additional Form 10-K Disclosure
	EXHIBIT DD	Form 8-K Disclosure Information
	EXHIBIT EE	Additional Disclosure Notification
	EXHIBIT FF	Initial Sub-Servicers
	EXHIBIT GG	Servicing Function Participants
	EXHIBIT HH	Form of Annual Compliance Statement
	EXHIBIT II	Form of Report on Assessment of Compliance with
    Servicing Criteria
	EXHIBIT JJ	CREFC® Payment Information
	EXHIBIT KK	Form of Notice of Additional Indebtedness
	EXHIBIT LL	[RESERVED]
	EXHIBIT MM	Additional Disclosure Notification (Accounts)
	EXHIBIT NN	Form of Notice of Purchase of Controlling Class
    Certificate
	EXHIBIT OO	Form of Asset Review Report by the Asset Representations
    Reviewer
	EXHIBIT PP	Form of Asset Review Report Summary
	EXHIBIT QQ	Asset Review Procedures

 

    -viii- 

     

    

 

	EXHIBIT RR	Form of Certification to
    Certificate Administrator Requesting Access to Secure Data Room
	EXHIBIT SS	Form of Notice of [Additional Delinquent Loan][Cessation
    of Delinquent Loan][Cessation of Asset Review Trigger]
	EXHIBIT TT	Form of Certificate Administrator Receipt in
    Respect of the Risk Retention Certificates
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE 1	Mortgage Loans With Additional Secured Debt
	SCHEDULE 2	Class A-SB Planned Principal Balance Schedule
	SCHEDULE 3	Designated Mortgage Loans With Earnout or Performance
    Escrows or Reserves (Exceeding 10% of the Initial Principal Balance of the Mortgage Loan or (if applicable) Whole Loan)

 

    -ix- 

     

    

 

This
Pooling and Servicing Agreement is dated and effective as of April 1, 2022, between Barclays Commercial Mortgage Securities LLC,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors,
LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National
Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

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

 

In
addition, the parties intend that the portion of the Trust Fund consisting of the entitlement to Excess Interest and amounts in
the Excess Interest Distribution Account shall be treated as a grantor trust (the “Grantor Trust”) for federal
income tax purposes, and the Class S Certificates and the VRR Interest shall represent undivided beneficial interests in the Grantor
Trust. As provided herein, the Certificate Administrator shall take all actions expressly required hereunder to ensure that the
portion of the Trust Fund consisting of the Grantor Trust maintains its status as a Grantor Trust under federal income tax law
and not be treated as part of the Trust REMICs.

 

The
Depositor intends (i) to sell the Certificates (other than the Class RR Certificates) to the Underwriters and the Initial
Purchasers, (ii) to cause the Class RR Certificates to be owned on the Closing Date by (a) Barclays Bank PLC, as a Majority-Owned
Affiliate of Barclays and (b) KeyBank, and (iii) to cause the RR Interest to be owned on the Closing Date by BMO.

 

LOWER-TIER
REMIC

 

The
Lower-Tier REMIC will hold the Mortgage Loans (excluding any entitlement to any Excess Interest, the Excess Interest Distribution
Account and any proceeds thereon) and will issue the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5, Class LASB, Class
LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LGRR, Class LHRR and Class LRR Uncertificated Interests and the LRI
Uncertificated Interest (the “Lower-Tier Regular Interests”), which will evidence the “regular interests”
in the Lower-Tier REMIC created hereunder. The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is
the sole class of “residual interests” in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented
by the Class R Certificates.

 

     

     

    

 

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

 

	Class
                                     Designation 
	Interest
                                         Rate 
	Original
                                         Lower-Tier Principal Amount 

	Class
    LA1	(1)	 $ 	12,900,000	 
	Class
    LA2	(1)	 $ 	75,600,000	 
	Class
    LA3	(1)	 $ 	87,800,000	 
	Class
    LA4	(1)	 $ 	125,000,000	 
	Class
    LA5	(1)	 $ 	372,300,000	 
	Class
    LASB	(1)	 $ 	23,405,000	 
	Class
    LAS	(1)	 $ 	94,593,000	 
	Class
    LB	(1)	 $ 	46,053,000	 
	Class
    LC	(1)	 $ 	42,318,000	 
	Class
    LD	(1)	 $ 	27,382,000	 
	Class
    LE	(1)	 $ 	19,914,000	 
	Class
    LF	(1)	 $ 	22,404,000	 
	Class
    LGRR	(1)	 $ 	9,957,000	 
	Class
    LHRR	(1)	 $ 	36,095,861	 
	Class
    LRR	(1)	 $ 	27,124,997	(2)
	Class
    LR	None(3)	None(2)
	LRI	(1)	 $ 	8,454,915	(4)

 

 

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

 

		(2)	The
                                         Class LRR Uncertificated Interest (evidenced by the Class RR Certificates) will have
                                         an original principal balance equal to (a) the VRR Percentage minus the RRI Percentage,
                                         multiplied by (b) the aggregate Cut-off Date Balance of the Mortgage Loans.

 

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

 

		(4)	The
                                         LRI Uncertificated Interest will have an original principal balance equal to the RRI
                                         Percentage multiplied by the aggregate Cut-off Date Balance of the Mortgage Loans.

 

UPPER-TIER
REMIC

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue (in each case, exclusive of the right to receive Excess
Interest, if any) (i) the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class X-A, Class X-B, Class A-S,
Class B, Class C, Class X-D, Class X-F, Class D, Class E, Class F, Class G-RR, Class H-RR and Class RR Certificates and (ii)
the regular interests that correspond in the aggregate to the RR Interest (together with the Class RR Certificates, the “VRR
Upper-Tier Regular Interests”), each of which represents a class of “regular interests” in the Upper-Tier
REMIC created hereunder. The Upper-Tier REMIC regular interests will have the same Pass-Through Rates as their corresponding Certificates
and the same original principal amounts or notional amounts as the original certificate balance or notional amount, as applicable,
of their corresponding Certificates as shown in the “Certificates” table below. The Upper-Tier REMIC shall also issue
the uncertificated Class UR Interest, which is the sole class of “residual interests” in the Upper-Tier REMIC for
purposes of

 

    -2-

     

    

 

the REMIC Provisions and is represented by the Class R Certificates. The Class UR Interest will not have a Certificate
Balance or Notional Amount, will not bear interest and will not be entitled to distributions of Prepayment Premiums or Yield Maintenance
Charges. Any Available Funds remaining in the Upper-Tier REMIC Distribution Account after all required distributions under this
Agreement have been made to each Class of Regular Certificates will be deemed distributed to the Class UR Interest and shall be
payable to the Holders of the Class R Certificates.

 

THE
CERTIFICATES AND THE RR INTEREST

 

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

 

	Class
                                     of Certificates or RR Interest 
	Approximate
                                         Initial Pass-Through Rate or VRR Interest Rate 
	Original
                                         Certificate

                                         Balance, Original Notional

                                         Amount or Original RR Interest
                                         Balance 

	Class A-1
    Certificates	2.89000%	$ 	12,900,000	 
	Class A-2 Certificates	3.61000%	$ 	75,600,000	 
	Class A-3 Certificates	3.75200%	$ 	87,800,000	 
	Class A-4 Certificates	3.52400%	$ 	125,000,000	 
	Class A-5 Certificates	3.66200%	$ 	372,300,000	 
	Class A-SB Certificates	3.68400%	$ 	23,405,000	 
	Class X-A Certificates	    0.20208%(1)	$ 	697,005,000	(2)
	Class X-B Certificates	    0.06109%(1)	$ 	182,964,000	(2)
	Class X-D Certificates	    1.33148%(1)	$ 	47,296,000	(2)
	Class X-F Certificates	    1.33148%(1)	$ 	22,404,000	(2)
	Class A-S Certificates	3.75200%	$ 	94,593,000	 
	Class B Certificates	3.75200%	$ 	46,053,000	 
	Class C Certificates	3.83148%	$ 	42,318,000	 
	Class D Certificates	2.50000%	$ 	27,382,000	 
	Class E Certificates	2.50000%	$ 	19,914,000	 
	Class F Certificates	2.50000%	$ 	22,404,000	 
	Class G-RR Certificates	3.83148%	$ 	9,957,000	 
	Class H-RR Certificates	3.83148%	$ 	36,095,861	 
	Class R Certificates	None(3)	N/A
	Class S Certificates	None(3)	N/A
	Class RR Certificates	(4)	$ 	27,124,997	(5)
	RR Interest	(4)	$ 	8,454,915	(6)

 

 

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

 

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

 

    -3-

     

    

 

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

 

		(4)	The
                                         VRR Interest Rate on any Distribution Date will be the Weighted Average Net Mortgage
                                         Rate for such Distribution Date.

 

		(5)	The
                                         Class RR Certificates will have an original principal balance equal to (a) the VRR Percentage
                                         minus the RRI Percentage, multiplied by (b) the aggregate Cut-off Date Balance of the
                                         Mortgage Loans.

 

		(6)	The
                                         RR Interest will have an Original RR Interest Balance equal to the RRI Percentage multiplied
                                         by the aggregate Cut-off Date Balance of the Mortgage Loans.

 

THE
GRANTOR TRUST

 

The
portions of the Trust Fund consisting of (i) the VRR Interest Specific Grantor Trust Assets and (ii) the Class S Specific Grantor
Trust Assets shall be classified as a trust under Treasury Regulations section 301.7701-4 and the holders of the Certificates
representing beneficial ownership interests in such assets and cashflows shall be the tax owners of such assets and cashflows
under Code Section 671 (such a trust, a “Grantor Trust”). As provided herein, the Certificate Administrator
shall not take any actions that would cause the Grantor Trust to either (i) lose its tax status as a “grantor trust”
under the Code or (ii) be treated as part of either Trust REMIC.

 

The
following table sets forth the Class designation, the approximate initial interest entitlements, the initial Certificate Balance
and the assets (and cashflows) underlying each Certificate representing an interest in the Grantor Trust:

 

	Class Designation 
	Interest
Entitlements

(per annum) 
	Original
Certificate Balance 
	Specific
Grantor Trust Assets Represented by such Certificate 

	VRR
    Interest	(1)	$35,579,912	VRR
    Interest Specific Grantor Trust Assets
	Class S	(2)	(2)	Class
    S Specific Grantor Trust Assets

 

 

		(1)	The
                                         VRR Interest will not have a Pass-Through Rate. Instead these Certificates will entitle
                                         the Holders to interest on any Distribution Date in an amount equal to the VRR Interest
                                         Distribution Amount for such Distribution Date. The VRR Interest will also be entitled
                                         to the VRR Percentage of the Excess Interest for such Distribution Date.

 

		(2)	The
                                         Class S Certificates represent undivided beneficial ownership interest in the entitlement
                                         to the Non-VRR Percentage of the Excess Interest. The Class S Certificates are not
                                         entitled to distributions in respect of principal or interest other than as described
                                         in the preceding sentence.

 

On
the Closing Date, the Depositor is selling, assigning and transferring and otherwise conveying to (i) Barclays Bank PLC (as a
Majority-Owned Affiliate of Barclays), $19,436,672 Certificate Balance of the Class RR Certificates (which assignment, transfer
and conveyance shall, solely for purposes of satisfying the requirements of Section 3(a) and Section 4(a)(3) of the Risk Retention
Rule, be deemed assigned, transferred and conveyed from the Depositor to Barclays and from Barclays to Barclays Bank PLC), (ii)
BMO, the RR Interest, and (iii) KeyBank, $7,688,325 Certificate Balance of the Class RR Certificates.

 

    -4-

     

    

 

As
of the close of business on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all
payments of principal due on or before such date, whether or not received, equal to $1,031,301,773.

 

WHOLE
LOANS

 

The
Trust includes several Mortgage Loans each of which is part of a whole loan structure secured by the same Mortgaged Property.
The Whole Loans relating to the Trust are the whole loans secured by the Mortgaged Properties identified in the following table.
The table also lists, for each Whole Loan, the type of the Whole Loan, the Non-Serviced PSA (if any), and the type of Companion
Loan(s).

 

	Whole
    Loan	Type	Non-Serviced
    PSA	Companion
    Loan Name	Companion
    Loan Type
	The
    Summit	Non-Serviced	SUMIT
    2022-BVUE	Note
                                         A-1-S

        Note
        A-1-1

        Note
        A-1-3

        Note
        A-1-4

        Note
        A-2-S

        Note
        A-2-1

        Note
        A-2-2

        Note
        B-1-1

        Note
        B-2-1

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

        Subordinate

	1888
    Century Park East	Non-Serviced	BBCMS
                                         2022-C14

	Note
                                         A-1

        Note
        A-3

        Note
        A-4

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

	Coleman
    Highline Phase IV	Non-Serviced	COLEM
    2022-HLNE	Note
                                         A-1

        Note
        A-2

        Note
        A-3

        Note
        A-4

        Note
        A-7

        Note
        A-8

        Note
        A-9

        Note
        B-1

        Note
        B-2

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

        Subordinate

	Twin
    Spans Business Park and Delaware Industrial Park	Serviced	N/A	Note
                                         A-2

        Note
        A-3

	Pari
                                         Passu

        Pari
        Passu

	IPCC
    National Storage Portfolio XVI	Non-Serviced	BMO
    2022-C1	Note
                                         A-1

        Note
        A-4

	Pari
                                         Passu

        Pari
        Passu

	Rose
    Castle Apartments	Serviced	N/A	Note
                                         A-3

        Note
        A-5

        Note
        A-7

        Note
        A-9

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

	2
    Riverfront Plaza	Serviced	N/A	Note
                                         A-1

        Note
        A-3

        Note
        A-4

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

	IPCC
    National Storage Portfolio XV	Serviced	N/A	Note
                                         A-2

        Note
        A-3

	Pari
                                         Passu

        Pari
        Passu

 

    -5-

     

    

 

	Whole
    Loan	Type	Non-Serviced
    PSA	Companion
    Loan Name	Companion
    Loan Type
	Moonwater
    Office Portfolio	Non-Serviced	Benchmark
    2022-B32	Note
                                         A-1

        Note
        A-2

        Note
        A-4

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

	26
    Broadway	Non-Serviced	BWAY
    2022-26BW	Note
                                         A-1

        Note
        A-2

        Note
        A-4

        Note
        A-6

        Note
        B-1

        Note
        B-2

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

        Subordinate

	Bedrock
    Portfolio	Non-Serviced	BMARK
    2022-B32	Note
                                         A-1-1

        Note
        A-1-2

        Note
        A-1-3

        Note
        A-1-4

        Note
        A-1-5

        Note
        A-1-6

        Note
        A-2-1

        Note
        A-2-3

        Note
        A-2-4

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

	1100
    & 820 First Street NE	Non-Serviced	BBCMS
    2021-C12	Note
                                         A-1

        Note
        A-2

        Note
        A-3

        Note
        A-4

        Note
        A-5

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

	Meadowood
    Mall	Non-Serviced	WFCM
    2021-C61(1)	Note
                                         A-1

        Note
        A-3

        Note
        A-4

        Note
        B

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

	Visions
    Hotel Portfolio III	Non-Serviced	MSC
    2022-L8	Note
    A-1	Pari
    Passu
	NYC
    MFRT Portfolio	Non-Serviced	BMO
    2022-C1	Note
                                         A-1

        Note
        A-3

	Pari
                                         Passu

        Pari
        Passu

	AMF
    Portfolio	Non-Serviced	BBCMS
    2021-C12	Note
                                         A-1

        Note
        A-2

        Note
        A-3

        Note
        A-4

        Note
        A-5-1

        Note
        A-5-2

        Note
        A-6

        Note
        A-7

        Note
        A-9

	Pari
                                         Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

 

 

		(1)	On
                                         and after the securitization of Note A-4, the Meadowood Mall Whole Loan will be serviced
                                         pursuant to the Non-Serviced PSA governing the securitization of such Note.

 

With
respect to any Whole Loan, each of the Mortgage Loan and the Pari Passu Companion Loan(s) are pari passu with each other
to the extent provided in the related Intercreditor Agreement, and any AB Subordinate Companion Loan(s) is generally subordinate
to the related Mortgage Loan and any Pari Passu Companion Loan(s) to the extent provided in the

 

    -6-

     

    

 

related Intercreditor Agreement.
Each Serviced Whole Loan will be serviced and administered in accordance with this Agreement and the related Intercreditor Agreement.
Each Non-Serviced Whole Loan will be serviced and administered in accordance with the related Non-Serviced PSA and the related
Intercreditor Agreement.

 

The
Companion Loans are not part of the Trust Fund, but are each secured by the applicable Mortgage that secures the related Mortgage
Loan that is part of the Trust Fund. Amounts attributable to any Companion Loan will not be part of the Trust Fund, and (except
to the extent that such amounts are payable or reimbursable to any party to this Agreement) will be owned by the related Companion
Holders.

 

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

 

ARTICLE
I

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“AB
Control Appraisal Period”: With respect to a Serviced AB Whole Loan, a “Control Appraisal Period” or equivalent
term under the related AB Intercreditor Agreement.

 

“AB
Intercreditor Agreement”: Any Intercreditor Agreement by and among the holder of an AB Subordinate Companion Loan and
the holder of the related Mortgage Loan and any holders of any related Pari Passu Companion Loans, relating to the relative rights
of such holders of the related AB Whole Loan, as the same may be amended in accordance with the terms thereof.

 

“AB
Modified Loan”: Any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this definition
any Non-Serviced Mortgage Loan that became a

 

    -7-

     

    

 

“corrected loan” (or any term substantially similar thereto) pursuant
to the related Non-Serviced PSA) due to a modification thereto that resulted in the creation of an A/B note structure (or similar
structure) and as to which the new junior note(s) did not previously exist or the principal amount of the new junior note(s) was
previously part of either an A note held by the Trust or the original unmodified Mortgage Loan and (2) as to which an Appraisal
Reduction Amount is not in effect.

 

“AB
Mortgage Loan”: A senior “A note” that is part of an AB Whole Loan and which is a Mortgage Loan that is
part of the Trust Fund.

 

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

 

“AB
Subordinate Companion Loan”: With respect to any AB Whole Loan, the related companion loan evidenced by the related
promissory note made by the related Mortgagor and secured by the Mortgage on the related AB Mortgaged Property, which is not included
in the Trust and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the related
Mortgage Loan documents and as provided in the related Intercreditor Agreement. For the avoidance of doubt, The Summit Subordinate
Companion Loans, the Coleman Highline Phase IV Subordinate Companion Loans, the 26 Broadway Subordinate Companion Loans and the
Meadowood Mall Subordinate Companion Loan are the only AB Subordinate Companion Loans related to the Trust as of the Closing Date.

 

“AB
Whole Loan”: A Whole Loan that consists of a Mortgage Loan and a related AB Subordinate Companion Loan and may include
one or more Pari Passu Companion Loans. The AB Whole Loans related to the Trust as of the Closing Date are the Whole Loans described
in the table under the heading “Whole Loans” in the Preliminary Statement hereto as having a “Companion Loan
Type” of “Pari Passu and Subordinate” or “Subordinate”.

 

“AB
Whole Loan Controlling Holder”: With respect to a Serviced AB Whole Loan, the “Controlling Holder”, “Controlling
Noteholder” or similarly defined party identified in the related AB Intercreditor Agreement.

 

“Accelerated
Mezzanine Loan Lender”: A mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure
or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan.

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan, a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related
Mortgagor to maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk
casualty insurance policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part
of the related Mortgagor to maintain with respect to the related Mortgaged Property insurance coverage with respect to damages
or casualties caused by terrorist or similar acts upon terms not materially less favorable than those in place as of the Closing
Date, in each case as to which default the Master Servicer and the Special Servicer may forbear taking any enforcement action,
provided that the Master Servicer (with respect to a Non-Specially Serviced Loan) or the Special Servicer (with respect
to a Specially Serviced Loan), as applicable,

 

    -8-

     

    

 

has determined, in its reasonable judgment, based on inquiry consistent with the
Servicing Standard (and (i) unless a Control Termination Event has occurred and is continuing, with the consent of the Directing
Certificateholder and (ii) with respect to a Specially Serviced Loan, after non-binding consultation with the Risk Retention Consultation
Parties pursuant to Section 6.08(a) (in either case, other than with respect to any Mortgage Loan that is an Excluded Loan
as to such party)) (and after a Control Termination Event has occurred and is continuing, but prior to the occurrence and continuance
of a Consultation Termination Event, after non-binding consultation with the Directing Certificateholder (or, with respect to
a Serviced AB Whole Loan, and prior to any related AB Control Appraisal Period, with the consent of the related Serviced AB Whole
Loan Controlling Holder to the extent required under the related Intercreditor Agreement) as provided in Section 6.08)
(other than with respect to any Mortgage Loan that is an Excluded Loan as to such party), that either (a) such insurance
is not available at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties
similar to the related Mortgaged Property and located in or around the region in which such related Mortgaged Property is located,
or (b) such insurance is not available at any rate; provided, however, that the Directing Certificateholder
and the Risk Retention Consultation Parties (if it has the right to consult pursuant to Section 6.08) (or, with respect
to a Serviced AB Whole Loan, the Serviced AB Whole Loan Controlling Holder prior to any AB Control Appraisal Period to the extent
required under the related Intercreditor Agreement) will not have more than thirty (30) days to respond to the Master Servicer’s
or the Special Servicer’s, as applicable, request for such consent or consultation, as applicable; provided, further,
that upon the Master Servicer’s or the Special Servicer’s, as applicable, determination consistent with the Servicing
Standard, that exigent circumstances do not allow the Master Servicer or the Special Servicer, as applicable, to consult with
the Directing Certificateholder, the Risk Retention Consultation Parties or any applicable Serviced AB Whole Loan Controlling
Holder, as applicable, the Master Servicer or the Special Servicer, as applicable, is not required to do so. The Master Servicer
(at its own expense) and the Special Servicer (at the expense of the Trust Fund) shall be entitled to rely on insurance consultants
in making the determinations described above.

 

“Accrued
and Deferred Principal”: With respect to the Coleman Highline Phase IV Mortgage Loan, any accrued and deferred interest
that has been added to the principal balance of the Mortgage Loan following the Anticipated Repayment Date that has been collected
from the related Mortgagor (after payment in full of all other principal and interest due and owing on such Mortgage Loan).

 

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

 

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

 

“Additional
Disclosure Notification”: The form of notification to be included with any Additional Form 10-D Disclosure, Additional
Form 10-K Disclosure or Form 8-K Disclosure Information which is attached hereto as Exhibit EE.

 

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

 

    -9-

     

    

 

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

 

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

 

“Additional
Repurchase Obligor”: With respect to each Mortgage Loan Purchase Agreement, any Person (other than the related Mortgage
Loan Seller) that is required under such Mortgage Loan Purchase Agreement to perform the obligations of the related Mortgage Loan
Seller described in Section 2.03(b), in each case, to the extent set forth in such Mortgage Loan Purchase Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -10-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(v)           all Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Holders of the Class S Certificates
and the VRR Interest, as described in Section 4.01(l));

 

    -11-

     

    

 

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

 

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

 

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

 

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

 

(c)               
the aggregate amount of any Compensating Interest Payments made by the Master Servicer in respect of the Mortgage Loans with respect
to such Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to the
Mortgage Loans and the Distribution Date (net of the related Certificate Administrator Fee, Operating Advisor Fee, Asset Representations
Reviewer Fee and CREFC® Intellectual Property Royalty License Fee with respect to the Mortgage Loans for which
such P&I Advances are made) pursuant to Section 4.03 or Section 7.05; and

 

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

 

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

 

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

 

“Aggregate
Gain-on-Sale Entitlement Amount”: With respect to each Distribution Date, the aggregate amount of (i) the sum of (a)(x)
the aggregate portion of the Interest Distribution Amount for each Class of Regular Certificates that would remain unpaid as of
the close of business on such Distribution Date, divided by (y) the Non-VRR Percentage, and (b)(x) the amount by which the Non-VRR
Principal Distribution Amount exceeds the aggregate amount that would actually be distributed on such Distribution Date in respect
of such Non-VRR Principal Distribution Amount, divided by (y) the Non-VRR Percentage and (ii) any Non-VRR Realized Losses and
VRR Realized Losses outstanding immediately after such Distribution Date, in each case, to the extent such amounts would occur
on such Distribution Date or would be outstanding immediately after such Distribution Date, as applicable, without the inclusion
of the Non-VRR Gain-on-Sale Remittance Amount as part of the definition of Available Funds and the VRR Interest Gain-on-Sale Remittance
Amount as part of the definition of VRR Available Funds.

 

    -12-

     

    

 

 

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

 

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

 

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

 

“Anticipated
Repayment Date”: With respect to any ARD Loan, the date upon which such ARD Loan commences accruing interest at the
Revised Rate.

 

“Applicable
Laws”: As defined in Section 8.15.

 

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

 

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

 

    -13-

     

    

 

 (NCUA) relating to real estate appraisals and evaluations used to support real
estate-related financial transactions, as amended from time to time. Any Appraisal ordered by the Master Servicer or Special Servicer
shall be performed by an Independent MAI-designated appraiser.

 

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

 

    -14-

     

    

 

taxes, premiums, ground rents and other amounts have not been the subject of an Advance by the Master Servicer, the Special Servicer
or the Trustee, as applicable); provided, however, that without limiting the Special Servicer’s obligation
to order and obtain such Appraisal or perform such valuation, if the Special Servicer has not obtained an Appraisal or performed
such valuation, as applicable, referred to above within sixty (60) days of the Appraisal Reduction Event (or with respect
to the Appraisal Reduction Events set forth in clauses (i) and (vi) of the definition of Appraisal Reduction
Event, within one hundred twenty (120) days (in the case of clause (i)) or ninety (90) days or one hundred
twenty (120) days, as applicable (in case of clause (vi)) after the initial delinquency for the related Appraisal
Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal
Balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, until such time as such appraisal or valuation referred
to above is received by the Special Servicer and the Appraisal Reduction Amount is calculated as of the first Determination Date
that is at least ten (10) Business Days thereafter. Within sixty (60) days after the Appraisal Reduction Event, the
Special Servicer shall order and use reasonable efforts to receive an Appraisal (the cost of which shall be paid by the Master
Servicer as a Servicing Advance); provided, further, however, that with respect to an Appraisal Reduction
Event as set forth in clause (i) of the definition of Appraisal Reduction Event, the Special Servicer shall order
and use reasonable efforts to receive such Appraisal within the one hundred twenty (120) day period set forth in such clause (i),
and with respect to an Appraisal Reduction Event as set forth in clause (vi) of the definition of Appraisal Reduction
Event, the Special Servicer shall order and use reasonable efforts to receive such Appraisal within the ninety (90) day period
or one hundred twenty (120) day period, as applicable, set forth in such clause (vi); provided, further,
however, that in no event shall the Special Servicer be required to order any such Appraisal prior to the conclusion of
such sixty (60), ninety (90), or one hundred twenty (120) day period, as applicable, and in each case, the related Appraisal
shall be promptly delivered in electronic format by the Special Servicer to the Master Servicer, the Operating Advisor, the Directing
Certificateholder (but only prior to the occurrence and continuance of a Consultation Termination Event), the Certificate Administrator
and the Trustee. In connection with any Appraisal Reduction Amount, the Master Servicer shall provide the Special Servicer with
the information as set forth in Section 4.05(c) within four (4) Business Days of its receipt of any such request.
The Master Servicer shall not calculate Appraisal Reduction Amounts.

 

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

 

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

 

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

 

    -15-

     

    

 

 the Master Servicer, the Special Servicer and the Certificate Administrator are entitled to conclusively rely on such calculation.

 

“Appraisal
Reduction Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan,
and Serviced Whole Loan, the earliest of (i) one hundred twenty (120) days after an uncured delinquency (without regard
to the application of any Grace Period), other than any uncured delinquency in respect of a Balloon Payment, occurs in respect
of such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable, (ii) the date on which a reduction
in the amount of Periodic Payments on such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable, or a
change in any other material economic term of such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable
(other than an extension of the Maturity Date), becomes effective as a result of a modification of such Mortgage Loan or Serviced
Companion Loan or Serviced Whole Loan, as applicable, by the Special Servicer, (iii) thirty (30) days after the date
on which a receiver has been appointed for the Mortgaged Property, (iv) thirty (30) days after the date on which a Mortgagor
or the tenant at a single tenant property declares bankruptcy (and the bankruptcy petition is not otherwise dismissed within such
time), (v) sixty (60) days after the date on which an involuntary petition of bankruptcy is filed with respect to a
Mortgagor if not dismissed within such time, (vi) ninety (90) days after an uncured delinquency occurs in respect of
a Balloon Payment with respect to such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable, except
where a refinancing is anticipated within one hundred twenty (120) days after the Maturity Date of the Mortgage Loan or Serviced
Companion Loan or Serviced Whole Loan, as applicable, in which case one hundred twenty (120) days after such uncured delinquency,
and (vii) immediately after such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable, becomes
an REO Loan; provided that the thirty (30) day period referenced in clause (iii) and clause (iv)
shall not apply if the related Mortgage Loan is a Specially Serviced Loan; provided, further, however,
that an Appraisal Reduction Event shall not occur at any time when the aggregate Certificate Balances of all Classes of Subordinate
Certificates have been reduced to zero. The Special Servicer shall notify the Master Servicer, the Directing Certificateholder,
and the Operating Advisor, or the Master Servicer shall notify the Special Servicer and the Operating Advisor, as applicable,
promptly upon such Person having notice or knowledge of the occurrence of any of the foregoing events. The obligation to obtain
an Appraisal following the occurrence of an Appraisal Reduction Event shall be subject to the provisions of Section 4.05.
For the avoidance of doubt, and for purposes of clauses (i) and (ii) above, neither (i) a Payment Accommodation
with respect to any Mortgage Loan or Serviced Whole Loan nor (ii) any default or delinquency that would have existed but for such
Payment Accommodation shall constitute an Appraisal Reduction Event, for so long as the related Mortgagor is complying with the
terms of such Payment Accommodation.

 

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

 

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

 

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

 

    -16-

     

    

 

 Property, the appraised
value allocable thereto, as determined pursuant to the applicable Non-Serviced PSA.

 

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

 

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

 

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

 

“ASR
Consultation Process”: As defined in Section 3.19(d).

 

“Asset
Representations Reviewer”: Pentalpha Surveillance LLC, a Delaware limited liability company, and its successors-in-interest
and assigns, or any successor asset representations reviewer appointed as herein provided.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Asset
Review Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith
subject to the express terms of this Agreement. All determinations or assumptions made by the Asset Representations Reviewer in

 

    -17-

     

    

 

connection with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion and judgment
based on the facts and circumstances known to it at the time of such determination or assumption.

 

“Asset
Review Trigger”: Any time when either (1) Mortgage Loans with an aggregate outstanding principal balance of 25.0%
or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of
any REO Loan in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent
Loans or (2)(A) prior to and including the second anniversary of the Closing Date, at least ten (10) Mortgage Loans
are Delinquent Loans and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes at least 15.0%
of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO
Loan in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period, or (B) after the
second anniversary of the Closing Date, at least fifteen (15) Mortgage Loans are Delinquent Loans and the outstanding principal
balance of such Delinquent Loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of
all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the Trust
as of the end of the applicable Collection Period.

 

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

 

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

 

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

 

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

 

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

 

“Assumed
Scheduled Payment”: For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage
Loan) that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making P&I
Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal portion of
the Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant
payment required by the related Mortgage Note or the original amortization schedule of such Mortgage Loan (as calculated with

 

    -18-

     

    

 

interest at the related Mortgage Rate), if applicable, assuming such Balloon Payment has not become due, after giving effect to
any reduction in the principal balance thereof occurring in connection with a modification of such Mortgage Loan in connection
with a default or bankruptcy (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan
or REO Loan (excluding, for purposes of determining P&I Advances, the portion allocable to any related Companion Loan, if
applicable) at the applicable Mortgage Rate (net of interest at the Servicing Fee Rate and the related Non-Serviced Primary Servicing
Fee Rate, if applicable).

 

“Authenticating
Agent”: The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating
Agent pursuant to Section 5.02(a), in each case in its capacity as authenticating agent, or if any successor authenticating
agent is appointed pursuant to Section 5.02(a), such successor authenticating agent.

 

“Available
Funds”: With respect to any Distribution Date, an amount equal to the sum of (i) the Non-VRR Percentage of the Aggregate
Available Funds for such Distribution Date and (ii) the Non-VRR Gain-on-Sale Remittance Amount for such Distribution Date. Notwithstanding
the investment of funds held in the Collection Account pursuant to Section 3.06, for purposes of calculating the Available
Funds, the amounts so invested shall be deemed to remain on deposit in such accounts.

 

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

 

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

 

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

 

“Barclays”:
Barclays Capital Real Estate Inc., a Delaware corporation.

 

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

 

“BCHI”:
Barclays Capital Holdings Inc., a Delaware corporation.

 

“BMO”:
Bank of Montreal, a Canadian chartered bank.

 

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

 

“Borrower
Party”: A borrower, a Mortgagor, a manager of a Mortgaged Property, an Accelerated Mezzanine Loan Lender, or any Borrower
Party Affiliate.

 

“Borrower
Party Affiliate”: With respect to a borrower, a Mortgagor, a manager of a Mortgaged Property or an Accelerated Mezzanine
Loan Lender, (a) any other Person

 

    -19-

     

    

 

 controlling or controlled by or under common control with such borrower, Mortgagor, manager
or Accelerated Mezzanine Loan Lender, as applicable, or (b) any other Person owning, directly or indirectly, 25% or more
of the beneficial interests in such borrower, Mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable. For the
purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

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

 

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

 

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

 

“Certificate”:
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2022-C15, as executed and delivered by
the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent. For the avoidance of doubt, the
RR Interest is not a Certificate.

 

“Certificate
Administrator”: Computershare Trust Company, National Association, in its capacity as certificate administrator, or
if any successor certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator
appointed hereunder. Computershare Trust Company, National Association, shall perform the certificate administrator role through
its Corporate Trust Services division (including, as applicable, any agents or affiliates utilized thereby).

 

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

 

“Certificate
Administrator Fee Rate”: The Certificate Administrator Fee shall be equal to the product of the rate equal to 0.00771%
per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner as interest is calculated
on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion

 

    -20-

     

    

 

 Loan) as of the preceding
Distribution Date. The Certificate Administrator Fee includes the Trustee Fee.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -21-

     

    

 

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

 

“Certificateholder
Quorum”: The Holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the
application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, the application
of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of all Principal
Balance Certificates and the Class RR Certificates on an aggregate basis.

 

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

 

“Certification
Parties”: As defined in Section 11.06.

 

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

 

“Certifying
Person”: As defined in Section 11.06.

 

“Certifying
Servicer”: As defined in Section 11.09.

 

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

 

“Class
A Certificate”: Any Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB and Class A-S Certificate.

 

    -22-

     

    

 

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

 

“Class
A-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 2.89000%.

 

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

 

“Class
A-2 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to a fixed rate of 3.61000%.

 

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

 

“Class
A-3 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 3.75200%, subject to
a maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

“Class
A-4 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 3.52400%, subject to
a maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class
A-5 Certificate”: A Certificate designated as “Class A-5” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class
A-5 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 3.66200%, subject to
a maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

“Class
A-S Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 3.75200%, subject to
a maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

    -23-

     

    

 

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

 

“Class
A-SB Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 3.68400%, subject to
a maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

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

 

“Class
B Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 3.75200%, subject to a
maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

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

 

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

 

“Class
D Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.50000%, subject to a
maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

“Class
E Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.50000%, subject to a
maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

    -24-

     

    

 

“Class
F Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.50000%, subject to a
maximum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

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

 

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

 

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

 

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

 

“Class
LA2 Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of
the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the
Preliminary Statement hereto.

 

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

 

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

 

“Class
LA5 Uncertificated Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of
the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the
Preliminary Statement hereto.

 

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

 

    -25-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -26-

     

    

 

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

 

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

 

“Class
S Certificate”: A Certificate designated as “Class S” on the face thereof in the form of Exhibit A-3
hereto, and evidencing undivided beneficial ownership of the Class S Specific Grantor Trust Assets.

 

“Class
S Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Non-VRR Percentage of any Excess Interest
received on or prior to the related Determination Date, the Non-VRR Percentage of amounts held from time to time in the Excess
Interest Distribution Account and the proceeds thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class
X-B Pass-Through Rate”: The Pass-Through Rate for Class X-B Certificates for any Distribution Date shall equal the excess,
if any of (a) the Weighted Average

 

    -27-

     

    

 

 Net Mortgage Rate for the related Distribution Date, over (b) the weighted average
of the Pass-Through Rates on the Class A-S, Class B and Class C Certificates for such Distribution Date, weighted on the basis
of their respective aggregate Certificate Balances outstanding immediately prior to the Distribution Date. The Pass-Through Rate
applicable to the Class X-B Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement
hereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Clearstream”:
Clearstream Banking, Luxembourg or any successor thereto.

 

“Closing
Date”: April 13, 2022.

 

“CMBS”:
Commercial mortgage-backed securities.

 

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

 

    -28-

     

    

 

“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any date of determination, an amount, calculated by the
Special Servicer equal to the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the
related junior note(s) and any pari passu notes included therein), over (ii) the sum of (in the case of a Whole Loan,
solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged
Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value
and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital
or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification
related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided that
in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely
to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition
to any amounts set forth in the immediately preceding clause (y) and solely to the extent not reflected or taken into
account in the calculation of any related Appraisal Reduction Amount) held by the lender in respect of such AB Modified Loan as
of the date of such determination, which such excess, for the avoidance of doubt, will be determined separately from and exclude
any related Appraisal Reduction Amounts. The Master Servicer, the Operating Advisor and the Certificate Administrator shall be
entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

With
respect to any Appraisal Reduction Amount or Collateral Deficiency Amount calculated for purposes of determining the existence
and identity of the Controlling Class pursuant to Section 4.05(a) and the occurrence and continuance of a Control Termination
Event or an Operating Advisor Consultation Event, the Appraised Value for the related Mortgaged Property determined in connection
with this definition shall be determined on an “as-is” basis. The Master Servicer shall not calculate any Collateral
Deficiency Amount.

 

“Collection
Account”: A segregated custodial account or accounts created and maintained by the Master Servicer pursuant to Section
3.04(a) on behalf of the Trustee for the benefit of the Certificateholders and the RR Interest Owner, which shall be entitled
“Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage
Pass-Through Certificates, Series 2022-C15 and the RR Interest Owner, Collection Account”. Any such account or accounts
shall be an Eligible Account. Subject to the related Intercreditor Agreement and taking into account that each Companion Loan
is subordinate or pari passu, as applicable, to the related Serviced Mortgage Loan to the extent set forth in the related Intercreditor
Agreement, the subaccount described in the second paragraph of Section 3.04(b) that is part of the Collection Account shall
be for the benefit of the Serviced Companion Noteholders, to the extent funds on deposit in such subaccount are attributed to
such Companion Loans and shall not be an asset of the Trust, either Trust REMIC or the Grantor Trust.

 

“Collection
Period”: With respect to any Distribution Date and any Mortgage Loan or Companion Loan, the period commencing on the
day immediately succeeding the Due Date for such Mortgage Loan or Companion Loan occurring in the month preceding the month in
which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan

 

    -29-

     

    

 

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

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion
Distribution Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the
Companion Paying Agent pursuant to Section 3.04(b) and held on behalf of the Serviced Companion Noteholders, which shall
be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Companion Paying Agent, for the benefit
of the Serviced Companion Noteholders of the Serviced Companion Loans, relating to the BBCMS Mortgage Trust 2022-C15, Commercial
Mortgage Pass-Through Certificates, Series 2022-C15, Companion Distribution Account”. The Companion Distribution Account
shall not be an asset of the Trust, either Trust REMIC or the Grantor Trust, but instead shall be held by the Companion Paying
Agent on behalf of the Serviced Companion Noteholders. Any such account shall be an Eligible Account. Notwithstanding the foregoing,
if the Master Servicer and the Companion Paying Agent are the same entity, the Companion Distribution Account may be the subaccount
referenced in the second paragraph of Section 3.04(b).

 

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

 

“Companion
Loan”: A mortgage loan that is not included in the Trust Fund but is part of a Whole Loan that includes a Mortgage Loan.

 

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

 

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

 

“Compensating
Interest Payment”: An aggregate amount as of any Distribution Date with respect to each Serviced Mortgage Loan and any
related Serviced Pari Passu Companion Loan equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls
incurred in connection with voluntary principal prepayments received in respect of the Mortgage Loans (other than Non-Serviced
Mortgage Loans) and any related Serviced Pari Passu Companion Loans (in each case other than any Specially Serviced Loan or any
Mortgage Loan or related Serviced Pari Passu Companion Loan on which the Special Servicer allowed a prepayment on a date other
than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that portion of the Master
Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Mortgage Loan (other than any Non-Serviced
Mortgage Loans), Serviced Pari Passu Companion Loan and REO Loan for which Servicing Fees are being paid to the Master Servicer
for such Collection Period, calculated at a rate of 0.00125% per annum, (B) all Prepayment Interest

 

    -30-

     

    

 

 Excesses received
by the Master Servicer during such Collection Period with respect to the applicable Mortgage Loans (other than the Non-Serviced
Mortgage Loans) (and, so long as a Serviced Whole Loan is serviced hereunder, any related Serviced Pari Passu Companion Loan)
subject to such prepayment and (C) to the extent earned on voluntary principal prepayments, net investment earnings payable
to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to
the Mortgage Loans (other than the Non-Serviced Mortgage Loans) or any related Serviced Pari Passu Companion Loan, as applicable,
subject to such prepayment. In no event shall the rights of the Certificateholders or the RR Interest Owner to the offset of the
aggregate Prepayment Interest Shortfalls be cumulative. However, if a Prepayment Interest Shortfall occurs with respect to a Mortgage
Loan as a result of the Master Servicer’s allowing the related Mortgagor to deviate (a “Prohibited Prepayment”)
from the terms of the related Mortgage Loan documents regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage
Loan, (W) subsequent to a default under the related Mortgage Loan documents or if the Mortgage Loan is a Specially Serviced
Loan, (X) pursuant to applicable law or a court order or otherwise in such circumstances where the Master Servicer is required
to accept such Principal Prepayment in accordance with the Servicing Standard, (Y)(i) at the request or with the consent of the
Special Servicer or, (ii) so long as no Control Termination Event has occurred and is continuing, and only with respect to Mortgage
Loans other than Excluded Loans with respect to the Directing Certificateholder, at the request or with the consent of the Directing
Certificateholder or (Z) in connection with the payment of any Insurance and Condemnation Proceeds), then for purposes of
calculating the Compensating Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard
to clause (ii) above, the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise
described in clause (i) above in connection with such Prohibited Prepayments. For the avoidance of doubt, any portion
of a Compensating Interest Payment attributable to a Serviced Whole Loan shall be allocated among the related Mortgage Loan and
the related Serviced Pari Passu Companion Loan(s), pro rata, in accordance with their respective principal balances.

 

“Consultation
Termination Event”: At any date at which (a) with respect to any Mortgage Loan (other than with respect to any Serviced
AB Whole Loan) (i)  no Class of Control Eligible Certificates exists where such Class’s aggregate Certificate Balance
is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to the application of
any Cumulative Appraisal Reduction Amounts or (ii) a Holder of the Class G-RR Certificates is the majority Controlling
Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class
Certificateholder, and such rights have not been reinstated to a successor controlling class certificateholder pursuant to
Section 3.23(m); provided, that a Consultation Termination Event shall be deemed not continuing in the event that
the Certificate Balances of the Certificates other than the Control Eligible Certificates and the VRR Interest Balance of the
VRR Interest have been reduced to zero as a result of principal payments on the Mortgage Loans and (b) with respect to any Serviced
AB Whole Loan, when the related AB Control Appraisal Period has occurred and is continuing and when the events in clause (a) above are occurring; provided, further, that no Consultation Termination Event may occur with respect to the
Loan-Specific Directing Certificateholder related to a Servicing Shift Whole Loan and the term “Consultation Termination
Event” shall not be applicable to the Loan-Specific Directing Certificateholder related to such Servicing Shift Whole Loan.
The Certificate Administrator shall notify the Operating Advisor, the Master Servicer and the Special Servicer of the commencement
or cessation of any Consultation Termination Event.

 

    -31-

     

    

 

“Consumer
Price Index for All Urban Consumers”: The “Consumer Price Index for All Urban Consumers” as published by
the U.S. Department of Labor.

 

“Control
Eligible Certificates”: Any of the Class G-RR and Class H-RR Certificates.

 

“Control
Termination Event”: The occurrence of (a) with respect to any Mortgage Loan (other than with respect to any Serviced
AB Whole Loan), when (i) the Certificate Balance of the senior most Class of Control Eligible Certificates (taking into account
the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance
with Section 4.05(a)) being reduced to less than 25% of the Original Certificate Balance of such Class or (ii) a Holder
of the Class G-RR Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right,
in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated
to a successor controlling class certificateholder pursuant to Section 3.23(m); provided, that no Control Termination
Event resulting solely from the operation of clause (ii) will be deemed to have existed or be in continuance with respect
to a successor holder of the Class G-RR Certificates that has not irrecovably waived its right to exercise any of the rights of
the Controlling Class Certificateholder; provided, further, that a Control Termination Event shall not be deemed
continuing in the event that the Certificate Balances of the Certificates other than the Control Eligible Certificates and the
VRR Interest Balance of the VRR Interest have been reduced to zero as a result of principal payments on the Mortgage Loans, and
(b) with respect to any Serviced AB Whole Loan, when the related AB Control Appraisal Period has occurred and is continuing and
when the events in clause (a) above are occurring; provided further, that prior to the applicable Servicing
Shift Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Certificateholder related to a
Servicing Shift Whole Loan and the term “Control Termination Event” shall not be applicable to the Loan-Specific Directing
Certificateholder related to such Servicing Shift Whole Loan.

 

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

 

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

 

    -32-

     

    

 

Operating Advisor or Special Servicer, as applicable. The Trustee, the Master Servicer, the Special Servicer and the Operating
Advisor shall be entitled to rely on any such list so provided.

 

“Conveyed
Property”: As defined in Section 2.01(a).

 

“Corporate
Trust Office”: The principal corporate trust office of the Trustee and the Certificate Administrator at which at any
particular time its corporate trust business with respect to this Agreement shall be administered, which office at the date of
the execution of this Agreement is located (i) with respect to Certificate transfers and surrenders, at Computershare Trust
Company, National Association, 600 South 4th Street, 7th Floor, Minneapolis, Minnesota 55415, Attention: Certificate Transfer
Services – BBCMS 2022-C15, (ii) with respect to the Trustee, at Wilmington Trust, National Association, 1100 North Market
Street, Wilmington, Delaware 19890, Attention: CMBS Trustee, BBCMS Mortgage Trust 2022-C15; and (iii) for all other purposes,
to the Certificate Administrator, at Computershare Trust Company, National Association, 9062 Old Annapolis Road, Columbia, Maryland
21045, Attention: Corporate Trust Services (CMBS), BBCMS Mortgage Trust 2022-C15.

 

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

 

“COVID-19
Emergency”: The national emergency concerning the novel coronavirus disease (COVID-19) outbreak declared by the President
on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.).

 

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

 

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

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Appraisal Reduction Template” available as of the Closing Date on the CREFC®
Website, or such other form for the

 

    -33-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and REO Loan (other than the portion
of an REO Loan related to any Serviced

 

    -34-

     

    

 

 Pari Passu Companion Loan) and for any Distribution Date, the amount accrued during the
related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal
Balance of such Mortgage Loan or REO Loan as of the close of business on the Distribution Date in such Interest Accrual Period;
provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting which
any related interest payment due or deemed due on the related Mortgage Loan or REO Loan is computed and shall be prorated for
partial periods. For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed
payable by the Master Servicer from the Lower-Tier REMIC or Grantor Trust, as applicable.

 

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

 

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

 

“CREFC®
Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time
as the “CREFC® Investor Reporting Package”. As of the Closing Date, the CREFC® Investor
Reporting Package contains eight electronic files ((1) CREFC® Loan Setup File, (2) CREFC®
Loan Periodic Update File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC®
Collateral Summary File, (6) CREFC® Financial File, (7) CREFC® Special Servicer
Loan File and (8) CREFC® Schedule AL File) and nine surveillance reports ((1) CREFC® Servicer
Watch List, (2) CREFC® Delinquent Loan Status Report, (3) CREFC® REO Status Report, (4) CREFC®
Comparative Financial Status Report, (5) CREFC® Historical Loan Modification/Forbearance and Corrected
Mortgage Loan Report, (6) CREFC® Operating Statement Analysis Report, (7) CREFC® NOI Adjustment
Worksheet, (8) CREFC® Loan Level Reserve/LOC Report and (9) with respect to Mortgage Loans that have
a Companion Loan, as applicable, the CREFC® Total Loan Report). In addition, the CREFC® Investor
Reporting Package shall include the CREFC® Advance Recovery Report. In addition, the CREFC® Investor
Reporting Package shall include the following eleven templates: (1) CREFC® Appraisal Reduction Template, (2) CREFC®
Servicer Realized Loss Template, (3) CREFC® Reconciliation of Funds Template, (4) CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template, (5) CREFC® Historical Liquidation
Loss Template, (6) CREFC® Interest Shortfall Reconciliation Template, (7) CREFC® Servicer
Remittance to Certificate Administrator Report, (8) CREFC® Significant Insurance Event Report, (9) CREFC®
Loan Modification Report, (10) CREFC® Loan Liquidation Report and (11) CREFC® REO
Liquidation Report. The CREFC® Investor Reporting Package shall be substantially in the form of, and containing
the information called for in, the downloadable forms of the “CREFC® IRP” available as of the Closing
Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional
information or reports as may from time to time be approved by the CREFC® for commercial mortgage-backed securities
transactions generally. For the purposes of the production of the CREFC® Comparative Financial Status Report by
the Master Servicer or the Special Servicer of any such report that is required to state information for any period prior to the
Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may conclusively rely (without independent verification),
absent manifest error, on information provided to it by the

 

    -35-

     

    

 

 Mortgage Loan Sellers or by the related Mortgagor or (x) in the
case of such a report produced by the Master Servicer, by the Special Servicer (if other than the Master Servicer or an Affiliate
thereof) and (y) in the case of such a report produced by the Special Servicer, by the Master Servicer (if other than the
Special Servicer or an Affiliate thereof).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Operating Statement Analysis Report”: The report in the “Operating Statement Analysis Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for
the presentation of such

 

    -36-

     

    

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Schedule AL File”: A data file in the “Schedule AL 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; provided that the Depositor shall confirm in writing to the Master Servicer and the Certificate Administrator that any change to such
“Schedule AL File” format complies with all requirements of Item 1125 of Regulation AB.

 

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

 

“CREFC®
Servicer Remittance to Certificate Administrator Report”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Servicer Remittance to Certificate Administrator” available
and effective from time to time on the CREFC® Website.

 

“CREFC®
Servicer Watch List”: A monthly report, as of each Determination Date, including and identifying each Non-Specially
Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time by the
CREFC® in the “CREFC® Servicer Watch List” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form (including other portfolio review guidelines) for
the

 

    -37-

     

    

 

 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 Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Significant Insurance Event Report” available and effective from time to time
on the CREFC® Website.

 

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

 

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

 

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

 

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

 

“Crossed
Mortgage Loan Group”: With respect to (i) any Mortgage Loan that consists of more than one commercial mortgage
loan, the underlying group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or
more individual Mortgage Loans that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and
cross-defaulted Mortgage Loans. For the avoidance of doubt, there are no Crossed Mortgage Loan Groups related to the Trust.

 

“Crossed
Underlying Loan”: With respect to any Crossed Mortgage Loan Group, a Mortgage Loan that is cross-collateralized and
cross-defaulted with one or more other Mortgage Loans within such Crossed Mortgage Loan Group. For the avoidance of doubt, there
are no Crossed Underlying Loans related to the Trust.

 

“Crossed
Underlying Loan Repurchase Criteria”: With respect to any Crossed Mortgage Loan Group as to which one or more (but not
all) of the Crossed Underlying Loans therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such Crossed
Mortgage Loan Group affected by such Material Defect, for purposes of this definition, the “affected Crossed Underlying
Loans” and the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of this definition, the
“remaining Crossed Underlying Loans”) (i) the Debt Service Coverage Ratio for all the remaining Crossed Underlying
Loans for the four most recently reported calendar quarters preceding the repurchase or substitution shall not be less than the
least of (a) 0.10x below the Debt Service Coverage Ratio for the Crossed Mortgage Loan

 

    -38-

     

    

 

 Group (including the affected Crossed
Underlying Loan(s)) set forth in Annex A-1 to the Prospectus, (b) the Debt Service Coverage Ratio for the Crossed Mortgage
Loan Group (including the affected Crossed Underlying Loan(s)) for the four preceding calendar quarters preceding the repurchase
or replacement and (c) 1.25x, (ii) the LTV Ratio for all the remaining Crossed Underlying Loans determined at the time
of repurchase or substitution based upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage
Loan Seller shall not be greater than the greatest of (a) the LTV Ratio, expressed as a whole number percentage (taken to
one decimal place), for the entire Crossed Mortgage Loan Group, (including the affected Crossed Underlying Loan(s)) set forth
in Annex A-1 to the Prospectus plus 10%, (b) the LTV Ratio, expressed as a whole number percentage (taken to one decimal
place), for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s) at the time of repurchase
or substitution, and (c) 75%, (iii) the related Mortgage Loan Seller, at its expense, shall have furnished the Trustee
and the Certificate Administrator with an Opinion of Counsel that any modification relating to the repurchase or substitution
of a Crossed Underlying Loan shall not cause an Adverse REMIC Event, (iv) the related Mortgage Loan Seller causes the affected
Crossed Underlying Loan to become not cross-collateralized and cross-defaulted with the remaining related Crossed Underlying Loans
prior to such repurchase or substitution or otherwise forbears from exercising enforcement rights against the Primary Collateral
for any Crossed Underlying Loan(s) remaining in the Trust (while the Trust forbears from exercising enforcement rights against
the Primary Collateral for the Mortgage Loan removed from the Trust) and (v) (other than with respect to any Excluded Loan)
unless a Control Termination Event has occurred and is continuing, the Directing Certificateholder shall have consented to the
repurchase or substitution of the affected Crossed Underlying Loan, which consent shall not be unreasonably withheld, conditioned
or delayed.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination and for any Mortgage Loan, an amount equal to the sum of
(i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency
Amount then in effect. The Master Servicer and the Certificate Administrator shall be entitled to conclusively rely on the Special
Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount with respect to a Mortgage Loan (other
than a Non-Serviced Mortgage Loan). With respect to a Non-Serviced Mortgage Loan, the Special Servicer, the Master Servicer and
the Certificate Administrator shall be entitled to conclusively rely on the calculation or determination of any Appraisal Reduction
Amount or Collateral Deficiency Amount with respect to such Mortgage Loan performed by the applicable servicer responsible therefor
pursuant to the related Non-Serviced PSA.

 

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

 

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

 

“Custodian”:
A Person who is at any time appointed by the Trustee pursuant to Section 8.11 as a document custodian for the Mortgage
Files, which Person shall not be the Depositor, any of the Mortgage Loan Sellers or an Affiliate of any of them. The Certificate
Administrator shall be the initial Custodian. Computershare Trust Company, National Association will perform its duties as Custodian
hereunder through its Document Custody division (including, as applicable, any agents or affiliates utilized thereby).

 

    -39-

     

    

 

“Cut-off
Date”: With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in April 2022, or with respect
to any Mortgage Loan that has its first Due Date after April 2022, the date that would have otherwise been the related Due Date
in April 2022.

 

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

 

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

 

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

 

“Default
Interest”: With respect to any Mortgage Loan or Companion Loan and any Collection Period, all interest accrued in respect
of such Mortgage Loan or Companion Loan during such Collection Period provided for in the related Mortgage Note or Mortgage as
a result of a default (exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate accrued on
the unpaid principal balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

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

 

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

 

    -40-

     

    

 

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

 

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

 

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

 

“Definitive
Certificate”: Any Certificate in definitive, fully registered form without interest coupons. Initially the Risk Retention
Certificates, the Class S Certificates, the Class R Certificates and any Certificate issued pursuant to Section 5.02(c)
and Section 5.02(d) shall be Definitive Certificates. For the avoidance of doubt, any Risk Retention Certificate shall
at all times during the Transfer Restriction Period be evidenced by a Definitive Certificate.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or Balloon
Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period. For the avoidance
of doubt, a delinquency that would have existed but for a Payment Accommodation shall not constitute a delinquency, for so long
as the related Mortgagor is complying with the terms of such Payment Accommodation.

 

“Denomination”:
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face
thereof, (b) set forth on a schedule attached thereto or (c) in the case of any beneficial interest in a Book-Entry
Certificate, the interest of the related Certificate Owner in the applicable Class of Certificates as reflected on the books and
records of the Depository or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate
Balance or initial Notional Amount, as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”:
Barclays Commercial Mortgage Securities LLC, a Delaware limited liability company, or its successor in interest.

 

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

 

    -41-

     

    

 

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

 

“Designated
Intercreditor Agreement”: As defined in the definition of “Intercreditor Agreement”.

 

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

 

“Determination
Date”: With respect to any Distribution Date, the eleventh (11th) day of each calendar month (or, if the eleventh
(11th) calendar day of that month is not a Business Day, then the next Business Day), commencing in May 2022.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -42-

     

    

 

escrow instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

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

 

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

 

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

 

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

 

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

 

(xi)         any franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with
respect to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the
franchisor of the transfer of a Mortgage Loan or Serviced Whole Loan and/or a request for confirmation that the Trust is a beneficiary
of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the Trust, as the case may
be;

 

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

 

(xiii)       all related environmental reports; and

 

(xiv)       all related environmental insurance policies;

 

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

 

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

 

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

 

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

 

    -43-

     

    

 

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

 

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

 

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

 

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

 

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

 

(k)           a copy of all zoning reports;

 

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

 

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

 

(n)           a copy of all UCC searches;

 

(o)           a copy of all litigation searches;

 

(p)           a copy of all bankruptcy searches;

 

(q)           a copy of any origination settlement statement;

 

(r)            a copy of the Insurance Summary Report;

 

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

 

(t)            unless already included in the origination settlement statement, a copy of any escrow statements related to the escrow account
balances as of the Mortgage Loan origination date;

 

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

 

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

 

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

 

    -44-

     

    

 

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

 

“Diligence
File Certification”: As defined in Section 2.01(h).

 

“Directing
Certificateholder”: With respect to (A) each Servicing Shift Mortgage Loan, the Directing Certificateholder shall be
the related Loan-Specific Directing Certificateholder and (B) each Mortgage Loan (other than the Servicing Shift Mortgage Loans
and any Excluded Loans), the initial Directing Certificateholder shall be RREF IV-D AIV RR, LLC. Thereafter, with respect to the
Mortgage Loans described in clause (B) above, the Directing Certificateholder shall be the Controlling Class Certificateholder
(or a representative thereof) selected by more than 50% of the Controlling Class Certificateholders (by Certificate Balance, as
determined by the Certificate Registrar from time to time); provided, however, that (i) absent that selection,
or (ii) until a Directing Certificateholder is so selected or (iii) upon receipt of a notice from a majority of the
Controlling Class Certificateholders, by Certificate Balance, that a Directing Certificateholder is no longer designated, the
Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative
thereof) will be the Directing Certificateholder; provided, however, that, in the case of this clause (iii),
in the event that no one Holder owns the largest aggregate Certificate Balance of the Controlling Class, then there will be no
Directing Certificateholder until appointed in accordance with the terms of this Agreement. After the occurrence and during the
continuance of a Control Termination Event, the Directing Certificateholder described in clause (B) above shall only retain its
consultation rights to the extent specifically provided for herein. After the occurrence and continuance of a Consultation Termination
Event, there will be no Directing Certificateholder as described in clause (B) above. The Depositor shall promptly provide the
name and contact information for the initial Directing Certificateholder upon request of any party to this Agreement and any such
requesting party may conclusively rely on the name and contact information provided by the Depositor. The Certificate Administrator
and the other parties hereto shall be entitled to assume that the identity of the Directing Certificateholder has not changed
until such parties receive written notice of a replacement of the Directing Certificateholder from a party holding the requisite
interest in the Controlling Class (as confirmed by the Certificate Registrar), or the resignation of the then-current Directing
Certificateholder.

 

“Directing
Certificateholder Approval Process”: As defined in Section 3.19(d).

 

    -45-

     

    

 

“Directly
Operate”: With respect to any REO Property (except with respect to a Non-Serviced Mortgaged Property), the furnishing
or rendering of services to the tenants thereof, that are not customarily provided to tenants in connection with the rental of
space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management
or operation of such REO Property, the holding of such REO Property primarily for sale to customers, the use of such REO Property
in a trade or business conducted by the Trust or on behalf of a Companion Holder or the performance of any construction work on
the REO Property other than through an Independent Contractor; provided, however, that an REO Property shall not
be considered to be Directly Operated solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes
rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or
capital expenditures with respect to such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

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

 

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

 

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

 

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

 

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

 

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

 

    -46-

     

    

 

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

 

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

 

“Distribution
Date”: The fourth (4th) Business Day following each Determination Date, beginning in May 2022. The initial Distribution
Date shall be May 17, 2022.

 

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

 

“Do
Not Hire List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Asset Representations Reviewer, which lists
certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective
obligations under Article XI of this Agreement or as having failed to comply (after any applicable cure period) with
any similar Regulation AB reporting requirements under any other securitization transaction. For the avoidance of doubt, as of
the Closing Date, no parties appear on the Do Not Hire List.

 

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

 

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

 

“Due
Date”: With respect to (i) any Mortgage Loan or Companion Loan, as applicable, on or prior to its Maturity Date,
the day of the month set forth in the related Mortgage

 

    -47-

     

    

 

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

 

“Earnout
or Performance Escrows or Reserves”: Any escrow or reserve, the release of which is subject to the satisfaction of specifically
identified financial or leasing conditions or the occurrence of a specifically identified event or otherwise requires or permits
lender’s discretion, in each case as set forth in the Mortgage Loan documents and related to the Mortgagor or Mortgaged
Property.

 

“EDGAR”:
As defined in Section 11.03.

 

“EDGAR-Compatible
Format”: With respect to (a) the Initial Schedule AL File, the Initial Schedule AL Additional File, the CREFC®
Schedule AL File and the Schedule AL Additional File, XML format or such other format as mutually agreed to between the
Depositor, Certificate Administrator and the Master Servicer and (b) any report, file or document other than those listed in clause
(a) above, any format compatible with EDGAR, including HTML, Word or clean, searchable PDFs.

 

“Eligible
Account”: Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered
depository institution or trust company (including the Trustee or the Certificate Administrator), (A) the long-term deposit
rating or long-term unsecured debt obligations or deposits of which are rated at least “A-” by S&P, if the deposits
are to be held in such account for thirty (30) days or more, and the short-term debt obligations or deposits of which have a short-term
rating of not less than “A-1” from S&P, if the deposits are to be held in such account for less than thirty (30)
days and (B) the long-term unsecured debt obligations or deposits of which are rated at least “A” by Fitch (to
the extent rated by Fitch), if the deposits are to be held in such account for thirty (30) days or more, and the short-term debt
obligations or deposits of which have a short-term rating of not less than “F1” from Fitch (to the extent rated by
Fitch), if the deposits are to be held in such account for less than thirty (30) days; (ii) an account or accounts maintained
with Wells Fargo Bank, National Association so long as Wells Fargo Bank, National Association’s long-term unsecured debt
rating shall be at least “BBB” from S&P and “A” from Fitch (to the extent rated by Fitch) (if the
deposits are to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s short-term
deposit or short-term unsecured debt rating shall be at least “A-1” from S&P (or “A-2” by S&P
so long as the long-term unsecured debt obligations of such depository institution or trust company are rated no less than “BBB”
by S&P) and “F1” from Fitch (to the extent rated by Fitch) (if the deposits are to be held in the account for
thirty (30) days or less) or such other rating confirmed in a Rating Agency Confirmation; (iii) an account or accounts maintained
with PNC Bank, National Association, so long as PNC Bank, National Association’s long-term unsecured debt or deposit accounts
are rated at least “BBB” from S&P and “A-” from Fitch (if the deposits are to be held in the account
for more than thirty (30) days) or PNC Bank, National Association’s short-term deposit account or short-term unsecured debt
rating shall be at least “A-2” from S&P and “F2” from Fitch (if the deposits are to be held in the
account for thirty (30) days or less); (iv) an account or accounts

 

    -48-

     

    

 

 maintained with KeyBank National Association, so long as such
depository’s long-term unsecured debt or deposit accounts are rated at least “BBB” from S&P and “A-”
from Fitch (if the deposits are to be held in the account for more than thirty (30) days) or KeyBank National Association’s
short-term deposit account or short-term unsecured debt rating shall be at least “A-2” from S&P and “F2”
from Fitch (if the deposits are to be held in the account for thirty (30) days or less), (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,
which account may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special
Servicer; (vi) any other account or accounts not listed in clauses (i) - (iv) above with respect to which
a Rating Agency Confirmation has been obtained from each and every Rating Agency and a confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion
Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
which account may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special
Servicer; or (vii) a segregated trust account or accounts maintained with the corporate trust department of a federal or
state chartered depository institution or trust company that has a long-term unsecured debt rating of at least “A-”
from S&P (if the deposits are to be held in the account for more than thirty (30) days) or a short-term unsecured debt
rating of at least “A-1” from S&P (if the deposits are to be held in the account for thirty (30) days or
less) and that, in either case, has corporate trust powers, acting in its fiduciary capacity, provided that any state chartered
depository institution or trust company is subject to regulation regarding fiduciary funds substantially similar to 12 C.F.R.
§ 9.10(b). Eligible Accounts may bear interest. No Eligible Account shall be evidenced by a certificate of deposit,
passbook or other similar instrument.

 

“Eligible
Asset Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, S&P or DBRS Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of Moody’s, Fitch, KBRA, S&P
and DBRS Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such
transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations
and warranties set forth in Section 6.01(d), (c) is not (and is not affiliated (including Risk Retention Affiliated)
with) a Sponsor, a Mortgage Loan Seller, an originator, the Master Servicer, the Special Servicer, the Depositor, the Third Party
Purchaser, the Certificate Administrator, the Trustee, the Directing Certificateholder, the VRR Interest Owners, any Risk Retention
Consultation Party or any of their respective Affiliates (including Risk Retention Affiliates), (d) has not performed (and
is not affiliated with any party hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar
services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor,
any Mortgage Loan Seller, any Underwriter, the Third Party Purchaser, any Risk Retention Consultation Party, any party to this
Agreement, the Directing Certificateholder or any of their respective Affiliates, or have been paid any fees, compensation or
other remuneration by

 

    -49-

     

    

 

 any of them in connection with any such services, and (e) does not directly or indirectly, through
one or more Affiliates or otherwise, own any interest in any Certificates, the RR Interest, any Mortgage Loans, any Companion
Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to
which this Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if
applicable) and except as otherwise set forth in this Agreement.

 

“Eligible
Operating Advisor”: An entity (a) that is a special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has
not been a special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn
its rating or ratings of one or more classes of certificates for such transaction citing servicing or other relevant concerns
with the Operating Advisor in its capacity as the special servicer or operating advisor, as applicable, as the sole or a material
factor in such rating action; (b) that can and will make the representations and warranties of the Operating Advisor set
forth in Section 6.01(c) of this Agreement; (c) that is not (and is not affiliated (including Risk Retention Affiliated)
with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller,
the Third Party Purchaser, the Directing Certificateholder, any Risk Retention Consultation Party or a depositor, a trustee, a
certificate administrator, a master servicer or a special servicer with respect to the securitization of a Companion Loan, or
any of their respective Affiliates (including Risk Retention Affiliates); (d) that has not been paid by the Special Servicer
or successor special servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or
(y) for the appointment or recommendation for replacement of a successor special servicer to become a special servicer under
this Agreement; (e) that (i) has been regularly engaged in the business of analyzing and advising clients in commercial
mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss projections
and (ii) has at least five (5) years of experience in commercial real estate asset management and experience in the
workout and management of distressed commercial real estate assets; and (f) that does not directly or indirectly, through
one or more Affiliates or otherwise, own or have derivative exposure in any interest in any Certificates, any Mortgage Loan, any
Companion Loan or securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction
to which this Agreement relates, other than in fees from its role as Operating Advisor and Asset Representations Reviewer (to
the extent it also acts as the Asset Representations Reviewer).

 

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

 

“Enforcing
Servicer”: The Special Servicer.

 

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

 

“Environmental
Indemnity Agreement”: With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage

 

    -50-

     

    

 

 Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

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

 

“ERISA
Plan”: As defined in Section 5.03(v).

 

“ERISA
Restricted Certificate”: Any Certificate (other than a Class R or Class S Certificate) that does not meet the requirements
of U.S. Department of Labor Final Authorization Number 2004-03E (as such exemption may be amended from time to time) as of the
date of the acquisition of such Certificate by a Plan. As of the Closing Date, each of the Class X-F, Class F, Class G-RR, Class
H-RR and Class RR Certificates is an ERISA Restricted Certificate.

 

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

 

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

 

“Excess
Interest”: With respect to each ARD Loan, interest accrued on such ARD Loan after the Anticipated Repayment Date allocable
to the Excess Rate, including all interest accrued thereon to the extent permitted by applicable law and the related Mortgage
Loan documents, including any Accrued and Deferred Principal. The Excess Interest shall not be an asset of either Trust REMIC,
but rather shall be an asset of the Grantor Trust. Notwithstanding anything herein to the contrary, any payments and other collections
of Accrued and Deferred Principal shall in no event be taken into account for purposes of calculating any amounts distributable
as principal in respect of the Certificates.

 

“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.

 

“Excess
Interest Distribution Account”: The trust account or accounts created and maintained as a separate account or accounts
(or as a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c), which shall
be entitled “Computershare Trust Company, National Association, as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage
Pass-Through Certificates, Series 2022-C15 and the RR Interest Owner, Excess Interest Distribution Account”, and which must
be an Eligible Account (or a subaccount of an Eligible Account). The Excess Interest Distribution Account shall be held solely
for the benefit of the Holders of the Excess Interest Certificates and the RR Interest Owner. The Excess Interest Distribution
Account shall not be an asset of either Trust 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 the proceeds thereof.

 

    -51-

     

    

 

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

 

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

 

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

 

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

 

“Excluded
Controlling Class Holder”: With respect to any Excluded Loan, the Directing Certificateholder or any Controlling Class
Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Loan. Promptly upon obtaining actual
knowledge of the Directing Certificateholder or any Controlling Class Certificateholder becoming an “Excluded Controlling
Class Holder”, such Directing Certificateholder or Controlling Class Certificateholder, as applicable, shall provide notice
in the form of Exhibit P-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee
and the Certificate Administrator, which notice shall be physically delivered in accordance with Section 13.05 of this Agreement
and shall specifically identify the Excluded Controlling Class Holder and the subject

 

    -52-

     

    

 

 Excluded Loan. Additionally, any Excluded
Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit P-1F
hereto, which notice shall provide each of the CTSLink User ID associated with such Excluded Controlling Class Holder, and
which notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the
Certificate Administrator’s Website as and to the extent provided in this Agreement. As of the Closing Date, there are no
Excluded Controlling Class Holders related to the Trust.

 

“Excluded
Information”: With respect to any Excluded Loan, any information solely related to such Excluded Loan, which shall include
any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced
Loans conducted by the Special Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports delivered
to the Certificate Administrator regarding the Special Servicer’s net present value determination or any Appraisal Reduction
Amount calculations delivered pursuant to Section 3.26(e), and any Officer’s Certificates delivered by the Trustee,
the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable
Advance, or such other information and reports designated as Excluded Information by the Special Servicer, the Master Servicer
or the Operating Advisor, as applicable, but in each case other than information with respect to such Excluded Loan that is aggregated
with information of other Mortgage Loans at a pool level. For the avoidance of doubt, any file or report contained in the CREFC®
Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File
relating to any Excluded Loan) and any Schedule AL Additional File shall not be considered “Excluded Information”.
Each of the Master Servicer, the Special Servicer and the Operating Advisor shall deliver any Excluded Information to the Certificate
Administrator in accordance with Section 3.33. For the avoidance of doubt, the Certificate Administrator’s obligation
to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 3.26.

 

“Excluded
Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, (a) the Directing Certificateholder
or (except for purposes of determining whether a Servicing Shift Mortgage Loan or Servicing Shift Whole Loan is an Excluded Loan
with respect to the related Loan-Specific Directing Certificateholder) the Holder of the majority of the Controlling Class or
any Controlling Class Certificateholder is a Borrower Party or (b) a Risk Retention Consultation Party or the Holder of the majority
of the related VRR Interest is a Borrower Party. As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded
Special Servicer”: With respect to any Excluded Special Servicer Loan, a replacement special servicer that is not a
Borrower Party with respect to such Excluded Special Servicer Loan and satisfies all of the eligibility requirements applicable
to the Special Servicer set forth in Section 7.01(g). As of the Closing Date, there are no Excluded Special Servicers related
to the Trust.

 

“Excluded
Special Servicer Information”: With respect to any Excluded Special Servicer Loan, any information solely related to
such Excluded Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final
Asset Status

 

    -53-

     

    

 

 Reports (or summaries thereof), any Operating Advisor reports delivered to the Certificate Administrator regarding
an Excluded Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations delivered
pursuant to Section 3.26(e), and any Officer’s Certificates delivered by the Master Servicer or the applicable Excluded
Special Servicer supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other
information and reports designated as Excluded Special Servicer Information by the applicable Excluded Special Servicer, the Master
Servicer or the Operating Advisor, as applicable, in each case, other than information with respect to such Excluded Special Servicer
Loan(s) that is aggregated with information with respect to the other Mortgage Loans at a pool level. For the avoidance of doubt,
any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the
CREFC® Special Servicer Loan File relating to any Excluded Special Servicer Loan) and any Schedule AL Additional
File shall not be considered “Excluded Special Servicer Information”.

 

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

 

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

 

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

 

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

 

“Final
Asset Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such
other data or supporting information provided by the Special Servicer to the Directing Certificateholder or the Risk Retention
Consultation Parties which does not include any communication (other than the related Asset Status Report) between the Special
Servicer and Directing Certificateholder or the Risk Retention Consultation Parties with respect to such Specially Serviced Loan
required to be delivered by the Special Servicer by the Initial Delivery Date and any Subsequent Asset Status Report, in each
case, in the form fully approved or deemed approved, if applicable, by the Directing Certificateholder pursuant to the Directing
Certificateholder Approval Process or following completion of the ASR Consultation Process, as applicable; provided that,
with respect to any Mortgage Loan other than an Excluded Loan as to the Directing Certificateholder or the Holder of the majority
of the Controlling Class, so long as no Control Termination Event has occurred and is continuing, no Asset Status Report shall
be considered to be a Final Asset Status Report unless the Directing Certificateholder has either finally approved of and consented
to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval and consent pursuant
to Section 3.19, or has been deemed to have approved or consented to such action or the Asset Status Report is otherwise
being implemented by the Special Servicer in accordance with this Agreement. In addition, after the occurrence and during the
continuance of a Control Termination Event, no Asset Status Report shall be a Final Asset Status Report unless and until the Operating
Advisor is consulted with on a non-binding basis or deemed to have been consulted with pursuant to this Agreement. The Special
Servicer shall notify the Operating Advisor of whether any Asset Status Report delivered to the Operating Advisor is a Final Asset
Status Report, which notification may

 

    -54-

     

    

 

 be satisfied by (i) delivery of an Asset Status Report that is either signed by the Directing
Certificateholder or that otherwise includes an indication that such Asset Status Report is deemed approved due to the passage
of any required consent or consultation time period or (ii) such other method as reasonably agreed to by the Operating Advisor
and the Special Servicer. For the avoidance of doubt, the Special Servicer may issue more than one Final Asset Status Report with
respect to any Specially Serviced Loan in accordance with the procedures described above. The Operating Advisor is only required
to review Final Asset Status Reports delivered to it by the Special Servicer. Each Final Asset Status Report shall be labeled
or otherwise identified or communicated as being final by the Special Servicer.

 

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

 

“Final
Recovery Determination”: A reasonable determination by the Special Servicer, in consultation with the Directing Certificateholder
if related to a Mortgage Loan other than an Excluded Loan and made prior to the occurrence and continuance of a Consultation Termination
Event, with respect to any Defaulted Loan (and, if applicable, any defaulted Companion Loan) or Corrected Loan or REO Property
(other than a Mortgage Loan or REO Property, as the case may be, that was purchased by (i) any of the Mortgage Loan Sellers
or Additional Repurchase Obligors pursuant to Section 5 or Section 19, as applicable, of the applicable Mortgage Loan Purchase
Agreement, (ii) the Special Servicer or other person pursuant to Section 3.16(b), any Companion Holder or any mezzanine
lender pursuant to Section 3.16 or (iii) the Master Servicer, the Special Servicer, the Holders of the Controlling
Class, or the Holders of the Class R Certificates pursuant to Section 9.01) that there has been a recovery of all Insurance
and Condemnation Proceeds, Liquidation Proceeds, REO Revenue and other payments or recoveries that, in the Special Servicer’s
judgment, which judgment was exercised without regard to any obligation of the Special Servicer to make payments from its own
funds pursuant to Section 3.07(b), will ultimately be recoverable. With respect to all Mortgage Loans other than Excluded
Loans, prior to the occurrence and continuance of any Control Termination Event, the Directing Certificateholder shall have ten
(10) Business Days to review and approve each such recovery determination by the Special Servicer; provided, however,
that if the Directing Certificateholder fails to approve or disapprove any recovery determination within ten (10) Business
Days of receipt of the initial recovery determination, such consent shall be deemed given.

 

“Financial
Market Publishers”: Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corp., Markit Group Limited,
BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, MBS Data, LLC, RealInsight, Thomson Reuters Corporation,
KBRA Analytics, LLC and DealView Technologies Ltd. and CRED iQ.

 

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

 

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

 

    -55-

     

    

 

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

 

“Franchise
Required Mortgage Loans”: Any Mortgage Loan subject to a franchise agreement with a related comfort letter in favor
of the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any
related comfort letter to the Trust or otherwise have a new comfort letter issued in the name of the Trust. For the avoidance
of doubt, the only Franchise Required Mortgage Loans with respect to the Trust are the Mortgage Loans identified as the Residence
Inn Portland Mortgage Loan and HIX Bradenton Mortgage Loan on the Mortgage Loan Schedule.

 

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

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage
Loan pursuant to the related Intercreditor Agreement) over (ii) the Purchase Price for such Mortgage Loan on the date on
which Liquidation Proceeds were received. Gain-on-Sale Proceeds shall exclude any amounts allocated as a Yield Maintenance Charge,
Prepayment Premium, recovery of any late payment charges and Default Interest or recovery of any assumption fees and Modification
Fees pursuant to Section 3.02(a), Section 3.02(b) and Section 3.02(c).

 

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

 

“Grantor
Trust”: A segregated asset pool within the Trust Fund, which is classified as a trust under Treasury regulation section
301.7701-4 and the beneficiaries of which are treated as the owners of the trust under section 671 of the Code. The Grantor Trust
consists of the VRR Interest Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets.

 

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

 

“Hazardous
Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without limitation,
those so identified pursuant to CERCLA or any other federal, state or local environmental related laws and regulations, and specifically
including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and
petroleum products, urea formaldehyde and any substances classified as being “in inventory,” “usable work in
process” or similar classification which would, if classified as unusable, be included in the foregoing definition.

 

“HRR
Certificates”: Individually and collectively, the Class G-RR and Class H-RR Certificates.

 

“Impermissible
Risk Retention Affiliate”: As defined in Section 3.31.

 

“Impermissible
TPP Affiliate”: As defined in Section 3.31.

 

    -56-

     

    

 

“Independent”:
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of
the Commission’s Regulation S-X. When used with respect to any specified Person, any such Person who (i) is in
fact independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the
Directing Certificateholder, the Risk Retention Consultation Parties, the Companion Holders (insofar as the relevant matter involves
a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations
Reviewer and all Affiliates thereof, (ii) does not have any material direct financial interest in or any material indirect
financial interest in any of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer,
the Directing Certificateholder, the Risk Retention Consultation Parties, the Companion Holders (insofar as the relevant matter
involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations
Reviewer or any Affiliate thereof and (iii) is not connected with the Trustee, the Certificate Administrator, the Depositor,
the Master Servicer, the Special Servicer, the Directing Certificateholder, any Risk Retention Consultation Party, the Companion
Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)),
the Operating Advisor, the Asset Representations Reviewer or any Affiliate thereof as an officer, employee, promoter, underwriter,
trustee, partner, director or Person performing similar functions; provided, however, that a Person shall not fail
to be Independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the
Directing Certificateholder, a Risk Retention Consultation Party, the Companion Holders or any Affiliate thereof merely because
such Person is the beneficial owner of 1% or less of any Class of securities issued by the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing
Certificateholder, a Risk Retention Consultation Party, the Companion Holders or any Affiliate thereof, as the case may be, so
long as such ownership constitutes less than 1% of the total assets of such Person. For the avoidance of doubt, the exception
in the proviso above for ownership of 1% or less of any Class of Certificates shall not apply with respect to the Operating Advisor
or the Asset Representations Reviewer.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust
within the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership
test set forth in that Section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any
Class of Certificates or the RR Interest, or such other interest in any Class of Certificates or the RR Interest as is set forth
in an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate Administrator, the Master Servicer, any
Companion Holder or the Trust, delivered to the Trustee, any Companion Holder, the Certificate Administrator and the Master Servicer),
so long as the Trust does not receive or derive any income from such Person and provided that the relationship between
such Person and the Trust is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5)
(except that neither the Master Servicer nor the Special Servicer shall be considered to be an Independent Contractor under the
definition in this clause (i) unless an Opinion of Counsel has been delivered to the Trustee and the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer or the Special Servicer) upon receipt by the Trustee,
the Certificate Administrator, the Operating Advisor and the Master Servicer of an Opinion of Counsel, which shall be at no expense
to the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor or the Trust, to the effect

 

    -57-

     

    

 

 that the
taking of any action in respect of any REO Property by such Person, subject to any conditions therein specified, that is otherwise
herein contemplated to be taken by an Independent Contractor will not cause such REO Property to cease to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code or cause any income realized in respect of such REO
Property to fail to qualify as Rents from Real Property.

 

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

 

“Initial
Delivery Date”: As defined in Section 3.19(d).

 

“Initial
Purchasers”: Barclays Capital Inc., BMO Capital Markets Corp., KeyBanc Capital Markets Inc., SG Americas Securities,
LLC, Drexel Hamilton, LLC and Bancroft Capital, LLC.

 

“Initial
Requesting Certificateholder”: The first Certificateholder or Certificate Owner (in either case, other than a Holder
or Certificate Owner of the Class RR Certificates) to deliver a Certificateholder Repurchase Request as described in Section
2.03(k) with respect to a Mortgage Loan. For the avoidance of doubt, there shall not be more than one Initial Requesting Certificateholder
with respect to any Mortgage Loan and a Holder of the Class RR Certificates may not be an Initial Requesting Certificateholder.

 

“Initial
Schedule AL Additional File”: The data file prepared by or on behalf of the Depositor containing additional information
or schedules regarding data points in the Initial Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and Item
601(b)(103) of Regulation S-K under the Securities Act and filed as Exhibit 103 to the Form ABS-EE incorporated by reference into
the Prospectus in both EDGAR-Compatible Format and Excel format.

 

“Initial
Schedule AL File”: The data file(s) prepared by, or on behalf of, the Depositor containing the information required
by Item 1111(h)(3) or Item 1125 of Regulation AB or Item 601(b)(102) of Regulation S-K under the Securities Act and filed as Exhibit
102 and, if applicable, Exhibit 103 to the Form ABS-EE incorporated by reference into the Prospectus in both EDGAR-Compatible
Format and Excel format.

 

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

 

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

 

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

 

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

 

    -58-

     

    

 

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

 

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

 

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

 

“Intercreditor
Agreement”: Each intercreditor agreement, co-lender agreement or other similar agreement between noteholders relating
to a Whole Loan described in the table under the heading “Whole Loans” in the Preliminary Statement hereto (each of
such agreements, a “Designated Intercreditor Agreement”), and any intercreditor agreement entered into in connection
with the issuance to the direct or indirect equity holders in the Mortgagor of any existing mezzanine indebtedness or any future
mezzanine indebtedness permitted under the related Mortgage Loan documents.

 

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

 

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

 

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

 

For
purposes of clause (B) above, the Non-VRR Excess Prepayment Interest Shortfall, if any, for each Distribution Date
shall be allocated to each Class of Non-VRR Certificates in an amount equal to the product of (i) the amount of such Non-VRR
Excess Prepayment Interest Shortfall and (ii) a fraction, the numerator of which is the Interest Accrual

 

    -59-

     

    

 

 Amount for such
Class of Non-VRR Certificates for such Distribution Date and the denominator of which is the aggregate Interest Accrual Amounts
for all Classes of Non-VRR Certificates for such Distribution Date.

 

“Interest
Reserve Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate
Administrator pursuant to Section 3.04(b) initially in the name of “Computershare Trust Company, National Association,
as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest
Owner, Interest Reserve Account”, into which the amounts set forth in Section 3.21 shall be deposited directly and
which must be an Eligible Account or subaccount of an Eligible Account.

 

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

 

“Interested
Person”: As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Certificateholder, any
Risk Retention Consultation Party, any Sponsor, any Borrower Party, any Independent Contractor engaged by the Special Servicer,
or any known Affiliate of any of the preceding entities. With respect to a Whole Loan if it is a Defaulted Loan, the Depositor,
the Master Servicer, the Special Servicer (or any Independent Contractor engaged by the Special Servicer), or the trustee for
the securitization of a Companion Loan, and each related Companion Holder or its representative, any holder of a related mezzanine
loan, or any known Affiliate of any such party described above.

 

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

 

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

 

“Investor
Certification”: A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A, Exhibit
P-1B, Exhibit P-1C or Exhibit P-1D to this Agreement or in the form of an electronic certification contained
on the Certificate Administrator’s Website (which may be a click-through confirmation), representing (i) that such
Person executing the certificate is a Certificateholder, the RR Interest Owner, the Directing Certificateholder or a Risk Retention
Consultation Party (in each case, to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate,
a prospective purchaser of a Certificate or a Companion Holder (or any investment advisor, manager or other representative of
the foregoing), (ii) that either (a) such Person is not a Borrower Party, in which case such Person shall have access
to all the reports and information made available to Certificateholders via the Certificate

 

    -60-

     

    

 

 Administrator’s Website hereunder,
or (b) such Person is a Borrower Party in which case (1) if such Person is the Directing Certificateholder or a Controlling
Class Certificateholder, such Person shall have access to all the reports and information made available to Certificateholders
via the Certificate Administrator’s Website hereunder other than any Excluded Information as set forth herein or (2) 
if such Person is not the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall only receive
access to the Distribution Date Statements to Certificateholders prepared by the Certificate Administrator, (iii) (other
than with respect to a Companion Holder) that such Person has received a copy of the final Prospectus and (iv) such Person
agrees to keep any Privileged Information confidential and will not violate any securities laws; provided, however,
that any Excluded Controlling Class Holder (i) shall be permitted to reasonably request and obtain in accordance with Section
4.02(f) of this Agreement any Excluded Information relating to any Excluded Loan with respect to which such Excluded Controlling
Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class
Holder via the Certificate Administrator’s Website on account of it constituting Excluded Information) and (ii) shall
be considered a Privileged Person for all other purposes, except with respect to its ability to obtain information with respect
to any related Excluded Loan. The Certificate Administrator may require that Investor Certifications be re-submitted from time
to time in accordance with its policies and procedures and shall restrict access to the Certificate Administrator’s Website
to any mezzanine lender upon notice from any party to this Agreement that such mezzanine lender has become an Accelerated Mezzanine
Loan Lender.

 

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

 

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

 

“IRS”:
The Internal Revenue Service.

 

“Joint
Mortgage Loan”: Any Mortgage Loan comprised of multiple Mortgage Notes that are being sold separately to the Depositor
by more than one Mortgage Loan Seller. For the avoidance of doubt, the Rose Castle Mortgage Loan is the only Joint Mortgage Loan
related to the Trust.

 

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

 

“KeyBank”:
KeyBank National Association, a national banking association, or its successor in interest.

 

“Late
Collections”: With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to
the related Determination Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which

 

    -61-

     

    

 

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

 

“Legal
Fee Reserve Account”: The account created and maintained by the Certificate Administrator pursuant to Section 3.04(b),
in the name of the “Legal Fee Reserve Account”, into which the amounts set forth in Section 3.04(b) shall be
deposited directly and which must be an Eligible Account.

 

“Liquidation
Event”: With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to
such Mortgage Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller or Additional Repurchase
Obligor pursuant to Section 5 or Section 19, as applicable, of the related Mortgage Loan Purchase Agreement; (iv) such
Mortgage Loan is purchased by the Special Servicer, or by any Companion Holder or any mezzanine lender (as applicable) pursuant
to Section 3.16 (and the related Intercreditor Agreement, as applicable); (v) such Mortgage Loan is purchased by the
Special Servicer, the Master Servicer, the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates
pursuant to Section 9.01 or acquired by the Sole Certificateholder in exchange for its Certificates pursuant to Section
9.01; or (vi) such Mortgage Loan is sold by the Special Servicer pursuant to the terms of this Agreement.

 

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

 

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to (a) each Specially Serviced Loan or REO Property (except
with respect to a Non-Serviced Mortgaged Property) as to which the Special Servicer obtains (i) a full, partial or discounted
payoff from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including with
respect to the related Companion Loan, if applicable) (in any case, other than amounts for which a Workout Fee has been paid,
or will be payable) or (b) Loss of Value Payment or Purchase Price paid by the responsible party under the related Mortgage Loan
Purchase

 

    -62-

     

    

 

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

 

    -63-

     

    

 

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

 

“Liquidation
Proceeds”: Cash amounts received by or paid to the Master Servicer or the Special Servicer in connection with: (i) the
liquidation (including a payment in full) of a Mortgaged Property or other collateral constituting security for a Defaulted Loan
or defaulted Companion Loan, if applicable, through a trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive
of any portion thereof required to be released to the related Mortgagor in accordance with applicable law and the terms and conditions
of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a Mortgagor;
(iii) any sale of (A) a Specially Serviced Loan pursuant to Section 3.16(a) or (B) any REO Property pursuant
to Section 3.16(b); (iv) the repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller or Additional Repurchase
Obligor pursuant to Section 5 or Section 19, as applicable, of the related Mortgage Loan Purchase Agreement; (v) the
purchase of a Specially Serviced Loan or REO Property by the Holders of the majority of the Controlling Class, the Special Servicer,
the Master Servicer or the Holders of the Class R Certificates pursuant to Section 9.01; (vi) the purchase of a Mortgage
Loan or an REO Property by (a) the applicable Subordinate Companion Holder or (b) the related mezzanine lender pursuant
to Section 3.16 and the related Intercreditor Agreement; or (vii) the transfer of any Loss of Value Payments from
the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.05(g) of this Agreement (provided
that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection
with such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation
Proceeds” from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable
Mortgage Loan Seller). With respect to any Whole Loan, as used in this Agreement, Liquidation Proceeds shall refer to such portion
of Liquidation Proceeds to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant
to the terms of the related Intercreditor Agreement.

 

“Litigation
Control”: As defined in Section 3.32.

 

“Loan-Specific
Directing Certificateholder”: With respect to any Servicing Shift Whole Loan, the “Controlling Holder”,
the “Directing Certificateholder”, the “Directing Holder”, the “Directing Lender” or any analogous
concept set forth under the related Intercreditor Agreement. Prior to the applicable Servicing Shift Date, a Loan-Specific Directing
Certificateholder with respect to the related Servicing Shift Whole Loan will be the holder of the related Servicing Shift Control
Note. With respect to each Servicing Shift Whole Loan, on and after the applicable Servicing Shift Date, there will be no Loan-Specific
Directing Certificateholder under this Agreement. As of the Closing Date, there is no Loan-Specific Directing Certificateholder
with respect to the Trust.

 

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

 

    -64-

     

    

 

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

 

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

 

“Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interests or the LRI Uncertificated Interest, (i) on
or prior to the first Distribution Date, an amount equal to the Original Lower-Tier Principal Amount of such Class or the LRI
Uncertificated Interest as specified in the Preliminary Statement hereto, and (ii) as of any date of determination after
the first Distribution Date, an amount equal to the Certificate Balance of the Class of Related Certificates or the VRR Interest
Balance of the RR Interest on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant
to Section 1.02(iii)), and as set forth in Section 4.01(c).

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5, Class LASB, Class LAS, Class LB,
Class LC, Class LD, Class LE, Class LF, Class LGRR, Class LHRR and Class LRR Uncertificated Interests and the LRI Uncertificated
Interest.

 

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

 

“Lower-Tier
REMIC Distribution Account”: The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders and the RR Interest
Owner, which shall initially be entitled “Computershare Trust Company, National Association, as Certificate Administrator,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BBCMS Mortgage Trust
2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest Owner, Lower-Tier REMIC Distribution
Account”. Any such account, accounts or sub-accounts shall be an Eligible Account.

 

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

 

“LTV
Ratio”: With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage, the
numerator of which is the scheduled principal balance of

 

    -65-

     

    

 

such Mortgage Loan, as of such date (assuming no defaults or prepayments
on such Mortgage Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAI”:
Member of the Appraisal Institute.

 

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

 

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

 

“Majority-Owned
Affiliate”: As defined in the Risk Retention Rules.

 

“Master
Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, and its successors in interest or assigns,
or any successor thereto (as Master Servicer) appointed as provided herein.

 

“Master
Servicer Decision”: As defined in Section 3.18(m).

 

“Material
Defect”: With respect to any Mortgage Loan, a Defect in any Mortgage File or a Breach, which Defect or Breach, as the
case may be, materially and adversely affects the value of such Mortgage Loan, the value of the related Mortgaged Property or
the interests of the Trustee or any Certificateholder or the RR Interest Owner therein or causes such Mortgage Loan to be other
than a Qualified Mortgage.

 

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

 

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

 

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

 

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

 

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

 

“Moody’s”:
Moody’s Investors Service, Inc., and its successors in interest. If neither Moody’s nor any successor remains in existence,
“Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably

 

    -66-

     

    

 

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

 

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

 

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

 

(i)           the original Mortgage Note, endorsed on its face or by allonge to the Mortgage Note, without recourse, to “Pay to the order
of Wilmington Trust, National Association, as Trustee for the benefit of the registered holders of BBCMS Mortgage Trust 2022-C15,
Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest Owner, without recourse, representation or
warranty” or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original
Mortgage Note has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together
with a copy of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);

 

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

 

(iii)         an original Assignment of Mortgage in blank or in favor of “Wilmington Trust, National Association, as Trustee for the benefit
of the registered holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and
the RR Interest Owner” (or in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder”
or similar capacity under the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject
to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or,
if the related Mortgage Loan Seller is responsible for the recordation of that Assignment of Mortgage, a copy thereof certified
to be the copy of such Assignment of Mortgage submitted, or to be submitted, for recording);

 

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

 

(v)          an original Assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in blank or
in favor of “Wilmington

 

    -67-

     

    

 

Trust, National Association, as Trustee for the benefit of the registered holders of BBCMS Mortgage
Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest Owner” (or in the case
of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or similar capacity under the related
Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject to the completion of certain missing
recording information and, if applicable, the assignee’s name) in recordable form (or, if the related Mortgage Loan Seller
is responsible for the recordation of that Assignment, a copy thereof certified to be the copy of such Assignment submitted or
to be submitted for recording);

 

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

 

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

 

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

 

(ix)         any filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements, related amendments and continuation
statements in the possession of the applicable Mortgage Loan Seller;

 

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

 

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

 

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

 

    -68-

     

    

 

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

 

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

 

(xv)        the original or a copy of any franchise agreements and comfort letters or similar agreements relating to such Mortgage Loan or
Serviced Whole Loan and, with respect to any franchise agreement, comfort letter or similar agreement, any assignment of such
agreements or any notice to the franchisor of the transfer of such Mortgage Loan or Serviced Whole Loan and/or a request for confirmation
that the Trust is a beneficiary of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor
of the Trust, as the case may be;

 

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

 

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

 

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

 

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

 

provided,
however, that (a) whenever the term “Mortgage File” is used to refer to documents held by the Custodian,
such term shall not be deemed to include such documents and instruments required to be included therein unless they are actually
received by the Custodian, (b) if there exists with respect to any Crossed Mortgage Loan Group only one original or certified
copy of any document referred to in the definition of “Mortgage File” covering all of the Mortgage Loans in such Crossed
Mortgage Loan Group, then the inclusion of such original or certified copy in the Mortgage File for any of the Mortgage Loans
constituting such Crossed Mortgage Loan Group shall be deemed the inclusion of such original or certified copy in the Mortgage
File for each such Mortgage Loan, (c) to the extent that this Agreement refers to a “Mortgage File” for a Companion
Loan, such “Mortgage File” shall be construed to mean the Mortgage File for the related Mortgage Loan (except that
references to the Mortgage Note for a Companion Loan otherwise described above shall be construed to instead refer to a photocopy
of such Mortgage Note), (d) with respect to any Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation
of any Assignment of Mortgage, any separate assignment of Assignment of Leases and any assignment of any UCC Financing Statement
in the name of the Trustee shall not be construed to limit the beneficial interest of the related Companion Holder(s) in such
instrument and the benefits intended to be provided to them by such instrument, it being acknowledged that (I) the Trustee
shall hold such record title for the benefit of the Trust as the holder of the related Mortgage Loan

 

    -69-

     

    

 

and the related Companion
Holder(s) collectively and (II) any efforts undertaken by the Trustee, the Master Servicer, or the Special Servicer on its
behalf to enforce or obtain the benefits of such instrument shall be construed to be so undertaken by the Trustee, the Master
Servicer or the Special Servicer for the benefit of the Trust as the holder of the applicable Mortgage Loan and the related Companion
Holder(s) collectively, (e) in connection with any Non-Serviced Mortgage Loan, the preceding document delivery requirements
will be met by the delivery by the applicable Mortgage Loan Seller of copies of the documents specified above (other than the
Mortgage Note and intervening endorsements evidencing such Mortgage Loan, with respect to which the original shall be required
or the requirements of clause (i) of the definition of “Mortgage File” shall otherwise be satisfied) including
a copy of the Mortgage securing the applicable Mortgage Loan and any assignments or other transfer documents referred to in clauses (iii),
(v), (vi), (vii), (ix) and (x) above as being in favor of the Trustee shall instead be in favor
of the applicable Non-Serviced Trustee and need only be in such form as was delivered to the applicable Non-Serviced Trustee or
a custodian on its behalf, and (f) so long as the Custodian is also the related Non-Serviced Custodian, in connection with
any Non-Serviced Mortgage Loan, any and all document delivery requirements with respect to the related Mortgage File (or any portion
thereof) set forth herein or in the related Mortgage Loan Purchase Agreement will be satisfied by the delivery, in compliance
with the terms of the related Non-Serviced PSA, by the applicable Mortgage Loan Seller of the documents specified above (other
than the Mortgage Note and intervening endorsements evidencing such Mortgage Loan or shall otherwise satisfy the requirements
of clause (i) of the definition of “Mortgage File”) to the custodian under the related Non-Serviced PSA
(in such form as was delivered to the custodian under the related Non-Serviced PSA); provided that (a) the Custodian
shall perform its duties under this Agreement (including, without limitation, Article II), and be liable to the other
parties hereto, with respect to such Non-Serviced Mortgage Loan as if such documents were required to be delivered and included
in the Mortgage File and as if such Non-Serviced Custodian’s receipt of the documents contained in the related “mortgage
file” delivered under the related Non-Serviced PSA constituted delivery of those same documents to the Custodian under this
Agreement, (b) the Custodian shall not resign as the related Non-Serviced Custodian without giving at least thirty (30) days’
advance written notice of resignation to each other party hereto, and (c) if for any reason the Custodian shall resign as
Custodian hereunder or resign as the related Non-Serviced Custodian or shall otherwise no longer act as Custodian hereunder or
as the related Non-Serviced Custodian or shall otherwise be required to surrender possession of the related “mortgage file”
delivered under the related Non-Serviced PSA (including by reason of the Non-Serviced Companion Loan being removed from the related
securitization trust), the Custodian shall include the documents contemplated by clauses (ii) through (xix)
above in the Mortgage File for such Non-Serviced Whole Loan (to the extent such documents were delivered in connection with the
related Other Securitization) that shall be maintained by it or any successor custodian hereunder. Notwithstanding anything to
the contrary contained herein, with respect to a Joint Mortgage Loan, delivery of the Mortgage File (other than with respect to
the original Mortgage Note, related allonge and assignments held by or from the related Mortgage Loan Seller) by either of the
applicable Mortgage Loan Sellers shall satisfy the delivery requirements for both of the applicable Mortgage Loan Sellers.

 

“Mortgage
Loan”: Each of the mortgage loans (which, for the avoidance of doubt, includes each Crossed Mortgage Loan Group, each
of which, for the purposes of this Agreement, shall be treated as one Mortgage Loan, provided that each individual Crossed
Underlying Loan within any such Crossed Mortgage Loan Group shall not be included in this definition of Mortgage

 

    -70-

     

    

 

Loan) transferred
and assigned to the Trustee pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage
Loan” includes the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related
agreements. The term “Mortgage Loan” shall, as of any date of determination, include any Qualified Substitute Mortgage
Loan that has replaced a Mortgage Loan pursuant to Section 2.03 and exclude any such replaced Mortgage Loan. For the avoidance
of doubt, no Retained Defeasance Rights and Obligations will be part of a “Mortgage Loan” or an asset of the Trust.

 

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

 

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

 

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

 

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

 

(ii)          the Mortgagor’s name;

 

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

 

(iv)         the Mortgage Rate in effect at origination;

 

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

 

(vi)         the original principal balance;

 

(vii)        the Cut-off Date Balance;

 

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

 

(ix)         the original and remaining amortization terms;

 

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

 

(xi)         the applicable Servicing Fee Rate;

 

    -71-

     

    

 

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

 

(xiii)       whether such Mortgage Loan is secured by the related Mortgagor’s interest in a ground lease;

 

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

 

(xv)        whether the related Mortgage Loan has a guarantor;

 

(xvi)       whether the related Mortgage Loan is secured by a letter of credit;

 

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

 

(xviii)     number of grace days;

 

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

 

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

 

(xxi)        whether the related Mortgage Loan permits defeasance;

 

(xxii)       [reserved]; and

 

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

 

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

 

“Mortgage
Loan Seller”: Each of (i) Barclays or its successors in interest, (ii) BMO or its successors in interest, (iii)
KeyBank or its successors in interest, (iv) SMC or its successors in interest, and (v) SGFC or its successors in interest.

 

“Mortgage
Loan Seller Percentage Interest”: With respect to a Joint Mortgage Loan and each applicable Mortgage Loan Seller with
respect thereto, a fraction, expressed as a percentage, the numerator of which is equal to the aggregate Cut-off Date Balance
of the promissory notes contributed by such Mortgage Loan Seller to this securitization, and the denominator of which is equal
to the Cut-off Date Balance of such Joint Mortgage Loan.

 

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

 

    -72-

     

    

 

“Mortgage
Rate”: With respect to: (i) any Mortgage Loan (including the Non-Serviced Mortgage Loans) or related Companion
Loan on or prior to its Maturity Date, the annual rate at which interest is scheduled (in the absence of a default) to accrue
on such Mortgage Loan or related Companion Loan from time to time in accordance with the related Mortgage Note and applicable
law; or (ii) any Mortgage Loan or related Companion Loan after its Maturity Date, the annual rate described in clause (i)
above determined without regard to the passage of such Maturity Date. For the avoidance of doubt, the Mortgage Rate of any
ARD Loan shall not be construed to include the related Excess Rate.

 

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

 

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

 

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

 

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

 

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

 

    -73-

     

    

 

basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest actually
accrued in respect of such Mortgage Loan during such one-month period at the related Net Mortgage Rate; provided, further,
that, with respect to each Actual/360 Mortgage Loan, the Net Mortgage Rate for the one-month period (A) preceding the Due
Dates that occur in January and February in any year which is not a leap year or preceding the Due Date that occurs in February
in any year which is a leap year (in either case, unless the related Distribution Date is the final Distribution Date), will be
determined exclusive of any Withheld Amounts, and (B) preceding the Due Date in March (or February, if the related Distribution
Date is the final Distribution Date), will be determined inclusive of the amounts withheld in the immediately preceding January
and February, if applicable. With respect to any REO Loan, the Net Mortgage Rate shall be calculated as described above, determined
as if the predecessor Mortgage Loan had remained outstanding.

 

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

 

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

 

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

 

“Non-Exempt
Person” shall mean any Person other than a Person who either (i) is a U.S. Tax Person or (ii) has provided to the Certificate
Administrator for the relevant year such duly executed form(s) or statement(s) which may, from time to time, be prescribed by
law and which, pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence
of such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Certificate
Administrator to make such payments free of any obligation or liability for withholding, provided that duly executed form(s) provided
to the Certificate Administrator pursuant to Section 5.03(t), shall be sufficient to evidence that such providing Person
is not a Non-Exempt Person.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. For the avoidance of doubt, Workout-Delayed
Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination in accordance with
the procedures specified herein, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from Late Collections, Default Interest,
Insurance and Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage Loan or the
related REO Property (without giving effect to potential recoveries on deficiency judgments or recoveries from guarantors), or
(b) has determined that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts
(that have not been reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately
recoverable

 

    -74-

     

    

 

from the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which, the Master
Servicer or the Special Servicer, in accordance with the Servicing Standard, or the Trustee, in its good faith business judgment,
as the case may be, determines will not be ultimately recoverable, together with any accrued and unpaid interest thereon at the
Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan or REO Loan; provided,
however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard,
that any P&I Advance previously made or proposed to be made is a Nonrecoverable P&I Advance and shall deliver to the Master
Servicer (and with respect to a Serviced Mortgage Loan, to any Other Servicer, and with respect to a Non-Serviced Mortgage Loan,
to the related Non-Serviced Master Servicer and Non-Serviced Special Servicer), the Certificate Administrator, the Trustee, the
Operating Advisor and the 17g-5 Information Provider notice of such determination. Any such determination (other than by the Special
Servicer) shall not be binding upon (but may be conclusively relied upon by) the Master Servicer and the Trustee, and any such
determination by the Special Servicer shall be conclusive and binding upon the Master Servicer and the Trustee (but this statement
shall not be construed to entitle the Special Servicer to reverse the determination of the Master Servicer or the Trustee or to
prohibit the Master Servicer or the Trustee from making a determination that a P&I Advance would be a Nonrecoverable Advance),
provided, however, that the Special Servicer shall have no such obligation to make an affirmative determination
that any P&I Advance is or would be recoverable and in the absence of a determination by the Special Servicer that such P&I
Advance is or would be a Nonrecoverable P&I Advance, such decision shall remain with the Master Servicer or Trustee, as applicable.
If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed P&I Advance
is a Nonrecoverable P&I Advance, the Master Servicer and the Trustee shall have the right to make its own subsequent determination
that any remaining portion of any such previously made or proposed P&I Advance is a Nonrecoverable P&I Advance. With respect
to any Non-Serviced Whole Loan, if any Non-Serviced Master Servicer, Non-Serviced Trustee or Non-Serviced Special Servicer, as
applicable, in connection with a securitization of the related Non-Serviced Companion Loan determines that a principal and interest
advance with respect to the related Non-Serviced Companion Loan, if made, would be nonrecoverable, such determination shall not
be binding on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced
Mortgage Loan; provided, however, that the Master Servicer and the Trustee may conclusively rely on the non-recoverability
determination of the Non-Serviced Master Servicer or Non-Serviced Trustee under the related Non-Serviced Pooling Agreement. Similarly,
with respect to the related Non-Serviced Mortgage Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable,
determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be a Nonrecoverable P&I
Advance, such determination shall not be binding on the related Non-Serviced Master Servicer, Non-Serviced Special Servicer and
related Non-Serviced Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Companion
Loan (unless the related Non-Serviced PSA provides otherwise). In making such recoverability determination, the Master Servicer,
the Special Servicer or the Trustee, as applicable, shall be entitled (a) to consider (among other things) (i) the obligations
of the

 

    -75-

     

    

 

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

 

    -76-

     

    

 

to the extent available, related income and expense statements,
rent rolls, occupancy status, property inspections and any other information used by the Master Servicer, the Special Servicer
or the Trustee, as applicable, to make such determination and shall include any existing Appraisal of the related Mortgage Loan
or the related Mortgaged Property). The Trustee shall be entitled to conclusively rely on the Master Servicer’s or the Special
Servicer’s determination that a P&I Advance is or would be nonrecoverable, and the Master Servicer and the Trustee shall
be entitled to conclusively rely on and shall be bound by the Special Servicer’s determination that a P&I Advance is
or would be nonrecoverable. In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall
take into account the cross-collateralization of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property which, the Trustee, in its good faith business judgment
or the Master Servicer or the Special Servicer, as applicable, in accordance with the Servicing Standard, determines will not
be ultimately recoverable, together with any accrued and unpaid interest thereon, at the Reimbursement Rate, from Late Collections
or any other recovery on or in respect of such Mortgage Loan, Serviced Whole Loan or REO Property. In making such recoverability
determination, such Person shall be entitled (a) to consider (among other things) (i) the obligations of the Mortgagor
under the terms of the related Mortgage Loan or Companion Loan, as applicable, as it may have been modified and (ii) the
related Mortgaged Properties in their “as-is” or then-current conditions and occupancies, as modified by such party’s
assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good
faith business judgment in the case of the Trustee, solely in its capacity as Trustee) regarding the possibility and effects of
future adverse changes with respect to such Mortgaged Properties, (b) to estimate and consider (consistent with the Servicing
Standard in the case of the Master Servicer or the Special Servicer or in its good faith business judgment in the case of the
Trustee, solely in its capacity as Trustee) (among other things) future expenses, (c) to estimate and consider (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith business judgment
in the case of the Trustee, solely in its capacity as Trustee) (among other things) the timing of recoveries and (d) to give
due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration, the recovery of which are
being deferred or delayed by the Master Servicer or the Trustee because there is insufficient principal available for such recovery,
in light of the fact that related proceeds are a source of recovery not only for the Advance under consideration but also a potential
source of recovery for such delayed or deferred Advance. In addition, any Person, in considering whether a Servicing Advance is
a Nonrecoverable Servicing Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed
Reimbursement Amounts with respect to other Mortgage Loans, the reimbursement of which, at the time of such consideration, is
being deferred or delayed by the Master Servicer, in light of the fact that proceeds on the related Mortgage Loan are a source
of recovery not only for the Servicing Advance under consideration, but also as a potential source of recovery of such Nonrecoverable
Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. In addition, any such Person may
update or change its recoverability determinations at any time (but not reverse any other Person’s determination that an
Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard, in the case of the Master Servicer or in its
good faith business judgment in the case of the Trustee (solely in its capacity as Trustee), may obtain at the expense of the
Trust

 

    -77-

     

    

 

any reasonably required analysis, Appraisals or market value estimates or other information for making a recoverability
determination. Absent bad faith, the Master Servicer’s, the Special Servicer’s or the Trustee’s determination
as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders and the RR Interest
Owner. The determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable
Servicing Advance has been made or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance,
or any updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate delivered by either
the Special Servicer or the Master Servicer to the other and to the Trustee, the Certificate Administrator, the Directing Certificateholder
(but, in the case of the Directing Certificateholder, only prior to the occurrence and continuance of a Consultation Termination
Event and only with respect to any Mortgage Loan other than an Excluded Loan) (and in the case of a Serviced Mortgage Loan, any
Other Servicer), the Operating Advisor (but only in the case of the Special Servicer) and the Depositor, or by the Trustee to
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator (and in the
case of a Serviced Mortgage Loan, any Other Servicer); provided, however, that the Special Servicer may, at its
option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed
to be made is a Nonrecoverable Servicing Advance and shall deliver to the Master Servicer (and with respect to a Serviced Mortgage
Loan, to any Other Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information Provider
notice of such determination. Any such determination (other than by the Special Servicer) shall not be binding upon (but may be
conclusively relied upon by) the Master Servicer and the Trustee, and any such determination by the Special Servicer shall be
binding upon the Master Servicer and the Trustee (but this statement shall not be construed to entitle the Special Servicer to
reverse the determination of the Master Servicer or the Trustee or to prohibit the Master Servicer or the Trustee from making
a determination that a Servicing Advance would be a Nonrecoverable Advance), provided, however, that the Special
Servicer shall have no such obligation to make an affirmative determination that any Servicing Advance is or would be recoverable
and in the absence of a determination by the Special Servicer that such Servicing Advance is or would be a Nonrecoverable Servicing
Advance, such decision shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance,
the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion
of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance. The Officer’s Certificate
shall set forth such determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or
the Trustee, as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available, related
income and expense statements, rent rolls, occupancy status, property inspections and any other information used by the Master
Servicer, the Special Servicer or the Trustee, as applicable, to make such determination and shall include any existing Appraisal
with respect to the related Mortgage Loan, Serviced Companion Loan or related Mortgaged Property). The Special Servicer shall
promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding the
Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes
of making recoverability determinations. The Trustee shall be entitled to conclusively rely on the Master Servicer’s or
the Special Servicer’s

 

    -78-

     

    

 

determination that a Servicing Advance is or would be nonrecoverable, and the Master Servicer shall
be entitled to conclusively rely on the Special Servicer’s determination that a Servicing Advance is or would be nonrecoverable.
Notwithstanding anything herein to the contrary, if the Special Servicer requests that the Master Servicer make a Servicing Advance,
the Master Servicer may conclusively rely on such request as evidence that such Advance is not a Nonrecoverable Servicing Advance;
provided, however, that the Special Servicer shall not be entitled to make such a request more frequently than once
per calendar month with respect to Servicing Advances other than emergency advances (although such request may relate to more
than one Servicing Advance). In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall
take into account the cross-collateralization of the related cross-collateralized Mortgage Loan. The determination as to the recoverability
of any Servicing Advance or property protection advance previously made or proposed to be made in respect of a Non-Serviced Whole
Loan shall be made by the related Non-Serviced Master Servicer, Non-Serviced Special Servicer or Non-Serviced Trustee, as the
case may be, pursuant to the related Non-Serviced PSA.

 

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

 

“Non-Serviced
Certificate Administrator”: The “Certificate Administrator” under a Non-Serviced PSA.

 

“Non-Serviced
Companion Loan”: Each Companion Loan that is part of a Non-Serviced Whole Loan.

 

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

 

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

 

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

 

“Non-Serviced
Intercreditor Agreement”: Each Intercreditor Agreement relating to a Non-Serviced Whole Loan.

 

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

 

“Non-Serviced
Mortgage Loan”: Each Mortgage Loan that is part of a Non-Serviced Whole Loan. The table under the heading “Whole
Loans” in the Preliminary Statement hereto identify the Non-Serviced Mortgage Loans included in the Trust as of the Closing
Date. Each Servicing Shift Mortgage Loan will be a Non-Serviced Mortgage Loan on and after the applicable Servicing Shift Date
for the related Servicing Shift Whole Loan.

 

“Non-Serviced
Mortgaged Property”: Any Mortgaged Property securing a Non-Serviced Whole Loan.

 

    -79-

     

    

 

“Non-Serviced
Operating Advisor”: The “Operating Advisor” (if any) under a Non-Serviced PSA.

 

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

 

“Non-Serviced
Primary Servicing Fee Rate”: In the case of The Summit Mortgage Loan, the per annum rate equal to 0.02500%. In
the case of the 1888 Century Park East Mortgage Loan, the per annum rate equal to 0.00125%. In the case of the Coleman
Highline Phase IV Mortgage Loan, the per annum rate equal to 0.01200%. In the case of the IPCC National Storage Portfolio
XVI Mortgage Loan, the per annum rate equal to 0.01000%. In the case of the Moonwater Office Portfolio Mortgage Loan, the
per annum rate equal to 0.00125%. In the case of the 26 Broadway Mortgage Loan, the per annum rate equal to 0.01125%.
In the case of the Bedrock Portfolio Mortgage Loan, the per annum rate equal to 0.05000%. In the case of the 1100 &
820 First Street NE Mortgage Loan, the per annum rate equal to 0.00125%. In the case of the Meadowood Mall Mortgage Loan,
the per annum rate equal to 0.00250%. In the case of the Visions Hotel Portfolio III Mortgage Loan, the per annum
rate equal to 0.00250%. In the case of the NYC MFRT Portfolio Mortgage Loan, the per annum rate equal to 0.00125%. In the
case of the AMF Portfolio Mortgage Loan, the per annum rate equal to 0.00125%.

 

“Non-Serviced
PSA”: A pooling and servicing agreement or trust and servicing agreement governing the servicing and administration
of a Non-Serviced Whole Loan. The table and footnotes under the heading “Whole Loans” in the Preliminary Statement
hereto identify the Non-Serviced PSAs relating to the Trust as of the Closing Date.

 

“Non-Serviced
Special Servicer”: The applicable “Special Servicer” of a Non-Serviced Whole Loan under a Non-Serviced PSA.

 

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

 

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

 

“Non-Serviced
Whole Loan”: A Whole Loan that is serviced and administered under a pooling and servicing agreement or trust and servicing
agreement other than this Agreement. The table under the heading “Whole Loans” in the Preliminary Statement hereto
identify the Non-Serviced Whole Loans relating to the Trust as of the Closing Date. Each Servicing Shift Whole Loan will be a
Non-Serviced Whole Loan on and after its related Servicing Shift Date.

 

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

 

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

 

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

 

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

 

    -80-

     

    

 

“Non-VRR
Available Funds”: With respect to any Distribution Date, an amount equal to the Non-VRR Percentage of the Aggregate
Available Funds for such Distribution Date.

 

“Non-VRR
Certificateholders”: The Holders of Non-VRR Certificates.

 

“Non-VRR
Certificates”: All of the Certificates other than the Class RR Certificates and the Class R Certificates.

 

“Non-VRR
Excess Prepayment Interest Shortfall”: For any Distribution Date, the Non-VRR Percentage of the Aggregate Excess Prepayment
Interest Shortfall for such Distribution Date.

 

“Non-VRR
Gain-on-Sale Remittance Amount”: With respect to each Distribution Date, an amount equal to the lesser of (i) the amount
on deposit in the Non-VRR Gain-on-Sale Reserve Account on such Distribution Date, and (ii) the Non-VRR Percentage of the Aggregate
Gain-on-Sale Entitlement Amount.

 

“Non-VRR
Gain-on-Sale Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) held as an
asset of the Lower-Tier REMIC and created and maintained by the Certificate Administrator, pursuant to Section 3.04(g)
on behalf of the Trustee for the benefit of the Non-VRR Certificateholders, which shall initially be entitled “Computershare
Trust Company, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered Holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series
2022-C15, Non-VRR Gain-on-Sale Reserve Account”. Any such account shall be an Eligible Account or a subaccount of an Eligible
Account.

 

“Non-VRR
Percentage”: An amount expressed as a percentage equal to 100% minus the VRR Percentage. For the avoidance of doubt,
at all times, the sum of the VRR Percentage and the Non-VRR Percentage shall equal 100%.

 

“Non-VRR
Principal Distribution Amount”: With respect to any Distribution Date and the Principal Balance Certificates, an amount
equal to the Non-VRR Percentage of the Aggregate Principal Distribution Amount for such Distribution Date.

 

“Non-VRR
Realized Loss”: With respect to the Mortgage Loans and any Distribution Date, the amount, if any, by which (i) the product
of (A) the Non-VRR Percentage and (B) the aggregate Stated Principal Balance (for purposes of this definition only, not giving
effect to any reductions of the Stated Principal Balance for payments of principal collected on the Mortgage Loans that were used
to reimburse any Workout-Delayed Reimbursement Amounts pursuant to Section 3.05(a)(v) to the extent such Workout-Delayed
Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (excluding
any portion allocable to any related Companion Loan, if applicable) expected to be outstanding immediately following such Distribution
Date, is less than (ii) the then-aggregate Certificate Balance of the Principal Balance Certificates after giving effect
to distributions of principal on such Distribution Date.

 

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

 

    -81-

     

    

 

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

 

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

 

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

 

“OCC”:
Office of the Comptroller of the Currency or any successor thereto.

 

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

 

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

 

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

 

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

 

“Operating
Advisor Consultation Event”: Any time when the Certificate Balances of the HRR Certificates in the aggregate (taking
into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such classes)
is 25% or less of the Original Certificate Balances of such classes in the aggregate.

 

“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and
performed its duties with respect to such Major Decision equal to $10,000 (or such lesser amount as the related Mortgagor pays)
with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans or the Servicing Shift Mortgage Loans and each related
Companion Loan), payable pursuant to Section 3.05 of this Agreement; provided, however, that no such fee
shall be payable unless specifically paid by the related Mortgagor as a separately identifiable fee; provided, further,
that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision;
provided, further, however, that to the extent such fee is incurred after the outstanding Certificate

 

    -82-

     

    

 

 Balances
of the Control Eligible Certificates have been reduced to zero as a result of the allocation of Realized Losses to such Certificates,
such fee shall be payable in full to the Operating Advisor as an expense of the Trust; provided, further, that the
Master Servicer or 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, on a non-binding basis, with
the Operating Advisor prior to any such waiver or reduction).

 

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

 

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

 

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

 

“Operating
Advisor Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best
interest of, and for the benefit of, the Certificateholders and the RR Interest Owner and, with respect to any Serviced Whole
Loan for the benefit of the holders of the related Companion Loan(s) (as a collective whole as if such Certificateholders, the
RR Interest Owner and Companion Holders constituted a single lender), and not in the best interest of nor for the benefit of any
particular Class of Certificateholders or the RR Interest Owner (as determined by the Operating Advisor in the exercise of its
good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the Operating
Advisor or any of its Affiliates may have with any of the underlying Mortgagors, property managers, any Sponsor, any Mortgage
Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder,
any Certificateholder, any Risk Retention Consultation Party, the RR Interest Owner or any of their respective Affiliates.

 

“Operating
Advisor Termination Event”: Any of the following events, whether any such event is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body:

 

(a)           any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of any of its representations or warranties under this Agreement, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee by the Holders
of Certificates evidencing greater than 25% of the aggregate Voting Rights, provided that any such failure which is not
curable within such thirty (30) day period, the 

 

    -83-

     

    

 

Operating Advisor will have an additional cure period of thirty (30) days
to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day period and has provided
the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued, and
is continuing to pursue, such cure;

 

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

 

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

 

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

 

(e)           the Operating Advisor consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or

 

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

 

“Operating
Advisor Upfront Fee”: As defined in Section 3.26(i).

 

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

 

    -84-

     

    

 

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

 

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

 

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

 

“Original
RR Interest Balance”: With respect to the RR Interest, an amount equal to the initial RR Interest Balance as specified
in the Preliminary Statement hereto.

 

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

 

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

 

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

 

“Other
Exchange Act Reporting Party”: With respect to any Other Securitization that is subject to the reporting requirements
of the Exchange Act, the Other Servicer, Other Trustee, Other Certificate Administrator or Other Depositor under the related Other
Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D, Form ABS-EE
and Form 10-K with respect to such Other Securitization, as identified in writing to the parties to this Agreement; and,
with respect to any Other Securitization 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
Pooling and Servicing Agreement”: Any trust and servicing agreement or pooling and servicing agreement that creates
a trust whose assets include any Serviced Companion Loan.

 

“Other
Securitization”: As defined in Section 11.06.

 

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

 

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

 

    -85-

     

    

 

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

 

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

 

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

 

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

 

“Pari
Passu Companion Loan”: A Companion Loan that is pari passu in right of payment with the Mortgage Loan included in the
related Whole Loan.

 

“Pari
Passu Companion Loan Holder”: Any holder of record of any Pari Passu Companion Loan.

 

“Pari
Passu Whole Loan”: A Whole Loan that consists of a Mortgage Loan and one or more Pari Passu Companion Loans but does
not include an AB Subordinate Companion Loan. The Pari Passu Whole Loans related to the Trust as of the Closing Date are the Whole
Loans described in the table under the heading “Whole Loans” in the Preliminary Statement hereto as having a “Companion
Loan Type” of “Pari Passu”.

 

“Pass-Through
Rate”: Any of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through Rate, the
Class A-4 Pass-Through Rate, the Class A-5 Pass-Through Rate, the Class A-SB Pass-Through Rate, the Class A-S Pass-Through
Rate, the Class B Pass-Through Rate, the Class C Pass-Through Rate, the Class D Pass-Through Rate, the Class E Pass-Through Rate,
the Class F Pass-Through Rate, the Class G-RR Pass-Through Rate, the Class H-RR Pass-Through Rate, the Class X-A Pass-Through
Rate, the Class X-B Pass-Through Rate, the Class X-D Pass-Through Rate or the Class X-F Pass-Through Rate, as the case may be.

 

None
of the Class R or Class S Certificates have Pass-Through Rates.

 

“Payment
Accommodation”: For any Mortgage Loan or Serviced Whole Loan, the entering into of any temporary forbearance agreement
as a result of the COVID-19 Emergency (and qualification as a COVID-19 Emergency forbearance will be determined by the Special
Servicer in its sole and absolute discretion in accordance with the Servicing Standard) relating to payment obligations or operating
covenants under the related Mortgage Loan documents or the use of funds on deposit in any reserve account or escrow account for
any purpose other than the explicit purpose described in the related Mortgage Loan documents, that in each case: (i) is entered
into no later than July 13, 2022; (ii) provides for no more than three (3) months of forbearance; and (iii) requires full repayment
of deferred payments and escrows within twelve (12) months of the date of the first forbearance for such Mortgage Loan or Serviced
Whole Loan. No Payment Accommodation may be granted if the Mortgage Loan or Serviced Whole Loan is in default with

 

    -86-

     

    

 

respect to
any loan provision other than the provision(s) subject to the forbearance request. The Special Servicer shall process all Payment
Accommodations requested in its sole and absolute discretion in accordance with the Servicing Standard, and the Master Servicer
shall have no processing, consent or other rights with respect thereto.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

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

 

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

 

“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

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

 

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

 

(i)          
direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States
of America, Fannie Mae,

 

    -87-

     

    

 

Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are
backed by the full faith and credit of the United States of America that mature in one (1) year or less from the date
of acquisition; provided that any obligation of, or guarantee by, the United States of America, Fannie Mae, Freddie Mac
or any agency or instrumentality of the United States of America, shall be a Permitted Investment only if such investment would
not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating Agency to any Certificate
(or, insofar as there is then-outstanding any class of Serviced Companion Loan Securities that are then rated by such Rating Agency,
such class of securities) as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury (direct
or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing Administration
debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp
debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System consolidated
systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations, and Fannie
Mae debt obligations rated at least “A-1” by S&P, if such obligations mature in sixty (60) days or less, or rated
at least “AA-”, “A-1+” or “AAAm” by S&P, if such obligations mature in 365 days or less;

 

(ii)          time deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the
date of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or
organized under the laws of the United States of America or any State thereof and subject to supervision and examination by federal
or state banking authorities with respect to which (A) with respect to S&P, (I) in the case of such investments with
maturities of six (6) months or less, the short-term debt obligations of which are rated in the highest short-term rating category
by S&P and (II) in the case of such investments with maturities of more than six (6) months, the long-term obligations of
which are rated at least “AAA” by S&P (or, in the case of any such Rating Agency as set forth in clauses (I) through
(II) above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency) and (B) with respect to
Fitch and KBRA, the commercial paper or other short-term debt obligations of such depository institution or trust company are
rated in the highest rating categories of each of Fitch and KBRA (in the case of KBRA, if rated by KBRA); or, in each case, such
other rating as would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating
Agency to any Class of Certificates (or, insofar as there is then-outstanding any class of Serviced Companion Loan Securities
that is then rated by such rating agency, such class of securities) as evidenced in writing;

 

(iii)         repurchase agreements or obligations with respect to any security described in clause (i) above where such security
has a remaining maturity of one year or less and where such repurchase obligation has been entered into with a

 

    -88-

     

    

 

depository institution
or trust company (acting as principal) described in clause (ii) above;

 

(iv)         debt obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any state thereof which, (A) if such debt obligations have a term of three months or less, (1) the short-term obligations
of which corporation are rated in the highest short-term debt rating category of Fitch and KBRA (if then rated by KBRA) and (2)
the short-term obligations of which corporation are rated at least “A-1” by S&P and the long-term obligations
of which corporation are rated at least “AA-” by S&P, (B) if such debt obligations have 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 corporation are rated at least “AA-” by S&P and (C)
if such debt obligations have a term of more than six months, the short-term obligations of which corporation are rated in the
highest short-term rating category by each Rating Agency and the long-term obligations of which corporation are rated “AAA”
by S&P (or, in the case of any such Rating Agency as set forth in sub-clauses (A) through (C) above, such
lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that securities
issued by any particular corporation will not be Permitted Investments to the extent that investment therein will cause the then-outstanding
principal amount of securities issued by such corporation and held in the accounts established hereunder to exceed 10% of the
sum of the aggregate principal balance and the aggregate principal amount of all Permitted Investments in such accounts;

 

(v)          commercial paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation
not so incorporated, provided that the commercial paper is United States Dollar denominated and amounts payable thereunder
are not subject to any withholding imposed by any non-United States jurisdiction) (a) (I) in the case of such investments
with maturities of thirty (30) days or less, the short term obligations of which corporation are rated at least “A-1”
by S&P and “F1” by Fitch, (II) in the case of such investments with maturities of three (3) months or less, but
more than thirty (30) days, the short-term obligations of which are rated at least “A-1+” by S&P (or “A-1”
by S&P if the obligations mature within sixty (60) days) and “F1+” by Fitch, or the long-term obligations of which
are rated at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch) and “AA-” by
S&P (with a short-term rating of “A-1” by S&P), (III) in the case of such investments with maturities of six
(6) months or less, but more than three (3) months, the (A) the short-term obligations of which are rated at least “A-1+”
by S&P or the long-term obligations of which corporation are rated at least “AA-” by S&P (with a short-term
rating of “A-1” by S&P), and (B) the short-term obligations of which are rated at least “F1+” by Fitch,
or the long-term obligations of which corporation are rated at least “AA-” by Fitch (with a short-term rating of “F1”
by Fitch), and (IV) in the case of such investments with maturities of more than six (6) months, (A) the short-term obligations
of which are rated at least “A-1+” by S&P or the long-term obligations of which are rated at least

 

    -89-

     

    

 

“AA-”
by S&P (with a short-term rating of “A-1” by S&P), and (B) the short-term obligations of which are rated at
least “F1+” by Fitch, or the long-term obligations of which are rated at least “AA-” by Fitch (with a
short-term rating of “F1” by Fitch), and (b) such commercial paper is rated in the highest short-term category by
KBRA (if then rated by KBRA) (or such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency relating
to the Certificates and any Serviced Companion Loan Securities);

 

(vi)         money market funds (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep, the Wells
Fargo Money Market Funds or the Wells Fargo Advantage Government Money Market Fund), which seek to maintain a constant net asset
value per share, so long as any such fund is rated “AAAm” by S&P and in the highest short term unsecured debt
ratings category by each of Fitch and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs
(which must include S&P and may include any of the other Rating Agencies) or otherwise acceptable to such Rating Agency, in
any such case, as confirmed in a Rating Agency Confirmation) relating to the Certificates and any Serviced Companion Loan Securities;

 

(vii)        any other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more
of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi) above
with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set
forth in the applicable clause is not satisfied with respect to such demand, money market or time deposit, obligation, security
or investment and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25); and

 

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

 

provided,
however, that with respect to any Permitted Investment for which a rating by S&P is required as set forth above, such
rating must be an unqualified rating (i.e., one with no qualifying suffix), with the exception of ratings with regulatory indicators,
such as the “(sf)” subscript, and unsolicited ratings; provided, further, however, that each
Permitted Investment qualifies as a “cash flow investment” pursuant to Section 860G(a)(6) of the Code, and that
(a) it shall have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (b) any such
investment that provides for a variable rate of interest must have an interest rate that is tied to a single interest rate index
plus a fixed spread, if any, and move proportionately with such index, (c) any such investment must not be subject to liquidation
prior to maturity, and (d) any such investment must not be purchased at a premium over par; and provided, further,
however, that no

 

    -90-

     

    

 

such instrument shall be a Permitted Investment (a) if such instrument evidences principal and interest
payments derived from obligations underlying such instrument and the interest payments with respect to such instrument provide
a yield to maturity at the time of acquisition of greater than 120% of the yield to maturity at par of such underlying obligations
or (b) if such instrument may be redeemed at a price below the purchase price; and provided, further, however,
that no amount beneficially owned by either Trust REMIC (even if not yet deposited in the Trust) may be invested in investments
(other than money market funds) treated as equity interests for federal income tax purposes, unless the Master Servicer receives
an Opinion of Counsel, at its own expense, to the effect that such investment will not adversely affect the status of either Trust
REMIC. Permitted Investments may not be interest-only securities. All investments shall mature or be redeemable upon the option
of the holder thereof on or prior to the Business Day preceding the day before the date such amounts are required to be applied
hereunder.

 

“Permitted
Lender”: As defined in Section 5.03(s).

 

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

 

“Permitted
Transferee”: Any Person or any agent thereof other than (a) a Disqualified Organization, (b) any other Person
so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person
or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in any Class R Certificate to
such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates or the RR Interest
are outstanding, (c) a Person that is a Disqualified Non-U.S. Tax Person, (d) any partnership if any of its interests
are (or under the partnership agreement are permitted to be) owned, directly or indirectly (other than through a U.S. corporation),
by a Disqualified Non-U.S. Tax Person or (e) a U.S. Tax Person with respect to whom income from the Class R Certificate
is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the Transferee or any other U.S. Tax Person.

 

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

 

“Plan”:
As defined in Section 5.03(n).

 

“Pre-Close
Information”: As defined in Section 3.13(c).

 

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

 

“Preliminary
Prospectus”: The Preliminary Prospectus, dated March 18, 2022, relating to the Registered Certificates.

 

    -91-

     

    

 

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

 

“Prepayment
Interest Excess”: For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection Period,
which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Due Date
but on or before the following Determination Date, the amount of interest (net of the related Servicing Fees and any Excess Interest),
to the extent collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance Charge actually
collected), that would have accrued at a rate per annum equal to (x) in the case of any such Mortgage Loan other than
a Serviced Mortgage Loan, the sum of (i) the related Net Mortgage Rate for such Mortgage Loan, and (ii) the Certificate
Administrator Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC®
Intellectual Property Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan, the Mortgage Rate (net of
Servicing Fees and any Excess Interest) on the amount of such Principal Prepayment from such Due Date to, but not including, the
date of such prepayment (or any later date through which interest accrues). Prepayment Interest Excesses (to the extent not offset
by Prepayment Interest Shortfalls or required to be paid as Compensating Interest Payments) collected on the Mortgage Loans (other
than any Non-Serviced Mortgage Loan) and any Serviced Companion Loan, will be retained by the Master Servicer as additional servicing
compensation.

 

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

 

    -92-

     

    

 

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

 

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

 

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

 

“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of the New York City edition
of The Wall Street Journal (or, if such section or publication is no longer available, such other comparable publication
as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the
“Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable
discretion) as may be in effect from time to time, subject to a floor of 2.0% per annum. The Certificate Administrator
shall notify in writing the Master Servicer and Special Servicer with regard to any determination of the Prime Rate in accordance
with the parenthetical in the preceding sentence.

 

“Principal
Balance Certificates”: Each of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class
B, Class C, Class D, Class E, Class F, Class G-RR and Class H-RR Certificates.

 

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

 

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

 

“Privileged
Information”: Any (i) correspondence between the Directing Certificateholder or a Risk Retention Consultation Party
and the Special Servicer related to any Specially Serviced Loan (other than with respect to any Excluded Loan as to such party)
or the exercise of the Directing Certificateholder’s consent or consultation rights or a Risk Retention Consultation Party’s
consultation rights under this Agreement, (ii) strategically sensitive information (including any such information contained
within any Asset Status Report) that the Special Servicer has reasonably determined (and has identified as privileged or confidential
information) could compromise the Trust’s position in any ongoing or future negotiations with the related Mortgagor or other
interested party and (iii) information subject to attorney-client

 

    -93-

     

    

 

privilege. The Master Servicer, the Special Servicer, the
Operating Advisor and the Asset Representations Reviewer shall be entitled to rely on any identification of materials as “attorney-client
privileged” without liability for any such reliance hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information
becomes generally available to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary
for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or
other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise
subject to a confidentiality obligation and/or (d) the Restricted Party is required by law, rule, regulation, order, judgment
or decree to disclose such information.

 

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

 

Notwithstanding
anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it has become a Borrower Party, the
Special Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly
or indirectly provide any information related to the related Excluded Special Servicer Loan to (A) the related Borrower Party,
(B) any of the Special Servicer’s employees or personnel or any of its Affiliates involved in the management of any
investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) shall maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above; provided, further, that nothing in this Agreement shall be construed as an obligation of the

 

    -94-

     

    

 

Master Servicer
or the Certificate Administrator to restrict access by the Special Servicer or any Excluded Special Servicer to any information
related to any Excluded Special Servicer Loan and in no case shall the Master Servicer or the Certificate Administrator be held
liable if the Special Servicer accesses any Excluded Special Servicer Information relating to the Excluded Special Servicer Loan;
provided, further, that (a) the Master Servicer shall not restrict access by the Special Servicer to any information
related to any Mortgage Loan, including any Excluded Special Servicer Loan and (b) the Certificate Administrator shall not restrict
access by the Special Servicer to any information related to any Mortgage Loan, including any Excluded Special Servicer Loan;
provided, further, however, that any Excluded Controlling Class Holder shall be permitted to reasonably request
and to obtain in accordance with Section 4.02(f) of this Agreement any Excluded Information relating to any Excluded Loan
with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise
available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website on account of it constituting
Excluded Information).

 

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

 

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

 

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

 

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

 

“Prospectus”:
The Prospectus, dated March 24, 2022, relating to the Registered Certificates.

 

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

 

“Purchase
Price”: With respect to any Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the
final paragraph hereof, any related Companion Loan) to be purchased pursuant to (A) Section 5 or Section 19, as
applicable, of the related Mortgage Loan Purchase Agreement by the related Mortgage Loan Seller or Additional Repurchase Obligor,
(B) Section 3.16, or (C) Section 9.01, a price, without duplication, equal to:

 

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

 

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

 

    -95-

     

    

 

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

 

(iv)         if such Mortgage Loan (or related REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller or Additional
Repurchase Obligor, pursuant to Section 5 or Section 19, as applicable, of the applicable Mortgage Loan Purchase Agreement,
all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the
Depositor, the Certificate Administrator or the Trustee in respect of the omission, breach or defect giving rise to the repurchase
or substitution obligation including any expenses arising out of the enforcement of the repurchase or substitution obligation,
including, without limitation, legal fees and expenses and any additional Trust Fund expenses relating to such Mortgage Loan (or
related REO Loan); provided, however, that such out-of-pocket expenses shall not include expenses incurred by Certificateholders
or Certificate Owners in instituting an Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such
Certificateholder’s or Certificate Owner’s, as applicable, rights under the dispute resolution mechanics pursuant
to Section 2.03(l);

 

(v)          Liquidation Fees, if any, payable with respect to such Mortgage Loan (or related REO Loan (including for such purpose, to the
extent required pursuant to the final paragraph hereof, the related Companion Loan)) (which will not include any Liquidation Fees
if such repurchase occurs or Loss of Value Payment is received during the Initial Cure Period or, if applicable, prior to the
expiration of the Extended Cure Period); plus

 

(vi)         solely in the case of a repurchase or substitution by the related Mortgage Loan Seller (or the related Additional Repurchase Obligor),
any Asset Representations Reviewer Asset Review Fee for such Mortgage Loan, to the extent not previously paid by the related Mortgage
Loan Seller (or the related Additional Repurchase Obligor).

 

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

 

    -96-

     

    

 

by each of the applicable Mortgage Loan Sellers for its related Mortgage Note will
be its respective Mortgage Loan Seller Percentage Interest as of the Closing Date of the total Purchase Price for such Mortgage
Loan. Notwithstanding the foregoing, with respect to any repurchase pursuant to sub-clause (A) and sub-clause (C) hereof, the “Purchase Price” shall not include any amounts payable in respect of any related Companion Loan.

 

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

 

“Qualified
Insurer”: (i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security or
bonding company qualified to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength
rating of at least: (a) “A-” by S&P (or, if not rated by S&P, at least an equivalent rating by one NRSRO
(which may include Fitch or KBRA)) and (b) “A” by Fitch (or, if not rated by Fitch, at least “A-”
or an equivalent rating as “A-” by one other NRSRO (which may include S&P or KBRA)), and (ii) with respect
to the fidelity bond and errors and omissions insurance policy required to be maintained pursuant to Section 3.07(c), except
as otherwise permitted by Section 3.07(c), an insurance company that has a claims paying ability (or the obligations which
are guaranteed or backed by a company having such claims paying ability) rated by at least one (1) of the following rating agencies
of at least (a) “A3” by Moody’s, (b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:X”
by A.M. Best Company, Inc. or (e) “A(low)” by DBRS Morningstar, or, in the case of clauses (i) or (ii), any other
insurer acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation and a confirmation of the applicable rating
agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced
Companion Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

“Qualified
Mortgage”: A “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, but without
regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective obligation to be treated as a “qualified
mortgage”.

 

“Qualified
Replacement Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to the Special Servicer contained in this Agreement, (ii) is not the Operating Advisor, the Asset Representations
Reviewer or an Affiliate of the Operating Advisor or the Asset Representations Reviewer (and, if appointed by the Directing Certificateholder
or with the approval of the requisite vote of Certificateholders following the Operating Advisor’s recommendation to replace
the Special Servicer pursuant to Section 7.01(d), is not the originally replaced Special Servicer or its Affiliate), (iii) is
not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations
under this Agreement, and (y) for the appointment of the successor special servicer or the recommendation by the Operating
Advisor for the replacement special servicer to become the Special Servicer, (iv) is not entitled to receive any compensation
from the Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation
that such party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating
Advisor for its appointment as successor special servicer, in each case, unless such fee is expressly approved by 100% of the
Certificateholders and the RR Interest

 

    -97-

     

    

 

Owner, (vi) currently has a special servicer rating of at least “CSS3”
from Fitch, (vii) is listed on S&P’s Select Servicer List as a “U.S. Commercial Mortgage Special Servicer”,
and (viii) is currently acting as a special servicer in a transaction rated by KBRA and has not been publicly cited by KBRA
as having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or
placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced
by the applicable servicer prior to the time of determination.

 

“Qualified
Substitute Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution
will be permitted) replacing a removed Mortgage Loan that must, on the date of substitution: (i) have an outstanding principal
balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
whether or not received, not in excess of the Stated Principal Balance of the removed Mortgage Loan as of the Due Date in the
calendar month during which the substitution occurs; (ii) have a fixed Mortgage Rate not less than the Mortgage Rate of the
removed Mortgage Loan, determined without regard to any prior modification, waiver or amendment of the terms of the removed Mortgage
Loan; (iii) have the same Due Date as and Grace Period no longer than that of the removed Mortgage Loan; (iv) accrue
interest on the same basis as the removed Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day
months); (v) have a remaining term to stated maturity not greater than, and not more than five (5) years less than,
the remaining term to stated maturity of the removed Mortgage Loan; (vi) have a then-current LTV Ratio equal to or less than
the lesser of the LTV Ratio for the removed Mortgage Loan as of the Closing Date and 75%, in each case using the “value”
for the Mortgaged Property as determined using an Appraisal; (vii) comply (except in a manner that would not be adverse to
the interests of the Certificateholders and the RR Interest Owner) as of the date of substitution in all material respects with
all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an environmental
report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and which will
be delivered as a part of the related Mortgage File; (ix) have a then-current Debt Service Coverage Ratio at least equal
to the greater of the original Debt Service Coverage Ratio of the removed Mortgage Loan as of the Closing Date and 1.25x; (x) constitute
a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code as evidenced by an Opinion
of Counsel (provided at the applicable Mortgage Loan Seller’s expense); (xi) not have a maturity date or an amortization
period that extends to a date that is after the date five (5) years prior to the Rated Final Distribution Date; (xii) have
comparable prepayment restrictions to those of the removed Mortgage Loan; (xiii) not be substituted for a removed Mortgage
Loan unless the Trustee and the Certificate Administrator have received Rating Agency Confirmation from each Rating Agency (the
cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller); (xiv) have
been approved by the Directing Certificateholder (so long as a Control Termination Event has not occurred and is not continuing
and the affected Mortgage Loan is not an Excluded Loan); (xv) prohibit defeasance within two (2) years of the Closing
Date; (xvi) not be substituted for a removed Mortgage Loan if it would result in an Adverse REMIC Event other than the imposition
of a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement, as determined by an Opinion
of Counsel at the cost of the related Mortgage Loan Seller; (xvii) have an engineering report that indicates no material
adverse property condition or deferred maintenance with respect to the related Mortgaged Property that will be delivered as a
part of the related Servicing File; and (xviii) be current in the payment

 

    -98-

     

    

 

of all scheduled payments of principal and interest
then due. In the event that more than one mortgage loan is substituted for a removed Mortgage Loan, then the amounts described
in clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each such proposed Qualified
Substitute Mortgage Loan shall individually satisfy each of the requirements specified in clauses (ii) through (xviii);
provided that the rates described in clause (ii) above and the remaining term to stated maturity referred to
in clause (v) above shall be determined on a weighted average basis; provided, further, that no individual
Mortgage Rate (net of the Servicing Fee Rate, any Non-Serviced Primary Servicing Fee Rate, the Certificate Administrator Fee Rate,
the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property
Royalty License Fee Rate) shall be lower than the highest fixed Pass-Through Rate (and not based on, or subject to a cap equal
to, the Weighted Average Net Mortgage Rate) of any Class of Principal Balance Certificates having a Certificate Balance then-outstanding.
When a Qualified Substitute Mortgage Loan is substituted for a removed Mortgage Loan, the applicable Mortgage Loan Seller shall
certify that the Qualified Substitute Mortgage Loan meets all of the requirements of the above definition and shall send such
certification to the Trustee, the Certificate Administrator and, prior to the occurrence and continuance of a Consultation Termination
Event, the Directing Certificateholder.

 

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

 

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

 

“Rated
Final Distribution Date”: As to each Class of Certificates (other than the Class H-RR, Class S, Class R and Class RR
Certificates), the Distribution Date in April 2055.

 

“Rating
Agency”: Each of Fitch, S&P and KBRA or their successors in interest. If no such rating agency nor any successor
thereof remains in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical rating
agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Trustee,
the Certificate Administrator, the Special Servicer and the Master Servicer, and specific ratings of Fitch, S&P and KBRA herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

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

 

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

 

    -99-

     

    

 

“Realized
Loss”: The VRR Realized Losses and Non-VRR Realized Losses, as applicable.

 

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

 

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

 

“Regular
Certificates”: Any of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class X-A, Class X-B, Class
A-S, Class B, Class C, Class X-D, Class X-F, Class D, Class E, Class F, Class G-RR and Class H-RR Certificates.

 

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

 

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

 

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

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

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

 

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

 

“Related
Certificates” and “Related Lower-Tier Regular Interests”: For each of the following Classes of Certificates
or the RR Interest, as applicable, the related Class of Lower-Tier

 

    -100-

     

    

 

Regular Interests; and for each of the following Classes of
Lower-Tier Regular Interests, the related Class of Certificates or the RR Interest, as applicable, set forth below:

 

	Related
Certificates 
	Related
Lower-Tier Regular Interests 

	Class
    A-1 Certificates	Class
    LA1 Uncertificated Interest
	Class
    A-2 Certificates	Class
    LA2 Uncertificated Interest
	Class
    A-3 Certificates	Class
    LA3 Uncertificated Interest
	Class
    A-4 Certificates	Class
    LA4 Uncertificated Interest
	Class
    A-5 Certificates	Class
    LA5 Uncertificated Interest
	Class
    A-SB Certificates	Class
    LASB Uncertificated Interest
	Class
    A-S Certificates	Class
    LAS Uncertificated Interest
	Class
    B Certificates	Class
    LB Uncertificated Interest
	Class
    C Certificates	Class
    LC Uncertificated Interest
	Class
    D Certificates	Class
    LD Uncertificated Interest
	Class
    E Certificates	Class
    LE Uncertificated Interest
	Class
    F Certificates	Class
    LF Uncertificated Interest
	Class
    G-RR Certificates	Class
    LGRR Uncertificated Interest
	Class
    H-RR Certificates	Class
    LHRR Uncertificated Interest
	Class
    RR Certificates	Class
    LRR Uncertificated Interest
	RR
    Interest	LRI
    Uncertificated Interest

 

“Relevant
Distribution Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and
(b) any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization
holding a Serviced Companion Loan, the “Distribution Date” (or 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 AA attached
hereto. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect
to a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable
to the Master Servicer, the Special Servicer, the Trustee and/or the Certificate Administrator.

 

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

 

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

 

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

 

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

 

    -101-

     

    

 

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

 

“REO
Account”: A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section
3.14(b) on behalf of the Trustee for the benefit of the Certificateholders and the RR Interest Owner and with respect to any
Serviced Whole Loan, for the benefit of the related Serviced Companion Noteholder, which shall initially be entitled “Rialto
Capital Advisors, LLC, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of
the registered holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the
RR Interest Owner, REO Account”. Any such account or accounts shall be an Eligible Account.

 

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

 

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

 

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

 

“REO
Loan”: Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan, as applicable),
deemed for purposes hereof to be outstanding with respect to each REO Property. Each REO Loan shall be deemed to be outstanding
for so long as the applicable portion of the related REO Property (or beneficial interest therein, in the case of a Non-Serviced
Mortgage Loan) remains part of the Trust Fund and provides for Assumed Scheduled Payments on each Due Date therefor, and otherwise
has the same terms and conditions as its predecessor Mortgage Loan or Companion Loan, if applicable, including, without limitation,
with respect to the calculation of the Mortgage Rate in effect from time to time (such terms and conditions to be applied without
regard to the default on such predecessor Mortgage Loan or Companion Loan, if applicable). Each REO Loan shall be deemed to have
an initial outstanding principal balance and Stated Principal Balance equal to the outstanding principal balance and Stated Principal
Balance, respectively, of its predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition.
All amounts due and owing in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the
related REO Acquisition, including, without limitation, accrued and unpaid interest, shall continue to be due and owing in respect
of an REO Loan. All amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of the predecessor Mortgage
Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, any unpaid
Special Servicing Fees and Servicing Fees, additional Trust Fund expenses and any unreimbursed Advances, together with any interest
accrued and payable to the Master Servicer or the Trustee, as applicable, in respect of such Advances in accordance with Section
3.03(d) or Section 4.03(d), shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect
of an REO Loan. In addition, Unliquidated Advances and Nonrecoverable Advances with respect to such REO Loan, in each case, that
were paid from collections on the related Mortgage Loans

 

    -102-

     

    

 

and resulted in principal distributed to the Certificateholders or the
RR Interest Owner being reduced as a result of the first proviso in the definition of “Aggregate Principal Distribution
Amount” shall be deemed outstanding until recovered. Notwithstanding anything to the contrary, with respect to each Serviced
Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to the related Serviced Pari Passu Companion
Loan, as applicable, will be available for amounts due to the Certificateholders and the RR Interest Owner or to reimburse the
Trust, other than in the limited circumstances related to Servicing Advances, indemnification payments, Special Servicing Fees
and other reimbursable expenses related to such Serviced Whole Loan incurred with respect to such Serviced Whole Loan, in accordance
with Section 3.05(a), or with respect to an AB Subordinate Companion Loan, as set forth in the related Intercreditor Agreement.

 

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

 

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

 

“Reportable
Event”: As defined in Section 11.07.

 

“Reporting
Requirements”: As defined in Section 11.12.

 

“Reporting
Servicer”: The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Custodian or any Servicing Function Participant engaged by such parties, as the case may be.

 

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

 

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

 

“Repurchased
Note”: As defined in Section 3.34(a).

 

“Repurchasing
Mortgage Loan Seller”: As defined in Section 3.34(a).

 

    -103-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Responsible
Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with
direct responsibility for the administration of this Agreement and, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) the
Certificate Administrator, any officer assigned to the Corporate Trust Services group with direct responsibility for the administration
of this Agreement and, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate
Administrator because of such officer’s knowledge of and familiarity with the particular subject.

 

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

 

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

 

“Retained
Certificate Safekeeping Account”: One or more accounts maintained by the Certificate Administrator for purposes of holding
the Risk Retention Certificates, which account(s) shall be deemed to be owned by the Holder(s) of the related Risk Retention Certificates.

 

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

 

“Retained
Fee Rate”: A rate equal to (A) with respect to the Serviced Mortgage Loans (i) if no Primary Servicing Fee or subservicing
fee rate is payable to a party other than the

 

    -104-

     

    

 

Master Servicer, 0.00125% or (ii) if a Primary Servicing Fee or subservicing fee
rate is payable to a party other than the Master Servicer, 0.000625%, plus any such Primary Servicing Fee or subservicing fee
rate payable to a party other than the Master Servicer; or (B) with respect to any Non-Serviced Mortgage Loan, 0.000625%.

 

“Retaining
Party”: Any Holder of a Risk Retention Certificate, and any successor Holder of all or part of such Risk Retention Certificates.
The initial Retaining Parties shall be Barclays Bank PLC, BMO, KeyBank and RREF IV-D AIV RR, LLC.

 

“Retaining
Sponsor”: Barclays.

 

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

 

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

 

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

 

“Risk
Retention Affiliate” or “Risk Retention Affiliated”: “Affiliate of” or “affiliated
with”, as such terms are defined in 12 C.F.R. 244.2 of the Risk Retention Rules.

 

“Risk
Retention Certificates”: The Class G-RR Certificates, Class H-RR Certificates and Class RR Certificates, as the context
requires.

 

“Risk
Retention Consultation Party”: Each of (i) the party selected by Barclays Bank PLC (as Majority-Owned Affiliate of Barclays)
(such party, the “VRR-A Risk Retention Consultation Party”), (ii) the party selected by BMO (such party, the
“VRR-B Risk Retention Consultation Party”), and (iii) the party selected by KeyBank (such party, the “VRR-C
Risk Retention Consultation Party”). The Depositor shall promptly provide the name and contact information for the initial
Risk Retention Consultation Parties upon request of any party to this Agreement and any such requesting party may conclusively
rely on the name and contact information provided by the Depositor. The Certificate Administrator and the other parties hereto
shall be entitled to assume that the identity of any Risk Retention Consultation Party has not changed until such parties receive
written notice of (including the identity and contact information for) a replacement of such Risk Retention Consultation Party
from Barclays Bank PLC (in the case of the VRR-A Risk Retention Consultation Party), BMO (in the case of the VRR-B Risk Retention
Consultation Party) or KeyBank (in the case of the VRR-C Risk Retention Consultation Party) (as confirmed by the Certificate Registrar).
Notwithstanding the foregoing, no Risk Retention Consultation Party will have any consultation rights with respect to any related
Excluded Loan. The initial Risk Retention Consultation Parties are expected to be Barclays Bank PLC, BMO and KeyBank. In the event
that no Risk Retention Consultation Party has been appointed or identified to the Master Servicer or the Special Servicer, as
applicable, and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the
Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable,
then until such time as a new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer, as
applicable, shall have no duty to consult with, provide

 

    -105-

     

    

 

notice to, or seek the approval or consent of any such Risk Retention
Consultation Party as the case may be.

 

“Risk
Retention Requirements”: The credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C. §78o-11),
as added by Section 941 of the Dodd-Frank Act.

 

“Risk
Retention Rules”: Regulation RR, 12 C.F.R. Part 244.

 

“RR
Interest”: An uncertificated interest in the Trust representing the right to receive the RRI Percentage of all amounts
collected on the Mortgage Loans, net of all expenses of the Trust, and distributable on each Distribution Date to Holders of Certificates
(other than to the Class R Certificates) and allocated to the VRR Interest. The RR Interest evidences beneficial ownership of
a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions. For the avoidance of doubt, the
parties hereto agree not to treat the RR Interest as a security under applicable law.

 

“RR
Interest Balance”: With respect to the RR Interest (i) on or prior to the first Distribution Date, an amount equal
to the Original RR Interest Balance as specified in the Preliminary Statement hereto and (ii) as of any date of determination
after the first Distribution Date, the RR Interest Balance on the Distribution Date immediately prior to such date of determination
(determined as adjusted pursuant to Section 1.02(iii)) after giving effect to (a) any distributions made on such Distribution
Date pursuant to Section 4.01(e)(i), (ii) and (iii), (b) the VRR Realized Losses allocated to the RR
Interest on such Distribution Date, and (c) any recoveries on the Mortgage Loans of Nonrecoverable Advances (plus interest
on such Nonrecoverable Advances) that were previously reimbursed from principal collections on the related Mortgage Loans, that
resulted in a reduction of the VRR Principal Distribution Amount, which recoveries are allocated to the RR Interest and added
to the RR Interest Balance.

 

“RR
Interest Owner”: The VRR Interest Owner who owns the RR Interest.

 

“RRI
Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the VRR
Interest Balance of the RR Interest, and the denominator of which is the aggregate Certificate Balance of all of the Classes of
Principal Balance Certificates and the VRR Interest Balance of the VRR Interest.

 

“Rule 144A”:
Rule 144A under the Act.

 

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

 

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

 

“S&P”:
S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and its successors in interest. If
neither S&P nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally
recognized statistical rating agency or other comparable Person reasonably designated by the Depositor, notice of which designation
shall be

 

    -106-

     

    

 

given to the Trustee, the Certificate Administrator, the Master Servicer, the Directing Certificateholder and the Special
Servicer and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so
designated.

 

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

 

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

 

“Schedule
AL Additional File”: A data file containing additional information or schedules regarding data points in the related
CREFC® Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation
S-K under the Securities Act.

 

“Scheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal
portions of the following: (a) all Periodic Payments (excluding Balloon Payments) due in respect of such Mortgage Loans during
or, if and to the extent not previously received or advanced pursuant to Section 4.03 in respect of a preceding Distribution
Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled
Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid
by the Mortgagor as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period
ending after the related Determination Date, the related Due Date or last day of such Grace Period, as applicable, to the extent
received by the Master Servicer as of the Business Day preceding the related P&I Advance Date) or (ii) advanced by the
Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 in respect of such Distribution Date, and (b) all
Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or,
with respect to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the related Determination Date, the
related Due Date or last day of such Grace Period, as applicable, to the extent received by the Master Servicer as of the Business
Day preceding the related P&I Advance Date), and to the extent not included in clause (a) above. The Scheduled
Principal Distribution Amount from time to time shall include all late payments of principal made by a Mortgagor with respect
to the Mortgage Loans, including late payments in respect of a delinquent Balloon Payment, received by the times described above
in this definition, except to the extent those late payments are otherwise available to reimburse the Master Servicer or the Trustee,
as the case may be, for prior Advances, as described above.

 

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

 

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

 

“Security
Agreement”: With respect to any Mortgage Loan, any security agreement or equivalent instrument, whether contained in
the related Mortgage or executed

 

    -107-

     

    

 

separately, creating in favor of the holder of such Mortgage a security interest in the personal
property constituting security for repayment of such Mortgage Loan.

 

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

 

“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 CMBS market.

 

“Serviced
AB Mortgage Loan”: Any Mortgage Loan that is part of a Serviced AB Whole Loan. For the avoidance of doubt, there are
no Serviced AB Mortgage Loans related to the Trust as of the Closing Date.

 

“Serviced
AB Whole Loan”: Any AB Whole Loan that is serviced under this Agreement. For the avoidance of doubt, there are no Serviced
AB Whole Loans related to the Trust as of the Closing Date.

 

“Serviced
AB Whole Loan Controlling Holder”: With respect to a Serviced AB Whole Loan, the “Directing Lender” or similarly
defined party identified in the related AB Intercreditor Agreement. For the avoidance of doubt, there is no Serviced AB Whole
Loan Controlling Holder related to the Trust as of the Closing Date.

 

“Serviced
Companion Loan”: A Companion Loan that is part of a Serviced Whole Loan.

 

“Serviced
Companion Loan Securities”: For so long as the related Mortgage Loan or any successor REO Loan is in the Trust Fund,
any class of securities backed, wholly or partially, by any Serviced Companion Loan.

 

“Serviced
Companion Noteholder”: Any holder of record of any Serviced Companion Loan.

 

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

 

“Serviced
Mortgage Loan”: A Mortgage Loan that is part of a Serviced Whole Loan.

 

“Serviced
Pari Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Whole Loan.

 

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

 

    -108-

     

    

 

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

 

“Serviced
Pari Passu Mortgage Loan”: Each Mortgage Loan that is part of a Serviced Pari Passu Whole Loan.

 

“Serviced
Pari Passu Whole Loan”: A Pari Passu Whole Loan that is a Serviced Whole Loan. The table and footnotes under the heading
“Whole Loans” in the Preliminary Statement hereto identify the Serviced Pari Passu Whole Loans related to the Trust
as of the Closing Date.

 

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

 

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

 

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

 

“Serviced
Subordinate Companion Loan”: Any AB Subordinate Companion Loan that is part of a Serviced AB Whole Loan. For the avoidance
of doubt, there is no Serviced Subordinate Companion Loan related to the Trust as of the Closing Date.

 

“Serviced
Whole Loan”: A Whole Loan that is serviced and administered pursuant to this Agreement. As of the Closing Date, each
Whole Loan identified as a “Serviced” or “Servicing Shift” under the heading “Type” in the
Preliminary Statement hereto is a Serviced Whole Loan. After the related Servicing Shift Date, a Servicing Shift Whole Loan will
cease to be a Serviced Whole Loan.

 

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

 

“Serviced
Whole Loan Remittance Date”: With respect to any Serviced Companion Loan: (i) the date specified as the applicable
remittance date (or equivalent concept) in the related Intercreditor Agreement; or (ii) if no such applicable remittance
date (or equivalent concept) is so specified in the related Intercreditor Agreement, then the earlier of (A) one (1) Business
Day after the Determination Date or (B) the fifteenth (15th) day of each calendar month (or, if the fifteenth (15th) calendar
day of that month is not a Business Day, then the Business Day immediately succeeding such fifteenth (15th) calendar day),
provided, however, that such Serviced Whole Loan Remittance Date under this clause (ii) shall not be earlier
than two (2) Business Days following the date the Master Servicer receives the related Periodic Payment with respect to such
Serviced Whole Loan.

 

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

 

    -109-

     

    

 

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

 

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

 

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

 

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

 

“Servicing
Fee Rate”: With respect to each Mortgage Loan (excluding any Non-Serviced Mortgage Loan) and REO Loan, a per annum
rate equal to the rate set forth on the Mortgage Loan Schedule under the heading “Total Servicing Fee”, in each
case computed on the basis of the Stated Principal Balance of the related Mortgage Loan or REO Loan in the same manner in which
interest is calculated in respect of such loans. The “Servicing Fee Rate” shall be a per annum rate equal to
(a) with respect to each Serviced Companion Loan (other than any IPCC National Storage Portfolio XV Companion Loan), 0.00125%,
and (b) with respect to each IPCC National Storage Portfolio XV Companion Loan, 0.01000%, in each case computed on the basis of
the Stated Principal Balance of the related Companion Loan or REO Loan in the same manner

 

    -110-

     

    

 

in which interest is calculated in respect
of such loans. With respect to each Non-Serviced Mortgage Loan, the “Servicing Fee Rate” shall be a per annum
rate equal to 0.00125%.

 

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

 

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

 

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

 

    -111-

     

    

 

“Servicing
Shift Control Note”: With respect to any Servicing Shift Whole 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 Servicing Shift Whole Loan including
any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Non-Serviced
Trust will cause servicing to shift from this Agreement to the related Non-Serviced PSA pursuant to the terms of the related Intercreditor
Agreement for such Servicing Shift Whole Loan.

 

“Servicing
Shift Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Control Note
is included in a Non-Serviced Trust, provided that the holder of such Servicing Shift Control Note provides each of the
parties to this Agreement (in each case only to the extent such party will not also be a party to the related Non-Serviced PSA)
with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Control Note is to be
included in such Non-Serviced Trust which notice shall include contact information for the related Non-Serviced Master Servicer,
Non-Serviced Special Servicer, Non-Serviced Certificate Administrator and Non-Serviced Trustee. Each of the respective dates on
which each of the Servicing Shift Control Notes is included in a securitization trust is a Servicing Shift Date related to the
Trust (subject to the proviso in the immediately preceding sentence).

 

“Servicing
Shift Mortgage Loan”: A Mortgage Loan that is part of a Servicing Shift Whole Loan.

 

“Servicing
Shift Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes a Mortgage Loan
included in the Trust Fund and one or more Companion Loans not included in the Trust Fund, but the servicing of which is expected
to shift to the related Non-Serviced PSA entered into in connection with the securitization, if any, of the related Servicing
Shift Control Note on the related Servicing Shift Date. The table in the Preliminary Statement hereto identifies the Servicing
Shift Whole Loans related to the Trust. For the avoidance of doubt, there are no Servicing Shift Whole Loans related to the Trust.

 

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

 

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

 

(i)           the related Mortgagor has failed to make when due any Balloon Payment, and the Mortgagor has not delivered to the Master Servicer
or the Special Servicer on or before the due date of such Balloon Payment, a written and fully executed (subject only to customary
final closing conditions) refinancing commitment from an acceptable lender reasonably satisfactory in form and substance to the
Master Servicer and the Special Servicer (and the Master Servicer or such Special Servicer, as applicable, shall promptly forward
such commitment to the Special Servicer or the Master Servicer, as applicable) which provides that such refinancing will occur
within 120 days after the date on which such Balloon Payment will become due (provided that if either (x) such
refinancing does not 

 

    -112-

     

    

 

occur before the expiration of the time period for refinancing specified in such refinancing commitment or
(y) the Master Servicer is required to make a P&I Advance in respect of such Mortgage Loan (or, in the case of any Serviced
Whole Loan, in respect of the Mortgage Loan included in the same Serviced Whole Loan) at any time prior to such a refinancing,
a Servicing Transfer Event will occur immediately); or

 

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

 

(iii)         the Master Servicer determines (in accordance with the Servicing Standard) or receives from the Special Servicer a written determination
of the Special Servicer (which determination the Special Servicer shall make in accordance with the Servicing Standard and (A) with
the consent of the Directing Certificateholder (other than with respect to an Excluded Loan), unless a Control Termination Event
has occurred and is continuing or (B) if a Control Termination Event has occurred and is continuing, following consultation
with the Directing Certificateholder (other than with respect to an Excluded Loan), unless a Consultation Termination Event has
occurred and is continuing), that a default in making any Periodic Payment (other than a Balloon Payment) or any other material
payment (other than a Balloon Payment) required under the related Mortgage Note or the related Mortgage is likely to occur in
the foreseeable future, and such default is likely to remain unremedied for at least sixty (60) days beyond the date on which
the subject payment will become due; or the Master Servicer determines (in accordance with the Servicing Standard) or receives
from the Special Servicer a written determination of the Special Servicer (which determination the Special Servicer shall make
in accordance with the Servicing Standard and (A) with the consent of the Directing Certificateholder (other than with respect
to an Excluded Loan), unless a Control Termination Event has occurred and is continuing or (B) if a Control Termination Event
has occurred and is continuing, following consultation with the Directing Certificateholder (other than with respect to an Excluded
Loan), unless a Consultation Termination Event has occurred and is continuing), that a default in making a Balloon Payment is
likely to occur in the foreseeable future, and such default is likely to remain unremedied for at least sixty (60) days beyond
the date on which such Balloon Payment will become due (or, if the Mortgagor has delivered a written and fully executed (subject
only to customary final closing conditions) refinancing commitment from an acceptable lender reasonably satisfactory in form and
substance to the Master Servicer and the Special Servicer (and the Master Servicer or the Special Servicer, as applicable, shall
promptly forward such commitment to the Special Servicer or Master Servicer, as applicable) which provides that such refinancing
will occur within 120 days following the date on which such Balloon Payment will become due, the Master Servicer determines
(in accordance with the Servicing Standard) or receives from the Special Servicer a written determination of the Special Servicer
(which determination the Special Servicer shall make in accordance with the Servicing Standard and (A) with the

 

    -113-

     

    

 

consent of
the Directing Certificateholder (other than with respect to an Excluded Loan), unless a Control Termination Event has occurred
and is continuing or (B) if a Control Termination Event has occurred and is continuing, following consultation with the Directing
Certificateholder (other than with respect to an Excluded Loan), unless a Consultation Termination Event has occurred and is continuing),
that (A) the Mortgagor is likely not to make one or more Assumed Scheduled Payments prior to such a refinancing or (B) such
refinancing is not likely to occur within 120 days following the date on which such Balloon Payment will become due); or

 

(iv)         there shall have occurred a default (including, in the Master Servicer’s or the Special Servicer’s judgment, the failure
of the related Mortgagor to maintain any insurance required to be maintained pursuant to the related Mortgage Loan documents,
unless such default has been waived in accordance with Section 3.07 or 3.18) under the related Mortgage Loan documents,
other than as described in clause (i) or (ii) above, that may, in the good faith and reasonable judgment
of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer (A) with the consent of the Directing
Certificateholder (other than with respect to an Excluded Loan), unless a Control Termination Event has occurred and is continuing
or (B) if a Control Termination Event has occurred and is continuing, following consultation with the Directing Certificateholder
(other than with respect to an Excluded Loan), unless a Consultation Termination Event has occurred and is continuing), materially
impair the value of the related Mortgaged Property as security for such Mortgage Loan or Serviced Whole Loan or otherwise materially
and adversely affect the interests of Certificateholders and the RR Interest Owner (or, in the case of any Serviced Whole Loan,
the interests of the related Serviced Companion Noteholder(s)), which default has continued unremedied for the applicable cure
period under the terms of such Mortgage Loan or Serviced Whole Loan (or, if no cure period is specified, sixty (60) days);
or

 

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

 

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

 

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

 

    -114-

     

    

 

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

 

(ix)         the Master Servicer or the Special Servicer (and in the case of the Special Servicer, with the consent of the Directing Certificateholder
(other than with respect to an Excluded Loan), unless a Control Termination Event has occurred and is continuing) determines that
(i) a default (including, in the Master Servicer’s or the Special Servicer’s judgment, the failure of the related
Mortgagor to maintain any insurance required to be maintained pursuant to the related Mortgage Loan documents, unless such default
has been waived in accordance with Section 3.07 or Section 3.18) under the Mortgage Loan documents (other than as
described in clause (iii) above) is imminent or reasonably foreseeable, (ii) such default will materially impair
the value of the corresponding Mortgaged Property as security for the Mortgage Loan or Serviced Pari Passu Companion Loan (if
any) or otherwise materially and adversely affect the interests of Certificateholders and the RR Interest Owner (or the related
Serviced Pari Passu Companion Loan Holder) and (iii) the default is likely to continue unremedied for the applicable cure
period under the terms of the Mortgage Loan documents, or, if no cure period is specified and the default is capable of being
cured, for sixty (60) days; or

 

(x)          a default occurs beyond any applicable grace period or cure period under a Payment Accommodation with respect to any Mortgage
Loan or Serviced Whole Loan, as determined by the Special Servicer in its sole and absolute discretion in accordance with the
Servicing Standard.

 

provided
that any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced
Loan shall be a Specially Serviced Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Loan.
If any Serviced Companion Loan becomes a Specially Serviced Loan, the related Serviced Mortgage Loan shall also become a
Specially Serviced Loan. If any Serviced Mortgage Loan becomes a Specially Serviced Loan, any related Serviced Companion Loan
shall also become a Specially Serviced Loan. With respect to a Non-Serviced Mortgage Loan, the occurrence of a
“Servicing Transfer Event” shall be as defined in the Non-Serviced PSA. For the avoidance of doubt, and for
purposes of clauses (ii), (iii), (iv), (vii) and (ix) above, neither (i) a Payment
Accommodation with respect to any Mortgage Loan or Serviced Whole Loan nor (ii) any default or delinquency that would have
existed but for such Payment Accommodation shall constitute a Servicing Transfer Event, for so long as the related Mortgagor
is complying with the terms of such Payment Accommodation.

 

“SGFC”:
Societe Generale Financial Corporation, a Delaware corporation, or its successors in interest.

 

“Significant
Obligor”: As defined in Section 11.16.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately
following the date on

 

    -115-

     

    

 

which financial statements for such calendar quarter are required to be delivered to the related lender
under the related Mortgage Loan documents.

 

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

 

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

 

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

 

“Sole
Certificateholder”: Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate or
a Holder of a Definitive Certificate representing 100% of the then-outstanding Class H-RR Certificates; provided, however,
that the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class
C, Class D and Class E Certificates have been retired.

 

“Special
Notice”: As defined in Section 5.06.

 

“Special
Servicer”: Rialto Capital Advisors, LLC and its successors in interest and assigns, or any successor special servicer
appointed as provided herein (including with respect to any Excluded Special Servicer Loan, if any, the related Excluded Special
Servicer appointed pursuant to Section 7.01(g) of this Agreement, as applicable, and as the context may require).

 

“Special
Servicer Decision”: Each of the following:

 

(i)           approval of any waiver regarding the receipt of financial statements (other than immaterial timing waivers including late financial
statements);

 

(ii)          unless processed by the Master Servicer pursuant to clause (v) of the definition of “Master Servicer Decision”, consent
to actions and releases related to condemnation of parcels of a Mortgaged Property;

 

(iii)         any requests for the funding or disbursement of amounts from any escrow accounts, reserve funds or letters of credit held as Earnout
or Performance Escrows or Reserves, including the funding or disbursement of any such amounts with respect to any Mortgage Loan,
but excluding, as to Mortgage Loans that are not Specially Serviced Loans, any Routine Disbursements (for the avoidance of doubt,
any request with respect to a Mortgage Loan that is not a Specially Serviced Loan for Routine Disbursements or any other funding
or disbursement as mutually agreed upon by the Master Servicer and the Special Servicer, shall not constitute a Special Servicer
Decision; provided, however, that in the case of any Mortgage Loan, the escrows, reserves, holdbacks and related
letters of credit held as Earnout or Performance Escrows or Reserves that exceed, in the aggregate, at the related origination
date, 10% of the initial principal balance of such Mortgage Loan and any related Serviced Companion Loan, if applicable (which
Mortgage Loans are identified on Schedule 3 hereto), shall not be deemed to constitute a Routine Disbursement, and shall
instead constitute Special Servicer Decisions, except for

 

    -116-

     

    

 

the routine funding of tax payments and insurance premiums when due
and payable (provided that the Mortgage Loan is not a Specially Serviced Loan));

 

(iv)         requests to incur additional debt in accordance with the terms of the Mortgage Loan documents;

 

(v)          unless processed by the Master Servicer pursuant to clause (iii) of the definition of “Master Servicer Decision”,
any approval or consent to grants of easements or rights of way (including, without limitation, for utilities, access, parking,
public improvements or another purpose) or subordination of the lien of the Mortgage Loan to easements, that materially affect
the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments with respect to the related Mortgage
Loan or any related Companion Loan;

 

(vi)         determining whether to cure any default by a Mortgagor under a Ground Lease or permit any Ground Lease modification, amendment
or subordination, non-disturbance and attornment agreement or entry into a new Ground Lease; and

 

(vii)        other than with respect to a Ground Lease, any modification, waiver or amendment of any lease, the execution of a new lease or
the granting of a subordination, non-disturbance and attornment agreement in connection with any lease at a Mortgaged Property
or REO Property if the lease affects an area greater than the lesser of (1) 30% of the net rentable area of the improvements at
the Mortgaged Property and (2) 30,000 square feet of the improvements at the Mortgaged Property; provided that the Special
Servicer will be required to reach a decision on any such Special Servicer Decision within twenty (20) Business Days of its receipt
from the Mortgagor of all information reasonably requested by the Special Servicer in order to process the Special Servicer Decision
(such twenty (20) Business Days being inclusive of the five (5) Business Day period within which the Directing Certificateholder
is required to grant or withhold its consent);

 

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

 

“Special
Servicing Fee Rate”: With respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced Mortgage
Loan) on a loan by loan basis, (a) 0.25000% per annum computed on the basis of the Stated Principal Balance of the related
Mortgage Loan (including any REO Loan) and Companion Loan, as applicable, in the same manner as interest is calculated on such
Specially Serviced Loan; and (b) if the rate in clause (a) would result in a Special Servicing Fee that would be less
than $5,000 in any given month, then the Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Loan
shall be a rate equal to such higher rate as would result in a Special Servicing Fee equal to $5,000, for such month with respect
to such Specially Serviced Loan or REO Loan.

 

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

 

    -117-

     

    

 

“Sponsors”:
The Mortgage Loan Sellers.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -118-

     

    

 

received in connection
with such Liquidation Event, would have been) distributed to Certificateholders.

 

With
respect to each Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance
of such Companion Loan as of such date. On any date of determination, the Stated Principal Balance of each Whole Loan shall equal
the sum of the Stated Principal Balances of the related Mortgage Loan and the related Companion Loan(s), as applicable, on such
date.

 

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

 

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

 

“Subject
Loan”: As defined in Section 12.02(b).

 

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

 

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

 

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

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, as the case may be, and any Sub-Servicer
relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer (including,
for the avoidance of doubt, each Initial Sub-Servicer and any primary servicer) and is responsible for the performance (whether
directly or through Sub-Servicers or Subcontractors) of a substantial portion of the material Servicing functions required to
be performed by the Master Servicer, the Special Servicer or an Additional Servicer under this Agreement, with respect to some
or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b), 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

 

    -119-

     

    

 

interest
due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage Loans are substituted
(at the same time by the same Mortgage Loan Seller) for one or more removed Mortgage Loans, the Substitution Shortfall Amount
shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage Loan(s)
being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loan(s).

 

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

 

“Tax
Returns”: The federal income tax returns on (i) Internal Revenue Service Form 1066, U.S. Real Estate Mortgage
Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders
of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed on behalf of each Trust REMIC due to its respective
classification as a REMIC under the REMIC Provisions and (ii) Internal Revenue Service Form 1041 or Internal Revenue Service Form
1099, as applicable, or any successor forms to be filed on behalf of the Grantor Trust, together with any and all other information,
reports or returns that may be required to be furnished to the Certificateholders or the RR Interest Owner or filed with the Internal
Revenue Service or any other governmental taxing authority under any applicable provisions of federal tax law or Applicable State
and Local Tax Law.

 

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

 

“Termination
Purchase Amount”: The sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Loans) included
in the Trust Fund, (2) the Appraised Value (which fair market value for any REO Property may be less than the Purchase Price for
the corresponding REO Loan) of the Trust’s portion of each REO Property, if any, included in the Trust Fund (such Appraisals
in this clause (2) to be conducted by an Independent MAI-designated appraiser selected by the Special Servicer and approved by
the Master Servicer and the Controlling Class) (prior to the occurrence and continuance of a Control Termination Event, with respect
to the Controlling Class approval), and (3) if a Mortgaged Property secures a Non-Serviced Mortgage Loan and is an “REO
property” under the terms of the related Non-Serviced PSA, the pro rata portion of the fair market value of the related
Mortgaged Property, as determined by the related Non-Serviced Master Servicer in accordance with clause (2) above.

 

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

 

“Third
Party Purchaser”: Any “third-party purchaser” (as defined under the Risk Retention Rules) that purchases
and holds the HRR Certificates. The Third Party Purchaser shall be RREF IV-D AIV RR, LLC.

 

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

 

“Transfer
Restriction Period”: The period from the Closing Date to the earlier of (a) the latest of (i) the date on which the
aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate Cut-off Date Balance;
(ii) the date on which the aggregate outstanding Certificate Balance of the Principal Balance Certificates has

 

    -120-

     

    

 

been reduced to
33.0% of the aggregate outstanding Certificate Balance of the Principal Balance Certificates as of the Closing Date; and (iii)
two years after the Closing Date; (b) with respect to the HRR Certificates only, the date on which all of the Mortgage Loans have
been defeased in accordance with §244.7(b)(8)(i) of the Risk Retention Rules and (c) the date that the Risk Retention Rules
applicable to a holder of the HRR Certificates or the VRR Interest is withdrawn, repealed, amended or modified as it relates to
the restrictions on hedging and transfer as to this securitization or the HRR Certificates or the VRR Interest.

 

“Transferable
Servicing Interest”: With respect to each Mortgage Loan or any Serviced Pari Passu Companion Loan (and any successor
REO Loan with respect thereto), the amount by which the related Servicing Fee otherwise payable to the Master Servicer hereunder
exceeds the amount of the Servicing Fee calculated using the Retained Fee Rate, which Transferable Servicing Interest is subject
to reduction by the Trustee pursuant to Section 3.11(a) of this Agreement.

 

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

 

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

 

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

 

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

 

“Trust”:
The trust created hereby and to be administered hereunder. The Trust shall be named “BBCMS Mortgage Trust 2022-C15”.

 

“Trust
Fund”: The corpus of the Trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage
Loans as from time to time are subject to this Agreement (including any Qualified Substitute Mortgage Loan replacing a removed
Mortgage Loan), together with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan, the interests
of the related Serviced Companion Noteholder in the related Mortgage File); (ii) all scheduled or unscheduled payments on
or collections in respect of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute Mortgage
Loan, the Due Date in the month of substitution); (iii) any REO Property (to the extent of the Trust’s interest therein)
or the Trust’s beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related
Non-Serviced PSA; (iv) all revenues received in respect of any REO Property (to the extent of the Trust’s interest
therein); (v) the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s and the Trustee’s
rights under the Insurance Policies with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and
any proceeds thereof (to the extent of the Trust’s interest therein); (vi) any Assignment of Leases and any Security
Agreements (to the extent of the Trust’s interest therein); (vii) any letters of credit, indemnities, guaranties or
lease enhancement policies given as additional security for any related Mortgage Loans (to the extent of the Trust’s interest
therein); (viii) all assets deposited in the Loss of Value Reserve Fund and the Servicing Accounts (to the extent of the
Trust’s interest therein), amounts on deposit in the Collection Account (to the extent of the Trust’s interest therein),
the

 

    -121-

     

    

 

Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account,
the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such Non-VRR
Gain-on-Sale Reserve Account), the VRR Interest Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such
VRR Interest Gain-on-Sale Reserve Account), and any REO Account (to the extent of the Trust’s interest in such REO Account),
including any reinvestment income, as applicable; (ix) any Environmental Indemnity Agreements (to the extent of the Trust’s
interest therein); (x) the rights and remedies of the Depositor under each Mortgage Loan Purchase Agreement (to the extent
transferred to the Trustee); (xi) the Lower-Tier Regular Interests; (xii) the VRR Upper-Tier Regular Interests; and
(xiii) the proceeds of the foregoing (other than any interest earned on deposits in the lock-box accounts, cash collateral
accounts, escrow accounts and any reserve accounts, to the extent such interest belongs to the related Mortgagor). For the avoidance
of doubt, no Retained Defeasance Rights and Obligations will be assets of the Trust.

 

“Trust-Related
Litigation”: As defined in Section 3.32.

 

“Trust
REMIC”: As defined in the Preliminary Statement.

 

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

 

“Trustee
Fee”: The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which
fee is included as part of the Certificate Administrator Fee. No portion of the Trustee Fee shall be calculated by reference to
any Companion Loan or the Stated Principal Balance of any Companion Loan. The Trustee Fee shall be paid as a portion of the Certificate
Administrator Fee.

 

“UCC”:
The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC
Financing Statement”: A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Underwriters”:
Barclays Capital Inc., BMO Capital Markets Corp., KeyBanc Capital Markets Inc., SG Americas Securities, LLC, Drexel Hamilton,
LLC and Bancroft Capital, LLC.

 

“Uninsured
Cause”: Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is
not fully reimbursable by the hazard Insurance Policies or flood Insurance Policies required to be maintained pursuant to Section
3.07.

 

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

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant
to subsections (iii) and (iv) of Section 3.05(a) but that has not been recovered from the Mortgagor

 

    -122-

     

    

 

or otherwise from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which the Advance
was made.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal
portions of all Liquidation Proceeds, Insurance and Condemnation Proceeds (net of Special Servicing Fees, Liquidation Fees, any
amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during
the related Collection Period, accrued interest on Advances and other additional expenses of the Trust incurred in connection
with the related Mortgage Loan) and, if applicable, REO Revenues received with respect to such Mortgage Loan and any REO Loans
on or prior to the related Determination Date, but in each case only to the extent that such principal portion represents a recovery
of principal for which no advance was previously made pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Unsolicited
Information”: As defined in Section 12.01(b)(iii).

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund, the assets of which consist of the Lower-Tier Regular Interests
and such amounts as shall from time to time be held in the Upper-Tier REMIC Distribution Account.

 

“Upper-Tier
REMIC Distribution Account”: The segregated account or accounts (or a subaccount of the Distribution Account) created
and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the
Certificateholders, which shall initially be entitled “Computershare Trust Company, National Association, as Certificate
Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BBCMS
Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest Owner, Upper-Tier
REMIC Distribution Account”. Any such account or accounts shall be an Eligible Account.

 

“U.S.
Dollars” or “$”: Lawful money of the United States of America.

 

“U.S.
Tax Person”: A citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax
Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury
Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times
during the term of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows:
(i) 2% in the case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as

 

    -123-

     

    

 

of the date of determination) and (ii) in the case of the Principal Balance Certificates and the Class RR
Certificates, a percentage equal to the product of 98% and a fraction, the numerator of which is equal to the Certificate
Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant
to Section 7.01(d) or the Operating Advisor pursuant to Section 3.26(j), taking into account any notional
reduction in the Certificate Balance for Cumulative Appraisal Reduction Amounts allocated to the Certificates pursuant to Section
4.05(a)) of such Class, in each case, determined as of the Distribution Date immediately preceding such time, and the
denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of
determining whether to remove the Special Servicer pursuant to Section 7.01(d) or the Operating Advisor pursuant to Section
3.26(j), taking into account any notional reduction in the Certificate Balance for Cumulative Appraisal Reduction Amounts
allocated to the Certificates pursuant to Section 4.05(a)) of the Principal Balance Certificates and the Class RR
Certificates, each determined as of the Distribution Date immediately preceding such time. The Voting Rights of any Class of
Certificates shall be allocated among Certificateholders of such Class in proportion to their respective Percentage
Interests. None of the Class R and Class S Certificates nor the RR Interest shall be entitled to any Voting
Rights.

 

“VRR
Allocation Percentage” A fraction, expressed as a percentage, equal to the VRR Percentage divided by the Non-VRR Percentage.

 

“VRR
Available Funds”: With respect to any Distribution Date, an amount equal to the sum of (i) the VRR Percentage of the
Aggregate Available Funds for such Distribution Date and (ii) the VRR Interest Gain-on-Sale Remittance Amount.

 

“VRR
Interest”: The RR Interest and/or the Class RR Certificates, as applicable.

 

“VRR
Interest Balance”: The Certificate Balance of the Class RR Certificates and/or the RR Interest Balance of the RR Interest,
as applicable.

 

“VRR
Interest Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained
by the Certificate Administrator pursuant to Section 3.04(i), which shall be entitled “Computershare Trust Company,
National Association, as Certificate Administrator, for the benefit of the VRR Interest Owners under the Pooling and Servicing
Agreement for the BBCMS Mortgage Trust 2022-C15, Series 2022-C15 – VRR Interest Distribution Account,” and which must
be an Eligible Account or a sub-account of an Eligible Account. The VRR Interest Distribution Account shall not be an asset of
either Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“VRR
Interest Distribution Amount”: With respect to the VRR Interest for any Distribution Date, an amount equal to the product
of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest distributed to Non-VRR Certificateholders
pursuant to Section 4.01(a)(i), (iv), (vii), (x), (xiii), (xvi), (xix), (xxii),
(xxv) and (xxviii) on such Distribution Date.

 

“VRR
Interest Gain-on-Sale Remittance Amount”: For each Distribution Date, the lesser of (i) the amount on deposit in the
VRR Interest Gain-on-Sale Reserve Account on such

 

    -124-

     

    

 

Distribution Date, and (ii) the VRR Percentage of the Aggregate Gain-on-Sale
Entitlement Amount.

 

“VRR
Interest Gain-on-Sale Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account)
created and maintained by the Certificate Administrator, pursuant to Section 3.04(g) on behalf of the Trustee for the benefit
of the VRR Interest Owners, which shall be entitled “Computershare Trust Company, National Association, as Certificate Administrator,
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the VRR Interest Owners under the Pooling
and Servicing Agreement for the BBCMS Mortgage Trust 2022-C15 VRR Interest Gain-on-Sale Reserve Account”. Any such account
shall be an Eligible Account or a subaccount of an Eligible Account.

 

“VRR
Interest Owner”: Any Person who owns the RR Interest or the Class RR Certificates, as identified to the Certificate
Administrator in writing. Barclays Bank PLC and KeyBank are the Holders of the Class RR Certificates and BMO is the RR Interest
Owner, each as of the Closing Date. Until it receives notice to the contrary in the form of both Exhibit D-3 and Exhibit
D-4 or Exhibit D-5 and Exhibit D-6, as applicable, hereto pursuant to Section 5.03(i), the Certificate
Administrator shall be entitled to rely on the preceding sentence with respect to the identity of the VRR Interest Owners and,
thereafter, the Certificate Administrator shall be entitled to rely on the most recent notification in the form of notice of the
new owner and submission of both Exhibit D-3 and Exhibit D-4 or Exhibit D-5 and Exhibit D-6, as applicable,
hereto pursuant to Section 5.03(i) with respect to the identity of the VRR Interest Owners.

 

“VRR
Interest Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage
Rate for such Distribution Date.

 

“VRR
Interest Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the VRR Upper-Tier Regular
Interests, (ii) amounts held from time to time in the VRR Interest Distribution Account that represent distributions of the VRR
Upper-Tier Regular Interests, (iii) the VRR Percentage of any Excess Interest received on or prior to the related Determination
Date, and (iv) the VRR Percentage of any amounts held from time to time in the Excess Interest Distribution Account and the proceeds
thereof.

 

“VRR
Percentage” A fraction, expressed as a percentage, the numerator of which is the initial VRR Interest Balance of the
VRR Interest, and the denominator of which is the aggregate initial Certificate Balance of all of the Classes of Principal Balance
Certificates and the VRR Interest Balance of the VRR Interest.

 

“VRR
Principal Distribution Amount”: With respect to the VRR Interest for any Distribution Date, an amount equal to the product
of (A) the VRR Allocation Percentage and (B) the aggregate amount of principal distributed to the Non-VRR Certificates
pursuant to Section 4.01(a)(ii), (v), (viii), (xi), (xiv), (xvii), (xx),
(xxiii) and (xxvi) on such Distribution Date.

 

“VRR
Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate VRR Interest
Balance, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (a) the
VRR Percentage and (b) the aggregate Stated Principal Balance (for purposes of this definition only, not giving effect to
any reductions

 

    -125-

     

    

 

of the Stated Principal Balance for payments of principal collected on the Mortgage Loans that were used to reimburse
any Workout-Delayed Reimbursement Amounts pursuant to Section 3.05(a)(v) to the extent such Workout-Delayed Reimbursement
Amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (but in each case,
excluding any portion allocable to any related Companion Loan, if applicable) as of the end of the last day of the related Collection
Period.

 

“VRR
Realized Loss Interest Distribution Amount”: With respect to any Distribution Date and the VRR Interest, an amount equal
to the product of (a) the VRR Allocation Percentage and (b) the aggregate amount of interest on unreimbursed Realized Losses
distributed to the holders of the Non-VRR Certificates according to Section 4.01(a)(iii), (vi), (ix), (xii),
(xv), (xviii), (xxi), (xxiv) and (xxvii) on such Distribution Date.

 

“VRR
Upper-Tier Regular Interest”: Each, an interest held by the Grantor Trust and evidencing a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

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

 

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

 

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

 

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

 

“Whole
Loan”: A mortgage loan that includes a Mortgage Loan and one or more Companion Loans, all of which are secured by the
same Mortgaged Property. The table under the heading “Whole Loans” in the Preliminary Statement hereto identify the
Whole Loans related to the Trust. With respect to each Whole Loan, references herein to each such Whole Loan shall be construed
to refer to the aggregate indebtedness under the related Mortgage Loan and the related Companion Loan(s).

 

“Withheld
Amounts”: As defined in Section 3.21(a).

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage
Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic Payments under its modified terms,
would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent
that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance on
or before the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance

 

    -126-

     

    

 

(and accrued
and unpaid interest thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified
loan documents. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner
limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable Advance.

 

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

 

“Workout
Fee Rate”: With respect to each Corrected Loan and in accordance with Section 3.11(c), a fee equal to 1.00% of
each collection (other than Penalty Charges and Excess Interest) of interest and principal (other than any amount for which a
Liquidation Fee would be paid), including (i) Periodic Payments, (ii) Balloon Payments, (iii) Principal Prepayments
and (iv) payments (other than those included in clause (i) or (ii) of this definition) at maturity or
on the Anticipated Repayment Date, received on each Corrected Loan for so long as it remains a Corrected Loan.

 

“XML”:
Extensible Markup Language.

 

“Yield
Maintenance Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable,
as the context requires, by a borrower in connection with a principal prepayment on, or other early collection of principal of,
a Mortgage Loan, calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that
reflects the lost interest, including any specified amount or specified percentage of the amount prepaid which constitutes the
minimum amount that such Yield Maintenance Charge may be.

 

Section
1.02        Certain Calculations. Unless otherwise specified herein, for purposes of
determining amounts with respect to the Certificates and the RR Interest and the rights and obligations of the parties hereto,
the following provisions shall apply:

 

(i)            All calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made
on the basis of a 360-day year consisting of twelve 30-day months.

 

(ii)           Any Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master
Servicer or the Special Servicer; provided, however, that for purposes of calculating distributions on the Certificates
and the RR Interest, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied
in accordance with the Servicing Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding
principal balance of such Mortgage Loan, on which interest accrues.

 

(iii)          Any reference to the Certificate Balance of any Class of Principal Balance Certificates or the VRR Interest Balance of the VRR
Interest on or as of a Distribution Date shall refer to the Certificate Balance of such Class of Principal Balance Certificates
or the VRR Interest Balance on such Distribution Date after giving effect to (a) any distributions made on the immediately
preceding Distribution Date pursuant to Section 4.01(a), and

 

    -127-

     

    

 

Section 4.01(c), (b) any Realized Losses allocated
to such Class of Principal Balance Certificates or the VRR Interest Balance on the immediately preceding Distribution Date pursuant
to Section 4.04, and (c) any recoveries on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon)
that were previously reimbursed from principal collections on the related Mortgage Loans, that resulted in a reduction of the
Aggregate Principal Distribution Amount, which recoveries are allocated to such Class of Principal Balance Certificates and the
VRR Interest on the immediately preceding Distribution Date and added to the Certificate Balance or the VRR Interest Balance,
as applicable, pursuant to Section 4.04(a).

 

(iv)          Unless otherwise specifically provided for herein, all net present value calculations and determinations made with respect to
a Mortgage Loan, Serviced Companion Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing
Standard”) shall be made, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal
and interest payments on a Mortgage Loan or Serviced Companion Loan, as applicable, or sale by the Special Servicer of a Defaulted
Loan, the highest of (x) the rate determined by the Master Servicer or the Special Servicer, as applicable, that approximates
the market rate that would be obtainable by the related Mortgagor on similar non-defaulted debt of such Mortgagor as of such date
of determination, (y) the Mortgage Rate on the applicable Mortgage Loan or Serviced Companion Loan, as applicable, based
on its outstanding principal balance and (z) the yield on 10-year U.S. treasuries as of such date of determination,
and (b) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent
Appraisal (or update of such Appraisal) of the related Mortgaged Property.

 

(v)           Any reference to “expense of the trust” or “additional trust fund expense” or words of similar import
shall be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Intercreditor
Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor Agreement
refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit the following
application of trust fund expenses (i) with respect to any Serviced Whole Loan, first, to any related AB Subordinate
Companion Loan and then, pro rata and pari passu, to the Trust and any related Serviced Pari Passu Companion
Loans in accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced
Pari Passu Companion Loans.

 

[End
of Article I]

 

ARTICLE
II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES; CREATION OF rr INTEREST

 

Section
2.01        Conveyance of Mortgage Loans. (a) The Depositor, concurrently with
the execution and delivery hereof, does hereby establish a trust, appoint the Trustee as trustee of the trust, assign, sell, transfer
and convey to the Trustee, in trust, without recourse, for the benefit

 

    -128-

     

    

 

of the Certificateholders and the RR Interest Owner and
the Trustee (as holder of the Lower-Tier Regular Interests) all the right, title and interest of the Depositor, whether now owned
or existing or hereafter acquired or arising, including any security interest therein for the benefit of the Depositor, in, to
and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2, 3, 4 (other than Sections 4(c),
(d), (e) and (g)) and 5 (other than Section 5(f), (g), (h) and (i)) and, to the extent related to the foregoing, Sections 9,
10, 11, 12, 13, 14, 15, 17 and 18 of each of the related Mortgage Loan Purchase Agreements, Section 19 of the Mortgage Loan
Purchase Agreement between the Depositor, Barclays and BCHI, and Section 19 of the Mortgage Loan Purchase Agreement between
the Depositor, SGFC and Société Générale; (iii) the Intercreditor Agreements; (iv) 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); (v) any REO Property (to the extent of the Depositor’s
interest therein) or the Depositor’s beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired
under the related Non-Serviced PSA; (vi) all revenues received in respect of any REO Property (to the extent of the Depositor’s
interest therein); (vii) the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s
and the Trustee’s rights under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant
to this Agreement and any proceeds thereof (to the extent of the Depositor’s interest therein); (viii) any Assignment
of Leases and any Security Agreements (to the extent of the Depositor’s interest therein); (ix) any letters of credit,
indemnities, guaranties or lease enhancement policies given as additional security for any related Mortgage Loans (to the extent
of the Depositor’s interest therein); (x) all assets deposited in the Loss of Value Reserve Fund and the Servicing
Accounts (to the extent of the Depositor’s interest therein), amounts on deposit in the Collection Account (to the extent
of the Depositor’s interest therein), the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account,
the Excess Interest Distribution Account, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account (to the extent
of the Depositor’s interest in such Non-VRR Gain-on-Sale Reserve Account), the VRR Interest Gain-on-Sale Reserve Account
(to the extent of the Depositor’s interest in such VRR Interest Gain-on-Sale Reserve Account) and any REO Account (to the
extent of the Depositor’s interest in such REO Account), including any reinvestment income, as applicable; (xi) any
Environmental Indemnity Agreements (to the extent of the Depositor’s interest therein); (xii) the Lower-Tier Regular
Interests; and (xiii) the proceeds of the foregoing (other than any interest earned on deposits in the lock-box accounts,
cash collateral accounts, escrow accounts and any reserve accounts, to the extent such interest belongs to the related Mortgagor
and any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans) (collectively, the “Conveyed Property”).
Such assignment includes all interest and principal received or receivable on or with respect to the Mortgage Loans (in each case,
other than (i) payments of principal and interest due and payable on the Mortgage Loans on or before the Cut-off Date; (ii) prepayments
of principal collected on or before the Cut-off Date; (iii) with respect to those Mortgage Loans that have their first Due
Date in April 2022, any interest amounts relating to the period prior to the Cut-off Date; and (iv) any Retained Defeasance Rights
and Obligations with respect to the Mortgage Loans for which BMO, KeyBank or SMC is the related Mortgage Loan Seller). The transfer
of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 13.07,
is intended by the parties to constitute a sale. In connection with the assignment to the Trustee of Sections 2, 3, 4 (other
than Sections 4(c), (d), (e) and (g)) and 5 (other than Section 5(f), (g), (h) and (i)) and, to the extent related
to the foregoing, Sections 9,

 

    -129-

     

    

 

 10, 11, 12, 13, 14, 15, 17 and 18 of each of the related Mortgage Loan Purchase Agreements,
Section 19 of the Mortgage Loan Purchase Agreement among the Depositor, Barclays and BCHI and Section 19 of the Mortgage
Loan Purchase Agreement among the Depositor, SGFC and Société Générale, it is intended that the Trustee
get the benefit of Sections 10, 13 and 15 thereof in connection with any exercise of rights under the assigned Sections,
and the Depositor shall use its best efforts to make available to the Trustee the benefits of Sections 10, 13 and 15 in connection
therewith.

 

(b)           In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct,
and hereby represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase
Agreement to deliver and deposit with, or cause to be delivered to and deposited with, the Custodian, (A) on or before the
Closing Date Date, the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee or in blank as specified in
clause (i) of the definition of “Mortgage File” (or, alternatively, if the original executed Mortgage Note has
been lost, a lost note affidavit and indemnity with a copy of such Mortgage Note as specified in clause (i) of the definition
of “Mortgage File”) and (B) on or before the date that is 45 days following the Closing Date (or such later
date as may be provided under Section 2.01(b) and (c) hereof with regard to any item), the remainder of the Mortgage
File for each Mortgage Loan (which delivery shall be subject to clause (e) and clause (f) of the first proviso
to the definition of “Mortgage File”) and, except in the case of a Mortgage Loan that is a Non-Serviced Whole Loan
as of the Closing Date, any other items required to be delivered or deposited by the Mortgage Loan Seller pursuant to this Agreement
(other than amounts from reserve accounts and originals of letters of credit, which shall be transferred to the Master Servicer)
for each Mortgage Loan. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan,
the original Mortgage Note, the delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b)
shall be deemed to have been satisfied upon such Mortgage Loan Seller’s delivery of a copy or duplicate original of
such Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and indemnifying
the Trustee and the Trust. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage
Loan, any of the documents and/or instruments referred to in clauses (ii), (iv), (vii) and (ix) of the definition of “Mortgage
File” (or, if applicable, a copy thereof) with evidence of filing or recording thereon (if intended to be recorded or filed),
solely because of a delay caused by the public filing or recording office where such document or instrument has been delivered,
or will be delivered within 10 Business Days of the Closing Date, for filing or recordation, the delivery requirements of the
applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have been satisfied on a provisional
basis as of the Closing Date as to such non-delivered document or instrument, and such non-delivered document or instrument shall
be deemed to have been included in the Mortgage File, if a duplicate original or a photocopy of such non-delivered document or
instrument (certified by the applicable public filing or recording office, the applicable title insurance company or the applicable
Mortgage Loan Seller to be a true and complete copy of the original thereof submitted or to be submitted for filing or recording)
is delivered to the Custodian on or before the date set 

    -130-

     

    

forth
herein, and either the original of such non-delivered document or instrument, or a photocopy thereof (certified by the appropriate
county recorder’s office or the applicable title insurance company, in the case of the documents and/or instruments referred
to in clause (ii) of the definition of “Mortgage File”, to be a true and complete copy of the original thereof
submitted for recording), with evidence of filing or recording thereon, is delivered to the Custodian within one hundred-eighty
(180) days of the Closing Date (or within such longer period, not to exceed eighteen (18) months, after the Closing Date
as the Custodian shall consent to as long as the applicable Mortgage Loan Seller is, as certified in writing to the Trustee and the
Custodian no less often than every ninety (90) days following such 180–day period after the Closing Date, attempting in
good faith to obtain from the appropriate public filing office or county recorder’s office such original or photocopy). If the
applicable Mortgage Loan Seller is required to, but cannot, deliver, or cause to be delivered, as to any Mortgage Loan, any of the
documents and/or instruments referred to in clauses (ii), (iv), (vii), and (ix) (or, if applicable, a copy thereof) of the
definition of “Mortgage File,” with evidence of filing or recording thereon (if intended to be recorded or filed), for
any other reason, including, without limitation, that such non-delivered document or instrument has been lost or destroyed, the
delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have
been satisfied as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to
have been included in the Mortgage File, if a photocopy of such non-delivered document or instrument (with evidence of filing or
recording thereon and certified in the case of the documents and/or instruments referred to in clause (ii) of the definition of
“Mortgage File” by the appropriate county recorder’s office or the applicable title insurance company to be a true
and complete copy of the original thereof submitted for recording) is delivered to the Custodian on or before the date set forth
herein. Neither the Trustee nor any Custodian shall in any way be liable for any failure by any Mortgage Loan Seller or the
Depositor to comply with the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b).
If, on the Closing Date as to any Mortgage Loan, subject to the next sentence, the applicable Mortgage Loan Seller is required to,
but cannot, deliver (in complete and recordable form or form suitable for filing or recording, if applicable) any one of the
assignments in favor of the Trustee referred to in clause (iii), clause (v), or clause (x) of the definition of
“Mortgage File” solely because of the unavailability of filing or recording information as to any existing document or
instrument, such Mortgage Loan Seller may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase
Agreement and this Section 2.01(b) with respect to such assignment by delivering with respect to such Mortgage Loan on the
Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit H; provided that all
required original assignments with respect to such Mortgage Loan (in fully complete and recordable form or form suitable for filing
or recording, if applicable) are delivered to the Custodian within one hundred-eighty (180) days after the Closing Date (or
within such longer period, not to exceed eighteen (18) months, which the Custodian shall consent to so long as the applicable
Mortgage Loan Seller is, as certified in writing to the Trustee and the Custodian no less often than every ninety (90) days
following such 180–day period after the Closing Date, attempting in good faith to obtain from the appropriate public filing
office or county recorder’s office the applicable filing or recording information as to the related document or instrument);
and provided, further, that in the case of a Non-Serviced Mortgage Loan, the delivery of any such assignments shall be
subject to clause (e) and clause (f) of the first proviso to the definition of “Mortgage File” herein. As to
any Mortgage Loan, the related Mortgage Loan Seller or its agent is responsible for recording or filing, as applicable, any one of
the assignments 

    -131-

     

    

in
favor of the Trustee referred to in clause (iii), clause (v), or clause (x) of the definition of “Mortgage
File”, and such Mortgage Loan Seller may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase
Agreement and this Section 2.01(b) with respect to such assignment by delivering to the Custodian with respect to such
Mortgage Loan on the Closing Date a copy of such assignment in the form sent for recording or filing or (except for recording or
filing information not yet available) to be sent for recording or filing; provided that an original or copy of such
assignment (with evidence of recording or filing, as applicable, indicated thereon) shall be delivered to the Custodian as
contemplated by Section 2.01(c) of this Agreement. Notwithstanding anything herein to the contrary, with respect to letters
of credit referred to in clause (xii) of the definition of “Mortgage File”, the applicable Mortgage Loan Seller
shall deliver the original to the Master Servicer (which letter of credit shall be titled in the name of, or assigned to,
“Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage
Pass-Through Certificates, Series 2022-C15, and the RR Interest Owner”), and a copy to the Custodian or, if such original has
been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect a reissuance, assignment or amendment of such
letter of credit (changing the beneficiary thereof to the Master Servicer (in care of the Trustee, as titled above) that may be
required in order for the Master Servicer to draw on such letter of credit on behalf of the Trust in accordance with the applicable
terms thereof and/or of the related Mortgage Loan documents), the applicable Mortgage Loan Seller shall be deemed to have satisfied
the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b) by delivering with respect
to any letter(s) of credit a copy thereof to the Custodian indicating that such document has been delivered to the issuing bank for
reissuance or an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s) of credit pursuant to
this Section 2.01(b), one of which shall be delivered to the Custodian within forty-five (45) days after the Closing
Date. If a letter of credit referred to in the previous sentence is not in a form that would allow the Master Servicer to draw on
such letter of credit on behalf of the Trust in accordance with the applicable terms thereof and/or of the related Mortgage Loan
documents, the applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such
assignment or amendment documents if the related Mortgage Loan Seller has submitted the originals to the related issuer of such
letter of credit for processing) to the Custodian within forty-five (45) days of the Closing Date. If not otherwise paid by the
related Mortgagor, the applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter(s) of credit
required in order for the Master Servicer to draw on such letter(s) of credit on behalf of the Trust and shall cooperate with the
reasonable requests of the Master Servicer in connection with effectuating a draw under any such letter of credit prior to the date
such letter of credit is assigned or amended in order that it may be drawn by the Master Servicer on behalf of the Trust.

 

(c)           Except in the case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller is required at its sole cost and expense,
to itself, or to engage a third party to, put each Assignment of Mortgage, each assignment of Assignment of Leases and each assignment
of each UCC Financing Statement (collectively, the “Assignments” and, individually, “Assignment”)
relating to the Mortgage Loans conveyed by it under the applicable Mortgage Loan Purchase Agreement in proper form for filing
or recording, as applicable, and to submit such Assignments for filing or recording, as the case may be, in the applicable public
filing or recording office. On the Closing Date, the Mortgage Loan Sellers may deliver one (1) omnibus assignment for all
such 

    -132-

     

    

Mortgage
Loans substantially in the form of Exhibit H hereto to the Custodian as provided in Section 2.01(b). Except under
the circumstances provided for in the last sentence of this Section 2.01(c) and except in the case of a Non-Serviced Mortgage
Loan, the related Mortgage Loan Seller will itself, or a third party at such Mortgage Loan Seller’s expense will, promptly
(and in any event within one hundred-twenty (120) days after the later of the Closing Date and the related Mortgage Loan
Seller’s actual receipt of the related documents and the necessary recording and filing information) cause to be submitted for
recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as
appropriate, each Assignment. Each such Assignment submitted for recording shall reflect that it (or a file copy thereof in the case
of a UCC Assignment) should be returned by the public recording office to the Custodian or its designee following recording or
filing (or to the related Mortgage Loan Seller or its agent who will then be responsible for delivery of the same to the Custodian
or its designee). Any such Assignment received by the Custodian shall be promptly included in the related Mortgage File and be
deemed a part thereof, and any such Assignment received by the related Mortgage Loan Seller or its agent shall be required to be
delivered to the Custodian to be included as part of the related Mortgage File within thirty (30) days after receipt. If any
such document or instrument is determined to be incomplete or not to meet the recording or filing requirements of the jurisdiction
in which it is to be recorded or filed, or is lost by the public office or returned unrecorded or unfiled, as the case may be,
because of a defect therein, on or about one hundred-eighty (180) days after the Closing Date, the related Mortgage Loan Seller
or its designee shall prepare, at its own expense, a substitute therefor or cure such defect, as the case may be, and thereafter the
related Mortgage Loan Seller or its designee shall, at the expense of such Mortgage Loan Seller, upon receipt thereof cause the same
to be duly recorded or filed, as appropriate. If, by the first anniversary of the Closing Date, the Custodian has not received
confirmation of the recording or filing as the case may be, of any such Assignment, it shall so advise the related Mortgage Loan
Seller who may then pursue such confirmation itself or request that the Custodian pursue such confirmation at the related Mortgage
Loan Seller’s expense, and upon such a request and provision for payment of such expenses satisfactory to the Custodian, the
Custodian, at the expense of the applicable Mortgage Loan Seller, shall cause a search of the land records of each applicable
jurisdiction and of the records of the offices of the applicable Secretary of State for confirmation that the Assignment appears in
such records and retain a copy of such confirmation in the related Mortgage File. In the event that confirmation of the recording or
filing of an Assignment cannot be obtained, the Custodian or the related Mortgage Loan Seller, as applicable, shall promptly inform
the other and the Custodian shall provide such Mortgage Loan Seller with a copy of the Assignment and request the preparation of a
new Assignment. The related Mortgage Loan Seller shall pay the expenses for the preparation of replacement Assignments for any
Assignments which, having been properly submitted for filing or recording to the appropriate governmental office by the Custodian,
fail to appear of record and must be resubmitted. Notwithstanding the foregoing, there shall be no requirement to record any
assignment to the Trustee referred to in clause (iii) or (v) of the definition of “Mortgage File,” or
to file any UCC-3 to the Trustee referred to in clause (ix) of the definition of “Mortgage File,” in those
jurisdictions where, in the written opinion of local counsel (which opinion shall be an expense of the related Mortgage Loan Seller)
acceptable to the Depositor and the Trustee, such recordation and/or filing is not required to protect the Trustee’s interest
in the related Mortgage Loan against sale, further assignment, satisfaction or discharge by the related Mortgage Loan Seller, the
Master Servicer, the Special Servicer, any Sub-Servicer or the Depositor.

 

    -133-

     

    

(d)           All
documents and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession relating to the Mortgage
Loans (including, in each case, financial statements, appraisals, environmental reports, engineering reports, transaction screens,
seismic assessment reports, leases, rent rolls, Insurance Policies and certificates, major space leases, legal opinions, tenant
estoppels and any other relevant documents relating to the origination and servicing of any Mortgage Loan or related Whole
Loan that are reasonably necessary for the ongoing administration and/or servicing of the applicable Mortgage Loan or Whole Loan,
but excluding the applicable Mortgage Loan Seller’s internal communications (including such communications between such
Mortgage Loan Seller and its Affiliates) and underwriting analysis (including documents prepared by the applicable Mortgage Loan
Seller or any of its Affiliates for such purposes), draft documents, attorney-client communications that are privileged
communications or constitute legal or other due diligence analyses and credit underwriting or due diligence analyses or data) that
(i) are not required to be a part of a Mortgage File in accordance with the definition thereof and (ii) are reasonably
necessary for the servicing of each such Mortgage Loan, together with copies of all documents in each Mortgage File, shall be
delivered by the Depositor or the applicable Mortgage Loan Seller to the Master Servicer within five (5) Business Days after
the Closing Date (except that copies of any instruments of assignment that are returned to the Custodian by the related public
recording office in accordance with the requirements of Section 2.01(c) shall be delivered by the Custodian to the Master
Servicer when the originals are returned to the Custodian) and shall be held by the Master Servicer on behalf of the Trustee in
trust for the benefit of the Certificateholders and the RR Interest Owner (and as holder of the Lower-Tier Regular Interests) and,
if applicable, on behalf of the related Companion Holder; provided that the parties hereto acknowledge and agree that some or
all of the items in this Section 2.01(d) have, as of the Closing Date, been posted to websites to which various parties to
this Agreement have access, and if any such items have been so posted to any such website(s) to which the Master Servicer has
access, such items will be deemed to have been delivered to the Master Servicer in accordance with this Section 2.01(d); and provided, further,
that if the Master Servicer is unable to download such items from such website(s) after making reasonable efforts to do so and
provides notice (which may be delivered by electronic means) to the Mortgage Loan Seller, the Depositor shall cause such Mortgage
Loan Seller to deliver such items to the Master Servicer by such means as may be reasonably acceptable to the Master Servicer. Such
documents and records shall be any documents and records (with the exception of any items excluded under the immediately preceding
sentence) that would otherwise be a part of the Servicing File.

 

(e)           In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver
to the Trustee and the Master Servicer, on or before two (2) Business Days after the Closing Date, a fully executed original
counterpart of each of the Mortgage Loan Purchase Agreements, as in full force and effect, without amendment or modification,
on the Closing Date.

 

(f)            The Depositor shall use its reasonable best efforts to require that, promptly after the Closing Date, but in all events within
three (3) Business Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all unapplied reserve funds
and Escrow Payments in the possession or under the control of the Mortgage Loan Seller that relate to the Mortgage Loans (other
than any Non-Serviced Mortgage Loan) transferred by such Mortgage Loan Seller, whether such accounts are held in the name of the
applicable Mortgage Loan Seller or any other name to be transferred to the Master Servicer (or a Sub-Servicer) for deposit into
Servicing Accounts.

 

    -134-

     

    

(g)           With
respect to the Franchise Required Mortgage Loans, the related Mortgage Loan Seller or its designee shall provide any such required
notice or make any such required request to the related franchisor (with a copy of such notice or request to the Master Servicer)
within forty-five (45) days of the Closing Date (or any shorter period if required by the applicable comfort letter),
and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard to acquire such replacement comfort
letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated under the existing comfort
letter). If the Master Servicer is unable to acquire any such replacement comfort letter (or new document or acknowledgement, as
applicable) within 120 days of the Closing Date, the Master Servicer shall notify the related Mortgage Loan Seller that no such
replacement comfort letter has been received.

 

(h)           Each Mortgage Loan Purchase Agreement shall provide that within sixty (60) days after the Closing Date, each Mortgage Loan
Seller shall deliver or cause to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by uploading
such Diligence Files to the Designated Site. Promptly upon completion of such delivery of the Diligence Files (but in no event
later than sixty (60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide the Depositor a certificate
(with a copy (which may be sent by e-mail) to each of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Directing Certificateholder, the Asset Representations Reviewer and the Operating Advisor) certifying
that the electronic copies of the documents and information uploaded to the Designated Site constitute all documents and information
required under the definition of “Diligence File” and such Diligence Files are organized and categorized in accordance
with the electronic file structure reasonably agreed to by the Depositor and the applicable Mortgage Loan Seller (the “Diligence
File Certification”).

 

(i)            Within two (2) Business Days of the Closing Date, the Depositor shall deliver each of the Initial Schedule AL File in EDGAR-Compatible
Format and Excel format, and any Initial Schedule AL Additional File in EDGAR-Compatible Format and Excel format and Annex A-1
to the Prospectus in EDGAR-Compatible Format and Excel format to the Master Servicer via email to NoticeAdmin@midlandls.com.

 

(j)            Notwithstanding anything to the contrary contained in this Section 2.01 or in Section 2.02, in connection with each
Servicing Shift Whole Loan, (1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant
to this Agreement (other than the endorsements to the note(s) evidencing the related Servicing Shift Mortgage Loan) until the
earlier of (i) the Servicing Shift Date, in which case such instruments shall be assigned and recorded in accordance with
the related Non-Serviced PSA, (ii) the Servicing Shift Whole Loan becoming a Specially Serviced Loan prior to the Servicing
Shift Date and (iii) 180 days after the Closing Date, in which case assignments and recordations shall be effected in accordance
with this Section 2.01 until the occurrence, if any, of the Servicing Shift Date, (2) no letter of credit need be
amended (including, without limitation, to change the beneficiary thereon) until the earliest of (i) the Servicing Shift
Date, in which case such amendment shall be in accordance with the related Non-Serviced PSA, (ii) the Servicing Shift Whole
Loan becoming a Specially Serviced Loan prior to the Servicing Shift Date in which case such amendment shall be effected in accordance
with the terms of this Section 2.01 and (iii) the earlier of (A) 180 days after the Closing Date and (B) any
such time as any such letter of credit is required to be drawn upon by the Master

 

    -135-

     

    

 

Servicer
in which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (3) on and
following the Servicing Shift Date, the Person selling the related Servicing Shift Control Note to the related Non-Serviced
Depositor, at its own expense, shall be (a) entitled to direct in writing, which may be conclusively relied upon by the
Custodian, the Custodian to deliver the originals of all the Mortgage Loan documents relating to the Servicing Shift Whole Loan in
its possession (other than the original note(s) evidencing the Servicing Shift Mortgage Loan) to the related Non-Serviced Trustee or
the related Non-Serviced Custodian, (b) if the right under clause (a) is exercised, required to cause the retention
by or delivery to the Custodian of photocopies of Mortgage Loan documents related to the Servicing Shift Whole Loan so delivered to
such Non-Serviced Trustee or such Non-Serviced Custodian, (c) entitled to cause the completion (or, in the event of a
recordation as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and
recordation of instruments of assignment in the name of the related Non-Serviced Trustee or related Non-Serviced Custodian,
(d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies of any
instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to
cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve
funds and items specified in clauses (x) and (xii) of the definition of “Mortgage File” for the
Servicing Shift Whole Loan to the related Non-Serviced Master Servicer.

 

(k)           Notwithstanding anything to the contrary contained herein, with respect to a Joint Mortgage Loan, the obligations of each of the
applicable Mortgage Loan Sellers to deliver a Mortgage Note (and any related allonge or assignment) to the Custodian shall be
limited to delivery of only the Mortgage Note (and any related allonge or assignment) held by such party to the Custodian. With
respect to a Joint Mortgage Loan, the obligations of the applicable Mortgage Loan Sellers to deliver the remaining portion of
the related Mortgage File or any document required to be delivered with respect thereto shall be joint and several, provided that
either of the applicable Mortgage Loan Sellers may deliver one Mortgage File or one of any other document required to be delivered
with respect to such Mortgage Loan hereunder and such delivery shall satisfy such delivery requirements for each of the applicable
Mortgage Loan Sellers.

 

(l)            Notwithstanding anything else in this Agreement, the parties acknowledge that the trust established under this Agreement is intended
to be treated as a bare trust for Canadian federal income tax purposes. Accordingly, the parties to this Agreement agree not to
make any Canadian tax filing or take any Canadian tax position that is inconsistent with the treatment of the trust as a bare
trust. For the avoidance of doubt, none of the Trustee, the Certificate Administrator or any other party to this Agreement is
responsible for any Canadian tax administration, or has any liability for any Canadian tax consequences.

 

Section
2.02        Acceptance by Trustee. (a) The Trustee, by the execution and delivery of this
Agreement (1) acknowledges receipt by it or the Custodian on its behalf, subject to the provisions of Section 2.01, in good
faith and without notice of any adverse claim, of the applicable documents specified in clause (i) of the definition of “Mortgage
File” with respect to each Mortgage Loan and of all other assets included in the Trust Fund and (2) declares (a) that
it or the Custodian on its behalf holds and will hold such documents and the other documents delivered or caused to be delivered by the
Mortgage Loan Sellers that constitute the Mortgage Files in the name of the Trust for the benefit of all present and future Certificateholders
and

 

    -136-

     

    

Serviced
Companion Noteholders, as applicable, and (b) that it holds and will hold such other assets included in the Trust Fund, in trust
for the exclusive use and benefit of all present and future Certificateholders and the RR Interest Owner (and for the benefit of the
Trustee as holder of the Lower-Tier Regular Interests), as applicable. If any Mortgage Loan Seller is unable to deliver or cause the
delivery of any original Mortgage Note, such Mortgage Loan Seller may deliver a copy of such Mortgage Note, together with a signed lost
note affidavit and appropriate indemnity and shall thereby be deemed to have satisfied the document delivery requirements of Section
2.01 and of this Section 2.02.

 

(b)           Within sixty (60) days after the Closing Date (or with respect to a Qualified Substitute Mortgage Loan within sixty (60) days
after the Due Date in the month of substitution), the Custodian, shall review the Mortgage Loan documents delivered or caused
to be delivered by the Mortgage Loan Sellers constituting the Mortgage Files; and, promptly following such review (but in no event
later than sixty (60) days after the Closing Date), the Custodian shall, in the form attached as Exhibit Q, certify
in writing to the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder (so long as no Consultation
Termination Event shall have occurred and be continuing and only with respect to Mortgage Loans other than any Excluded Loan),
the Trustee, the Certificate Administrator, the Asset Representations Reviewer, the Operating Advisor and the applicable Mortgage
Loan Seller (as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full)) that,
except as specifically identified in any exception report annexed to such writing (the “Custodial Exception Report”),
(i) subject to the first proviso of the definition of “Mortgage File” herein and Section 2.01, all documents
specified in clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii),
if any, of the definition of “Mortgage File”, as applicable, are in its possession, (ii) the foregoing documents
delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian and appear regular on their
face and appear to be executed and to relate to such Mortgage Loan, and (iii) based on such examination and only as to the
foregoing documents, the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv),
(vi) and (viii)(c) in the definition of “Mortgage Loan Schedule” is correct. With respect to each Mortgage
Loan listed on the Custodial Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the
nature of such exception (in the form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating
items required to be in the Mortgage File but never delivered from items which were delivered by the related Mortgage Loan Seller
but are out for filing or recording and have not been returned by the filing office or the recorder’s office).

 

(c)           The Custodian shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about the first anniversary
of the Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing to each of the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Directing Certificateholder and the
applicable Mortgage Loan Seller (as to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any related Mortgage
Loan as to which a Liquidation Event has occurred) or any related Mortgage Loan specifically identified in any exception report
annexed to such writing) that, (i) subject to the first proviso of the definition of “Mortgage File” herein and
Section 2.01, all documents specified in clauses (i) through (v), (viii), (ix), (xi),
(xii) and (xiii), if any, of the definition of “Mortgage File”, as applicable, are in its possession,
(ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian
and appear regular on their face and appear to be executed and relate to such

 

    -137-

     

    

Mortgage Loan, if applicable, and (iii) based
on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect
to the items specified in clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage Loan
Schedule” is correct.

 

(d)           Notwithstanding anything contained in this Section 2.02 and Section 2.03(b) to the contrary, in the case of a Material
Defect in any of the documents specified in clauses (ii) through (v), (vii), (viii) and (ix) in
the definition of “Mortgage File”, which Material Defect results solely from a delay in the return of the related
documents from the applicable filing or recording office and gives rise to a repurchase or substitution obligation on the part
of the related Mortgage Loan Seller with respect to the subject Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement,
the Directing Certificateholder, in its sole judgment, may (other than with respect to any Excluded Loan and, with respect to
any other Mortgage Loan, only prior to the occurrence and continuance of a Control Termination Event), and the Special Servicer
may, in accordance with the Servicing Standard, after the occurrence and during the continuance of a Control Termination Event,
permit the related Mortgage Loan Seller in lieu of repurchasing or substituting for the related Mortgage Loan, to deposit with
the Master Servicer an amount, to be held in trust in a segregated Eligible Account (which may be a sub-account of the Collection
Account), equal to 25% of the Stated Principal Balance of the related Mortgage Loan (in the alternative, the related Mortgage
Loan Seller may deliver to the Master Servicer a letter of credit in such amount, with a copy to the Custodian). Such funds or
letter of credit, as applicable, shall be held by the Master Servicer (i) until the date on which the Custodian determines
and notifies the Master Servicer that such Material Defect has been cured or the related Mortgage Loan is no longer part of the
Trust Fund, at which time the Master Servicer shall return such funds (or letter of credit) to the related Mortgage Loan Seller,
or (ii) until the same are applied to the Purchase Price (or the Substitution Shortfall Amount, if applicable) as set forth
below in this Section 2.02(d) in the event of a repurchase or substitution by the related Mortgage Loan Seller. Notwithstanding
the two immediately preceding sentences, if the Master Servicer or the Special Servicer certifies to the Trustee, the Certificate
Administrator and the Custodian that it has determined in the exercise of its reasonable judgment that the document with respect
to which such Material Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or
remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the related
Mortgage Loan, establishing the validity or priority of any lien on collateral securing the related Mortgage Loan or for any immediate
significant servicing obligation, the related Mortgage Loan Seller or Additional Repurchase Obligor shall be required to repurchase
or substitute for the related Mortgage Loan in accordance with, and to the extent required by, the terms and conditions of Section
2.03(b) and Section 5 or Section 19, as applicable, of the related Mortgage Loan Purchase Agreement; provided,
however, that such Mortgage Loan Seller shall not be required to repurchase the Mortgage Loan for a period of ninety (90) days
after receipt of a notice to repurchase (together with any applicable extension period) if it is attempting to recover the document
from the applicable filing or recording office and provides an officer’s certificate setting forth what actions such Mortgage
Loan Seller is pursuing in connection with such recovery. In the event of a repurchase or substitution, upon the date of such
repurchase or substitution, and in the event that the related Mortgage Loan Seller has delivered a letter of credit to the Master
Servicer in accordance with this Section 2.02(d), the Master Servicer shall, to the extent necessary, draw on the letter
of credit and deposit the proceeds of such draw, into the Collection Account to be applied to the Purchase Price (or the Substitution
Shortfall Amount, if applicable, in which event, the amount of such funds or proceeds that exceed the Substitution Shortfall Amount
shall

 

    -138-

     

    

 

be
returned to the related Mortgage Loan Seller) in accordance with Section 2.03(b). All such funds deposited in the Collection
Account shall be invested in Permitted Investments, at the direction and for the benefit of the related Mortgage Loan Seller. Such
funds shall be treated as an “outside reserve fund” under the REMIC Provisions, which, together with any reimbursement
from the Lower-Tier REMIC, is beneficially owned by the related Mortgage Loan Seller for federal income tax purposes, which Mortgage
Loan Seller shall remain liable for any taxes payable on income or gain with respect thereto.

 

(e)           It
is herein acknowledged that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine
whether any of the documents specified in clauses (vi), (vii) and (xii) through (xviii)
of the definition of “Mortgage File” exist or are required to be delivered by the Depositor, the Mortgage Loan
Sellers or any other Person (unless identified on the Mortgage Loan Checklist) or (ii) to inspect, review or examine any
of the documents, instruments, certificates or other papers relating to the Mortgage Loans delivered to it to determine that
the same are genuine, enforceable, duly authorized, sufficient to perfect and maintain the perfection of a security interest
or appropriate for the represented purpose or that they are other than what they purport to be on their face and, with
respect to the documents specified in clause (viii) of the definition of the “Mortgage File”, whether
the insurance is effective as of the date of the recordation, whether all endorsements or riders issued are included in the
file or if the policy has not been issued whether any acceptable replacement document has been dated the date of the related
Mortgage Loan funding. Further, with respect to the UCC Financing Statements referenced in the Mortgage File, absent actual
knowledge to the contrary or copies of UCC Financing Statements delivered to the Custodian as part of the Mortgage File
indicating otherwise, the Custodian may assume, for the purposes of the filings and the certification to be delivered in
accordance with this Section 2.02 that the related Mortgage File should include one state level UCC Financing
Statement filing for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors, for each
Mortgagor, except to the extent multiple Mortgagors are named as debtors in the same UCC Financing Statement filing), or if
the Custodian has received notice that a particular UCC Financing Statement was filed as a fixture filing, that the related
Mortgage File should include only a local UCC Financing Statement filing for each Mortgaged Property (or with respect to any
Mortgage Loan that has two or more Mortgagors, for each Mortgagor, except to the extent multiple Mortgagors are named as
debtors in the same UCC Financing Statement filing). The assignments of the UCC Financing Statements to be assigned to the
Trust will be delivered on the national forms (or on such other form as may be acceptable for filing or recording in the
applicable jurisdiction) and in a format suitable for filing or recording, as applicable, and will be filed or recorded in
the jurisdiction(s) where such UCC Financing Statements were originally filed or recorded, as indicated in the documents
provided, and in accordance with then-current laws.

 

(f)            If, in the process of reviewing the Mortgage Files or at any time thereafter, the Custodian finds any document or documents constituting
a part of a Mortgage File (1) not to have been properly executed, (2) subject to the timing requirements of Sections 2.01(b)
and 2.01(c), not to have been delivered, (3) to contain information that does not conform in any material respect
with the corresponding information set forth in the Mortgage Loan Schedule or (4) to be defective on its face (each, a “Defect”
in the related Mortgage File), the Custodian shall promptly so notify the Depositor, the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Directing Certificateholder, the applicable Mortgage Loan Seller

 

    -139-

     

    

 

(and
in no event later than ninety (90) days after the Closing Date and every calendar quarter thereafter until all Defects are
corrected) by providing a Custodial Exception Report setting forth for each affected Mortgage Loan, with particularity, the nature
of such Defect (in a form reasonably acceptable to the Custodian and such Mortgage Loan Seller and separating items required to be
in the Mortgage File but never delivered from items which were delivered by such Mortgage Loan Seller but are out for recording or
filing and have not been returned by the recorder’s office or filing office).

 

Pursuant
to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers will be required to effect (at the expense
of the applicable Mortgage Loan Seller) the assignment and recordation of its respective Mortgage Loan documents until the assignment
and recordation of all such Mortgage Loan documents has been completed.

 

(g)           If the Master Servicer or the Special Servicer (i) receives a Repurchase Request or any other request or demand from any
Person for a Mortgage Loan Seller to repurchase or replace a Mortgage Loan because of an alleged Defect or Breach (together with
a Repurchase Request, a “15Ga-1 Repurchase Request”) (the Master Servicer or the Special Servicer, as applicable,
to the extent it receives such 15Ga-1 Repurchase Request, the “Repurchase Request Recipient” with respect to
such 15Ga-1 Repurchase Request); or (ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such
15Ga-1 Repurchase Request or any rejection of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the
Master Servicer or the Special Servicer by another party hereto), then the Repurchase Request Recipient shall deliver notice (which
may be by electronic format so long as a “backup” hard copy of such notice is also delivered on or prior to the next
Business Day) of such 15Ga-1 Repurchase Request or withdrawal or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1
Notice”) to the applicable Mortgage Loan Seller (other than in the case of a rejection by such Mortgage Loan Seller)
and the Depositor, in each case within ten (10) Business Days from such Repurchase Request Recipient’s receipt thereof.

 

Each
15Ga-1 Notice shall include (i) the identity of the related Mortgage Loan, (ii) the date the 15Ga-1 Repurchase Request
is received by the Repurchase Request Recipient or the date any withdrawal of the 15Ga-1 Repurchase Request is received by the
Repurchase Request Recipient, as applicable, (iii) if known, the basis for the 15Ga-1 Repurchase Request (as asserted in
the 15Ga-1 Repurchase Request), (iv) the identity of the Person making such 15Ga-1 Repurchase Request, and (v) a statement
from the Repurchase Request Recipient as to whether it currently plans to pursue such 15Ga-1 Repurchase Request.

 

A
Repurchase Request Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. The Mortgage Loan Purchase Agreements will provide that (i) any 15Ga-1 Notice
provided pursuant to this Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers and Depositor or their
respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any
other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient
and (B) no information provided pursuant to this Section 2.02(g) by a Repurchase Request Recipient, shall be deemed
to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient

 

    -140-

     

    

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

 

In
the event that the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Custodian receives a 15Ga-1 Repurchase Request, such party shall promptly forward
or otherwise provide written notice of such 15Ga-1 Repurchase Request to the Master Servicer, if relating to a Non-Specially Serviced
Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement
in the related correspondence: “This is a ‘15Ga-1 Repurchase Request’ under Section 2.02 of the Pooling
and Servicing Agreement relating to the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
requiring action by you as the ‘Repurchase Request Recipient’ thereunder.” Upon receipt of such 15Ga-1 Repurchase
Request by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request
Recipient in respect of such 15Ga-1 Repurchase Request, and such party shall comply with the procedures set forth in this Section
2.02(g) with respect to such 15Ga-1 Repurchase Request. In no event shall the Custodian, by virtue of this provision, be required
to provide any notice other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage
File.

 

If
the Depositor, the Trustee, the Master Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Custodian receives notice or has knowledge of a withdrawal or a rejection of a 15Ga-1 Repurchase Request of which
notice has been previously received or given, and such notice was not received from or copied to the Master Servicer or the Special
Servicer, then such party shall give notice of such withdrawal or rejection to the Master Servicer or the Special Servicer, as
applicable. Any such notice received by the Trustee, the Certificate Administrator, the Certificate Registrar, Operating Advisor,
Asset Representations Reviewer or the Custodian shall also be provided to the Depositor and, in the case of a withdrawal notice,
to the applicable Mortgage Loan Seller.

 

In
the event that a Mortgage Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the Enforcing Servicer
shall promptly notify the Depositor of such repurchase or replacement.

 

Section
2.03        Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’
Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties.
(a) The Depositor hereby represents and warrants that:

 

(i)            The Depositor is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware, and the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of
this Agreement by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions
contemplated hereby, including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in
accordance with this Agreement;

 

 

    -141-

     

    

 

(ii)           Assuming
                                                                                                                                  the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the
                                                                                                                                  obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the
                                                                                                                                  Depositor in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency,
                                                                                                                                  reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of
                                                                                                                                  equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)          The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict
with any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute
a default under any of the terms, conditions or provisions of the certificate of formation or operating agreement of the Depositor
or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable
to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which
would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;
the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required
for the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)          There is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any
court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity
of the Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement; and

 

(v)           The Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the
Mortgage Loans have been validly transferred to the Trust.

 

(b)           After receipt of a Repurchase Request, the Enforcing Servicer shall request in writing that the applicable Mortgage Loan Seller,
not later than ninety (90) days after (i) except in the case of the succeeding clause (ii), the applicable
Mortgage Loan Seller’s receipt of such notice of such Repurchase Request or, if earlier, such Mortgage Loan Seller’s
discovery of such Material Defect or (ii) in the case of a Material Defect relating to a Mortgage Loan not being a Qualified
Mortgage, the earlier of (x) discovery by the related Mortgage Loan Seller or any party to this Agreement of such Material
Defect and (y) receipt of notice of the Material Defect from any party to this Agreement (such ninety (90) day period,
the “Initial Cure Period”), (A) cure such Material Defect in all material respects, at such Mortgage Loan
Seller’s own expense, including reimbursement of any related reasonable additional expenses of the Trust reasonably incurred
by any party to this Agreement, (B) repurchase the affected Mortgage Loan or REO Loan (or, in

 

 

    -142-

     

    

 

the
case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) (excluding any related Serviced
Companion Loan, if applicable), at the applicable Purchase Price and in conformity with the applicable Mortgage Loan Purchase
Agreement and this Agreement or (C) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole
Loans, for which no substitution will be permitted) for such affected Mortgage Loan or REO Loan (or, in the case of a Joint Mortgage
Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) (excluding any related Serviced Companion Loan, if
applicable) (provided that in no event shall any such substitution occur on or after the second anniversary of the Closing
Date) and pay the Master Servicer for deposit into the Collection Account, any Substitution Shortfall Amount in connection therewith
and in conformity with the applicable Mortgage Loan Purchase Agreement and this Agreement; provided, however, that
except with respect to a Material Defect resulting solely from the failure by the Mortgage Loan Seller to deliver to the Trustee or
Custodian the actual policy of lender’s title insurance required pursuant to clause (viii) of the definition of
Mortgage File by a date not later than eighteen (18) months following the Closing Date, if such Material Defect is capable of
being cured but is not cured within the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently
proceeding with the cure of such Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller shall have an
additional ninety (90) days commencing immediately upon the expiration of the Initial Cure Period (such additional ninety
(90) day period, the “Extended Cure Period”) to complete such cure (or, failing such cure, to repurchase the
related Mortgage Loan or REO Loan (or, in the case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage Interest
thereof) (excluding any related Serviced Companion Loan, if applicable) or substitute a Qualified Substitute Mortgage Loan (other
than with respect to the Whole Loans, for which no substitution will be permitted)) and provided, further, that with
respect to such Extended Cure Period the applicable Mortgage Loan Seller shall have delivered an officer’s certificate to the
Trustee, the Certificate Administrator (who shall promptly deliver a copy of such officer’s certificate to the 17g-5
Information Provider), the Master Servicer, the Special Servicer, the Operating Advisor and (with respect to any Mortgage Loan other
than an Excluded Loan, prior to the occurrence and continuance of a Consultation Termination Event) the Directing Certificateholder,
setting forth the reason such Material Defect is not capable of being cured within the Initial Cure Period and what actions the
applicable Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller
anticipates that such Material Defect will be cured within the Extended Cure Period; and provided, further, that, if
any such Material Defect is not cured after the Initial Cure Period and any such Extended Cure Period solely due to the failure of
the related 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 Material Defect until eighteen
(18) months after the Closing Date for so long as such Mortgage Loan Seller certifies to the Trustee, the Master Servicer, the
Special Servicer, the Directing Certificateholder (in the case of the Directing Certificateholder, prior to the occurrence and
continuance of a Consultation Termination Event) and the Certificate Administrator no less than every ninety (90) days,
beginning at the end of such Extended Cure Period, that such Material Defect is still in effect solely because of the failure of the
applicable recording office to have recorded as filed or returned evidence of filing the document (or made such evidence available
online) and that such Mortgage Loan Seller is diligently pursuing the cure of such Material Defect (specifying the actions being
taken). Notwithstanding the foregoing, any Defect or Breach which causes any Mortgage Loan not to be a Qualified Mortgage shall be
deemed to materially and adversely affect the interests of Certificateholders therein, and (subject to the applicable Mortgage Loan
Seller’s right to cure such Defect or Breach during the Initial Cure Period) such Mortgage Loan shall be repurchased or
substituted for without regard to the Extended Cure Period described in the preceding sentence. If the affected Mortgage Loan is to
be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage Loan Seller (or, in the case of a
Joint

 

    -143-

     

    

 

Mortgage
Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) are to be remitted by wire transfer to the Master Servicer
for deposit into the Collection Account. In the event the Special Servicer is required to enforce the Repurchase Request related to
a Non-Specially Serviced Loan under this Section 2.03(b), within five (5) Business Days of request by the Special Servicer,
the Master Servicer shall deliver to the Special Servicer a copy of the Servicing File with respect to any such Non-Specially
Serviced Loan.

 

If
a Mortgage Loan Seller, in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage
Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special
Servicer, on behalf of the Trust (and, with respect to any Mortgage Loan other than an Excluded Loan or a Servicing Shift Mortgage
Loan, in either case, with the consent of the Directing Certificateholder if no Control Termination Event has occurred and is
continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount of
such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section
3.05(g) of this Agreement. In connection with any Loss of Value Payment with respect to any Non-Specially Serviced Loan, the
Master Servicer shall promptly provide the Special Servicer, but in any event within the time frames and in the manner provided
in Section 3.19 (as if such Mortgage Loan were subject to a Servicing Transfer Event), with the Servicing File and all
information, documents and records relating to such Non-Specially Serviced Loan and any related Serviced Companion Loan, either
in the Master Servicer’s possession or otherwise reasonably available to the Master Servicer, and reasonably required by
the Special Servicer to permit the Special Servicer to calculate the Loss of Value Payment, to the extent set forth in Section
3.19 (as if such Mortgage Loan were subject to a Servicing Transfer Event). The Loss of Value Payment shall include the portion
of any Liquidation Fees payable to the Special Servicer in respect of such Loss of Value Payment and the portion of fees of the
Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan and not previously paid by the Mortgage
Loan Seller. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the
Certificateholders, the RR Interest Owner and the Trustee on their behalf regarding any such Material Defect in lieu of any obligation
of the Mortgage Loan Seller to otherwise cure such Material Defect or repurchase or substitute for the affected Mortgage Loan
based on such Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement
between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the Trust, provided that (i) prior
to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Special Servicer
from exercising any of its rights related to a Material Defect in the manner and timing set forth in the related Mortgage Loan
Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute
for such Mortgage Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage
Loan; and (iii) a Material Defect as a result of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by
a Loss of Value Payment.

 

With
respect to any Non-Serviced Whole Loan, any “Defect” (or analogous term) under the related Non-Serviced PSA shall
constitute a Material Defect under each Mortgage Loan Purchase Agreement to the extent the applicable Mortgage Loan Seller repurchases
the Non-Serviced Companion Loan from the trust created pursuant to such Non-Serviced PSA; 

 

 

    -144-

     

    

 

provided, however, that
the foregoing shall not apply to any Defect related solely to the promissory note for any related Non-Serviced Companion Loan.

 

If
any Breach that constitutes a Material Defect pertains to a representation or warranty that the related Mortgage Loan documents or
any particular Mortgage Loan document requires the related Mortgagor to bear the costs and expenses associated with any particular
action or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller shall cure such Breach within the
applicable cure period (as the same may be extended) by reimbursing the Trust (by wire transfer of immediately available funds) for
(i) the reasonable amount of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Trust that are incurred as a result of such Breach and have not been reimbursed by the related
Mortgagor and (ii) the amount of any fees payable by the Mortgage Loan Seller to the Asset Representations Reviewer to the extent
not previously paid by the Mortgage Loan Seller to the Asset Representations Reviewer attributable to the Asset Review of such
Mortgage Loan; provided however, that if the Breach relates to a Joint Mortgage Loan, each Mortgage Loan Seller
shall be responsible for its Mortgage Loan Seller Percentage Interest of all such costs and expenses unless such Breach relates
solely to the Mortgage Note contributed by such Mortgage Loan Seller; provided, further, however, that in the
event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or
substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the
immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and upon its
making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To the extent
that any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the
related Mortgagor, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses obtained
from the related Mortgagor shall promptly be returned to the related Mortgage Loan Seller. Periodic Payments due with respect to
each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month of substitution, and Periodic Payments due
with respect to each Mortgage Loan being repurchased or replaced after the related Cut-off Date and received by the Master Servicer
or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase or substitution, shall be part of the
Trust Fund. Periodic Payments due with respect to each Qualified Substitute Mortgage Loan (if any) on or prior to the related Due
Date in the month of substitution, and Periodic Payments due with respect to each Mortgage Loan being repurchased or replaced and
received by the Master Servicer or the Special Servicer on behalf of the Trust after the related date of repurchase or substitution,
shall not be part of the Trust Fund and are to be remitted by the Master Servicer (or by the Special Servicer to the Master Servicer
who shall remit such funds) to the applicable Mortgage Loan Seller effecting the related repurchase or substitution promptly
following receipt. Notwithstanding anything contained in this Agreement or the related Mortgage Loan Purchase Agreement, a delay in
either the discovery of a Material Defect or in providing notice of such Material Defect shall not relieve the applicable Mortgage
Loan Seller of its obligation to cure, repurchase or substitute for (or make a Loss of Value Payment with respect to) the related
Mortgage Loan if it is otherwise required to do so under the related Mortgage Loan Purchase Agreement and/or this Article II
unless (i) the related Mortgage Loan Seller did not otherwise discover or have knowledge of such Material Defect,
(ii) such delay is a result of the failure by a party to the applicable Mortgage Loan Purchase Agreement, or this Agreement, to
provide prompt notice as required by the terms of the applicable Mortgage Loan Purchase

 

    -145-

     

    

 

Agreement,
or this Agreement, after such party has actual knowledge of such Material Defect (knowledge shall not be deemed to exist by reason
of the Custodial Exception Report), (iii) such Material Defect does not relate to the applicable Mortgage Loan not being a
Qualified Mortgage, and (iv) such delay or failure to provide notice (as required by the terms of the applicable Mortgage Loan
Purchase Agreement or this Agreement) prevented the Mortgage Loan Seller from curing such Material Defect and such Material Defect
was otherwise curable. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or
in part, a hotel, restaurant (operated by a Mortgagor), healthcare facility, nursing home, assisted living facility, self-storage
facility, theater or fitness center (operated by a Mortgagor), then the failure to deliver copies of the UCC Financing Statements
with respect to such Mortgage Loan shall not be a Material Defect.

 

The
parties acknowledge that certain Mortgage Loan Purchase Agreements may provide for an Additional Repurchase Obligor that is required
to perform the obligations of the related Mortgage Loan Seller described in this Section 2.03(b) or a guarantor of such
obligations, in each case, to the extent set forth in the applicable Mortgage Loan Purchase Agreement.

 

Pursuant
to each Mortgage Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties with
respect to a Mortgage Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan (or, in the
case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) if (i) the affected Mortgaged
Property may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such
Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set
forth in the Mortgage Loan documents and the related Mortgage Loan Seller provides an Opinion of Counsel to the effect that such
release in lieu of repurchase would not cause an Adverse REMIC Event and (iii) each applicable Rating Agency has provided
a Rating Agency Confirmation.

 

(c)           Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further
subject to Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage File
to be deemed to have a Material Defect: (i) the absence from the Mortgage File of the original signed Mortgage Note, unless
the Mortgage File contains a signed lost note affidavit and indemnity with a copy of the Mortgage Note that appears to be regular
on its face; (ii) the absence from the Mortgage File of the original signed Mortgage that appears to be regular on its face,
unless there is included in the Mortgage File either a copy of the Mortgage with evidence of recording thereon or a copy of the
Mortgage and a certificate from the related Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation;
(iii) the absence from the Mortgage File of the item called for by clause (viii) of the definition of “Mortgage
File”; (iv) the absence from the Mortgage File of any intervening assignments required to create a complete chain of
assignments to the Trustee on behalf of the Trust, unless there is included in the Mortgage File either a copy of the assignment
with evidence of recording thereon or a copy of the intervening assignment and a certificate from the related Mortgage Loan Seller
stating that the original intervening assignments were sent for filing or recordation, as applicable; (v) the absence from
the Mortgage File of any required letter of credit; or (vi) with respect to any related leasehold Mortgage Loan, the absence
from the related Mortgage File of a copy (or an original, if available) of the related Ground Lease; provided, however,
that no Defect (except the Defects previously described in sub-clauses (ii) through (vi)

 

    -146-

     

    

 

of
this Section 2.03(c)) shall be considered to materially and adversely affect the value of the related Mortgage Loan, the value
of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the document with respect to which the
Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage
Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the validity
or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate significant servicing obligation; provided,
further, that no Defect relating to any Non-Serviced Mortgage Loan previously described in sub-clauses (ii) through
(vi) of this Section 2.03(c) shall be considered to materially and adversely affect the value of such Mortgage Loan, the
value of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the related Mortgage Loan Seller,
after receipt of notice of such Defect, is unable to produce a copy of the document with respect to which the Defect exists within a
reasonable period after receiving such notice or otherwise establish that the original or copy, as applicable, of such document has been
delivered, in compliance with the terms of the related Non-Serviced PSA, to the custodian under the related Non-Serviced PSA. Notwithstanding
the foregoing, the delivery of executed escrow instructions or a binding commitment to issue a lender’s title insurance policy,
as provided in clause (viii) of the definition of “Mortgage File” herein, in lieu of the delivery of the actual
policy of lender’s title insurance, shall not be considered a Material Defect with respect to any Mortgage File if such actual
policy is delivered to the Custodian not later than eighteen (18) months following the Closing Date. Notwithstanding the foregoing,
to the extent a Mortgage Loan Seller has otherwise complied with its document delivery requirements under this Agreement and the related
Mortgage Loan Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant to Section 2.02 above of a
document that is part of the Mortgage File or a Mortgage Loan Seller can otherwise prove delivery of the document, and the Custodian
subsequently loses a document, the fact that such document is lost may not be utilized as the basis for a claim of a Material Defect
against a Mortgage Loan Seller pursuant to Section 5(a) of the related Mortgage Loan Purchase Agreement and/or this Section 2.03
and the Custodian shall be liable for any such loss to the extent provided for in Section 8.01.

 

(d)           In connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for a Mortgage Loan contemplated
by this Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer
shall each tender to the applicable Mortgage Loan Seller, upon delivery to each of the Trustee, the Certificate Administrator,
the Custodian, the Master Servicer and the Special Servicer of a trust receipt executed by the applicable Mortgage Loan Seller
evidencing such repurchase or substitution, all portions of the Mortgage File and other documents pertaining to such Mortgage
Loan possessed by each of the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer
(other than attorney-client communications that are privileged communications), and each document that constitutes a part of the
Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or assigned, as the case may be, to the applicable
Mortgage Loan Seller or Additional Repurchase Obligor in the same manner as provided in Section 5 or Section 19, as
applicable, of the related Mortgage Loan Purchase Agreement and, if applicable, the definition of “Mortgage File”
herein, so as to vest in such Mortgage Loan Seller or its designee the legal and beneficial ownership of such repurchased or substituted
Mortgage Loan (including property acquired in respect thereof and proceeds of any insurance policy with respect thereto) and the
related Mortgage Loan documents.

 

 

    -147-

     

    

 

(e)           Section 5
of each of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders and the RR Interest
Owner (subject to the limitations on the rights of the Certificateholders under this Agreement), or the Trustee on behalf of the
Certificateholders, the Master Servicer or the Special Servicer, with respect to any Material Defect; provided, however,
that the foregoing shall in no way limit the ability of the Master Servicer, the Special Servicer or the Trustee to take any action
against BCHI or Société Générale, in each case, to the extent provided for pursuant to the related
Mortgage Loan Purchase Agreement, including, without limitation, pursuant to Section 19 thereof.

 

(f)            The Enforcing Servicer shall, for the benefit of the Certificateholders, the RR Interest Owner and the Trustee (as holder of the
Lower-Tier Regular Interests), enforce the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan
Purchase Agreement. Such enforcement, including, without limitation, the legal prosecution of claims, if any, shall be carried
out in the best interest of the Certificateholders in accordance with the Servicing Standard. Any costs incurred by the Enforcing
Servicer with respect to the enforcement of the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage
Loan Purchase Agreement shall, to the extent not recovered from the applicable Mortgage Loan Seller or the Requesting Certificateholder,
be deemed to be Servicing Advances to the extent not otherwise provided for herein. The Special Servicer shall be reimbursed for
the reasonable costs of such enforcement: first, from a specific recovery, if any, of costs, expenses or attorneys’
fees against the applicable Mortgage Loan Seller; second, pursuant to Section 3.05(a)(vii) herein out of the related
Purchase Price, to the extent that such expenses are a specific component thereof; and third, if at the conclusion of such
enforcement action it is determined that the amounts described in clauses first and second are insufficient,
then pursuant to Section 3.05(a)(viii) herein out of general collections on the Mortgage Loans on deposit in the Collection
Account. Any costs, expenses or attorneys’ fees related to a repurchase of a Companion Loan shall be paid pursuant to the
related Intercreditor Agreement or pursuant to the documents related to an Other Securitization, if applicable.

 

(g)           If a Mortgage Loan Seller incurs any expense in connection with the curing of a Breach that constitutes a Material Defect, which
also constitutes a default under the related Mortgage Loan and is reimbursable thereunder, such Mortgage Loan Seller shall have
a right, and shall be subrogated to the rights of the Trustee and the Trust under the Mortgage Loan to recover the amount of such
expenses from the related Mortgagor; provided, however, that such Mortgage Loan Seller’s rights pursuant to
this Section 2.03(g) shall be junior, subject and subordinate to the rights of the Trustee, the Certificate Administrator,
the Trust, the Master Servicer and the Special Servicer to recover amounts owed by the related Mortgagor under the terms of such
Mortgage Loan including, without limitation, the rights to recover unreimbursed Advances, accrued and unpaid interest on Advances
at the Reimbursement Rate, fees owed to the Master Servicer or the Special Servicer, and unpaid or unreimbursed expenses of the
Trustee, the Certificate Administrator, the Trust, the Master Servicer or the Special Servicer allocable to such Mortgage Loan.
The Enforcing Servicer shall use reasonable efforts to recover such expenses for such Mortgage Loan Seller to the extent consistent
with the Servicing Standard, but taking into account the subordinate nature of the reimbursement to the related Mortgage Loan
Seller; provided, however, that the Enforcing Servicer determines in the exercise of its sole discretion consistent
with the Servicing Standard that such actions by it will not impair the Enforcing Servicer’s collection or recovery of principal,
interest and other sums due with respect to the related Mortgage

 

    -148-

     

    

Loan that would otherwise be payable to the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Certificateholders pursuant to the terms of this Agreement;
provided, further, that the Special Servicer may waive the collection of amounts due on behalf of such Mortgage
Loan Seller in its sole discretion in accordance with the Servicing Standard.

 

(h)           If (i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in this Section
2.03 and (ii) the applicable Material Defect does not constitute a Material Defect as to any other Crossed Underlying
Loan in the related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect shall
be deemed to constitute a Material Defect as to any other Crossed Underlying Loan in the related Crossed Mortgage Loan Group for
purposes of this paragraph, and the related Mortgage Loan Seller shall repurchase or substitute for such other Crossed Underlying
Loan(s) in the related Crossed Mortgage Loan Group as provided in Section 2.03(b) unless such other Crossed Underlying
Loans satisfy the Crossed Underlying Loan Repurchase Criteria. In the event that the remaining Crossed Underlying Loans in such
Crossed Mortgage Loan Group satisfy the Crossed Underlying Loan Repurchase Criteria, the applicable Mortgage Loan Seller may elect
either to repurchase or substitute for only the affected Crossed Underlying Loan(s) as to which the related Material Defect exists
or to repurchase or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group. Any reserve
or other cash collateral or letters of credit securing the Crossed Underlying Loans shall be allocated among the related Crossed
Underlying Loans in accordance with the related Mortgage Loan documents or otherwise on a pro rata basis based upon their
outstanding Stated Principal Balances. Except as provided in this Section 2.03(h) and Section 2.03(i), all other
terms of the related Mortgage Loans shall remain in full force and effect without any modification thereof.

 

(i)            Notwithstanding the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying
Loans, the related Mortgage Loan Seller may repurchase only that Crossed Underlying Loan required to be repurchased pursuant to
this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however,
that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the related Mortgage,
this Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase Criteria, (ii) in
connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at such Mortgage Loan Seller’s
expense) to the effect that the contemplated action will not cause an Adverse REMIC Event and (iii) in connection with such
partial release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications to
the Mortgage prepared and executed in connection with such partial release.

 

(j)            With respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase
or substitute for such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) or Section 2.03(i) while
the Trustee continues to hold any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage
Loan Seller and the Enforcing Servicer, on behalf of the Trustee, as assignee of the Depositor, will, as set forth in the related
Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against the other’s Primary Collateral but each will
be permitted to exercise remedies against the Primary Collateral securing its respective related Mortgage Loans, including with
respect to the Trustee, the Primary Collateral securing the

 

    -149-

     

    

 

Mortgage
Loans still held by the Trustee, so long as such exercise does not materially impair the ability of the other party to exercise its
remedies against its Primary Collateral. If the exercise of the remedies by one party would materially impair the ability of the
other party to exercise its remedies with respect to the Primary Collateral securing the Crossed Underlying Loans held by such
party, then both parties have agreed in the related Mortgage Loan Purchase Agreement to forbear from exercising such remedies until
the Mortgage Loan documents evidencing and securing the relevant Mortgage Loan can be modified in a manner that complies with the
related Mortgage Loan Purchase Agreement to remove the threat of material impairment as a result of the exercise of
remedies.

 

(k)           (i) In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage
Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the Enforcing Servicer and the Enforcing Servicer shall then
promptly forward the Certificateholder Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement.
Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to a Certificateholder Repurchase
Request.

 

(ii)           In the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder (other than any Loan-Specific Directing
Certificateholder that is a Mortgage Loan Seller or an Affiliate thereof) identifies a Material Defect with respect to a Mortgage
Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that party shall deliver prompt
written notice of such Material Defect to each other party to this Agreement and the related Mortgage Loan Seller identifying
the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase Request”
and each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, the “Repurchase Request”)
and the Enforcing Servicer shall promptly send the PSA Party Repurchase Request to the related Mortgage Loan Seller. The Enforcing
Servicer shall act as the Enforcing Party and enforce the rights of the Trust against the related Mortgage Loan Seller with respect
to a PSA Party Repurchase Request.

 

(iii)          In the event the Repurchase Request is not Resolved within 180 days after the applicable Mortgage Loan Seller receives the
Repurchase Request (a “Resolution Failure”), then the provisions described in Section 2.03(l) below
shall apply. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase
Request is sent to the related Mortgage Loan Seller. A Resolved Repurchase Request shall not preclude the Master Servicer or the
Special Servicer from exercising any of its rights related to a Material Defect in the manner and timing otherwise set forth in
this Agreement, in the related Mortgage Loan Purchase Agreement or as provided by law.

 

(l)            (i) After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase
Request was initiated by an Initial Requesting Certificateholder, a party to this Agreement or the Directing Certificateholder),
the Enforcing Servicer shall send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting

 

    -150-

     

    

 

Certificateholder,
if any, at the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate
Administrator (which shall be delivered via electronic mail to trustadministrationgroup@wellsfargo.com), indicating the Enforcing
Servicer’s intended course of action with respect to the Repurchase Request (a “Proposed Course of
Action”). The Certificate Administrator will be required to make the Proposed Course of Action Notice available to all
other Certificateholders and Certificate Owners and the RR Interest Owner by posting such notice on the Certificate
Administrator’s Website. The Proposed Course of Action Notice shall include (a) a request to Certificateholders to
indicate to the Enforcing Servicer their agreement with or dissent from such Proposed Course of Action, by clearly marking
“agree” or “disagree” to the Proposed Course of Action on such notice within thirty (30) days after the
date of such notice and a disclaimer that responses received after such 30-day period will not be taken into consideration,
(b) a statement that if any Certificateholder disagrees with the Proposed Course of Action, the Enforcing Servicer shall be
compelled to follow (either as the Enforcing Party or as the Enforcing Servicer in circumstances where a Certificateholder is acting
as the Enforcing Party) the course of action agreed to and/or proposed by the majority of the responding Certificateholders that
involves referring the matter to mediation or arbitration, as the case may be, in accordance with the procedures set forth below
relating to the delivery of Preliminary Dispute Resolution Election Notices and Final Dispute Resolution Election Notices (c) a
statement that the responding Certificateholders will be required to certify their holdings in connection with such response,
(d) a statement that only responses clearly marked “agree” or “disagree” with such Proposed Course of
Action will be taken into consideration and (e) instructions for the responding Certificateholders to send their responses to
the Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall, within fifteen (15) Business
Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders and share the
results with the Enforcing Servicer. The Certificate Administrator shall only count responses timely received and clearly indicating
agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language shall not be taken
into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with the Proposed Course of
Action. The Certificate Administrator shall be under no obligation to answer any questions from the Certificateholders regarding
such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection with
this Section 2.03(l) shall be limited solely to tabulating the Certificateholders’ responses of “agree” or
“disagree” to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement
obligation on the Certificate Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate
Administrator’s tabulation of the responses of the responding Certificateholders. If (a) the Enforcing Servicer’s
intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against
the related Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any
other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding
arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to
exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting
Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method
selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or
Certificate Owner may deliver to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election

 

    -151-

     

    

 

Notice”)
within 30 days from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website
(the “Dispute Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either
mediation (including non-binding arbitration) or arbitration. In the event (a) the Enforcing Servicer’s initial Proposed
Course of Action indicated a recommendation to undertake mediation (including non-binding arbitration) or arbitration, (b) any
Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice, and (c) the
Enforcing Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing
Servicer’s initial Proposed Course of Action indicating a recommendation to undertake mediation (including non-binding
arbitration) or arbitration, such additional responses from other Certificateholders or Certificate Owners will also be considered
Preliminary Dispute Resolution Election Notices supporting such Proposed Course of Action for purposes of determining the course of
action approved by the majority of responding Certificateholders.

 

(ii)           If neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner entitled to
do so delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder
or Certificate Owner otherwise entitled to do so shall have the right to refer the Repurchase Request to mediation or arbitration,
and the Enforcing Servicer as the Enforcing Party shall be the sole party entitled to determine a course of action, including,
but not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation
rights of the Directing Certificateholder pursuant to Section 6.08.

 

(iii)          Promptly and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice
from (a) the Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each
of clauses (a) and (b), a “Requesting Certificateholder”; provided that a Holder of the
Class RR Certificates may not be a Requesting Certificateholder), the Enforcing Servicer shall consult with each Requesting Certificateholder
regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or
arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than ten (10) Business
Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing
Servicer deems in good faith to be in accordance with the Servicing Standard relating to the timing and extent of such consultations.
No later than five (5) Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder
may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either
mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)          If, following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution
Election Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party

 

    -152-

     

    

and will remain
obligated under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust
with respect to the Repurchase Request and no Certificateholder, RR Interest Owner or Certificate Owner shall have any further
right to elect to refer the matter to mediation or arbitration.

 

(v)           If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely deliver a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration (including whether to refer the matter to mediation (including non-binding arbitration) or arbitration).
If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the terms of this Agreement within
thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer, then (i) the
rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or Certificate
Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course
of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then
the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect to a Requesting
Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material
change in the facts and circumstances known to such party at the time when the Proposed Course of Action Notice is posted on the
Certificate Administrator’s Website, and (iii) if the Proposed Course of Action Notice had indicated a course of action
other than the course of action under clause (ii), then the Enforcing Servicer shall again become the Enforcing Party
and, as such, shall be the sole party entitled to enforce the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)          Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply,
and the Enforcing Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to
the Repurchase Request, or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders
and the RR Interest Owner to commence litigation with respect to the Repurchase Request to avoid the running of any applicable
statute of limitations.

 

(vii)         In the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall
remain a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)        For the avoidance of doubt, none of the Depositor, the Mortgage Loan Seller with respect to the subject Mortgage Loan or any of
their respective affiliates (other than the Special Servicer or a Controlling Class Certificateholder) shall be entitled to be
an Initial Requesting Certificateholder or a Requesting Certificateholder or to act as a

 

    -153-

     

    

Certificateholder for purposes of delivering
any Preliminary Dispute Resolution Election Notice or Final Dispute Resolution Election Notice or otherwise to vote Certificates
owned by it or such affiliate(s) with respect to a course of action proposed or undertaken pursuant to the procedures described
herein.

 

(ix)          Subject to the other provisions of this Section 2.03(l), the Requesting Certificateholder is entitled to elect either mediation
or arbitration in its sole discretion; however, the Requesting Certificateholder shall not be entitled to then utilize the alternative
method in the event that the initial method is unsuccessful.

 

(m)          If the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)            The mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan
Seller within thirty (30) days of written notice of the Enforcing Party’s selection of mediation (such provider, the “Mediation
Services Provider”) in accordance with published mediation procedures (the “Mediation Rules”) promulgated
by the Mediation Services Provider.

 

(ii)           The mediator shall be impartial, an attorney admitted to practice in the state of New York and have at least fifteen (15) years
of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise
two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference.
The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)          Prior to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference
of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          The parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10
Business Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)           The expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)          Out of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by
the Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case
of arbitration) shall be reimbursable as a Servicing Advance.

 

    -154-

     

    

(n)           If the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)            The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller within thirty (30) days of written notice of the Enforcing Party’s selection of arbitration (such provider, the
“Arbitration Services Provider”) in accordance with published arbitration procedures (the “Arbitration
Rules”) promulgated by the Arbitration Services Provider.

 

(ii)           The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of
experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied
a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two
peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services
Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties
to the extent possible.

 

(iii)          Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference
of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          After consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment,
the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties,
with the goal of expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the
authority to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with
the Federal Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other
prehearing and post hearing motions), and shall do so by reasoned decision on the motion of any party to the arbitration.

 

(v)           Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party
to the arbitration shall be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably
and in good faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents they
reasonably and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness
depositions (excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator
shall have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines
good cause is shown that such additional discovery is reasonable and necessary.

 

(vi)          The arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission
of any post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage
Loan Purchase Agreement and this Agreement, and may not modify or change those

 

    -155-

     

    

 

agreements
in any way or award remedies not consistent with those agreements. The arbitrator shall not have the power to award punitive damages
or consequential damages in any arbitration conducted by them. Interest on any monetary award shall bear interest from the date of
the Final Dispute Resolution Election Notice at the Prime Rate. In its final determination, the arbitrator shall determine and award
the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and
administrative fees) and shall award reasonable attorneys’ fees to the parties to the arbitration as determined by the
arbitrator in its reasonable discretion. The determination of the arbitrator shall be by a reasoned decision in writing and
counterpart copies shall be promptly delivered to the parties. The final determination of the arbitrator shall be final and
non-appealable, except for actions to confirm or vacate the determination permitted under federal or state law, and may be enforced
in any court of competent jurisdiction.

 

(vii)         By selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)        No person may bring a putative or certified class action to arbitration.

 

(o)           The following provisions shall apply to both mediation and third-party arbitration:

 

(i)            Any mediation or arbitration shall be held in New York, New York unless another location is agreed by all parties;

 

(ii)           If the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of New York
for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)          The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted
under this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course
of the parties’ attempt to informally resolve any Repurchase Request, shall be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information shall be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the

 

 

    -156-

     

    

other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)          In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may be, shall
be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to any arbitration
or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party; provided
that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceeding shall be determined
by such Enforcing Servicer in consultation with the Directing Certificateholder (provided that a Consultation Termination Event
has not occurred and is not continuing) and in accordance with the Servicing Standard. All amounts recovered by the Enforcing Party shall
be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account. The agreement with the arbitrator
or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder is allocated any related costs and expenses
pursuant to the terms of the arbitrator’s decision or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer
acting on its behalf shall be responsible for any such costs and expenses allocated to the Requesting Certificateholder.

 

(v)           In the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay any expenses
allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the
mediation proceedings.

 

(vi)          The Trust (or the Trustee or the Enforcing Servicer, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be
permitted to redact any personally identifiable customer information included in any information provided for purposes of any
mediation or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to
the Repurchase Request and the dispute resolution identified in connection with such procedures; provided, however,
that (A) the Certificateholders and the RR Interest Owner shall be permitted to communicate prior to the commencement of any such
proceedings to the extent provided in Section 5.06 and (B) the Enforcing Servicer shall be permitted to include such
information in any 15Ga-1 Notice as it is required pursuant to Section 2.02(g).

 

(vii)         For the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase
Request to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the
Enforcing Servicer to perform its obligations with respect to a Mortgage Loan (including without limitation, a liquidation, foreclosure,
negotiation of a loan modification or workout, acceptance of a discounted pay-off or deed-in-lieu of foreclosure, or bankruptcy
or other litigation) or the exercise of any rights of a Directing Certificateholder.

 

(viii)        In the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to
then utilize the alternative method.

 

    -157-

     

    

(ix)           Any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration or related
responsibilities under this Agreement shall be reimbursable as Trust Fund expenses.

 

(p)           Notwithstanding
anything to the contrary herein, with respect to any Joint Mortgage Loan, the obligations of each of the applicable Mortgage Loan
Sellers to repurchase or substitute with respect to a Material Defect with respect to the related Mortgage Loan shall be limited to
a repurchase or substitution with respect to the Mortgage Note it sold to the Depositor in accordance with the related
Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any cure by either of the applicable Mortgage Loan
Sellers with respect to the Mortgage Note sold by it to the Depositor in accordance with the related Mortgage Loan Purchase
Agreement that also cures the Material Defect with respect to the entire related Joint Mortgage Loan shall satisfy the cure
obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage Loan.

 

Section
2.04        Execution of Certificates; Issuance of Lower-Tier Regular Interests. The
Trustee hereby acknowledges the assignment to it of the Mortgage Loans and, subject to Section 2.01 and Section 2.02,
the delivery to the Custodian of the Mortgage Files and a fully executed original counterpart of each of the Mortgage Loan Purchase
Agreements, together with the assignment to it of all of the other assets included in the Lower-Tier REMIC and the Grantor Trust.
Concurrently with such assignment and delivery, (i) in exchange for the Mortgage Loans (other than Excess Interest) and the other
assets comprising the Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee acknowledges the issuance of the
Lower-Tier Regular Interests and the Class LR Interest to the Depositor, (ii) the Trustee acknowledges the creation of the
Grantor Trust (as described in Section 2.05 below); (iii) the Trustee acknowledges the contribution by the Depositor
of the Lower-Tier Regular Interests to the Upper-Tier REMIC; (iv) immediately thereafter, in exchange for the Lower-Tier
Regular Interests, the Trustee acknowledges that it has caused the Certificate Administrator to issue the Class UR Interest and
has caused the Certificate Registrar to execute and caused the Authenticating Agent to authenticate and to deliver to or upon
the order of the Depositor, the Regular Certificates, the VRR Upper-Tier Regular Interests and the Class R Certificates, and the
Depositor hereby acknowledges the receipt by it or its designees, of such Certificates in authorized Denominations and the RR
Interest evidencing the entire beneficial ownership of the Upper-Tier REMIC (and in the case of the Class R Certificates, the
Class LR Interest and the Class UR Interest) and (v) the Trustee acknowledges that it has caused the Certificate Administrator
to issue the VRR Interest and Class S Certificates and has caused the Certificate Registrar to execute and cause the Authenticating
Agent to deliver to or upon the order of the Depositor such Certificates, and the Depositor hereby acknowledges the receipt by
it, or its designees, of such Certificates in authorized denominations, evidencing beneficial ownership of their respective portions
of the Grantor Trust.

 

Section
2.05        Creation of the Grantor Trust. The portions of the Trust Fund consisting
of (i) the Class S Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by the Class S Certificates
and (ii) the VRR Interest Specific Grantor Trust Assets, undivided beneficial ownership of which will be represented by the VRR
Interest, and the proceeds thereof, undivided beneficial ownership of which will be represented by the Class R Certificates
shall be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.

 

 

    -158-

     

    

 

[End
of Article II]

 

ARTICLE
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section
3.01        Administration of the Mortgage Loans, the Serviced Companion Loans, and REO
Properties. (a) Each of the Master Servicer and the Special Servicer shall diligently service and administer the Mortgage
Loans (other than any Non-Serviced Mortgage Loan), any Serviced Companion Loans and the applicable REO Properties (other than any
REO Property related to a Non-Serviced Mortgage Loan) it is obligated (as provided below) to service in accordance with applicable
law, this Agreement and the Mortgage Loan documents and, in the case of a Serviced Whole Loan, the related Intercreditor Agreement
on behalf of the Trust and in the best interests of and for the benefit of the Certificateholders and the RR Interest Owner and, in
the case of the Serviced Companion Loans, the Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests), as
a collective whole, taking into account the subordinate or pari passu nature of such Companion Loans (as determined by the
Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the
terms of this Agreement (and, with respect to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related
Intercreditor Agreement) and the terms of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking into
account the subordinate or pari passu nature of the Companion Loan. With respect to each Serviced Whole Loan, in the event of
a conflict between this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall control; provided
that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action
in accordance with the terms of any Intercreditor Agreement that would cause the Master Servicer or the Special Servicer, as the
case may be, to violate the Servicing Standard or the REMIC Provisions. To the extent consistent with the foregoing, the Master
Servicer and the Special Servicer shall service the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the related
Serviced Companion Loans in accordance with the higher of the following standards of care: (1) in the same manner in which, and
with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be,
services and administers similar mortgage loans for other third party portfolios and (2) the same care, skill, prudence and
diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage
loans owned by the Master Servicer or the Special Servicer, as the case may be, with a view to the (A) the timely recovery of
all payments of principal and interest under the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially
Serviced Loan or an REO Property, maximization of recovery of principal and interest on a net present value basis on such Mortgage
Loans and any related Serviced Companion Loans, and the best interests of the Trust and the Certificateholders and the RR Interest
Owner (as a collective whole as if such Certificateholders and the RR Interest Owner constituted a single lender) (and in the case
of any Whole Loan, the best interests of the Trust, the Certificateholders, the RR Interest Owner and any related Companion Holder
(as a collective whole as if such Certificateholders, the RR Interest Owner and the holder or holders of the related Companion Loan
constituted a single lender), taking into account the subordinate or pari passu nature, as applicable, of the related
Companion Loan), as determined by the Master Servicer or the Special Servicer, as the case may 

    -159-

     

    

be, in its reasonable judgment, in
either case giving due consideration to the customary and usual standards of practice of prudent institutional commercial,
multifamily and manufactured housing community mortgage loan servicers, but without regard to any conflict of interest arising from: (i) any
relationship that the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer may have
with any Mortgagor, any Mortgage Loan Seller, any other parties to this Agreement, any Sponsor, any originator of a Mortgage Loan or
any Affiliate of any of the foregoing; (ii) the ownership of any Certificate, Companion Loan, mezzanine loan, or subordinate
debt relating to a Mortgage Loan by the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable; (iii) the obligation, if any, of the Master Servicer to make Advances; (iv) the right of the
Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates to receive compensation for its services and
reimbursement for its costs hereunder or with respect to any particular transaction; (v) the ownership, servicing or management
for others of (a) a Non-Serviced Mortgage Loan and a Non-Serviced Companion Loan or (b) any other mortgage loans,
subordinate debt, mezzanine loans or properties not covered by this Agreement or held by the Trust by the Master Servicer or the
Special Servicer, as the case may be, or any of its Affiliates; (vi) any debt that the Master Servicer or the Special Servicer,
as the case may be, or any of its Affiliates, has extended to any Mortgagor or an Affiliate of any Mortgagor (including, without
limitation, any mezzanine financing); (vii) any option to purchase any Mortgage Loan or the related Companion Loan the Master
Servicer or the Special Servicer, as the case may be, or any of its Affiliates, may have; and (viii) any obligation of the
Master Servicer or the Special Servicer, or any of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as a
Mortgage Loan Seller (if the Master Servicer or the Special Servicer or any of their respective Affiliates is a Mortgage Loan
Seller) (the foregoing, collectively referred to as the “Servicing Standard”).

 

The
Master Servicer and the Special Servicer shall act in accordance with the Servicing Standard with respect to any action required
to be taken regarding the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

Without
limiting the foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer (i) any
Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing Transfer
Event has occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise provided herein with
respect to Non-Specially Serviced Loans in connection with any Major Decision, Special Servicer Decision or Payment Accommodation
and (ii) any REO Properties (other than the Non-Serviced Mortgaged Properties); provided that the Master Servicer
shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder
with respect to the Specially Serviced Loans, except for the reports specified herein as prepared by the Special Servicer, as
if no Servicing Transfer Event had occurred and with respect to the REO Properties (and the related REO Loans) as if no REO Acquisition
had occurred, and to render such services with respect to such Specially Serviced Loans and REO Properties as are specifically
provided for herein; provided, further, however, that the Master Servicer shall not be liable for failure
to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information
to the Master Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations
hereunder. The Master Servicer, in its capacity as the Master Servicer, shall not have any responsibility for the performance
by the Special Servicer, in its capacity as the Special Servicer,

 

    -160-

     

    

of
its duties under this Agreement. The Special Servicer, in its capacity as the Special Servicer, shall not have any responsibility
for the performance by the Master Servicer, in its capacity as the Master Servicer, of its duties under this Agreement. Each
Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Loan shall continue as such until
satisfaction of the conditions specified in Section 3.19(a). Without limiting the foregoing, subject to Section 3.19
and in accordance with the terms of this Agreement, the Master Servicer shall be obligated to service and administer any
Non-Specially Serviced Loan and any related Serviced Companion Loan. The Special Servicer shall make the property inspections, use
its reasonable efforts to collect the financial statements, budgets, operating statements and rent rolls and forward to the Master
Servicer the reports in respect of the related Mortgaged Properties with respect to Specially Serviced Loans in accordance with Section
3.12. After notification to the Master Servicer, the Special Servicer may contact the Mortgagor of any Non-Specially Serviced
Loan if efforts by the Master Servicer to collect required financial information have been unsuccessful or any other issues remain
unresolved. Such contact shall be coordinated through and with the cooperation of the Master Servicer. No provision herein contained
shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability or
recoverability of payments on the Mortgage Loans or any related Serviced Companion Loan or be construed to impair or adversely
affect any rights or benefits provided by this Agreement to the Master Servicer or the Special Servicer (including with respect to
Servicing Fees, Special Servicing Fees or the right to be reimbursed for Advances and interest accrued thereon). Any provision in
this Agreement for any Advance by the Master Servicer or the Trustee is intended solely to provide liquidity for the benefit of the
Certificateholders and the RR Interest Owner and not as credit support or otherwise to impose on any such Person the risk of loss
with respect to one or more of the Mortgage Loans or any related Serviced Companion Loans. No provision hereof shall be construed to
impose liability on the Master Servicer or the Special Servicer for the reason that any recovery to the Certificateholders and the
RR Interest Owner in respect of a Mortgage Loan at any time after a determination of present value recovery is less than the amount
reflected in such determination.

 

(b)          Subject only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08) and
of the respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable,
and applicable law, each of the Master Servicer and the Special Servicer shall have full power and authority, acting alone or,
subject to Section 3.20, through one or more Sub-Servicers, to do or cause to be done any and all things in connection
with such servicing and administration for which it is responsible which it may deem necessary or desirable. Without limiting
the generality of the foregoing, each of the Master Servicer and the Special Servicer, in its own name (or in the name of the
Trustee and, if applicable, the related Serviced Companion Noteholder), is hereby authorized and empowered by the Trustee to execute
and deliver, on behalf of the Certificateholders (and, with respect to a Serviced Companion Loan, the related Serviced Companion
Noteholder), the RR Interest Owner and the Trustee or any of them, with respect to each Mortgage Loan and any related Serviced
Companion Loan (and, if applicable, each REO Property) it is obligated to service under this Agreement: (i) any and all financing
statements, continuation statements and other documents or instruments necessary to maintain the lien created by the 

    -161-

     

    

related
Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and related collateral, and
shall, from time to time, execute and/or deliver such financing statements, continuation statements and other documents or
instruments as necessary to maintain the lien created by the related Mortgage or other security document in the related Mortgage
File on the related Mortgaged Property and related collateral; (ii) subject to Section 3.08, Section 3.18 and Section
6.08, any and all modifications, waivers, amendments or consents to, under or with respect to any documents contained in
the related Mortgage File; (iii) any and all instruments of satisfaction or cancellation, pledge agreements and other documents
in connection with a defeasance, or of partial or full release or discharge, and all other comparable instruments; and (iv) any
or all complaints or other pleadings to initiate and/or to terminate any action, suit or proceeding on behalf of the Trust (in their
representative capacities (except as set forth below in this paragraph). The Master Servicer (with respect to Non-Specially Serviced
Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall provide to the Mortgagor related to such Mortgage
Loans that it is servicing any reports required to be provided to them pursuant to the related Mortgage Loan documents. Subject to Section
3.10, the Trustee shall (i) upon request, furnish to the Master Servicer and the Special Servicer original powers of attorney in
the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed to by the
Trustee and the Master Servicer or the Special Servicer, as applicable) and (ii) upon request, furnish, or cause to be furnished, to
the Master Servicer or the Special Servicer other documents necessary or appropriate to enable the Master Servicer or the Special
Servicer, as the case may be, to carry out its servicing and administrative duties hereunder; provided, however, that
the Trustee shall not be held responsible or liable for any acts of the Master Servicer or the Special Servicer, or for any
negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer. Notwithstanding
anything contained herein to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall not, without the
Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without
indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless
prohibited by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so
prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as
applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action,
suit or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special
Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall
not be required to obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as
applicable, representative capacity)) or (ii) take any action with the intent to cause, and that actually causes, the Trustee
to be required to be registered to do business in any state.

 

(c)           To the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion Loan
documents (including any related Intercreditor Agreement) to exercise its discretion with respect to any action that requires
Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities
(if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer
shall require the costs of such Rating Agency Confirmation to be borne by the related Mortgagor. To the extent the terms of the
related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) require the Mortgagor
to bear the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that

 

    -162-

     

    

 

such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master
Servicer shall not waive the requirement that such costs and expenses be borne by the related Mortgagor. To the extent that the
terms of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) are silent
as to who bears the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan
Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master
Servicer shall use reasonable efforts to have the Mortgagor bear such costs and expenses. The Master Servicer shall not be
responsible for the payment of such costs and expenses out of pocket other than as a Servicing Advance.

 

(d)           The relationship of each of the Master Servicer and the Special Servicer to the Trustee under this Agreement is intended by the
parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

 

(e)           The Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan documents,
and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)            Within sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents)
after the later of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable
Mortgage Loan Seller pursuant to the Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit for each
Mortgage Loan (other than any Non-Serviced Mortgage Loan) identified as having a letter of credit on the Mortgage Loan Schedule,
that the Master Servicer (in care of the Trustee, as titled in Section 2.01(b)) for the benefit of the Certificateholders
and the RR Interest Owner and any related Companion Holders shall be the beneficiary under each such letter of credit and (y) the
Master Servicer shall notify each lessor under a Ground Lease for each Mortgage Loan identified as subject to a leasehold interest
on the Mortgage Loan Schedule, that the Trust is the leasehold mortgagee and that the Master Servicer or the Special Servicer
shall service the related Mortgage Loan for the benefit of the Certificateholders and the RR Interest Owner. If a letter of credit
is required to be drawn upon earlier than the date the applicable Mortgage Loan Seller has notified the provider of such letter
of credit pursuant to clause (x) of the immediately preceding sentence, such Mortgage Loan Seller shall cooperate
with the reasonable requests of the Master Servicer or the Special Servicer in connection with making a draw under such letter
of credit. If the Mortgage Loan documents do not require the related Mortgagor to pay any costs and expenses relating to any modifications
to or assignment of the related letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses as
and to the extent required under the applicable Mortgage Loan Purchase Agreement. If the Mortgage Loan documents require the related
Mortgagor to pay any costs and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails
to pay such costs and expenses after the Master Servicer has exercised reasonable efforts to collect such costs and expenses from
such Mortgagor, then the Master

 

    -163-

     

    

 

Servicer
shall give the applicable Mortgage Loan Seller notice of such failure and the amount of costs and expenses, and such Mortgage Loan
Seller shall pay such costs and expenses as and to the extent required under the applicable Mortgage Loan Purchase Agreement. The
costs and expenses of any modifications to Ground Leases shall be paid by the related Mortgagor. Neither the Master Servicer nor the
Special Servicer shall have any liability for the failure of any Mortgage Loan Seller to perform its obligations under the related
Mortgage Loan Purchase Agreement.

 

The
Master Servicer acknowledges that any letter of credit held by it shall be held in its capacity as Master Servicer of the Trust.
If the Master Servicer sells its rights to service the applicable Mortgage Loan, the Master Servicer shall assign the applicable
letter of credit (i) to the Trust at the expense of the Master Servicer (which the Master Servicer may recover from the Mortgagor
if permitted by the related Mortgage Loan documents) or (ii) with respect to any Specially Serviced Loan at the direction of the
Special Servicer to such party as the Special Servicer may instruct at the expense of the Special Servicer. Subject to Section
6.04, the Master Servicer (solely with respect to clause (i) of the prior sentence) or the Special Servicer (solely
with respect to clause (ii) of the prior sentence) shall indemnify the Trust for any loss caused by the ineffectiveness
of such assignment as a result of the Master Servicer’s or the Special Servicer’s, as applicable, negligence.

 

(g)           Notwithstanding anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make an
Advance with respect to any Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer
included in the Trust Fund.

 

(h)           Servicing and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related Intercreditor
Agreement for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust Fund or for
such longer period as is contemplated by the related Intercreditor Agreement and, to the extent consistent with the related Intercreditor
Agreement, as any amounts payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance
with the related Intercreditor Agreement remain due and owing.

 

(i)            The Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or Serviced
Whole Loan that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section
3.19, use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the
extent the Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant
to any such Intercreditor Agreement. The costs and expenses incurred by the Special Servicer in connection with such enforcement
shall be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, with respect to any
Serviced Whole Loan, first, by any related AB Subordinate Companion Loan and then, pro rata and pari passu,
by the Trust and any related Serviced Pari Passu Companion Loans, in accordance with the respective Stated Principal Balances
of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loans.

 

(j)            Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under the
related Intercreditor Agreement, the

 

    -164-

     

    

 

servicing
and administration of a Serviced Whole Loan shall continue hereunder (but not with respect to making Advances) even if the related
Serviced Mortgage Loan is no longer part of the Trust Fund, until such time as a separate servicing agreement is entered into in
accordance with the related Intercreditor Agreement (it being acknowledged that neither the Master Servicer nor the Special Servicer
shall be obligated under a separate agreement to which it is not a party); provided that, other than pursuant to Section
6.04 (and, with respect to Section 6.04, solely with respect to claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses (including, without limitation, costs
and expenses of litigation and of enforcement of such indemnity, and of investigation, counsel fees, damages, judgments and amounts
paid in settlement) incurred in connection with a legal claim or action resulting from an action or inaction taken or not taken
while the related Serviced Mortgage Loan was part of the Trust Fund), no costs, expenses, losses or fees accruing with respect to
such Serviced Whole Loan on and after the date the related Serviced Mortgage Loan is no longer part of the Trust Fund shall be
payable out of the Trust Fund and the Master Servicer shall have no obligation to make any Advance on or after the date such
Serviced Mortgage Loan ceases to be part of the Trust Fund; provided, however, that if, in the case of any Serviced
Pari Passu Whole Loan, the related Serviced Companion Loan continues to be included in an Other Securitization, then for so long as
a separate servicing agreement (pursuant to the related Intercreditor Agreement) has not been entered into, the Master Servicer
shall inform the related Other Servicer of any need to make Servicing Advances with respect to a Serviced Whole Loan within three
(3) Business Days of determining that such an Advance is necessary or being notified that such an Advance is necessary, or in the
case of a Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business Day. With respect to
Servicing Advances made by any Other Servicer as contemplated in the second proviso to the preceding sentence, the Master Servicer
shall, from collections on the related Serviced Whole Loan (but never out of general collections on the Mortgage Loans and REO
Properties) received by the Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same manner and on the
same level of priority as if such Servicing Advances had been made by the Master Servicer hereunder.

 

(k)           The Master Servicer (or, with respect to any Specially Serviced Loan, the Special Servicer) shall use reasonable efforts consistent
with the Servicing Standards to enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan) under the related
Non-Serviced Intercreditor Agreement and Non-Serviced PSA.

 

(l)            The parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related Non-Serviced
Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement, (i) the related
Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced Special
Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the related Non-Serviced Companion Loan
is no longer part of the Trust Fund created by the related Non-Serviced PSA and (B) the related Non-Serviced Mortgage Loan is
included in the Trust Fund, then, as set forth in the related Non-Serviced Intercreditor Agreement, the related Non-Serviced Whole
Loan shall continue to be serviced in accordance with the related Non-Serviced PSA, until such time as a new servicing agreement
has been agreed to by the parties to the related Non-Serviced Intercreditor Agreement in accordance with the provisions of such
agreement and confirmation has been obtained from the

 

    -165-

     

    

Rating Agencies that such new servicing agreement would not result in a
downgrade, qualification or withdrawal of the then current ratings of any Class of Certificates then-outstanding.

 

(m)          Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and
the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s
authority with respect to a Serviced Whole Loan are limited by, and subject to, the terms of the related Intercreditor Agreement.
The Master Servicer (or, if a Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer) shall use reasonable
efforts consistent with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced
Mortgage Loan) under the related Intercreditor Agreement. In the event of any conflict between this Agreement and the related
Intercreditor Agreement, the provisions of the related Intercreditor Agreement shall control.

 

(n)           In connection with the securitization of any Serviced Companion Loan (in each case, only while it is a Serviced Companion Loan),
upon the request of (and at the expense of) a related Serviced Companion Noteholder (or its designee), each of the Master Servicer
(if such Serviced Companion Loan is not a Specially Serviced Loan), the Special Servicer (if such Serviced Companion Loan is a
Specially Serviced Loan) and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion
Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes,
and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating
to such Other Securitization.

 

(o)           For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee have
any obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced
Certificate Administrator or Non-Serviced Trustee or (b) make Servicing Advances with respect to any Non-Serviced Whole Loan.
The obligation of the Master Servicer to provide information and collections and make P&I Advances to the Certificate Administrator
for the benefit of the Certificateholders and the RR Interest Owner with respect to each Non-Serviced Mortgage Loan is dependent
on its receipt of the corresponding information and/or collections from the applicable Non-Serviced Master Servicer or Non-Serviced
Special Servicer.

 

(p)           Nothing contained in this Agreement shall limit the ability of the Master Servicer or the Special Servicer to lend money to (to
the extent not secured, in whole or in part, by any Mortgaged Property), accept deposits from or otherwise generally engage in
any kind of business or dealings with any Mortgagor as though the Master Servicer or the Special Servicer was not a party to this
Agreement or to the transactions contemplated hereby; provided that this sentence shall not be construed to modify or supersede
the Servicing Standard.

 

Section
3.02        Collection of Mortgage Loan Payments. (a) Each of the Master Servicer
and the Special Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the
Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the Serviced Companion Loans it is obligated to service hereunder,
and shall follow such collection procedures as are consistent with this Agreement (including, without limitation, the Servicing
Standard); provided, that with respect to each ARD Loan, so long as the related

 

    -166-

     

    

 

Mortgagor
is in compliance with each provision of the related Mortgage Loan documents, the Master Servicer and the Special Servicer shall not
take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Excess Interest, other than
requests for collection, until the Maturity Date of the related 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 the
Master Servicer or the Special Servicer, as the case may be, may take action to enforce the Trust’s right to apply excess cash
flow to principal in accordance with the terms of the Mortgage Loan documents. The Master Servicer or the Special Servicer, as
applicable, may in its discretion waive any Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Serviced
Companion Loan that it is obligated to service hereunder three (3) times during any period of twenty-four (24) consecutive
months with respect to any Mortgage Loan or Serviced Companion Loan; provided that the Master Servicer or the Special
Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with any delinquent payment on a Mortgage Loan
or Serviced Companion Loan one additional time in such 24-month period so long as with respect to any of the foregoing waivers, no
Advance or additional expense of the Trust has been incurred and remains unreimbursed to the Trust with respect to such Mortgage
Loan or Serviced Companion Loan. Any additional waivers during such 24-month period with respect to such Mortgage Loan may be made,
subject to the Servicing Standard, only after the Master Servicer or the Special Servicer, as the case may be, has, prior to the
occurrence and continuance of a Consultation Termination Event, given notice of a proposed waiver to the Directing Certificateholder
and, prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder has consented to such
additional waiver (provided that if the Master Servicer or the Special Servicer, as applicable, fails to receive a response
to such notice from the Directing Certificateholder in writing within five (5) days of giving such notice, then the Directing
Certificateholder shall be deemed to have consented to such proposed waiver); provided, further, that after the
occurrence and during the continuance of a Control Termination Event, the Master Servicer or the Special Servicer, as the case may
be, may waive any Penalty Charge in accordance with the Servicing Standard without the consent of the Directing Certificateholder; provided, further,
that the Directing Certificateholder shall have no consent or consultation rights with respect to the foregoing waivers in relation
to any Excluded Loan.

 

(b)           (i) All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts due and
owing under the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the express
provisions of the Mortgage Loan documents (including any related Intercreditor Agreement); provided, however, that
absent express provisions in the related Mortgage Loan documents (including any related Intercreditor Agreement) or to the extent
otherwise agreed to by the related Mortgagor in connection with a workout of a Mortgage Loan, all amounts collected by or on behalf
of the Trust in respect of a Mortgage Loan in the form of payments from the related Mortgagor, Liquidation Proceeds or Insurance
and Condemnation Proceeds under the Mortgage Loan (in the case of each Serviced Whole Loan, exclusive of amounts payable to any
applicable Companion Loan pursuant to the terms of the related Intercreditor Agreement) shall be applied in the following order
of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and

 

    -167-

     

    

 

unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid additional trust
fund expenses;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on such Mortgage Loan (as described in the first proviso in the definition
of Aggregate Principal Distribution Amount);

 

third,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of accrued and unpaid interest on such Mortgage Loan to the extent of the excess of (i) accrued and unpaid interest (exclusive
of Default Interest and Excess Interest) on such Mortgage Loan at the related Mortgage Rate in effect from time to time through
the end of the applicable mortgage interest accrual period, over (ii) after taking into account any allocations pursuant
to clause fifth below on earlier dates, the aggregate portion of the accrued and unpaid interest described in sub-clause (i)
of this clause third that either (A) (x) was not advanced because of the reductions (if any) in the amount
of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or
(y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I
Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing
such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I
Advances for such Mortgage Loan that would have occurred in connection with the related Appraisal Reduction Amounts, or (B) accrued
at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral
Deficiency Amount in effect from time to time and as to which no P&I Advance was made;

 

fourth,
to the extent not previously so allocated pursuant to clause first or second 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);

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the sum of (A) the cumulative amount
of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with
related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such
P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have
been a Nonrecoverable Advance, and (B) any unpaid interest (exclusive of Default Interest and Excess Interest) that accrued
at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral
Deficiency Amount in effect from time to time and as to which no P&I Advance was made (in each case, to the extent collections
have not been allocated as recovery of such accrued and unpaid interest pursuant to this clause fifth on earlier
dates);

 

 

    -168-

     

    

 

sixth,
as a recovery of amounts to be currently allocated to the payment of, or, to the extent required under the Mortgage Loan documents,
escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to such Mortgage
Loan;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

tenth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

eleventh,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and other
than, if applicable, accrued and 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);

 

twelfth,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

thirteenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided
that to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the
lender’s rights under the related Mortgage Loan documents) with respect to any partial release of a Mortgaged Property
(including in connection with a condemnation) at a time when the LTV Ratio of the related Mortgage Loan or Serviced Whole
Loan, as applicable, exceeds 125%, or would exceed 125% following any partial release (based solely on the value of real
property and excluding personal property and going concern value, if any, unless otherwise permitted under the applicable
REMIC Provisions as evidenced by an Opinion of Counsel to the Trustee) shall be collected and allocated to reduce the
principal balance of the Mortgage Loan or Serviced Whole Loan in the manner required by the REMIC Provisions; provided, further,
that if a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become
REO Loans, the treatment of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms
of the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further,
that with respect to each Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related
Serviced Whole Loan shall be allocated first pursuant to the terms of the related Intercreditor Agreement and then, any
amounts allocated to the related Serviced Mortgage Loan shall be subject to application as described above.

 

 

    -169-

     

    

 

(ii)           Collections by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the payment
of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of
each Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s), as applicable, pursuant
to the related Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid additional trust fund
expenses with respect to such Mortgage Loan;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition
of Aggregate Principal Distribution Amount);

 

third,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of accrued and unpaid interest on such Mortgage Loan to the extent of the excess of (i)  accrued and unpaid interest (exclusive
of Default Interest and Excess Interest) on such Mortgage Loan at the related Mortgage Rate in effect from time to time through
the end of the applicable mortgage interest accrual period, over (ii) after taking into account any allocations pursuant
to clause fifth below or clause fifth of the prior paragraph on earlier dates, the aggregate portion
of the accrued and unpaid interest described in sub-clause (i) of this clause third that either (A) (x) was
not advanced because of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred
in connection with related Appraisal Reduction Amounts or (y) with respect to any accrued and unpaid interest that was not
advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that
(absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced
because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection
with related Appraisal Reduction Amounts, or (B) accrued at the related Net Mortgage Rate on the portion of the Stated Principal
Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no
P&I Advance was made;

 

fourth,
to the extent not previously so allocated pursuant to clause first or second above, as a recovery
of principal of such Mortgage Loan to the extent of its entire unpaid principal balance;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the sum of (A) the cumulative
amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in
connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction
Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such
P&I Advance would have been a

 

    -170-

     

    

 

Nonrecoverable Advance, and (B) any unpaid interest (exclusive of Default Interest and
Excess Interest) that accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such
Mortgage Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I
Advance was made (in each case, to the extent collections have not been allocated as recovery of accrued and unpaid interest
pursuant to this clause fifth or clause fifth of the prior paragraph on earlier
dates);

 

sixth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

seventh,
as a recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

eighth,
as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and other
than, if applicable, accrued and 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); and

 

tenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided
that if a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan
becomes an REO Loan, the treatment of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to
the terms of the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further,
that with respect to each Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related
Serviced Whole Loan shall be allocated first pursuant to the terms of the related Intercreditor Agreement and then, any
amounts allocated to the related Serviced Mortgage Loan shall be subject to application as described above.

 

(iii)          Notwithstanding clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority
of distributions of payments pursuant to the provisions of this Agreement. To the extent that such amounts are paid by a party
other than a Mortgagor, such amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged
Property (in the case of Insurance and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the
Mortgage Loan or Companion Loan(s), as applicable, or in accordance with Section 3.02(b)(ii) above.

 

(c)           To the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related Serviced
Companion Loan(s), as applicable, and the related Intercreditor Agreement) and applicable law, the Master Servicer shall apply
all Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related
Mortgage Loan or Companion Loan(s) as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding
the month in

 

    -171-

     

    

which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii),
as applicable, above.

 

(d)           In the event that the Master Servicer or the Special Servicer receives Excess Interest prior to the Determination Date for any
Collection Period, or receives notice from the related Mortgagor that the Master Servicer or the Special Servicer will be receiving
Excess Interest prior to the Determination Date for any Collection Period, the Master Servicer or the Special

 

 

Servicer, as the
case may be, shall notify the Trustee and the Certificate Administrator two (2) Business Days prior to the related Distribution
Date. None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for
any failure of the related Mortgagor to pay any Excess Interest or prepayment penalty. The preceding statements shall not, however,
be construed to limit the provisions of Section 3.02(a).

 

(e)           With respect to any Mortgage Loan or any Serviced Pari Passu Companion Loan for which the related Mortgagor was required to escrow
funds or to post a letter of credit related to obtaining certain performance objectives, such as targeted debt service coverage
levels or leasing criteria with respect to the Mortgaged Property as a whole or particular portions thereof, if the mortgagee
has the discretion under the applicable Mortgage Loan documents to retain the cash or letter of credit (or the proceeds of such
letters of credit) as additional collateral if the relevant conditions to release are not satisfied, then the Master Servicer
may continue to hold such escrows or letters of credit (or the proceeds of such letters of credit) as additional collateral or
use such funds to reduce the principal balance of the related Mortgage Loan or Serviced Pari Passu Companion Loan (to the extent
the related Mortgage Loan documents allow such action), unless holding or application of such funds would otherwise be inconsistent
with the Mortgage Loan documents or the Servicing Standard.

 

(f)            Promptly following the Closing Date, in the case of any Non-Serviced Whole Loan and, with respect to the Servicing Shift Mortgage
Loan, promptly following receipt of notice in connection with the Servicing Shift Date, the Certificate Administrator shall send
written notice (in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer and the related Non-Serviced
Special Servicer (with a copy to any other applicable party set forth on the schedule of addresses to Exhibit T) stating
that, as of such date, the Trustee is the holder of the related Non-Serviced Mortgage Loan and directing such Non-Serviced Master
Servicer to remit to the Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as the case
may be, to the Master Servicer all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to, the holder of such Non-Serviced Mortgage Loan under the related Non-Serviced Intercreditor
Agreement and the related Non-Serviced PSA. The Master Servicer shall, within two (2) Business Days of receipt of properly
identified funds, deposit into the Collection Account all amounts received with respect to the related Non-Serviced Mortgage Loan,
the related Non-Serviced Mortgaged Property or any related REO Property.

 

Section
3.03        Collection of Taxes, Assessments and Similar Items; Servicing Accounts.
(a)  The Master Servicer shall establish and maintain one or more accounts (the “Servicing Accounts”),
into which all Escrow Payments received by it shall be deposited and retained, and shall administer such Servicing Accounts in
accordance with the related Mortgage Loan documents and, if applicable, the Companion Loan documents. Any Servicing Account

 

    -172-

     

    

 

related
to a Serviced Whole Loan shall be held for the benefit of the Certificateholders and the RR Interest Owner and the related Serviced
Companion Noteholders collectively, but this shall not be construed to modify the respective interests of any noteholder therein as
set forth in the related Intercreditor Agreement. Amounts on deposit in Servicing Accounts may only be invested in accordance with
the terms of the related Mortgage Loan documents and Companion Loan documents, or in Permitted Investments in accordance with the
provisions of Section 3.06. Servicing Accounts shall be Eligible Accounts to the extent permitted by the terms of the related
Mortgage Loan documents. Withdrawals of amounts so deposited from a Servicing Account may be made only to: (i) effect payment
of items for which Escrow Payments were collected and comparable items; (ii) reimburse the Trustee and then the Master
Servicer, if applicable, for any Servicing Advances; (iii) refund to Mortgagors any sums as may be determined to be overages;
(iv) pay interest to Mortgagors on balances in the Servicing Account, if required by applicable law or the terms of the related
Mortgage Loan or Companion Loan and as described below or, if not so required, to the Master Servicer; (v) after the occurrence
of an event of default under the related Mortgage Loan or Companion Loan, apply amounts to the indebtedness under the applicable
Mortgage Loan or Companion Loan; (vi) withdraw amounts deposited in error; (vii) pay Penalty Charges to the extent
permitted by the related Mortgage Loan documents; or (viii) clear and terminate the Servicing Account at the termination of
this Agreement in accordance with Section 9.01. As part of its servicing duties, the Master Servicer shall pay or cause to be
paid to the related Mortgagors interest on funds in Servicing Accounts, to the extent required by law or the terms of the related
Mortgage Loan or Companion Loan; provided, however, that in no event shall the Master Servicer be required to remit to
any Mortgagor any amounts in excess of actual net investment income or funds in the related Servicing Account. If allowed by the
related Mortgage Loan documents and applicable law, the Master Servicer may charge the related Mortgagor an administrative fee for
maintenance of the Servicing Accounts.

 

(b)          The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the Master
Servicer, in the case of all other related Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each related Serviced
Companion Loan, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of real
estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and
any ground rents payable in respect thereof. The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding
a Non-Serviced Mortgage Loan), and the Master Servicer, in the case of all other related Mortgage Loans (other than a Non-Serviced
Mortgage Loan) and each related Serviced Companion Loan, shall use reasonable efforts consistent with the Servicing Standard to
obtain, from time to time, all bills for the payment of such items (including renewal premiums) and shall effect payment thereof
from the REO Account or by the Master Servicer as Servicing Advances prior to the applicable penalty or termination date and,
in any event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for
nonpayment of such items, employing for such purpose Escrow Payments (which shall be so applied by the Master Servicer at the
written direction of the Special Servicer in the case of REO Loans) as allowed under the terms of the related Mortgage Loan (other
than a Non-Serviced Mortgage Loan) and Companion Loan(s). Other than with respect to any Non-Serviced Mortgage Loan, the Master
Servicer shall service and administer any reserve accounts (including monitoring, maintaining or changing the amounts of required
escrows) in accordance with the terms of such Mortgage Loan and the related Serviced Companion Loan(s), as applicable, and the
Servicing Standard. To the extent that a 

    -173-

     

    

Mortgage
Loan (other than a Non-Serviced Mortgage Loan) and any related Companion Loan, as applicable, does not require a Mortgagor to escrow
for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Special
Servicer, in the case of REO Loans, and the Master Servicer, in the case of all other such Mortgage Loans or Companion Loan, as
applicable, that it is responsible for servicing hereunder, shall use reasonable efforts consistent with the Servicing Standard to
cause the Mortgagor to comply with its obligation to make payments in respect of such items at the time they first become due and,
in any event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property
for nonpayment of such items.

 

(c)           In accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each Serviced
Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of effecting the
payment of (i) real estate taxes, assessments and other similar items that are or may become a lien thereon, (ii) ground
rents (if applicable) and (iii) premiums on Insurance Policies, in each instance if and to the extent Escrow Payments collected
from the related Mortgagor (or related REO Revenues, if applicable) are insufficient to pay such item when due and the related
Mortgagor has failed to pay such item on a timely basis, and provided, however, that the particular advance would
not, if made, constitute a Nonrecoverable Servicing Advance and provided, further, however, that with respect
to the payment of taxes and assessments, the Master Servicer shall not be required to make such advance until the later of (i) five
(5) Business Days after the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case
may be, has received confirmation that such item has not been paid and (ii) the date prior to the date after which any penalty
or interest would accrue in respect of such taxes or assessments. The Special Servicer shall give the Master Servicer and the
Trustee no less than five (5) Business Days’ written (facsimile or electronic) notice before the date on which the
Master Servicer is requested to make any Servicing Advance with respect to a given Specially Serviced Loan or REO Property; provided,
however, that only two (2) Business Days’ written (facsimile or electronic) notice shall be required in respect
of Servicing Advances required to be made on an emergency or urgent basis; provided, further, that the Special Servicer
shall not be entitled to make such a request (other than for Servicing Advances required to be made on an urgent or emergency
basis) more frequently than once per calendar month (although such request may relate to more than one Servicing Advance). The
Master Servicer may pay the aggregate amount of such Servicing Advances listed on a monthly request to the Special Servicer, in
which case the Special Servicer shall remit such Servicing Advances to the ultimate payees. The Special Servicer shall have no
obligation to make any Servicing Advances; provided that in an urgent or emergency situation requiring the making of a
Servicing Advance, the Special Servicer may make a Servicing Advance in its sole discretion. The Special Servicer shall deliver
to the Master Servicer a request for reimbursement for such Servicing Advance, along with all information and documentation in
the Special Servicer’s possession regarding the subject Servicing Advance as the Master Servicer may reasonably request,
and the Master Servicer shall be obligated, out of the Master Servicer’s own funds, to reimburse the Special Servicer for
any unreimbursed Servicing Advances (other than Nonrecoverable Servicing Advances) made by the Special Servicer pursuant to the
terms hereof, together with interest thereon at the Reimbursement Rate from the date made to, but not including, the date of reimbursement.
Such reimbursement and any accompanying payment of interest shall be made within five (5) Business Days of the written request
therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an account designated in writing
by

 

    -174-

     

    

 

the
Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer of any Servicing Advance and payment to the
Special Servicer of interest thereon, all in accordance with this Section 3.03, the Master Servicer shall for all purposes of
this Agreement be deemed to have made such Servicing Advance at the same time as the Special Servicer actually made such Servicing
Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such Servicing Advance, together with interest
thereon at the Reimbursement Rate, at the same time, in the same manner and to the same extent as the Master Servicer would
otherwise have been entitled if it had actually made such Servicing Advance at the time the Special Servicer did. Notwithstanding
the foregoing provisions of this Section 3.03(c), the Master Servicer shall not be required to reimburse the Special Servicer
out of its own funds for, or to make at the direction of the Special Servicer, any Servicing Advance if the Master Servicer
determines in its reasonable judgment that such Servicing Advance, although not characterized by the Special Servicer as a
Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The Master Servicer shall notify the Special
Servicer in writing of such determination and, if applicable, such Nonrecoverable Servicing Advance shall instead be reimbursed to
the Special Servicer pursuant to Section 3.05 of this Agreement.

 

Any
request by the Special Servicer that the Master Servicer make a Servicing Advance shall be deemed to be a determination by the
Special Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Master Servicer shall
be entitled to conclusively rely on such determination, provided that the determination shall not be binding on the Master
Servicer or Trustee. On the first Business Day after the Determination Date for the related Distribution Date, the Special Servicer
shall report to the Master Servicer if the Special Servicer determines any Servicing Advance previously made by the Master Servicer
with respect to a Specially Serviced Loan or REO Loan is a Nonrecoverable Servicing Advance. The Master Servicer and the Trustee
shall be entitled to conclusively rely on such a determination in response to a Servicing Advance or a proposed Servicing Advance
and such determination that the Servicing Advance is or would be a Nonrecoverable Servicing Advance shall be binding upon the
Master Servicer, but shall in no way limit the ability of the Master Servicer in the absence of such determination to make its
own determination that any Advance is a Nonrecoverable Advance. If the Special Servicer makes a determination that only a portion
of, and not all of, any previously made or proposed Servicing Advance is a Nonrecoverable Advance, the Master Servicer shall have
the right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing
Advance is a Nonrecoverable Advance. If the Master Servicer, the Special Servicer or the Trustee determines that a proposed Servicing
Advance with respect to a Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to a Serviced Whole
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable,
shall provide the applicable Other Servicer written notice of such determination within two (2) Business Days of the date of such
determination. All such Advances shall be reimbursable in the first instance from related collections from the Mortgagors and
further as provided in Section 3.05(a). No costs incurred by the Master Servicer or the Special Servicer in effecting the
payment of real estate taxes, assessments and, if applicable, ground rents on or in respect of the Mortgaged Properties shall,
for purposes hereof, including, without limitation, the Certificate Administrator’s calculation of monthly distributions
to Certificateholders and the RR Interest Owner, be added to the unpaid principal balances of the related Mortgage Loans or any
related Serviced Companion Loan, if applicable, notwithstanding that the terms of such Mortgage Loans or related Serviced Companion

 

    -175-

     

    

 

Loan,
if applicable, so permit. If the Master Servicer fails to make any required Servicing Advance as and when due (including any
applicable cure periods), to the extent the Trustee has actual knowledge of such failure, the Trustee shall make such Servicing
Advance pursuant to Section 7.05. Notwithstanding anything herein to the contrary, no Servicing Advance shall be required
hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, the Master Servicer
shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations. The
Special Servicer shall have no obligation to make any Servicing Advances under this Agreement.

 

Notwithstanding
anything to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect (but
shall not be required unless directed by the Special Servicer with respect to Specially Serviced Loans and REO Loans) to make
a payment from amounts on deposit in the Collection Account (or any Companion Distribution Account maintained as a subaccount
thereof by a Companion Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal
and then from all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding
that the Master Servicer (or the Special Servicer, as the case may be) has determined that a Servicing Advance with respect to
such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Loans or REO Loans, the
Special Servicer has notified the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the
related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of
the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan or Serviced Companion
Loan; provided that in each instance, the Master Servicer or the Special Servicer, as the case may be, determines in accordance
with the Servicing Standard (as evidenced by an Officer’s Certificate delivered to the Trustee) that making such expenditure
is in the best interest of the Certificateholders and the RR Interest Owner (and, if applicable, the Companion Holders), all as
a collective whole (taking into account the subordinate or pari passu nature of any Companion Loans). The Master Servicer
or the Trustee may elect to obtain reimbursement of Nonrecoverable Servicing Advances from the Trust pursuant to the terms of
Section 3.17(c). The parties acknowledge that pursuant to the applicable Non-Serviced PSA, the applicable Non-Serviced
Master Servicer is obligated to make servicing advances with respect to the related Non-Serviced Whole Loan. The applicable Non-Serviced
Master Servicer shall be entitled to reimbursement for Nonrecoverable Servicing Advances with respect to such Non-Serviced Whole
Loan (with, in each case, any accrued and unpaid interest thereon provided for under the applicable Non-Serviced PSA) in the manner
set forth in the applicable Non-Serviced PSA and the applicable Non-Serviced Intercreditor Agreement.

 

(d)           In connection with its recovery of any Servicing Advance out of the Collection Account (or any Companion Distribution Account
maintained as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the Trustee,
the Special Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive, out of
any amounts then on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued
on the amount of such Servicing Advance from the date made to, but not including, the date of reimbursement. Subject to Section
3.17(c), the Master Servicer shall reimburse itself, the Special Servicer or the Trustee, as the case may be, for any outstanding
Servicing Advance as soon as practically possible after funds available for such purpose are deposited in the Collection Account
(or any Companion Distribution Account

 

 

    -176-

     

    

 

maintained
as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the Master Servicer’s or the Trustee’s
options and rights to defer recovery of such amounts as provided herein; provided, however, that the Master
Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall not alter the Master Servicer’s
obligation to reimburse the Special Servicer for any outstanding Servicing Advance as provided for in this sentence. To the extent
amounts on deposit in the Companion Distribution Account with respect to the related Companion Loan are insufficient for any such
reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard to enforce the rights of the holder
of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement available from the holder of the
related Companion Loan.

 

(e)           To the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage
Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof
within a reasonable time after the later of the Closing Date and the date as of which plan is required to be established or completed.
To the extent that any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant
to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor
written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date and the date
as of which action or remediations are required to be or to have been taken or completed. To the extent a Mortgagor shall fail
to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report any such failure
to the Special Servicer within a reasonable time after the date as of which actions or remediations are required to be or to have
been taken or completed.

 

Section
3.04        The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier
REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve
Account, the VRR Interest Gain-on-Sale Reserve Account and the Excess Interest Distribution Account. (a)  The Master
Servicer shall establish and maintain, or cause to be established and maintained, the Collection Account in which the Master Servicer
shall deposit or cause to be deposited on a daily basis and in no event later than the second Business Day following receipt of
available and properly identified funds (in the case of payments by Mortgagors or other collections on the Mortgage Loans or Companion
Loans), except as otherwise specifically provided herein, the following payments and collections received or made by or on behalf
of it subsequent to the Cut-off Date (other than in respect of principal and interest on the Mortgage Loans or Companion Loans
due and payable on or before the Cut-off Date, which payments shall be delivered promptly to the appropriate Mortgage Loan Seller
or its respective designee and other than any amounts received from Mortgagors which are received in connection with the purchase
of defeasance collateral), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable
to a period subsequent thereto:

 

(i)            all payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on Serviced
Companion Loans;

 

    -177-

     

    

(ii)           all payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment
Premiums, Yield Maintenance Charges and Default Interest;

 

(iii)          late payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of
the Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

  

(iv)          all Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale
Proceeds) received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds
that are received in connection with the purchase by the Master Servicer, the Special Servicer, the Holders of the majority of
the Controlling Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the Trust
Fund and that are to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any
proceeds that are received in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization
by the related Mortgage Loan Seller, which shall be paid directly to the servicer of such securitization) together with any recovery
of Unliquidated Advances in respect of the related Mortgage Loans;

 

(v)           any amounts required to be transferred from the applicable REO Account pursuant to Section 3.14(c);

 

(vi)          any amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses incurred
with respect to Permitted Investments of funds held in the Collection Account; and

 

(vii)         any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b) in connection
with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding
the foregoing requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer
would be authorized to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be
entitled to instead immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts
shall be applied in accordance with the terms hereof and shall be reported as if deposited in the Collection Account and then
withdrawn.

 

The
foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for beneficiary
statements or demands, assumption fees, Modification Fees, extension fees, defeasance fees, amounts collected for Mortgagor checks
returned for insufficient funds or other amounts the Master Servicer or the Special Servicer would be entitled to retain as additional
servicing compensation need not be deposited by the Master Servicer in the Collection Account. If the Master Servicer shall deposit
in the Collection Account any amount not required to be deposited

    -178-

     

    

therein, it may at any time withdraw such amount from the Collection
Account, any provision herein to the contrary notwithstanding. Assumption, extension and Modification Fees actually received from
Mortgagors on Specially Serviced Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon
receipt of any of the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced
Loans, the Special Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the
Collection Account, in accordance with this Section 3.04(a), provided, that to the extent that any of the
foregoing amounts are received after 2:00 p.m. (Eastern Time) on any given Business Day, the Special Servicer shall use commercially
reasonable efforts to remit such amounts within one (1) Business Day of receipt of such amount, but, in any event, the Special
Servicer shall remit such amounts to the Master Servicer within two (2) Business Days of receipt of such amounts. Any such amounts
received by the Special Servicer with respect to an REO Property shall be deposited by the Special Servicer into the REO Account and
remitted to the Master Servicer for deposit into the Collection Account, pursuant to Section 3.14(c). With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty
such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight
courier. Funds in the Collection Account may only be invested in Permitted Investments in accordance with the provisions of Section
3.06. As of the Closing Date, the Collection Account shall be located at the offices of Midland Loan Services, a Division of PNC
Bank, National Association. The Master Servicer shall give written notice to the Trustee, the Special Servicer, the Certificate
Administrator and the Depositor of the new location of the Collection Account prior to any change thereof.

 

For
purposes of determining amounts to be deposited in the Collection Account in respect of the related Mortgage Loan, the Master
Servicer shall determine the allocation of such amounts in accordance with the related Intercreditor Agreement.

 

(b)           The Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution
Account and the Interest Reserve Account in trust for the benefit of the Certificateholders and the RR Interest Owner (other than
the Holders of the Excess Interest Certificates), (ii) (A) the Non-VRR Gain-on-Sale Reserve Account (if established) for
the benefit of the Non-VRR Certificateholders (other than the Holders of the Class S Certificates) and (B) the VRR Interest Gain-on-Sale
Reserve Account (if established) for the benefit of the VRR Interest Owners, (iii) the Upper-Tier REMIC Distribution Account
in trust for the benefit of the Certificateholders and the RR Interest Owner (other than the Holders of the Excess Interest Certificates),
and (iv) the Excess Interest Distribution Account in trust for the benefit of the Holders of the Excess Interest Certificates
and the VRR Interest Owners. The Master Servicer shall deliver to the Certificate Administrator each month on or before the P&I
Advance Date therein, for deposit (x) in the Lower-Tier REMIC Distribution Account, that portion of the Aggregate Available Funds
attributable to the Mortgage Loans (in each case calculated without regard to clauses (a)(iii)(B), (a)(iv),
(c) and (d) of the definition of Aggregate Available Funds) for the related Distribution Date and (y) in the Excess
Interest Distribution Account all Excess Interest for the related Distribution Date then on deposit in the Collection Account
after giving effect to withdrawals of funds pursuant to Section 3.05(a)(ii). For the avoidance of doubt, so long as Computershare
Trust Company, National Association is the Certificate Administrator, all funds 

    -179-

     

    

held in the Distribution Account, the Interest
Reserve Account and the Excess Interest Distribution Account shall remain uninvested.

 

If
there are any ARD Loans in the Trust Fund, then the Certificate Administrator shall, on any Distribution Date, make withdrawals
from the Excess Interest Distribution Account to the extent required to make the distributions of Excess Interest required by
Section 4.01(l) of this Agreement.

  

With
respect to each Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain
the Companion Distribution Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder.
Funds in the Companion Distribution Account shall be held for the benefit of the related Companion Holder. The Companion Paying
Agent shall separately track for each Serviced Companion Loan all amounts deposited in the Companion Distribution Account with
respect to such Serviced Companion Loan.

 

On
each Serviced Whole Loan Remittance Date, (1) first, the Master Servicer shall withdraw from the Collection Account (or applicable
portion thereof) an aggregate amount equal to all payments and/or collections actually received on, and payable in respect of,
the applicable Serviced Companion Loan prior to such date and deposit such amount in the Companion Distribution Account; provided,
however, that in no event shall the Master Servicer be required to transfer to the Companion Distribution Account any portion
thereof that is payable or reimbursable to or at the direction of any party to this Agreement under the other provisions of this
Agreement and/or the related Intercreditor Agreement; and (2) then, the Companion Paying Agent shall make the payments and
remittance described in Section 4.01(m). With respect to any Serviced Whole Loan, in the event the Master Servicer has
received written notice that an Other Servicer or Other Trustee has made an advance of a monthly debt service payment on a related
Serviced Pari Passu Companion Loan and the Master Servicer subsequently receives late collections in respect of such advanced
payment, the Master Servicer shall remit to the applicable Other Servicer or Other Trustee, within two (2) Business Days
following receipt of such late collections in properly identified funds, the amount allocable to such Serviced Pari Passu Companion
Loan in accordance with the terms of this Agreement and the related Intercreditor Agreement.

 

The
Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Interest Reserve Account, the Excess Interest
Distribution Account and, if established, the Non-VRR Gain-on-Sale Reserve Account, and the VRR Interest Gain-on-Sale Reserve
Account, may be subaccounts of a single Eligible Account, which shall be maintained as a segregated account separate from other
accounts.

 

In
addition to the amounts required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04,
the Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier
REMIC Distribution Account:

 

(i)            any amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments
(other than the portion of any 

    -180-

     

    

Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection
with Prepayment Interest Shortfalls;

 

(ii)           any P&I Advances required to be made by the Master Servicer in accordance with Section 4.03;

 

(iii)          any
Liquidation Proceeds paid by the Master Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of the
Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in the Trust Fund pursuant
to Section 9.01 (exclusive of that portion thereof required to be deposited in the Collection Account pursuant to Section
9.01);

 

(iv)          any Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

(v)           any other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any provision
of this Agreement.

 

If,
as of the close of business (New York City time) on any P&I Advance Date or on such other date as any amount referred to in
the foregoing clauses (i) through (v) or any Excess Interest are required to be delivered hereunder, the Master
Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account or
the Excess Interest Distribution Account, as applicable, the amounts required to be deposited therein pursuant to the provisions
of this Agreement (including any P&I Advance with respect to the Mortgage Loans, pursuant to Section 4.03(a)), the
Master Servicer shall pay the Certificate Administrator interest on such late payment at the Prime Rate from and including the
date such payment was required to be made (without regard to any Grace Period set forth in Section 7.01(a)(i)) until (but
not including) the date such late payment is received by the Certificate Administrator.

 

The
Certificate Administrator shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution
Account, as applicable, any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement
to be deposited therein.

 

Promptly
on each Distribution Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account
and deposit in the Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier
Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated
in payment of the Lower-Tier Regular Interests as specified in Section 4.01(a), Section 4.01(c) and Section 4.01(f),
respectively.

 

Funds
on deposit in the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account,
the Lower-Tier REMIC Distribution Account or if established, the Non-VRR Gain-on-Sale Reserve Account and the VRR Interest Gain-on-Sale
Reserve Account, shall not be invested for so long as Computershare Trust Company, 

    -181-

     

    

National
Association is the Certificate Administrator; provided, however, that such funds may be invested and, if invested,
shall be invested by, and at the risk of, the Certificate Administrator (but only if the Certificate Administrator is not
Computershare Trust Company, National Association) in Permitted Investments selected by the party hereunder that maintains such
account which shall mature, unless payable on demand, not later than such time on the Distribution Date which will allow the
Certificate Administrator to make withdrawals from the Distribution Account, and any such Permitted Investment shall not be sold or
disposed of prior to its maturity unless payable on demand. All such Permitted Investments to be administered by the Certificate
Administrator, shall be made in the name of “Computershare Trust Company, National Association, as Certificate Administrator,
for the benefit of Wilmington Trust, National Association, as Trustee for the Holders of the BBCMS Mortgage Trust 2022-C15,
Commercial Mortgage Pass-Through Certificates, Series 2022-C15 as their interests may appear”, or in the name of any
successor trustee, as Trustee for the Holders of the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates,
Series 2022-C15 as their interests may appear. None of the Trust, the Depositor, the Mortgagors, the Master Servicer or the Special
Servicer shall be liable for any loss incurred on such Permitted Investments.

 

An
amount equal to all income and gain realized from any such investment shall be paid to the Certificate Administrator as additional
compensation and shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect
of any such investments shall be for the account of the Certificate Administrator which shall deposit the amount of such loss
(to the extent not offset by income from other investments) in the Distribution Accounts, as the case may be, out of its own funds
immediately as realized. If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may
be, any amount not required to be deposited therein or transferred thereto, it may at any time withdraw such amount or retransfer
such amount from the Distribution Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

On
the Closing Date, the Depositor shall deposit $300,000 with the Certificate Administrator, to be credited to the Legal Fee Reserve
Account. Funds held in the Legal Fee Reserve Account shall remain uninvested. Annually, on or about April 1st beginning
2023, upon receipt by the Certificate Administrator from the Depositor of a legal invoice related to Commission compliance matters,
the Certificate Administrator shall pay such legal invoice from and solely to the extent of funds then on deposit in the Legal
Fee Reserve Account. Any such instruction shall be sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the
invoice, and a subject line reference of “BBCMS 2022-C15 - Legal Fee Reserve Account”. The Legal Fee Reserve Account
will not be a part of the Trust Fund, either Trust REMIC or the Grantor Trust. The Depositor will be the beneficial owner of the
Legal Fee Reserve Account for all federal income tax purposes, and shall be taxable on all income earned therefrom.

 

Upon
the depletion of the Legal Fee Reserve Account, or if there are insufficient funds to pay any invoice, the Certificate Administrator
shall notify the Depositor, and thereafter the Depositor shall pay any additional legal invoices from its own funds and the Certificate
Administrator shall have no responsibility in connection therewith.

 

The
Certificate Administrator shall have no responsibility for verifying the accuracy, reasonableness, or appropriateness of any invoice
received. On the final Distribution Date, the Certificate Administrator shall pay to the Depositor any funds then remaining in
the Legal Fee Reserve Account in accordance with directions provided by the Depositor.

 

    -182-

     

    

As
of the Closing Date, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution
Account, and the Lower-Tier REMIC Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate
Administrator shall give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest
Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution
Account, and, if established, the Non-VRR Gain-on-Sale Reserve Account and the VRR Interest Gain-on-Sale Reserve Account prior
to any change thereof.

  

For
the avoidance of doubt, the Collection Account (other than (i) any portion holding the Excess Interest and (ii) the Companion
Distribution Account, if it is a sub-account of the Collection Account), the Lower-Tier REMIC Distribution Account, the Non-VRR
Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account, any Servicing Account, the REO Account and the Interest
Reserve Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier
REMIC; the Excess Interest Distribution Account (and any portion of the Collection Account holding Excess Interest) (including
interest, if any, earned on the investment of funds in such accounts) will be owned by the Grantor Trust for the benefit of the
Holders of the Excess Interest Certificates; the Companion Distribution Account (including interest, if any, earned on the investment
of funds in such account) will be owned by the Companion Holders; and the VRR Interest, the Upper-Tier REMIC Distribution Account
(including interest, if any, earned on the investment of funds such account) will be owned by the Upper-Tier REMIC, each for federal
income tax purposes.

 

(c)           Prior to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage Loan,
and upon notification pursuant to Section 3.02(d), the Certificate Administrator, on behalf of the Certificateholders,
shall establish and maintain the Excess Interest Distribution Account in its own name on behalf of the Trustee in trust for the
benefit of the Holders of the Excess Interest Certificates, which account shall be an asset of the Grantor Trust, but shall not
be an asset of either Trust REMIC. The Excess Interest Distribution Account shall be established and maintained as an Eligible
Account (or as a subaccount of an Eligible Account). Prior to the applicable Distribution Date, the Master Servicer shall remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest
received by the Master Servicer prior to the Determination Date for the applicable Collection Period.

 

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

 

(e)           [RESERVED.]

 

(f)            [RESERVED.]

 

(g)           The Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates Gain-on-Sale
Proceeds) and maintain (i) the Non-VRR Gain-on-Sale Reserve Account for the benefit of the Non-VRR Certificateholders and 

    -183-

     

    

(ii)
the VRR Interest Gain-on-Sale Reserve Account for the benefit of the VRR Interest Owners. Each of the Non-VRR Gain-on-Sale Reserve
Account and the VRR Interest Gain-on-Sale Reserve Account shall be maintained as an Eligible Account (or as a subaccount of an
Eligible Account), separate and apart from trust funds for mortgage pass-through certificates of other series administered by
the Certificate Administrator.

 

Upon
the disposition of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special Servicer will
calculate the Gain-on-Sale Proceeds, if any, realized that are allocable to the Mortgage Loan and any gain that is allocable to any
related Serviced Companion Loan in connection with such sale and remit such funds to the Master Servicer on the later of (x)
the date that is on or prior to each Determination Date or (y) two (2) Business Days after such amounts are received and properly
identified and determined to be available, along with a notation of the amount of Gain-on-Sale Proceeds in the CREFC® REO
Liquidation Report. On the related Remittance Date, the Master Servicer shall remit (i) the Non-VRR Percentage of such Gain-on-Sale
Proceeds to the Certificate Administrator, who shall deposit such funds into the Non-VRR Gain-on-Sale Reserve Account and (ii) the
VRR Percentage of such Gain-on-Sale Proceeds to the Certificate Administrator, who shall deposit such funds into the VRR Interest
Gain-on-Sale Reserve Account. Any gain on such disposition that is allocable to any related Companion Loan in accordance with the
terms of the related Intercreditor Agreement shall be remitted to the Companion Paying Agent for deposit into the Companion
Distribution Account.

 

(h)           Any Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced
PSA shall be remitted to the Certificate Administrator as follows: (i) the Non-VRR Percentage of such Non-Serviced Gain-on-Sale
Proceeds for deposit into the Non-VRR Gain-on-Sale Reserve Account and (ii) the VRR Percentage of such Non-Serviced Gain-on-Sale
Proceeds for deposit into the VRR Interest Gain-on-Sale Reserve Account.

 

(i)            The Certificate Administrator shall establish and maintain the VRR Interest Distribution Account in its own name for the benefit
of the Trustee, for the benefit of the VRR Interest Owners, which shall be an asset of the Grantor Trust and beneficially owned
by the VRR Interest Owners and shall not be an asset of either Trust REMIC. The VRR Interest Distribution Account shall be established
and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(j)            [RESERVED].

 

(k)           If
any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section
3.05(g) of this Agreement, the Special Servicer shall establish and maintain one or more accounts (collectively, the
“Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders and the RR Interest
Owner, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund
shall be an Eligible Account or a sub-account of an Eligible Account. The Special Servicer shall, within two
(2) Business Days of receipt of properly identified and available Loss of Value Payments, deposit in the Loss of Value
Reserve Fund all Loss of Value Payments received by it. The Certificate Administrator shall account for the Loss of Value
Reserve Fund as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset
of 

    -184-

     

    

either Trust REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator shall
(i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as
paid to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund
through the Collection Account to a Mortgage Loan Seller as distributions by the Trust to such Mortgage Loan Seller as
beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the
Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

  

Section
3.05        Permitted Withdrawals from the Collection Account, the Distribution Accounts
and the Companion Distribution Account. (a)  The Master Servicer may, from time to time, make withdrawals from the
Collection Account (or the applicable subaccount of the Collection Account exclusive of the Companion Distribution Account) for
any of the following purposes (the following not being an order of priority and without duplication of the same payment or reimbursement):

 

(i)            (A) no later than 4:00 p.m., New York City time, on or before each P&I Advance Date, to remit to the Certificate Administrator
for deposit in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts required to
be remitted by the Master Servicer pursuant to the first paragraph of Section 3.04(b) or that may be applied to
make P&I Advances pursuant to Section 4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b),
to remit to the Companion Paying Agent for deposit in the Companion Distribution Account the amounts required to be so deposited
with respect to the Companion Loans;

 

(ii)           (A) to pay itself (or, with respect to any Transferable Servicing Interest, to pay Midland Loan Services, a Division of PNC Bank,
National Association if Midland Loan Services, a Division of PNC Bank, National Association is no longer the Master Servicer,
any such interest pursuant to Section 3.11(a)) unpaid Servicing Fees in respect of each Mortgage Loan, Serviced Companion
Loan, Specially Serviced Loan, and REO Loan, as applicable, the Master Servicer’s rights to payment of Servicing Fees pursuant
to this clause (ii)(A) with respect to any Mortgage Loan, related Serviced Companion Loan, Specially Serviced Loan
or REO Loan, as applicable, being limited to amounts received on or in respect of such Mortgage Loan or related Serviced Companion
Loan (whether in the form of payments, Liquidation Proceeds or Insurance and Condemnation Proceeds) or such REO Loan (whether
in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest
thereon, (B) to pay the Special Servicer any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of each Specially Serviced Loan or REO Loan or Corrected Loan, as applicable, and any expense incurred by the Special Servicer
in connection with performing any inspections pursuant to Section 3.12(a), remaining unpaid first, out of related
REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds and collections in respect of the related Specially Serviced
Loan (provided that, in the case of such payment relating to a Serviced Whole Loan, such payment shall be made, subject
to the terms of the related Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate
Companion Loan, as applicable, and then, pro rata and pari passu, from the related Mortgage Loan and any
related Serviced Pari Passu Companion Loan, in 

    -185-

     

    

accordance
with their respective outstanding principal balances) and then out of general collections on the Mortgage Loans and REO
Properties, (C) to pay the Operating Advisor (or the Master Servicer, if applicable) any unpaid Operating Advisor Fees or
Operating Advisor Consulting Fees in respect of each Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related
Companion Loan), as applicable, the Operating Advisor’s right to payment of the Operating Advisor Fee or Operating Advisor
Consulting Fee pursuant to this clause (ii)(C) with respect to any Mortgage Loan, Specially Serviced Loan or REO Loan
(other than any related Companion Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan
(whether in the form of payments, P&I Advances (solely with respect to the Operating Advisor Fee), Liquidation Proceeds
or Insurance and Condemnation Proceeds), such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and
Condemnation Proceeds), that are allocable as recovery of interest thereon, and (D) to pay the Asset Representations Reviewer,
any unpaid Asset Representations Reviewer Fee and (subject to Section 12.02(b)) Asset Representations Reviewer Asset Review
Fee, if any, payable in connection with any Asset Review performed as a result of an Affirmative Asset Review Vote;

 

(iii)          to
reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Master
Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to
amounts received which represent Late Collections of interest (net of the related Servicing Fee) on and principal of the
particular Mortgage Loans and REO Loans with respect to which P&I Advances were made; provided that with respect
to each Serviced Whole Loan, reimbursement of P&I Advances shall be made only from amounts collected with respect to the
related Serviced Mortgage Loan and not from any amounts collected with respect to any related Serviced Companion Loan
(provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify
the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate
Companion Loans) prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection
Account; provided, further, that if such P&I Advance with respect to a Mortgage Loan becomes a
Workout-Delayed Reimbursement Amount, then the maker of such P&I Advance shall additionally, but without duplication,
thereafter be entitled to reimbursement for such P&I Advance from the portion of general collections and recoveries on or
in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent
collections or recoveries of principal to the extent provided in clause (v) below; and provided, further,
that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v)
below;

 

(iv)          to reimburse the Trustee, the Special Servicer and itself, as applicable (in that order), for unreimbursed Servicing Advances,
the Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant
to this clause (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any related Companion
Loan or any REO Property being limited to, as applicable, related payments, Liquidation Proceeds, Insurance and Condemnation Proceeds
and REO Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole 

    -186-

     

    

Loan,
such reimbursements shall be made, subject to the terms of the related Intercreditor Agreement with respect to a Serviced Whole
Loan, first, from any related AB Subordinate Companion Loan (if any) and then, pro rata and pari passu,
from the related Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding
principal balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or
otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the
related Whole Loan are allocated to the related Serviced Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB
Subordinate Companion Loans)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in
the Collection Account related to any Mortgage Loan; provided, however, that if such Servicing Advance becomes a
Workout-Delayed Reimbursement Amount, then the maker of such Servicing Advance shall additionally, but without duplication,
thereafter be entitled to reimbursement for such Servicing Advance from the portion of general collections and recoveries on or in
respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections
or recoveries of principal to the extent provided in clause (v) below; provided, further, that if such
Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(v)           to
reimburse the Trustee, the Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable Advances first,
out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related Mortgage Loan and
any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable Servicing Advances made with respect
thereto), then, out of the principal portion of general collections on the Mortgage Loans and REO Properties, then, to
the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any
exercise of the sole option to defer reimbursement thereof pursuant to Section 3.17(c), out of general collections on the
Mortgage Loans and REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out of the principal portion of the general
collections on the Mortgage Loans and REO Properties net of such amounts being reimbursed pursuant to sub-clause
(1) above; (provided that, in case of such reimbursement of a Nonrecoverable Servicing Advance relating to a
Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement with respect to a
Serviced Whole Loan, first, from any related AB Subordinate Companion Loan (if any) and then, pro rata and pari
passu, from the related Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective
outstanding principal balances and provided, further, that, in case of such reimbursement with respect to
Nonrecoverable Servicing Advances relating to a Serviced Whole Loan, such reimbursement shall be made, as described above in this clause (v)(1) and (v)(2),
from funds related to such Serviced Whole Loan prior to reimbursement from other funds unrelated to such Serviced Whole Loan on
deposit in the Collection Account; provided, further, that with respect to a Serviced Mortgage Loan, reimbursement of
Nonrecoverable P&I Advances from funds collected from the related Serviced Whole Loan shall be made only from amounts collected
with respect to such Serviced Mortgage Loan (and not from any amounts collected with respect to the related Serviced Companion
Loan), in accordance with the terms of the related Intercreditor Agreement (provided that, 

    -187-

     

    

with
respect to any AB Subordinate Companion Loan, the foregoing with respect to Nonrecoverable Servicing Advances and Nonrecoverable
P&I Advances shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts
collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan, any Serviced Pari Passu
Companion Loans or AB Subordinate Companion Loans), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on
deposit in the Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage Loan, any
related Companion Loan, if applicable, or REO Property any related earned Servicing Fee that remained unpaid in accordance with clause (ii) above
following a Final Recovery Determination made with respect to such Mortgage Loan or REO Property and the deposit into the Collection
Account of all amounts received in connection therewith;

 

(vi)          at such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for
a related securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance
(including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii)
or clause (v) above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest
accrued and payable thereon in accordance with Section 4.03(d) or Section 3.11(d), (b) any unreimbursed Servicing
Advances (including any such Servicing Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv)
or clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as
the case may be, any interest accrued and payable thereon in accordance with Section 3.03(d) or 3.11(d) or (c) any
Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other
Trustee or Other Servicer as the case may be, any interest accrued and payable thereon; provided that in all events, subject
to the related Intercreditor Agreement, interest on P&I Advances on any Serviced Mortgage Loan shall not be paid from funds
actually distributable to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced
Pari Passu Companion Loans and any AB Subordinate Companion Loans);

 

(vii)         to
reimburse itself, the Special Servicer or the Trustee, as the case may be, for any unreimbursed expenses reasonably
incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of the
applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 5 of the applicable
Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the enforcement of the
repurchase or substitution obligation or any other obligation of the Mortgage Loan Seller, each such Person’s right to
reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan being limited to that portion of
the Purchase Price, the Loss of Value Payment or Substitution Shortfall Amount paid with respect to such Mortgage Loan, that
represents such expense in accordance with clause (iv) of the definition of Purchase Price;

 

    -188-

     

    

(viii)        in
accordance with Section 2.03(f), to reimburse itself or the Special Servicer, as the case may be, first, out of
Liquidation Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan, and then
out of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred by such Person
in connection with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 5 of the applicable
Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to clause (vii)
above or otherwise; provided that, in case of such reimbursement out of Liquidation Proceeds, and Insurance and Condemnation
Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related
Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan and then, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion
Loan in accordance with their respective outstanding principal balances (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which
any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced
Pari Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections
with respect to the Mortgage Loans;

 

(ix)          to pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c) first, out of REO Revenues, Liquidation
Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or REO Loan and
then out of general collections on the Mortgage Loans and REO Properties; provided that, in case of such reimbursement
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan and then, pro rata
and pari passu, from the related Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion Loan
in accordance with their respective outstanding principal balances (provided that, with respect to any AB Subordinate Companion
Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any
amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced
Pari Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections
with respect to the Mortgage Loan;

 

(x)            to pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and
investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Companion Distribution
Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Collection
Account and the Companion Distribution Account for the period from and including the prior Distribution Date to and including
the P&I Advance Date related to such Distribution Date) and (2) Penalty Charges (other than Penalty Charges collected
while the related Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only to the extent
collected from the 

    -189-

     

    

related
Mortgagor and to the extent that all amounts then due and payable with respect to the related Mortgage Loan and any related Serviced
Companion Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses incurred by
the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d); and
(b) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.11(c), Penalty
Charges collected on Specially Serviced Loans (but only to the extent collected from the related Mortgagor and to the extent that
all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and such Penalty Charges are not
needed to pay interest on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees,
Liquidation Fees and Workout Fees) in accordance with Section 3.11(d));

 

(xi)           to pay itself the difference, if positive, between Prepayment Interest Excess and Prepayment Interest Shortfalls collected on
the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any Serviced Companion Loan, during the related Collection
Period to the extent not required to be paid as Compensating Interest Payments;

 

(xii)          to recoup any amounts deposited in the Collection Account in error;

 

(xiii)         to
pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of their respective
directors, officers, members, managers, employees and agents, or CREFC®,
as the case may be, out of general collections, any amounts payable to any such Person pursuant to Section 3.11(g), Section
6.04(a) or Section 6.04(b); provided that, in the case of such reimbursement (other than a reimbursement of any amounts
payable to CREFC®) relating to a Serviced Whole
Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement, with respect to a Serviced Whole
Loan, first, from any related AB Subordinate Companion Loan and then, pro rata and pari passu, from the related
Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding
principal balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan
are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans),
in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiv)        to
pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(b), 3.15(b), 3.18(b), 3.18(d), 3.18(i), 3.18(m), 5.08(a)
and 10.01(g) to the extent payable out of the Trust Fund, (b) the cost of any Opinion of Counsel contemplated by Section
13.01(a) or Section 13.01(c) in connection with an amendment to this Agreement requested by the Trustee or the
Master Servicer, which amendment is in furtherance of the rights and interests of Certificateholders and the RR Interest
Owner and (c) the cost of obtaining the REO Extension contemplated by Section 3.14(a); provided that, in
the case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of
the related Intercreditor Agreement (i) with respect to the related Serviced Pari Passu Whole Loan, pro rata and pari
passu, 

    -190-

     

    

from
the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective outstanding
principal balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan
(if any) and then, from the related Serviced AB Mortgage Loan and any Serviced Pari Passu Companion Loans on a pro rata and
pari passu basis (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan
are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loan),
in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xv)         to pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes imposed
on either Trust REMIC, or any of their assets or transactions, together with all incidental costs and expenses, to the extent
that none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is liable therefor pursuant
to Section 10.01(h);

 

(xvi)        to reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties for expenses incurred
by and reimbursable to it by the Trust pursuant to Section 10.01(d);

 

(xvii)       to pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously purchased
by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods
after the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated
by Section 2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received thereon
subsequent to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments
due thereon during or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xviii)      to remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in
the Interest Reserve Account pursuant to Section 3.21;

 

(xix)         to reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant
to Section 3.26(i);

 

(xx)          to
remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be
deposited pursuant to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant
to clause (i) above;

 

(xxi)         [RESERVED];

 

(xxii)        to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

    -191-

     

    

(xxiii)       to pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

The
Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for
the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Trust, the applicable Non-Serviced
Master Servicer, the applicable Non-Serviced Special Servicer, the applicable Non-Serviced Trustee, the applicable Non-Serviced
Paying Agent or any other applicable party to the applicable Non-Serviced PSA by the holder of a Non-Serviced Mortgage Loan
pursuant to or as contemplated by this Agreement, the applicable Non-Serviced Intercreditor Agreement and the applicable
Non-Serviced PSA.

 

The
Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan basis and, when appropriate, on a property-by-property
basis, for the purpose of justifying any withdrawal from the Collection Account.

 

The
Master Servicer shall pay to the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset
Representations Reviewer from the Collection Account amounts permitted to be paid to it therefrom monthly upon receipt of a certificate
of a Servicing Officer of the Special Servicer, or an officer of the Operating Advisor or the Asset Representations Reviewer or
a Responsible Officer of the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer is entitled. The Master
Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. The Special
Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and REO Loan, on a loan-by-loan and, when
appropriate, on a property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection Account.

 

Notwithstanding
anything to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations
Reviewer out of general collections that do not specifically relate to a Serviced Whole Loan may be reimbursable from amounts
that would otherwise be payable to the related Companion Loan(s), as applicable.

 

(b)           The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any
of the following purposes (the following not being an order of priority):

 

(i)            to be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount of any Prepayment
Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(f) in the Upper-Tier REMIC Distribution Account,
and to make distributions on the Class R Certificates in respect of the Class LR Interest pursuant to Section 4.01(c);

 

    -192-

     

    

(ii)           to pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case
may be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)          to
pay the Certificate Administrator and the Trustee, the Certificate Administrator Fee and the Trustee Fee, as applicable, as contemplated
by Section 8.05(a) with respect to the Mortgage Loans; 

 

(iv)         to pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator
as provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 3.18(d), (C) the
Trustee or the Certificate Administrator as contemplated by Section 5.08(c) or Section 8.02 to the extent payable
out of the Trust Fund, (D) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated
by Section 10.01(g) or Section 10.01(m) to the extent payable out of the Trust Fund, or (E) the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 13.01(a) or Section
13.01(c) in connection with any amendment to this Agreement requested by the Trustee or the Certificate Administrator, which
amendment is in furtherance of the rights and interests of Certificateholders and the RR Interest Owner, in each case, to the
extent not paid pursuant to Section 13.01(g);

 

(v)          to pay any and all federal, state and local taxes imposed on either Trust REMIC or on the assets or transactions of any such Trust
REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate Administrator, the
REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(h);

 

(vi)         to pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(d) with respect to the Lower-Tier
REMIC or the Upper-Tier REMIC;

 

(vii)        to pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to be deposited
therein;

 

(viii)      
to clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section
9.01; and

 

(ix)        
termination of this Agreement pursuant to Section 9.01.

 

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

 

    -193-

     

    

(d)          The Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account
for any of the following purposes:

 

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

 

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

 

(e)          The Certificate Administrator may make withdrawals from the VRR Interest Distribution Account for any of the following purposes:

  

 (i) 
         to make distributions to the VRR Interest Owners on each Distribution Date pursuant
to Section 4.01 or Section 9.01 of this Agreement, as applicable;

 

 (ii)          to recoup any amounts deposited in the VRR Interest Distribution Account in error; and

 

 (iii)         to clear and terminate the VRR Interest Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

(f)          Notwithstanding anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the Collection
Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee listed
in Section 3.05(a)(ii), the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate Administrator
Fee listed in Section 3.05(b)(iii), then the Certificate Administrator Fee shall be paid in full prior to the payment of
any Servicing Fees payable under Section 3.05(a)(ii) and then, after payment of Servicing Fees, the Operating Advisor Fees
payable under Section 3.05(a)(ii) and in the event that amounts on deposit in the Collection Account and the Lower-Tier
REMIC Distribution Account are not sufficient to pay the full amount of such Certificate Administrator Fee, the Certificate Administrator
shall be paid based on the amount of such fees and (ii) if amounts on deposit in the Collection Account are not sufficient
to reimburse the full amount of Advances and interest thereon listed in Section 3.05(a)(ii), Section 3.05(a)(iii),
Section 3.05(a)(iv), Section 3.05(a)(v) and Section 3.05(a)(vi) then reimbursements shall be paid first
to the Certificate Administrator and to the Trustee, pro rata, second to the Special Servicer, third
to the Master Servicer and then to the Operating Advisor.

 

(g)         If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any
related Serviced REO Property, then the Special Servicer shall promptly upon written direction from the Master Servicer
(provided that, (1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master
Servicer of the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate
Administrator shall have provided the Master Servicer and the Special Servicer with five Business Days’ prior notice of
such final Distribution Date) transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of
Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

    -194-

     

    

(i)          to reimburse the Master Servicer, the Special Servicer or the Trustee, in accordance with Section 3.05(a) of this
Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO
Property (together with any interest on such Advances);

 

(ii)        
to pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any
expense or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not
paid out of such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)        to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as
calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or
any related successor REO Loan;

 

(iv)         following the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property and any
related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in
respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)          On the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above,
to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed
by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses
that are attributable to such Mortgage Loan or related REO Property, as the case may be, additional trust fund expenses or any
Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

(h)         Any Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph
shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan
with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection
Account pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust
in respect of the related Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection
Account to cover an item contemplated by clauses (i)-(iv) of the prior paragraph.

 

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

 

Section
3.06        Investment of Funds in the Collection Account, the REO Account and Loss of Value
Reserve Fund. (a) The Master Servicer may direct any depository
institution maintaining the Collection Account, the Companion Distribution Account, or any Servicing Account (for purposes of
this Section 3.06, an “Investment Account”), the Special Servicer may direct any depository institution
maintaining the REO Account and Loss of Value Reserve Fund 

    -195-

     

    

(also
for purposes of this Section 3.06, an “Investment Account”) to invest or if it is such depository institution,
may itself invest, the funds held therein, only in one or more Permitted Investments bearing interest or sold at a discount, and
maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the next succeeding date on which
funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the depository institution
maintaining such account is the obligor thereon and (ii) no later than the date on which funds are required to be withdrawn
from such account pursuant to this Agreement, if the depository institution maintaining such account is the obligor thereon. All
such Permitted Investments shall be held to maturity, unless payable on demand. Any funds held in an Investment Account shall be
held in the name of the Master Servicer or the Special Servicer, as the case may be, on behalf of the Trustee (in its capacity as
such) for the benefit of the Certificateholders and the RR Interest Owner. The Master Servicer (in the case of the Collection
Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special
Servicer (in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special
Servicer) on behalf of the Trustee, shall maintain continuous physical possession of any Permitted Investment of amounts in the
Collection Account, such Companion Distribution Account, such Servicing Accounts, such Loss of Value Reserve Fund or such REO
Account, as applicable, that is either (i) a “certificated security,” as such term is defined in the UCC (such that
the Trustee shall have control pursuant to Section 8-106 of the UCC) or (ii) other property in which a secured party
may perfect its security interest by physical possession under the UCC or any other applicable law. In the case of any Permitted
Investment held in the form of a “security entitlement” (within the meaning of Section 8-102(a)(17) of the
UCC), the Master Servicer or the Special Servicer, as the case may be, shall take or cause to be taken such action as the Trustee
deems reasonably necessary to cause the Trustee to have control over such security entitlement. In the event amounts on deposit in
an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (in the case of the
Collection Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer) or the
Special Servicer (in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the
Special Servicer) shall:

 

(i)          consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted
Investment may otherwise mature hereunder in an amount equal to the lesser of (a) all amounts then payable thereunder and
(b) the amount required to be withdrawn on such date; and

 

(ii)         demand payment of all amounts due thereunder promptly upon determination by the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, that such Permitted Investment would not constitute a Permitted Investment in
respect of funds thereafter on deposit in the Investment Account.

 

(b)         Interest and investment income realized on funds deposited in the Collection Account, the Companion Distribution Account or any
Servicing Account maintained by or for the Master Servicer to the extent of the Net Investment Earnings, if any, with respect
to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related
to the current Distribution Date, shall be for the sole and exclusive benefit of the Master Servicer to the extent (with respect
to Servicing Accounts) not required to be 

    -196-

     

    

paid
to the related Mortgagor and shall be subject to its withdrawal, or withdrawal at its direction, in accordance with Section
3.03 or Section 3.05(a), as the case may be. Interest and investment income realized on funds deposited in the REO
Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer, to the extent of the Net
Investment Earnings, if any, with respect to such account for each period from and including any Distribution Date to and including
the immediately succeeding P&I Advance Date, shall be for the sole and exclusive benefit of the Special Servicer and shall be
subject to its withdrawal in accordance with Section 3.14(c). In the event that any loss shall be incurred in respect of any
Permitted Investment (as to which the Master Servicer or Special Servicer, as the case may be, would have been entitled to any Net
Investment Earnings hereunder) directed to be made by the Master Servicer or the Special Servicer, as the case may be, and on
deposit in any of the Collection Account, the Companion Distribution Account, the Servicing Account, Loss of Value Reserve Fund or
the REO Account, the Master Servicer (in the case of the Collection Account, the Companion Distribution Account or any
Servicing Account maintained by or for the Master Servicer), the Special Servicer (in the case of the REO Account, Loss of Value
Reserve Fund or any Servicing Account maintained by or for the Special Servicer) shall deposit therein, no later than the P&I
Advance Date, without right of reimbursement, the amount of Net Investment Loss, if any, with respect to such account for the period
from and including the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date; provided
that neither the Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an
Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository
institution or trust company that holds such Investment Account, so long as such depository institution or trust company satisfied
the qualifications set forth in the definition of Eligible Account at the time such investment was made (and such federal or state
chartered depository institution or trust company is not an Affiliate of the Master Servicer or the Special Servicer, as applicable,
unless such depository institution or trust company satisfied the qualification set forth in the definition of Eligible Account both
(x) at the time the investment was made and (y) thirty (30) days prior to such insolvency).

 

(c)         Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted
Investment, or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer may and,
upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings.

 

Section
3.07        Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage.
(a) The Master Servicer (with respect to the Mortgage Loans (other than a
Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use its efforts consistent with the Servicing Standard
to cause the Mortgagor to maintain, and the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged
Properties) shall maintain, to the extent required by the terms of the related Mortgage Loan documents, all insurance coverage
as is required under the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do
so is an Acceptable Insurance Default (and except as provided in the next sentence with respect to the Master Servicer or the
Special Servicer, as the case may be) or if the Trustee does not have an insurable interest. If the Mortgagor does not so maintain
such insurance coverage or the Mortgaged Property is an REO Property, subject to its 

    -197-

     

    

recoverability
determination with respect to any required Servicing Advance, the Master Servicer (with respect to the Mortgage Loans (other than a
Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties
other than a Non-Serviced Mortgaged Property) shall maintain all insurance coverage as is required under the related Mortgage,
but only in the event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer or the
Special Servicer, as applicable, and, if available, can be obtained at commercially reasonable rates, as determined by the Master
Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan)
or the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Property) (provided that
any determination that such insurance coverage is not available or not available at commercially reasonable rates shall be made (i)
prior to the occurrence and continuance of any Control Termination Event and other than with respect to any Excluded
Loan, with the consent of the Directing Certificateholder and (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, and other than with respect to
any Excluded Loan, after consultation with the Directing Certificateholder (or, in each case, with respect to any Serviced AB Whole
Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period, with the consent of the Serviced AB Whole
Loan Controlling Holder)) and, after consultation by the Special Servicer with the Risk Retention Consultation Parties (if the
Mortgage Loan is a Specially Serviced Loan) pursuant to Section 6.08(a) (in the case of the Directing Certificateholder and
Risk Retention Consultation Parties, other than with respect to any Excluded Loan as to such party), except to the extent that the
failure of the related Mortgagor to do so is an Acceptable Insurance Default as determined by the Master Servicer (with respect to a
Non-Specially Serviced Loan) or the Special Servicer (with respect to a Specially Serviced Loan); provided, however,
that if any Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such
Mortgaged Property, the Master Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose or
maintain, as applicable, such insurance requirements as are consistent with the Servicing Standard taking into account the insurance
in place at the closing of the Mortgage Loan, provided that, with respect to the immediately preceding proviso, the Master
Servicer shall be obligated to use efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (or to itself
maintain) insurance against property damage resulting from terrorist or similar acts unless the Mortgagor’s failure is an
Acceptable Insurance Default (as determined by the Master Servicer (with respect to a Non-Specially Serviced Loan) or the Special
Servicer (with respect to a Specially Serviced Loan) (i) unless a Control Termination Event has occurred and is continuing and
other than with respect to any Excluded Loan, with the consent of the Directing Certificateholder and (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, and other than with respect to any Excluded Loan, after consultation with the Directing Certificateholder (or, in each case,
with respect to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period, with
the consent of the Serviced AB Whole Loan Controlling Holder)) and after consultation by the Special Servicer with the Risk
Retention Consultation Parties (if the Mortgage Loan is a Specially Serviced Loan) pursuant to Section 6.08(a) (in each case,
other than with respect to any Excluded Loan as to such party), and only in the event the Trustee has an insurable interest therein
and such insurance is available to the Master Servicer or the Special Servicer, as the case may be, and, if available, can be
obtained at commercially reasonable rates. The Master 

    -198-

     

    

Servicer and
the Special Servicer shall be entitled to rely on insurance consultants (at the applicable servicer’s expense) in determining
whether any insurance is available at commercially reasonable rates. Subject to Section 3.15(a) and the costs of such
insurance being reimbursed or paid to the Special Servicer as provided in the third-to-last sentence of this paragraph, the Special
Servicer shall maintain for each REO Property (other than any Non-Serviced Mortgaged Property) no less insurance coverage than was
previously required of the Mortgagor under the related Mortgage Loan documents unless the Special Servicer determines
((i) unless a Control Termination Event has occurred and is continuing and other than with respect to any Excluded Loan, with
the consent of the Directing Certificateholder and (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, and other than with respect to any Excluded
Loan, after consultation with the Directing Certificateholder (or, in each case, with respect to any Serviced AB Whole Loan, prior to
the occurrence and continuance of a related AB Control Appraisal Period, with the consent of the Serviced AB Whole Loan Controlling
Holder)) and after consultation by the Special Servicer with the Risk Retention Consultation Parties (if the Mortgage Loan is a
Specially Serviced Loan) pursuant to Section 6.08(a) (in each case, other than with respect to any Excluded Loan as to such
party), that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable
interest, in which case the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination.
All Insurance Policies maintained by the Master Servicer or the Special Servicer shall (i) contain a “standard”
mortgagee clause, with loss payable to the Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect
of Mortgage Loans (other than any Non-Serviced Mortgage Loan), including any related Serviced Companion Loan, other than REO
Properties) or to the Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties),
(ii) be in the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include
coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing the Mortgaged
Property or the REO Property, as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan
(including any related Serviced Companion Loan) or REO Loan, as applicable, and in any event, the amount necessary to avoid the
operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation
(unless such endorsement is not permitted under the related Mortgage Loan documents), (v) be noncancelable without thirty
(30) days prior written notice to the insured party (except in the case of nonpayment, in which case such policy shall not be
cancelled without ten (10) days prior notice) and (vi) subject to the first proviso in the second sentence of this Section
3.07(a), be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts
collected by the Master Servicer or the Special Servicer under any such Insurance Policies (other than amounts to be applied to the
restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Mortgagor, in each
case in accordance with the Servicing Standard and the provisions of the related Mortgage Loan documents) shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 3.05(a). Any costs incurred by the Master Servicer in
maintaining any such Insurance Policies in respect of Mortgage Loans (including any related Serviced Companion Loan) (other than REO
Properties and other than any Non-Serviced Mortgage Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be
advanced by the Master Servicer as a Servicing Advance (so long as such Advance would not be a Nonrecoverable Advance and if such
Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the Collection Account) and 

    -199-

     

    

will be charged to the related Mortgagor and
(ii) shall not, for purposes of calculating monthly distributions to Certificateholders and the RR Interest Owner, be added to
the unpaid principal balance of the related Mortgage Loan and Serviced Companion Loan (if any), notwithstanding that the terms of
such Mortgage Loan or Serviced Companion Loan so permit. Any cost incurred by the Special Servicer in maintaining any such Insurance
Policies with respect to REO Properties shall be an expense of the Trust payable out of the related REO Account pursuant to Section
3.14(c) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance
(so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost
shall instead be paid out of the Collection Account). The foregoing provisions of this Section 3.07 shall apply to any
Serviced Whole Loan as if it were a single “Mortgage Loan”. Notwithstanding any provision to the contrary, the Master
Servicer shall not be required to maintain, and will not be in default for failing to obtain, any earthquake or environmental
insurance on any Mortgaged Property unless such insurance was required at the time of origination of the related Mortgage Loan
(other than a Non-Serviced Mortgage Loan) and is currently available at commercially reasonable rates.

 

Notwithstanding
the foregoing, with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion
Loan that either (x) require the Mortgagor to maintain “all risk” property insurance (and do not expressly permit
an exclusion for terrorism) or (y) contain provisions generally requiring the applicable Mortgagor to maintain insurance
in types and against such risks as the holder of such Mortgage Loan (including any related Serviced Companion Loan) reasonably
requires from time to time in order to protect its interests, the Master Servicer shall, consistent with the Servicing Standard,
(A) monitor in accordance with the Servicing Standard whether the Insurance Policies for the related Mortgaged Property contain
Additional Exclusions; provided that the Master Servicer and the Special Servicer shall be entitled to conclusively rely
upon certificates of insurance in determining whether such policies contain Additional Exclusions, (B) request the Mortgagor
to either purchase insurance against the risks specified in the Additional Exclusions or provide an explanation as to its reasons
for failing to purchase such insurance and (C) if the related Mortgage Loan is a Specially Serviced Loan, notify the Special
Servicer if it has knowledge that any Insurance Policy for a Mortgaged Property contains Additional Exclusions or if it has knowledge
(such knowledge to be based upon the Master Servicer’s compliance with the immediately preceding clauses (A)
and (B) above) that any Mortgagor fails to purchase the insurance requested to be purchased by the Master Servicer
pursuant to clause (B) above. In addition, upon the written request of a Risk Retention Consultation Party with respect
to any individual triggering event, the Special Servicer shall consult on a non-binding basis pursuant to Section 6.08(a)
with such Risk Retention Consultation Party (provided, that the related Mortgage Loan is not an Excluded Loan as to such
party and, prior to the occurrence and continuance of a Consultation Termination Event, the related Mortgage Loan must also be
a Specially Serviced Loan) within the same time period as it would obtain consent of, or consult with, the Directing Certificateholder
in connection with any such determination by the Special Servicer of an Acceptable Insurance Default. If the Master Servicer (with
respect to a Non-Specially Serviced Loan) or the Special Servicer (with respect to a Specially Serviced Loan) determines in accordance
with the Servicing Standard that such failure is not an Acceptable Insurance Default, the Special Servicer (with regard to such
determination made by the Special Servicer) shall notify the Master Servicer and the Master Servicer shall use efforts consistent
with the Servicing Standard to cause such insurance to be maintained. The Master Servicer and the Special Servicer (at the expense
of the Trust) shall be entitled to rely on insurance consultants in 

    -200-

     

    

making
such determinations. The Master Servicer shall be entitled to rely on insurance consultants (at the expense of the Master Servicer)
in determining whether Additional Exclusions exist. Furthermore, the Master Servicer or the Special Servicer, as applicable, shall
promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal
Balances of all of the Mortgage Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated
Principal Balance of the Mortgage Loans then included in the Trust. During the period that the Master Servicer or the Special
Servicer is evaluating the availability of such insurance or waiting for a response from the Directing Certificateholder or any
Companion Holder or, with respect to any Serviced AB Whole Loan, the related Serviced AB Whole Loan Controlling Holder, and/or with
respect (solely with respect to Specially Serviced Loans) upon the request of a Risk Retention Consultation Party, consulting (on a
non-binding basis) with such Risk Retention Consultation Party pursuant to Section 6.08(a), neither the Master
Servicer nor the Special Servicer will be liable for any loss related to its failure to require the Mortgagor to maintain (or its
failure to maintain) such insurance and will not be in default of its obligations as a result of such failure and the Master
Servicer will not itself maintain such insurance or cause such insurance to be maintained.

 

(b)         (i) If the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified
Insurer insuring against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but
excluding any Non-Serviced Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as
the case may be, required to be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection
equivalent to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed
to have satisfied its obligation to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO
Properties. Such Insurance Policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall,
if there shall not have been maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying
with the requirements of Section 3.07(a), and there shall have been one or more losses which would have been covered by
such Insurance Policy, promptly deposit into the Collection Account from its own funds the amount of such loss or losses that
would have been covered under the individual policy but are not covered under the blanket Insurance Policy because of such deductible
clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan (including
any related Serviced Companion Loan), or in the absence of such deductible limitation, the deductible limitation which is consistent
with the Servicing Standard. In connection with its activities as administrator and Master Servicer of the Mortgage Loans or any
Serviced Companion Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and Certificateholders,
and the RR Interest Owner claims under any such blanket Insurance Policy in a timely fashion in accordance with the terms of such
policy. The Special Servicer, to the extent consistent with the Servicing Standard, may maintain, earthquake insurance on REO
Properties (other than with respect to a Non-Serviced Mortgaged Property), provided coverage is available at commercially
reasonable rates, the cost of which shall be a Servicing Advance.

 

(ii)          If the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single
interest or force-placed 

    -201-

     

    

Insurance
Policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on behalf of the Trustee as the loss payee, then
to the extent such Insurance Policy provides protection equivalent to the individual policies otherwise required, the Master
Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause such insurance to be
maintained on the related Mortgaged Properties and REO Properties. In the event the Master Servicer or the Special Servicer shall
cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed Insurance Policy, the
incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than any minimum or
standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby) shall be paid by
the Master Servicer as a Servicing Advance. Such master single interest or force-placed policy may contain a deductible clause, in
which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been maintained on the
related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a), and there
shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into the Collection
Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy because of such
deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage
Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation, the deductible limitation
which is consistent with the Servicing Standard.

 

(c)         Each of the Master Servicer and the Special Servicer shall obtain and maintain at its own expense and keep in full force and effect
throughout the term of this Agreement a blanket fidelity bond and an errors and omissions insurance policy with a Qualified Insurer
covering losses that may be sustained as a result of an officer’s or employee’s misappropriation of funds or errors
or omissions. Such amount of coverage shall be in such form and amount as are consistent with the Servicing Standard. Coverage
of the Master Servicer or the Special Servicer under a policy or bond obtained by an Affiliate of the Master Servicer or the Special
Servicer and providing the coverage required by this Section 3.07(c) shall satisfy the requirements of this Section
3.07(c). The Special Servicer and the Master Servicer shall promptly report in writing to the Trustee any material changes
that may occur in their respective fidelity bonds, if any, and/or their respective errors and omissions insurance policies, as
the case may be, and shall furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds,
if any, and insurance policies are in full force and effect.

 

(d)         At the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other than a
Non-Serviced Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been
made available), the Master Servicer shall use efforts consistent with the Servicing Standard to cause the related Mortgagor (in
accordance with applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain,
and, if the related Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent such insurance
is available at commercially reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standard
and to the extent the Trustee, as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only
to the extent the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits
the mortgagee to 

    -202-

     

    

require such coverage and the maintenance of such coverage is consistent with the Servicing Standard. Such flood
insurance shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and
any related Serviced Companion Loan, if applicable), and (ii) the maximum amount of insurance which is available under the
National Flood Insurance Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property,
if any, in an amount consistent with the Servicing Standard. If the cost of any insurance described above is not borne by the
Mortgagor, the Master Servicer shall promptly make a Servicing Advance for such costs.

 

(e)         During
all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a
federally designated special flood hazard area, the Special Servicer shall cause to be maintained, to the extent available at
commercially reasonable rates (as determined by the Special Servicer (with the consent of the Directing Certificateholder
(prior to the occurrence and continuance of a Control Termination Event) and in consultation with the Risk Retention Consultation
Parties pursuant to Section 6.08(a) (in either such case, other than with respect to any Mortgage Loan that is an Excluded
Loan as to such party and any Serviced AB Whole Loan prior to the occurrence and continuance of an AB Control Appraisal Period)) in
accordance with the Servicing Standard), a flood Insurance Policy meeting the requirements of the current guidelines of the Federal
Insurance Administration in an amount representing coverage not less than the maximum amount of insurance which is available under
the National Flood Insurance Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged
Property, if any, in an amount consistent with the Servicing Standard. The cost of any such flood insurance with respect to an REO
Property shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the
amount on deposit therein is insufficient therefor, paid by the Master Servicer as a Servicing Advance.

 

(f)          Each of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in full
force and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified
Insurer covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

(g)         Notwithstanding anything to the contrary in this Section 3.07, so long as the long-term debt obligations or the deposit
account or claims-paying ability of the Master Servicer (or its immediate or remote parent) or the Special Servicer (or its
immediate or remote parent), as applicable, is rated at least “A-” by S&P or “A-” by Fitch (if
rated by Fitch), the Master Servicer (or its public parent) or the Special Servicer (or its public parent), as applicable, shall
be allowed to provide self-insurance with respect to any of its obligations under this Section 3.07.

 

Section
3.08     Enforcement of Due-on-Sale Clauses; Assumption Agreements. (a) As
to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision
in the nature of a “due-on-sale” clause, which by its terms:

 

(i)          provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and
payable upon the sale or other transfer

    -203-

     

    

 of an interest in the related Mortgaged Property or equity interests in the Mortgagor
or principals of the Mortgagor; or

 

(ii)         provides that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee in connection
with any such sale or other transfer;

 

then,
for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Master Servicer
(with respect to any Non-Specially Serviced Loan as to which such matter is a Master Servicer Decision pursuant to clause (xiii) of
the definition thereof) or the Special Servicer (with respect to any Specially Serviced Loan or any Non-Specially Serviced Loan
as to which such matter is a Major Decision or Special Servicer Decision), on behalf of the Trustee as the mortgagee of record,
shall (a) exercise any right it may have with respect to such Mortgage Loan or related Companion Loan (x) to
accelerate the payments thereon or (y) to withhold its consent to any sale or transfer, consistent with the Servicing Standard
or (b) waive any right to exercise such rights, provided that (i) other than with respect to a Master Servicer Decision
pursuant to clause (xiii) of the definition thereof, and only with respect to the Special Servicer, (A) if such Mortgage
Loan is not an Excluded Loan, no Control Termination Event shall have occurred and be continuing and the matter involves a Major
Decision, the consent (or deemed consent) of the Directing Certificateholder shall have been obtained by the Special Servicer to the
extent required by, and pursuant to the process described under, Section 6.08(a), (B) if such Mortgage Loan is not an
Excluded Loan, a Control Termination Event shall have occurred and be continuing and no Consultation Termination Event shall have
occurred and be continuing, the Special Servicer shall have consulted with the Directing Certificateholder if and to the extent
required pursuant to Section 6.08(a), (C) after the occurrence and during the continuance of an Operating Advisor
Consultation Event, the Special Servicer shall have consulted with the Operating Advisor if and to the extent required pursuant to Section
6.08(a), (D) if such Mortgage Loan is not an Excluded Loan with respect to a Risk Retention Consultation Party, the matter
involves a Major Decision and (x) such Mortgage Loan is a Specially Serviced Loan or (y) a Consultation Termination Event shall have
occurred and be continuing, the Special Servicer shall have consulted with such Risk Retention Consultation Party if and to the
extent required pursuant to Section 6.08(a) and (E) with respect to a Serviced AB Whole Loan prior to the occurrence and
continuance of an AB Control Appraisal Period, the prior consent of the related Serviced AB Controlling Holder shall have been
obtained, to the extent required by the terms of the related Intercreditor Agreement, and pursuant to the process described in this
Agreement (provided that in the case of clause (A), clause (B), clause (C), clause (D) and clause
(E) such consent shall be deemed given or such consultation shall be deemed to have occurred, as applicable, if a response to
the request for consent or consultation, as the case may be, is not provided within ten (10) Business Days after receipt of the
Special Servicer’s written recommendation and analysis and all information reasonably requested by the Directing
Certificateholder, the Operating Advisor or any Risk Retention Consultation Party, as applicable, and reasonably available to the
Special Servicer in order to grant or withhold such consent or conduct such consultation), and (ii) with respect to any
Mortgage Loan (x) with a Stated Principal Balance greater than or equal to $35,000,000, (y) with a Stated Principal
Balance greater than or equal to 5% of the aggregated Stated Principal Balance of the Mortgage Loans then-outstanding or
(z) together with all other Mortgage Loans with which it is cross-collateralized or cross-defaulted or together with
all other Mortgage Loans with the same Mortgagor (or an Affiliate thereof), that is one of the ten largest 

    -204-

     

    

Mortgage Loans outstanding (by Stated
Principal Balance), the Master Servicer or the Special Servicer, as the case may be, prior to consenting to any action, shall
obtain, a Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agency that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), provided, however,
that with respect to sub-clauses (y) and (z) of this sub-clause (ii), such Mortgage Loan
shall also have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation requirement to apply.
Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination
Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in
connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended by the
Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the
Operating Advisor.

 

With
respect to any “due-on-sale” matter described above that is a Major Decision related to any Mortgage Loan that is
not an Excluded Loan with respect to a Risk Retention Consultation Party or the Holder of the majority of the related VRR Interest
upon request of a Risk Retention Consultation Party, the Special Servicer shall consult on a non-binding basis with such Risk
Retention Consultation Party with respect to (i) prior to the occurrence and continuance of a Consultation Termination Event,
Specially Serviced Loans; and (ii) following the occurrence and during the continuance of a Consultation Termination Event, all
Mortgage Loans, within the same time period as it would obtain the consent of, or consult with, the Directing Certificateholder
with respect to such Major Decision.

 

In
connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion
Loan Securities, the related Companion Loan Rating Agencies) pursuant to this Section 3.08(a), the Master Servicer or the
Special Servicer, as the case may be, shall (if not already provided in accordance with Section 3.25 of this Agreement)
deliver a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the
related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage
Loan or related Serviced Companion Loan may be assumed or transferred without the consent of the mortgagee, provided that
certain conditions contained in the related Mortgage Loan documents are satisfied where no mortgagee discretion is necessary in
order to determine if such conditions are satisfied, then for so long as such Mortgage Loan or related Serviced Companion Loan
is being serviced under this Agreement, the Master Servicer (with respect to all Non-Specially Serviced Loans) and the Special
Servicer (with respect to all Specially Serviced Loans), on behalf of the Trustee as the mortgagee of record, shall determine
in accordance with the Servicing Standard whether such conditions have been satisfied.

 

    -205-

     

    

(b)         As to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a
provision in the nature of a “due-on-encumbrance” clause that by its terms:

 

(i)          provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and
payable upon the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests in
the Mortgagor or principals of the Mortgagor; or

 

(ii)         requires the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related
Mortgaged Property or equity interests in the Mortgagor or principals of the Mortgagor;

 

then,
for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Master Servicer (with
respect to any Non-Specially Serviced Loan and as to which such matter is a Master Servicer Decision pursuant to clause (xiii)
or clause (xv) of the definition thereof) or the Special Servicer (with respect to any Specially Serviced Loan or any Non-Specially
Serviced Loan as to which such matter is a Major Decision or Special Servicer Decision), on behalf of the Trustee as the mortgagee of
record, shall (a) exercise any right it may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate
the payments thereon or (y) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with
the Servicing Standard or (b) waive its right to exercise such rights, provided that (i) other than with respect to a Master
Servicer Decision pursuant to clause (xiii) or clause (xv) of the definition thereof, and only with respect to the
Special Servicer, (A) if such Mortgage Loan is not an Excluded Loan, no Control Termination Event shall have occurred and be continuing
and the matter involves a Major Decision, the consent (or deemed consent) of the Directing Certificateholder shall have been obtained
by the Special Servicer to the extent required by, and pursuant to the process described under, Section 6.08(a), (B) if such
Mortgage Loan is not an Excluded Loan, a Control Termination Event shall have occurred and be continuing and no Consultation Termination
Event shall have occurred and be continuing, the Special Servicer shall have consulted with the Directing Certificateholder if and to
the extent required pursuant to Section 6.08(a), (C) after the occurrence and during the continuance of an Operating Advisor Consultation
Event, the Special Servicer shall have consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a),
(D) if such Mortgage Loan is not an Excluded Loan with respect to the applicable Risk Retention Consultation Party and (x) such
Mortgage Loan is a Specially Serviced Loan or (y) a Consultation Termination Event shall have occurred and be continuing, the Special
Servicer shall have consulted with each Risk Retention Consultation Party if and to the extent required pursuant to Section 6.08(a)
and (E) with respect to a Serviced AB Whole Loan prior to the occurrence and continuance of an AB Control Appraisal Period,
the prior consent of the related Serviced AB Whole Loan Controlling Holder shall have been obtained, to the extent required by the terms
of the related Intercreditor Agreement, and pursuant to the process described in this Agreement (provided that in the case of
clause (A), clause (B), clause (C), clause (D) and clause (E), such consent shall be
deemed given or such consultation shall be deemed to have occurred, as applicable, if a response to the request for consent or consultation,
as the case may be, is not provided within ten (10) Business Days after receipt of the Special Servicer’s written recommendation
and analysis and all information reasonably requested by the Directing Certificateholder, Operating Advisor or the applicable Risk Retention
Consultation Party, as 

    -206-

     

    

applicable,
and reasonably available to the Special Servicer in order to grant or withhold such consent or conduct such consultation), and
(ii) the Master Servicer or the Special Servicer, as the case may be, has obtained Rating Agency Confirmation from each Rating
Agency and a confirmation of any applicable rating agency that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25) if such Mortgage Loan (A) has an outstanding
principal balance that is greater than or equal to 2% of the Stated Principal Balance of the outstanding Mortgage Loans or
(B) has an LTV Ratio greater than 85% (including any existing and proposed debt) or (C) has a Debt Service Coverage Ratio
less than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the Mortgage Loan and related
Companion Loan, if any, and the principal amount of the proposed additional lien) or (D) is one of the ten largest
Mortgage Loans (by Stated Principal Balance) or (E) has a Stated Principal Balance greater than $35,000,000; provided, however,
that with respect to sub-clauses (A), (B), (C) and (D) of this sub-clause (ii),
such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation
requirement to apply. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a
Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a
non-binding basis, in connection with the related transactions involving proposed Major Decisions and consider alternative
actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08
for consulting with the Operating Advisor.

 

With
respect to any “due-on-encumbrance” matter described above that is a Major Decision related to any Mortgage Loan that
is not an Excluded Loan with respect to a Risk Retention Consultation Party or the Holder of the majority of the related VRR Interest
upon request of the related Risk Retention Consultation Party, the Special Servicer shall consult on a non-binding basis with
such Risk Retention Consultation Party with respect to (i) prior to the occurrence and continuance of a Consultation Termination
Event, Specially Serviced Loans; and (ii) following the occurrence and during the continuance of a Consultation Termination Event,
all Mortgage Loans, within the same time period as it would obtain the consent of, or consult with, the Directing Certificateholder
with respect to such Major Decision.

 

In
connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion
Loan Securities, the related Companion Loan Rating Agencies) pursuant to this Section 3.08(b), the Master Servicer or the
Special Servicer, as the case may be, shall (if not already provided in accordance with Section 3.25 of this Agreement)
deliver a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the
related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

To
the extent permitted by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding
paragraph or in Section 3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage Loan
documents are silent as to who bears the costs of obtaining any such Rating Agency Confirmation, the Special Servicer shall use
reasonable efforts to make the related Mortgagor bear such costs and expenses. Unless 

    -207-

     

    

determined to be a Nonrecoverable Advance
such costs not collected from the related Mortgagor shall be advanced as a Servicing Advance.

 

If
any Mortgage Loan or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered without
the consent of the mortgagee, provided that certain conditions contained in the related Mortgage Loan documents are satisfied
where no mortgagee discretion is necessary in order to determine if such conditions are satisfied, then for so long as such Mortgage
Loan or related Companion Loan is being serviced under this Agreement, the Master Servicer (with respect to all Non-Specially Serviced
Loans) and the Special Servicer (with respect to all Specially Serviced Loans), on behalf of the Trustee as the mortgagee of record,
shall determine whether such conditions have been satisfied.

 

Upon
receiving a request for any matter described in Section 3.08(a) or this Section 3.08(b) that constitutes a consent
or waiver with respect to a “due-on-sale” or “due-on-encumbrance” clause with respect
to a Mortgage Loan that is a Non-Specially Serviced Loan and other than any transfers or assumptions provided for in clause (xiii)
of the definition of Master Servicer Decision and other than any waiver of a “due-on-encumbrance” clause
which waiver constitutes a Master Servicer Decision pursuant to clause (xiii) or clause (xv) of the definition
thereof, the Master Servicer shall promptly forward such request to the Special Servicer and the Special Servicer shall process
such request (including, without limitation, interfacing with the Mortgagor) (unless the Master Servicer and Special Servicer
mutually agree with respect to a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan that the Master Servicer
shall process such request with respect to a Major Decision or a Special Servicer Decision) and except as provided in the next
sentence, the Master Servicer will have no further obligation with respect to such request or due-on-sale or due-on-encumbrance.
The Master Servicer shall continue to cooperate with the Special Servicer by delivering to the Special Servicer any additional
information in the Master Servicer’s possession requested by the Special Servicer relating to such consent or waiver with
respect to a “due-on-sale” or “due-on-encumbrance” clause. Unless the Master Servicer
and Special Servicer mutually agree that the Master Servicer shall process such request with respect to a Mortgage Loan or Serviced
Whole Loan that is not a Specially Serviced Loan, the Master Servicer shall not be permitted to process any request relating to
such consent or waiver with respect to a “due-on-sale” or “due-on-encumbrance” clause (other
than any transfers or assumptions provided for in clause (xiii) of the definition of Master Servicer Decision and
other than any waiver of a “due-on-encumbrance” clause which waiver constitutes a Master Servicer Decision
pursuant to clause (xiii) or clause (xv) of the definition thereof) and shall not be required to interface
with the Mortgagor or provide a written recommendation and analysis with respect to any such request. If the Master Servicer and
Special Servicer mutually agree that the Master Servicer shall process a Major Decision or Special Servicer Decision with respect
to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Non-Specially Serviced Loan,
the Master Servicer shall obtain the Special Servicer’s prior consent (or deemed consent) to the Major Decision or Special
Servicer Decision, as applicable.

 

(c)         Nothing in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive
notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any
additional lien or other encumbrance with respect to such Mortgaged Property.

 

    -208-

     

    

(d)         Except
as otherwise permitted by Section 3.08(a), Section 3.08(b) and/or Section 3.18, neither the Master Servicer nor
the Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan, as
applicable, in connection with the taking of, or the failure to take, any action pursuant to this Section 3.08. The Master
Servicer and the Special Servicer, as the case may be, shall provide copies of any final waivers (except with respect to provision
of any such waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to Section
3.08(a) or Section 3.08(b) to each other and to the 17g-5 Information Provider with respect to each Mortgage
Loan, and shall notify the Trustee, the Certificate Administrator, each other and, subject to the terms of this Agreement, the
17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website in accordance with Section
3.25) and, with respect to a Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution
agreement executed pursuant to Section 3.08(a) or Section 3.08(b) and shall forward thereto a copy of such
agreement.

 

(e)         [RESERVED].

 

(f)          For the avoidance of doubt, neither the Master Servicer nor the Special Servicer may waive its rights or grant its consent under
any “due-on-sale” or “due-on-encumbrance” clause other than in compliance with the provisions
of Section 3.08(a) through (d) hereof. In the case of the Special Servicer, no such waiver or consent shall
be made without (x) (i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than
with respect to any Excluded Loan, the consent (or deemed consent) of the Directing Certificateholder having been obtained if
and to the extent required by, and pursuant to the process described under Section 6.08(a), (y) (i) after the
occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation
Termination Event and (ii) other than with respect to any Excluded Loan, consultation with the Directing Certificateholder
if and to the extent required pursuant to Section 6.08(a) and (z) after the occurrence and during the continuance of an
Operating Advisor Consultation Event, consultation with the Operating Advisor if and to the extent required pursuant to Section
6.08(a).

 

(g)         Notwithstanding the foregoing provisions of this Section 3.08, if the Master Servicer or the Special Servicer, as applicable,
makes a determination under Section 3.08(a) or Section 3.08(b) that the applicable conditions in the related Mortgage
Loan or Companion Loan documents, as applicable, with respect to assumptions or encumbrances permitted without the consent of
the mortgagee have been satisfied, the applicable assumptions and transfers may be subject to an assumption or other fee, unless
such fees are otherwise prohibited pursuant to the Mortgage Loan documents; provided that any such fee not provided for
in the Mortgage Loan documents does not constitute a “significant” change in yield pursuant to Treasury Regulations
Section 1.1001-3(e)(2).

 

Section
3.09        Realization Upon Defaulted Loans and Companion Loans. (a) Upon
an event of default under the Mortgage Loan documents related to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt,
the Master Servicer shall promptly provide written notice to the related Companion Holder or mezzanine lender, as applicable,
with a copy of such notice to the Special Servicer. The Special Servicer shall, subject to subsections (b) through (d) of this
Section 3.09, Section 3.24, subject to the Directing Certificateholder’s, the Operating Advisor’s and
the Risk Retention Consultation Parties’ respective rights pursuant to Section 6.08, 

    -209-

     

    

and
any Companion Holder or mezzanine lender’s rights under the related Intercreditor Agreement (in the case of a Serviced Whole
Loan, on behalf of the holders of the beneficial interest of the related Companion Loan) or this Agreement, exercise reasonable
efforts, consistent with the Servicing Standard, to foreclose upon or otherwise comparably convert (which may include an REO
Acquisition) the ownership of property securing any such Mortgage Loan (other than any Non-Serviced Mortgage Loan) and related
Companion Loan, if any, as come into and continue in default as to which no satisfactory arrangements (including by way of a
discounted pay-off) can be made for collection of delinquent payments, and which are not released from the Trust Fund pursuant to
any other provision hereof. The foregoing is subject to the provision that, in any case in which a Mortgaged Property shall have
suffered damage from an Uninsured Cause, the Master Servicer or the Special Servicer shall not be required to make a Servicing
Advance and expend funds toward the restoration of such property unless the Special Servicer has determined in its reasonable
discretion that such restoration will increase the net proceeds of liquidation of such Mortgaged Property to Certificateholders and
the RR Interest Owner after reimbursement to the Master Servicer or the Special Servicer, as applicable, for such Servicing Advance,
and the Master Servicer or the Special Servicer has not determined that such Servicing Advance together with accrued and unpaid
interest thereon would constitute a Nonrecoverable Advance. The costs and expenses incurred by the Special Servicer in any such
proceedings shall be advanced by the Master Servicer; provided that, in each case, such cost or expense would not, if
incurred, constitute a Nonrecoverable Servicing Advance. Nothing contained in this Section 3.09 shall be construed so as to
require the Master Servicer or the Special Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property at a
foreclosure sale or similar proceeding that is in excess of the fair market value of such property, as determined by the Master
Servicer or the Special Servicer in its reasonable judgment taking into account the factors described in Section 3.16(b) and
the results of any Appraisal obtained pursuant to the following sentence, all such bids to be made in a manner consistent with the
Servicing Standard. If and when the Special Servicer or the Master Servicer deems it necessary and prudent for purposes of
establishing the fair market value of any Mortgaged Property securing a Defaulted Loan or any related defaulted Companion Loan,
whether for purposes of bidding at foreclosure or otherwise, the Special Servicer or the Master Servicer, as the case may be, is
authorized to have an Appraisal performed with respect to such property by an Independent MAI-designated appraiser the cost of which
shall be paid by the Master Servicer as a Servicing Advance.

 

(b)         The Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

 

(i)          such personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by
the Special Servicer; or

 

(ii)         the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing
Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to the related Companion
Loan) will not cause an Adverse REMIC Event.

 

(c)         Notwithstanding the foregoing provisions of this Section 3.09 and Section 3.24, neither the Master Servicer nor
the Special Servicer shall, on behalf of the Trustee, obtain title to a Mortgaged Property in lieu of foreclosure or otherwise,
or take any other action with 

    -210-

     

    

respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of
the Certificateholders, the RR Interest Owner and/or any related Companion Holder, would be considered to hold title to, to be
a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged
Property within the meaning of CERCLA or any comparable law, unless (as evidenced by an Officer’s Certificate to such effect
delivered to the Trustee) the Special Servicer has previously determined in accordance with the Servicing Standard, based on an
Environmental Assessment of such Mortgaged Property performed by an Independent Person who regularly conducts Environmental Assessments
and performed within six (6) months prior to any such acquisition of title or other action, that:

  

(i)          such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental
consultant, that it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan,
the related Companion Holders) and the RR Interest Owner, as a collective whole as if such Certificateholders, the RR Interest
Owner and, if applicable, Companion Holders constituted a single lender, to take such actions as are necessary to bring such Mortgaged
Property in compliance with such laws, and

 

(ii)         there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Companion Holders) and the RR Interest Owner, as a collective whole as if such
Certificateholders, the RR Interest Owner and, if applicable, Companion Holders constituted a single lender, to take such actions
with respect to the affected Mortgaged Property.

 

The
cost of any such Environmental Assessment shall be paid by the Master Servicer as a Servicing Advance and the cost of any remedial,
corrective or other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence
shall be paid by the Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance (in which case it
shall be an expense of the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related
Intercreditor Agreement by the Master Servicer from the Collection Account, including from the Companion Distribution Account
(such withdrawal to be made from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole
Loan)); and if any such Environmental Assessment so warrants, the Special Servicer shall, except with respect to any Companion
Loan and any Environmental Assessment ordered after such Mortgage Loan has been paid in full, perform such additional environmental
testing at the expense of the Trust as it deems necessary and prudent to determine whether the conditions described in clauses (i)
and (ii) of the preceding sentence have been satisfied. With respect to Non-Specially Serviced Loans, the Master Servicer
and, with respect to Specially Serviced Loans, the Special Servicer shall review and be familiar with the terms and conditions
relating to enforcing claims and shall monitor the dates by which any claim or action must be taken (including delivering any
notices to the insurer and using reasonable efforts to perform any actions required under such policy) under each environmental
insurance policy in effect and obtained on behalf of the 

    -211-

     

    

mortgagee to receive the maximum proceeds available under such policy
for the benefit of the Certificateholders, the RR Interest Owner and the Trustee (as holder of the Lower-Tier Regular Interests).

 

(d)         If
(i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions set
forth in clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not been
satisfied with respect to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Mortgage Loan, any related
Companion Loan, and (ii) there has been no breach of any of the representations and warranties set forth in or required to be
made pursuant to Section 4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage Loan
Seller could be required to repurchase such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase
Agreement, then the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust (other than
proceeding to acquire title to the Mortgaged Property) and is hereby authorized, with the consent of the Directing Certificateholder
and after consultation with the Risk Retention Consultation Parties pursuant to Section 6.08(a) (in each case, (A) prior
to the occurrence and continuance of a Control Termination Event (or with respect to any Serviced AB Mortgage Loan, after the
occurrence and during the continuation of an AB Control Appraisal Period, but prior to the occurrence and continuance of a Control
Termination Event) and (B) other than with respect to any Excluded Loan as to such party) at such time as it deems appropriate
to release such Mortgaged Property from the lien of the related Mortgage, provided that, if such Mortgage Loan has a
then-outstanding principal balance of greater than $1,000,000, then prior to the release of the related Mortgaged Property from the
lien of the related Mortgage, (i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate
Administrator, the Master Servicer, the Directing Certificateholder and the Risk Retention Consultation Parties (in the case of the
Directing Certificateholder, prior to the occurrence and continuance of a Consultation Termination Event, and in the case of
the Directing Certificateholder or any Risk Retention Consultation Party other than with respect to any Excluded Loan as to
such party), in writing of its intention to so release such Mortgaged Property and the bases for such intention, (ii) the
Certificate Administrator shall have posted such notice of the Special Servicer’s intention to so release such Mortgaged
Property to the Certificate Administrator’s Website pursuant to Section 3.13(b) and (iii) in addition to the prior
written consent of the Directing Certificateholder as required above, the Holders of Certificates entitled to a majority of the
Voting Rights shall have consented or have been deemed to have consented to such release within thirty (30) days of the
Certificate Administrator’s posting such notice to the Certificate Administrator’s Website (failure to respond by the
end of such 30-day period being deemed consent of the Holders of the Certificates). To the extent that any fee charged by any
Rating Agency in connection with rendering such written confirmation is not paid by the related Mortgagor, such fee is to be an
expense of the Trust; provided that the Special Servicer shall use commercially reasonable efforts to collect such fee from
the Mortgagor to the extent permitted under the related Mortgage Loan documents.

 

(e)         The Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing
Certificateholder and the Risk Retention Consultation Parties (in each case, other than with respect to any Excluded Loan), the
Master Servicer and the 17g-5 Information Provider monthly regarding any actions taken by the Special Servicer with respect
to any Mortgaged Property securing a Defaulted Loan, or defaulted Companion Loan as to which the environmental testing contemplated
in subsection (c) above has 

    -212-

     

    

revealed that either of the conditions set forth in clauses (i) and (ii)
of the first sentence thereof has not been satisfied, in each case until the earlier to occur of satisfaction of both such
conditions, repurchase of the related Mortgage Loan by the applicable Mortgage Loan Seller or release of the lien of the related
Mortgage on such Mortgaged Property.

 

(f)          The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
Internal Revenue Service and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and
required to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and the Master
Servicer shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law,
such information and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all
forgiveness of indebtedness and abandonment and foreclosure to the extent such information has been provided to the Master Servicer
by the Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee and the
Certificate Administrator.

 

(g)         The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance
of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage
Loan (and if applicable, the related Companion Loan) permit such an action.

 

(h)         The Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination
in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any
REO Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall
be evidenced by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing
Certificateholder and the Risk Retention Consultation Parties (but in the case of the Directing Certificateholder and the Risk
Retention Consultation Parties, other than with respect to any Excluded Loan as to such party) the Master Servicer and in no event
later than the next succeeding P&I Advance Determination Date.

 

Section
3.10        Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files.
(a) Upon the payment in full of any Mortgage Loan (other than a Non-Serviced
Mortgage Loan), or the receipt by the Master Servicer or the Special Servicer, as the case may be, of a notification that payment
in full shall be escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer, as the case may
be, will promptly notify the Trustee and the Custodian and request delivery of the related Mortgage File. Any such notice and
request shall be in the form of a Request for Release signed by a Servicing Officer and shall include a statement to the effect
that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection
Account pursuant to Section 3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be so
deposited. Within seven (7) Business Days (or within such shorter period as release can reasonably be accomplished if the
Master Servicer or the Special Servicer notifies the Custodian of an exigency) of receipt of such notice and request, the Custodian
shall release the related Mortgage File to the Master Servicer or the Special Servicer, as the case may be; provided that
in the case of the payment in full of a Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall
not be released by the Custodian unless the related Serviced Whole Loan is paid in full. No 

    -213-

     

    

expenses incurred in connection with
any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account.

 

(b)         From
time to time as is appropriate for servicing or foreclosure of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and
any related Companion Loan), the Master Servicer or the Special Servicer shall deliver to the Custodian a Request for Release signed
by a Servicing Officer. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein to the
Master Servicer or the Special Servicer (or a designee), as the case may be. Upon return of such Mortgage File or such document to
the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer of the Master
Servicer or the Special Servicer, as the case may be, stating that such Mortgage Loan (and, in the case of a Serviced Whole Loan,
the related Companion Loan), was liquidated and that all amounts received or to be received in connection with such liquidation
which are required to be deposited into the Collection Account (including amounts related to the related Companion Loan, if
applicable) pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO
Property, a copy of the Request for Release shall be released by the Custodian to the Master Servicer or the Special Servicer (or a
designee), as the case may be, with the original being released upon termination of the Trust.

 

(c)         Within seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer
notifies the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the Special Servicer any court
pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note (including
any note evidencing a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. The Special Servicer shall be
responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents
or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed
by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon
completion of the foreclosure or trustee’s sale. The Trustee shall not be required to review such documents for their sufficiency
or enforceability.

 

(d)         If, from time to time, pursuant to the terms of the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced
PSA, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer
requests delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or
cause the release of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

 

Section
3.11        Servicing Compensation. (a) As
compensation for its activities hereunder, the Master Servicer shall be entitled to receive the Servicing Fee with respect to
each Mortgage Loan, Serviced Companion Loan and REO Loan (other than the portion of any REO Loan related to any Non-Serviced
Companion Loan) (including Specially Serviced Loans and any Non-Serviced Mortgage Loan constituting a “specially serviced
loan” under any related 

    -214-

     

    

Non-Serviced
PSA). As to each Mortgage Loan, Companion Loan and REO Loan, the Servicing Fee shall accrue from time to time at the Servicing Fee
Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan, Companion Loan or REO Loan, as the
case may be, and in the same manner as interest is calculated on such Mortgage Loan, Companion Loan or REO Loan, as the case may be,
and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on
such Mortgage Loan or Companion Loan or deemed to be due on such REO Loan is computed. The Servicing Fee with respect to any
Mortgage Loan, Companion Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the related Mortgage
Loan, except that if such Mortgage Loan is part of a Serviced Whole Loan and such Serviced Whole Loan continues to be serviced and
administered under this Agreement notwithstanding such Liquidation Event, then the applicable Servicing Fee shall continue to accrue
and be payable as if such Liquidation Event did not occur. The Servicing Fee shall be payable monthly, on a loan-by-loan
basis, from payments of interest on each Mortgage Loan, Companion Loan and REO Revenues allocable as interest on each REO Loan, and
as otherwise provided by Section 3.05(a). The Master Servicer shall be entitled to recover unpaid Servicing Fees in respect
of any Mortgage Loan, Companion Loan or REO Loan out of that portion of related payments, Insurance and Condemnation Proceeds,
Liquidation Proceeds and REO Revenues (in the case of an REO Loan) allocable as recoveries of interest, to the extent permitted by Section
3.05(a).

 

Except
as set forth in the following sentence, the fourth paragraph of this Section 3.11(a), Section 6.03, Section 6.05
and Section 7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part (except in connection
with a transfer of all of the Master Servicer’s duties and obligations hereunder to a successor servicer in accordance with
the terms hereof). With respect to each Serviced Pari Passu Companion Loan, the Servicing Fee shall be payable to the Master Servicer
from amounts payable in respect of such Serviced Pari Passu Companion Loan, subject to the terms of the related Intercreditor
Agreement.

 

The
Master Servicer shall be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section
3.04(a), additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the
following amounts to the extent collected from the related Mortgagor: (i) 100% of Excess Modification Fees related to any
modifications, waivers, extensions or amendments of any Non-Specially Serviced Loans (including any related Serviced Companion
Loan, to the extent not prohibited by the related Intercreditor Agreement) that are Master Servicer Decisions, and for any matter
for a Mortgage Loan (including any related Companion Loan) that is not a Specially Serviced Loan which matter involves a Major
Decision or a Special Servicer Decision, then the Master Servicer shall be entitled to 50% (or 20% in connection with a Payment
Accommodation resulting from the COVID-19 Emergency) of such Excess Modification Fees, (ii) 100% of all assumption application
fees and other similar items received on any Mortgage Loans (other than a Non-Serviced Mortgage Loan) that are Non-Specially
Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement)
to the extent the Master Servicer is processing the underlying transaction and 100% of all defeasance fees (provided that
for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees in connection with a defeasance that
the Special Servicer is entitled to under this Agreement); and (iii) 100% of assumption, waiver, consent, loan service transaction
and earnout fees, and other similar fees (other than assumption application and defeasance fees) pursuant to Section 3.08
and Section 3.18 

    -215-

     

    

or
other actions performed in connection with this Agreement on the Non-Specially Serviced Loans (including any related Serviced
Companion Loan, to the extent not prohibited by the related Intercreditor Agreement) relating to Master Servicer Decisions, and for
any matter for a Mortgage Loan (including any related Companion Loan) that is not a Specially Serviced Loan which matter involves a
Major Decision or a Special Servicer Decision, then the Master Servicer shall be entitled to 50% (or 20% in connection with a
Payment Accommodation resulting from the COVID-19 Emergency) of such assumption, waiver, consent, loan service transaction and
earnout fees and other similar fees. In addition, the Master Servicer shall be entitled to charge and retain as additional servicing
compensation (other than with respect to any Non-Serviced Mortgage Loan or Specially Serviced Loan) any charges for beneficiary
statements or demands and other customary charges actually paid by the related Mortgagors to the extent such beneficiary
statements or demand charges were prepared by the Master Servicer, amounts collected for checks returned for insufficient funds with
respect to the accounts held by the Master Servicer and reasonable review fees in connection with any Mortgagor request to the
extent such review fees are not prohibited under the related Mortgage Loan documents, in each case only to the extent actually paid
by or on behalf of the related Mortgagor and shall not be required to deposit such amounts in the Collection Account or the
Companion Distribution Account pursuant to Section 3.04(a) or Section 3.04(b), respectively. Subject to Section
3.11(d), the Master Servicer shall also be entitled to additional servicing compensation in the form of: (i) Penalty
Charges to the extent provided in Section 3.11(d), (ii) interest or other income earned on deposits relating to the
Trust Fund in the Collection Account or the Companion Distribution Account in accordance with Section 3.06(b) (but only to
the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior
Distribution Date to and including the P&I Advance Date related to the current Distribution Date), (iii) interest or other
income earned on deposits in its Servicing Accounts which are not required by applicable law or the related Mortgage Loan to be paid
to the Mortgagor, and (iv) the difference, if positive, between Prepayment Interest Excesses and Prepayment Interest Shortfalls
collected on the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any Serviced Companion Loan, during the related
Collection Period to the extent not required to be paid as Compensating Interest Payments. The Master Servicer shall be required to
pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without
limitation, payment of any amounts due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy
insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not payable directly out of
the Collection Account and the Master Servicer shall not be entitled to reimbursement therefor except as expressly provided in this
Agreement.

 

Notwithstanding
anything herein to the contrary, Midland Loan Services, a Division of PNC Bank, National Association, may, at its option, assign
or pledge to any third party or retain for itself the Transferable Servicing Interest with respect to any Mortgage Loan and any
Serviced Companion Loan (and any successor REO Loan); provided, however, that in the event of any resignation or
termination of Midland Loan Services, a Division of PNC Bank, National Association, as the Master Servicer, all or any portion
of the Transferable Servicing Interest may be reduced by the Trustee to the extent reasonably necessary (in the sole discretion
of the Trustee) for the Trustee to obtain a qualified successor master servicer that meets the requirements of Section 6.05
and who requires market-rate servicing compensation that accrues at a per annum rate in excess of the Retained Fee
Rate, and any such assignment of the Transferable Servicing Interest shall, by its terms be expressly subject to the terms of
this Agreement and such reduction. 

    -216-

     

    

The Master Servicer shall pay the Transferable Servicing Interest to the holder of the Transferable
Servicing Interest at such time and to the extent the Master Servicer is entitled to receive payment of its Servicing Fees hereunder,
notwithstanding any resignation or termination of Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer hereunder (subject to reduction pursuant to the preceding sentence).

 

(b)         As
compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect
to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to a
Non-Serviced Mortgaged Property). As to each Specially Serviced Loan and REO Loan, the Special Servicing Fee shall accrue
from time to time at the Special Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such
Specially Serviced Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced
Loans or REO Loans, as the case may be, and, in connection with any partial month interest payment, for the same period respecting
which any related interest payment due on such Specially Serviced Loan or deemed to be due on such REO Loan is computed. The Special
Servicing Fee with respect to any Specially Serviced Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with
respect to the related Mortgage Loan. The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in
accordance with the provisions of Section 3.05(a). The right to receive the Special Servicing Fee may not be transferred in
whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations
under this Agreement. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to a Non-Serviced
Mortgage Loan.

 

(c)         The Special Servicer shall be entitled to additional servicing compensation in the form of (i) 100% of all Excess Modification
Fees related to modifications, waivers, extensions or amendments of any Specially Serviced Loans, (ii) 100% of all assumption
application fees and other similar items received with respect to Specially Serviced Loans and 100% of all assumption application
fees and other similar items received with respect to Mortgage Loans (other than Non-Serviced Mortgage Loans) and Serviced Companion
Loans that are Non-Specially Serviced Loans to the extent such Special Servicer processes the underlying transaction, (iii)
100% of waiver, consent, loan service transaction and earnout fees, or other actions performed in connection with this Agreement
on the Specially Serviced Loans or certain other similar fees paid by the related Mortgagor on Specially Serviced Loans, (iv)
100% of assumption fees and other similar fees received with respect to Specially Serviced Loans, (v) 50% (or 80% in connection
with a Payment Accommodation resulting from the COVID-19 Emergency) of all Excess Modification Fees and assumption, waiver, consent,
loan service transaction and earnout and other similar fees (other than assumption application fees and defeasance fees) pursuant
to Section 3.08 or Section 3.18 received with respect to any Mortgage Loans (other than Non-Serviced Mortgage
Loans, but including any related Serviced Pari Passu Companion Loan(s)) that are Non-Specially Serviced Loans to the extent that
the matter involves a Major Decision or a Special Servicer Decision, (vi) 100% of charges for beneficiary statements and demand
charges actually paid by the related borrowers to the extent such beneficiary statements or demand charges were prepared by the
Special Servicer, and (vii) with respect to the accounts held by the Special Servicer, 100% of charges by the Special Servicer
collected for checks returned for insufficient funds, and shall be promptly paid to the Special Servicer by the Master Servicer
(or directly from the related Mortgagor) to the extent such fees are paid by the Mortgagor and shall not be required 

    -217-

     

    

to
be deposited in the Collection Account pursuant to Section 3.04(a) or paid by the Special Servicer to the Master Servicer to
the extent the funds are received by the Special Servicer. Subject to Section 3.11(d), the Special Servicer shall also be
entitled to additional servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section
3.11(d), and (ii) interest or other income earned on deposits relating to the Trust Fund in the REO Account and the Loss of
Value Reserve Fund in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with
respect to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date
related to such Distribution Date). In addition, the Special Servicer shall be entitled to charge any Mortgagor for and retain as
additional servicing compensation (other than with respect to any Non-Serviced Mortgage Loan) reasonable review fees in
connection with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents,
and only to the extent actually paid by or on behalf of the related Mortgagor. The Special Servicer shall also be entitled to
additional servicing compensation in the form of a Workout Fee with respect to each Corrected Loan at the Workout Fee Rate on such
Corrected Loan for so long as it remains a Corrected Loan; provided, however, that after receipt by the Special
Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to $25,000, any Workout Fees in excess of such
amount shall be reduced by the Excess Modification Fee Amount; provided, further, however, that in the event
the Workout Fee collected over the course of such workout calculated at the Workout Fee Rate is less than $25,000, then the Special
Servicer shall be entitled to an amount from the final payment on the related Corrected Loan (including any related Serviced
Companion Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Loan
(including any related Serviced Companion Loan) equal to $25,000. The Workout Fee shall be reduced (but not below zero) with respect
to each collection on such Corrected Loan from which fee would otherwise be payable until an amount equal to the Excess Modification
Fee Amount has been deducted in full. The Workout Fee with respect to any Corrected Loan will cease to be payable if such loan again
becomes a Specially Serviced Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced
Loan again becomes a Corrected Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to a Non-Serviced
Mortgage Loan. If the Special Servicer is terminated (other than for cause) or resigns, it shall retain the right to receive any and
all Workout Fees payable in respect of Mortgage Loans or any related Companion Loan that became Corrected Loans prior to the time of
that termination or resignation except the Workout Fees will no longer be payable if the Corrected Loan subsequently becomes a
Specially Serviced Loan. If the Special Servicer resigns or is terminated (other than for cause), it will receive any Workout Fees
payable on Specially Serviced Loans for which the resigning or terminated Special Servicer had determined to grant a forbearance or
cured the event of default through a modification, restructuring or workout negotiated by the Special Servicer and evidenced by a
signed writing, but which had not as of the time the Special Servicer resigned or was terminated become a Corrected Loan solely
because the Mortgagor had not had sufficient time to make three consecutive timely Periodic Payments and which subsequently becomes
a Corrected Loan as a result of the Mortgagor making such three consecutive timely Periodic Payments. The successor special servicer
shall not be entitled to any portion of such Workout Fees. The Special Servicer shall not be entitled to receive any Workout Fees
after termination for cause. A Liquidation Fee shall be payable with respect to (a) each Specially Serviced Loan (other than a
Non-Serviced Mortgage Loan) or REO Property (other than a Non-Serviced Mortgaged Property) as to which the Special Servicer
receives any Liquidation Proceeds or Insurance and Condemnation Proceeds 

    -218-

     

    

and (b) each Mortgage Loan repurchased
by a Mortgage Loan Seller or for which a Loss of Value Payment was paid, in each case, subject to the exceptions set forth in the
definition of Liquidation Fee (such Liquidation Fee to be paid out of such Liquidation Proceeds or Insurance and Condemnation
Proceeds). If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received with respect to any Corrected Loan
and the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of
such Liquidation Proceeds and Insurance and Condemnation Proceeds that constitute principal and/or interest on such Mortgage Loan.
If the Special Servicer is terminated (other than for cause), and it has commenced the process of liquidation of the Specially
Serviced Loan or REO Property, it shall receive a portion of any Liquidation Fee that becomes payable with respect to the Specially
Serviced Loan or the REO Property that was being administered by the Special Servicer at the time of such resignation or
termination. The terminated Special Servicer and the successor special servicer shall apportion the Liquidation Fee between
themselves in a manner that reflects their relative contributions in earning the fee; provided that if the terminated Special
Servicer and the successor special servicer cannot agree on an apportionment of the Liquidation Fee, the Liquidation Fee shall be
apportioned on the basis of the number of months that each administered such Specially Serviced Loan, over a period commencing on
the date the Mortgage Loan became a Specially Serviced Loan and ending on the date of the final liquidation of the Mortgage Loan.
Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a
Workout Fee, but not both, with respect to proceeds on any Mortgage Loan. Notwithstanding the foregoing, with respect to any
Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be computed as provided in the related
Intercreditor Agreement or to the extent such Intercreditor Agreement is silent or refers to this Agreement or indicates such fees
are paid in accordance with this Agreement, as provided herein as though such Companion Loan were a Mortgage Loan. Subject to Section
3.11(d), the Special Servicer will also be entitled to additional fees in the form of Penalty Charges. The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, payment of any amounts, other than management fees in respect of REO Properties, due and owing to
any of its Sub-Servicers and the premiums for any blanket Insurance Policy obtained by it insuring against hazard losses pursuant to Section
3.07), if and to the extent such expenses are not expressly payable directly out of the Collection Account or the REO Account,
and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

With
respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion
thereof (other than a fee split with respect to Penalty Charges), the Master Servicer and the Special Servicer shall each have
the right in their sole discretion, but not any obligation, to reduce or elect not to charge only its respective portion of such
fee; provided, that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not
to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer
exercises its right to reduce or elect not to charge only its respective portion in any such fee, the party that reduced or elected
not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion
of such fee. If the Master Servicer decides not to charge any fee (other than Penalty Charges), the Special Servicer shall nevertheless
be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer. 

    -219-

     

    

Similarly,
if the Special Servicer decides not to charge any fee (other than Penalty Charges), the Master Servicer shall nevertheless be
entitled to charge its portion of the related fee to which the Master Servicer would have been entitled if the Special Servicer
had charged a fee and the Special Servicer shall not be entitled to any portion of such fee charged by the Master Servicer.

 

(d)         In
determining the compensation of the Master Servicer or the Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any
related Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the Master Servicer,
the Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable
(and, in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced
Special Servicer or the applicable Non-Serviced Trustee for interest on the servicing advances made by any such party with respect
to a Non-Serviced Whole Loan pursuant to the applicable Non-Serviced PSA, to the extent not prohibited by the applicable
Non-Serviced Intercreditor Agreement) due on such Distribution Date, (ii) the Trust for all interest on Advances previously
paid to the Master Servicer or the Trustee pursuant to Section 3.05(a)(vi) (and, in connection with a Non-Serviced Mortgage
Loan, the related trust for all interest on servicing advances reimbursed by such trust to any party under the applicable
Non-Serviced PSA, which resulted in an additional expense for the Trust, to the extent not prohibited by the applicable
Non-Serviced Intercreditor Agreement) with respect to such Mortgage Loan or related Companion Loan, if applicable and
(iii) the Trust for all additional expenses of the Trust (other than Special Servicing Fees, Workout Fees and Liquidation
Fees), including without limitation, inspections by the Special Servicer and all unpaid Advances incurred since the Closing Date
with respect to such Mortgage Loan. Penalty Charges (other than with respect to a Non-Serviced Mortgage Loan, which shall be payable
as additional servicing compensation under the related Non-Serviced PSA) remaining thereafter shall be distributed to the Master
Servicer, if and to the extent accrued while such Mortgage Loan and any related Companion Loan was a Non-Specially Serviced Loan,
and to the Special Servicer, if and to the extent accrued on such Mortgage Loan during the period such Mortgage Loan was a
Specially Serviced Loan or REO Loan. Any Penalty Charges paid or payable as additional servicing compensation to the Master Servicer
and the Special Servicer shall be distributed between the Master Servicer and the Special Servicer, on a pro rata basis,
based on the Master Servicer’s and the Special Servicer’s respective entitlements to such compensation described in the
previous sentence. If the Special Servicer has partially waived any Penalty Charge (part of which accrued prior to the related
Servicing Transfer Event), any collections in respect of such Penalty Charge shall be shared pro rata by the Master Servicer
and the Special Servicer based on the respective portions of such Penalty Charge to which each would otherwise have been entitled.
If the Master Servicer has partially waived any Penalty Charge (part of which accrued subsequent to the occurrence of a Servicing
Transfer Event and prior to the date such Mortgage Loan or Serviced Whole Loan became a Corrected Loan), any collections in respect
of such Penalty Charge shall be shared pro rata by the Master Servicer and the Special Servicer based on the respective
portions of such Penalty Charge to which each would otherwise have been entitled. Notwithstanding the foregoing or anything else
herein to the contrary, Penalty Charges with respect to any Companion Loan will be allocated pursuant to the applicable
Intercreditor Agreement after payment of all related Advances and interest thereon and additional expenses of the Trust in
accordance with this Section 3.11(d).

 

    -220-

     

    

If
a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Date, the Special Servicer
shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially
Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan as the Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the
applicable Servicing Shift Date, no other special servicer shall be entitled to any such compensation or have such rights and
obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Date, the
Non-Serviced Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift
Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift
Whole Loan and the Non-Serviced Special Servicer were replacing the Special Servicer as the successor Special Servicer with
respect to such Servicing Shift Whole Loan.

 

(e)         With respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within
two (2) Business Days following the Determination Date, and the Master Servicer shall deliver, to the extent it has received,
to the Certificate Administrator, without charge and on the related Remittance Date, an electronic report (which may include HTML,
Word or Excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate
Administrator and the Special Servicer) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees
received by the Special Servicer or any of its Affiliates, if any, with respect to such Distribution Date; provided that
no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(f)          The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing
arrangement) from any Person (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or
indemnitor in respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition,
workout or foreclosure of any Mortgage Loan and Serviced Companion Loan, the management or disposition of any REO Property, or
the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section
3.11; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(g)         Pursuant to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions
set forth on Exhibit JJ hereto or such other payment instructions as CREFC® may provide to the Master Servicer
in writing at least two Business Days prior to the Remittance Date) the CREFC® Intellectual Property Royalty License
Fee on a monthly basis. The Master Servicer shall withdraw from the Collection Account and, to the extent sufficient funds are
on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance
with Section 3.05(a)(xiii) on a monthly basis, from funds on deposit in the Collection Account.

 

Section
3.12        Inspections; Collection of Financial Statements; Delivery of Reports. (a)  The
Master Servicer shall perform (at its own expense), or shall cause to be 

    -221-

     

    

performed
(at its own expense), a physical inspection of each Mortgaged Property relating to a Mortgage Loan (other than a Non-Serviced
Mortgage Loan, a Specially Serviced Loan or an REO Loan) with a Stated Principal Balance of (i) $4,000,000 or more at least
once every twelve (12) months and (ii) less than $4,000,000 at least once every twenty-four (24) months, in each
case, commencing in the calendar year 2023 (and each Mortgaged Property shall be inspected on or prior to December 31, 2023); provided, however,
that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months, the Master
Servicer will not be required to perform, or cause to be performed, such physical inspection; provided, further, that
if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall
inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a
Specially Serviced Loan or REO Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan or
REO Loan. The cost of such inspection by the Special Servicer pursuant to the second proviso of the immediately preceding sentence
shall be an expense of the Trust, and, to the extent not paid by the related Mortgagor, reimbursed first from Penalty Charges
actually received from the related Mortgagor and then from the Collection Account pursuant to Section 3.05(a)(ii), provided that,
in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the
related Intercreditor Agreement, with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion
Loan (if any) and then, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and any
related Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances (provided that,
with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related
Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related
Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loan), in each case, prior to
being payable out of general collections. The Special Servicer or the Master Servicer, as applicable, shall prepare or cause to be
prepared a written report of each such inspection detailing the condition of and any damage to the Mortgaged Property to the extent
evident from the inspection and specifying the existence of (i) any vacancy at the Mortgaged Property that the preparer of such
report has knowledge of and the Master Servicer or the Special Servicer, as the case may be, deems material, (ii) any sale,
transfer or abandonment of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the
inspection, (iii) any adverse change in the condition of the Mortgaged Property of which the preparer of such report has
knowledge or that is evident from the inspection, and that the Master Servicer or the Special Servicer, as the case may be, deems
material, (iv) any visible material waste committed on the Mortgaged Property of which the preparer of such report has
knowledge or that is evident from the inspection and (v) photographs of each inspected Mortgaged Property. The Special Servicer
and the Master Servicer shall promptly following preparation deliver or make available a copy (in electronic format) of each such
report prepared by the Special Servicer and the Master Servicer, respectively, to the other party, to the Directing
Certificateholder ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with
respect to any Excluded Loan that is a Specially Serviced Loan). Within five (5) Business Days after request for copies of such
reports by the Rating Agencies, the Special Servicer or the Master Servicer, as applicable, shall deliver or make available a copy
(in electronic format) of each such report prepared by the Special Servicer and the Master Servicer, as applicable, to the 17g-5
Information Provider for posting to the 17g-5 Information Provider’s Website for 

    -222-

     

    

review by NRSROs (including Rating
Agencies) that are Privileged Persons. In respect of any Mortgage Loan other than an Excluded Loan that is a Specially Serviced Loan
and prior to the occurrence and continuance of a Consultation Termination Event, the Master Servicer shall deliver or make available
a copy of each such report to the Directing Certificateholder and upon request to each Controlling Class Certificateholder (which
request may state that such items may be delivered until further notice).

 

(b)         The
Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced
Loan, shall make reasonable efforts to collect promptly and review from each related Mortgagor quarterly and annual operating
statements, financial statements, budgets and rent rolls of the related Mortgaged Property commencing with the calendar
quarter ending on June 30, 2022 and the calendar year ending on December 31, 2022, and the quarterly and annual financial statements
of such Mortgagor, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan documents
and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced Companion
Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan documents. The Master Servicer and
the Special Servicer shall not be required to request such operating statements or rent rolls more than once if the related
Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan documents. In addition, the Special
Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared in respect of each
REO Property and shall collect all such items promptly following their preparation. The Special Servicer shall deliver all such
items to the Master Servicer within five (5) Business Days of receipt, and the Master Servicer and the Special Servicer, as
applicable, shall deliver or make available copies of all the foregoing items so collected to the Trustee, the Certificate
Administrator, the Directing Certificateholder and the Depositor, in electronic format, in each case within sixty (60) days of
its receipt thereof, but in no event, in the case of annual statements, later than June 30 of each year, commencing in 2023 for the
2022 calendar year. Upon the request of any Privileged Person (other than the NRSROs) to receive copies of such items, the Master
Servicer or the Special Servicer, as the case may be, shall deliver or make available electronic copies of such items to the
Certificate Administrator to be posted on the Certificate Administrator’s Website. Upon the request of any NRSRO to receive
copies of any portion of such items, the Master Servicer or the Special Servicer, as applicable, shall deliver or make available
additional copies of the requested items so collected thereby to the 17g-5 Information Provider pursuant to Section
3.13(c).

 

Furthermore,
with respect to any Mortgage Loan (and each Serviced Companion Loan), if the related Mortgage Loan documents provide for the annual
or quarterly testing of financial conditions of the related Mortgagor and/or Mortgaged Property (e.g. debt yield tests, debt service
coverage ratio tests and/or loan-to-value ratio tests) in connection with cash management triggers or the commencement of additional
required Escrow Payments, the Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case
of any Non-Specially Serviced Loan, as applicable (only to the extent the related information required for such testing is to
be delivered to the Master Servicer or Special Servicer pursuant to the related Mortgage Loan Documents and is actually delivered
to either the Master Servicer or the Special Servicer), shall use reasonable efforts to conduct such financial testing within
the timeframes contemplated by such Mortgage Loan documents. Furthermore, in accordance with this Section 3.12(b), with
respect to any Specially Serviced Loan, the Special Servicer shall use reasonable efforts to collect 

    -223-

     

    

financial statements from
the related Mortgagor for the periods set forth in the related Mortgage Loan documents.

 

In
addition, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans and REO Properties), as applicable, shall prepare with respect to each Mortgaged Property securing a Mortgage Loan
(other than a Non-Serviced Mortgage Loan) and REO Property:

 

(i)          Within
forty-five (45) days after receipt of a quarterly operating statement, if any, commencing within forty-five
(45) days of receipt of such quarterly operating statement for the quarter ending on June 30, 2022, a CREFC®
Operating Statement Analysis Report (but only to the extent the related Mortgagor is required by the related Mortgage Loan
documents to deliver and does deliver, or otherwise agrees to provide and does provide, such information) for such Mortgaged
Property or REO Property as of the end of that calendar quarter, provided, however, that any analysis or report with
respect to the first calendar quarter of each year will not be required to the extent provided in the then current applicable
CREFC® guidelines (it being understood that as of the Closing Date, the applicable CREFC® guidelines
provide that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged
Property or REO Property unless such Mortgaged Property or REO Property is analyzed on a trailing 12 month basis, or if the
related Mortgage Loan (other than a Non-Serviced Mortgage Loan) is on the CREFC® Servicer Watch List). The Master
Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO
Properties), as applicable, shall deliver or make available copies (in electronic format) of each CREFC® Operating
Statement Analysis Report and, upon request, the related operating statements (in each case, promptly following the initial
preparation and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder and the related
Companion Holder (with respect to any Serviced Companion Loan).

 

(ii)         Within forty-five (45) days after receipt of an annual operating statement or rent rolls (if and to the extent that any
such information is in the form of normalized year-end financial statements that have been based on a minimum number of months
of operating results as recommended by CREFC® in the instructions to the CREFC® guidelines) for
each calendar year commencing within forty-five (45) days of receipt of such annual operating statement for the calendar
year ending December 31, 2022, a CREFC® NOI Adjustment Worksheet (but only to the extent the related Mortgagor
is required by the related Mortgage Loan documents to deliver and does deliver, or otherwise agrees to provide and does provide,
such information), presenting the computation to “normalize” the full year net operating income and debt service coverage
numbers used by the Master Servicer in preparing the CREFC® Comparative Financial Status Report. The Master Servicer
(with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties),
as applicable, shall deliver or make available copies (in electronic format) of each CREFC® NOI Adjustment Worksheet
and, upon request, the related operating statements or rent rolls (in each case, promptly following the initial preparation and
each material revision thereof) to the Certificate Administrator, the Directing Certificateholder, the related Companion Holder
(with respect to any Serviced Companion Loan) and, upon request, the 17g-5 Information 

    -224-

     

    

Provider, and the 17g-5 Information
Provider shall post all such items to the 17g-5 Information Provider’s Website.

 

(c)         At
or before 12:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause
to be delivered to the Master Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the
Directing Certificateholder, the CREFC® Special Servicer Loan File and any applicable CREFC® Loan
Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports with respect
to the Specially Serviced Loans (excluding, for the Directing Certificateholder, any Excluded Loans) and any REO Properties (other
than a Non-Serviced Mortgaged Property), providing the information required of the Special Servicer in an electronic format,
reasonably acceptable to the Master Servicer as of the Business Day preceding such Determination Date, which CREFC® Special
Servicer Loan File shall include data, to enable the Master Servicer to produce the following supplemental CREFC® reports:
(i) a CREFC® Delinquent Loan Status Report, (ii) a CREFC® Historical Loan
Modification/Forbearance and Corrected Mortgage Loan Report, (iii) a CREFC® REO Status Report, (iv) a
CREFC® Comparative Financial Status Report and (v) a CREFC® NOI Adjustment Worksheet and a
CREFC® Operating Statement Analysis Report, in each case with the supporting financial statements, budgets, operating
statements and rent rolls submitted by the Mortgagor.

 

(d)         Not later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning May 2022, the Master Servicer shall prepare
(if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the
following reports and data files with respect to the Mortgage Loans: (A) to the extent the Master Servicer has received the
CREFC® Special Servicer Loan File at the time required, the most recent CREFC® Delinquent Loan Status
Report, CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC®
REO Status Report, (B) CREFC® Loan Setup File (only with respect to the first Distribution Date), (C) the
most recent CREFC® Property File, and CREFC® Comparative Financial Status Report (in each case incorporating
the data required to be included in the CREFC® Special Servicer Loan File pursuant to Section 3.12(c) by
the Special Servicer and the Master Servicer), (D) a CREFC® Servicer Watch List with information that is current
as of such Determination Date, (E) CREFC® Financial File, (F) CREFC® Loan Level Reserve/LOC
Report, (G) the CREFC® Advance Recovery Report, (H) CREFC® Total Loan Report and (I) the
report on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to the extent received from the Special
Servicer, if any. Additionally, not later than 5:00 p.m. (New York City time) on the P&I Advance Date beginning May 2022,
the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate Administrator any applicable
CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO
Liquidation Reports received from the Special Servicer. Not later than 2:00 p.m. (New York City time) two (2) Business Days
prior to the Distribution Date beginning May 2022, the Master Servicer shall deliver or cause to be delivered to the Certificate
Administrator via electronic format the CREFC® Loan Periodic Update File and, to the extent received by the Master
Servicer, the CREFC® Appraisal Reduction Template, if provided for such Distribution Date. In no event shall any
report described in this subsection be required to reflect information that has not been collected by or delivered to the Master
Servicer, or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day
prior to the Business Day on which the report is due.

 

    -225-

     

    

Not
later than 5:00 p.m. (New York City time) two (2) calendar days following each Distribution Date (provided that if the second
calendar day is not a Business Day, then the immediately succeeding Business Day) beginning in May 2022, the Master Servicer shall
deliver to the Certificate Administrator the CREFC® Schedule AL File in EDGAR-Compatible Format provided, however,
that the Master Servicer shall have no obligation to prepare or deliver the CREFC® Schedule AL File unless the
Depositor has delivered the items required pursuant to Section 2.01(i) in both EDGAR-Compatible Format and Excel Format. If
the Certificate Administrator does not receive such CREFC® Schedule AL File from the Master Servicer by
5:00 p.m. (New York City time) on the date specified in the immediately preceding sentence, it shall immediately request such
CREFC® Schedule AL File from the Master Servicer via email at NoticeAdmin@midlandls.com and send a copy of
such request to the Depositor via email to daniel.vinson@barclays.com. In preparing the CREFC® Schedule AL File and
any Schedule AL Additional File for any given Distribution Date, and without any due diligence, investigation or verification, the
Master Servicer shall be entitled to conclusively rely, absent manifest error, on the content, completeness, accuracy and compliance
with any applicable requirements of Items 1111(h) and 1125 of Regulation AB and Item 601(b) of Regulation S-K under the Securities
Act as in effect on the Closing Date of the Initial Schedule AL File, any Initial Schedule AL Additional File and Annex A-1 to the
Prospectus. The Master Servicer may concurrently with the delivery of the related CREFC® Schedule AL File, deliver
any related Schedule AL Additional File in EDGAR-Compatible Format. The CREFC® Schedule AL File and the Schedule AL
Additional File shall each be a single file. Neither the Certificate Administrator nor the Master Servicer shall be required to
combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files unless, solely with respect to the Master
Servicer, multiple Sub-Servicers prepare and submit such CREFC® Schedule AL Files or Schedule AL Additional Files to
the Master Servicer. The Certificate Administrator shall not be required to review, redact, reconcile, edit or verify the content,
completeness or accuracy of the information contained in any CREFC® Schedule AL File or Schedule AL Additional File.
The Certificate Administrator shall not be deemed to have actual knowledge of the contents of any CREFC® Schedule AL
File or Schedule AL Additional File solely by its receipt thereof.

 

In
the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry,
any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively
rely upon the Master Servicer’s reports and any information provided by the Trustee, without any duty or obligation to recompute,
verify or recalculate any of the amounts and other information stated therein.

 

(e)         The
Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to Section
3.11(e), Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver or make available to the Certificate
Administrator the reports and data files set forth in Section 3.12(d). The Master Servicer may, absent manifest error, conclusively
rely on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.11(e), Section 3.12(b) and
Section 3.12(c). The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be
provided by the Master Servicer pursuant to Section 3.12(d). In the case of information or reports to be furnished by the Master
Servicer to the Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are, in
turn, based on information or reports to be 

    -226-

     

    

provided by the Special Servicer pursuant to Section 3.11(e), Section 3.12(b)
or Section 3.12(c) and to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section
3.11(e), Section 3.12(b) or Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports
to the Certificate Administrator until it has received the requisite information or reports from the Special Servicer, and the Master
Servicer shall not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the Special
Servicer’s failure to timely provide any information or report required under Section 3.11(e), Section 3.12(b) or
Section 3.12(c) of this Agreement.

  

(f)          Notwithstanding the foregoing, however, the failure of the Master Servicer or the Special Servicer to disclose any information
otherwise required to be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the
extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer
or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting
disclosure of information with respect to the Mortgage Loans or Mortgaged Properties. The Master Servicer and the Special Servicer
may disclose any such information or any additional information to any Person so long as such disclosure is consistent with applicable
law and the Servicing Standard. The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer
it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(g)         Unless otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver or make available
any statement, report or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the
case may be, may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information,
(y) delivering such statement, report or information in a commonly used electronic format or (z) making such statement,
report or information available on the Master Servicer’s website (with respect to items delivered by the Master Servicer)
or the Certificate Administrator’s Website, unless this Agreement expressly specifies a particular method of delivery.

 

Notwithstanding
anything to the contrary in the foregoing, the Master Servicer and the Special Servicer shall deliver any required statements,
reports or other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator
and the Master Servicer or the Special Servicer, as the case may be. The Master Servicer or the Special Servicer may physically
deliver a paper copy of any such statement, report or information as a temporary measure due to system problems, however, copies
in electronic format shall follow upon the correction of such system problems.

 

Section
3.13        Access to Certain Information. (a)
Each of the Master Servicer and the Special Servicer shall provide or cause to be provided to the Certificate Administrator, and
the Certificate Administrator shall afford access to any Mortgage Loan Seller and to any Certificateholder or the RR Interest
Owner that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of the Federal Reserve System
of the United States of America and the supervisory agents and examiners of such boards and such corporations, and any other federal
or state banking or insurance regulatory authority that may exercise authority over any such Certificateholder and the RR Interest
Owner, and to each Holder of a Non-Registered Certificate, access to any documentation or information regarding the Mortgage Loans
(other than any Non-

    -227-

     

    

Serviced
Mortgage Loan) and, in the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related Companion Loan, and the
Trust within its control which may be required by applicable law. At the election of the Master Servicer, the Special Servicer or
the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information
as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted to
require payment (other than from the Directing Certificateholder and the Trustee and the Certificate Administrator on its own behalf
or on behalf of the Certificateholders and the RR Interest Owner, as applicable) of a sum sufficient to cover the reasonable
out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence)
be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the
Certificate Administrator or the Custodian.

 

The
failure of the Master Servicer or the Special Servicer to provide access as provided in this Section 3.13 as a result of
a confidentiality obligation shall not constitute a breach of this Section 3.13. In connection with providing information
pursuant to this Section 3.13, the Master Servicer and Special Servicer may each (i) affix a reasonable disclaimer
to any information provided by it for which it is not the original source (without suggesting liability on the part of any other
party hereto); (ii) affix to any information provided by it a reasonable statement regarding securities law restrictions
on such information and/or condition access to information on (x) the execution of a confidentiality agreement substantially
in the form of Exhibit X, or (y) execution of a “click-through” confidentiality agreement if such information
is being provided through the Master Servicer’s website or the Special Servicer’s website; (iii) withhold access
to confidential information or any intellectual property; and/or (iv) withhold access to items of information contained in
the Servicing File for any Mortgage Loan if the disclosure of such items is prohibited by applicable law or the provisions of
any related Mortgage Loan documents or would constitute a waiver of the attorney-client privilege. Notwithstanding any provision
of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise
required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement to the extent that the
Master Servicer or the Special Servicer, as the case may be, determines, in its reasonable good faith judgment consistent with
the applicable Servicing Standard, that such disclosure would violate applicable law or any provision of a Mortgage Loan or Companion
Loan document prohibiting disclosure of information with respect to the Mortgage Loans or Companion Loans or the Mortgaged Properties,
constitute a waiver of the attorney-client privilege on behalf of the Trust or otherwise materially harm the Trust. Without limiting
the generality of the foregoing, the Master Servicer or the Special Servicer may refrain from disclosing information that it reasonably
determines would prejudice the interests of the Certificateholders with respect to a workout or exercise of remedies as to any
particular Mortgage Loan.

 

Notwithstanding
the limitation set forth in the next succeeding paragraph, but subject to the last sentence of the immediately preceding paragraph,
upon the reasonable request of any Certificateholder or the RR Interest Owner (or with respect to any AB Subordinate Companion
Loan related to a Serviced AB Whole Loan, the holder of such AB Subordinate Companion Loan) that has delivered an Investor Certification
to the Master Servicer or the Special Servicer, as the case may be, the Master Servicer (with respect to Non-Specially Serviced
Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, may provide (or make available electronically)
or make available at the expense of such Certificateholder or the 

    -228-

     

    

RR
Interest Owner or holder of such AB Subordinate Companion Loan, as applicable, copies of any appraisals, operating statements, rent
rolls and financial statements (in each case, solely relating to the related Serviced Whole Loan or Serviced AB Whole Loan, if
requested by the holder of an AB Subordinate Companion Loan, as the case may be) obtained by the Master Servicer or the Special
Servicer, as the case may be; provided that, in connection with such request, the Master Servicer or the Special Servicer, as
applicable, may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, generally to the effect that such Person will keep such
information confidential and shall use such information only for the purpose of analyzing asset performance and
evaluating any continuing rights the Certificateholder and the RR Interest Owner or holder of such AB Subordinate Companion Loan, as
applicable, may have under this Agreement.

 

Notwithstanding
anything to the contrary herein (other than as permitted in the preceding paragraph with respect to any Certificateholder or as
specifically provided for herein with respect to the Directing Certificateholder), unless required by applicable law or court
order, no Certificateholder (except, with respect to a Mortgage Loan Seller, to the extent necessary for such party to comply
with its obligations under the related Mortgage Loan Purchase Agreement, and except for the Master Servicer and the Certificate
Administrator, acting in such capacities) or beneficial owner shall be given access to, or be provided copies of, the Mortgage
Files or Diligence Files.

 

(b)         The Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date
Statements, Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available
to the general public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such
items were prepared by or delivered to the Certificate Administrator in electronic format:

 

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

 

 (A)         the Prospectus and any other disclosure document relating to
the Registered Certificates, in the form most recently provided to the Certificate Administrator by the Depositor or by any
Person designated by the Depositor;

 

 (B)           this Agreement and any amendments and exhibits hereto;

 

 (C)           any Sub-Servicing Agreements delivered to the Certificate Administrator on or after the Closing Date;

 

 (D)          
the Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

 

 (E)        
   the CREFC® Loan Setup File provided by the Master Servicer to the Certificate
Administrator;

 

    -229-

     

    

(ii)         the following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

 (A)       
    any reports on Forms 10-D, ABS-EE, 10-K and 8-K that have been filed by the Certificate
Administrator with respect to the Trust through the EDGAR system;

 

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

 

 (A)         
all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

 (B)         
the CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance
reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including,
without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment
Worksheets), the CREFC® Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this
Agreement from time to time; and

 

 (C)         
all Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

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

 

(A)         
summaries of Final Asset Status Reports or, prior to an AB Control Appraisal Period, summaries of Asset Status Reports approved
by the holder of the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section
3.19(d);

 

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

 

(C)           
any Appraisals delivered to the Certificate Administrator pursuant to Section 3.19;

 

(D)          
a detailed worksheet showing the calculation of each Appraisal Reduction Amount, Collateral Deficiency Amount, and Cumulative
Appraisal Reduction Amount on a current and cumulative basis; and

 

(E)           
the CREFC® Appraisal Reduction Template;

 

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

 

 (A)          
any notice with respect to a release pursuant to Section 3.09(d);

 

    -230-

     

    

 (B)           any notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

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

  

 (D)         
any notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered
pursuant to Section 7.01;

 

 (E)           any notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice
required to be delivered to the Certificateholders or the RR Interest Owner pursuant to Section 12.01;

 

 (F)           any Asset Review Report Summary received by the Certificate Administrator;

 

 (G)          
any notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

 

 (H)         
any notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by
the successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

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

 

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

 

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

 

 (L)     
      any notice of resignation or termination of the Operating Advisor or the Asset Representations
Reviewer and any notice of the acceptance of appointment by the successor operating advisor or the successor asset
representations reviewer pursuant to Section 3.26 or Section 12.03, respectively;

 

(M)        
  any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special
Servicer pursuant to Section 7.01(d), the Operating Advisor pursuant to Section 3.26(j) or the Asset
Representations Reviewer pursuant to Section 12.05(b);

 

 (N)        
  any notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related
report prepared by the Operating Advisor in connection with such recommendation;

 

    -231-

     

    

 (O) 
        any notice that a Control Termination Event has occurred or is terminated or that a
Consultation Termination Event has occurred or is terminated (provided that with respect to a Control Termination Event or a
Consultation Termination Event deemed to exist due solely to the existence of an Excluded Loan, the Certificate Administrator will
only be required to make available such notice of the occurrence and continuance of a Control Termination Event or the notice of the occurrence
and continuance of a Consultation Termination Event to the extent the Certificate Administrator has been notified of such Excluded
Loan);

 

 (P)           any notice that an Operating Advisor Consultation Event has occurred or is terminated;

 

 (Q)          
any notice of the occurrence of an Operating Advisor Termination Event;

 

 (R)          
any notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

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

 

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

 

 (U)          
any “special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website
pursuant to Section 5.06;

 

 (V)          
any Proposed Course of Action Notice; and

 

 (W)          any notice or documents provided to the Certificate Administrator by the Depositor or the Master Servicer directing the Certificate
Administrator to post to the “Special Notices” tab;

 

(vi)        
the “Investor Q&A Forum” pursuant to Section 4.07(a);

 

(vii)        solely to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant
to Section 4.07(b); and

 

(viii)       the “U.S. Risk Retention Special Notices” tab, which will contain any notices relating to (A) ongoing compliance
by the Retaining Sponsor with the Risk Retention Rules and (B) any noncompliance by the Third Party Purchaser or a successor
third party purchaser with the applicable provisions of the Risk Retention Rules;

 

provided
that with respect to a Control Termination Event or Consultation Termination Event that is deemed to exist due solely to the
existence of an Excluded Loan, the Certificate Administrator will only be required to provide notice of the occurrence and continuance
of such event if it has been notified of or has knowledge of the existence of such Excluded Loan.

 

    -232-

     

    

The
Certificate Administrator shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A)
and (B) above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator, and
on terms acceptable to the Certificate Administrator, the Certificate Administrator shall make certain other information and reports
related to the Mortgage Loans available through its Internet website.

 

The
Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices”
tab described above, provide email notification to any Privileged Person (other than Financial Market Publishers) that has registered
to receive access to the Certificate Administrator’s Website that a notice has been posted to the “U.S. Risk Retention
Special Notices” tab.

 

Notwithstanding
the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(vii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder that is a Borrower
Party (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access
shall only be prohibited with respect to the related Excluded Loan(s)).

 

Any
Person that is a Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following
items made available to the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission
filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Certificateholder or a Controlling
Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form (or, solely with respect
to the Master Servicer or the Special Servicer, in electronic form) of an Investor Certification substantially in the form of
Exhibit P-1D and upon delivery to the Certificate Administrator in physical form of an Investor Certification substantially
in the form of Exhibit P-1F, which shall include each of the CTSLink User ID associated with such Excluded Controlling
Class Holder, all information (other than the Excluded Information with respect to any Excluded Loans (unless a loan-by-loan segregation
is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Loans)) available on the Certificate Administrator’s Website.

 

In
the case of the Directing Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class
Holder, upon delivery of an Investor Certification substantially in the form of Exhibit P-1B hereto, such Directing
Certificateholder or Controlling Class Certificateholder shall be entitled to access all information on the Certificate
Administrator’s Website. The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and
the Trustee may each rely on (i) an Investor Certification in the form of Exhibit P-1B hereto from the Directing
Certificateholder or a Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class
Holder and (ii) an Investor Certification in the form of Exhibit P-1D in physical form (or, solely with respect to
the Master Servicer or the Special Servicer, in electronic form) hereto from the Directing Certificateholder or a Controlling Class
Certificateholder to the effect that such Person is an 

    -233-

     

    

Excluded Controlling Class Holder with respect to one or more Excluded
Loan(s). In the event the Directing Certificateholder or a Controlling Class Certificateholder becomes an Excluded Controlling Class
Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee in writing substantially in the form of Exhibit P-1E that such party has become an Excluded
Controlling Class Holder with respect to the Excluded Loan(s) listed in such notice and shall also provide the Certificate
Administrator a notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such
Excluded Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class
Holder’s access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon
confirmation from the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder shall
submit a new Investor Certification substantially in the form of Exhibit P-1D in physical form (or, solely with respect
to the Master Servicer or the Special Servicer, in electronic form) to access the information on the Certificate
Administrator’s Website, except that such Excluded Controlling Class Holder shall not be entitled to access any Excluded
Information related to any Excluded Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access shall only be prohibited with respect to the related Excluded Loan(s)) made available on the Certificate
Administrator’s Website. With respect to any Excluded Information sent for posting on the Certificate Administrator’s
Website, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as
“Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall
segregate on the Certificate Administrator’s Website such Excluded Information (and, if possible at a later time, on
loan-by-loan basis) from information relating to other Mortgage Loans or Whole Loans, as applicable.

 

Notwithstanding
anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate
Administrator shall be entitled to conclusively assume that the Directing Certificateholder and all beneficial owners of the Certificates
of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special
Servicer, the Operating Advisor or the Certificate Administrator, as the case may be, has received a notice substantially in the
form of Exhibit P-1E from the Directing Certificateholder or a Controlling Class Certificateholder that it has become
an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate
Administrator shall be liable for any communication to the Directing Certificateholder or a Controlling Class Certificateholder
that is an Excluded Controlling Class Holder or disclosure of any information relating to an Excluded Loan (including any related
Excluded Information delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website)
if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as the case may be, did
not receive prior written notice that the related Mortgage Loan is an Excluded Loan and/or, with respect to any related Excluded
Information posted on the Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator
in accordance with Section 3.33.

 

Each
of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively
rely on delivery from the Directing Certificateholder or a Controlling Class Certificateholder of an Investor Certification substantially
in the form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder. To 

    -234-

     

    

the
extent the Directing Certificateholder or a Controlling Class Certificateholder receives access pursuant to this Agreement to any
Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Directing Certificateholder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded
Controlling Class Holder, (C) any employees or personnel of such Directing Certificateholder or Controlling Class
Certificateholder or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related
Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in
the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in
place in order to comply with the obligations described in clause (i) above.

 

To
the extent a Risk Retention Consultation Party or a VRR Interest Owner receives access pursuant to this Agreement to any information
solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset Status Reports,
Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted by the Special
Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator
regarding such Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations delivered
pursuant to Section 3.26(e), and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the
Special Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each
case other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at
a pool level), on the Certificate Administrator’s Website or otherwise receives access to such information, such Risk Retention
Consultation Party or VRR Interest Owner shall be deemed to have agreed that it (i) will not directly or indirectly provide
any such information to (A) the related Borrower Party, (B) any employees or personnel of such Risk Retention Consultation
Party or VRR Interest Owner or any of its Affiliates involved in the management of any investment in the related Borrower Party
or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership
interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and
procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance of doubt,
any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the
CREFC® Special Servicer Loan File relating to any such Excluded Loan) shall be considered information that is aggregated
with information of other Mortgage Loans at a pool level.

 

The
Certificate Administrator makes no representation or warranty as to the accuracy or completeness of any report, document or other
information made available on its Internet website and assumes no responsibility therefor, other than with respect to such reports,
documents or other information prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim
responsibility for any information distributed by it for which it is not the original source. Notwithstanding anything herein
to the contrary, the Certificate Administrator shall not be liable for any disclosure of information relating to any Excluded
Loan to the extent such information was included in the summary of a Final Asset Status Report delivered to the Certificate Administrator
for posting to the Certificate Administrator’s Website and not properly identified as relating to any Excluded Loan.

 

 

    -235-

     

    

 

In
connection with providing access to the Certificate Administrator’s Website (other than with respect to access provided to the
general public in accordance with Section 3.13(b)), the Certificate Administrator may require registration and the acceptance
of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance herewith.
Questions regarding the Certificate Administrator’s Website can be directed to the Certificate Administrator’s CMBS
customer service desk at (866) 846-4526.

 

(c)         The 17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent
such items are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “BBCMS 2022-C15” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or
any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)          any notices of waivers under Section 3.08(d);

 

(ii)         any Asset Status Report delivered by the Special Servicer under Section 3.19(d);

 

(iii)        
any notice of final payment on the Certificates or the RR Interest;

 

(iv)        
any environmental reports delivered by the Special Servicer under Section 3.09(c);

 

(v)          any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)         any annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or
Section 11.10;

 

(vii)        any annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)       any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving
Rating Agency Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

(ix)        copies of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)         any requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section
3.25(a);

 

(xi)        any notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment
by the successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

 

    -236-

     

    

 

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

 

(xiii)       any
notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.01;

 

(xiv)       any notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)        any notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant
to Section 13.01(a)(ix);

 

(xvi)       any Operating Advisor Annual Report pursuant to Section 3.26;

 

(xvii)      any summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed
toward the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee regarding any of the information
delivered to the 17g-5 Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency
Confirmation or regarding any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related
Companion Loan, the related Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any
applicable Intercreditor Agreement; provided that the summary of such oral communication shall not identify the Rating Agency
with whom the communication was held pursuant to Section 3.13(g);

 

(xviii)     any other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation,
Section 2.03(b), Section 3.07(a), Section 3.12, Section 3.17, Section 3.18(g); Section 11.09
or Section 11.10; and

 

(xix)      any other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section
13.10.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. Information
will be posted on the same Business Day of receipt unless such information is received after 2:00 p.m., New York City time,
on such Business Day, in which case, it shall be posted by 12:00 p.m., New York City time, on the next Business Day. The 17g-5
Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered
is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the
event that any information is delivered or posted in error, each of the Certificate Administrator and the 17g-5 Information
Provider may remove such information from the 17g-5 Information Provider’s Website. The Certificate Administrator and
the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information
merely by posting such information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s
Website to the extent such information was not produced by the Certificate Administrator or the 17g-5 Information Provider,
as applicable. Access will be provided by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification
in the form of Exhibit P-2 hereto (which certification may be submitted electronically via the 17g-5

 

    -237-

     

    

 

Information Provider’s
Website). Questions regarding delivery of information to the 17g-5 Information Provider may be directed to (866) 846-4526
or 17g5informationprovider@wellsfargo.com (specifically referencing “BBCMS 2022-C15” in the subject line).

 

Upon delivery by the Depositor
to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information from the Depositor’s
17g-5 Website (the “Pre-Close Information”), the 17g-5 Information Provider shall make such information
available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant to this Section
3.13(c). Such information shall be provided to the 17g-5 Information Provider via electronic media and delivered to the
17g-5 Information Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information Provider
to provide access to the Pre-Close Information or any other information on the 17g-5 Information Provider’s Website
to any designee or third party.

 

Upon request of the Depositor
or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any
additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5
Information Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information Provider
disclose on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

The 17g-5 Information
Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Information Provider’s
Website in respect of the transaction governed by this Agreement each time an additional document is posted to the 17g-5 Information
Provider’s Website. The 17g-5 Information Provider shall notify any party that delivers any information, report, notice
or document to the 17g-5 Information Provider under this Agreement that such information, report, notice or document was received
and that it has been posted.

 

Any information required
to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to it via electronic
mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “BBCMS 2022-C15” and an identification
of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following
notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider.

 

(d)              
The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide bulk information
that relates to two or more transactions to the 17g-5 Information Provider. Any such information shall be posted by the 17g-5
Information Provider and the 17g-5 Information Provider may, but shall not be obligated to, post such information in accordance
with the timeframe provided in Section 3.13(c) above; provided, however, that if the 17g-5 Information
Provider is not able to post such information in accordance with the timeframe in Section 3.13(c), then it shall post such
information within a reasonable time. The Master Servicer or the Special Servicer, as applicable, shall not send any such information
directly to the Rating Agencies until the 17g-5 Information Provider notifies it that such information has been posted to the
17g-5 Information Provider’s Website.

 

    -238-

     

    

 

(e)              
Certain information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC®
reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be
provided by the Certificate Administrator at the direction of the Depositor to third parties (including Financial Market Publishers)
with the consent of the Depositor, and providing such information shall not constitute a breach of this Agreement by the Certificate
Administrator. Such information will be made available to such third parties upon receipt of a certificate in the form of Exhibit
P-3 hereto, which certification may be submitted electronically via the Certificate Administrator’s Website.

  

(f)               
Each of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it
may adopt, also deliver, produce or otherwise make available through its website or otherwise, any additional information relating
to the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the Mortgaged Properties
(other than any Non-Serviced Mortgaged Property), or the related Mortgagors, for review by the Depositor, the Underwriters and
any other Persons who deliver an Investor Certification in accordance with this Section 3.13 and the Rating Agencies (collectively,
the “Disclosure Parties”) (in the case of deliveries to a Rating Agency, only to the extent such additional
information is simultaneously delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited
by this Agreement (including without limitation, any prohibitions on dissemination of any confidential information, including,
without limitation, any Privileged Information), applicable law or by the related Mortgage Loan documents. Each of the Master Servicer
and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer
it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the
Depositor and the Rating Agencies, enter into (x) an Investor Certification, (y) a confidentiality agreement substantially
in the form of Exhibit X or (z) a “click-through” confidentiality agreement if such information is being
provided through the Master Servicer’s website or the Special Servicer’s website, and (B) acknowledge that the
Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition,
to the extent access to such information is provided via the Master Servicer’s website or the Special Servicer’s website,
the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer
and/or an additional or alternative agreement as to the confidential nature of such information. In connection with providing access
to or copies of the information described in this Section 3.13(f) to current or prospective Certificateholders or the RR
Interest Owner the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall
be: (i) in the case of a Certificateholder or the RR Interest Owner, an Investor Certification executed by the requesting
Person indicating that such Person is a Holder of Certificates or the RR Interest Owner and will keep such information confidential
(except that such Certificateholder or the RR Interest Owner may provide such information (x) to its auditors, legal counsel
and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein
(provided that such other Person confirms in writing such Ownership Interest or prospective Ownership Interest and agrees
to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein
or an investment advisor related thereto, an Investor Certification indicating that such Person is a prospective purchaser of a
Certificate or an interest therein or an investment advisor related thereto and is requesting the information for use in evaluating
a possible investment in

 

    -239-

     

    

 

Certificates and will otherwise keep such information confidential with no further dissemination (except
that such Certificateholder or the RR Interest Owner may provide such information to its auditors, legal counsel and regulators).
In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder or RR
Interest Owner, the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective
Certificateholder or RR Interest Owner.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.13 unless such information was produced by the Master Servicer or the Special Servicer, as the case may be.

 

(g)         The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but not obligated)
to orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matter related to the
Mortgage Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to this Agreement or related
Intercreditor Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication
in writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth
in Section 3.13(c) the same day such communication takes place; provided, further that the summary of such
oral communications shall not identify which Rating Agency the communication was with. The 17g-5 Information Provider shall
post such written summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in
Section 3.13(c).

 

(h)         Without limiting the Operating Advisor’s consultation rights pursuant to Section 6.08, the Special Servicer
shall provide to the Operating Advisor prior to an Operating Advisor Consultation Event, Final Asset Status Reports and approved
or deemed approved Major Decision Reporting Packages (only with respect to any Specially Serviced Loans) and after an Operating
Advisor Consultation Event, Asset Status Reports and Major Decision Reporting Packages. In addition, the Special Servicer, subject
to the limitations on delivery of Privileged Communications, shall provide to the Operating Advisor such reports and other information
produced or otherwise available to the Directing Certificateholder (other than, prior to the occurrence and continuance of an Operating
Advisor Consultation Event, any Asset Status Reports that are not Final Asset Status Reports), or Certificateholders generally,
requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic format.

 

(i)          The Special Servicer, subject to the limitations on delivery of Privileged Communications, shall provide to the Operating
Advisor such reports and other information produced or otherwise available to the Directing Certificateholder or the Risk Retention
Consultation Parties (in each case, other than, prior to the occurrence and continuance of a Control Termination Event, any Asset
Status Reports that are not Final Asset Status Reports), or Certificateholders generally, requested by the Operating Advisor in
support of the performance of its obligations under this Agreement in electronic format, to the extent such reports and other information
are not otherwise available on the Certificate Administrator’s Website.

 

    -240-

     

    

 

(j)          None of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict
oral or written communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations
Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such
Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer or the Special Servicer, as the case may be, (ii) such Rating Agency’s or NRSRO’s approval
of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a
commercial mortgage master, special or primary servicer, or (iii) such Rating Agency’s or NRSRO’s evaluation of
the Master Servicer’s, the Operating Advisor, the Asset Representations Reviewer’s or the Special Servicer’s,
as the case may be, servicing operations in general; provided that the Master Servicer, the Operating Advisor, the Asset
Representations Reviewer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates
or the Mortgage Loans, to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO
unless (x) Mortgagor, property and other deal specific identifiers are redacted; (y) such information has already been
provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website or
(z) the Rating Agency confirms that it does not intend to use such information in undertaking credit rating surveillance with
respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under this
clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of
this Agreement) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s
Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section
3.13(j).

 

(k)         The costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto
shall not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

Section 3.14       
Title to REO Property; REO Account. (a) If title to any
Mortgaged Property is acquired (directly or through a single member limited liability company established for that purpose) and
thus becomes REO Property, the deed or certificate of sale shall be issued in the name of the Trust where permitted by applicable
law or regulation and consistent with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee
on behalf of the Certificateholders and the RR Interest Owner and, if applicable, on behalf of the related Companion Holders, in
the case of a Serviced Companion Loan. REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes
of this Section 3.14. The Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder,
shall sell any REO Property prior to the close of the third calendar year following the year in which the Trust acquires ownership
of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8)
of the Code, unless the Special Servicer either (i) applies for a qualifying extension of time no later than sixty (60) days
prior to the close of the third calendar year in which it acquired ownership (or the period provided in the then applicable REMIC
Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal Revenue Service
to sell such REO Property or (ii) obtains for the Trustee and the Certificate Administrator an Opinion of Counsel, addressed
to the Trustee and the

 

    -241-

     

    

 

Certificate Administrator, to the effect that the holding by the Trust of such REO Property subsequent to
the close of the third calendar year following the year in which acquisition occurred will not cause an Adverse REMIC Event. If
the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of the immediately preceding
sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special
Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion of Counsel,
as the case may be. Any expense incurred by the Special Servicer in connection with its being granted the REO Extension contemplated
by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii)
of the second preceding sentence, shall be an expense of the Trust payable out of the Collection Account pursuant to Section
3.05(a).

 

(b)         The Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate
and apart from its own funds and general assets. If an REO Acquisition shall occur, the Special Servicer shall establish and maintain
one or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders, the RR Interest Owner and, if
applicable, on behalf of any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder
of the Lower-Tier Regular Interests), for the retention of revenues and other proceeds derived from each REO Property. The REO
Account shall be an Eligible Account. The Special Servicer shall deposit, or cause to be deposited, in the REO Account, within
two (2) Business Days after receipt of properly identified funds, all REO Revenues, Insurance and Condemnation Proceeds and
Liquidation Proceeds received in respect of an REO Property. Funds in the REO Account may be invested in Permitted Investments
in accordance with Section 3.06. The Special Servicer shall give notice to the Trustee, the Certificate Administrator, and
the Master Servicer of the location of the REO Account when first established and of the new location of the REO Account prior
to any change thereof.

 

(c)         The Special Servicer shall withdraw from the REO Account funds necessary for the proper operation, management, insuring,
leasing, maintenance and disposition of any REO Property, but only to the extent of amounts on deposit in the REO Account relating
to such REO Property. On the later of (x) the date that is on or prior to each Determination Date or (y) two (2) Business Days
after such amounts are received and properly identified and determined to be available (or with respect to a Serviced Companion
Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the Special Servicer shall withdraw from the REO
Account and remit to the Master Servicer, which shall deposit into the Collection Account (or the Companion Distribution Account,
as applicable), the aggregate of all amounts received in respect of each REO Property during the most recently ended Collection
Period, net of (i) any withdrawals made out of such amounts pursuant to the preceding sentence and (ii) Net Investment
Earnings on amounts on deposit in the REO Account; provided, however, that the Special Servicer may retain in such
REO Account, in accordance with the Servicing Standard, such portion of such balance as may be necessary to maintain a reasonable
reserve for repairs, replacements, leasing, management and tenant improvements and other related expenses for the related REO Property.
In addition, on or prior to the day the Special Servicer remits funds as provided in this Section 3.14(c), the Special Servicer
shall provide the Master Servicer with a written accounting of amounts remitted to the Master Servicer for deposit in the Collection
Account, as applicable, on such date. The Master Servicer shall apply all such amounts as instructed by the Special Servicer on
the Determination

 

    -242-

     

    

 

Date (or with respect to a Serviced Companion Loan, on each Serviced Whole Loan Remittance Date) for the related
Distribution Date.

 

(d)         The Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose
of accounting for all deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c).

 

Section 3.15       
Management of REO Property. (a) If title to any REO Property
is acquired, the Special Servicer shall manage, conserve, protect, operate and lease such REO Property (other than any Non-Serviced
Mortgaged Property) for the benefit of the Certificateholders, the RR Interest Owner and the related Companion Holders and the
Trustee (as holder of the Lower-Tier Regular Interests) solely for the purpose of its timely disposition and sale in a manner that
does not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code or result in the receipt by the Trust or any Serviced Companion Noteholder of any “income from non-permitted
assets” within the meaning of Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event. Subject to the
foregoing, however, the Special Servicer shall have full power and authority to do any and all things in connection therewith as
are in the best interests of and for the benefit of the Certificateholders and the RR Interest Owner (and, in the case of each
Serviced Whole Loan, the related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests) all as a
collective whole (taking into account the subordinate or pari passu nature of any Companion Loan, as the case may be) (as
determined by the Special Servicer in its reasonable judgment in accordance with the Servicing Standard). Notwithstanding anything
to the contrary herein, REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section
3.15. Subject to this Section 3.15, the Special Servicer may allow the Trust or any commercial mortgage securitization
that holds any Serviced Companion Loan to earn “net income from foreclosure property” within the meaning of Section 860G(d)
of the Code if it determines that earning such income is in the best interests of Certificateholders and the RR Interest Owner
and, if applicable, any related Companion Holder(s) on a net after-tax basis as compared with net leasing such REO Property or
operating such REO Property on a different basis. In connection therewith, the Special Servicer shall deposit or cause to be deposited
on a daily basis (and in no event later than two (2) Business Days following receipt of such properly identified funds) in
the applicable REO Account all revenues received by it with respect to each REO Property and the related REO Loan, and shall withdraw
from the REO Account, to the extent of amounts on deposit therein with respect to such REO Property, funds necessary for the proper
operation, management, leasing and maintenance of such REO Property, including, without limitation:

 

(i)          all insurance premiums due and payable in respect of such REO Property;

 

(ii)         all real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)        any ground rents in respect of such REO Property, if applicable; and

 

(iv)        all costs and expenses necessary to maintain and lease such REO Property.

 

    -243-

     

    

 

To the extent that amounts
on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth in clauses (i)
through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving notice from the Special
Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its own funds such amount
as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee, the Special
Servicer, the Depositor, the Certificate Administrator and the Directing Certificateholder (with respect to any Mortgage Loan other
than an Excluded Loan, and prior to the occurrence and continuance of a Consultation Termination Event)) such Advances would, if
made, constitute Nonrecoverable Servicing Advances.

 

(b)         Without limiting the generality of the foregoing, the Special Servicer shall not:

 

(i)          permit the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the New Lease by its
terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)         permit any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real
Property;

 

(iii)        authorize or permit any construction on any REO Property, other than the completion of a building or other improvement thereon,
and then only if more than 10% of the construction of such building or other improvement was completed before default on the related
Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)         Directly
Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date
more than ninety (90) days after its acquisition date;

 

unless, in any such case, the Special Servicer
has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance) to the effect
that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of
Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust, in which case the Special Servicer
may take such actions as are specified in such Opinion of Counsel.

 

(c)         The Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property
within ninety (90) days of the acquisition date thereof, provided that:

 

(i)          the terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at
arm’s length;

 

(ii)         the fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light
of the nature and locality of the Mortgaged Property;

 

    -244-

     

    

 

(iii)        
any such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all
costs and expenses incurred in connection with the operation and management of such REO Property, including, without
limitation, those listed in subsection (a) hereof, and (B) remit all related revenues collected (net of its
fees and such costs and expenses) to the Special Servicer upon receipt;

 

(iv)        
none of the provisions of this Section 3.15(c) relating to any such contract or to actions taken through any
such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations hereunder
with respect to the operation and management of any such REO Property; and

 

(v)          the
Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the
Servicing Standard.

 

The Special Servicer shall
be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations
hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed
to limit or modify such indemnification.

 

(d)         When and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer
a statement prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income
tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary
service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO
Property in accordance with Section 3.15(a) and Section 3.15(b).

 

Section 3.16       
Sale of Defaulted Loans and REO Properties. (a) (i) Within
thirty (30) days after a Defaulted Loan has become a Specially Serviced Loan, the Special Servicer shall order (but shall
not be required to have received) an Appraisal and within thirty (30) days of receipt of the Appraisal shall determine the
fair value of such Defaulted Loan in accordance with the Servicing Standard; provided, however, that if the Special
Servicer is then in the process of obtaining an Appraisal with respect to the related Mortgaged Property, the Special Servicer
shall make its fair value determination as soon as reasonably practicable (but in any event within thirty (30) days) after
its receipt of such an Appraisal. The Special Servicer may, from time to time, adjust its fair value determination based upon
changed circumstances, new information and other relevant factors, in each instance in accordance with a review of such circumstances
and new information in accordance with the Servicing Standard including, without limitation, the period and amount of the occupancy
level and physical condition of the related Mortgaged Property and the state of the local economy; provided that the Special
Servicer shall promptly notify the Master Servicer in writing of the initial fair value determination and any adjustment to its
fair value determination.

 

(ii)         If any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to
the extent otherwise required pursuant to the terms of the related Intercreditor Agreement, then the Special Servicer (with respect
to a Specially Serviced Loan) or the Master Servicer (with respect to a

 

    -245-

     

    

 

Non-Specially Serviced Loan) shall promptly notify
in writing the other, any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice
under the Intercreditor Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related mezzanine
lender, as applicable, shall, notwithstanding anything in this Section 3.16 to the contrary, have the option to purchase
the related Mortgage Loan and cure defaults relating thereto as and to the extent set forth in the related Intercreditor Agreement.

 

(iii)         If any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion
Holder or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously
exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable
efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders, the RR Interest Owner and the holder of
any related Serviced Companion Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Loan on
a net present value basis, if and when the Special Servicer determines, consistent with the Servicing Standard, that no satisfactory
arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments thereon and such
a sale would be in the best economic interests of the Certificateholders and the RR Interest Owner and, if applicable, the related
Companion Holder (and, with respect to a Serviced AB Whole Loan, taking into account the subordinate nature of the related Serviced
Companion Loan). In the case of a Non-Serviced Mortgage Loan, to the extent permitted under the related Intercreditor Agreement,
and such Non-Serviced Mortgage Loan is not sold together with the Non-Serviced Companion Loan by the Non-Serviced Special
Servicer, the Special Servicer shall be entitled to sell ((i) with the consent of the Directing Certificateholder if no Control
Termination Event has occurred and is continuing and (ii) after consulting with the Risk Retention Consultation Parties pursuant
to Section 6.08(a), in each case, provided such Non-Serviced Mortgage Loan is not an Excluded Loan as to such party)
such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the
best interests of the Certificateholders and the RR Interest Owner and, subject to the terms of the related Intercreditor Agreement
(and provided that the related Non-Serviced Special Servicer will not be entitled to a liquidation fee), the Special Servicer
shall be entitled to the liquidation fee that the related Non-Serviced Special Servicer would have otherwise been entitled to in
connection with the sale of such Non-Serviced Mortgage Loan. The Special Servicer is required to give the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor and the Directing Certificateholder (but only prior to the occurrence
and continuance of a Consultation Termination Event), the Serviced AB Whole Loan Controlling Holder with respect to any Serviced
AB Whole Loan prior to an AB Control Appraisal Period, and each Risk Retention Consultation Party (in the case of the Directing
Certificateholder and any Risk Retention Consultation Party, other than in respect of any Excluded Loan as to such party) not less
than ten (10) days’ prior written notice of its intention to sell any Defaulted Loan. In the absence of a cash offer
at least equal to the Purchase Price, the Special Servicer may purchase the Defaulted Loan for the Purchase Price or may accept
the first cash offer received from any Person that constitutes a fair price for the Defaulted Loan.

 

    -246-

     

    

 

(iv)         (A) In the case of a Specially Serviced Loan as to which a default has occurred and is continuing, in the absence of
any offer at least equal to the Purchase Price pursuant to clause (iii) above (or purchase by the Special Servicer
for such price), the Special Servicer shall solicit offers and, subject to sub-clause (B) below, accept the highest
offer received from any Person that is determined by the Special Servicer to be a fair price for such Specially Serviced Loan,
if the offeror is a Person other than an Interested Person. In determining whether any offer from a Person other than an Interested
Person constitutes a fair price for any Defaulted Loan, the Special Servicer shall take into account (in addition to the results
of any Appraisal, updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior
9 months), among other factors, the period and amount of the occupancy level and physical condition of the related Mortgaged Property
and the state of the local economy. If the offeror is an Interested Person (provided that the Trustee may not be an offeror),
the Trustee shall determine whether the offer constitutes a fair price unless such offer by an Interested Person (i) is equal
to or greater than the applicable Purchase Price and (ii) is the highest offer received. Absent an offer at least equal to
the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (x) it is the highest offer received
and (y) at least two other offers are received from independent third parties. In determining whether any offer received from
an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or
update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding nine
(9) month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph,
the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer.

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee must (at the expense of the Interested Person) designate an independent
third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing
loans similar to the subject Mortgage Loan or Serviced Whole Loan, that has been selected with reasonable care by the Trustee to
determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the Trustee designates
such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination. The reasonable fees of, and the costs of all Appraisals, inspection reports and broker opinions of value incurred
by any such third party shall be covered by, and shall be reimbursable by, the Interested Person; provided that the Trustee
will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. The Special
Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such expense
is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable
to the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use efforts consistent
with the Servicing Standard to collect such amounts from the applicable Interested Person. Neither the Trustee, in its individual
capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced Loan.

 

    -247-

     

    

 

 (B)           The Special Servicer will not be obligated to accept the highest offer if the Special Servicer determines (in consultation
with the Directing Certificateholder (unless a Consultation Termination Event has occurred and is continuing) and the Risk Retention
Consultation Parties subject, in each case, to the limitations on consultation set forth in and in accordance with Section 6.08(a)
and other than with respect to any Mortgage Loan that is an Excluded Loan as to such party and, in the case of a Serviced Whole
Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder), in accordance with the Servicing Standard
(and subject to the requirements of any related Intercreditor Agreement), that the rejection of such offer would be in the best
interests of the Holders of Certificates, the RR Interest Owner and, in the case of a sale of a Serviced Whole Loan or an REO Property
related to a Serviced Whole Loan, the related Companion Holder (as a collective whole, as if such Certificateholders, the RR Interest
Owner and, if applicable, the related Companion Holder constituted a single lender, and taking into account the subordinate or
pari passu nature of any Companion Loan). In addition, the Special Servicer may accept a lower offer from any Person other
than an Affiliate of the Special Servicer if it determines, in its reasonable judgment consistent with the Servicing Standard,
that the acceptance of such offer would be in the best interests of the Holders of Certificates, the RR Interest Owner and, in
the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as
a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender,
and taking into account the subordinate or pari passu nature of any 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); provided that the offeror is not the Special Servicer or a Person that is an Affiliate of the
Special Servicer. The Special Servicer shall use reasonable efforts to sell all Defaulted Loans prior to the Rated Final Distribution
Date. For the avoidance of doubt, the Trustee shall have no obligation to make any fair value determination, to the extent required
to do so pursuant to this Section 3.16, on the basis of anything other than the related Appraisal.

 

(v)         
Unless and until any Specially Serviced Loan is sold pursuant to this Section 3.16(a), the Special Servicer
shall pursue such other resolution strategies with respect to such Specially Serviced Loan, including, without limitation,
workout and foreclosure, as the Special Servicer may deem appropriate, consistent with the Asset Status Report and the
Servicing Standard and the REMIC Provisions.

 

(b)         (i)
(A) The Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan,
such purchase shall be a purchase of the entire REO Property, including the portion relating to the related Companion Loan). The
Special Servicer may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such sale shall
be a sale of the entire REO Property, including the portion relating to the related Companion Loan), if and when the Special Servicer
determines, consistent with the Servicing Standard, that such a sale would be in the best economic interest of the Trust and the
related Companion Holders. The Special Servicer shall give the Trustee, the Master Servicer, each

 

    -248-

     

    

 

Companion Holder, the Certificate
Administrator, the Directing Certificateholder and the Risk Retention Consultation Parties (in the case of the Directing Certificateholder
and the Risk Retention Consultation Parties, in respect of any Mortgage Loan other than an Excluded Loan as to such party, prior
to the occurrence and continuance of a Consultation Termination Event), not less than ten (10) days’ prior written
notice of its intention to (i) purchase any REO Property at the Purchase Price therefor (including a calculation of the Purchase
Price) or (ii) sell any REO Property, in which case the Special Servicer shall accept the highest offer received from any
Person for any REO Property in an amount at least equal to the Purchase Price therefor. To the extent permitted by applicable
law, and subject to the Servicing Standard, the Master Servicer, an Affiliate of the Master Servicer, the Special Servicer or
an Affiliate of the Special Servicer, or an employee of either of them may act as broker in connection with the sale of any REO
Property and may retain from the proceeds of such sale a brokerage commission that does not exceed the commission that would have
been earned by an independent broker pursuant to a brokerage agreement entered into at arm’s length.

 

 (B)           In the absence of any such offer as set forth in sub-clause (A) above, the Special Servicer shall, subject
to sub-clause (C) below, accept the highest offer for such REO Property received from any Person that is determined
to be a fair price (1) by the Special Servicer, if the highest offeror is a Person other than an Interested Person, or (2) by
the Trustee, if the highest offeror is an Interested Person unless such offer by an Interested Person (i) is equal to or greater
than the applicable Purchase Price and (ii) is the highest offer received; provided, however, that absent an
offer at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (A) it
is the highest offer received and (B) at least two other offers are received from independent third parties. Notwithstanding
anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for
or purchase any REO Property pursuant hereto.

 

 (C)           The Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer
if the Special Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best
interests of the Certificateholders, the RR Interest Owner and, with respect to any Serviced Whole Loan, the related Companion
Holder, and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced
Companion Loans). In addition, the Special Servicer may accept a lower offer if it determines, in accordance with the Servicing
Standard, that acceptance of such offer would be in the best interests of the Certificateholders, the RR Interest Owner and, with
respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective whole (taking into account
the subordinate or pari passu nature of any Serviced Companion Loans) (for example, if the prospective buyer making the
lower offer is more likely to perform its obligations, or the terms offered by the prospective buyer making the lower offer are
more favorable); provided that the offeror is not the Special Servicer or a Person that is an Affiliate of the Special Servicer.

 

 (D)           In
determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall
obtain and may

 

    -249-

     

    

 

conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other
Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all Appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect
payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days
of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the
Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable
Interested Person. In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the
Trustee (or, if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall
be instructed to take into account, as applicable, among other factors, the physical condition of such REO Property, the state
of the local economy and the Trust’s obligation to comply with REMIC Provisions.

 

(ii)         Subject to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders
in negotiating and taking any other action necessary or appropriate in connection with the sale of any REO Property, including
the collection of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation
or warranty by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Trust (except that any contract of sale and assignment and conveyance documents
may contain customary warranties of title, so long as the only recourse for breach thereof is to the Trust) and, if consummated
in accordance with the terms of this Agreement, none of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee shall have any liability to the Trust or
any Certificateholder, the RR Interest Owner or related Companion Holder (if applicable) with respect to the purchase price therefor
accepted by the Special Servicer or the Trustee.

 

(c)         Any sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative
interpretations thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)         With respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this
Agreement, if the related Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the Special Servicer determines to sell
the related Mortgage Loan that has become a Defaulted Loan in accordance with this Section 3.16, then the Special Servicer
shall sell the related Serviced Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and shall require
that all offers be submitted to the Special Servicer in writing. To the extent a determination is required to be made hereunder
as to whether any cash offer constitutes a fair price for a Serviced Whole Loan, such determination shall be made

 

    -250-

     

    

 

by the Special
Servicer unless the offeror is an Interested Person and by the Trustee if the offeror is an Interested Person. Notwithstanding
the foregoing, the Special Servicer will not be permitted to sell the related Mortgage Loan together with the related Serviced
Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written consent of the holder of the related Serviced
Pari Passu Companion Loan (provided that such consent is not required if the holder of the Serviced Pari Passu Companion
Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the Special Servicer has delivered to the holder of the related
Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt
to sell such Serviced Whole Loan; (b) at least ten (10) days prior to the permitted sale date, a copy of each bid package
(together with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale;
(c) at least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for such Serviced Pari
Passu Whole Loan, and any documents in the servicing file reasonably requested by the holder of the related Serviced Pari Passu
Companion Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to
other offerors and the Directing Certificateholder and the Risk Retention Consultation Parties) prior to the proposed sale date,
all information and other documents being provided to other offerors and all leases or other documents that are approved by the
Master Servicer or the Special Servicer in connection with the proposed sale. The holder of the related Serviced Pari Passu Companion
Loan (or its representative) will be permitted to submit an offer at any sale of such Whole Loan; however, the related Mortgagor
and its agents and Affiliates shall not be permitted to submit an offer at such sale. Notwithstanding the foregoing, with respect
to each Serviced Whole Loan, the holder of the related Companion Loan may waive any of the delivery or timing requirements set
forth in this paragraph with respect to the related Whole Loan. If the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person
purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’
experience in valuing loans similar to the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to
determine if such cash offer constitutes a fair price for such Mortgage Loan. The Trustee shall act in a commercially reasonable
manner in making such determination. If the Trustee designates such a third party to make such determination, the Trustee shall
be entitled to rely conclusively upon such third party’s determination. The reasonable fees of, and the costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect
payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days
of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the
Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable
Interested Person.

 

(e)         (i) Notwithstanding anything in this Section 3.16 to the contrary, with respect to each Serviced AB Whole Loan,
pursuant to the terms of the related Intercreditor Agreement, the related Subordinate Companion Holder will have the right to purchase
the related Mortgage Loan or related REO Property, as applicable. Such right of such Subordinate Companion Holder shall be given
priority over any provision described in this Section 3.16 as and to the extent set forth in the related Intercreditor Agreement.
If the related Mortgage Loan or related REO Property is purchased by such Subordinate Companion Holder, repurchased by the

 

    -251-

     

    

 

applicable
Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related AB Subordinate Companion Loan will no longer
be subject to this Agreement.

 

(ii)         Notwithstanding anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase
the related Mortgage Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in
the related Intercreditor Agreement.

 

(f)          Unless otherwise provided in an Intercreditor Agreement the sale of any Mortgage Loan pursuant to this Section 3.16
will be on a servicing released basis.

 

(g)         In the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust
pursuant to the related Intercreditor Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

 

Section 3.17       
Additional Obligations of Master Servicer and Special Servicer. (a)  The
Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated
to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account on each P&I Advance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion
of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the Companion Paying Agent for deposit
in the Companion Distribution Account on each P&I Advance Date, without any right of reimbursement therefor.

 

(b)         The Master Servicer or the Special Servicer, as applicable, shall provide to each Serviced Companion Noteholder any reports
or notices required to be delivered to such Serviced Companion Noteholder pursuant to the related Intercreditor Agreement.

 

(c)         Upon the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement
thereof would exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection
Account and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option
and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance
pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to refrain from obtaining such reimbursement for
such portion of the Nonrecoverable Advance during the one month collection period ending on the then-current Determination Date,
for successive one-month periods for a total period not to exceed twelve (12) months (provided that, with respect to
any Mortgage Loan other than an Excluded Loan, any such deferral exceeding six (6) months shall require, prior to the occurrence
and continuance of any Control Termination Event, the consent of the Directing Certificateholder), and any election to so defer
or not to defer shall be deemed to be in accordance with the Servicing Standard. If the Master Servicer or the Trustee makes such
an election at its sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable
Advance (together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof
shall continue to be fully reimbursable in the subsequent collection period (subject, again, to the same sole option to defer;
it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from

 

    -252-

     

    

 

principal
collections as described above prior to payment from other collections). In connection with a potential election by the Master
Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the
one month collection period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee
shall further be authorized to wait for principal collections on the Mortgage Loans to be received until the end of such collection
period before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion
thereof; provided, however, that if, at any time the Master Servicer or the Trustee, as applicable, elects, in its
sole discretion, not to refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable
Advance during a one-month collection period will exceed the full amount of the principal portion of general collections on or
in respect of Mortgage Loans deposited in the Collection Account for such Distribution Date, then the Master Servicer or the Trustee,
as applicable, shall use its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’ notice
of such determination for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), unless
extraordinary circumstances make such notice impractical, which shall mean that (i) the Master Servicer or the Trustee, as
the case may be, determines in its sole discretion that waiting fifteen (15) days after such a notice could jeopardize its
ability to recover such Nonrecoverable Advance, (ii) changed circumstances or new or different information becomes known to
the Master Servicer or the Trustee, as the case may be, that could affect or cause a determination of whether any Advance is a
Nonrecoverable Advance or whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (i)
above, or (iii) in the case of the Master Servicer, it has not timely received from the Trustee information required by the
Master Servicer to determine whether to defer reimbursement for a Nonrecoverable Advance. If any of the circumstances described
in clause (i), (ii) or (iii) of the foregoing sentence apply, the Master Servicer or Trustee, as applicable,
shall give the 17g-5 Information Provider a notice for posting of the anticipated reimbursement as soon as reasonably practicable.
Notwithstanding the foregoing, failure to give notice as required by the preceding or second preceding sentence shall in no way
affect the Master Servicer’s or the Trustee’s election whether to refrain from obtaining such reimbursement or right
to obtain such reimbursement as described in this Section 3.17(c). Nothing herein shall give the Master Servicer or the
Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal collections then available
in the Collection Account pursuant to Section 3.05(a)(v). The Master Servicer or the Trustee, as the case may be, shall
have no liability for any loss, liability or expenses resulting from any notice provided to the Rating Agencies contemplated by
this Section 3.17(c).

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.17(c) or to comply with the terms of this Section
3.17(c) and the other provisions of this Agreement that apply once such an election, if any, has been made; provided,
however, that the fact that a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some
Classes of Certificateholders or the RR Interest Owner to the detriment of other Classes of Certificateholders shall not, with
respect to the Master Servicer or the Special Servicer, as applicable, constitute a violation of the Servicing Standard and/or
with respect to the Trustee (solely in its capacity as Trustee), constitute a violation of any fiduciary duty to Certificateholders
or any contractual obligation hereunder. If the Master Servicer or the Trustee, as the case may be, determines, in its sole discretion,
to fully recover the Nonrecoverable Advances immediately instead of deferring such reimbursement, then the Master

 

    -253-

     

    

 

Servicer or the
Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement
Rate from all amounts in the Collection Account for such Distribution Date (deemed first from principal and then
interest). Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable
Advance or portion thereof with respect to any one or more collection periods shall not limit the accrual of interest at the Reimbursement
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master
Servicer’s or the Trustee’s, as the case may be, agreement to defer reimbursement of such Nonrecoverable Advances as
set forth above is an accommodation to the Certificateholders and the RR Interest Owner 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 or the RR Interest Owner.
Nothing herein shall be deemed to create in the Certificateholders or the RR Interest Owner a right to prior payment of distributions
over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise)
and accrued interest thereon. In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable
Advances shall be deemed to be in accordance with the Servicing Standard and none of the Master Servicer, the Trustee or the other
parties to this Agreement shall have any liability to one another or to any of the Certificateholders, the RR Interest Owner or
any of the Companion Holders for any such election that such party makes as contemplated by this Section 3.17(c) or for
any losses, damages or other adverse economic or other effects that may arise from such an election, nor shall such election constitute
a violation of the Servicing Standard or any duty under this Agreement. Neither the Master Servicer nor the Trustee shall have
any liability whatsoever for making an election, or refraining from making an election, that is authorized under this Section
3.17(c).

 

No determination by the
Master Servicer (or the Trustee, as applicable) to exercise its sole option to defer the reimbursement of Advances and/or interest
thereon under this section shall be construed as an agreement by the Master Servicer (or the Trustee, as applicable) to subordinate
(in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement during such period
of deferral.

 

With respect to any modification
or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received), the Master Servicer or the
Special Servicer, as applicable, shall provide to the 17g-5 Information Provider a copy of any such modification or amendment,
which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c).

 

(d)         With respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not
require the lender to), at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply
amounts held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or the Special
Servicer, as the case may be, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the
applicable reserve account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard. Such
amount may be used, if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan (or
Serviced Whole Loan), or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

 

    -254-

     

    

 

(e)         Within one (1) Business Day after the execution of any amendment or modification of any Intercreditor Agreement, the
Master Servicer or the Special Servicer, as the case may be, shall provide to the Certificate Administrator a copy of any such
modification or amendment of any Intercreditor Agreement, and such amendment or modification shall be a Reportable Event.

 

Section 3.18       
Modifications, Waivers, Amendments and Consents. (a)  The
Special Servicer shall process waivers, modifications, amendments and consents with respect to Specially Serviced Loans and all
such matters that involve a Major Decision, Special Servicer Decision or Payment Accommodation for all Mortgage Loans (and any
related Serviced Companion Loan) that are not Specially Serviced Loans, and the Master Servicer shall process waivers, modifications,
amendments and consents with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced
Companion Loan that is not a Specially Serviced Loan and does not involve a Major Decision, Special Servicer Decision or Payment
Accommodation. Except as set forth in Section 3.08(a), Section 3.08(b), this Section 3.18(a), Section 3.18(d),
Section 3.18(h), Section 3.18(i), Section 3.18(m) and Section 6.08, but subject to any other conditions
set forth thereunder and, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan
(and with respect to any Serviced Whole Loan, subject to the rights of the related Companion Holder, as applicable, to advise or
consult with the Special Servicer with respect to, or to consent to, a modification, waiver or amendment, in each case, pursuant
to the terms of the related Intercreditor Agreement), the Special Servicer shall not modify, waive or amend the terms of a Mortgage
Loan and/or related Companion Loan that would constitute a Major Decision without (x) prior to the occurrence and continuance of
a Control Termination Event and other than with respect to any Excluded Loan, the consent (or deemed consent) of the Directing
Certificateholder having been obtained by the Special Servicer to the extent required by, and pursuant to the process described
under, Section 6.08(a), (y) after the occurrence and during the continuance of a Control Termination Event, but prior to
the occurrence and continuance of a Consultation Termination Event, and other than with respect to any Excluded Loan, the Special
Servicer having consulted with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a);
or (z) after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer having
consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a); and provided, further,
that no extension entered into pursuant to this Section 3.18(a) shall (x) extend the Maturity Date beyond the earlier of
(i) five (5) years prior to the Rated Final Distribution Date and (ii) in the case of a Mortgage Loan secured solely
or primarily by a leasehold estate and not also the related fee interest, the date twenty (20) years or, to the extent consistent
with the Servicing Standard giving due consideration to the remaining term of the Ground Lease, ten (10) years, prior to the
expiration of such leasehold estate, or (y) with respect to a Specially Serviced Loan, provide for the deferral of interest unless
interest accrues on the related Mortgage Loan or Serviced Whole Loan generally at the related Mortgage Rate. If such extension
would extend the Maturity Date of such Mortgage Loan and/or related Companion Loan for more than twelve (12) months from and
after the original Maturity Date of such Mortgage Loan and/or related Companion Loan and such Mortgage Loan and/or related Companion
Loan is not in default or default with respect thereto is not reasonably foreseeable, prior to any such extension, (1) the
Special Servicer shall provide the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Directing
Certificateholder and the Risk Retention Consultation Parties (in the case of the Directing Certificateholder and the Risk Retention

 

    -255-

     

    

 

Consultation Parties, (i) prior to the occurrence and continuance of a Consultation Termination Event and (ii) other
than with respect to any Mortgage Loan that is an Excluded Loan as to such party), with an Opinion of Counsel (at the expense of
the related Mortgagor to the extent permitted under the Mortgage Loan documents and, if not required or permitted to be paid by
the Mortgagor, to be paid as an expense of the Trust in accordance with Section 3.11(d)) that such extension would not constitute
a “significant modification” of the Mortgage Loan and/or Serviced Companion Loan within the meaning of Treasury Regulations
Section 1.860G-2(b) and (2) subject to the Servicing Standard, (w) prior to the occurrence and continuance of a Control
Termination Event and other than with respect to any Excluded Loan, obtain the consent (or deemed consent) of the Directing Certificateholder,
(x) after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance
of a Consultation Termination Event, and other than with respect to any Excluded Loan with respect to the Directing Certificateholder,
consult with the Directing Certificateholder, (y) after the occurrence and during the continuance of an Operating Advisor
Consultation Event, the Special Servicer having consulted with the Operating Advisor if and to the extent required pursuant to
Section 6.08(a) and (z) (i) prior to the occurrence and continuance of a Consultation Termination Event, with
respect to any Specially Serviced Loan other than an Excluded Loan with respect to a Risk Retention Consultation Party and (ii)
after the occurrence and during the continuance of a Consultation Termination Event, with respect to any Mortgage Loan other than
an Excluded Loan with respect to a Risk Retention Consultation Party, consult with such Risk Retention Consultation Party, in each
case, pursuant to the process described in Section 6.08(a).

 

Additionally, the Special
Servicer shall not modify, waive or amend the terms of any Mortgage Loan and/or related Companion Loan that would constitute a
Special Servicer Decision under any of clauses (iv), (v), (vi) and (vii) of the definition of “Special
Servicer Decision” unless (x) (i) prior to the occurrence of a Control Termination Event and (ii) other than
with respect to any Excluded Loan, the Directing Certificateholder has consented in writing within ten (10) Business Days
(or, with respect to clause (g) of the definition of “Special Servicer Decision”, five (5) business days) after
the Directing Certificateholder’s receipt of the Special Servicer’s written recommendation and analysis and all information
reasonably requested by the Directing Certificateholder, and reasonably available to the Special Servicer in order to grant or
withhold such consent (provided that if such written consent has not been received by the Special Servicer within such ten
(10) Business Day (or five (5) Business Day, as applicable) period, then the Directing Certificateholder will be deemed to
have approved such action), (y) after the occurrence and during the continuance of an Operating Advisor Consultation Event,
the Special Servicer having consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a)
or (z) (i) after the occurrence and during the continuance of a Control Termination Event and (ii) other than with
respect to any Excluded Loan, but prior to the occurrence and continuance of a Consultation Termination Event, the Special Servicer
having consulted with the Directing Certificateholder. In the event the Special Servicer receives no response from the Directing
Certificateholder within ten (10) Business Days (or, with respect to clause (vii) of the definition of “Special Servicer
Decision”, five (5) business days) following its written request for input on any required consultation, the Special Servicer
shall not be obligated to consult with the Directing Certificateholder, as applicable, on the specific matter; provided,
however, that the failure of the Directing Certificateholder to respond shall not relieve the Special Servicer or the Master
Servicer, as applicable, from consulting with the Directing Certificateholder on any future matters with respect to the applicable
Mortgage Loan (other than a Non-Serviced Mortgage Loan

 

    -256-

     

    

 

or an Excluded Loan) or Serviced Whole Loan. In addition, if an Operating
Advisor Consultation Event has occurred and is continuing, the Special Servicer shall also consult with the Operating Advisor in
connection with any proposed Major Decision (and any other actions which otherwise require consultation with the Operating Advisor
after the occurrence and during the continuance of an Operating Advisor Consultation Event hereunder) and consider alternative
actions recommended by the Operating Advisor, in respect thereof, provided that such consultation is on a non-binding
basis. In the event that the Special Servicer receives no response from the Operating Advisor within 10 Business Days following
the later of (i) its written request for input (which request shall include the related Major Decision Reporting Package)
on any required consultation and (ii) delivery of all such additional information reasonably requested by the Operating Advisor
related to the subject matter of such consultation, the Special Servicer shall not be obligated to consult with the Operating Advisor
on the specific matter; provided, however, that the failure of the Operating Advisor to respond on any specific matters
shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor on any future matter with respect
to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to the contrary, with respect to any
Excluded Loan (regardless of whether a Control Termination Event, a Consultation Termination Event or an Operating Advisor Consultation
Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis,
in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended by
the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this Section 6.08(a) for consulting
with the Operating Advisor.

 

Except as otherwise described
in this Agreement, prior to the occurrence and continuance of a Control Termination Event, the Special Servicer will only be permitted
to take any of the Special Servicer Decisions in clauses (iv), (v), (vi) and (vii) of the definition
of “Special Servicer Decision” as to which the Directing Certificateholder has consented in writing within ten (10)
business days (or, with respect to clause (vii) of the definition of “Special Servicer Decision”, five (5) business
days) after receipt of the Special Servicer’s written recommendation and analysis and all information reasonably requested
by the Directing Certificateholder, and reasonably available to the Special Servicer in order to grant or withhold such consent
(provided that if such written consent has not been received by the Special Servicer within such 10 business day (or five
(5) business day) period, the Directing Certificateholder will be deemed to have approved such action).

 

Notwithstanding the foregoing,
subject to the rights of the related Companion Holder to advise the Master Servicer with respect to, or consent to, such modification,
waiver or amendment pursuant to the terms of the related Intercreditor Agreement, the Master Servicer, with respect to Non-Specially
Serviced Loans, without the consent of the Special Servicer or the Directing Certificateholder, may modify or amend the terms of
any Non-Specially Serviced Loan and/or related Serviced Companion Loan in order to (i) cure any ambiguity or mistake therein
or (ii) correct or supplement any provisions therein which may be inconsistent with any other provisions therein or correct
any error; provided that, if the Mortgage Loan (other than any Non-Serviced Mortgage Loan) and/or related Serviced Companion
Loan is not in default or default with respect thereto is not reasonably foreseeable, such modification or amendment would not
be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

 

    -257-

     

    

 

Any fees or other charges
charged by the Master Servicer or the Special Servicer in connection with processing any Payment Accommodation with respect to
any Mortgage Loan or Serviced Whole Loan (in the aggregate with each other such Payment Accommodation with respect to such Mortgage
Loan or Serviced Whole Loan), in each case as a result of the COVID-19 Emergency, shall not exceed an amount equal to 0.30%
of the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan (excluding attorneys’ fees and third party expenses)
and shall only be borne by the borrower, not the Trust, and no Special Servicing Fee, Workout Fee or Liquidation Fee shall be payable
in connection with a Payment Accommodation. To the extent that a Mortgagor with respect to any Mortgage Loan or Serviced Whole
Loan defaults under a Payment Accommodation, all caps and limitations on fees shall no longer be applicable and the Special Servicer
shall be entitled to all other fees that would otherwise be payable to the Special Servicer from the Trust or otherwise, including
Special Servicing Fees, Workout Fees, Liquidation Fees, default interest and all other Mortgagor-paid fees.

 

Subject to Section
6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the Master Servicer nor
the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for one or more other parcels
of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of
the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto is not reasonably foreseeable
unless (i) the Master Servicer or the Special Servicer, as the case may be, obtains Rating Agency Confirmation from each Rating
Agency (and delivers such Rating Agency Confirmation to the Directing Certificateholder and the Risk Retention Consultation Parties,
if permitted by the applicable Rating Agency) and a confirmation of any applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if
any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) and (ii) such substitution
would not be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning
of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event (and the Master Servicer or the Special
Servicer, as the case may be, may obtain and rely upon an Opinion of Counsel (at the expense of the related Mortgagor if not prohibited
by the terms of the related Mortgage Loan documents, and if so prohibited, at the expense of the Trust) with respect thereto).

 

Upon receiving a request
for any matter described in this Section 3.18(a) that constitutes a Major Decision, Special Servicer Decision or Payment
Accommodation with respect to a Mortgage Loan that is a Non-Specially Serviced Loan, the Master Servicer shall promptly forward
such request to the Special Servicer and the Special Servicer shall process such request (including, without limitation, interfacing
with the Mortgagor) (unless the Master Servicer and Special Servicer mutually agree with respect to a Mortgage Loan or Serviced
Whole Loan that is not a Specially Serviced Loan that the Master Servicer shall process such request with respect to a Major Decision
or a Special Servicer Decision) and except as provided in the next sentence, the Master Servicer shall have no further obligation
with respect to such request or the Major Decision, Special Servicer Decision or Payment Accommodation. The Master Servicer shall
deliver to the Special Servicer any additional information in the Master Servicer’s possession requested by the Special Servicer
relating to such Major Decision, Special Servicer Decision or Payment

 

    -258-

     

    

 

Accommodation. Unless the Master Servicer and Special Servicer
mutually agree that the Master Servicer shall process a Major Decision or a Special Servicer Decision with respect to a Mortgage
Loan or Serviced Whole Loan that is not a Specially Serviced Loan, the Master Servicer shall not be permitted to process any Major
Decision, Special Servicer Decision or Payment Accommodation and shall not be required to interface with the Mortgagor or provide
a written recommendation and/or analysis with respect to any Major Decision, Special Servicer Decision or Payment Accommodation.
If the Master Servicer and Special Servicer mutually agree that the Master Servicer shall process a Major Decision or Special Servicer
Decision with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Non-Specially
Serviced Loan, the Master Servicer shall obtain the Special Servicer’s prior consent (or deemed consent) to the Major Decision
or Special Servicer Decision, as applicable.

 

(b)              
If the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness
or deferral of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than any
Non-Serviced Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge of
additional collateral) of the terms of a Specially Serviced Loan with respect to which a payment default or other material default
has occurred or a payment default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable
(as evidenced by an Officer’s Certificate of the Special Servicer), is reasonably likely to produce a greater (or equivalent)
recovery on a net present value basis (the relevant discounting to be performed at the related Mortgage Rate) to the Trust and,
if applicable, the Companion Holders, as the holders of the related Serviced Companion Loan, than liquidation of such Specially
Serviced Loan, then the Special Servicer may, but is not required to, agree to a modification, waiver or amendment of such Specially
Serviced Loan, subject to (v) the provisions of this Section 3.18(b) and Section 3.18(c), (w)(a) with respect
to any such Specially Serviced Loan other than an Excluded Loan, prior to the occurrence and continuance of a Control Termination
Event, the approval of the Directing Certificateholder (or after the occurrence and during the continuance of a Control Termination
Event, but prior to the occurrence and continuance of a Consultation Termination Event, upon consultation with the Directing Certificateholder)
as provided in Section 6.08 and (b) with respect to any Major Decision in respect of a Specially Serviced Loan other than
an Excluded Loan with respect to the Risk Retention Consultation Parties, upon consultation with the Risk Retention Consultation
Parties as provided in Section 6.08, (x) after the occurrence and during the continuance of an Operating Advisor Consultation
Event, consultation with the Operating Advisor if and to the extent required pursuant to Section 6.08(a), (y) with respect
to any Serviced AB Whole Loan, any rights of the related Serviced AB Whole Loan Controlling Holder to consent to such modification,
waiver or amendment and (z) additionally, with respect to a Serviced Whole Loan, the rights of the related Serviced Companion
Noteholder or with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) with mezzanine debt, the rights of
the related mezzanine lender, to advise or consult with the Special Servicer with respect to, or consent to, such modification,
waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement or mezzanine intercreditor agreement,
as applicable; provided that with respect to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related
AB Control Appraisal Period, the related Serviced AB Whole Loan Controlling Holder will be required to the extent set forth in
the related Intercreditor Agreement and the Directing Certificateholder shall have no consent or consultation rights, and the Risk
Retention Consultation Parties shall have no consultation rights, regarding the matter; provided, further, that in
the case of any release or substitution of collateral

  

    -259-

     

    

 

(other than a defeasance), the Special Servicer shall have obtained an Opinion
of Counsel that such release or substitution would not be a “significant modification” of the Mortgage Loan within
the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event. Notwithstanding anything
herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is
continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the
related transactions involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor,
in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

In connection with (i) the
release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property
from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged
Property), or any portion of such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related
Mortgage Loan documents require the Master Servicer or the Special Servicer, as the case may be, to calculate (or to approve the
calculation of the related Mortgagor of) the LTV Ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair
market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC
qualification of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions, exclude
the value of personal property and going concern value, if any, as determined by an appropriate third party.

 

If, following any such
release or taking, the LTV Ratio as calculated is greater than 125%, the Master Servicer or the Special Servicer, as the case may
be, shall require 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” within the meaning of Section 860G(a)(3) of the Code
(but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective obligation to be treated
as a qualified mortgage).

 

The Special Servicer shall
use its reasonable efforts to the extent possible to cause each Specially Serviced Loan to fully amortize prior to the Rated Final
Distribution Date and shall not agree to a modification, waiver or amendment of any term of any Specially Serviced Loan if such
modification, waiver or amendment would (1) extend the Maturity Date of any such Specially Serviced Loan to a date occurring
later than the earlier of (a) five (5) years prior to the Rated Final Distribution Date and (b) if such Specially
Serviced Loan is secured solely or primarily by a leasehold estate and not also the related fee interest, the date occurring twenty
(20) years or, to the extent consistent with the Servicing Standard giving due consideration to the remaining term of the
Ground Lease and, (A) prior to the occurrence and continuance of a Control Termination Event, with the consent of the Directing
Certificateholder pursuant to Section 6.08, (B) after the occurrence and during the continuance of an Operating Advisor
Consultation Event, after consulting with the Operating Advisor if and to the extent required pursuant to Section 6.08(a),
and (C) to the extent such modification, waiver or amendment constitutes a Major Decision, after consultation with the Risk
Retention Consultation Parties pursuant to Section 6.08(a), (in each case, other than with respect to a Mortgage Loan that
is an Excluded Loan as to such party) ten (10) years prior to the expiration of such leasehold estate (including any options
to extend such

 

    -260-

     

    

 

leasehold estate exercisable unilaterally by the related Mortgagor), or (2) provide for the deferral of interest
unless interest accrues on the related Mortgage Loan, or Serviced Whole Loan generally at the related Mortgage Rate.

 

(c)               
Any provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion
Loan is in default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18 shall
be collected by the Master Servicer or the Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction with
any consent or any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount thereof
is specified in the related Mortgage Note) if the collection of such fee would cause such consent, modification, waiver or amendment
to be a “significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(d)              
To the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a),
and Section 6.08), the Master Servicer (as provided in Section 3.08(a), Section 3.08(b) and this Section
3.18 if such matter constitutes a Master Servicer Decision) or the Special Servicer (as provided in Section 3.08(a),
Section 3.08(b) and Section 3.18(a) if any such waiver, modification or amendment constitutes a Major Decision, Special
Servicer Decision or Payment Accommodation or relates to a Specially Serviced Loan) may, consistent with the Servicing Standard,
agree to any waiver, modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in default or as to
which default is not reasonably foreseeable only if the contemplated waiver, modification or amendment (i) will not be a “significant
modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (ii) will
not cause (x) either Trust REMIC to fail to qualify as a REMIC for purposes of the Code or (y) either Trust REMIC to
be subject to any tax under the REMIC Provisions. In making this determination, the Master Servicer or the Special Servicer may
obtain and rely upon (and shall provide to the Trustee and the Certificate Administrator if obtained) an Opinion of Counsel (at
the expense of the related Mortgagor or such other Person requesting such modification or, if such expense cannot be collected
from the related Mortgagor or such other Person, to be paid out of the Collection Account pursuant to Section 3.05(a); provided
that the Master Servicer or the Special Servicer, as the case may be, shall use its reasonable efforts to collect such fee from
the Mortgagor or such other Person to the extent permitted under the related Mortgage Loan documents). Notwithstanding the foregoing,
neither the Master Servicer nor the Special Servicer may waive the payment of any Prepayment Premium or Yield Maintenance Charge
or the requirement that any prepayment of a Mortgage Loan be made on a Due Date, or if not made on a Due Date, be accompanied by
all interest that would be due on the next Due Date with respect to any Mortgage Loan or Serviced Companion Loan that is not a
Specially Serviced Loan.

 

(e)               
Subject to Section 3.18(c), the Master Servicer and the Special Servicer each may, as a condition to its granting
any request by a Mortgagor for consent, modification (including extensions), waiver or indulgence or any other matter or thing,
the granting of which is within the Master Servicer’s or the Special Servicer’s, as the case may be, discretion pursuant
to the terms of the instruments evidencing or securing the related Mortgage Loan or Companion Loan and is permitted by the terms
of this Agreement, require that such Mortgagor pay to the Master Servicer or the Special Servicer, as the case may be, as additional
servicing compensation, a

 

    -261-

     

    

 

reasonable or customary fee, for the additional services performed in connection with such request; provided
that the charging of such fee is not a “significant modification” of the Mortgage Loan within the meaning of Treasury
Regulations Section 1.860G-2(b).

 

(f)          All modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered into
pursuant to this Section 3.18 shall be in writing, signed by the Master Servicer or the Special Servicer, as the case may
be, and the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such guarantor’s signature is required
by the Special Servicer in accordance with the Servicing Standard).

 

(g)         With respect to any modification, waiver, amendment or consent for which it is responsible for processing pursuant to Section
3.18, the Special Servicer shall notify the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Directing Certificateholder and the Risk Retention Consultation Parties (in the case of the Directing Certificateholder, other
than following the occurrence and continuance of a Consultation Termination Event, and in the case of the Directing Certificateholder
or the Risk Retention Consultation Parties, other than with respect to any Excluded Loan as to such party), the applicable
Companion Holder (unless, with respect to a Serviced AB Whole Loan Controlling Holder, an AB Control Appraisal Period has occurred,
if applicable), the related Mortgage Loan Seller (if such Mortgage Loan Seller is not the Master Servicer or Sub-Servicer of such
Mortgage Loan or the Directing Certificateholder or a Risk Retention Consultation Party) and the 17g-5 Information Provider
(which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c))
in writing of any modification, waiver, amendment or consent (in each case, after it is finalized and executed) of any term of
any Mortgage Loan or Companion Loan that is modified, waived or amended and the date thereof. With respect to any modification,
waiver, amendment or consent (in each case, after it is finalized and executed) for which it is responsible for processing pursuant
to this Section 3.18, the Master Servicer shall provide written notice of any such modification, waiver, amendment or consent
to the Trustee, the Certificate Administrator, the Special Servicer (and, unless a Consultation Termination Event has occurred
and is continuing, the Special Servicer shall forward any such notice to the Directing Certificateholder (other than with respect
to an Excluded Loan)), the applicable Companion Holder (unless, with respect to a Serviced AB Whole Loan Controlling Holder, an
AB Control Appraisal Period has occurred, if applicable), the Risk Retention Consultation Parties (other than with respect to an
Excluded Loan as to such party) and the related Mortgage Loan Seller (so long as such Mortgage Loan Seller is not the Master Servicer
or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder or the Risk Retention Consultation Parties) and the 17g-5
Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c)). The party responsible for delivering notice shall deliver to the Custodian with a copy to the Master
Servicer (if such notice is being delivered by the Special Servicer) for deposit in the related Mortgage File, an original counterpart
of the agreement relating to such modification, waiver, amendment or consent, promptly (and in any event within ten (10) Business
Days) following the execution thereof, with a copy to the applicable Companion Holder, if any. Following receipt of the Master
Servicer’s or the Special Servicer’s, as the case may be, delivery of the aforesaid modification, waiver, amendment
or consent to the Certificate Administrator, the Certificate Administrator shall forward a copy thereof to each Holder of a Certificate
(other than the Class R Certificates). With respect to the processing of any modification, waiver or consent related to any Mortgagor
incurring Additional Secured Debt or

 

    -262-

     

    

 

mezzanine debt, the Special Servicer (if the Special Servicer processes such modification,
waiver or consent pursuant to Section 3.18(a)) or the Master Servicer (if the Master Servicer processes such modification,
waiver or consent pursuant to Section 3.18(m)) shall, on or before the later of (i) 3:00 p.m. on the related P&I
Advance Date and (ii) five (5) Business Days immediately following the Master Servicer or the Special Servicer, as the
case may be, obtaining actual knowledge of the incurrence of such Additional Secured Debt or mezzanine debt, deliver notice of
the Mortgagor’s incurrence of such debt, substantially in the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com
and an Additional Disclosure Notification in the form attached hereto as Exhibit EE. The notice contemplated in the preceding
sentence shall set forth, to the extent the Special Servicer or the Master Servicer, as the case may be, has the requisite information
or can reasonably obtain such information, (1) the amount of Additional Secured Debt that was incurred in the related Collection
Period, (2) the total Debt Service Coverage Ratio calculated on the basis of such Mortgage Loan and Additional Secured Debt,
and (3) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and Additional Secured Debt. In the event that
either (i) the CREFC® Investor Reporting Package is amended to include such information set forth above, in
a manner reasonably acceptable to the Master Servicer, the Special Servicer and the Certificate Administrator, as applicable, and
the Master Servicer confirms with the Certificate Administrator that such amended CREFC® Investor Reporting Package
enables the Certificate Administrator to include such information on Form 10-D in a manner reasonably acceptable to the
Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act, the additional report in the form of
Exhibit KK shall no longer be required hereunder. From time to time, the Master Servicer, the Special Servicer and the Certificate
Administrator may agree on a different delivery time and format for the information set forth in this paragraph.

 

(h)         Subject to the consent rights and process set forth in Section 6.08 with respect to Major Decisions, the Master Servicer
shall process all defeasances of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Companion Loans in
accordance with the terms of the related Mortgage Loan documents, and shall be entitled to any defeasance fees paid relating thereto
(provided that for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees or waiver fees
in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding the foregoing,
the Master Servicer shall not permit (or, with regard to any Non-Serviced Mortgage Loan, take any act in furtherance of) the
substitution of any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan unless
such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Master Servicer has received (i) replacement
collateral consisting of government securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii),
which satisfies the requirements of the applicable Mortgage Loan documents, in an amount sufficient to make all scheduled payments
under the related Mortgage Loan (or defeased portion thereof) when due, (ii) a certificate of an Independent certified public
accountant to the effect that such substituted property will provide cash flows sufficient to meet all payments of interest and
principal (including payments at maturity) on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of
the terms of the related Mortgage Loan documents and, if applicable, Companion Loan documents, (iii) one or more Opinions
of Counsel (at the expense of the related Mortgagor) to the effect that the Trustee, on behalf of the Trust, will have a first
priority perfected security interest in such substituted Mortgaged Property; provided, however, that, to the extent
consistent with the related Mortgage Loan documents and, if applicable, Companion Loan documents, the related Mortgagor shall pay
the cost of any such

 

    -263-

     

    

 

opinion as a condition to granting such defeasance, (iv) to the extent consistent with the related Mortgage
Loan documents and, if applicable, Companion Loan documents, the Mortgagor shall establish a single purpose entity to act as a
successor Mortgagor, if so required by the Rating Agencies, (v) to the extent permissible under the related Mortgage Loan
documents and, if applicable, Companion Loan documents, the Master Servicer shall use its reasonable efforts to require the related
Mortgagor to pay all costs of such defeasance, including but not limited to the cost of maintaining any successor Mortgagor, and
(vi) to the extent permissible under the Mortgage Loan documents and, if applicable, Companion Loan documents, the Master
Servicer shall obtain, at the expense of the related Mortgagor, Rating Agency Confirmation from each Rating Agency and a confirmation
of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25); provided, further, however, that no such confirmation from any Rating Agency
shall be required to the extent that the Master Servicer has delivered a defeasance certificate substantially in the form of Exhibit U
hereto for any Mortgage Loan that (together with any Mortgage Loans cross-collateralized with such Mortgage Loans) is: (i) a
Mortgage Loan with a Cut-off Date Balance less than $35,000,000, (ii) a Mortgage Loan that represents less than 5% of
the aggregate Cut-off Date Balance of all Mortgage Loans, and (iii) a Mortgage Loan that is not one of the ten largest
Mortgage Loans by Stated Principal Balance. Notwithstanding the foregoing, in the event that requiring the Mortgagor to pay for
the items specified in clauses (ii), (iv) and (v) in the preceding sentence would be inconsistent
with the related Mortgage Loan documents, such reasonable costs shall be paid by the related Mortgage Loan Seller as and to the
extent set forth in the applicable Mortgage Loan Purchase Agreement.

 

(i)          Notwithstanding anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan documents,
to the contrary, the Master Servicer may permit the substitution of “government securities,” within the meaning of
Section 2(a)(16) of the Investment Company Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii)
for any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan, as applicable (or
any portion thereof), in lieu of the defeasance collateral specified in the related Mortgage Loan documents or Serviced Whole Loan
documents, as applicable; provided that such substitution is consistent with the Servicing Standard and the Master Servicer
reasonably determines that allowing their use would not cause a default or event of default to become reasonably foreseeable and
the Master Servicer receives an Opinion of Counsel (at the expense of the Mortgagor to the extent permitted under the Mortgage
Loan documents and, if applicable or Companion Loan documents or otherwise as a Trust Fund expense) to the effect that such use
would not be and would not constitute a “significant modification” of such Mortgage Loan or Companion Loan pursuant
to Treasury Regulations Section 1.860G-2(b) and would not otherwise constitute an Adverse REMIC Event with respect to
either Trust REMIC; and provided, further, that the requirements set forth in Section 3.18(h) (including receipt
of any Rating Agency Confirmation) are satisfied; and provided, further, that such securities are backed by the full
faith and credit of the United States government, or the Master Servicer shall obtain Rating Agency Confirmation from each Rating
Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in

 

    -264-

     

    

 

the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25).

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans identified as Mortgage Loan numbers 6, 16, 19, 22, 27, 38, 39, 40 and 45 on the Mortgage Loan
Schedule for which BMO, KeyBank or SMC is the applicable Mortgage Loan Seller and that are subject to defeasance, the related Mortgage
Loan Seller has transferred to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate
the successor borrower and/or to purchase or cause to be purchased the related defeasance collateral (any such right or obligation,
the “Retained Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance
request with respect to a Mortgage Loan for which BMO, KeyBank or SMC is the related Mortgage Loan Seller, which such Mortgage
Loan provides for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master Servicer shall
provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to BMO, KeyBank
or SMC, as applicable. Until such time as the related Mortgage Loan Seller provides the Master Servicer with written notice to
the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which BMO, KeyBank
or SMC is the related Mortgage Loan Seller shall be delivered to the related Mortgage Loan Seller at its respective notice address
provided under Section 13.05. With respect to any such Mortgage Loan that is subject to defeasance, if the successor borrower
is not designated or formed by the related Mortgage Loan Seller or any Affiliate or successor thereto, the successor borrower shall
be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.

 

(j)          If required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard,
the Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”), which shall
be Eligible Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any
Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage
Loan or Companion Loan documents. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be
maintained in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the
Master Servicer in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act
of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to
be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance collateral substituted
for any Mortgaged Property into the Collection Account and treat any such payments as payments made on the Mortgage Loan or Companion
Loan in advance of its Due Date in accordance with clause (a)(i) of the definition of “Aggregate Available Funds”
and not as a prepayment of the related Mortgage Loan or Companion Loan. Notwithstanding anything herein to the contrary, in no
event shall the Master Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days
(or 366 days in the case of a leap year).

 

(k)         Notwithstanding anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as the
case may be, shall, unless it has received Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any class of Serviced Companion Loan Securities (if any) (provided that 

 

    -265-

     

    

 

such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25) (the cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related loan
documents and otherwise paid out of general collections) grant or accept any consent, approval or direction regarding the termination
of the related property manager or the designation of any replacement property manager, with respect to any Mortgaged Property
that secures a Mortgage Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or (ii) has
an unpaid principal balance that is at least equal to five percent (5%) of the then-aggregate principal balance of all Mortgage
Loans or $35,000,000.

 

(l)          Notwithstanding anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment
in connection with any release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral, the
Special Servicer shall not approve any such modification, waiver or amendment or consent thereto without first having received
a copy of an Opinion of Counsel addressed to the Special Servicer and the Master Servicer that such modification, waiver, consent
or amendment will not cause an Adverse REMIC Event.

 

In addition to the foregoing,
the Mortgagors may request payment forbearance because of COVID-19 related financial hardship. The Special Servicer shall be allowed
to grant a forbearance on a Mortgage Loan related to the global COVID-19 Emergency if (i) prior to October 1, 2021 (or prior to
a later date provided by the IRS in any future guidance), the period of forbearance granted, when added to any prior periods of
forbearance granted before or after the Trust acquired such Mortgage Loan (whether or not such prior grants of forbearance were
covered by Section 5.02(2) of Revenue Procedure 2020-26 (as extended by Revenue Procedure 2021-12 or any future guidance)), does
not exceed six months (or such longer period of time as may be allowed by guidance that is binding on federal income tax authorities)
and such forbearance is otherwise covered by Section 5.02(2) of Revenue Procedure 2020-26 (as extended by Revenue Procedure 2021-12
or any future guidance), (ii) such forbearance is permitted under another provision of this Agreement and the requirements under
such provision are satisfied, or (iii) an Opinion of Counsel is delivered to the effect that such forbearance will not result in
an Adverse REMIC Event.

 

(m)        Notwithstanding any other provisions of this Section 3.18 or Section 3.08, but subject to any related Intercreditor
Agreement, the Master Servicer may, without any Directing Certificateholder approval or consent (except as otherwise provided below
in the definition of Master Servicer Decision), any Risk Retention Consultation Party’s consultation or the Special Servicer’s
approval or consent or consultation take any of the following actions with respect to Mortgage Loans that are not Specially Serviced
Loans and any related Serviced Companion Loan (each such action, a “Master Servicer Decision”): (i) grant waivers
of non-material covenant defaults (other than financial covenants and receipt of financial statements, but including immaterial
timing waivers such as with respect to late financial statements); (ii) consents to releases of non-material, non-income
producing parcels of a Mortgaged Property that do not materially affect the use or value of the related Mortgaged Property or the
ability of the related Mortgagor to pay amounts due in respect of the Mortgage Loan as and when due, provided such releases are
required by the related Mortgage Loan documents and there is no lender discretion permitted under the Mortgage Loan documents;
(iii) approve or consent to grants of easements or rights of way (including, without limitation for utilities, access, parking,
public improvements or

 

    -266-

     

    

 

another purpose) or subordination of the lien of the Mortgage Loan to easements if such easements or rights
of way do not materially affect the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments with respect
to the related Mortgage Loan or any related Companion Loan, and the Special Servicer and the Master Servicer have agreed that the
Master Servicer will process this clause (iii); (iv) grant subordination, non-disturbance and attornment agreements
and consents involving leasing activities that do not involve a ground lease and affect an area less than or equal to the lesser
of (a) 30% of the net rentable area of the improvements at the Mortgaged Property and (b) 30,000 square feet of the improvements
at the Mortgaged Property, including approval of new leases and amendments to current leases; (v) consent to actions and releases
related to condemnation of parcels of a Mortgaged Property if such condemnation is not with respect to a material parcel or a material
income producing parcel and such condemnation does not materially affect the use or value of the related Mortgaged Property or
the ability of the related Mortgagor to pay amounts due in respect of the related Mortgage Loan or Companion Loan when due, and
the Special Servicer and the Master Servicer have agreed that the Master Servicer will process this clause (v); (vi) consent
to a change in property management relating to any Mortgage Loan if the replacement property manager is not a Borrower Party and
the Mortgage Loan has an outstanding principal balance less than $10,000,000; (vii) approve annual operating budgets for Mortgage
Loans; (viii) grant any extension or enter into any forbearance with respect to the anticipated refinancing of a Mortgage Loan
or sale of a Mortgaged Property after the related Maturity Date of such Mortgage Loan so long as (A) such extension or forbearance
does not extend beyond 120 days after the related Maturity Date and (B) the related Mortgagor has delivered documentation
reasonably satisfactory in form and substance to the Master Servicer or the Special Servicer which provides that a refinancing
of such Mortgage Loan or sale of the related Mortgaged Property will occur within 120 days after the date on which such Balloon
Payment will become due; (ix) (A) other than any note splitting amendment and note re-sizing amendments in accordance
with the terms of the subject Intercreditor Agreement, any non-material or administrative modification, amendment, consent to a
non-material modification or waiver of any term of any Intercreditor Agreement for which the Special Servicer and the Master Servicer
have agreed that the Master Servicer shall process this clause (ix)(A), and (B) any note splitting amendments and note re-sizing
amendments in accordance with the terms of the subject Intercreditor Agreement, provided that if any such modification or
amendment would adversely impact the Special Servicer, such modification or amendment will additionally require the consent of
the Special Servicer as a condition to its effectiveness; (x) any determination of Acceptable Insurance Default, except that,
prior to the occurrence and continuance of any Control Termination Event and other than in the case of any Excluded Loan, the Directing
Certificateholder’s consent (or deemed consent) shall be required for any such determination; (xi) approve or consent
to any defeasance of the related Mortgage Loan or Serviced Companion Loan other than agreeing to (A) a modification of the
type of defeasance collateral required under the Mortgage Loan or Serviced Whole Loan documents other than direct, non-callable
obligations of the United States would be permitted or (B) a modification that would permit a principal prepayment instead
of defeasance if the Mortgage Loan or Serviced Whole Loan documents do not otherwise permit such principal prepayment; (xii) any
determination to bring a Mortgaged Property into compliance with applicable environmental laws or to otherwise address hazardous
material located at a Mortgaged Property subject, prior to the occurrence and continuance of a Control Termination Event and other
than with respect to any Excluded Loan, to the consent (or deemed consent) of the Directing Certificateholder; (xiii) any
transfer of the Mortgaged Property that the loan documents allow

 

    -267-

     

    

 

without the consent of the mortgagee but subject to satisfaction
of conditions specified in the loan documents where no mortgagee discretion is necessary in order to determine if such conditions
are satisfied; (xiv) to the extent not a Major Decision or a Special Servicer Decision pursuant to clause (x) of the
definition of “Major Decision” or clause (iii) of the definition of “Special Servicer Decision”,
respectively, any requests for the funding or disbursement of amounts from any escrow accounts, reserve funds or letters of credit
held as Earnout or Performance Escrows or Reserves where such request is for funding or disbursement of ordinary course impounds,
repair and replacement reserves, lender approved budget and operating expenses, and tenant improvements pursuant to an approved
lease, routine funding of tax payments and insurance premiums when due and payable, each in accordance with the Mortgage Loan documents
(all such fundings and disbursements being collectively referred to as “Routine Disbursements”) or any other
funding or disbursement as mutually agreed upon by the Master Servicer and the Special Servicer; provided, however,
that in the case of any Mortgage Loan, the escrows, reserves, holdbacks and related letters of credit held as Earnout or Performance
Escrows or Reserves that exceed, in the aggregate, at the related origination date, 10% of the initial principal balance of such
Mortgage Loan and any related Serviced Companion Loan, if applicable (which Mortgage Loans are identified on Schedule 3
hereto), shall not be deemed to constitute a Routine Disbursement, and shall instead constitute Special Servicer Decisions, except
for the routine funding of tax payments and insurance premiums when due and payable; and (xv) grant or agree to any other
waiver, modification, amendment and/or consent that does not constitute a Major Decision, a Special Servicer Decision or a Payment
Accommodation; provided that (w) any such action would not in any way affect a payment term of the Certificates, (x) any
such action would not constitute a “significant modification” of such Mortgage Loan or Companion Loan pursuant to Treasury
Regulations Section 1.860G-2(b) and would not otherwise cause either Trust REMIC to fail to qualify as a REMIC for federal
income tax purposes (as evidenced by an Opinion of Counsel (at the expense of the Trust to the extent not reimbursed or paid by
the related Mortgagor), to the extent requesting such opinion is consistent with the Servicing Standard), (y) agreeing to
such action would be consistent with the Servicing Standard, and (z) agreeing to such action would not violate the terms,
provisions or limitations of this Agreement or any Intercreditor Agreement; provided, further, that, in the case
of any Master Servicer Decision that requires the consent of the Directing Certificateholder, such consent shall be deemed given
if a response to the request for consent is not provided within 10 Business Days after receipt of the Master Servicer’s written
recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably available
to the Master Servicer in order to grant or withhold such consent; provided, further, that in the case of any Master
Servicer Decision that requires the consent of the Directing Certificateholder, 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 Directing Certificateholder
shall be entitled to consult with the Master Servicer on a non-binding basis (provided that if the Directing Certificateholder
fails to respond to a request for consultation within 10 Business Days after receipt of such request for consultation (together
with all information reasonably requested by the Directing Certificateholder, and reasonably available to the Master Servicer,
in order to so consult) from the Master Servicer, the Master Servicer shall have no further obligation to consult with the Directing
Certificateholder with respect to such Master Servicer Decision, provided, however, that the failure of the Directing Certificateholder
to respond will not relieve the Master Servicer from its obligation to consult with the Directing Certificateholder on any future
matters). The foregoing is intended to be an

 

    -268-

     

    

 

itemization of actions the Master Servicer may take without having to obtain the approval
of any other party and is not intended to limit the responsibilities of the Master Servicer hereunder.

 

(n)         Neither the Master Servicer nor the Special Servicer shall modify any Mortgage Loan into an AB Modified Loan unless the
documents evidencing such modification provide that all payments on the junior or “B” portion of such AB Modified Loan
(including interest, principal and other amounts) shall only be payable after the point in time at which all interest and principal
on the senior or “A” portion of such AB Modified Loan shall have been paid in full and such senior or “A”
portion shall no longer be outstanding; provided, however, that interest and other amounts in respect of such junior
or “B” portion may accrue prior to such point in time.

 

Section 3.19       
Transfer of Servicing Between the Master Servicer and the Special Servicer; Recordkeeping; Asset Status Report. (a) Upon
determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Companion Loan, the Master Servicer or the Special Servicer, as the case may be, shall promptly give notice to
the Master Servicer or the Special Servicer, as the case may be, the Operating Advisor and ((i) prior to the occurrence and
continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder
thereof, and the Master Servicer shall deliver the related Mortgage File and Servicing File to the Special Servicer and concurrently
provide a copy of such Servicing File, exclusive of all Privileged Communications, to the Operating Advisor. The Master Servicer
shall use its reasonable efforts to provide the Special Servicer with all documents and records (including records stored electronically
on computer tapes, magnetic discs and the like) relating to such Mortgage Loan and, if applicable, the related Serviced Companion
Loan, either in the Master Servicer’s possession or otherwise available to the Master Servicer without undue burden or expense,
and reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto. The Master
Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence
of each related Servicing Transfer Event (or, in the case of clauses (viii) or (ix) of the definition of “Servicing
Transfer Event”, within five (5) Business Days of receiving notice from the Special Servicer of such Servicing Transfer
Event when the Special Servicer makes the determination) and in any event shall continue to act as Master Servicer and administrator
of such Mortgage Loan and, if applicable, the related Serviced Companion Loan until the Special Servicer has commenced the servicing
of such Mortgage Loan and, if applicable, the related Serviced Companion Loan. The Master Servicer shall deliver to the Trustee,
the Certificate Administrator, the Operating Advisor, and ((i) prior to the occurrence and continuance of a Consultation Termination
Event or (ii) other than with respect to any Excluded Loan) the Directing Certificateholder, a copy of the notice of such
Servicing Transfer Event provided by the Master Servicer to the Special Servicer, or by the Special Servicer to the Master Servicer,
pursuant to this Section 3.19. Prior to the occurrence and continuance of a Consultation Termination Event, the Certificate
Administrator shall deliver to each Controlling Class Certificateholder a copy of the notice of such Servicing Transfer Event provided
by the Master Servicer pursuant to this Section 3.19.

 

Upon determining that
a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three consecutive Periodic Payments
(provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special

 

    -269-

     

    

 

Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan and, if applicable,
the related Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer
shall immediately give notice thereof to the Master Servicer, the Operating Advisor, the related Serviced Companion Noteholder
(unless with respect to an AB Subordinate Companion Loan an AB Control Appraisal Period has occurred) and ((i) prior to the
occurrence and continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the
Directing Certificateholder and shall return the related Mortgage File and Servicing File to the Master Servicer (or copies thereof
if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Servicing
File to the Master Servicer, the Special Servicer’s obligation to service such Corrected Loan shall terminate and the obligations
of the Master Servicer to service and administer such Mortgage Loan and, if applicable, the related Companion Loan shall recommence.

 

(b)         In servicing any Specially Serviced Loans and Serviced Companion Loans, the Special Servicer will provide to the Custodian
originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File
to the extent within its possession (with a copy of each such original to the Master Servicer), and provide the Master Servicer
with copies of any additional related Mortgage Loan or Serviced Companion Loan information including correspondence with the related
Mortgagor.

 

(c)         Notwithstanding the provisions of Section 3.12(c), the Master Servicer shall maintain ongoing payment records with
respect to each of the Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced
Mortgage Loan) and shall provide the Special Servicer with any information in its possession with respect to such records to enable
the Special Servicer to perform its duties under this Agreement; provided that this statement shall not be construed to
require the Master Servicer to produce any additional reports.

 

(d)         No later than sixty (60) days after a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) and, if applicable, the related Companion Loan (the “Initial Delivery Date”), the Special Servicer shall
deliver in electronic format a report (the “Asset Status Report”) with respect to such Mortgage Loan and related
Companion Loan, if applicable, and the related Mortgaged Property to the Master Servicer and the Directing Certificateholder (but
with respect to the Directing Certificateholder, only in respect of any Mortgage Loan other than (A) any Excluded Loan or
(B) any Serviced AB Whole Loan prior to the occurrence of an AB Control Appraisal Period, and in any event prior to the occurrence
and continuance of a Consultation Termination Event). Subsequent to the issuance of a Final Asset Status Report to the extent that
during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial Final
Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and recommendation
as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with the Servicing
Standard, the Special Servicer shall prepare one or more additional Asset Status Reports with respect to such Specially Serviced
Loan (each such report, once finalized and approved, a “Subsequent Asset Status Report”). The Special Servicer
shall deliver each Subsequent Asset Status Report and Final Asset Status Report in electronic form to the Master Servicer, the
Directing Certificateholder (but with respect to the

 

    -270-

     

    

 

Directing Certificateholder, only in respect of any Mortgage Loan other than
(A) any Excluded Loan as to such party or (B) any Serviced AB Whole Loan prior to the occurrence of an AB Control Appraisal Period,
and in any event prior to the occurrence and continuance of a Consultation Termination Event), any related Serviced AB Whole Loan
Controlling Holder prior to an AB Control Appraisal Period with respect to any Serviced AB Whole Loan, each Risk Retention Consultation
Party (but only with respect to any Mortgage Loan other than an Excluded Loan as to such party), the Operating Advisor (but, other
than with respect to an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority of the Controlling
Class, only after the occurrence and during the continuance of an Operating Advisor Consultation Event and, with respect to any
Serviced AB Whole Loan, only to the extent that such Whole Loan is subject to an AB Control Appraisal Period) and the 17g-5
Information Provider (which shall promptly post such report on the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c)) and, with respect to any related Serviced Companion Loan, to the related Companion Holder or, to the
extent the related Serviced Companion Loan has been included in an Other Securitization, to the master servicer of such Other Securitization
into which the related Serviced Companion Loan has been sold; the Special Servicer shall also deliver a summary of each Final Asset
Status Report to the Certificate Administrator and the Certificate Administrator shall post the summary of the Final Asset Status
Report to the Certificate Administrator’s Website. For the avoidance of doubt, the Master Servicer shall not make any Asset
Status Reports available to any Certificateholders on its website. None of the parties to this Agreement shall provide any Asset
Status Report or any Final Asset Status Report to the Certificate Administrator. Further, the Certificate Administrator shall not
request any Asset Status Report or Final Asset Status Report from the Master Servicer. Such Asset Status Report shall set forth
the following information to the extent reasonably determinable based on the information that was delivered to the Special Servicer
in connection with the transfer of servicing pursuant to the Servicing Transfer Event:

 

(i)          a summary of the status of such Specially Serviced Loan and any negotiations with the related Mortgagor;

 

(ii)         a discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the
Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties
or other collateral for the related Mortgage Loan (and any related Serviced Companion Loan) and whether outside legal counsel has
been retained;

 

(iii)         the
most current rent roll, and income or operating statement available for the related Mortgaged Property;

 

(iv)         (A) the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status
(including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer
for regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a
description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;

 

    -271-

     

    

 

(v)          the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed
workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)         a description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air
rights lease, if applicable) or franchise agreement;

 

(vii)        the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth
the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)       an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present
value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination
and (y) the net present value calculation and all related assumptions;

 

(ix)        the Appraised Value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property)
together with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together
with an explanation of those adjustments; and

 

(x)         such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

If within ten (10) Business
Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset Status Report in writing
or if the Special Servicer makes a determination, in accordance with the Servicing Standard that the disapproval by the Directing
Certificateholder (communicated to the Special Servicer within ten (10) Business Days) is not in the best interest of all
the Certificateholders, the RR Interest Owner and the holder of any related Companion Loan, as a collective whole (taking into
account the pari passu or subordinate nature of any Companion Loan), the Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action
that is contrary to applicable law, the Servicing Standard or the terms of the applicable Mortgage Loan documents. If, with respect
to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the
Directing Certificateholder disapproves such Asset Status Report within ten (10) Business Days of receipt and the Special
Servicer has not made the affirmative determination described above, the Special Servicer shall revise such Asset Status Report
and deliver a new Asset Status Report as soon as practicable, but in no event later than thirty (30) days after such disapproval,
to the Master Servicer, the Directing Certificateholder (prior to the occurrence and continuance of a Consultation Termination
Event and, in the case of a Serviced AB Whole Loan, only prior to the occurrence and during the continuance of a Consultation Termination
Event and during an AB Control Appraisal Period with respect to the related AB Subordinate Companion Loan), the Operating Advisor
(but only after the occurrence and during the continuance of an Operating Advisor Consultation Event) and the 17g-5 Information
Provider (which shall promptly post such report

 

    -272-

     

    

 

on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c)). With respect to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control
Termination Event, the Special Servicer shall revise such Asset Status Report as described above in this Section 3.19(d)
until the Directing Certificateholder (or, with respect to a Serviced AB Whole Loan prior to the occurrence and continuance of
a AB Control Appraisal Period and to the extent required by the terms of the related Intercreditor Agreement, the holder of the
related AB Subordinate Companion Loan) shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business
Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination, in accordance with the
Servicing Standard, that the disapproval is not in the best interests of the Certificateholders, the RR Interest Owner and the
holder of any related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of
any Companion Loan); provided that, if the Directing Certificateholder has not approved the Asset Status Report for a period
of sixty (60) Business Days following the first submission of an Asset Status Report, the Special Servicer may act upon the
most recently submitted form of Asset Status Report if consistent with the Servicing Standard; and provided, however,
that such Asset Status Report does not, and is not intended to be, a substitute for the approvals that are specifically required
pursuant to Section 6.08. The procedures described in this paragraph are collectively referred to herein as the “Directing
Certificateholder Approval Process”. Prior to the occurrence of an Operating Advisor Consultation Event, the Special
Servicer shall deliver each Final Asset Status Report to the Operating Advisor following the conclusion of the Directing Certificateholder
Approval Process.

 

The Special Servicer may,
from time to time, modify any Asset Status Report it has previously delivered and implement such report; provided that such
report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.19(d). Notwithstanding
anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred
and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with an
Asset Status Report for an Excluded Loan which includes a Major Decision and consider alternative actions recommended by the Operating
Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating
Advisor.

 

No direction or disapproval
of the Directing Certificateholder hereunder or under a related Intercreditor Agreement or failure of the Directing Certificateholder
to consent to or approve (including any deemed consents or approvals) any request of the Special Servicer, shall (a) require
or cause the Special Servicer to violate the terms of a Specially Serviced Loan, applicable law or any provision of this Agreement,
including the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status
of each Trust REMIC and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited
transaction” or “prohibited contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Mortgage Loan Sellers, the Trust, the Trustee, the Certificate
Administrator or their respective officers, directors, members, employees or agents to any claim, suit or liability or (d) materially
expand the scope of the Special Servicer’s, the Trustee’s or the Master Servicer’s responsibilities under this
Agreement.

 

    -273-

     

    

 

If an Operating Advisor
Consultation Event has occurred and is continuing (or, with respect to a Serviced AB Whole Loan, if both an Operating Advisor Consultation
Event has occurred and is continuing and an AB Control Appraisal Period is in effect), the Special Servicer shall promptly deliver
each Asset Status Report prepared in connection with a Specially Serviced Loan to the Operating Advisor (and if no Consultation
Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded Loan, the Directing Certificateholder).
Prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor’s review of a Final
Asset Status Report shall only provide background information to support the Operating Advisor’s duties concerning the Special
Servicer’s compliance with the Servicing Standard, and the Operating Advisor shall not provide comments to the Special Servicer
in respect of such Final Asset Status Report. After the occurrence and during the continuance of an Operating Advisor Consultation
Event, the Operating Advisor shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within
ten (10) Business Days following the later of (i) receipt of such Asset Status Report or (ii) receipt of such additional
information reasonably requested by the Operating Advisor related thereto, and propose possible alternative courses of action to
the extent it determines such alternatives to be in the best interest of the Certificateholders and the RR Interest Owner (including
any Certificateholders that are holders of the Control Eligible Certificates), as a collective whole. The Special Servicer shall
consider such alternative courses of action and any other feedback provided by the Operating Advisor (and if no Consultation Termination
Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded Loan, the Directing Certificateholder)
in connection with the Special Servicer’s preparation of any Asset Status Report. The Special Servicer may revise the Asset
Status Report as it deems necessary to take into account any input and/or comments from the Operating Advisor on a non-binding
basis (and if no Consultation Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or
Directing Certificateholder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest
of the Certificateholders and the RR Interest Owner as a collective whole (or, with respect to a Serviced Whole Loan, the best
interest of the Certificateholders, the RR Interest Owner and the holders of the related Companion Loan, as a collective whole
(taking into account the pari passu or subordinate nature of such Companion Loan)).

 

Upon determining whether
or not to revise any Asset Status Report to take into account any input and/or comments from the Operating Advisor or the Directing
Certificateholder, the Special Servicer shall revise the Asset Status Report, if applicable (but is under no obligation to follow
any particular recommendation of the Operating Advisor or the Directing Certificateholder), and deliver to the Operating Advisor
and the Directing Certificateholder the revised Asset Status Report (until a Final Asset Status Report is issued). The procedures
described in this and the immediately preceding paragraph are collectively referred to as the “ASR Consultation Process”.

 

After the occurrence and
during the continuance of a Control Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder
shall have no right to consent to any Asset Status Report under this Section 3.19. After the occurrence and during the continuance
of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder
(except with respect to any

 

    -274-

     

    

 

Excluded Loan) and, if an Operating Advisor Consultation Event has occurred and is continuing, the
Operating Advisor shall consult with the Special Servicer and propose alternative courses of action and provide other feedback
in respect of any Asset Status Report. After the occurrence and continuance of a Consultation Termination Event (and at any time
with respect to any Excluded Loan), the Directing Certificateholder (other than in its capacity as a Certificateholder) shall have
no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports
and the Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status Report
as described above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance
with the Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing Certificateholder
during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Operating
Advisor or the Directing Certificateholder.

 

Notwithstanding the foregoing,
prior to the occurrence and continuance of an AB Control Appraisal Period with respect to an AB Subordinate Companion Loan, the
Special Servicer shall prepare an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced Loan
pursuant to this Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval rights
over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be as set
forth in the related Intercreditor Agreement.

 

(e)         (i) Upon receiving notice of the occurrence of the events described in clause (iv) or (ix) of the
definition of Servicing Transfer Event (without regard to the 60-day or 30-day period, respectively, set forth therein),
the Master Servicer shall with reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the Special
Servicer with all information relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special
Servicer to enable it to negotiate with the related Mortgagor. The Master Servicer shall use its reasonable efforts to comply with
the preceding sentence within five (5) Business Days of the occurrence of each such event.

 

(ii)         After the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence
of an event described in clause (iv) or (ix) of the definition of Servicing Transfer Event (without regard to
the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall deliver notice thereof to the
Operating Advisor at the same time such notice is provided to the Special Servicer pursuant to clause (i) above.

 

(f)          Prior to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following
the establishment of a Final Asset Status Report with respect to any Specially Serviced Loan (other than any Excluded Loan), the
Special Servicer shall deliver in electronic format to the Directing Certificateholder a draft notice that will include a draft
summary of the Final Asset Status Report (which briefly summarizes such Final Asset Status Report, but shall not include any Privileged
Information) (and shall deliver each Asset Status Report with respect to a Serviced AB Mortgage Loan prior to the occurrence and
continuance of an AB Control Appraisal Period (to the extent approved by the related Serviced AB Whole Loan Controlling Holder),
to the Directing Certificateholder). With respect to any Mortgage Loan other

 

    -275-

     

    

 

than an Excluded Loan, if, prior to the occurrence
and continuance of a Control Termination Event, within five (5) Business Days of receipt of such draft summary, the Directing
Certificateholder approves of, or does not disapprove of such draft summary, then the Special Servicer shall deliver in electronic
format such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate
Administrator’s Website pursuant to Section 3.13(b). If the Directing Certificateholder affirmatively disapproves
of such summary in writing, then within two (2) Business Days of receipt of such disapproval, the Special Servicer shall revise
the summary and deliver such new summary to the Directing Certificateholder until the Directing Certificateholder approves such
draft summary; provided, however, that if the Directing Certificateholder has not approved of the draft summary of
the Final Asset Status Report within twenty (20) Business Days of receipt of the initial draft summary of the Final Asset
Status Report, then the most recent draft summary of the Final Asset Status Report delivered by the Special Servicer prior to such
20th Business Day shall be deemed to be the final summary of the Final Asset Status Report; provided, further,
however, that if at any time the Special Servicer determines that any affirmative disapproval of such draft summary by the
Directing Certificateholder is not in the best interest of all the Certificateholders, the RR Interest Owner and the holder of
any related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of any Companion
Loan), pursuant to the Servicing Standard, the Special Servicer shall deliver in electronic format such notice and summary of the
Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant
to Section 3.13(b) notwithstanding such disapproval. The Special Servicer shall promptly deliver (but in any event no later
than two (2) Business Days following its completion) a copy of each Final Asset Status Report to the Operating Advisor. The
Special Servicer shall prepare a summary of any Final Asset Status Report related to any Serviced AB Whole Loan which is not subject
to an AB Control Appraisal Period, which Final Asset Status Report has been approved or deemed approved by the holder of the Serviced
AB Whole Loan Controlling Holder in accordance with the related Intercreditor Agreement (to the extent such Intercreditor Agreement
requires such approval or deemed approval), and deliver in electronic format notice of such Final Asset Status Report and the summary
of such Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website
pursuant to Section 3.13(b).

 

(g)         No provision of this Section 3.19 shall require the Special Servicer to take or to refrain from taking any action
because of any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section 3.20       
Sub-Servicing Agreements. (a)  The Master Servicer
and the Special Servicer may enter into Sub-Servicing Agreements to provide for the performance by third parties of any or
all of its respective obligations hereunder; provided that the Sub-Servicing Agreement as amended or modified: (i) is
consistent with this Agreement in all material respects and requires the Sub-Servicer to comply with all of the applicable
conditions of this Agreement; (ii) provides that if the Master Servicer or the Special Servicer, as the case may be, shall
for any reason no longer act in such capacity hereunder (including, without limitation, by reason of a Servicer Termination Event),
the Trustee or its designee shall thereupon assume all of the rights and, except to the extent they arose prior to the date of
assumption, obligations of such party under such agreement, or, alternatively, may act in accordance with Section 7.02 under
the circumstances described therein (subject to Section 3.20(g)); (iii) provides that the Trustee (for the benefit
of the Certificateholders, the RR Interest Owner and the related Companion Holder (if applicable)) and

 

    -276-

     

    

 

the Trustee (as holder of
the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that (except
to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated by the immediately preceding
clause (ii)) none of the Trust, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate
Administrator, the Master Servicer or Special Servicer, as applicable (other than the Master Servicer or Special Servicer that
enters into such Sub-Servicing Agreement), any successor master servicer or successor special servicer or any Certificateholder
or the RR Interest Owner (or the related Companion Holder, if applicable) shall have any duties under such Sub-Servicing Agreement
or any liabilities arising therefrom; (iv) permits any purchaser of a Mortgage Loan pursuant to this Agreement to terminate
such Sub-Servicing Agreement with respect to such purchased Mortgage Loan at its option and without penalty; provided,
however, that the Initial Sub-Servicing Agreements may only be terminated by the Trustee or its designees as contemplated
by Section 3.20(g) and in such additional manner and by such other Persons as is provided in such Sub-Servicing Agreement;
(v) does not permit the Sub-Servicer any direct rights of indemnification that may be satisfied out of assets of the Trust
except through the Master Servicer or the Special Servicer, as the case may be, if and only to the extent provided pursuant to
Section 6.04; (vi) does not permit the Sub-Servicer to modify any Mortgage Loan unless and to the extent the Master
Servicer or the Special Servicer, as the case may be, is permitted hereunder to modify such Mortgage Loan; (vii) does not
permit the Sub-Servicer to take any action constituting a Major Decision without the consent of the Master Servicer or the
Special Servicer, as applicable (which consent shall not be granted except in accordance with Section 6.08); (viii) with
respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function
Participant or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into,
is not a Prohibited Party; (ix) provides that the Sub-Servicer shall be in default under the related Sub-Servicing
Agreement and such Sub-Servicing Agreement shall be terminated (following the expiration of any applicable grace period) if
the Sub-Servicer fails (A) to deliver by the due date any Exchange Act reporting items required to be delivered to the
Master Servicer, the Certificate Administrator or the Depositor under Article XI or under the Sub-Servicing Agreement
or to the master servicer under any other pooling and servicing agreement that the Depositor is a party to, or (B) to perform
in any material respect any of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining
or delivering any Exchange Act reporting items required for any party to this Agreement to perform its obligations under Article XI
or under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor is a party
to; and (x) provides that such Sub-Servicing Agreement shall be terminable if at any time the related Sub-Servicer (other
than a Sub-Servicer retained by the Special Servicer) is a Risk Retention Affiliate of the Third Party Purchaser if such Sub-Servicer
is a servicer as contemplated by Item 1108(a)(2). Any successor master servicer or successor special servicer, as applicable, hereunder
shall, upon becoming a successor master servicer or successor special servicer, as applicable, be assigned and may assume any Sub-Servicing
Agreements from the predecessor Master Servicer or Special Servicer, as the case may be (subject to Section 3.20(g)). In
addition, each Sub-Servicing Agreement entered into by the Master Servicer may but need not provide that the obligations of
the Sub-Servicer thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan
becomes a Specially Serviced Loan; provided, however, that the Sub-Servicing Agreement may provide (if the Sub-Servicing
Agreement provides for Advances by the Sub-Servicer, although it need not so provide) that the Sub-Servicer will continue
to make

 

    -277-

     

    

 

all Advances and calculations and prepare all reports required under the Sub-Servicing Agreement with respect to Specially
Serviced Loans and continue to collect its Primary Servicing Fees as if no Servicing Transfer Event had occurred and with respect
to REO Properties (and the related REO Loans) as if no REO Acquisition had occurred and to render such incidental services with
respect to such Specially Serviced Loans and REO Properties as are specifically provided for in such Sub-Servicing Agreement. The
Master Servicer or Special Servicer, as the case may be, shall deliver to the Trustee copies of all Sub-Servicing Agreements, and
any amendments thereto and modifications thereof, entered into by it, in each case promptly upon its execution and delivery of
such documents. References in this Agreement to actions taken or to be taken by the Master Servicer include actions taken or to
be taken by a Sub-Servicer on behalf of the Master Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer
(if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) to satisfy the obligations
of the Master Servicer hereunder to make Advances shall be deemed to have been advanced by the Master Servicer out of its own funds
and, accordingly, in such event, such Advances shall be recoverable by such Sub-Servicer in the same manner and out of the same
funds as if such Sub-Servicer were the Master Servicer, and, for so long as they are outstanding, such Advances shall accrue interest
in accordance with Section 3.03(d), such interest to be allocable between the Master Servicer and such Sub-Servicer as may
be provided (if at all) pursuant to the terms of the Sub-Servicing Agreement. For purposes of this Agreement, the Master Servicer
shall be deemed to have received any payment when a Sub-Servicer retained by it receives such payment. The Master Servicer or the
Special Servicer, as the case may be, shall notify the Master Servicer or the Special Servicer, as the case may be, the Trustee
and the Depositor (and the Special Servicer shall notify the Operating Advisor) in writing promptly of the appointment by it of
any Sub-Servicer, except that the Master Servicer need not provide such notice as to the Initial Sub-Servicing Agreements.

 

(b)         Each Sub-Servicer shall be authorized to transact business in the state or states in which the related Mortgaged Properties
it is to service are situated, if and to the extent required by applicable law to the extent necessary to ensure the enforceability
of the related Mortgage Loans or the compliance with its obligations under the Sub-Servicing Agreement and the Master Servicer’s
obligations under this Agreement.

 

(c)         As part of its servicing activities hereunder, the Master Servicer and the Special Servicer for the benefit of the Trustee,
the Certificateholders and the RR Interest Owner, shall (at no expense to the Trustee, the Certificateholders, the RR Interest
Owner or the Trust) monitor the performance and enforce the obligations of each of its Sub-Servicers under the related Sub-Servicing
Agreement, except that the Master Servicer shall be required only to use reasonable efforts to cause any Initial Sub-Servicer engaged
by the Master Servicer to comply with the requirements of Article XI. Such enforcement, including, without limitation,
the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective terms and the pursuit
of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as is in accordance with
the Servicing Standard. The Master Servicer or Special Servicer, as applicable, shall, subject to the terms of the related Sub-Servicing
Agreement, have the right to remove a Sub-Servicer retained by it at any time it considers removal to be in the best interests
of the Certificateholders and the RR Interest Owner.

 

    -278-

     

    

 

(d)         In the event the Trustee or its designee becomes a successor master servicer and assumes the rights and obligations of the
Master Servicer under any Sub-Servicing Agreement, the Master Servicer, at its expense, shall deliver to the assuming party
all documents and records relating to such Sub-Servicing Agreement and the Mortgage Loans and, if applicable, the Companion
Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it thereunder, and otherwise
use reasonable efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

 

(e)         Notwithstanding the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided
in Article XI with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the Master
Servicer and the Special Servicer shall remain obligated and responsible to the Trustee, the Master Servicer (with respect to the
Special Servicer), the Special Servicer (with respect to the Master Servicer), holders of the Companion Loans serviced hereunder,
the Certificateholders and the RR Interest Owner for the performance of each parties’ respective obligations and duties under
this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if it alone
were servicing and administering the Mortgage Loans for which it is responsible, and the Master Servicer shall pay the fees of
any Sub-Servicer engaged by such party thereunder as and when due from its own funds. In no event shall the Trust bear any
termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination under any
Sub-Servicing Agreement.

 

(f)          The Trustee, upon the request of the Master Servicer, shall furnish to any Sub-Servicer any documents necessary or appropriate
to enable such Sub-Servicer to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)         Each Sub-Servicing Agreement shall provide that, in the event the Trustee or any other Person becomes a successor master
servicer, the Trustee or such successor master servicer shall have the right to terminate such Sub-Servicing Agreement with
or without cause and without a fee. Notwithstanding the foregoing or any other contrary provision in this Agreement, the Trustee
and any successor master servicer shall assume each Initial Sub-Servicing Agreement and (i) the Initial Sub-Servicer’s
rights and obligations under the Initial Sub-Servicing Agreement shall expressly survive a termination of the Master Servicer’s
servicing rights under this Agreement; provided that the Initial Sub-Servicing Agreement has not been terminated in
accordance with its provisions; (ii) any successor master servicer, including, without limitation, the Trustee (if it assumes
the servicing obligations of the Master Servicer) shall be deemed to automatically assume and agree to the then-current Initial
Sub-Servicing Agreement without further action upon becoming the successor master servicer and (iii) this Agreement may
not be modified in any manner which would increase the obligations or limit the rights of the Initial Sub-Servicer hereunder
and/or under the Initial Sub-Servicing Agreement, without the prior written consent of the Initial Sub-Servicer (which
consent shall not be unreasonably withheld).

 

(h)         With respect to Mortgage Loans subject to a Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall,
upon request (such request to be made reasonably in advance as appropriate to the circumstances surrounding such request) of the
related Sub-Servicer, reasonably cooperate in delivering reports and information, including remittance information, and affording
access to information to the related Sub-Servicer that would be required to be delivered or afforded, as the case may be, to
the Master Servicer pursuant to the terms hereof.

 

    -279-

     

    

 

(i)          Notwithstanding any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement
which provides for the performance by third parties of any or all of its obligations herein, without, with respect to any Mortgage
Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the consent of the
Directing Certificateholder, except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

(j)          None
of the Master Servicer or any Additional Servicer shall enter into a Sub-Servicing Agreement with a Sub-Servicer that is a Risk
Retention Affiliate of the Third Party Purchaser if such Sub-Servicer would be a servicer as contemplated by Item 1108(a)(2).
Notwithstanding the preceding sentence, the Master Servicer, absent actual knowledge to the contrary, may conclusively rely upon
a representation of any Sub-Servicer that such Sub-Servicer is not a Risk Retention Affiliate of the Third Party Purchaser. Notwithstanding
the two preceding sentences, or anything herein to the contrary, it is acknowledged that no Initial Sub-Servicer is a Risk Retention
Affiliate of the Third Party Purchaser as of the Closing Date. If at any time the Master Servicer obtains actual knowledge that
a Sub-Servicer it has entered into a Sub-Servicing Agreement with, is a servicer as contemplated by Item 1108(a)(2) and is
a Risk Retention Affiliate of the Third Party Purchaser, the Master Servicer shall terminate such Sub-Servicer in accordance with
the related Sub-Servicing Agreement.

 

Section 3.21       
Interest Reserve Account. On the P&I Advance Date occurring in each February and in any January that occurs
in a year that is not a leap year (in each case, unless the related Distribution Date is the final Distribution Date), the Certificate
Administrator, in respect of the Actual/360 Mortgage Loans, shall deposit into the Interest Reserve Account, an amount equal to
one (1) day’s interest on the Stated Principal Balance of the Actual/360 Mortgage Loans as of the Due Date occurring
in the month preceding the month in which the P&I Advance Date occurs at the related Net Mortgage Rate, to the extent a full
Periodic Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive February and January,
“Withheld Amounts”).

 

(b)         On each P&I Advance Date occurring in March (or February, if the related Distribution Date is the final Distribution
Date), the Certificate Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts
from the preceding January (if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution
Account.

 

Section 3.22       
Directing Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer. Within a reasonable
time upon request from the Directing Certificateholder or the Operating Advisor, as applicable, and no more often than on a monthly
basis, each of the Master Servicer and the Special Servicer shall, without charge, make a knowledgeable Servicing Officer via telephone
available to verbally answer questions from (a) the Directing Certificateholder ((i) prior to the occurrence and continuance
of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) and (b) upon the occurrence
and during the continuance of any Operating Advisor Consultation Event, the Operating Advisor (with respect to the Special Servicer
only), regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the
Special Servicer, as the case may be, is responsible.

 

    -280-

     

    

 

Section 3.23       
Controlling Class Certificateholders, Directing Certificateholder and the Risk Retention Consultation Parties; Certain
Rights and Powers of Directing Certificateholder and the Risk Retention Consultation Parties. (a) Each
Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name
and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator, the Special Servicer
and the Operating Advisor of the Transfer of any Certificate of a Controlling Class by delivering a notice to each such Person
substantially in the form of Exhibit NN attached hereto, the selection of a Directing Certificateholder or the resignation
or removal thereof. The Directing Certificateholder (other than the Loan-Specific Directing Certificateholder) is hereby deemed
to have agreed by virtue of its purchase of a Certificate to notify the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee and the Operating Advisor when such Certificateholder is appointed Directing Certificateholder and when
it is removed or resigns. To the extent there is only one Controlling Class Certificateholder and it is also the Special Servicer,
it shall be the Directing Certificateholder.

 

On the Closing Date, the
initial Directing Certificateholder (other than the Loan-Specific Directing Certificateholder) shall execute and deliver a
certification to all parties to this Agreement substantially in the form of Exhibit P-1G to this Agreement. Upon the resignation
or removal of the existing Directing Certificateholder (other than any Loan-Specific Directing Certificateholder), any successor
directing certificateholder shall also deliver a certification to all parties to this Agreement substantially in the form of Exhibit
P-1G to this Agreement prior to being recognized as the new Directing Certificateholder.

 

On the Closing Date, each
initial Risk Retention Consultation Party shall execute a certification substantially in the form of Exhibit P-1H to
this Agreement. Upon the resignation or removal of any existing Risk Retention Consultation Party, any successor Risk Retention
Consultation Party shall deliver to the parties to this Agreement a certification substantially in the form of Exhibit P-1H
to this Agreement prior to being recognized as the new Risk Retention Consultation Party.

 

(b)         Once a Directing Certificateholder has been selected, each of the Master Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable)
and the RR Interest Owner shall be entitled to rely on such selection unless the Controlling Class Certificateholders entitled
to appoint the Directing Certificateholder, by Certificate Balance, or such Directing Certificateholder shall have notified the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Controlling
Class Certificateholder, in writing, of the resignation of such Directing Certificateholder or the selection of a new Directing
Certificateholder. In the event that (i) the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee
or the Operating Advisor receives written notice from a majority of the Controlling Class Certificateholders that a Directing Certificateholder
is no longer designated and (ii) the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance
of the Controlling Class (or a representative thereof) becomes the Directing Certificateholder pursuant to the proviso of the definition
of “Directing Certificateholder”, then the Controlling Class Certificateholder that owns the largest aggregate Certificate
Balance of the Controlling Class (or its representative) shall provide its name and address to the Certificate

 

    -281-

     

    

 

Administrator and
notify the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor that it
is the new Directing Certificateholder; provided that the Master Servicer, the Certificate Administrator, the Special Servicer,
the Trustee and the Operating Advisor shall be entitled to rely on the written notification provided by the purported Controlling
Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class without independently verifying
that such Controlling Class Certificateholder actually owns the largest aggregate Certificate Balance of the Controlling Class.
The foregoing provisions shall not be applicable to the Directing Certificateholder that is a Loan-Specific Directing Certificateholder.
Additionally, once a Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner,
if applicable) and the RR Interest Owner shall be entitled to rely on such selection unless the Holders of the related portion
of the VRR Interest entitled to appoint such Risk Retention Consultation Party, by Certificate Balance, or such Risk Retention
Consultation Party shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Operating Advisor and each other VRR Interest Owner, in writing, of the selection of a new Risk Retention Consultation Party.

 

(c)         Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor and the Trustee shall be entitled to rely on the most recent notification with respect to the identity of
the Controlling Class Certificateholder, the Directing Certificateholder and each Risk Retention Consultation Party.

 

(d)         In the event that no Directing Certificateholder or a Risk Retention Consultation Party, as applicable, has been appointed
or identified to the Master Servicer or the Special Servicer, as applicable, and the Master Servicer or the Special Servicer, as
the case may be, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified
to the Master Servicer or the Special Servicer, as applicable, then until such time as the new Directing Certificateholder or Risk
Retention Consultation Party, as applicable, is identified to the Master Servicer or the Special Servicer, as applicable, the Master
Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or
consent of any such Directing Certificateholder or such Risk Retention Consultation Party as the case may be.

 

(e)         Upon request, the Certificate Administrator shall deliver to the Depositor, Trustee, the Special Servicer, the Operating
Advisor, the Master Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder,
a list of each Controlling Class Certificateholder as reflected in the Certificate Register, including names and addresses. In
addition to the foregoing, within five (5) Business Days of receiving notice of the selection of a new Directing Certificateholder
or Risk Retention Consultation Party or the existence of a new Controlling Class Certificateholder, the Certificate Administrator
shall notify the Trustee, the Operating Advisor, the Master Servicer and the Special Servicer. Notwithstanding the foregoing, (a)
RREF IV-D AIV RR, LLC shall be the initial Directing Certificateholder (but not a Loan-Specific Directing Certificateholder) and
shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination Event
occurs and is continuing and (b) Barclays Bank PLC, BMO and KeyBank shall be the initial

 

    -282-

     

    

 

Risk Retention Consultation Parties
and shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination
Event occurs and is continuing.

 

Until it receives notice
to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing Certificateholder and
the Risk Retention Consultation Parties.

 

(f)          If the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of the Class becoming the Controlling
Class.

 

(g)         Each Certificateholder and the RR Interest Owner acknowledges and agrees, by its acceptance of its Certificates or the RR
Interest, that: (i) the Directing Certificateholder may have special relationships and interests that conflict with those
of Holders of one or more Classes of Certificates or the RR Interest; (ii) the Directing Certificateholder may act solely
in the interests of the Holders of the Controlling Class or in its own interest; (iii) the Directing Certificateholder does
not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class (or in the case of
a Loan-Specific Directing Certificateholder has no liabilities or duties to the Controlling Class or the Holders of any Class of
Certificates); (iv) the Directing Certificateholder may take actions that favor interests of the Holders of one or more Classes
including the Controlling Class or itself over the interests of the Holders of one or more other Classes of Certificates or the
RR Interest; and (v) the Directing Certificateholder shall have no liability whatsoever (other than to a Controlling Class
Certificateholder; provided that a Loan-Specific Directing Certificateholder shall have no such liability) for having so
acted as set forth in clauses (i) through (iv) above, and no Certificateholder nor RR Interest Owner may
take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal of the
Directing Certificateholder for having so acted.

 

(h)         All requirements of the Master Servicer and the Special Servicer to provide notices, reports, statements or other information
(including the access to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply
to each Companion Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan,
as applicable; provided, however, that nothing in this subsection (h) shall in any way eliminate the
obligation to deliver any information required to be delivered under the related Intercreditor Agreement.

 

(i)          Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee and the Operating Advisor shall be entitled to rely on the most recent notification with respect to the identity and
contact information of the Controlling Class Certificateholder, the Directing Certificateholder, the Risk Retention Consultation
Parties and any Serviced AB Whole Loan Controlling Holder.

 

(j)          With respect to a Serviced Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced
Whole Loan, the related Serviced Whole Loan

 

    -283-

     

    

 

Controlling Holder shall exercise such rights in accordance with the related Intercreditor
Agreement.

 

(k)         The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two
(2) Business Days of a request from the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee, or any Certificateholder and provide such information to the requesting party.

 

(l)          At any time that the Controlling Class Certificateholder is the holder of a majority of the Class G-RR Certificates and
the Class G-RR Certificates are the Controlling Class, it may waive its right (a) to appoint the Directing Certificateholder and
(b) to exercise any of the Directing Certificateholder’s rights under this Agreement by irrevocable written notice delivered
to the Depositor, the Certificate Administrator (which shall be via email to trustadministrationgroup@wellsfargo.com), the Master
Servicer, the Special Servicer and the Operating Advisor. Notwithstanding anything to the contrary contained herein, during such
time as a Control Termination Event or Consultation Termination Event is in existence solely as a result of the operation of clause
(ii) of the definition of Control Termination Event and clause (ii) of the definition of Consultation Termination Event,
such Control Termination Event or Consultation Termination Event shall be deemed to no longer be in existence and have not occurred
with respect to any unaffiliated third party to whom the Controlling Class Certificateholder that irrevocably waived its right
to exercise any of the rights of the Controlling Class Certificateholder has sold or transferred all or a portion of its interest
in the Class G-RR Certificates if such unaffiliated third party holds the majority of the Controlling Class after giving effect
to such transfer (the “Non-Waiving Successor”). Following any such sale or transfer, the Non-Waiving Successor
shall again have the rights of the Controlling Class Certificateholder as set forth herein (including the rights to appoint a Directing
Certificateholder or cause the exercise of the rights of the Directing Certificateholder) without regard to any prior waiver by
the predecessor Controlling Class Certificateholder. The Non-Waiving Successor shall also have the right to irrevocably waive its
right to appoint the Directing Certificateholder and to exercise any of the rights of the Controlling Class Certificateholder.
The Non-Waiving Successor shall also have the right to exercise any of the rights of the Controlling Class Certificateholder. No
Non-Waiving Successor described above shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced
Loan prior to the sale or transfer of the Class G-RR Certificates to the Non-Waiving Successor and had not also become a Corrected
Loan prior to such sale or transfer until such time as such Mortgage Loan becomes a Corrected Loan.

 

(m)        Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include
on its statement made available pursuant to Section 4.02(a) of this Agreement the identity of the new Controlling Class
and (ii) provide to the Master Servicer, the Special Servicer and the Operating Advisor notice of such event and the identity
and contact information of the new Controlling Class Certificateholder (the cost of obtaining such information from DTC being an
expense of the Trust). The Certificate Administrator shall notify the Operating Advisor, the Master Servicer and the Special Servicer
within ten (10) Business Days of the existence or cessation of (i) any Control Termination Event, (ii) any Consultation
Termination Event or (iii) any Operating Advisor Consultation Event. Upon the Certificate Administrator’s determination
that a Control Termination Event, a Consultation Termination Event or an Operating Advisor Consultation Event has occurred or is
terminated, the Certificate

 

    -284-

     

    

 

Administrator shall, within ten (10) Business Days, post a “special notice” on the
Certificate Administrator’s Website pursuant to this provision.

 

In the event that a Control
Termination Event has occurred due to a reduction of the Certificate Balance of the Class G-RR Certificates (taking into account
the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance
with Section 4.05(a)) to less than 25% of the Original Certificate Balance thereof, such special notice shall state “A
Control Termination Event has occurred due to the reduction of the Certificate Balance of the Class G-RR Certificates to less
than 25% of the Original Certificate Balance thereof.”

 

In the event that a Control
Termination Event or Consultation Termination Event has occurred due to the irrevocable waiver by a Class G-RR Certificateholder,
who has become the Controlling Class Certificateholder, of its right to appoint a Directing Certificateholder or to exercise any
of the rights of the Controlling Class Certificateholder, such special notice shall state “A Control Termination Event and
a Consultation Termination Event has occurred due to the irrevocable waiver by the Controlling Class Certificateholder of its rights
as Controlling Class Certificateholder.”

 

In the event that a Consultation
Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates below 25% of its Original Certificate
Balance, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts, such special notice shall
state: “A Consultation Termination Event has occurred because no Class of Control Eligible Certificates exists where such
Class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each
case without regard to the application of any Cumulative Appraisal Reduction Amounts.”

 

In the event of any transfer
of a Class G-RR Certificate, and upon notice to the Certificate Administrator in the form of Exhibit NN that results
in a termination of a Control Termination Event or a Consultation Termination Event, such “special notice” shall state:
“A Consultation Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a
Transfer of a majority interest of the Controlling Class Certificates to an unaffiliated third party which has terminated
any waiver by the prior Holder.”

 

In the event that an Operating
Advisor Consultation Event has occurred due to the reduction of the aggregate Certificate Balance of the HRR Certificates to 25%
or below of their aggregate Original Certificate Balance, taking into account the application of any Cumulative Appraisal Reduction
Amounts, such special notice shall state: “An Operating Advisor Consultation Event has occurred because the aggregate Certificate
Balance of the HRR Certificates has been reduced to 25% or below of their aggregate Original Certificate Balance.”

 

With respect to any Mortgage
Loan determined to be an Excluded Loan, none of the Directing Certificateholder or any Controlling Class Certificateholder shall
have any consent or consultation rights with respect to the servicing of such Excluded Loan and a Control Termination Event and
Consultation Termination Event shall be deemed to have occurred with respect to such Excluded Loan.

 

    -285-

     

    

 

The Risk Retention Consultation
Parties shall not have any consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to either
such Risk Retention Consultation Party or the Holder of the majority of the related VRR Interest.

 

Section 3.24       
Intercreditor Agreements. (a) Each of the Master Servicer and Special Servicer acknowledges and agrees that
each Serviced Whole Loan being serviced under this Agreement and each Mortgage Loan with mezzanine debt is subject to the terms
and provisions of the related Intercreditor Agreement and each agrees to service each such Serviced Whole Loan, and each Mortgage
Loan with mezzanine debt in accordance with the related Intercreditor Agreement and this Agreement, including, without limitation,
effecting distributions and allocating reimbursement of expenses in accordance with the related Intercreditor Agreement and, in
the event of any conflict between the provisions of this Agreement and the related Intercreditor Agreement, the related Intercreditor
Agreement shall govern. Notwithstanding anything contrary in this Agreement, each of the Master Servicer and Special Servicer
agrees not to take any action with respect to a Serviced Whole Loan, or a Mortgage Loan with mezzanine debt or the related Mortgaged
Property without the prior consent of the related Companion Holder or mezzanine lender, as applicable, to the extent that the
related Intercreditor Agreement provides that such Companion Holder or mezzanine lender, as applicable, is required or permitted
to consent to such action. Each of the Master Servicer and Special Servicer acknowledges and agrees that each Companion Holder
and each mezzanine lender or its respective designee has the right to purchase the related Mortgage Loan pursuant to the terms
and conditions of this Agreement and the related Intercreditor Agreement to the extent provided for therein. Each of the Master
Servicer and the Special Servicer further acknowledges and agrees that any Serviced Whole Loan Controlling Holder will have the
right to replace the Special Servicer solely with respect to the related Serviced Whole Loan, to the extent provided for herein
and in the related Intercreditor Agreement.

 

(b)         Neither the Master Servicer nor the Special Servicer shall have any liability for any cost, claim or damage that arises
from any entitlement in favor of a Companion Holder or a mezzanine lender under the related Intercreditor Agreement or conflict
between the terms of this Agreement and the terms of such Intercreditor Agreement. Notwithstanding any provision of any Intercreditor
Agreement that may otherwise require the Master Servicer or the Special Servicer to abide by any instruction or direction of a
Companion Holder or a mezzanine lender, neither the Master Servicer nor the Special Servicer shall be required to comply with any
instruction or direction the compliance with which requires an Advance that constitutes or would constitute a Nonrecoverable Advance.
In no event shall any expense arising from compliance with an Intercreditor Agreement constitute an expense to be borne by the
Master Servicer or the Special Servicer for its own account without reimbursement. In no event shall the Master Servicer or the
Special Servicer be required to consult with or obtain the consent of any Companion Holder or a mezzanine lender unless such Companion
Holder or mezzanine lender has delivered notice of its identity and contact information to each of the parties to this Agreement
(upon which notice each of the parties to this Agreement shall be conclusively entitled to rely). As of the Closing Date, the contact
information for the Companion Holders and mezzanine lenders is as set forth in the related Intercreditor Agreement. In no event
shall the Master Servicer or the Special Servicer, as the case may be, be required to consult with or obtain the consent of a new
Directing Certificateholder or a new Controlling Class Certificateholder or consult with a new Risk Retention Consultation Party
unless the Certificate Administrator has delivered notice to the Master Servicer or the Special

 

    -286-

     

    

 

Servicer, as applicable, as required
under Section 3.23(e) or the Master Servicer or the Special Servicer, as applicable, have actual knowledge of the identity
and contact information of a new Directing Certificateholder, a new Controlling Class Certificateholder or a new Risk Retention
Consultation Party.

 

(c)         No direction or disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the Master
Servicer or the Special Servicer to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable law or any provision
of this Agreement, including the Master Servicer’s or the Special Servicer’s obligation to act in accordance with the
Servicing Standard and to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, (b) result
in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions
or (c) materially expand the scope of the Special Servicer’s, Trustee’s, the Certificate Administrator’s
or the Master Servicer’s responsibilities under this Agreement.

 

(d)         With respect to any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor, the Directing
Certificateholder or the Risk Retention Consultation Parties hereunder may have to consult with respect to any action or other
matter with respect to the servicing of such Companion Loan, to the extent the related Intercreditor Agreement provides that such
right is exercisable by the related Companion Holder or is exercisable in conjunction with any related Companion Holder, the Directing
Certificateholder and the Risk Retention Consultation Parties shall not be permitted to exercise such right or, to the extent provided
in the related Intercreditor Agreement, shall be required to exercise such right in conjunction with the related Companion Holder,
as applicable (except to the extent that the Directing Certificateholder or such Risk Retention Consultation Party is the related
Serviced Whole Loan Controlling Holder). Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer
or the Special Servicer, as the case may be, shall consult, seek the approval or obtain the consent of the holder of any Serviced
Companion Loan with respect to any matters with respect to the servicing of such Companion Loan to the extent required under related
Intercreditor Agreement and shall not take such actions requiring consent of the related Companion Holder without such consent.
In addition, notwithstanding anything to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall deliver
reports and notices to the related Companion Holder as required under the Intercreditor Agreement.

 

(e)               
Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall be required (i) to provide copies
of any notice, information and report that it is required to provide to the Controlling Class Certificateholder pursuant to this
Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report
relating to a Serviced Whole Loan, to the related Companion Holder, within the same time frame it is required to provide to the
Controlling Class Certificateholder (for this purpose, without regard to whether such items are actually required to be provided
to the Controlling Class Certificateholder under this Agreement due to the occurrence and continuance of a Control Termination
Event or the occurrence and continuance of a Consultation Termination Event) and (ii) to consult with any related Companion
Holder on a strictly non-binding basis, to the extent having received such notices, information and reports, such related Companion
Holder requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined
in an Asset Status Report relating to a Serviced Whole Loan, and

 

    -287-

     

    

 

consider alternative actions recommended by such related Companion
Holder; provided that after the expiration of a period of ten (10) Business Days from the delivery to such related
Companion Holder by the Special Servicer of written notice of a proposed action, together with copies of the notice, information
and report required to be provided to the Controlling Class Certificateholder, the Special Servicer shall no longer be obligated
to consult with such related Companion Holder, whether or not such related Companion Holder has responded within such ten (10) Business
Day period (unless, the Special Servicer proposes a new course of action that is materially different from the action previously
proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and
delivery of all information relating thereto). Notwithstanding the consultation rights of the related Companion Holder set forth
in the immediately preceding sentence, the Special Servicer may make any Major Decision or take any action set forth in the Asset
Status Report before the expiration of the aforementioned ten (10) Business Day period if the Special Servicer determines
that immediate action with respect thereto is necessary to protect the interests of the Certificateholders, the RR Interest Owner
and the related Companion Holder. In no event shall the Special Servicer be obligated at any time to follow or take any alternative
actions recommended by the related Companion Holder.

 

(f)          Each Serviced Pari Passu Companion Loan Holder shall have the right to attend (in person or telephonically, in the discretion
of the Master Servicer or Special Servicer, as the case may be) annual meetings with the Master Servicer or the Special Servicer
at the offices of the Master Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable
to the Master Servicer or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are
discussed.

 

(g)         With respect to any Serviced Whole Loan, the Special Servicer shall not modify, waive or amend the terms of the related
Intercreditor Agreement such that the monthly remittance to the holder of the related Companion Loan is required earlier than 2
Business Days after receipt by the Master Servicer of the related Periodic Payment without the consent of the Master Servicer.

 

(h)         To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor
Agreement for a Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions
as if set forth herein in full.

 

(i)          With respect to the Serviced AB Whole Loan, notwithstanding any rights the Directing Certificateholder hereunder may have
to consult with respect to any action or other matter with respect to the servicing of such Serviced AB Whole Loan, to the extent
the related Intercreditor Agreement provides that such right is exercisable by the related Subordinate Companion Holder or its
representative or is exercisable in conjunction with the related Subordinate Companion Holder, then the Directing Certificateholder
shall not be permitted to exercise such right. Additionally, notwithstanding anything in this Agreement to the contrary, the Special
Servicer shall consult with, seek the approval of, or obtain the consent of the Subordinate Companion Holder or its representative
with respect to any matters with respect to the servicing of the related AB Subordinate Companion Loan to the extent required under
the related Intercreditor Agreement and shall not take such actions requiring consent of or consultation with such Subordinate
Companion Holder or its representative without such consent or consultation (or

 

    -288-

     

    

 

deemed consent or consultation). In addition, notwithstanding
anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver information, reports and notices
to the Subordinate Companion Holder or its representative as and to the extent required under the related Intercreditor Agreement; provided that
if such Subordinate Companion Holder is a Borrower Party with respect to the related Mortgage Loan, then such Subordinate Companion
Holder shall not be entitled to receive any information that would constitute Excluded Information if such AB Whole Loan were an
Excluded Loan. Each of the Master Servicer and the Special Servicer further acknowledges and agrees that any AB Whole Loan Controlling
Holder will have the right to exercise the rights of the Directing Certificateholder under this Agreement to the extent provided
for in, and subject to the terms of, the related Intercreditor Agreement.

 

Section 3.25       
Rating Agency Confirmation. (a) Notwithstanding the terms of
any related Mortgage Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this
Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “RAC Requesting
Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a request
to any Rating Agency for such Rating Agency Confirmation and, within ten (10) Business Days of the Rating Agency Confirmation
request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request
or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then such RAC Requesting Party shall be required to confirm (through direct communication and not
by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received
the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again (which
may be through direct communication). The circumstances described in the preceding sentence are referred to in this Agreement as
a “RAC No-Response Scenario”. Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation
to the 17g-5 Information Provider, such RAC Requesting Party may, but shall not be obligated to send such request directly
to the Rating Agencies in accordance with the procedures set forth in Section 13.10(d).

 

If there is no response
to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC No-Response
Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request
nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document
requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of
the Mortgage Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation
shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer
or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as the case
may be, confirms its original determination (made prior to making such request) that taking the action with respect to which it
requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a
replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply (as if such requirement
did not exist) if (i) the replacement master servicer or special servicer is listed on S&P’s Select Servicer List as
a “U.S. Commercial Mortgage Master Servicer” or “U.S. Commercial Mortgage Special Servicer,” as applicable,
if S&P is the non-responding Rating Agency, (ii) the replacement master servicer or special servicer

 

    -289-

     

    

 

is rated at least “CMS3”
(in the case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding
Rating Agency or (iii) KBRA has not publicly cited servicing concerns with respect to the applicable replacement master servicer
or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed
securitization transaction serviced by such replacement master servicer or special servicer prior to the time of determination,
if KBRA is the non-responding Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency
Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information
Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly following the
Master Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.25(a)
following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist),
the Master Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information
Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such
notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

(b)         Notwithstanding anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage Loan
document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral)
or release or substitution of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which
the Master Servicer or the Special Servicer would have been permitted to waive obtaining or to make a determination with respect
to such Rating Agency Confirmation pursuant to Section 3.25(a) shall be deemed not to apply (as if such requirement did
not exist).

 

(c)         For all other matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting
Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

Section 3.26       
The Operating Advisor. (a)  The Operating Advisor shall
review (i) the actions of the Special Servicer with respect to any Specially Serviced Loan (as provided in Section 3.08(a),
Section 3.08(b), Section 3.18(a), Section 3.18(b), Section 3.19(d), Section 3.26 and Section
6.08) and after the occurrence and during the continuance of an Operating Advisor Consultation Event the actions of the Special
Servicer with respect to Major Decisions relating to any Mortgage Loan, (ii) all reports by the Special Servicer made available
to Privileged Persons that are posted on the Certificate Administrator’s Website and that are relevant to the Operating Advisor’s
obligations hereunder and (iii) each Asset Status Report (after the occurrence and during the continuance of an Operating
Advisor Consultation Event) and (iv) each Final Asset Status

 

    -290-

     

    

 

Report delivered to the Operating Advisor by the Special Servicer.
The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard. Furthermore, the Operating
Advisor shall have no obligation or responsibility at any time to review the actions of the Master Servicer for compliance with
the Servicing Standard, and the Operating Advisor will not be required to consider such Master Servicer actions in connection with
any Operating Advisor Annual Report.

 

(b)         The Operating Advisor and its Affiliates shall keep confidential any information appropriately labeled “Privileged
Information” received from the Special Servicer or Directing Certificateholder in connection with the Directing Certificateholder’s
exercise of its rights under this Agreement (including, without limitation, in connection with the review and/or approval of any
Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged
Information. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees
that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of
complying with its duties and obligations hereunder.

 

(c)         (i) Based on the Operating Advisor’s review of (i) any assessment of compliance report, attestation report,
and other information delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are
posted on the Certificate Administrator’s Website during the prior calendar year, (ii) prior to the occurrence and continuance
of an Operating Advisor Consultation Event, with respect to any Specially Serviced Loan, any related Final Asset Status Report
or approved or deemed approved Major Decision Reporting Package provided to the Operating Advisor by the Special Servicer, and
(iii) after the occurrence and continuance of an Operating Advisor Consultation Event, any Asset Status Report and any Major
Decision Reporting Package provided to the Operating Advisor with respect to any Mortgage Loan, the Operating Advisor shall (but
only if any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan was a Specially Serviced Loan at any
time during the prior calendar year or if an Operating Advisor Consultation Event occurred during the prior calendar year) deliver
to the Certificate Administrator and the 17g-5 Information Provider within one hundred twenty (120) days of the end of the prior
calendar year, an annual report (the “Operating Advisor Annual Report”), substantially in the form of Exhibit V
(which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance
of such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged
Information; provided, however, that in no event shall the information or any other content included in the Operating
Advisor Annual Report contravene any provision of this Agreement), setting forth whether the Operating Advisor believes, in its
sole discretion exercised in good faith, that the Special Servicer is operating in compliance with the Servicing Standard with
respect to its performance of its duties pursuant to this Agreement with respect to Specially Serviced Loans (and, after the occurrence
and continuance of an Operating Advisor Consultation Event, also with respect to Major Decisions on Non-Specially Serviced Loans)
during the prior calendar year on a “trust-level basis” and identifying (1) which, if any, standards with which the
Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply and (2) any
material deviations from the Special Servicer’s obligations hereunder with respect to the resolution or liquidation of any
Specially Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan);
provided, further, however, that in the event the Special

  

    -291-

     

    

 

Servicer is replaced, the Operating Advisor Annual
Report shall only relate to the special servicer that was acting as Special Servicer as of December 31 in the prior calendar year
and is continuing in such capacity through the date of such Operating Advisor Annual Report; provided, further, that
the Operating Advisor shall prepare a separate Operating Advisor Annual Report relating to each Excluded Special Servicer and any
Excluded Special Servicer Loan(s) serviced by such Excluded Special Servicer. In preparing any Operating Advisor Annual Report,
the Operating Advisor shall not be required to report on instances of non-compliance with, or deviation from, the Servicing Standard
or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines, in its sole discretion
exercised in good faith, to be immaterial. Subject to the restrictions in this Agreement, including, without limitation, Section
3.26(c), each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing
Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation
of Specially Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other
than with respect to any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of the confidentiality
requirements described in this Agreement regarding Privileged Information (subject to any permitted exceptions). In preparing any
Operating Advisor Annual Report, the Operating Advisor shall not be required to provide or obtain a legal opinion, legal review
or legal conclusion. Such Operating Advisor Annual Report shall be delivered to the Certificate Administrator (which shall promptly
post such Operating Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 3.13(b))
and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)); provided, however, that the Special Servicer
shall be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to its delivery
to the Certificate Administrator and the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt
any comments to the Operating Advisor Annual Report that are provided by the Special Servicer. Only as used in this Section
3.26 in connection with the Operating Advisor Annual Report, the term “trust-level basis” refers to the Special
Servicer’s performance of its duties with respect to the resolution and liquidation of Specially Serviced Loans (and, after
the occurrence and continuance of an Operating Advisor Consultation Event, also with respect to Major Decisions on Non-Specially
Serviced Loans), taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to
which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor
of any assessment of compliance report, attestation report, Major Decision Reporting Package, Asset Status Report (during the continuance
of an Operating Advisor Consultation Event), Final Asset Status Report and any other information delivered to the Operating Advisor
by the Special Servicer (other than any communications between the Directing Certificateholder and the Special Servicer that would
be Privileged Information) pursuant to this Agreement.

 

(ii)         In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual
Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to
the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations
or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability
arising from such limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on

 

    -292-

     

    

 

the accuracy and
completeness of any information it is provided without liability for any such reliance hereunder. In the event a lack of access
to Privileged Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating
Advisor shall set forth any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating
Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

  

(d)         [RESERVED].

 

(e)         (i) With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, after the calculation
has been finalized (and, if an Operating Advisor Consultation Event has occurred and is continuing, prior to the utilization by
the Special Servicer) of any of the calculations related to (i) Appraisal Reduction Amounts calculated by the Special Servicer,
(ii) Cumulative Appraisal Reduction Amounts calculated by the Special Servicer, (iii) Collateral Deficiency Amounts calculated
by the Special Servicer or (iv) net present value in accordance with Section 1.02(iv) calculated by the Special Servicer,
the Special Servicer shall forward such calculations, together with any supporting material or additional information necessary
in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the mathematical
accuracy of such calculations, but not including any Privileged Communications), to the Operating Advisor promptly, but in any
event no later than two (2) Business Days after preparing such calculations, and the Operating Advisor shall promptly,
but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials, recalculate
and review for accuracy and consistency with this Agreement the mathematical calculations and the corresponding application of
the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)         In connection with this Section 3.26(e), in the event the Operating Advisor does not agree with the mathematical
calculations of the Cumulative Appraisal Reduction Amount, Appraisal Reduction Amount or Collateral Deficiency Amount (in each
case, as calculated by the Special Servicer) or net present value or the application of the applicable non-discretionary portions
of the formula required to be utilized for such calculation, the Operating Advisor and the Special Servicer shall consult with
each other in order to resolve any material inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days
of delivery of such calculations. The Master Servicer shall cooperate with the Special Servicer and provide any information reasonably
requested by the Special Servicer necessary for the calculation of the Cumulative Appraisal Reduction Amount, Appraisal Reduction
Amount or Collateral Deficiency Amount and in the Master Servicer’s possession or reasonably obtainable by the Master Servicer.
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 examine the calculations and supporting materials provided by the Operating
Advisor and the Special Servicer and determine which calculation is to apply and shall provide such parties prompt written notice
of its determination.

 

    -293-

     

    

(f)          Notwithstanding the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating
Advisor’s review shall be limited to an after-the-action review of any assessment of compliance, attestation report, Major
Decision Reporting Package relating to a Specially Serviced Loan, Asset Status Report, Final Asset Status Report and other information
delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate
Administrator’s Website during the prior calendar year (together with any additional information and material reviewed by
the Operating Advisor), and, therefore, it shall have no specific involvement with respect to collateral substitutions, assignments,
workouts, modifications, consents, waivers, lockbox management, insurance policies, borrower substitutions, lease changes, additional
borrower debt, defeasances, property management changes, releases from escrow, assumptions and other similar actions that the Special
Servicer may perform under this Agreement and shall have no obligations at any time with respect to any Non-Serviced Mortgage Loan.
In addition, with respect to the Operating Advisor’s review of net present value or Appraisal Reduction Amount calculations
as described above, the Operating Advisor’s recalculation shall not take into account the reasonableness of Special Servicer’s
property and Mortgagor performance assumptions or other similar discretionary portions of the net present value and Cumulative
Appraisal Reduction Amount calculation.

 

(g)         The Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not disclose such Privileged Information to any Person (including Certificateholders other than the Directing
Certificateholder and the RR Interest Owner), other than (1) to the extent expressly required by this Agreement to the other
parties to this Agreement with a notice indicating that such information is Privileged Information, (2) pursuant to a Privileged
Information Exception or (3) where necessary to support specific findings or conclusions concerning allegations of deviations from
the Servicing Standard or the Special Servicer’s obligations under this Agreement (i) in the Operating Advisor Annual Report
or (ii) in connection with a recommendation by the Operating Advisor to replace the Special Servicer. Each party to this Agreement
that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information
shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer and, unless
a Control Termination Event has occurred and is continuing, the Directing Certificateholder (with respect to any Mortgage Loan
other than a Non-Serviced Whole Loan or any Excluded Loan with respect to the Directing Certificateholder) other than pursuant
to a Privileged Information Exception. In addition and for the avoidance of doubt, while the Operating Advisor may serve in a similar
capacity with respect to Other Securitizations that involve the same parties or borrower involved in this securitization, the knowledge
of the employees performing operating advisor functions for such Other Securitizations shall not be imputed to the employees of
the Operating Advisor involved in this securitization. Notwithstanding the foregoing, the Operating Advisor shall be permitted
to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be
bound by the same confidentiality provisions applicable to the Operating Advisor.

 

(h)         Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in
respect of Privileged Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to
time in accordance with the terms of Section 4.07(a).

 

    -294-

     

    

(i)          As compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee
on each Remittance Date with respect to each Mortgage Loan (excluding each Companion Loan) and each REO Loan. As to each Mortgage
Loan and each REO Loan, the Operating Advisor Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall be
computed on the basis of the Stated Principal Balance of such Mortgage Loan or REO Loan, as the case may be, and in the same manner
as interest is calculated on the related Mortgage Loan or REO Loan, as the case may be, and, in connection with any partial month
interest payment, for the same period respecting which any related interest payment due on the related Mortgage Loan or deemed
to be due on such REO Loan is computed. In addition, the Depositor shall pay the Operating Advisor a fee of $25,000 (the “Operating
Advisor Upfront Fee”) on the Closing Date.

 

The Operating Advisor
shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a) and/or Section
6.04(b), such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.05(a).
Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation obligations hereunder. The Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection
Account as provided in Section 3.05(a)(ii) of this Agreement, but, with respect to the period when the outstanding Certificate
Balances of the Control Eligible Certificates have not been reduced to zero as a result of the allocation of Non-VRR Realized Losses
to such Certificates, only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor.
When the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the Master Servicer
or the Special Servicer, as the case may be, 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, and
only to the extent not prohibited by the related Mortgage Loan documents. The Master Servicer or Special Servicer, as the case
may be, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines
that such full or partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the
Special Servicer take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than
requests for collection; provided that the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding
basis, with the Operating Advisor prior to any such waiver or reduction. Notwithstanding the foregoing, the Operating Advisor will
have no obligations or consultation rights in its capacity as operating advisor with respect to: (i) any Non-Serviced Whole
Loan or any related REO Property, except in limited circumstances or (ii) any Serviced AB Whole Loan, prior to the occurrence
and continuance of both an AB Control Appraisal Period and a Control Termination Event; provided, further, that the
Operating Advisor shall not be entitled to an Operating Advisor Consulting Fee with respect to any Non-Serviced Whole Loan
or Servicing Shift Whole Loan.

 

(j)          After the occurrence and during the continuance of a Consultation Termination Event, the Operating Advisor may be removed
upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights (taking into account
the

    -295-

     

    

 application of Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such
Cumulative Appraisal Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a replacement Operating
Advisor selected by such Certificateholders (provided that the proposed replacement Operating Advisor is an Eligible Operating
Advisor), (ii) payment by such requesting Holders to the Certificate Administrator of all reasonable fees and expenses to
be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and
the Certificate Administrator of Rating Agency Confirmation from each Rating Agency (which confirmations will be obtained by the
Certificate Administrator at the expense of such Holders and will not constitute an additional expense of the Trust). The Certificate
Administrator shall promptly provide written notice to all Certificateholders and the RR Interest Owner of such request by posting
such notice on the Certificate Administrator’s Website in accordance with Section 3.13(b), and concurrently by mail,
and conduct the solicitation of votes of all Certificates in such regard. Upon the vote or written direction of Holders of Certificates
evidencing at least 75% of the Voting Rights (taking into account the application of Cumulative Appraisal Reduction Amounts to
notionally reduce the Certificate Balances of Classes to which such Cumulative Appraisal Reduction Amounts are allocable), the
Trustee shall immediately terminate all of the rights and obligations of the Operating Advisor under this Agreement (other than
any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation) and other
than indemnification rights (arising out of events occurring prior to such termination)) by prior written notice to the Operating
Advisor, and the proposed successor operating advisor will be appointed.

 

(k)         After the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Holders
of Certificates representing at least 25% of the Voting Rights (taking into account the application of any Cumulative Appraisal
Reduction Amounts to notionally reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate
the Operating Advisor for cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided
that no such termination shall be effective until a successor operating advisor has been appointed and has assumed all of the obligations
of the Operating Advisor under this Agreement. No such termination shall terminate, change, reduce, or otherwise modify the rights
and obligations of the Operating Advisor that 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).
The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible Operating Advisor. Upon any
termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible,
be required to give written notice of the termination and appointment to the Special Servicer, the Master Servicer, the Certificate
Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website), the Depositor, the
Directing Certificateholder, the Risk Retention Consultation Parties, the RR Interest Owner, any Companion Loan holder and the
Certificateholders.

 

(l)          The Holders of Certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination
Event hereunder may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the
Trustee of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an 

    -296-

     

    

Operating Advisor Termination
Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. Upon any such waiver of an Operating Advisor Termination Event by Certificateholders, the Trustee and the Certificate
Administrator shall be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with
respect to such Operating Advisor Termination Event prior to such waiver from the Trust.

 

(m)        Prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder shall have the right
to consent, such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating
Advisor appointed pursuant to this Section 3.26; provided, further, that such consent will be deemed to have
been granted if no objection is made within ten (10) Business Days following the Directing Certificateholder’s receipt
of the request for consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(n)         The Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’
prior written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Asset Representations Reviewer, the Directing Certificateholder and the Risk Retention Consultation Parties, if applicable, and
(b) upon the appointment of, and the acceptance of such appointment by, a successor operating advisor that is an Eligible
Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency. If no successor operating advisor
has been appointed and has accepted such appointment within thirty (30) days of receipt by the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the Directing Certificateholder
of the resigning Operating Advisor’s notice of resignation, the resigning Operating Advisor may petition a court of competent
jurisdiction for the appointment of a successor operating advisor that is an Eligible Operating Advisor. No such resignation by
the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating
Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all costs and expenses (including costs
and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this
Section 3.26.

 

(o)         [RESERVED].

 

(p)         In the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued
and unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor
Expenses pursuant to Section 3.26(i) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(q)         The parties hereto agree, and the Certificateholders and the RR Interest Owner by their acceptance of their Certificates
and the RR Interest shall be deemed to have agreed, that (i) subject to Section 6.04, the Operating Advisor shall have
no liability to any Certificateholder or the RR Interest Owner for any actions taken or for refraining from taking any actions
under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement,
(iii) the Operating Advisor shall have no (A) fiduciary duty,

    -297-

     

    

 or (B) other duty except with respect to its specific
obligations under this Agreement, and shall have no duty or liability to any particular Class of Certificates or particular Certificateholders
or the RR Interest Owner or any third party, and (iv) the Operating Advisor does not constitute an “investment adviser”
within the meaning of the Investment Advisers Act of 1940, as amended or a “broker” or “dealer” within
the meaning of the Exchange Act.

 

(r)          Neither the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates or the RR
Interest; provided, however, that such prohibition shall not apply to (i) riskless principal transactions effected
by a broker-dealer Affiliate of the Operating Advisor or (ii) investments by an Affiliate of the Operating Advisor if the
Operating Advisor and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities
of the Operating Advisor under this Agreement from personnel involved in such Affiliate’s investment activities and (B) prevent
such Affiliate and its personnel from gaining access to information regarding the Trust and the Operating Advisor and its personnel
from gaining access to such Affiliate’s information regarding its investment activities.

 

(s)         The
Operating Advisor shall at all times be an Eligible Operating Advisor and if the Operating Advisor ceases to be an Eligible Operating
Advisor, the Operating Advisor shall immediately resign under Section 3.26(n) of this Agreement and the Trustee shall appoint
a successor operating advisor subject to and in accordance with this Section 3.26. Notwithstanding the foregoing, if the
Trustee is unable to find a successor operating advisor within 30 days of the termination of the Operating Advisor, the Depositor
shall be permitted to find a replacement.

 

(t)          The Operating Advisor may delegate its duties to agents or Subcontractors to the extent such agents or Subcontractors satisfy
clauses (c), (d) and (f) of the definition of “Eligible Operating Advisor” and so long as the related agreements or
arrangements with such agents or Subcontractors are consistent with the provisions of this Agreement related to the Operating Advisor’s
duties and obligations; provided that no agent or Subcontractor may (i) be affiliated with a Sponsor, the Master Servicer,
the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their
respective Affiliates or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer,
the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their
respective Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior to the Closing
Date. Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable for its obligations
hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation
or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents
or Subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its
obligations under this Agreement. The Operating Advisor shall be entitled to enter into an agreement with any agent or Subcontractor
providing for indemnification of the Operating Advisor by such agent or Subcontractor, and nothing contained in this Agreement
shall be deemed to limit or modify such indemnification.

 

(u)         With respect to the determination of whether an Operating Advisor Consultation Event has occurred and is continuing, or
has terminated, the Operating Advisor is entitled to rely solely on its receipt from the Certificate Administrator of notice thereof
pursuant

    -298-

     

    

 to Section 3.23(m), and, with respect to any obligations of the Operating Advisor that are performed only after
the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor shall have no obligation to perform
any such duties until the receipt of such notice or actual knowledge of the occurrence of an Operating Advisor Consultation Event.

 

Section 3.27       
Companion Paying Agent. (a) With respect to each of the Serviced Companion Loans, the Master Servicer shall
be the Companion Paying Agent hereunder. The Companion Paying Agent undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement.

 

(b)         No provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent
failure to act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the
Companion Paying Agent shall be determined solely by the express provisions of this Agreement. The Companion Paying Agent shall
not be liable except for the performance of such duties and obligations, no implied covenants or obligations shall be read into
this Agreement against the Companion Paying Agent. In the absence of bad faith on the part of the Companion Paying Agent, the Companion
Paying Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any
resolutions, certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying
Agent by any Person and which on their face do not contradict the requirements of this Agreement.

 

(c)         In the case of each of the Serviced Companion Loans, upon the resignation or removal of the Master Servicer pursuant to
Article VII of this Agreement, the Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously to
resign or be removed.

 

(d)         This Section 3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion
Paying Agent, as regards to rights accrued prior to such resignation or removal.

 

Section 3.28        
Serviced Companion Noteholder Register. The Companion Paying Agent shall maintain a register (the “Serviced
Companion Noteholder Register”) with respect to each Serviced Companion Loan on which it will record the names and address
of, and wire transfer instructions for, the Serviced Companion Noteholders from time to time, to the extent such information is
provided in writing to it by each Serviced Companion Noteholder. The initial Serviced Companion Noteholders, along with their respective
name and address, are listed on Exhibit S hereto. In the event a Serviced Companion Noteholder transfers a Serviced
Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for any misdirected
payment in such Serviced Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Companion Paying
Agent shall promptly provide the name and address of any Serviced Companion Noteholder to any party hereto or any successor Serviced
Companion Noteholder upon written request and any such Person may, without further investigation, conclusively rely upon such information.
The Companion Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

    -299-

     

    

For the avoidance of
doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Serviced Companion
Noteholder with respect to a Serviced Companion Loan that has been included in an Other Securitization shall be provided to the
Other Servicer under the Other Pooling and Servicing Agreement.

 

Section 3.29       
Certain Matters Relating to the Whole Loans. (a) In the event that any of the applicable Non-Serviced Trustee, the
applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer shall be replaced in accordance with the
terms of the applicable Non-Serviced PSA, the Master Servicer and the Special Servicer shall acknowledge its successor as the successor
to the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer,
as the case may be.

 

(b)         If any of the Trustee, the Certificate Administrator or the Master Servicer receives notice from a Rating Agency that the
Master Servicer is no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates, then
the Trustee, the Certificate Administrator or the Master Servicer, as applicable, shall promptly notify each Non-Serviced Master
Servicer of the same.

 

(c)         In connection with the securitization of each Serviced Pari Passu Companion Loan (in each case, only while it is a Serviced
Companion Loan), upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each
of the Master Servicer, the Special Servicer and the Trustee, as applicable, shall use reasonable efforts to cooperate with such
Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and
the related notes, and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s)
relating to such Other Securitization.

 

(d)         In connection with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices
or materials required to be furnished by the Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan
pursuant to the related Intercreditor Agreement, the Special Servicer shall, prior to the occurrence and continuance of a Control
Termination Event, forward such materials to the Directing Certificateholder for its consent, if such consent is required. The
Special Servicer may (with the consent of the Directing Certificateholder prior to the occurrence and continuance of a Control
Termination Event) waive any timing or delivery requirements related to such sale to the extent set forth in the related Intercreditor
Agreement.

 

(e)         With respect to any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance
of a Consultation Termination Event, or the Special Servicer, following the occurrence and during the continuance of a Consultation
Termination Event, shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity
as a “Non-Controlling Note Holder” (or similar term identified in the related Intercreditor Agreement) under the related
Intercreditor Agreement.

 

(f)          With respect to each Mortgage Loan that is part of a Whole Loan, this Agreement is subject to the related Intercreditor
Agreement and incorporates by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

    -300-

     

    

(g)         With respect to each Serviced Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review”
(or such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and
Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the
Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such Asset
Review by providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested
by the Other Asset Representations Reviewer or such other requesting party, but only to the extent such documents are in the possession
of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, but in any event excluding any
documents known to the Master Servicer, the Special Servicer, the Trustee or the Custodian to contain information that is proprietary
to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal communications.

 

(h)         With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or Special Servicer shall receive any communication
from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer regarding any “Major Decision” pursuant
to clause (xii) of the definition of such term, then the Master Servicer or Special Servicer shall forward the communication
to the Directing Certificateholder (and to the Master Servicer, if the Special Servicer is forwarding such communication) and the
Special Servicer shall reasonably cooperate with the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special
Servicer, as the case may be, in effecting any related action by the applicable Non-Serviced Master Servicer or the applicable
Non-Serviced Special Servicer, in any such case subject to and consistent with the related Intercreditor Agreement.

 

(i)          During the period from and after the date on which a Serviced Pari Passu Companion Loan is deposited into an Other Securitization,
not later than 5:00 p.m. (New York City time) on each related Serviced Whole Loan Remittance Date the Master Servicer shall prepare
(if and to the extent necessary) and deliver or cause to be delivered in electronic format to the related other master servicer
under the related Other Pooling and Servicing Agreement the following reports and data files with respect to such Serviced Pari
Passu Companion Loan: (A) to the extent the Master Servicer has received the CREFC® Special Servicer Loan File
at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan
Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) the CREFC®
Loan Setup File (only with respect to the first “distribution date” (or analogous term) as defined in the related Other
Pooling and Servicing Agreement), (C) the most recent CREFC® Property File and the CREFC® Comparative
Financial Status Report (in each case incorporating the data required to be included in the CREFC® Special Servicer
Loan File pursuant to Section 3.12(c) by the Special Servicer and the Master Servicer), (D) a CREFC®
Servicer Watch List with information that is current as of such Serviced Whole Loan Remittance Date, (E) a CREFC®
Financial File, (F) a CREFC® Loan Level Reserve/LOC Report, (G) a CREFC® Advance
Recovery Report, (H) a CREFC® Total Loan Report and (I) the CREFC® Loan Periodic Update
File. Additionally, not later than 5:00 p.m. (New York City time) on each related Serviced Whole Loan Remittance Date, the Master
Servicer shall deliver or cause to be delivered in electronic format to the related other master servicer under the related Other
Pooling and Servicing Agreement any applicable CREFC® Loan Liquidation Reports, CREFC® Loan
Modification Reports and CREFC® REO Liquidation Reports received from the Special Servicer. In no event 

    -301-

     

    

shall any
report described in this subsection be required to reflect information that has not been collected by or delivered to the Master
Servicer, or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior
to the Business Day on which the report is due. In addition, the Master Servicer shall deliver or cause to be delivered in electronic
format to the related other master servicer under the related Other Pooling and Servicing Agreement any and all other reports required
to be delivered by the Master Servicer to the Certificate Administrator hereunder pursuant to the terms hereof to the extent related
to such Serviced Pari Passu Companion Loan.

 

(j)          On a Servicing Shift Date, (i) the Custodian shall, upon receipt of a Request for Release, transfer the related Mortgage
File (other than the Mortgage Note evidencing the related Servicing Shift Mortgage Loan, the original of which shall be retained
by the Custodian) for the related Servicing Shift Whole Loan to the related Non-Serviced Trustee under the related Non-Serviced
PSA and retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable
Mortgage Loan Seller that the applicable Servicing Shift Control Note has been or is being securitized and identifying the related
Servicing Shift Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File
for the related Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in clauses (x)
and (xii) of the definition of “Mortgage File” for the related Servicing Shift Whole Loan, to the related
Non-Serviced Master Servicer identified in the above referenced notice from the Mortgage Loan Seller on the related Servicing Shift
Date.

 

(k)         Promptly upon any change in the identity of the Master Servicer, the successor Master Servicer shall deliver notice of such
change (together with the contact information of such successor Master Servicer) to each Non-Serviced Trustee, Non-Serviced Certificate
Administrator, Non-Serviced Special Servicer, Non-Serviced Master Servicer and Non-Serviced Operating Advisor.

 

(l)          With respect to any Servicing Shift Mortgage Loan that is also a Serviced Mortgage Loan, the Directing Certificateholder
identified in clause (B) of the definition of “Directing Certificateholder”, prior to the occurrence and continuance
of a Consultation Termination Event, or the Special Servicer, following the occurrence and during the continuance of a Consultation
Termination Event, shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity
as a “Non-Controlling Note Holder” (or similar term identified in the related Intercreditor Agreement) under the related
Intercreditor Agreement.

 

Section 3.30        
[RESERVED].

 

Section 3.31        
Resignation Upon Prohibited Risk Retention Affiliation. 

 

Upon the occurrence of
(i) a Servicing Officer of the Master Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as applicable,
obtaining actual knowledge that the Master Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become
Risk Retention Affiliated with or a Risk Retention Affiliate of the Third Party Purchaser (in such case, an “Impermissible
TPP Affiliate”), (ii) the Master Servicer, Certificate Administrator or the Trustee receiving written notice by any other
party to this Agreement, the Third Party Purchaser, any Sponsor or any Underwriter or Initial Purchaser that the Master 

    -302-

     

    

Servicer,
Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate, or (iii) the Operating
Advisor or the Asset Representations Reviewer obtaining actual knowledge that it is or has become a Risk Retention Affiliate of
the Third Party Purchaser or any other party to this Agreement (other than the Operating Advisor and Asset Representations Reviewer)
(such Operating Advisor and Asset Representations Reviewer, together with an Impermissible TPP Affiliate, an “Impermissible
Risk Retention Affiliate”), then, in each case, such Impermissible Risk Retention Affiliate shall promptly notify the
Sponsors and the other parties to this Agreement and resign in accordance with Section 3.26, Section 6.05, Section
7.03, Section 8.07 or Section 12.03, as applicable. The resigning Impermissible Risk Retention Affiliate shall
bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Trust and each Rating Agency in
connection with such resignation as and to the extent required under this Agreement, provided, however, that if the affiliation
causing an Impermissible Risk Retention Affiliate is the result of the Third Party Purchaser acquiring an interest in such Impermissible
Risk Retention Affiliate or an affiliate of such Impermissible Risk Retention Affiliate, then such costs and expenses shall be
an expense of the Trust.

 

The provisions of the
foregoing paragraph will not apply if the Depositor has determined, following a modification, waiver or amendment to, or repeal
of, the Risk Retention Rules, that the foregoing affiliations are not prohibited. The Depositor shall provide written notice of
such determination to the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Asset Representations
Reviewer, provided however, the Depositor shall have no obligation to monitor the Risk Retention Rules to determine if a
modification, waiver, amendment or repeal has occurred.

 

Section 3.32        
Litigation Control. (a) With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any Serviced
Companion Loan or any related REO Loan or related REO Property, the Special Servicer shall, in accordance with the Servicing Standard,
direct, manage, prosecute and/or defend any action brought by a Mortgagor, guarantor, or other obligor on the related note or any
Affiliates thereof (each a “Borrower-Related Party”) against the Trust, the Master Servicer and/or the Special
Servicer or any predecessor master servicer or special servicer, and represent the interests of the Trust in any litigation relating
to the rights and obligations of the Trust, or of the Mortgagor or other Borrower-Related Party under the related Mortgage Loan
documents, or with respect to the related Mortgaged Property or other collateral securing such Mortgage Loan (or Serviced Whole
Loan), or otherwise with respect to the enforcement of the obligations of a Borrower-Related Party under the related Mortgage Loan
documents (“Trust-Related Litigation”). In the event that the Master Servicer is named in any Trust-Related
Litigation but the Special Servicer is not named in such Trust-Related Litigation (regardless of whether the Trust is named in
such Trust-Related Litigation), the Master Servicer shall notify the Special Servicer of such litigation as soon as practicable
but in any event no later than within ten (10) Business Days of the Master Servicer receiving service of such Trust-Related Litigation.
The Operating Advisor shall not be required to review the actions of the Special Servicer with respect to Trust-Related Litigation
unless such review is otherwise related to the performance of the Operating Advisor’s duties, rights and obligations in respect
of a Final Asset Status Report and/or Asset Status Report.

 

(b)         To the extent the Master Servicer is named in the Trust-Related Litigation, and neither the Trust nor the Special Servicer
is named, in order to effectuate the role of the Special 

    -303-

     

    

Servicer as contemplated by the immediately preceding subsection, the
Master Servicer shall (i) provide quarterly status reports to the Special Servicer, regarding such Trust-Related Litigation;
(ii) seek to have the Trust replace the Master Servicer as the appropriate party to the lawsuit; and (iii) so long as the Master
Servicer remains a party to the lawsuit, consult with and act at the direction of the Special Servicer with respect to material
decisions and material monetary settlements related to the interests of the Trust in such Trust-Related Litigation, including but
not limited to the selection of counsel; provided that the Master Servicer shall have the right to engage separate counsel
relating to claims against the Master Servicer to the extent set forth in Section 3.32(e); and provided, however,
that if there are claims against the Master Servicer and the Master Servicer has not determined that separate counsel is required
for such claims, such counsel shall be reasonably acceptable to the Master Servicer.

 

(c)         The Special Servicer shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any
Trust-Related Litigation or (ii) initiate any material Trust-Related Litigation unless and until it has notified in writing the
Directing Certificateholder (only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuance
of a Consultation Termination Event) (to the extent the identity of the Directing Certificateholder is actually known to the Special
Servicer; provided that the Special Servicer shall make due inquiry of the Certificate Administrator as to the identity
of the Directing Certificateholder) and the related holder of any Serviced Companion Loan (if such matter affects such related
Serviced Companion Loan) (to the extent the identity of the holder of such Serviced Companion Loan is actually known to the Special
Servicer) and the Directing Certificateholder (only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence
and continuation of a Control Termination Event) has not objected in writing within five (5) Business Days of having been notified
thereof and having been provided with all information that the Directing Certificateholder has reasonably requested with respect
thereto promptly following its receipt of the subject notice (it being understood and agreed that if such written objection has
not been received by the Special Servicer within such 5 Business Day period, then the Directing Certificateholder shall be deemed
to have approved the taking of such action); provided that, if the Special Servicer determines (consistent with the Servicing
Standard) that immediate action is necessary to protect the interests of the Certificateholders and the RR Interest Owner and,
with respect to a Serviced Whole Loan, the related Companion Holders, the Special Servicer may take such action without waiting
for the Directing Certificateholder’s response.

 

(d)         Notwithstanding
the foregoing, neither the Special Servicer nor the Master Servicer shall follow any advice, direction or consultation
provided by the Directing Certificateholder, the holder of a Serviced Companion Loan or any Risk Retention Consultation Party
(or any other party to this Agreement) that would require or cause the Special Servicer or the Master Servicer, as
applicable, to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the Special Servicer
or the Master Servicer, as applicable, to violate provisions of this Agreement, require or cause the Special Servicer or the
Master Servicer, as applicable, to violate the terms of any Mortgage Loan or Serviced Whole Loan, expose any
Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or
liability, cause any REMIC created hereunder to fail to qualify as a REMIC, result in the imposition of a “prohibited
transaction” or “prohibited contribution” tax under the REMIC Provisions or materially expand the scope of
the Special Servicer’s, the Master Servicer’s,

    -304-

     

    

 the
Certificate Administrator’s or the Trustee’s, as applicable, responsibilities under this Agreement.

 

(e)         Notwithstanding the right of the Special Servicer to represent the interests of the Trust in Trust-Related Litigation, and
subject to the rights of the Special Servicer to direct the Master Servicer’s actions in this Section 3.32, the Master
Servicer shall retain the right to make determinations relating to claims against the Master Servicer, including but not limited
to the right to engage separate counsel and to appear in any proceeding on its own behalf in such Master Servicer’s reasonable
discretion, the cost of which shall be subject to indemnification as and to the extent provided in this Agreement.

 

(f)          Further, nothing in this section shall require the Master Servicer to take or fail to take any action which, in such Master
Servicer’s good faith and reasonable judgment, may (i) result in a violation of the REMIC Provisions or (ii) subject such
Master Servicer to liability or materially expand the scope of such Master Servicer’s obligations under this Agreement.

 

(g)         Notwithstanding the Master Servicer’s right to make determinations relating to claims against the Master Servicer,
without the consent of the Master Servicer, the Special Servicer may not direct the Master Servicer to settle any claims asserted
against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation),
provided that no such consent is required if (A) such settlement or other direction does not contain or require any admission
of liability, wrongdoing or consent to injunctive relief on the part of the Master Servicer and the Master Servicer is fully released,
(B) the cost of such settlement or any resulting judgment is and shall be paid by the Trust pursuant to the terms of this
Agreement and payment of such cost or judgment is provided for in this Agreement, (C) the Master Servicer is and shall be indemnified
as and to the extent provided in this Agreement for all costs and expenses of the Master Servicer incurred in defending and settling
the Trust-Related Litigation and for any related judgment, (D) any such action taken by the Master Servicer at the direction of
the Special Servicer shall be deemed (as to the Master Servicer) to be in compliance with the Servicing Standard and (E) the Special
Servicer provides the Master Servicer with assurance reasonably satisfactory to the Master Servicer as to the items in clauses
(A), (B), (C) and (D).

 

(h)         In the event both the Master Servicer and the Special Servicer or Trust are named in Trust-Related Litigation, the Master
Servicer and the Special Servicer shall (i) to the extent that the Master Servicer and the Special Servicer deem it appropriate,
use reasonable efforts to enter into a joint defense agreement and (ii) cooperate with each other to afford the Master Servicer
and the Special Servicer the rights afforded to such party in this Section 3.32.

 

This Section 3.32
shall not apply in the event the Special Servicer authorizes the Master Servicer, and the Master Servicer agrees (both authority
and agreement to be in writing), to make certain decisions or control certain Trust-Related Litigation on behalf of the Trust in
accordance with the Servicing Standard.

 

Notwithstanding the foregoing,
and subject to the requirements of the last sentence of Section 3.01(b) of this Agreement and subject to the power of attorney,
(i) in the event that any action, suit, litigation or proceeding names the Trustee, Certificate Administrator or Custodian, in

    -305-

     

    

its respective individual capacity, or in the event that any judgment is rendered against the Trustee, Certificate Administrator
or Custodian, in its respective individual capacity, the Trustee, Certificate Administrator or Custodian, as applicable, upon prior
written notice to the Master Servicer or the Special Servicer, as the case may be, may retain separate counsel and appear in any
such proceeding on its own behalf in order to protect and represent its interests (but not to otherwise direct, manage or prosecute
such litigation or claim); (ii) in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation
or proceeding relating to the enforcement of the obligations of a Mortgagor, guarantor or other obligor under the related Mortgage
Loan documents, or otherwise relating to one or more Mortgage Loans or Mortgaged Properties, neither the Master Servicer nor the
Special Servicer shall, without the prior written consent of the Trustee, Certificate Administrator or Custodian, as applicable,
(A) initiate an action, suit, litigation or proceeding in the name of the Trustee, Certificate Administrator or Custodian, as applicable,
whether in such capacity or individually, (B) engage counsel to represent the Trustee, Certificate Administrator or Custodian,
as applicable, (C) settle any claim giving rise to liability to the Trustee, Certificate Administrator or Custodian, as applicable,
in its individual capacity, or (D) prepare, execute or deliver any government filings, forms, permits, registrations or other documents
or take any other similar actions with the intent to cause, and that actually causes, the Trustee, Certificate Administrator or
Custodian, as applicable, to be registered to do business in any state (provided that neither the Master Servicer nor the
Special Servicer shall be responsible for any delay due to the unwillingness of the Trustee, the Certificate Administrator or the
Custodian to grant such consent); and (iii) in the event that any court finds that the Trustee, Certificate Administrator or Custodian,
as applicable, is a necessary party in respect of any action, suit, litigation or proceeding relating to or arising from this Agreement
or any Mortgage Loan, the Trustee, Certificate Administrator or Custodian, as applicable, shall have the right to retain separate
counsel and appear in any such proceeding on its own behalf in order to protect and represent its interests, whether as Trustee,
Certificate Administrator or Custodian, as applicable, or individually (but not to otherwise direct, manage or prosecute such litigation
or claim); provided, however, that nothing in this subsection shall be interpreted to preclude the Special Servicer
(with respect to any material Trust-Related Litigation with respect to any Mortgage Loan other than an Excluded Loan, with the
consent or consultation of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event
or Consultation Termination Event, respectively, to the extent required in Section 3.32(c), respectively) from initiating
any action, suit, litigation or proceeding in its name as representative of the Trustee of the Trust.

 

Notwithstanding the foregoing
or anything to the contrary in this Section, this Section shall not apply to any Trust-Related Litigation and shall have no force
and effect with respect thereto, in the event that either (i) at the time such Trust-Related Litigation is commenced or at any
time during the continuance of such Trust-Related Litigation, Rialto Capital Advisors, LLC is no longer the Special Servicer with
respect to the related Mortgage Loan or related Whole Loan or has received notice of its replacement as Special Servicer with respect
to the related Mortgage Loan or related Whole Loan, whether or not such replacement is effective, or (ii) the Depositor, any Sponsor,
any Mortgage Loan Seller, any Initial Purchaser, any Underwriter, or any of their respective affiliates is an adverse party (with
respect to the Trust or the Special Servicer) in such Trust-Related Litigation or holds any interest which is adverse to the Trust
or the Special Servicer in the related Mortgage Loan or related Whole Loan (or any portion thereof) or the related Mortgaged Property
to which Trust-Related Litigation relates, unless otherwise agreed to in 

    -306-

     

    

writing by each of the Depositor, Sponsor, Mortgage Loan
Seller, Initial Purchaser, Underwriter, or affiliate that is such a party or holds such interest. For the avoidance of doubt, the
rights and obligations of the Master Servicer and the Special Servicer relating to any Trust-Related Litigation shall be limited
solely to the representation of the Trust and itself, separate and apart from the interests of any other party thereto. For the
further avoidance of doubt, in such circumstance described in this paragraph, the rights and obligations of the Master Servicer
and the Special Servicer relating to litigation shall be as otherwise set forth with respect to servicing in this Agreement.

 

Section 3.33       
Delivery of Excluded Information to the Certificate Administrator. Any Excluded Information that the Master Servicer,
the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate
Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as
is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the
applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that
is not appropriately labeled and delivered in accordance with this Section 3.33 shall not be separately posted as Excluded
Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate
Administrator pursuant to this Section 3.33 shall be posted on the Certificate Administrator’s Website under the “Excluded
Information” section, as provided under Section 3.13. When so posted, the Excluded Controlling Class Holders shall
be prohibited from the access of Excluded Information with respect to any Excluded Loans on the Certificate Administrator’s
Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall
only be prohibited with respect to the related Excluded Loans). None of the Master Servicer, the Special Servicer or the Operating
Advisor shall have any obligations to separately label and deliver any Excluded Information in accordance with this Section
3.33 until such party has received written notice with respect to the related Excluded Loan in the form of Exhibit P-1E
to this Agreement. Nothing set forth in this Agreement shall prohibit the Directing Certificateholder or any Controlling Class
Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Loan with respect to
which the Directing Certificateholder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded
Information is not available to such Directing Certificateholder or Controlling Class Certificateholder on the Certificate Administrator’s
Website on account of it constituting Excluded Information, such Directing Certificateholder or Controlling Class Certificateholder
that is not a Borrower Party with respect to the related Excluded Loan shall be permitted to reasonably request and obtain such
information in accordance with Section 4.02(f) of this Agreement, and each of the Master Servicer and the Special Servicer
may require and rely on such certifications and other reasonable information prior to releasing any such information.

 

Section 3.34        
Certain Matters with Respect to Joint Mortgage Loans.

 

(a)         If a Mortgage Loan Seller with respect to a Joint Mortgage Loan (a “Repurchasing Mortgage Loan Seller”)
repurchases, or substitutes for, the Mortgage Note(s) (as such term is defined in this Section 3.34(a)) (a “Repurchased
Note”) related to such Joint Mortgage Loan that it sold to the Depositor, but the other Mortgage Loan Seller with respect
to such Joint Mortgage Loan does not repurchase, or substitute for, the Mortgage Note(s) related to such Joint Mortgage Loan that
it sold to the Depositor, the provisions of this Section 3.34 shall apply prior to

    -307-

     

    

 the adoption, pursuant to Section
13.01(l), of any amendment to this Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has
agreed pursuant to the terms of the related Mortgage Loan Purchase Agreement that the terms set forth in this Section 3.34
with respect to the servicing and administration of such Joint Mortgage Loan shall apply if one or more of the Mortgage Notes related
to such Joint Mortgage Loan has been repurchased or, by way of substitution, otherwise removed from the Trust and at least one
other Mortgage Note related to such Joint Mortgage Loan is included in the Trust until such time as all of the Mortgage Notes related
to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section 3.34, Section 13.01(l)
and Section 13.08(a) only, “Mortgage Note” shall mean with respect to any Joint Mortgage Loan, each original
promissory note that collectively represents the Mortgage Note (as defined in Article I) with respect to such Joint Mortgage Loan
and shall not be a collective reference to such promissory notes.

 

(b)         Custody of and record title under the Mortgage Loan documents with respect to the applicable Joint Mortgage Loan shall be
held exclusively by the Custodian as provided under this Agreement, except that the Repurchasing Mortgage Loan Seller shall hold
and retain title to its original Repurchased Note(s) and any related endorsements thereof.

 

(i)          All of the Mortgage Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Mortgage
Note shall have priority or preference over any other portion of the other Mortgage Notes or security therefor. Payments from the
related Mortgagor (including, without limitation, any Penalty Charges) or any other amounts received with respect to each Mortgage
Note shall be collected as provided in this Agreement by the Master Servicer and shall be applied upon receipt by the Master Servicer
pro rata to each related Mortgage Note based on its respective Mortgage Loan Seller Percentage Interest, subject to Section
3.34(b)(ii). Payments or any other amounts received with respect to the related Repurchased Note shall be held in trust for
the benefit of the applicable Repurchasing Mortgage Loan Seller and remitted (net of its pro rata share of amounts payable at the
Administrative Cost Rate and any other amounts due to the Master Servicer or Special Servicer) to the applicable Repurchasing Mortgage
Loan Seller or its designee by the Master Servicer on each Distribution Date pursuant to instructions provided by the applicable
Repurchasing Mortgage Loan Seller and deposited and applied in accordance with this Agreement, subject to Section 3.34(b)(ii).
If any Joint Mortgage Loan to which this Section 3.34 applies becomes an REO Loan, payments or any other amounts received
with respect to any such Joint Mortgage Loan shall be collected and shall be applied upon receipt by the Master Servicer pro rata
to each related Mortgage Note based on its respective Mortgage Loan Seller Percentage Interest, subject to Section 3.34(b)(ii).
Any Appraisal Reduction Amounts calculated with respect to any Joint Mortgage Loan subject to this Section 3.34 shall be
allocated to each related Mortgage Note, pro rata based upon the respective unpaid principal balances thereof.

 

(ii)         If the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate
amount due under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Mortgage Loan Seller shall receive
from the Master Servicer an amount equal to its Mortgage Loan Seller Percentage Interest of such payment. All expenses, losses
and shortfalls relating solely to such Joint Mortgage Loan including, without limitation, losses of principal or interest, 

    -308-

     

    

Nonrecoverable
Advances, interest on Servicing Advances, Special Servicing Fees, Workout Fees and Liquidation Fees (including any such fees related
to the applicable Mortgage Notes), shall be allocated between the holders of the related Mortgage Notes pro rata based upon the
respective unpaid principal balances thereof. In no event shall any costs, expenses, fees or any other amounts related to any Mortgage
Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments or any other amounts received
with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Mortgage Loan Seller.

 

(iii)        A Joint Mortgage Loan to which this Section 3.34 applies shall be serviced for the benefit of the applicable Repurchasing
Mortgage Loan Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing
Standard and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Whole Loan (and, if such
Joint Mortgage Loan is part of a Serviced Whole Loan, such Joint Mortgage Loan shall continue to be serviced and administered under
the applicable Intercreditor Agreement), (B) the related Mortgage Note(s) not repurchased were (1) a Serviced Pari Passu Mortgage
Loan and (2) the only Mortgage Loan that is part of such Joint Mortgage Loan (or related Serviced Whole Loan), and (C) the related
Repurchased Note were a Serviced Pari Passu Companion Loan. No Repurchasing Mortgage Loan Seller shall be permitted to terminate
the Master Servicer, the Special Servicer or the Operating Advisor as servicer, special servicer or operating advisor, respectively,
of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be exercised by the Master
Servicer or the Special Servicer, as applicable, on behalf of the Trust to the extent of its interest therein and the applicable
Repurchasing Mortgage Loan Seller in accordance with this Agreement.

 

(iv)        The related Repurchasing Mortgage Loan Seller shall be treated hereunder as if it were a Serviced Pari Passu Companion Loan
holder on a pari passu basis. Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied
to the applicable Mortgage Notes shall be deposited and disbursed in accordance with the provisions hereof relating to holders
of promissory notes comprising Serviced Whole Loans that are pari passu in right of payment. Compensation shall be paid to the
Master Servicer, the Special Servicer and the Operating Advisor with respect to each Repurchased Note as provided in this Agreement
as if each such Repurchased Note were a Serviced Pari Passu Companion Loan. None of the Trustee, the Certificate Administrator,
the Custodian, the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligation to make P&I Advances
with respect to any Repurchased Note or, if no related Mortgage Note is part of the Trust, a Servicing Advance with respect to
any Repurchased Note. Except as otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting
requirement with respect to any Repurchased Note other than to deliver to the related Repurchasing Mortgage Loan Seller any document
as is required to be delivered to a holder of a Serviced Pari Passu Companion Loan hereunder.

 

(v)         Notwithstanding any of the foregoing to the contrary, with respect to each Joint Mortgage Loan, the terms of the related
Intercreditor Agreement shall continue to apply to all of the Mortgage Notes comprising such Mortgage Loan, including any Repurchased
Note.

 

    -309-

     

    

(c)         If any non-repurchased Mortgage Note relating to a Joint Mortgage Loan to which this Section 3.34 applies is a Specially
Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The Special Servicer
shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Mortgage Loan
Seller in accordance with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing Fee,
Workout Fee or Liquidation Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Pari Passu Companion
Loan.

 

(d)         If (A) the Master Servicer shall pay any amount to any Repurchasing Mortgage Loan Seller pursuant to the terms hereof in
the belief or expectation that a related payment has been made or will be received or collected in connection with any or all of
the applicable Mortgage Notes and (B) such related payment is not received or collected by the Master Servicer, then the applicable
Repurchasing Mortgage Loan Seller shall promptly on demand by the Master Servicer return such amount to the Master Servicer. If
the Master Servicer determines at any time that any amount received or collected by the Master Servicer in respect of any Joint
Mortgage Loan to which this Section 3.34 applies must be returned to the related Mortgagor or paid to any other person or
entity pursuant to any insolvency law or otherwise, notwithstanding any other provision of this Agreement, the Master Servicer
shall not be required to distribute any portion thereof to the related Repurchasing Mortgage Loan Seller, and such Repurchasing
Mortgage Loan Seller shall promptly on demand by the Master Servicer repay (which obligation shall survive the termination of this
Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing Mortgage Loan Seller, together
with interest thereon at such rate, if any, as the Master Servicer may pay to the related Mortgagor or such other person or entity
with respect thereto.

 

(e)         Subject to this Agreement (including, without limitation, the consent and consultation rights of the Directing Certificateholder
and any consultation rights of the Operating Advisor), the Master Servicer or the Special Servicer, as applicable, on behalf of
the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make
all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Mortgage Loan documents
as provided hereunder. Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer,
as applicable, may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize
interest on, permit the release, addition or substitution of collateral securing, and/or permit the release of the related Mortgagor
on or any guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.34,
without the consent of the related Repurchasing Mortgage Loan Seller, subject, however, to the terms of this Agreement as they
pertain to a Serviced Pari Passu Companion Loan.

 

(f)          In taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each
be subject to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loans to which this
Section 3.34 applies as is consistent with this Agreement and shall be liable to any Repurchasing Mortgage Loan Seller only
to the same extent as set forth herein with respect to any holder of a Serviced Pari Passu Companion Loan.

 

    -310-

     

    

(g)         If the Trustee, the Master Servicer or the Special Servicer has made a Servicing Advance with respect to any Repurchased
Note which would otherwise be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a
Nonrecoverable Advance, the applicable Repurchasing Mortgage Loan Seller shall reimburse the Trust in an amount equal to such Repurchasing
Mortgage Loan Seller’s Mortgage Loan Seller Percentage Interest of such Nonrecoverable Advance with interest thereon. Notwithstanding
the foregoing, the applicable Repurchasing Mortgage Loan Seller shall not be obligated to reimburse the Trustee, the Master Servicer
or the Special Servicer (and amounts due to the applicable Repurchasing Mortgage Loan Seller shall not be offset) for Advances
or interest thereon or any amounts related to any Mortgage Loans or any other Joint Mortgage Loan other than such amounts relating
to the applicable Repurchased Note. To the extent that the applicable Repurchasing Mortgage Loan Seller reimburses any such Nonrecoverable
Advances and such amounts are subsequently recovered, the applicable Repurchasing Mortgage Loan Seller shall receive a reimbursement
from such recovery based on its Mortgage Loan Seller Percentage Interest of such recovery. This reimbursement right shall not limit
the Trustee’s, the Master Servicer’s or the Special Servicer’s rights to reimbursement under this Agreement.
Notwithstanding anything to the contrary contained herein, the total liability of each Repurchasing Mortgage Loan Seller shall
not exceed an amount equal to its Mortgage Loan Seller Percentage Interest of the amount to be reimbursed.

 

(h)         Each Repurchasing Mortgage Loan Seller shall have the right to assign the related Repurchased Note; provided that the assignee
of the related Repurchased Note shall agree in writing to be bound by the terms of this Agreement.

 

(i)          The Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this
Agreement, exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Mortgage
Loan Seller as a holder of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation
statements and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document
related to the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications,
waivers, amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of
satisfaction or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related
Repurchased Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms
of this Agreement. Each Repurchasing Mortgage Loan Seller agrees to furnish, or cause to be furnished, to the Master Servicer and
the Special Servicer any powers of attorney or other documents necessary or appropriate to enable the Master Servicer or the Special
Servicer, as the case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable
Joint Mortgage Loan; provided that such Repurchasing Mortgage Loan Seller shall not be liable, and shall be indemnified
by the Master Servicer or the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power
of attorney by the Master Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or
the Special Servicer, without the written consent of the applicable Repurchasing Mortgage Loan Seller, shall not initiate any action
in the name of such Repurchasing Mortgage Loan Seller without indicating its representative capacity or take any action with the
intent to cause and that actually causes, such Repurchasing Mortgage Loan Seller to be registered to do business in any state.

 

    -311-

     

    

(j)          Pursuant to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Mortgage Loan Seller is required to
deliver to the Master Servicer or the Special Servicer, as applicable, the Mortgage Loan documents related to the applicable Repurchased
Note, any requests for release and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure
or trustee’s sale in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or
rights provided by the Mortgage Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related
Repurchased Note.

 

[End of Article III]

 

ARTICLE
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS AND RR INTEREST OWNER

 

Section 4.01       
Distributions. Distributions of Non-VRR Available Funds. (a) On each Distribution Date, to the extent of
the Non-VRR Available Funds for such Distribution Date, the Certificate Administrator shall be deemed to transfer the Lower-Tier
Distribution Amount from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account in the amounts
and priorities set forth in Section 4.01(c) with respect to each Class of Lower-Tier Regular Interests (other than the
Class LRR Uncertificated Interest and the LRI Uncertificated Interest), and immediately thereafter, shall make distributions thereof
from the Upper-Tier REMIC Distribution Account in the following order of priority, satisfying in full, to the extent required
and possible, each priority before making any distribution with respect to any succeeding priority:

 

(i)          first, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class X-A, Class
X-B, Class X-D and Class X-F Certificates, pro rata (based upon their respective entitlements to interest for such Distribution
Date), in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount in respect of such Classes of
Certificates;

 

(ii)         second, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates in
reduction of the Certificate Balances thereof: (I) prior to the Cross-Over Date: (1) first, to the Holders of
the Class A-SB Certificates, up to an amount equal to the Non-VRR Principal Distribution Amount, until the outstanding Certificate
Balance of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal Balance for such Distribution Date;
(2) second, to the Holders of the Class A-1 Certificates, up to an amount equal to the Non-VRR Principal Distribution
Amount (or the portion thereof remaining after any distributions specified in sub-clause (1) above have been made on
such Distribution Date), until the outstanding Certificate Balance of the Class A-1 Certificates has been reduced to zero; (3) third,
to the Holders of the Class A-2 Certificates up to an amount equal to the Non-VRR Principal Distribution Amount (or the portion
thereof remaining after any distributions specified in sub-clauses (1) and (2) above have been made on such
Distribution Date), until the outstanding Certificate Balance of the Class A-2 Certificates has been reduced to zero; (4) fourth,
to the Holders of the Class A-3 Certificates up to an amount equal to the Non-VRR Principal Distribution Amount (or the portion
thereof remaining after any distributions specified in sub-clauses (1), (2) and (3) above have been made
on such

    -312-

     

    

 Distribution Date), until the outstanding Certificate Balance of the Class A-3 Certificates has been reduced to zero; (5) fifth,
to the Holders of the Class A-4 Certificates up to an amount equal to the Non-VRR Principal Distribution Amount (or the portion
thereof remaining after any distributions specified in sub-clauses (1), (2), (3) and (4) above
have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-4 Certificates has been reduced
to zero; (6) sixth, to the Holders of the Class A-5 Certificates, up to an amount equal to the Non-VRR Principal Distribution
Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1), (2), (3),
(4) and (5) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class
A-5 Certificates has been reduced to zero; and (7) seventh, to the Holders of the Class A-SB Certificates, up to an amount
equal to the Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1),
(2), (3), (4), (5) and (6) above have been made on such Distribution Date), until the outstanding
Certificate Balance of the Class A-SB Certificates has been reduced to zero; and (II) on or after the Cross-Over Date, to
the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates, pro rata (based on their respective
Certificate Balances) up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, until the
Certificate Balance of each of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates is reduced
to zero, without regard to the Class A-SB Planned Principal Balance;

 

(iii)        third,
to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates, first up to
an amount equal to, and pro rata (based upon the aggregate unreimbursed Non-VRR Realized Losses previously allocated
to each such Class) with, the aggregate unreimbursed Non-VRR Realized Losses previously allocated to each such Class, then
up to an amount equal to all accrued and unpaid interest on that amount at the Pass-Through Rate for such Class compounded
monthly from the date the related Non- VRR Realized Loss was allocated to such Class until the date such Non-VRR Realized
Loss is reimbursed;

 

(iv)        fourth, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates;

 

(v)         fifth, after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB
Certificates have been reduced to zero, to the Holders of the Class A-S Certificates, in reduction of the Certificate Balance thereof,
up to an amount equal to the Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions in
respect of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates on such Distribution Date),
until the outstanding Certificate Balance of the Class A-S Certificates has been reduced to zero;

 

(vi)        sixth, to the Holders of the Class A-S Certificates, first up to an amount equal to the aggregate unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid interest
on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-

    -313-

     

    

VRR Realized Loss was allocated
to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(vii)       seventh, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates;

 

(viii)      eighth, after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holders of the
Class B Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Non-VRR Principal Distribution
Amount (or the portion thereof remaining after any distributions in respect of the Class A Certificates on such Distribution Date),
until the outstanding Certificate Balance of the Class B Certificates has been reduced to zero;

 

(ix)         ninth, to the Holders of the Class B Certificates, first up to an amount equal to the aggregate unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid interest
on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss was allocated
to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(x)          tenth, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates;

 

(xi)         eleventh, after the Certificate Balances of the Class A and Class B Certificates have been reduced to zero, to the
Holders of the Class C Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Non-VRR Principal
Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A and Class B Certificates
on such Distribution Date), until the outstanding Certificate Balance of the Class C Certificates has been reduced to zero;

 

(xii)        twelfth, to the Holders of the Class C Certificates, first up to an amount equal to the aggregate unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid interest
on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss was allocated
to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

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

 

(xiv)       fourteenth, after the Certificate Balances of the Class A, Class B and Class C Certificates have been reduced to
zero, to the Holders of the Class D Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the
Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions in

    -314-

     

    

 respect of the Class A, Class
B and Class C Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class D Certificates has
been reduced to zero;

 

(xv)       fifteenth, to the Holders of the Class D Certificates, first up to an amount equal to the aggregate unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid interest
on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss was allocated
to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(xvi)      sixteenth, to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates;

 

(xvii)     seventeenth, after the Certificate Balances of the Class A, Class B, Class C and Class D Certificates have been reduced
to zero, to the Holders of the Class E Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to
the Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A,
Class B, Class C and Class D Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class E
Certificates has been reduced to zero;

 

(xviii)    eighteenth, to the Holders of the Class E Certificates, first up to an amount equal to the aggregate unreimbursed
Non-VRR Realized Losses previously allocated to such Class, up to an amount equal to all accrued and unpaid then interest
on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss was allocated
to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(xix)       nineteenth, to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest
Distribution Amount in respect of such Class of Certificates;

 

(xx)        twentieth, after the Certificate Balances of the Class A, Class B, Class C, Class D and Class E Certificates have
been reduced to zero, to the Holders of the Class F Certificates, in reduction of the Certificate Balance thereof, up to an amount
equal to the Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the
Class A, Class B, Class C, Class D and Class E Certificates on such Distribution Date), until the outstanding Certificate Balance
of the Class F Certificates has been reduced to zero;

 

(xxi)       twenty-first, to the Holders of the Class F Certificates, first up to an amount equal to the aggregate unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid interest
on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss was allocated
to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

    -315-

     

    

(xxii)      twenty-second, to the Holders of the Class G-RR Certificates, in respect of interest, up to an amount equal to the
Interest Distribution Amount in respect of such Class of Certificates;

 

(xxiii)     twenty-third, after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates
have been reduced to zero, to the Holders of the Class G-RR Certificates, in reduction of the Certificate Balance thereof, up to
an amount equal to the Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions in respect
of the Class A, Class B, Class C, Class D, Class E and Class F Certificates on such Distribution Date), until the outstanding Certificate
Balance of the Class G-RR Certificates has been reduced to zero;

 

(xxiv)     twenty-fourth, to the Holders of the Class G-RR Certificates, first up to an amount equal to the aggregate
unreimbursed Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid
interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss
was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

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

 

(xxvi)     twenty-sixth, after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class
G-RR Certificates have been reduced to zero, to the Holders of the Class H-RR Certificates, in reduction of the Certificate Balance
thereof, up to an amount equal to the Non-VRR Principal Distribution Amount (or the portion thereof remaining after any distributions
in respect of the Class A, Class B, Class C, Class D, Class E, Class F and Class G-RR Certificates on such Distribution Date),
until the outstanding Certificate Balance of the Class H-RR Certificates has been reduced to zero;

 

(xxvii)    twenty-seventh, to the Holders of the Class H-RR Certificates, first up to an amount equal to the aggregate
unreimbursed Non-VRR Realized Losses previously allocated to such Class, then up to an amount equal to all accrued and unpaid
interest on that amount at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss
was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed; and

 

(xxviii)   twenty-eighth, to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount, if any,
of the Non-VRR Available Funds remaining in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If, in connection with
any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution to DTC based on the
receipt of payments as of the Determination Date and additional Periodic Payments, Balloon Payments or unscheduled principal payments
are subsequently received by the Master Servicer and required to be part of the Non-VRR Available Funds for such Distribution Date,
the Master Servicer shall promptly notify

    -316-

     

    

 the Certificate Administrator and the Certificate Administrator will use commercially
reasonable efforts to cause DTC to make the revised distribution on a timely basis on such Distribution Date. None of the Master
Servicer, the Special Servicer or the Certificate Administrator shall be liable or held responsible for any resulting delay in
the making of such distribution to Certificateholders solely on the basis of the actions described in the preceding sentence.

 

(b)         [RESERVED].

 

(c)         On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal
or reimbursement of Realized Losses in an amount equal to the amount of principal or reimbursement of Realized Losses actually
distributable to the Holders of the respective Related Certificates or the RR Interest Owner as provided in Section 4.01(a),
Section 4.01(d), Section 4.01(g) and Section 4.01(k) such that at all times the Lower-Tier Principal Amount
of each Class of Lower-Tier Regular Interests is equal to the Certificate Balance of the Class of Related Certificates or the VRR
Interest Balance of the RR Interest, as applicable. On each Distribution Date, each Lower-Tier Regular Interest shall be deemed
to receive distributions in respect of interest in an amount equal to the Interest Distribution Amount or VRR Interest Distribution
Amount, as applicable, in respect of its Related Certificates or VRR Interest, plus a pro rata portion of the Interest Distribution
Amount in respect of (i) in the case of the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5 and Class LASB Uncertificated
Interests, the Class X-A Certificates, (ii) in the case of the Class LAS, Class LB and Class LC Uncertificated Interests, the Class
X-B Certificates, (iii) in the case of the Class LD and Class LE Uncertificated Interest, the Class X-D Certificates, and  (iv)
in the case of the Class LF Uncertificated Interest, the Class X-F Certificates, in each case, computed based on an interest rate
equal to the excess of the Weighted Average Net Mortgage Rate over the Pass-Through Rate of the Related Certificates and a Notional
Amount equal to its related Lower-Tier Principal Amount, in each case to the extent actually distributable thereon as provided
in Section 4.01(a). Amounts distributable pursuant to this paragraph are referred to herein collectively as the “Lower-Tier
Distribution Amount”, and shall be made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount
to be withdrawn from the Lower-Tier REMIC Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As of any date, the principal
balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Related Certificates or the VRR Interest
Balance of the RR Interest with respect thereto, as adjusted for the allocation of Realized Losses, as provided in Sections 4.04(b)
and 4.04(c). The initial principal balance of each Lower-Tier Regular Interest shall equal the respective Original Lower-Tier
Principal Amount. The pass-through rate with respect to each Lower-Tier Regular Interest shall be the rate per annum set
forth in the Preliminary Statement hereto.

 

Any amount that remains
in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount
and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(f) shall be distributed to
the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Aggregate Available
Funds for such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

    -317-

     

    

(d)         So long as the Certificate Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled
to any further distributions in respect of interest or principal other than reimbursement of Realized Losses (with interest as
provided herein) and other amounts provided for in this Section 4.01.

 

(e)         Distributions of VRR Available Funds on the VRR Interest. On each Distribution Date, the Certificate Administrator
shall withdraw from the Upper-Tier REMIC Distribution Account the amounts on deposit therein, to the extent of the VRR Available
Funds for such Distribution Date, and shall distribute such amounts to the VRR Interest Owners and the Class R Certificates in
accordance with this Section 4.01(e).

 

On each Distribution
Date, the Certificate Administrator shall apply the then applicable VRR Available Funds for such Distribution Date to make distributions
to the VRR Interest Owners for the following purposes and in the following order of priority:

 

(i)          first, distributions of interest on the RR Interest and the Class RR certificates, pro rata based on their
respective VRR Interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

 

(ii)         second, distributions in reduction of the RR Interest and the Class RR Certificates, pro rata based on their
respective VRR Interest Balance of the VRR Interest, up to an amount equal to the VRR Principal Distribution Amount for such Distribution
Date, until the outstanding VRR Interest Balance has been reduced to zero; and

 

(iii)        third, to the RR Interest and the Class RR certificates, pro rata based on their respective VRR Interest Balances,
for reimbursements (with interest) of prior write-offs of the VRR Interest Balance of the VRR Interest, up to an amount equal to
the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, plus interest in an amount equal to the VRR Realized
Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any
Distribution Date, to the extent that VRR Available Funds for such Distribution Date exceeds the distributions to the VRR Interest
Owners on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator
shall distribute such excess to the Class R Certificates.

 

(f)          On
each Distribution Date, the Non-VRR Percentage of the Prepayment Premiums and Yield Maintenance Charges, if any, collected in
respect of any Mortgage Loan or REO Loan during the related Collection Period, in each case net of any Liquidation Fees or
Workout Fees payable therefrom, shall be distributable as follows: (x)(i) to each of the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates, the product of
(A) the Non-VRR Percentage of such Yield Maintenance Charge or Prepayment Premium, (B) the related Base Interest
Fraction for such Class of Certificates, and (C) a fraction, the numerator of which is equal to the amount of principal
distributed to such Class of Certificates for that Distribution Date, and the denominator of which is the total amount of
principal distributed to all Principal Balance Certificates for that Distribution Date, (ii) to the Class X-A
Certificates, the excess, if any, of (A) the product of (I) the Non-VRR 

    -318-

     

    

Percentage of such Yield Maintenance Charge or Prepayment Premium and (II) a fraction, the numerator of which is equal
to the amount of principal distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates
for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance
Certificates for that Distribution Date, over (B) the amount of such Yield Maintenance Charge or Prepayment Premium distributed
to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-SB Certificates as described above, (iii) to the
Class X-B Certificates, the excess, if any, of (A) the product of (I) the Non-VRR Percentage of such Yield Maintenance
Charge or Prepayment Premium and (II) a fraction, the numerator of which is equal to the amount of principal distributed to
the Class A-S, Class B and Class C Certificates for that Distribution Date, and the denominator of which is the total amount of
principal distributed to all Principal Balance Certificates for that Distribution Date, over (B) the amount of such Yield
Maintenance Charge or Prepayment Premium distributed to the Class A-S, Class B and Class C Certificates as described above and
(iv) to the Class X-D Certificates, any remaining portion of such Non-VRR Percentage of such Yield Maintenance Charge or Prepayment
Premium not distributed as described above and (y) to the VRR Interest, the VRR Percentage of such Yield Maintenance Charge or
Prepayment Premium, pro rata based upon the aggregate amount of principal distributed in respect of the Class RR Certificates
and the RR Interest.

 

For purposes of the first
paragraph of this Section 4.01(f), the relevant “Base Interest Fraction” in connection with any Principal
Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and with respect
to any Class of Principal Balance Certificates, shall be a fraction (A) the numerator of which is the greater of (x) zero
and (y) the difference between (i) the Pass-Through Rate on such Class for the related Distribution Date, and (ii) the
applicable Discount Rate and (B) the denominator of which is the difference between (i) the Mortgage Rate on such Mortgage
Loan and (ii) the applicable Discount Rate; provided that: (a) under no circumstances shall the Base Interest
Fraction be greater than 1.0; (b) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage
Loan and is greater than or equal to the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest
Fraction shall equal zero; and (c) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage
Loan and is less than the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction shall
be equal to 1.0. If a Mortgage Loan provides for a step-up in the Mortgage Rate, then the Mortgage Rate used in the determination
of the Base Interest Fraction shall be the Mortgage Rate in effect at the time of the prepayment.

 

For purposes of the preceding
paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance Charge
collected on any prepaid Mortgage Loan or REO Loan and distributable on any Distribution Date shall be a rate per annum
equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge
pursuant to the terms of the relevant Mortgage Loan or REO Loan, as the case may be, such discount rate (as reported by the Master
Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount rate was not used in the calculation
of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Loan,
as the case may be, the yield calculated by the linear interpolation of the yields as reported under the heading “U.S. Government
Securities/Treasury Constant Maturities” in Federal Reserve Statistical Release H.15 (519) published by the Federal

    -319-

     

    

Reserve Board for the week most recently ended before the date of the relevant prepayment (or deemed prepayment) of U.S. Treasury
constant maturities with a maturity date, one longer and one shorter, most nearly approximating the related stated Maturity Date
(in the case of a Mortgage Loan or REO Loan that is not, or is not related to, an ARD Loan) or the related Anticipated Repayment
Date (in the case of a Mortgage Loan or REO Loan that is, or is related to, an ARD Loan), such interpolated treasury yield converted
to a monthly equivalent yield. If Federal Reserve Statistical Release H.15 (519) is no longer published, the Master Servicer
shall select a comparable publication as the source of the applicable yields of U.S. Treasury constant maturities.

 

No Yield Maintenance
Charge or Prepayment Premium shall be distributed to the Holders of the Class X-F, Class F, Class G-RR, Class H-RR, Class S or
Class R Certificates.

 

All distributions of
Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates or the RR Interest
on each Distribution Date pursuant to this Section 4.01(f) shall first be deemed to be distributed from the Lower-Tier
REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests, pro rata based upon the amount of principal
distributed in respect of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c)
above.

 

(g)         On each Distribution Date, amounts on deposit in the Upper-Tier REMIC Distribution Account that represent the VRR Percentage
of such Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period
shall be distributed by the Certificate Administrator to the VRR Interest Owners, on a pro rata and pari passu basis,
as follows:

 

On each Distribution
Date, any portion of Prepayment Premiums and Yield Maintenance Charges that are to be distributed to the VRR Interest Owners shall,
for federal income tax purposes, be deemed to have first been transferred to the Grantor Trust in respect of the VRR Upper-Tier
Regular Interests.

 

(h)         On each Distribution Date, the Certificate Administrator shall (i) withdraw amounts from the Non-VRR Gain-on-Sale Reserve
Account and shall distribute such amounts to reimburse the Holders of the Non-VRR Certificates (in order of their principal distribution
priority) (first deeming such amounts to be distributed with respect to the Related Lower-Tier Regular Interests) up to an amount
equal to all Non-VRR Realized Losses, if any, previously deemed allocated to them and unreimbursed after application of the Non-VRR
Available Funds for such Distribution Date and (ii) withdraw amounts from the VRR Interest Gain-on-Sale Reserve Account and shall
distribute such amounts to reimburse the VRR Interest Owners (first deeming such amounts to be distributed with respect to the
Related Lower-Tier Regular Interests) up to an amount equal to all VRR Realized Losses, if any, previously deemed allocated to
the VRR Interest and unreimbursed after application of the VRR Available Funds for such Distribution Date. Amounts paid from the
Non-VRR Gain-on-Sale Reserve Account and the VRR Interest Gain-on-Sale Reserve Account shall not reduce the Certificate Balances
of the Classes of Certificates receiving such distributions or the RR Interest Balance, as applicable. Any amounts remaining in
the Non-VRR Gain-on-Sale Reserve Account and the VRR Interest Gain-on-Sale Reserve Account after such distributions shall be applied
to offset future Non-VRR Realized Losses and VRR Realized Losses, as applicable, with respect to the Principal Balance Certificates
and related 

    -320-

     

    

Non-VRR Realized Losses and VRR Realized Losses, as applicable, in each case allocable to the Regular Certificates
and the VRR Interest, respectively. Upon termination of the Trust, any amounts remaining in the Non-VRR Gain-on-Sale Reserve Account
shall be distributed on the final Distribution Date to the Holders of the Class R Certificates from the Lower-Tier REMIC in
respect of the Class LR Interest.

 

(i)          All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata
among the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise specifically
provided in Sections 4.01(j), Section 4.01(k) and 9.01, all such distributions with respect to each Class
on each Distribution Date shall be made to the Certificateholders of the respective Class of record at the close of business on
the related Record Date and shall be made by wire transfer of immediately available funds to the account of any such Certificateholder
at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate
Administrator with wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed
to such Certificateholder at its address in the Certificate Register. The final distribution on each Certificate or the RR Interest
(determined without regard to any possible future reimbursement of Realized Losses previously allocated to such Certificate or
the RR Interest, as applicable) shall be made in like manner, but, in the case of the Certificates, only upon presentation and
surrender of such Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders
of such final distribution.

 

Each distribution with
respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible
for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures.
Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents
and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating firm”)
for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents.
None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer, the Special
Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement or applicable
law.

 

(j)          Except as otherwise provided in Section 9.01, whenever the Certificate Administrator expects that the final distribution
with respect to any Class of Certificates or the RR Interest (determined without regard to any possible future reimbursement of
any amount of Realized Losses previously allocated to such Class of Certificates or the RR Interest, as applicable) will be made
on the next Distribution Date, the Certificate Administrator shall, no later than the related P&I Advance Determination Date,
post on the Certificate Administrator’s Website pursuant to Section 3.13(b) a notice in electronic format to the effect
that:

 

(i)          the Certificate Administrator expects that the final distribution with respect to such Class of Certificates or the RR Interest
will be made on such Distribution Date but, 

    -321-

     

    

in the case of the Certificates, only upon presentation and surrender of such Certificates
at the offices of the Certificate Registrar or such other location therein specified; and

 

(ii)         no interest shall accrue on such Certificates or the RR Interest from and after such Distribution Date.

 

Any funds not distributed to any Holder
or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their
Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(j)
shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation in order to receive the final distribution with respect thereto. If within one year after the second notice all such
Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall
take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it
shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs and expenses of holding such
funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice
to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder
on any amount held in trust hereunder by the Certificate Administrator as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(j).

 

(k)         Distributions in reimbursement of Non-VRR Realized Losses or VRR Realized Losses previously allocated to the Non-VRR Certificates
or the VRR Interest shall be made in the amounts and manner specified in (a), Section 4.01(c) or Section 4.01(d),
as applicable, to the Holders of the respective Class or the VRR Interest Owner otherwise entitled to distributions of interest
and principal on such Class or the VRR Interest on the relevant Distribution Date; provided that all distributions in reimbursement
of Non-VRR Realized Losses previously allocated to a Class of Certificates which has since been retired shall be to the prior Holders
that surrendered the Certificates of such Class upon retirement thereof and shall be made by check mailed to the address of each
such prior Holder last shown in the Certificate Register. Notice of any such distribution to a prior Holder shall be made in accordance
with Section 13.05 at such last address. The amount of the distribution to each such prior Holder shall be based upon the
aggregate Percentage Interest evidenced by the Certificates surrendered thereby. If the check mailed to any such prior Holder is
returned uncashed, then the amount thereof shall be set aside and held uninvested in trust for the benefit of such prior Holder,
and the Certificate Administrator shall attempt to contact such prior Holder in the manner contemplated by Section 4.01(j)
as if such Holder had failed to surrender its Certificates.

 

(l)          On each Distribution Date, any Excess Interest received during the related Collection Period with respect to any Mortgage
Loans shall be distributed (i) to the Holders of the Class S Certificates in an amount equal to the Non-VRR Percentage of such
Excess Interest; (ii) to the VRR Interest Owners, pro rata based on the VRR Interest Balances of each of the RR Interest
and the Class RR Certificates, in an aggregate amount equal to the product of (A) the VRR 

    -322-

     

    

Percentage, multiplied by (B) the amount
of such Excess Interest. Excess Interest will not be available to pay any other amounts except for distributions on Excess Interest
Certificates and the VRR Interest.

 

(m)        On each Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall
make withdrawals and payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

(i)           to pay to the Master Servicer for deposit into the Collection Account, as applicable, any amounts deposited by the Master
Servicer in the Companion Distribution Account not required to be deposited therein;

 

(ii)          to the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee
or the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable
or reimbursable to any such Person pursuant to Section 8.05, to the extent that any such amounts relate solely to a Serviced
Whole Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related
Intercreditor Agreement;

 

(iii)         to pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related
Companion Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)         to clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All distributions from
the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related Companion Holder
by wire transfer in immediately available funds on each Serviced Whole Loan Remittance Date (and on each additional date required
by this Agreement or the related Intercreditor Agreement) to the account of such Companion Holder or an agent therefor appearing
on the Serviced Companion Noteholder Register on the related Record Date (or, if no such account so appears or information relating
thereto is not provided at least five Business Days prior to the related Record Date, by check sent by first class mail to the
address of such Companion Holder or its agent appearing on the Serviced Companion Noteholder Register). Any such account shall
be located at a commercial bank in the United States.

 

On the final Remittance
Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute
to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred
from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Remittance Date.

 

Section 4.02       
Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney. (a) On
each Distribution Date, the Certificate Administrator shall make available pursuant to Section 3.13(b) on the Certificate
Administrator’s 

    -323-

     

    

Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G
hereto and based in part upon information supplied to the Certificate Administrator in the related CREFC® Investor
Reporting Package in accordance with CREFC® guidelines) as to the distributions made on such Distribution Date (each,
a “Distribution Date Statement”) which shall include:

 

(i)          the amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the
Certificate Balance thereof and to the RR Interest in reduction of the RR Interest Balance;

 

(ii)         the aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including
the previous Distribution Date to and including such Distribution Date and details of P&I Advances as of the P&I Advance
Date;

 

(iii)        the aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid
to the Master Servicer and the Special Servicer, compensation paid to the Operating Advisor, compensation paid to the Asset Representations
Reviewer and CREFC® Intellectual Property Royalty License Fees paid to CREFC®, in each case, with
respect to the Collection Period for such Determination Date together with detailed calculations of servicing compensation paid
to the Master Servicer and the Special Servicer;

 

(iv)        the aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans,
outstanding immediately before and immediately after such Distribution Date;

 

(v)         the aggregate amount of unscheduled payments received;

 

(vi)        the number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average
Mortgage Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period
for such Distribution Date;

 

(vii)       the number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89
days, (C) delinquent 90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO
Property and (E) for which the related Mortgagor is subject to oversight by a bankruptcy court;

 

(viii)      the value of any REO Property (and, with respect to any Serviced Whole Loan, the Trust’s interest therein) included
in the Trust Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on
the most recent Appraisal or valuation;

 

(ix)         the Non-VRR Available Funds and the VRR Available Funds for such Distribution Date;

 

    -324-

     

    

(x)          the Interest Distribution Amount, Interest Accrual Amount and Interest Shortfall in respect of such Class of Certificates
for such Distribution Date, separately identifying any Interest Distribution Amount, Interest Accrual Amount or Interest Shortfall,
for such Distribution Date allocated to such Class of Certificates;

 

(xi)         the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates and the RR Interest
allocable to (A) Prepayment Premiums and Yield Maintenance Charges and (B) in the case of the Class S Certificates and
the VRR Interest, Excess Interest;

 

(xii)        the Pass-Through Rate for such Class of Certificates and the VRR Interest Rate for the VRR Interest for such Distribution
Date and the next succeeding Distribution Date;

 

(xiii)       the Aggregate Principal Distribution Amount, the Non-VRR Principal Distribution Amount, the VRR Principal Distribution Amount,
the Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date, with
respect to the pool of Mortgage Loans;

 

(xiv)      the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates and the VRR Interest Balance
of the RR Interest immediately before and immediately after such Distribution Date, separately identifying any reduction therein
as a result of the allocation of any Realized Loss on such Distribution Date and the aggregate amount of all reductions as a result
of allocations of Realized Losses in respect of the Principal Balance Certificates or the RR Interest, as applicable, to date;

 

(xv)        the Certificate Factor for each Class of Certificates (other than the Class R and Class S Certificates) immediately following
such Distribution Date;

 

(xvi)       the amount of any Cumulative Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the
amount allocable to the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan
basis and the total Cumulative Appraisal Reduction Amount effected in connection with such Distribution Date;

 

(xvii)      the current Controlling Class;

 

(xviii)     the number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)       a loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment
occurring;

 

    -325-

     

    

(xx)        a loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of
the first Distribution Date, as of the Cut-off Date);

 

(xxi)       all deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

(xxii)      in the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Section 4.01(a),
Section 4.01(c), Section 4.01(d) and Section 4.01(g);

 

(xxiii)     the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates or the RR Interest
Owner in reimbursement of previously allocated Realized Losses;

 

(xxiv)     the aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination
Date, with respect to the pool of Mortgage Loans;

 

(xxv)      with respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in
the case of the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment
in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection
with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates) and (C) the
amount of any Realized Loss allocated to the Principal Balance Certificates or VRR Interest in connection with such Liquidation
Event;

 

(xxvi)     with respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein)
included in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments
or recoveries with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the
loan number of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection
with that determination (separately identifying the portion thereof allocable to distributions on the Certificates) and (C) the
amount of any Realized Loss allocated to the Principal Balance Certificates or VRR Interest in respect of the related REO Loan
in connection with that determination;

 

(xxvii)    the aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)   [RESERVED];

 

(xxix)     the then-current credit support levels for each Class of Certificates;

 

    -326-

     

    

(xxx)      the aggregate amount of Prepayment Premiums and Yield Maintenance Charges on the Mortgage Loans (each separately identified)
collected since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxi)     a loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

(xxxii)    a loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan
by the applicable Mortgage Loan Seller;

 

(xxxiii)   an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates,
which information will be provided to the Certificate Administrator by the Master Servicer; and

 

(xxxiv)   the amount of any Excess Interest actually received.

 

In the case of information
furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii), (xxiv),
(xxv) and (xxxiv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates
of each applicable Class and per Definitive Certificate.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website or filing such information pursuant to this Agreement,
including, but not limited to, filing via the EDGAR system, unless the Certificate Administrator has an explicit obligation to
review or prepare such information.

 

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 or the RR Interest Owner, a statement containing the information set forth in clauses (i)
and (x) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which person
was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable, or
that a Certificateholder, Certificate Owner or RR Interest Owner reasonably requests, to enable Certificateholders and the RR Interest
Owner to prepare their tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to
have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator
pursuant to any requirements of the Code as from time to time are in force.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b), the
Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such
period in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate
Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report Summary from
the Asset Representations Reviewer.

 

(b)         [RESERVED].

 

    -327-

     

    

(c)         Each of the Master Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media,
bulletin board service or Internet website (in addition to making information available as provided herein) any reports or other
information the Master Servicer or the Special Servicer, as applicable, is required or permitted to provide to any party to this
Agreement, the Rating Agencies or any Certificateholder or the RR Interest Owner or any prospective Certificateholder or prospective
RR Interest Owner that has provided the Master Servicer or the Special Servicer, as applicable, with an Investor Certification
or has executed a “click-through” confidentiality agreement in accordance with Section 3.13 (which may be a
licensed or registered investment advisor) to the extent such action does not conflict with the terms of this Agreement (including
without limitation, any requirements to keep Privileged Information confidential), the terms of the Mortgage Loans or applicable
law. Notwithstanding this paragraph, the availability of such information or reports on the Internet or similar electronic media
shall not be deemed to satisfy any specific delivery requirements in this Agreement except as set forth herein. In connection with
providing access to the Master Servicer’s Internet website or Special Servicer’s Internet website, the Master Servicer
or the Special Servicer, as applicable, shall take reasonable measures to ensure that only such parties listed above may access
such information including, without limitation, requiring registration, a confidentiality agreement and acceptance of a disclaimer.
Neither the Master Servicer nor the Special Servicer, as the case may be, shall be liable for dissemination of this information
in accordance with this Agreement, and neither the Master Servicer nor the Special Servicer shall be responsible for any information
delivered, produced, or made available pursuant to Section 3.13 and Section 4.02(a), other than information produced
by the Master Servicer or the Special Servicer, as applicable; provided that such information otherwise meets the requirements
set forth herein with respect to the form and substance of such information or reports. The Master Servicer shall be entitled to
attach to any report provided pursuant to this subsection, any reasonable disclaimer with respect to information provided, or any
assumptions required to be made by such report.

 

The Special Servicer
shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the Master Servicer with
such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary for the Master
Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate Administrator.
None of the Certificate Administrator, the Trustee or the Depositor shall have any obligation to recompute, verify or recalculate
the information provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge that any report
or file received from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon
in calculating and making distributions to Certificateholders and the RR Interest Owner in accordance with Section 4.01,
preparing the Distribution Date Statement required by Section 4.02(a) and allocating Non-VRR Realized Losses to the Non-VRR
Certificates in accordance with Section 4.04 and VRR Realized Losses to the VRR Interest in accordance with Section 4.04.

 

Notwithstanding the foregoing,
the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be disclosed pursuant
to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c) or of Section
4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief
of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage
Loan document prohibiting disclosure of

    -328-

     

    

 information with respect to the Mortgage Loans or the Mortgaged Properties. The Master
Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party hereto).

 

(d)         Upon the written request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of
a Certificate that is a Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate
as such and, in any case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as
reasonably practicable, at the expense of the requesting party, the Certificate Administrator shall make available to the requesting
party such information that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate
Administrator as is requested by such Person, for purposes of satisfying applicable reporting requirements under Rule 144A
under the Securities Act. Neither the Certificate Registrar, nor the Certificate Administrator shall have any responsibility for
the sufficiency under Rule 144A or any other securities laws of any available information so furnished to any Person including
any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of any information so furnished
which was prepared or delivered to them by another.

 

(e)         The information to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder
by the parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except
as specifically provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)          Upon the reasonable request of the Directing Certificateholder or any Controlling Class Certificateholder that, in either
case, is an Excluded Controlling Class Holder with respect to any Excluded Loan identified to the Master Servicer’s (in the
case of a Non-Specially Serviced Loan) or the Special Servicer’s (in the case of a Specially Serviced Loan) reasonable satisfaction
(at the expense of the Directing Certificateholder or such Controlling Class Certificateholder) and if such information is in the
Master Servicer’s or the Special Servicer’s possession, as applicable, the Master Servicer or the Special Servicer,
shall provide or make available (or forward electronically) to the Directing Certificateholder or such Controlling Class Certificateholder,
as applicable, (at the expense of the Directing Certificateholder or such Controlling Class Certificateholder, as applicable) any
Excluded Information (available to Privileged Persons through the Certificate Administrator’s Website but not accessible
to the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, through the Certificate Administrator’s
Website because the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, is an Excluded Controlling
Class Holder with respect to another Excluded Loan) relating to any Excluded Loan with respect to which the Directing Certificateholder
or such Controlling Class Certificateholder, as applicable, is not a Borrower Party; provided that, in connection therewith,
the Master Servicer or the Special Servicer may require a written confirmation executed by the requesting Person substantially
in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, generally to the effect that such
Person is the Directing Certificateholder or a Controlling Class Certificateholder, will keep such Excluded Information confidential
and is not a Borrower Party, upon which the Master Servicer or the Special Servicer may conclusively rely. In addition, the Master
Servicer and the

    -329-

     

    

 Special Servicer shall be entitled to conclusively rely on delivery from the Directing Certificateholder or a
Controlling Class Certificateholder, as applicable, of an Investor Certification substantially in the form of Exhibit P-1B
that such Directing Certificateholder or Controlling Class Certificateholder is not an Excluded Controlling Class Holder with respect
to a particular Mortgage Loan. For the avoidance of doubt, the Special Servicer referenced in this Section 4.02(f) shall
include any applicable Excluded Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

(g)         [RESERVED].

 

Section 4.03       
P&I Advances. (a) On or before 4:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer
shall (i) remit to the Certificate Administrator for deposit from its own funds into the Lower-Tier REMIC Distribution Account,
an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply
amounts held in the Collection Account, for future distribution to Certificateholders in subsequent months in discharge of any
such obligation to make such P&I Advances or (iii) make such P&I Advances in the form of any combination of (i) and
(ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future distribution
and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the
Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance Date (to the extent not previously
replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances
were made). The Master Servicer shall notify the Certificate Administrator of (i) the aggregate amount of P&I Advances
to be made by the Master Servicer for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such
Distribution Date, on or before two (2) Business Days prior to such Distribution Date. If the Master Servicer fails to make
a required P&I Advance by 4:00 p.m., New York City time, on any P&I Advance Date, the Trustee shall make such P&I Advance
pursuant to Section 7.05 by noon, New York City time, on the related Distribution Date, unless the Master Servicer shall
have cured such failure (and provided written notice of such cure to the Trustee and the Certificate Administrator) by 11:00 a.m.,
New York City time, on such Distribution Date. In the event that the Master Servicer fails to make a required P&I Advance hereunder,
the Certificate Administrator shall notify the Trustee of such circumstances by 4:30 p.m., New York City time, on the related P&I
Advance Date. Notwithstanding the foregoing, the portion of any P&I Advance equal to the CREFC® Intellectual
Property Royalty License Fee shall not be remitted to the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution
Account but shall be deposited into the Collection Account for payment to CREFC® on such Distribution Date.

 

If the Master Servicer
or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Serviced Whole Loan, then it shall provide
to the related other master servicer and Other Trustee under the Other Pooling and Servicing Agreement written notice of the amount
of such P&I Advance with respect to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

 

If the Master Servicer
or the Trustee makes a P&I Advance with respect to a Non-Serviced Mortgage Loan, then it shall provide to the related Non-Serviced
Master Servicer

    -330-

     

    

 and Non-Serviced Trustee written notice of the amount of such P&I Advance within two (2) Business Days
of making such P&I Advance.

 

(b)         Subject to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the Master
Servicer with respect to any Distribution Date, and each Mortgage Loan, shall be equal to: (i) the Periodic Payments (net
of related Servicing Fees and, in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Non-Serviced Primary
Servicing Fee Rate) other than Balloon Payments, that were due on such Mortgage Loan (including any Non-Serviced Mortgage Loan)
and any related REO Loan (other than any portion of an REO Loan related to a Companion Loan) during the related Collection Period
and were not received as of the close of business on the Business Day preceding the related P&I Advance Date (or not advanced
by any Sub-Servicer on behalf of the Master Servicer) and (ii) with respect to each such Mortgage Loan delinquent in respect
of its Balloon Payment as of the P&I Advance Date (including any REO Loan (other than any portion of an REO Loan related to
a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment
therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances is mandatory,
and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO
Loan related to a Companion Loan), shall continue until the Distribution Date on which the proceeds, if any, received in connection
with a Liquidation Event or the disposition of the REO Property, as the case may be, with respect thereto are to be distributed.
No P&I Advances shall be made with respect to any Companion Loan.

 

(c)         Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I
Advance would, if made, constitute a Nonrecoverable P&I Advance. With respect to each Serviced Mortgage Loan, the Master Servicer,
the Special Servicer or the Trustee shall make its determination that a P&I Advance that has been made on such Serviced Mortgage
Loan is a Nonrecoverable Advance or that any proposed P&I Advance would, if made, constitute a Nonrecoverable Advance with
respect to such Serviced Mortgage Loan independently of any determination made by the applicable Other Servicer or Other Trustee,
as the case may be, under the applicable Other Pooling and Servicing Agreement in respect of the related Serviced Companion Loan.
If the Master Servicer, the Special Servicer or the Trustee determines that a proposed P&I Advance with respect to a Serviced
Mortgage Loan, if made, or any outstanding P&I Advance with respect to a Serviced Mortgage Loan previously made, would be,
or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall
provide the applicable Other Servicer written notice of such determination within two (2) Business Days of the date of such
determination. If the Master Servicer receives written notice from the related Other Servicer, as the case may be, that an Other
Servicer or the Other Trustee has determined, in accordance with the applicable Other Pooling and Servicing Agreement with respect
to a Serviced Companion Loan, that any proposed advance under the applicable Other Pooling and Servicing Agreement that is similar
to a P&I Advance would be, or any outstanding advance under such Other Pooling and Servicing Agreement that is similar to a
P&I Advance is, a nonrecoverable advance, then the Master Servicer, the Special Servicer or the Trustee may, based upon such
determination, determine that any P&I Advance previously made or proposed to be made with respect to the related Serviced Mortgage
Loan will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer and the Trustee shall not be required
to make any additional P&I Advances with respect to the related Serviced 

    -331-

     

    

Mortgage Loan unless and until the Master Servicer
or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related Serviced Mortgage
Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result of consultation with the related Other
Servicer, as the case may be, or otherwise. For the avoidance of doubt, the Master Servicer, the Special Servicer or the Trustee,
as the case may be, shall have the sole discretion provided in this Agreement to determine that any future P&I Advance or outstanding
P&I Advance would be, or is, as applicable, a Nonrecoverable Advance.

 

With respect to each
Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer or the Trustee shall make its determination (based on information
provided by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer) that a P&I Advance that has been
made on such Non-Serviced Mortgage Loan is a Nonrecoverable Advance or that any proposed P&I Advance would, if made, constitute
a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently of any determination made by the applicable
Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer or the Non-Serviced Trustee, as the case may be, under
the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the Master Servicer, the Special Servicer
or the Trustee determines that a proposed P&I Advance with respect to a Non-Serviced Mortgage Loan, if made, or any outstanding
P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall provide the applicable Non-Serviced Master
Servicer and Non-Serviced Special Servicer written notice of such determination within two (2) Business Days of the date of
such determination. If the Master Servicer receives written notice from the related Non-Serviced Master Servicer or the related
Non-Serviced Special Servicer, as the case may be, that either has determined, or the Non-Serviced Trustee has determined, in accordance
with the applicable Non-Serviced PSA with respect to a Non-Serviced Companion Loan, that any proposed advance under the applicable
Non-Serviced PSA that is similar to a P&I Advance would be, or any outstanding advance under such Non-Serviced PSA that is
similar to a P&I Advance is, a nonrecoverable advance, then the Master Servicer, the Special Servicer or the Trustee may, based
upon such determination, determine that any P&I Advance previously made or proposed to be made with respect to the related
Non-Serviced Mortgage Loan will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer and the Trustee
shall not be required to make any additional P&I Advances with respect to the related Non-Serviced Mortgage Loan unless and
until the Master Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances with respect
to the related Non-Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result
of consultation with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be,
or otherwise. For the avoidance of doubt, the Master Servicer, the Special Servicer or the Trustee, as the case may be, shall have
the sole discretion provided in this Agreement to determine that any future P&I Advance or outstanding P&I Advance would
be, or is, as applicable, a Nonrecoverable Advance.

 

(d)         In connection with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a),
the Master Servicer shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any
amounts then on deposit in the Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder
(unless related thereto), except to the extent permitted pursuant to the terms of the related

    -332-

     

    

 Intercreditor Agreement), interest
at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but
not including the date of reimbursement; provided, however, that no interest will accrue on any P&I Advance (i) if
the related Periodic Payment is received on or before the related Due Date has passed and any applicable Grace Period has expired
or (ii) if the related Periodic Payment is received after the Determination Date but on or prior to the related P&I Advance
Date. The Master Servicer shall reimburse itself and/or the Trustee, as the case may be, for any outstanding P&I Advance, subject
to Section 3.17 of this Agreement, as soon as practicably possible after funds available for such purpose are deposited
in the Collection Account. For the avoidance of doubt, the Master Servicer shall make P&I Advances on the basis of the original
terms of any Mortgage Loan, including Mortgage Loans subject to forbearance agreements or other temporary deferrals or payment
accommodations, unless (a) the terms of the Mortgage Loan have been permanently modified to change or forgive a monetary obligation
or (b) such advance has been determined to be non-recoverable.

 

(e)          Notwithstanding the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess Interest,
Yield Maintenance Charges, Default Interest, late payment charges, Prepayment Premiums, or Balloon Payments or make any P&I
Advance with respect to any Companion Loan and (ii) if an Appraisal Reduction Amount has been determined with respect to any
Mortgage Loan (or, in the case of a Non-Serviced Whole Loan, an “appraisal reduction amount” has been made in accordance
with the related Non-Serviced PSA and the Master Servicer has notice of such appraisal reduction amount) then in the event of subsequent
delinquencies thereon, the interest portion of the P&I Advance in respect of such Mortgage Loan for the related Distribution
Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance)
to equal the product of (x) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution
Date without regard to this Section 4.03(e), and (y) a fraction, expressed as a percentage, the numerator of which
is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related
Appraisal Reduction Amount (or, in the case of a Serviced Whole Loan, the portion of such Appraisal Reduction Amount allocated
to the related Mortgage Loan), if any, and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan
immediately prior to such Distribution Date. For purposes of the immediately preceding sentence, the Periodic Payment due on the
Maturity Date for a Balloon Mortgage Loan will be the Assumed Scheduled Payment for the related Distribution Date.

 

(f)          In no event shall either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion
Loan.

 

Section 4.04       
Allocation of Realized Losses. (a) On each Distribution Date, immediately following the distributions to be
made on such date pursuant to Section 4.01, the Certificate Administrator shall calculate the Non-VRR Realized Loss and
the VRR Realized Loss for such Distribution Date. Any allocation of Non-VRR Realized Losses to a Class of Regular Certificates
shall be made by reducing the Certificate Balance thereof by the amount allocated pursuant to Section 4.04(b). Any Non-VRR
Realized Losses so allocated to a Class of Regular Certificates shall be allocated among the respective Certificates of such Class
in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an allocation of
losses and other shortfalls experienced by the Trust. Reimbursement of previously 

    -333-

     

    

allocated Non-VRR Realized Losses or VRR Realized
Losses shall not constitute distributions of principal for any purpose and shall not result in an additional reduction in the Certificate
Balance of the Class of Certificates in respect of which any such reimbursement is made. With respect to any Class of Principal
Balance Certificates or the VRR Interest, to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed
from principal collections on the Mortgage Loans (including REO Loans) and previously resulted in a reduction of the Aggregate
Principal Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution
Date related to the Collection Period during which the recovery occurred): (i) the VRR Percentage of the amount of such recovery
shall be added to the VRR Interest Balance of the VRR Interest, up to the lesser of (A) the VRR Percentage of the amount of such
recovery and (B) the amount of unreimbursed VRR Realized Loss previously allocated to the VRR Interest; (ii) the Non-VRR Percentage
of the amount of such recovery shall be added to the Certificate Balance(s) of the Class or Classes of Principal Balance Certificates
that previously were allocated Non-VRR Realized Losses in sequential order according to the priority of payments for the Principal
Balance Certificates (and in the case of the Principal Balance Certificates that are Senior Certificates, on a pro rata basis
according to the amount of unreimbursed Realized Losses on such Classes), in each case up to the lesser of (A) the unallocated
portion of the Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed Realized Losses previously
allocated to the subject class of certificates; and (iii) the Interest Shortfall with respect to each affected class of Non-VRR
Certificates for the next Distribution Date shall be increased by the amount of interest that would have accrued through the then
current Distribution Date if the restored write-down for the reimbursed class of Principal Balance Certificates had never been
written down (and correspondingly the VRR Interest Distribution Amount shall increase as a result of such increase). If the Certificate
Balance or VRR Interest Balance of any Class of Principal Balance Certificates or the VRR Interest is so increased, the amount
of unreimbursed Non-VRR Realized Losses or VRR Realized Losses, as applicable, of such Class of Principal Balance Certificates
shall be decreased by such amount.

 

(b)         On each Distribution Date, the Certificate Balances of the Principal Balance Certificates will be reduced without distribution,
as a write-off to the extent of any Non-VRR Realized Losses, if any, allocable to such Certificates with respect to such Distribution
Date. Any such write-off shall be allocated first, to the Class H-RR Certificates, second, to the Class G-RR Certificates,
third, to the Class F Certificates, fourth, to the Class E Certificates, fifth, to the Class D Certificates,
sixth, to the Class C Certificates, seventh, to the Class B Certificates, eighth, to the Class A-S Certificates
and then, pro rata (based on their respective Certificate Balances), to the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5 and Class A-SB Certificates, in each case until the remaining Certificate Balances of such Classes of Certificates
have been reduced to zero.

 

(c)         With respect to any Distribution Date, any Non-VRR Realized Losses allocated to a Class of Principal Balance Certificates
pursuant to Section 4.04(a) or Section 4.04(b), with respect to such Distribution Date shall reduce the Lower-Tier
Principal Amount of the Related Lower-Tier Regular Interest with respect thereto as a write-off.

 

On each Distribution
Date, any VRR Realized Loss for such Distribution Date shall be allocated to the VRR Upper-Tier Regular Interests, pro rata
based on their respective VRR Interest Balances; and, in connection therewith, the VRR Interest Balance of the respective VRR 

    -334-

     

    

Upper-Tier
Regular Interests shall be reduced without distribution, as a write-off, to the extent of such VRR Realized Loss.

 

Section 4.05       
Appraisal Reduction Amounts; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Controlling
Class (and whether a Control Termination Event or an Operating Advisor Consultation Event has occurred and is continuing) and (y) determining
the Voting Rights of the related Classes for purposes of removal of the Special Servicer or the Operating Advisor, the VRR Percentage
of Cumulative Appraisal Reduction Amounts (with respect to a Serviced Whole Loan, to the extent allocated to the related Mortgage
Loan) shall be allocated to the VRR Interest to notionally reduce (to not less than zero) the VRR Interest Balance thereof, and
the Non-VRR Percentage of any Cumulative Appraisal Reduction Amounts shall be allocated to each Class of Principal Balance Certificates
in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class
is reduced to zero (i.e., first, to the Class H-RR Certificates, second, to the Class G-RR Certificates, third,
to the Class F Certificates, fourth, to the Class E Certificates, fifth, to the Class D Certificates, sixth,
to the Class C Certificates, seventh, to the Class B Certificates, eighth, to the Class A-S Certificates, and finally,
pro rata based on their respective interest entitlements, to the Senior Certificates (other than the Class X-A, Class X-B,
Class X-D and Class X-F Certificates)).

 

Appraisal Reduction Amounts
and Cumulative Appraisal Reduction Amounts allocated to a related Mortgage Loan shall be allocated between the VRR Interest on
the one hand and the Non-VRR Certificates, on the other hand, based on the VRR Percentage and the Non-VRR Percentage, respectively.

 

As of the first Determination
Date after a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becomes an AB Modified Loan, the Special Servicer shall calculate
whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal
obtained by the Special Servicer with respect to such Mortgage Loan, and all other information in its possession relevant to a
Collateral Deficiency Amount determination. Upon obtaining knowledge or receipt of notice by the Special Servicer that a Non-Serviced
Mortgage Loan has become an AB Modified Loan, the Special Servicer shall (i) promptly request from the related Non-Serviced Master
Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee the most recent appraisal with respect to such AB Modified Loan,
in addition to all other information reasonably required by the Special Servicer to calculate whether a Collateral Deficiency Amount
exists with respect to such AB Modified Loan, and (ii) as of the first Determination Date following receipt by the Special
Servicer of the appraisal and any other information set forth in the immediately preceding clause (i) that the Special Servicer
reasonably expects to receive, calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking
into account the most recent appraisal obtained by the Non-Serviced Special Servicer with respect to such Non-Serviced Mortgage
Loan, and all other information in its possession relevant to a Collateral Deficiency Amount determination. Upon obtaining actual
knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage Loan has become an AB Modified
Loan, such party shall promptly notify the Special Servicer thereof. None of the Master Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.

 

    -335-

     

    

With respect to any Appraisal
Reduction Amount or Collateral Deficiency Amount, as applicable, calculated for purposes of determining (i) the Voting Rights of
the related Classes for purposes of removal of the Special Servicer or the Operating Advisor or (ii)  the Controlling Class
or the occurrence and continuance of a Control Termination Event or an Operating Advisor Consultation Event, the appraised value
of the related Mortgaged Property shall be determined on an “as is” basis.

 

The Special Servicer
(in the case of a Mortgage Loan other than a Non-Serviced Mortgage Loan) or the Master Servicer (in the case of a Non-Serviced
Mortgage Loan), shall notify the Master Servicer or the Special Servicer, as the case may be (and the Master Servicer shall notify
the Certificate Administrator), of the amount of any Appraisal Reduction Amount (which notification from the Master Servicer to
the Certificate Administrator shall be made by delivery of the CREFC® Loan Periodic Update File in accordance with
Section 3.12(d)), any Collateral Deficiency Amount and (except in the case of the Master Servicer) any resulting Cumulative
Appraisal Reduction Amount with respect to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan, if any (which notification
shall be satisfied through delivery of such Appraisal Reduction Amount, Collateral Deficiency Amount and Cumulative Appraisal Reduction
Amount as included in the CREFC® Appraisal Reduction Template included in the CREFC® Investor Reporting
Package or such other report or reports mutually agreed upon between the Master Servicer and the Certificate Administrator, which
shall be delivered by the Master Servicer simultaneously with the CREFC® Loan Periodic Update File in accordance
with Section 3.12(d)) and the Certificate Administrator shall promptly post notice of such Appraisal Reduction Amount, Collateral
Deficiency Amount and/or Cumulative Appraisal Reduction Amount, as applicable, to the Certificate Administrator’s Website.
Based on information in its possession, the Certificate Administrator shall determine from time to time which Class of Certificates
is the Controlling Class. Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall
notify the Master Servicer, the Special Servicer and the Operating Advisor of such event, including the identity and contact information
of the new Controlling Class Certificateholder and the identity of the Controlling Class as set forth in Section 3.23(m)
(the cost of obtaining such information from the Depository being an expense of the Trust).

 

(b)         (i) The Holders of the majority of Voting Rights of any Class of Control Eligible Certificates that is determined at
any time of determination to no longer be the Controlling Class because it has been reduced to less than 25% of its initial Certificate
Balance (any such Class, an “Appraised-Out Class”) as a result of an Appraisal Reduction Amount or Collateral
Deficiency Amount (as applicable) in respect of such Class shall have the right and, with respect to a Serviced Whole Loan, the
Other Servicers shall have the right upon the request of similarly situated holders of certificates in the related Other Securitization,
at their sole expense, to require the Special Servicer to order (or, with respect to a Non-Serviced Mortgage Loan, require the
Master Servicer to request from the applicable Non-Serviced Special Servicer) a second Appraisal with respect to any Mortgage Loan
(or Serviced Whole Loan) for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency
Amount (such Holders, the “Requesting Holders”). With respect to any such Mortgage Loan (other than with respect
to a Non-Serviced Mortgage Loan), the Special Servicer shall use commercially reasonable efforts to cause such second Appraisal
to be (A) delivered within thirty (30) days from receipt of the Requesting Holders’ written request and (B) prepared
on an “as-is” basis by an MAI appraiser (provided that such MAI appraiser may not be the same MAI appraiser
that provided the Appraisal

    -336-

     

    

 in respect of which the Requesting Holders are requesting the Special Servicer to obtain an additional
Appraisal). With respect to any such Non-Serviced Mortgage Loan, the Master Servicer shall use commercially reasonable efforts
to obtain such second appraisal from the applicable Non-Serviced Special Servicer and to forward such second appraisal to the Special
Servicer.

 

(ii)         Upon receipt of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine,
in accordance with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of
the Appraisal Reduction Amount or Collateral Deficiency Amount (as applicable) is warranted, and if so warranted, the Special Servicer
shall recalculate the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based on such supplemental Appraisal
and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out Class shall be
reinstated as the Controlling Class and each other Appraised-Out Class shall, if applicable, have its related Certificate
Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount or Collateral Deficiency
Amount, as applicable. The Holders of an Appraised-Out Class requesting any supplemental Appraisal pursuant to clause (i)
above shall refrain from exercising any direction, control, consent and/or similar rights of the Controlling Class until such
time, if any, as the Class is reinstated as the Controlling Class (such period beginning upon receipt by the Special
Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i) above to but excluding the date on
which either (A) the Special Servicer determines that no recalculation of the Appraisal Reduction Amount or Collateral Deficiency
Amount is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount or Collateral Deficiency Amount,
as applicable, based on the supplemental Appraisal, the “Appraisal Review Period”). The rights of the Controlling
Class during each Appraisal Review Period shall be exercised by the next most senior Class of Control Eligible Certificates,
if any.

 

(c)         With respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), and each Serviced Whole Loan as to which an
Appraisal Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such
purposes taking into account any amendment or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole
Loan)), the Special Servicer shall (1) within thirty (30) days of the occurrence or of each anniversary of the related
Appraisal Reduction Event, and (2) upon its determination that the value of the related Mortgaged Property has materially
changed, notify the Master Servicer of the occurrence of such anniversary or determination and order an Appraisal (which may be
an update of a prior Appraisal), the cost of which shall be paid by the Master Servicer as a Servicing Advance or to the extent
it would be a Nonrecoverable Advance, an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following
receipt of any such Appraisal or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section
4.05(b) above), shall deliver a copy thereof to the Master Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor and ((i) prior to the occurrence and continuance of any Consultation Termination Event and (ii) other than with
respect to any Excluded Loan) the Directing Certificateholder. Based upon such Appraisal or internal valuation (or any Appraisal
obtained in accordance with Section 4.05(b) above) and receipt of information reasonably requested by the Special Servicer
from the Master Servicer that is in the possession of the Master Servicer and reasonably necessary to calculate the Appraisal Reduction

    -337-

     

    

Amount or Collateral Deficiency Amount, the Special Servicer shall determine or redetermine and calculate or recalculate, as applicable,
and report to the Master Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior to the
occurrence and continuance of any Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the
Directing Certificateholder, the amount and calculation or recalculation of the Appraisal Reduction Amount or Collateral Deficiency
Amount with respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable, and such report shall be delivered
in the CREFC® Appraisal Reduction Template format; provided, however, that the Special Servicer shall
not be liable for failure to comply with such duties insofar as such failure results from a failure of the Master Servicer to provide
sufficient information to the Special Servicer to comply with such duties or failure by the Master Servicer to otherwise comply
with its obligations hereunder. Following the Master Servicer’s receipt from the Special Servicer of the calculation of the
Appraisal Reduction Amounts, the Master Servicer shall provide such information to the Certificate Administrator in the form of
the CREFC® Loan Periodic Update File and the CREFC® Appraisal Reduction Template provided to it by
the Special Servicer or such other report or reports mutually agreed upon between the Master Servicer and the Certificate Administrator.
Such report shall also be forwarded by the Special Servicer to the extent the related Serviced Companion Loan has been included
in an Other Securitization, to the Other Servicer of such Other Securitization into which the related Serviced Companion Loan has
been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer (or the Special Servicer if the related
Mortgage Loan is a Specially Serviced Loan). If the Special Servicer is required to redetermine the Appraisal Reduction Amount
or Collateral Deficiency Amount, such redetermined Appraisal Reduction Amount or Collateral Deficiency Amount shall replace the
prior Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, with respect to such Mortgage Loan, Companion
Loan or Serviced Whole Loan, as applicable. Prior to the occurrence and continuance of a Consultation Termination Event and other
than with respect to any Excluded Loan, the Special Servicer shall consult with the Directing Certificateholder with respect to
any Appraisal, valuation or downward adjustment in connection with an Appraisal Reduction Amount or Collateral Deficiency Amount.
Notwithstanding the foregoing but subject to Section 4.05(b), the Special Servicer will not be required to obtain an Appraisal
or conduct an internal valuation, as applicable, with respect to a Mortgage Loan or related Companion Loan or Serviced Whole Loan
as to which an Appraisal Reduction Event has occurred to the extent the Special Servicer has obtained an Appraisal or conducted
such a valuation (in accordance with requirements of this Agreement), as applicable, with respect to the related Mortgaged Property
within the twelve-month period immediately prior to the occurrence of such Appraisal Reduction Event. Instead, the Special Servicer
may use such prior Appraisal or valuation, as applicable, in calculating any Appraisal Reduction Amount or Collateral Deficiency
Amount with respect to such Mortgage Loan or related Companion Loan or Serviced Whole Loan; provided that the Special Servicer
is not aware of any material change to the related Mortgaged Property having occurred and affecting the validity of such Appraisal
or valuation.

 

The Master Servicer shall
deliver by electronic mail to the Special Servicer any information in its possession that is reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver such information, within
four (4) Business Days following the Special Servicer’s reasonable request therefor; provided that the Special
Servicer’s failure to timely make such request shall not relieve the Master Servicer of its obligation to use reasonable
efforts to provide such information to the Special 

    -338-

     

    

Servicer within four (4) Business Days following the Special Servicer’s
reasonable request. The Master Servicer shall not calculate Appraisal Reduction Amounts.

 

(d)         Any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole
Loan previously subject to an Appraisal Reduction Amount, which has become a Corrected Loan (for such purposes taking into account
any amendment or modification of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable),
and with respect to which no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal
Reduction Amount. Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable
party under and in accordance with and pursuant to the terms of the applicable Non-Serviced PSA.

 

(e)         Each Serviced Whole Loan will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount
with respect to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount
in respect of a Serviced AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation
is specified in the related Intercreditor Agreement, then, first, to the related AB Subordinate Companion Loan (until its
principal balance is notionally reduced to zero by such Appraisal Reduction Amounts) and second, pro rata between
the related Serviced AB Mortgage Loan and any Serviced Pari Passu Companion Loans. Any Appraisal Reduction Amount that would impact
any Serviced Pari Passu Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation
is specified in the related Intercreditor Agreement, then, pro rata, between the related Serviced Pari Passu Mortgage Loan
and the related Serviced Pari Passu Companion Loan, based upon their respective outstanding principal balances.

 

Section 4.06       
Grantor Trust Reporting. (a)  The parties intend that the portions of the Trust Fund constituting the Grantor
Trust, shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as, a “grantor
trust” under subpart E, part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently with
this intention. In furtherance of such intention, neither the Trustee nor the Certificate Administrator shall have the power to
vary the investment of the Holders of the Class S Certificates and the VRR Interest in the Grantor Trust so as to improve their
rate of return. The Certificate Administrator shall prepare or cause to be prepared, submit to the Trustee for execution (and the
Trustee shall timely execute and timely return to the Certificate Administrator) and timely file all Tax Returns in respect of
the Grantor Trust. In addition, the Certificate Administrator shall (A) file, or cause to be filed, Internal Revenue Service Form
1041, Form 1099 or such other form as may be applicable with the Internal Revenue Service with copies of the statements in the
following clause and (B) furnish, or cause to be furnished, to the Holders of the Class S Certificates and the VRR Interest, the
Excess Interest and Excess Interest Distribution Account, in the time or times and in the manner required by the Code.

 

(b)        As of the Closing Date, 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. The Certificate Administrator is hereby directed 

    -339-

     

    

to assume
that DTC and Hare & Co. are the only “middleman” as defined by the WHFIT Regulations unless the Depositor provides
the Certificate Administrator with the identities of other “middlemen” as defined by the WHFIT Regulations that are
Certificateholders. The Certificate Administrator shall be entitled to indemnification in accordance with the terms of this Agreement
in the event that the Internal Revenue Service makes a determination that the first sentence of this paragraph is incorrect.

 

(c)         The Certificate Administrator shall report required WHFIT information using the accrual method, except to the extent the
WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under no obligation to determine
whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available (via its website)
WHFIT information to Certificateholders annually. In addition, the Certificate Administrator shall not be responsible or liable
for providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(d)         The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided
to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate
Administrator. Each Holder of a Class S Certificate or a portion of the VRR Interest, by acceptance of its interest in such Class
of Certificates, will be deemed to have agreed to provide the Certificate Administrator with information regarding any sale of
such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding any sale of
a Class S Certificate and the VRR Interest, including the price, amount of proceeds and date of sale from the beneficial owner
thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(e)         To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on
an appropriate website the CUSIP for the Class S and Class RR Certificates. The CUSIP so published will represent the Rule 144A
CUSIP. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the extent
such CUSIP has been received. Absent the receipt of such CUSIP, the Certificate Administrator shall use a reasonable identifier
number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the
receipt of inaccurate or untimely CUSIP information.

 

Section 4.07       
Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool. (a)  The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders,
the RR Interest Owner and beneficial owners of Certificates that are Privileged Persons may submit questions to (A) the Certificate
Administrator relating to the Distribution Date Statement, (B) the Master Servicer or the Special Servicer, as the case may
be, relating to the reports being made available pursuant to Section 3.13(b) and Section 3.13(e), the Mortgage Loans
(excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties or (C) the Operating Advisor relating to the
Operating Advisor Annual Report or other reports prepared by the Operating Advisor or actions by the Special Servicer referenced
in any Operating Advisor Annual Report (each an “Inquiry” 

    -340-

     

    

and collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers
thereto. Upon receipt of an Inquiry for the Master Servicer, the Special Servicer, Certificate Administrator or the Operating Advisor,
as applicable, and in the case of any Inquiry relating to a Non-Serviced Mortgage Loan, to the related Non-Serviced Master Servicer
or related Non-Serviced Special Servicer, as applicable, the Certificate Administrator shall forward the Inquiry to the appropriate
Person, in each case within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry,
the Master Servicer, the Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, unless such party
determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall be delivered to the Certificate Administrator by electronic mail. In the
case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain
an answer from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable; provided
that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such
answer. The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or receipt
of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the
Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole
discretion, that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry would
not be in the best interests of the Trust and/or the Certificateholders and/or the RR Interest Owner, (iii) answering any
Inquiry would be in violation of applicable law, the applicable Mortgage Loan documents or this Agreement, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Master Servicer,
the Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, (v) answering any Inquiry would
require the disclosure of Privileged Information (subject to the Privileged Information Exception), (vi) that answering the Inquiry
would or is reasonably expected to result in a waiver of an attorney-client privilege or disclosure of attorney work product or
(vii) answering any Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry and,
in the case of the Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator
of such determination. In addition, no party shall post or otherwise disclose any direct communications with the Directing Certificateholder
or a Risk Retention Consultation Party (in its capacity as Risk Retention Consultation Party) as part of its response to any Inquiries.
The Certificate Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered.
Any notice by the Certificate Administrator to the Person who submitted an Inquiry that will not be answered shall include the
following statement: “Because the Pooling and Servicing Agreement provides that the Master Servicer, the Special Servicer,
the Certificate Administrator and the Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion,
that (i) any Inquiry is beyond the scope of the topics described in the Pooling and Servicing Agreement, (ii) answering
any Inquiry would not be in the best interests of the Trust and/or the Certificateholders and the RR Interest Owner, (iii) answering
any Inquiry would be in violation of applicable law or the applicable Mortgage Loan documents, (iv) answering any Inquiry
would materially increase the duties of, or result in significant additional costs or expenses to the Trustee, the Master Servicer,
the Special Servicer, the Certificate Administrator or Operating Advisor, as applicable, (v) answering any Inquiry would 

    -341-

     

    

require
the disclosure of Privileged Information, or (vi) answering any Inquiry is otherwise, for any reason, not advisable, no inference
should or may be drawn from the fact that the Master Servicer, the Special Servicer, the Certificate Administrator or the Operating
Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum will be attributable only to the
respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters or any of their respective Affiliates.
None of the Underwriters, Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the
Operating Advisor or any of their respective Affiliates will certify to any of the information posted in the Investor Q&A Forum
and no such party shall have any responsibility or liability for the content of any such information. The Certificate Administrator
shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate
Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not
reflect questions, answers and other communications that are not submitted via the Certificate Administrator’s Website. Notwithstanding
the foregoing, the Operating Advisor shall not be required to respond to any Inquiries from Certificateholders or the RR Interest
Owner for which its response would require the Operating Advisor to provide information to such inquiring Certificateholders or
the RR Interest Owner that they are otherwise not entitled to receive under the terms of this Agreement.

 

(b)         The Certificate Administrator shall make available to any Certificateholder, the RR Interest Owner and any Certificate Owner
that is a Privileged Person, the Investor Registry. The “Investor Registry” shall be a voluntary service available
on the Certificate Administrator’s Website, where Certificateholders, the RR Interest Owner and Certificate Owners that are
Privileged Persons can register and thereafter obtain information with respect to any other Certificateholder, the RR Interest
Owner or Certificate Owner that has so registered. Any Person registering to use the Investor Registry shall certify that (a) it
is a Certificateholder, the RR Interest Owner or a Certificate Owner and a Privileged Person and (b) it grants authorization
to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least forty-five
(45) days from the date of such certification to Persons entitled to access to the Investor Registry. Such Person shall then
be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as
certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder, the RR Interest
Owner or Certificate Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which
notice may not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it
from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information submitted
on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator
may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)         The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request
Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5
Information Provider’s Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any
Distribution Date Statements, or submit questions to the Master Servicer or the Special Servicer, as the case may be, relating
to the reports prepared by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view
Rating Agency Inquiries that have been previously 

    -342-

     

    

submitted and answered, together with the responses thereto. In addition, NRSROs
may use the forum to submit requests (each such submission also, a “Rating Agency Inquiry”) to the Master Servicer
for loan-level reports and other related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special
Servicer, the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate Person, in each case within
a commercially reasonable period of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5
Information Provider, the Master Servicer or the Special Servicer, as the case may be, unless it determines not to answer such
Rating Agency Inquiry as provided below, shall reply by email to the Certificate Administrator. The 17g-5 Information Provider
shall post (within a commercially reasonable period of time following receipt of such response) such Rating Agency Inquiry with
the related response thereto (or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. Any
reports posted by the 17g-5 Information Provider in response to an inquiry may be posted on a separate website or web page accessible
by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Master Servicer or the Special
Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency Inquiry would be in violation
of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan documents, (ii) answering any Rating Agency
Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege with, or the disclosure of attorney
work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the duties of, or result in
significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable,
and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, determines in accordance
with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance of such duties
or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Master
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency Inquiry
and shall promptly notify the 17g-5 Information Provider by email of such determination. The 17g-5 Information Provider shall promptly
thereafter post the Rating Agency Inquiry with the reason it was not answered to the Rating Agency Q&A Forum and Document Request
Tool. The 17g-5 Information Provider will not be liable for the failure by any other such Person to so answer. Questions posted
on the Rating Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting NRSRO. Answers posted on
the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed
to be answers from any other person. None of the Underwriters, the Depositor, or any of their respective Affiliates will certify
to any of the information posted in the Rating Agency Q&A Forum and Document Request Tool and no such party shall have any
responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post
to the 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information Provider
determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request
Tool will not reflect questions, answers and other communications that are not submitted via the 17g-5 Information Provider’s
Website.

 

Section 4.08       
Secure Data Room. (a)  The Certificate Administrator shall create a Secure Data Room and the Depositor
shall, upon the receipt of each Mortgage Loan Seller’s Diligence File Certification and within 120 days following the
Closing Date, deliver to the Certificate Administrator an electronic copy of the Diligence Files for the Mortgage Loans that have
been uploaded by the Mortgage Loan Sellers to the Designated Site. Upon receipt thereof,

    -343-

     

    

 the Certificate Administrator shall promptly
upload the contents of each Diligence File actually received by it to the Secure Data Room. Access to the Secure Data Room shall
be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the
direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate
Administrator of a certification substantially in the form of Exhibit RR hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders
be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation
to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered
to it by the Depositor.

 

(b)         The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates
to the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure
Data Room. In the event that any document or information is posted in error, the Certificate Administrator may remove such document
or information from the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic
copies of any document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not
be responsible or held liable for any other Person’s use or dissemination of the documents or information contained on the
Secure Data Room; provided that such event or occurrence is not also a result of its own negligence, bad faith or willful
misconduct. The Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis
and any Person with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties
and responsibilities under this Agreement.

 

(c)         Upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator
shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor
or the Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part
of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the Certificate
Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased
or otherwise removed from the Trust, the Special Servicer may direct the Certificate Administrator in writing to delete the Diligence
File related to such Mortgage Loan from the Secure Data Room; provided that absent such direction, the Certificate Administrator
shall not be obligated to delete any Diligence File from the Secure Data Room. Following the termination of the Trust pursuant
to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure Data Room. Upon 

    -344-

     

    

deletion,
in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

[End of Article IV]

 

ARTICLE
V

THE CERTIFICATES

 

Section 5.01       
The Certificates. (a)  The Certificates will be substantially in the respective forms annexed hereto as
Exhibits A-1 through and including A-4, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary,
appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith,
be determined by the officers executing such Certificates, as evidenced by their execution thereof. The Class X-A and Class X-B
Certificates shall be issuable only in minimum Denominations of authorized initial Notional Amount of not less than $1,000,000
and in integral multiples of $1.00 in excess thereof. The Class X-D and Class X-F Certificates shall be issuable only in minimum
Denominations of authorized initial Notional Amount of not less than $100,000 and in integral multiples of $1.00 in excess thereof.
The Registered Certificates (other than the Class X-A and Class X-B Certificates) shall be issuable only in minimum Denominations
of authorized initial Certificate Balance of not less than $10,000, and in integral multiples of $1.00 in excess thereof. The Class
RR Certificates shall be issuable in one or more Definitive Certificates, in minimum denominations of authorized Certificate Balance
of not less than $10,000, and multiples of $0.01 in excess thereof. The Non-Registered Certificates (other than the Class X-D,
Class X-F, Class RR, Class S and Class R Certificates) shall be issuable in minimum Denominations of authorized initial Certificate
Balance of not less than $100,000, and in integral multiples of $1.00 in excess thereof. If the Original Certificate Balance or
initial Notional Amount, as applicable, of any Class of Certificates does not equal an integral multiple of $1.00, then a single
additional Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate Balance or initial
Notional Amount, as applicable, that includes the excess of (i) the Original Certificate Balance or initial Notional Amount,
as applicable, of such Class over (ii) the largest integral multiple of $1.00 that does not exceed such amount. The Class
S Certificates shall be issued, maintained and transferred in minimum Percentage Interests of 1% of such Class S Certificates and
in multiples of 0.01% in excess thereof. The Class R Certificates shall be issued, maintained and transferred in minimum Percentage
Interests of 10% of such Class R Certificates and in integral multiples of 1% in excess thereof.

 

(b)         One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If
an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns
the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of
the Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The
signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

    -345-

     

    

Section 5.02       
Form and Registration. No Transfer of any Non-Registered Certificate shall be made unless that Transfer is made pursuant
to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state
securities laws, or is made in a transaction which does not require such registration or qualification. If a Transfer (other than
one by the Depositor to an Affiliate thereof or by the Initial Purchasers to the Third Party Purchaser) is to be made in reliance
upon an exemption from the Securities Act, and under the applicable state securities laws, then the following subsections (a)-(d)
shall apply.

 

(a)         Each Class of the Non-Registered Certificates (other than the Class R Certificates and the Class RR Certificates) sold to
institutions that are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S under the Act shall
initially be represented by a temporary Book-Entry Certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto (each a “Temporary Regulation S Book-Entry Certificate”),
which shall be deposited on the Closing Date on behalf of the purchasers of the Non-Registered Certificates represented thereby
with the Certificate Registrar, at its principal trust office, as custodian, for the Depository, and registered in the name of
the Depository or the nominee of the Depository for the account of designated agents holding on behalf of Euroclear and/or Clearstream.
Prior to the expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date (the
“Restricted Period”), beneficial interests in each Temporary Regulation S Book-Entry Certificate may be held
only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation
S Book-Entry Certificate may be exchanged for an interest in the related Regulation S Book-Entry Certificate in the applicable
form set forth as an exhibit hereto in accordance with the procedures set forth in Section 5.03(f). During the Restricted
Period, distributions due in respect of a beneficial interest in a Temporary Regulation S Book-Entry Certificate shall only be
made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership
Certification. After the expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary
Regulation S Book-Entry Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial
interest in the Regulation S Book-Entry Certificate of the same Class is improperly withheld or refused. The aggregate Certificate
Balance of a Temporary Regulation S Book-Entry Certificate or a Regulation S Book-Entry Certificate may from time to time be increased
or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided;

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph. Computershare Trust Company, National Association
is hereby initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication
and delivery of the Certificates in connection with Transfers and exchanges as herein provided. If Computershare Trust Company,
National Association is removed as Certificate Administrator, then Computershare Trust Company, National Association shall be terminated
as Authenticating Agent. If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent,
which may be the Trustee or an Affiliate thereof.

 

    -346-

     

    

(b)         Certificates of each Class of Non-Registered Certificates (other than the Class R Certificates and the Risk Retention Certificates
during the Transfer Restriction Period) offered and sold to Qualified Institutional Buyers in reliance on Rule 144A shall
be represented by Rule 144A Book-Entry Certificates, which shall be deposited with the Certificate Registrar or an agent of
the Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository.
The aggregate Certificate Balance of a Rule 144A Book-Entry Certificate may from time to time be increased or decreased by
adjustments made on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)         Certificates of each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional
Accredited Investors that are not Qualified Institutional Buyers and the Class RR Certificates (until the expiration of the Transfer
Restriction Period) (the “Non-Book Entry Certificates”) shall be in the form of Definitive Certificates, substantially
in the applicable form set forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees
by the Certificate Registrar who shall deliver the Certificates for such Non-Book Entry Certificates to the respective beneficial
owners or owners. For the avoidance of doubt, the Class R and Class S Certificates shall only be in the form of Definitive Certificates,
and the Risk Retention Certificates shall be issued in the form of Definitive Certificates at all times during the Transfer Restriction
Period.

 

(d)         Owners of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery
of certificated Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is
no longer willing or able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates
of such Class or ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified
successor within ninety (90) days of such notice or (ii) the Trustee has instituted or has been directed to institute
any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates
of such Class; provided, however, that under no circumstances will certificated Non-Registered Certificates be issued
to beneficial owners of a Temporary Regulation S Book-Entry Certificate. Upon notice of the occurrence of any of the events described
in clause (i) or (ii) above with respect to any Certificates of a Class that are in the form of Book-Entry Certificates
and upon surrender by the Depository of any Book-Entry Certificate of such Class and receipt from the Depository of instructions
for re-registration, the Certificate Registrar shall issue Certificates of such Class in the form of Definitive Certificates (bearing,
in the case of a Definitive Certificate issued for a Rule 144A Book-Entry Certificate, the same legends regarding Transfer
restrictions borne by such Book-Entry Certificate), and thereafter the Certificate Registrar shall recognize the Holders of such
Definitive Certificates as Certificateholders under this Agreement. Unless and until Definitive Certificates are issued in respect
of a Class of Book-Entry Certificates, beneficial Ownership Interests in such Class of Certificates will be maintained and transferred
on the book entry records of the Depository and Depository Participants, and all references to actions by Holders of such Class
of Certificates will refer to action taken by the Depository upon instructions received from the related registered Holders of
Certificates through the Depository Participants in accordance with the Depository’s procedures and, except as otherwise
set forth herein, all references herein to payments, notices, reports and statements to Holders of such Class 

    -347-

     

    

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.

 

(e)         From and after the Closing Date and during the Transfer Restriction Period, the Risk Retention Certificates shall only be
held as Definitive Certificates and shall be held in the Retained Certificate Safekeeping Account by the Certificate Administrator
(and each Retaining Party’s respective interest shall be tracked in the form of an entry in the Certificate Administrator’s
trust accounting system under the Retained Certificate Safekeeping Account), as custodian for, and for the benefit of, the Holder
of the related Certificate. The Certificate Administrator shall hold such Risk Retention Certificates in safekeeping and shall
release the same only upon receipt of written instructions from the holder of the Risk Retention Certificates and the Retaining
Sponsor, indicating whether such release is in connection with the termination of the Transfer Restriction Period or in connection
with the related Retaining Party’s intent to transfer pursuant to Section 5.03(i), in each case, in accordance with
any additional authentication procedures as may be utilized by the Certificate Administrator and in accordance with this Agreement.
After its release of the Risk Retention Certificates in accordance with the provisions of this Agreement, the Certificate Administrator
shall have no obligation or liability with respect to the safekeeping of the Risk Retention Certificates. There shall be, and hereby
is, established by the Certificate Administrator an account which will be designated the “Retained Certificate Safekeeping
Account” and in which the Risk Retention Certificates shall be held and which shall be governed by and subject to this Agreement. 
In addition, on and after the date hereof, the Certificate Administrator may establish any number of subaccounts to the Retained
Certificate Safekeeping Account for the related Retaining Party.  Such subaccounts shall be marked or evidenced as being for
the benefit of the Holder of the related Certificate. The Risk Retention Certificates to be delivered in physical form to the Certificate
Administrator shall be delivered as set forth herein. No amounts distributable to the holders of the Risk Retention Certificates
shall be remitted to the Retained Certificate Safekeeping Account, but shall be remitted directly to the related Retaining Party
in accordance with written instructions provided separately by the related Retaining Party to the Certificate Administrator on
the Closing Date.  Under no circumstances by virtue of safekeeping the Risk Retention Certificates shall the Certificate Administrator
be obligated to bring legal action or institute proceedings against any person on behalf of the Retaining Parties. During the Transfer
Restriction Period and for such longer time as the Retaining Parties may request, the Certificate Administrator shall hold the
Definitive Certificates representing the Risk Retention Certificates at the below location, or any other location; provided
the Certificate Administrator has given notice to the Retaining Parties of such new location:

 

Computershare Trust Company, National
Association

Attn: Security Control and Transfer (SCAT)

425 E Hennepin Avenue

Minneapolis, MN 55414

 

On the Closing Date,
and upon completion of each transfer of the Risk Retention Certificates during the Transfer Restriction Period, the Certificate
Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the Retaining Parties substantially
in the form of Exhibit TT hereto evidencing its receipt of the Risk Retention Certificates.

 

    -348-

     

    

The Certificate Administrator
shall make available to each Retaining Party its respective account information as mutually agreed upon by the Certificate Administrator
and such Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer of
a Risk Retention Certificate shall be subject to Section 5.03(g) and Section 5.03(i).

 

For the sake of clarity,
after the Transfer Restriction Period, the Risk Retention Certificates may be transferred at the direction of the Holder thereof
in the same manner prescribed herein for other Certificates, subject to Section 5.03(i).

 

Section 5.03       
Registration of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations
as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of Transfers and exchanges
of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”).
In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate
Register and a record of the aggregate holdings of Certificates of each Class of Non-Registered Certificates represented by a Temporary
Regulation S Book-Entry Certificate, a Regulation S Book-Entry Certificate and a Rule 144A Book-Entry Certificate and accepting
Certificates for exchange and registration of Transfer, (ii) holding the Risk Retention Certificates (during such times as
required hereunder) as Definitive Certificates on behalf of each Holder of such Certificates and providing notice to the Retaining
Sponsor of any attempts to Transfer any such Certificate and (iii) transmitting to the Depositor, the Master Servicer and the Special
Servicer any notices from the Certificateholders. No fee or service charge shall be imposed by the Certificate Registrar for its
services in respect of any registration of Transfer or exchange of any Certificate (other than Definitive Certificates) referred
to in this Section 5.03.

 

(b)         Subject to the restrictions on Transfer set forth in this Article V, upon surrender for registration of Transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated Transferee
or Transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)         Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial
interest in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository
wishes at any time during the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest
in the Temporary Regulation S Book-Entry Certificate of the same Class, or to Transfer its interest in such Rule 144A Book-Entry
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Temporary Regulation S Book-Entry
Certificate of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange
of such interest for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate. Upon receipt by the
Certificate Registrar, as registrar, at its office designated in Section 5.07, of (1) instructions given in accordance
with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit, or cause to
be credited, a beneficial interest in the Temporary Regulation S Book-Entry Certificate in an amount equal to the beneficial interest
in the Rule 144A Book-Entry Certificate to be exchanged, (2) a written order given in accordance with the Depository’s
procedures containing information

    -349-

     

    

 regarding the Euroclear or Clearstream account to be credited with such increase and the name
of such account and (3) a certificate in the form of Exhibit I hereto given by the holder of such beneficial interest
stating that the Transfer of such interest has been made in compliance with the Transfer restrictions applicable to the Book-Entry
Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall instruct the Depository
to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Book-Entry Certificate and to increase, or cause
to be increased, the Certificate Balance of the Temporary Regulation S Book-Entry Certificate by the aggregate Certificate Balance
of the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, to credit or cause to be credited to the
account of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial
interest in the Temporary Regulation S Book-Entry Certificate equal to the reduction in the Certificate Balance of the Rule 144A
Book-Entry Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or Transfer the
beneficial interest in the Rule 144A Book-Entry Certificate that is being exchanged or transferred.

 

(d)         Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest
in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at
any time following the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest
in the Regulation S Book-Entry Certificate of the same Class, or to Transfer its interest in such Rule 144A Book-Entry Certificate
to a Person who is required to take delivery thereof in the form of an interest in a Regulation S Book-Entry Certificate, such
holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent
beneficial interest in such Regulation S Book-Entry Certificate. Upon receipt by the Certificate Registrar, as registrar, at its
office designated in Section 5.07, of (1) instructions given in accordance with the Depository’s procedures from
a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation
S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged,
(2) a written order given in accordance with the Depository’s procedures containing information regarding the participant
account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit J hereto
given by the holder of such beneficial interest stating (A) that the Transfer of such interest has been made in compliance
with the Transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation S, or
(B) that the Transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest
in the Regulation S Book-Entry Certificate, without any registration of such Certificates under the Act (in which case such certificate
shall enclose an Opinion of Counsel to such effect and such other documents as the Certificate Registrar may reasonably require),
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the
Rule 144A Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S Book-Entry
Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry Certificate to be
exchanged, to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest
in the Regulation S Book-Entry Certificate equal to the reduction in the Certificate Balance of the Rule 144A Book-Entry Certificate,
and to debit, or cause to be debited, from the account of the Person making such exchange or Transfer the beneficial interest in
the Rule 144A Book-Entry Certificate that is being exchanged or transferred.

 

    -350-

     

    

(e)         Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate.
If a holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate
of the same Class, or to Transfer its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Book-Entry Certificate,
such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Book-Entry Certificate of the
same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07, of (1) instructions
from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as registrar, to credit
or cause to be credited a beneficial interest in the Rule 144A Book-Entry Certificate equal to the beneficial interest in
the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be exchanged, such instructions to
contain information regarding the participant account with the Depository to be credited with such increase, (2) with respect
to a Transfer of an interest in the Regulation S Book-Entry Certificate, information regarding the participant account of the Depository
to be debited with such decrease and (3) with respect to a Transfer of an interest in the Temporary Regulation S Book-Entry
Certificate for an interest in the Rule 144A Book-Entry Certificate (i) during the Restricted Period, a certificate in
the form of Exhibit K hereto given by the holder of such beneficial interest and stating that the Person transferring
such interest in the Temporary Regulation S Book-Entry Certificate reasonably believes that the Person acquiring such interest
in the Rule 144A Book-Entry Certificate is a Qualified Institutional Buyer or (ii) after the Restricted Period, an Investment
Representation Letter in the form of Exhibit C attached hereto from the Transferee to the effect that such Transferee
is a Qualified Institutional Buyer (an “Investment Representation Letter”) and is obtaining such beneficial
interest in a transaction meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository
to reduce, or cause to be reduced, the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Rule 144A Book-Entry Certificate
by the aggregate Certificate Balance of the beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation
S Book-Entry Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository, concurrently with such reduction,
to credit, or cause to be credited, to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A
Book-Entry Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or
Regulation S Book-Entry Certificate and to debit, or cause to be debited, from the account of the Person making such Transfer the
beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate that is being transferred.

 

(f)          Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary Regulation
S Book-Entry Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be,
a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream,
as applicable, has received a certificate substantially in the form of Exhibit L hereto

    -351-

     

    

 from the holder of a beneficial
interest in such Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period, for interests in
the Regulation S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering to
the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Book-Entry
Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry Certificate initially
exchanged for interests in the Regulation S Book-Entry Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream
of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive
evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant
to the terms of this Agreement and the Temporary Regulation S Book-Entry Certificate. Upon any exchange of interests in the Temporary
Regulation S Book-Entry Certificate for interests in the Regulation S Book-Entry Certificate, the Certificate Registrar shall endorse
the Temporary Regulation S Book-Entry Certificate to reflect the reduction in the Certificate Balance represented thereby by the
amount so exchanged and shall endorse the Regulation S Book-Entry Certificate to reflect the corresponding increase in the amount
represented thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S Book-Entry Certificate,
and the Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation
S Book-Entry Certificate and Rule 144A Book-Entry Certificate authenticated and delivered hereunder.

 

(g)         Non-Book Entry Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry Certificate (other than (a)
a Risk Retention Certificate during the Transfer Restriction Period or (b) a Class R Certificate) wishes at any time to exchange
its interest in such Non-Book Entry Certificate for an interest in a Book-Entry Certificate of the same Class, or to Transfer all
or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest in a
Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable, and the
Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest in the appropriate
Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in
Section 5.07, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions from
such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest in the
applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged,
such instructions to contain information regarding the participant account with the Depository to be credited with such increase
and (3) a certificate in the form of Exhibit M hereto (in the event that the applicable Book-Entry Certificate
is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N hereto (in the event that the applicable
Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form of Exhibit O hereto (in the event
that the applicable Book-Entry Certificate is the Rule 144A Book-Entry Certificate), then the Certificate Registrar, as registrar,
shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate
and deliver to the Transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained
by such Transferor and shall instruct the Depository to increase, or cause to be increased, such Book-Entry Certificate by the
aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited,
to the account of the Person specified in such instructions a beneficial interest in the applicable Book-Entry Certificate equal

    -352-

     

    

to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled. Upon the written direction of the Depositor
(which may be by email to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the Certificate Registrar shall execute any instrument
as may be reasonably required by the Depository to effect such exchange.

 

(h)         Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and
when permitted by Section 5.02(d), and subject to the issuance and Transfer of a Risk Retention Certificate during the Transfer
Restriction Period in accordance with Section 5.03(i), no Non-Book Entry Certificate shall be issued to a Transferee of
an interest in any Rule 144A Book-Entry Certificate, Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry
Certificate or to a Transferee of a Non-Book Entry Certificate (or any portion thereof).

 

(i)          Transfers of Risk Retention Certificates. During the Transfer Restriction Period, if a Transfer of any Risk Retention
Certificate after the Closing Date is to be made, then the following documents shall be delivered to the Certificate Administrator,
who shall facilitate such Transfer in conjunction with the Certificate Registrar and shall refuse to register such Transfer unless
it receives (and, upon receipt, may conclusively rely upon) (i) instruction from the Certificateholder desiring to effect such
Transfer and the Retaining Sponsor pursuant to Section 5.02(e) directing the Certificate Administrator to release such Risk
Retention Certificate from the Retained Certificate Safekeeping Account in connection with a Transfer of such Risk Retention Certificate,
(ii) a certification from such Certificateholder’s prospective Transferee substantially in the form attached hereto as Exhibit D-3,
with respect to the HRR Certificates or the Class RR Certificates, or Exhibit D-5, with respect to the RR Interest, which
such certification is countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor and countersigned
by the Depositor, (iii) a certification from the Certificateholder desiring to effect such Transfer substantially in the form attached
hereto as Exhibit D-4, with respect to the HRR Certificates or the Class RR Certificates, or Exhibit D-6, with
respect to the RR Interest, which such certification is countersigned by the Retaining Sponsor with a medallion stamp guarantee
of the Retaining Sponsor and countersigned by the Depositor, (iv) an IRS Form W-9 completed by the prospective Transferee and (v)
contact information and wiring instructions for the prospective Transferee. After the Transfer Restriction Period, and for so long
as the Risk Retention Certificate, as applicable, is not held in safekeeping, the Certificate Registrar shall refuse to register
any Transfer unless it receives (x) a certification from such Certificateholder’s prospective Transferee substantially in
the form attached hereto as Exhibit D-3, which such certification is countersigned by the Retaining Sponsor with a medallion
stamp guarantee of the Retaining Sponsor and countersigned by the Depositor and (y) a certification from the Certificateholder
desiring to effect such Transfer substantially in the form attached hereto as Exhibit D-4, which such certification is countersigned
by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor and countersigned by the Depositor; provided
that after the Transfer Restriction Period, the countersignature of the Retaining Sponsor and the Depositor to such certifications
shall not be required. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.02(e)
and Section 5.03(a), reflect such Risk Retention Certificate in the name of the prospective Transferee. For the avoidance
of doubt, in no event shall a Risk Retention Certificate be held as a Book-Entry Certificate during the Transfer Restriction Period.
Any attempted or purported transfer in violation of this Section 5.03(i) shall 

    -353-

     

    

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.

 

(j)          Other Exchanges. In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates
may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of subsections (c)
through (f) above (including the certification requirements intended to ensure that such Transfers comply with Rule 144A
or Regulation S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate
Registrar.

 

(k)         Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates,
Transfers of interests in the Temporary Regulation S Book-Entry Certificate to U.S. persons (as defined in Regulation S) shall
be limited to Transfers made pursuant to the provisions of subsection (e) above.

 

(l)          If Non-Registered Certificates are issued upon the Transfer, exchange or replacement of Certificates bearing a restrictive
legend relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the
restrictions on Transfer set forth therein are required to ensure that Transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver
Certificates that do not bear such legend.

 

(m)        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.

 

(n)         With respect to the ERISA Restricted Certificates, no sale, Transfer, pledge or other disposition (other than any initial
Transfer to the Initial Purchasers or, with respect to the Risk Retention Certificates, the Retaining Parties) of any such Certificate
shall be made unless the Trustee and Certificate Administrator shall have received either (i) a representation letter from
the proposed purchaser or Transferee of such Certificate substantially in the form of Exhibit F-1 attached hereto, to the
effect that such proposed purchaser or Transferee is not and will not be (A) an employee benefit plan or other plan subject
to the fiduciary responsibility provisions of ERISA or a plan subject to Section 4975 of the Code, or a governmental plan
(as defined in Section 3(32) of ERISA) or any other plan 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 (B) any person acting on behalf of any such Plan (including an entity whose underlying assets include Plan assets by reason
of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101, as modified by
Section 3(42) of ERISA) or using the assets of any such Plan to acquire such Certificate, other than an insurance company using
the assets of its “insurance company general account” (as such term is defined in Section V(e) of Prohibited Transaction
Class Exemption 95-60) under circumstances whereby the purchase and holding of such Certificates by such insurance company will
be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I and III of Prohibited 

    -354-

     

    

Transaction Class Exemption 95-60
(or, in the case of a Plan subject to Similar Law, where the purchase, holding and disposition by such Plan will not
constitute or result in a non-exempt violation of applicable Similar Law) or (ii) if such Certificate is presented
for registration in the name of a purchaser or Transferee that is any of the foregoing, an Opinion of Counsel in form and
substance satisfactory to the Trustee, the Certificate Administrator and the Depositor to the effect that the acquisition and
holding of such Certificate by such purchaser or Transferee will not constitute or result in a non-exempt “prohibited
transaction” within the meaning of ERISA or Section 4975 of the Code or a non-exempt violation of any Similar Law,
and will not subject the Trustee, the Certificate Administrator, the Certificate Registrar, the Master Servicer, the Special
Servicer, any sub-servicer, the Initial Purchasers, the Underwriters, the Operating Advisor, the Asset Representations
Reviewer or the Depositor to any obligation or liability (including obligations or liabilities under ERISA, Section 4975
of the Code or any such Similar Law) in addition to those set forth in the Agreement. The Trustee and Certificate
Administrator shall not register the sale, Transfer, pledge or other disposition of any ERISA Restricted Certificate unless
the Trustee and Certificate Administrator have received either the representation letter described in clause (i)
above or the Opinion of Counsel described in clause (ii) above. The costs of any of the foregoing representation
letters or Opinions of Counsel shall not be borne by any of the Depositor, the Master Servicer, the Special Servicer, any
sub-servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, the Initial Purchasers, the
Underwriters, the Operating Advisor, the Asset Representations Reviewer or the Trust. Each Certificate Owner of an ERISA
Restricted Certificate shall be deemed to represent that it is not and will not become a Person specified
in clauses (i)(A) or (i)(B) above. Any Transfer, sale, pledge or other disposition of any ERISA Restricted
Certificates that would constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or any
Similar Law, or would otherwise violate the provisions of this Section 5.03(n) shall be deemed absolutely null and
void ab initio, to the extent permitted under applicable law.

 

(o)         No Class R or Class S Certificate or the RR Interest 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 Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA) or using the assets of any Plan to purchase any Class R or Class S Certificate or the
RR Interest. Each prospective Transferee of a Class R or Class S Certificate or the RR Interest shall deliver to the Transferor
and the Certificate Administrator a representation letter, substantially in the form of Exhibit F-2, stating that the
prospective Transferee is not and will not become a Plan or a person acting on behalf of any Plan (including an entity whose underlying
assets include Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation
§ 2510.3-101, as modified by Section 3(42) of ERISA) or using the assets of any Plan. Each Holder of a Class R or Class S
Certificate or the RR Interest shall be deemed to represent that it is not and will not become a Person specified in the second
preceding sentence. 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 or the RR Interest.

 

(p)         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 

    -355-

     

    

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(p) by a Person who is not a Permitted Transferee or by a Person who
is acting as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the
immediately preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual
Ownership Interest as soon and as fully as possible.

 

(ii)         No Residual Ownership Interest may be transferred, and no such Transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer,
and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require the proposed
Transferee to deliver, and the proposed Transferee shall deliver to the Certificate Registrar and to the proposed Transferor, an
affidavit in substantially the form attached as Exhibit D-1 (a “Transferee Affidavit”) of the proposed
Transferee (A) that such proposed Transferee is a Permitted Transferee and (B) stating that (1) the proposed Transferee
historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed Transferee understands
that, as the holder of a Residual Ownership Interest, it may incur tax liabilities in excess of cash flows generated by the residual
interest, (3) the proposed Transferee intends to pay taxes associated with holding the Residual Ownership Interest as they
become due, (4) the proposed Transferee will not cause income with respect to the Residual Ownership Interest to be attributable
to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed Transferee
or any other U.S. Tax Person, (5) the proposed Transferee will not Transfer the Residual Ownership Interest to any Person
that does not provide a Transferee Affidavit or as to which the proposed Transferee has actual knowledge that such Person is not
a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted
Transferee, and (6) the proposed Transferee expressly agrees to be bound by and to abide by the provisions of this Section
5.03(o) and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement from
the proposed Transferor substantially in the form attached as Exhibit D-2 (the “Transferor Letter”),
that the proposed Transferor has no actual knowledge that the proposed Transferee is not a Permitted Transferee and has no actual
knowledge or reason to know that the proposed Transferee’s statements in its Transferee Affidavit are false.

 

(iii)        Notwithstanding the delivery of a Transferee Affidavit by a proposed Transferee under clause (ii) above, if
a Responsible Officer of the Certificate Registrar has

    -356-

     

    

 actual knowledge that the proposed Transferee is not a Permitted Transferee,
no Transfer to such proposed Transferee shall be effected and such proposed Transfer shall not be registered on the Certificate
Register; provided, however, that the Certificate Registrar shall not be required to conduct any independent investigation
to determine whether a proposed Transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred
a Transfer to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in
contravention of the foregoing restrictions, and in any event not later than sixty (60) days after a request for information
from the Transferor of such Residual Ownership Interest or such agent, the Certificate Registrar agrees to furnish to the Internal
Revenue Service and the Transferor of such Residual Ownership Interest or such agent such information necessary to the application
of Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total
anticipated excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At
the election of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such
information to the Transferor or to such agent referred to above; provided, however, that such Persons shall in no
event be excused from furnishing such information.

 

(q)         The Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(r)          Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding
requirements respecting payments to Certificateholders and the RR Interest Owner and other payees of interest or original issue
discount that the Certificate Administrator reasonably believes are applicable under the Code. The consent of Certificateholders
and the RR Interest Owner or payees shall not be required for such withholding, and the Certificateholders and the RR Interest
Owner shall be required to provide the Certificate Administrator with such forms and such other information reasonably required
by the Certificate Administrator. If the Certificate Administrator does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder or the RR Interest Owner or payee pursuant to federal withholding requirements,
the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall be deemed to have been distributed
to such Persons for all purposes of this Agreement.

 

(s)         No Person shall be permitted to own, directly or indirectly, any interest in the RR Interest other than (i) BMO or one of
its Majority-Owned Affiliates that is not a Non-Exempt Person or (ii) a Person that provides financing permitted under the Risk
Retention Rule (a “Permitted Lender”) to BMO or such Majority-Owned Affiliate; provided, further,
that if such financing is provided by the Permitted Lender in a repurchase transaction, BMO or such Majority-Owned Affiliate may
transfer its interest in the RR Interest to the Permitted Lender so long as BMO or such Majority-Owned Affiliate is obligated to
repurchase such interest in the RR Interest pursuant to the terms of the related financing documents. The RR Interest Owner, if
it wishes to transfer the RR Interest, shall notify the Certificate Administrator in writing of such transfer and identify the
new RR Interest Owner. The Certificate Administrator shall register the ownership of the RR Interest on a registry of ownership
maintained by the Certificate Administrator. Any transfer of the RR Interest (including to a Majority-Owned Affiliate) shall be

    -357-

     

    

null and void ab initio to the extent permitted under applicable law unless all of the following is provided to the Certificate
Administrator (i) the transferor of an RR Interest has executed and delivered to the Certificate Administrator a certification
in the form of Exhibit D-6 hereto, which such certification is countersigned by the Retaining Sponsor with a medallion stamp
guarantee of the Retaining Sponsor and countersigned by the Depositor and (ii) the transferee of the RR Interest has executed
and delivered to the Certificate Administrator a certification in the form of Exhibit D-5 hereto, which certification
is countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor and countersigned by the Depositor
and shall include wiring instructions and contact information for such transferee. Notwithstanding anything else in this Agreement
to the contrary, no Person shall have any rights hereunder with respect to the RR Interest unless (i) in the case of BMO or
its Majority-Owned Affiliate, such Person is identified in writing to the Certificate Administrator as being the RR Interest Owner,
or (ii) in the case of any subsequent transferee, such Person is identified as being the RR Interest Owner on the ownership
registry. The Certificate Administrator, the other parties to this Agreement and the Certificateholders shall be entitled to treat
the RR Interest Owner (in the case of any subsequent RR Interest Owner, as recorded on such ownership registry) as the owner in
fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in the RR Interest
on the part of any other Person. Any transfer of an interest in the RR Interest that is not in compliance with this Section
5.03(s) or Section 5.03(o) shall be null and void ab initio to the extent permitted under applicable law.

 

(t)          BMO represents, and any subsequent RR Interest Owner shall be deemed by virtue of its acceptance of the RR Interest to represent,
to the Trust and the Certificate Administrator (for the benefit of the Mortgagors) that it is not a Non-Exempt Person. Contemporaneously
with the execution of this Agreement and from time to time as necessary during the term of the Agreement, the RR Interest Owner
shall deliver to the Certificate Administrator evidence satisfactory to the Certificate Administrator substantiating that it is
not a Non-Exempt Person and that the Certificate Administrator is not obligated under applicable law to withhold taxes on sums
paid to it with respect to the Mortgage Loans or otherwise under this Agreement. Without limiting the effect of the foregoing,
(a) if the RR Interest Owner is created or organized under the laws of the United States, any state thereof or the District
of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Certificate Administrator an Internal
Revenue Service Form W-9 and (b) if the RR Interest Owner is not created or organized under the laws of the United States,
any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgagors is treated for
U.S. federal income tax purposes as derived in whole or part from sources within the United States, the RR Interest Owner shall
satisfy the requirements of the preceding sentence by furnishing to the Certificate Administrator an Internal Revenue Service Form
W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time to time, duly
executed by the RR Interest Owner, as evidence of the RR Interest Owner’s exemption from the withholding of U.S. tax with
respect thereto. The Certificate Administrator shall not be obligated to make any payment hereunder to the RR Interest Owner in
respect of the RR Interest or otherwise until the RR Interest Owner shall have furnished to the Certificate Administrator the forms,
certificates, statements or documents required by this Section 5.03(t).

 

    -358-

     

    

(u)         Each Certificate Owner of a Non-Registered Certificate shall be deemed to have represented and agreed as follows:

 

(i)          Such Certificate Owner (A)(i) is a Qualified Institutional Buyer, (ii) is acquiring such Non-Registered Certificate for
its own account or for the account of another Qualified Institutional Buyer, as the case may be, and (iii) is aware that the sale
of the Non-Registered Certificates to it is being made in reliance on Rule 144A, (B)(i)(except with respect to the Class R Certificates)
is an Institutional Accredited Investor that is not a Qualified Institutional Buyer and that is purchasing such Non-Registered
Certificate for its own account or for the account of another Institutional Accredited Investor, and (ii) is not acquiring such
Non-Registered Certificate with a view to any resale or distribution of such Non-Registered Certificate other than in accordance
with the restrictions set forth in this Section 5.03, or (C) (except with respect to the Class R Certificates) is an institution
that is not a United States Securities Person, and is purchasing such Non-Registered Certificate in an Offshore Transaction.

 

(ii)         Such Certificate Owner understands that the Non-Registered Certificates have not been and will not be registered or qualified
under the Securities Act or any state or foreign securities laws and may not be reoffered, resold, pledged or otherwise transferred
except (A) to a person whom the purchaser reasonably believes is a Qualified Institutional Buyer in a transaction meeting the requirements
of Rule 144A, (B) (except with respect to the Class R Certificates) to an institution that is a non-United States Securities Person
in an Offshore Transaction in accordance with Rule 903 or 904 of Regulation S, or (C) (except with respect to the Class R Certificates)
to an Institutional Accredited Investor that is not a Qualified Institutional Buyer, and in each case, in accordance with any applicable
federal securities laws and any applicable securities laws of any state of the United States or any other jurisdiction.

 

(iii)        Such Certificate Owner understands that, if the purchaser of a Non-Registered Certificate is not a Qualified Institutional
Buyer or a non-United States Securities Person, the Non-Registered Certificates purchased by such purchaser may not be transferred
in book-entry form and may be transferred in physical form only in compliance with the restrictions in clause (ii)(C) above
and no such transfer of the Non-Registered Certificates owned by such Certificate Owner will be permitted unless the purchaser
provides certification that the transfer complies with such restrictions, as described in this Section 5.03.

 

(iv)        Such Certificate Owner is duly authorized to purchase the Non-Registered Certificates and its purchase of investments having
the characteristics of the Non-Registered Certificate is authorized under, and not directly or indirectly in contravention of,
any law, rule, regulation, charter, trust instrument or other operative document, investment guidelines or list of permissible
or impermissible investments that is applicable to such Certificate Owner.

 

(v)         Each beneficial owner of a Certificate or any interest therein that is a Plan subject to ERISA or Section 4975 of the
Code (an “ERISA Plan”) or is acting on behalf of or using the assets of such an ERISA Plan will be deemed to
have represented and warranted that (i) none 

    -359-

     

    

of the Depositor, the Mortgage Loan Sellers, the Trust, any Underwriter, any
Initial Purchaser, the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer, or any of their respective affiliated entities, has provided any investment recommendation
or investment advice on which the ERISA Plan or the fiduciary making the investment decision for the ERISA Plan has relied in connection
with the decision to acquire Certificates, and they are not otherwise acting as a fiduciary (within the meaning of Section 3(21)
of ERISA or Section 4975(e)(3) of the Code) to the ERISA Plan in connection with the ERISA Plan’s acquisition of Certificates
(unless an applicable prohibited transaction exemption is available (all of the conditions of which are satisfied) to cover the
purchase and holding of the Certificates or the transaction is not otherwise prohibited), and (ii) the ERISA Plan fiduciary
making the decision to acquire the Certificates is exercising its own independent judgment in evaluating the investment in the
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 such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide
purchaser, the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust. In connection with the issuance
of any new Certificate under this Section 5.04, the Certificate Registrar may require the payment of a sum sufficient to
cover any expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate
issued pursuant to this Section 5.04 shall constitute complete and indefeasible evidence of ownership in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.05       
Persons Deemed Owners. The Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and
the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the
owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever,
and none of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar or
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 or the RR Interest Owner has been provided an Investor Certification, such party to this Agreement shall distribute
such report, statement or other information to such beneficial owner (or prospective Transferee).

 

Section 5.06       
Access to List of Certificateholders’ Names and Addresses; Special Notices. (a)  The Certificate
Registrar shall maintain in as current form as is reasonably practicable the most recent list available to it of the names and
addresses of the Certificateholders. If any Certificateholder that has provided an Investor Certification (i) requests in
writing from the Certificate Registrar a list of the names and addresses of Certificateholders, (ii) states that such Certificateholder
desires to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates
and (iii) provides a copy of the communication which Certificateholder proposes to transmit, then the Certificate Registrar
shall, within ten

    -360-

     

    

 (10) Business Days after the receipt of such request, furnish such Certificateholder (at such Certificateholder’s
sole cost and expense) a current list of the Certificateholders. In addition, upon written request to the Certificate Administrator
of any Certificateholder or Certificate Owner (if applicable) that has provided an Investor Certification, the Certificate Administrator
shall promptly notify such Certificateholder or Certificate Owner of the identity of the then-current Directing Certificateholder.
Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar shall not be held accountable
by reason of the disclosure of any such information as to the list of the Certificateholders hereunder, regardless of the source
from which information was derived. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Operating Advisor and the Depositor shall be entitled to a list of the names and addresses of Certificateholders from time to time
upon request therefor.

 

(b)         (i) The Certificate Administrator shall include in any Form 10-D any written request received in accordance with
Section 11.04(a) prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date
preceding such Distribution Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners related to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement.
Any Form 10-D containing such disclosure (a “Special Notice”) regarding the request to communicate shall
include the following and no more than the following (a) the name of the Certificateholder or Certificate Owner making the
request, (b) the date the request was received, (c) a statement to the effect that the Certificate Administrator has
received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner. It is
hereby understood that a disclosure in substantially the following form shall be deemed to satisfy the requirements in the preceding
sentence: “On [date], the Certificate Administrator received from [name], a Certificateholder or Certificate Owner, a request
to communicate with other Certificateholders and Certificate Owners in the securitization transaction to which this report on Form 10-D
relates (the “Securitization”). The requesting Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders and Certificate Owners with regard to the possible exercise of rights under the pooling and servicing
agreement governing the Securitization. Other Certificateholders and Certificate Owners may contact the requesting Certificateholder
or Certificate Owner at [telephone number], [email address] and/or [mailing address].”

 

(ii)         In verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following
documents confirming ownership of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer or
another document acceptable to the Certificate Administrator that is similar to any of the foregoing documents. The Certificate
Administrator shall not have any obligation to verify the information provided by any 

    -361-

     

    

Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Additionally, any expenses the Certificate Administrator
incurs in connection with any request to communicate shall be paid by the Trust.

 

Section 5.07       
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of Transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates its office at 600 South 4th Street, 7th Floor, Minneapolis, Minnesota 55415
as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders, the RR Interest
Owner and the Mortgagors of any change in the location of the Certificate Register or any such office or agency.

 

Section 5.08       
Appointment of Certificate Administrator. (a) Computershare Trust Company, National Association is hereby initially
appointed Certificate Administrator in accordance with the terms of this Agreement (including, as applicable, any agents or affiliates
utilized thereby). If the Certificate Administrator resigns or is terminated, the Trustee shall appoint a successor certificate
administrator which may be the Trustee or an Affiliate thereof to fulfill the obligations of the Certificate Administrator hereunder
which must satisfy the eligibility requirements set forth in Section 8.06.

 

(b)         The Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution,
Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice,
request, consent, order, Appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed
or presented by the proper party or parties.

 

(c)         The Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses
of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and the
advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action
taken or suffered or omitted by it hereunder in good faith and in accordance therewith.

 

(d)         The Certificate Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it
in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)         The Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents, affiliates or attorneys; provided, however, that the appointment of such agents, affiliates
or attorneys shall not relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)          The Certificate Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the
Special Servicer or the Depositor.

 

Section 5.09       
[RESERVED].

 

    -362-

     

    

Section 5.10       
Voting Procedures for Certificates. With respect to any matters submitted to Certificateholders for a vote, the Certificate
Administrator shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered
Holders by mail with respect to Definitive Certificates. In each case, such vote shall be administered in accordance with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)         Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed.
The notice and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered
Holders of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)         In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)         The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with
the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest
error, re-tabulate the votes or conduct a new vote for the same proposition.

 

    -363-

     

    

(d)         Any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall
be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or
answer questions other than process-related questions regarding the administration of the vote.

 

(e)         If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

[End of Article V]

 

ARTICLE
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE DIRECTING
CERTIFICATEHOLDER AND THE RISK RETENTION CONSULTATION PARTIES

 

Section 6.01       
Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset
Representations Reviewer. (a)  The Master Servicer, for itself only, hereby represents, warrants and covenants to
the Trustee, for its own benefit and the benefit of the Certificateholders, the RR Interest Owner, the Risk Retention Consultation
Parties, each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)          The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of
this Agreement by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets
or (C) violate any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect the ability of the Master Servicer
to perform its obligations under this Agreement;

 

(iii)        The Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has

    -364-

     

    

 duly authorized the execution, delivery and performance of this Agreement, and has duly executed
and delivered this Agreement;

 

(iv)        This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (B) general principles of
equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The Master Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(vi)        No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer
which would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform its obligations under this
Agreement;

 

(vii)       The Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with
respect to such risks, which in either case complies with the requirements of Section 3.07;

 

(viii)      No consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or
court is required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance
by the Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby,
other than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or notices as have
been obtained, made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or
(B) where the lack of such consent, approval, authorization, order, qualification, registration, filing or notice would not
have a material adverse effect on the performance by the Master Servicer under this Agreement; and

 

(ix)         To its actual knowledge, the Master Servicer is not a Risk Retention Affiliate of the Third Party Purchaser.

 

(b)         The Special Servicer, for itself only, hereby represents, warrants and covenants to the Trustee, for its own benefit and
the benefit of the Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties, each Serviced Companion
Noteholder, 

    -365-

     

    

the Depositor, the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer and the Operating
Advisor, as of the Closing Date, that:

 

(i)          The Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of Delaware;

 

(ii)         The execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms
of this Agreement by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect the ability of the Special
Servicer to perform its obligations under this Agreement;

 

(iii)        The Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed
and delivered this Agreement;

 

(iv)        This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (B) general principles of
equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform
its obligations under this Agreement;

 

(vi)        No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer,
which would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and
reasonable judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations
under this Agreement;

 

    -366-

     

    

(vii)       The Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07; and

 

(viii)      No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

(c)         The Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties, each Serviced Companion Noteholder, the Depositor,
the Certificate Administrator, the Master Servicer, the Special Servicer and the Asset Representations Reviewer, as of the Closing
Date, that:

 

(i)          The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of Delaware and the Operating Advisor is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms
of this Agreement by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating
Advisor to perform its obligations under this Agreement or its financial condition;

 

(iii)        The Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by
it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)        This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

    -367-

     

    

(v)         The Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

(vi)        The Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with
respect to such risks, which in either case complies with the requirements of Section 3.07;

 

(vii)       No litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor,
which would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and
reasonable judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement;

 

(viii)      No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this
Agreement or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent,
approval, authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor
of its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of
the Operating Advisor to perform its obligations hereunder; and

 

(ix)        The Operating Advisor is an Eligible Operating Advisor.

 

(d)         The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of
the Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties and to the Depositor, the Master Servicer,
the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)          The Asset Representations Reviewer is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware, and the Asset Representations Reviewer is in compliance with the laws of each State in
which any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with
the terms of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s
organizational documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or 

    -368-

     

    

any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the
Asset Representations Reviewer or its property is subject, which, in the case of either (B) or (C) above, is
likely to materially and adversely affect either the ability of the Asset Representations Reviewer to perform its obligations under
this Agreement or its financial condition;

 

(iii)        The Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions to be
performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)        This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance
with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other
laws affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law;

 

(v)         The Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance
and compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)        No litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the
Asset Representations Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in
the Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the
ability of the Asset Representations Reviewer to perform its obligations under this Agreement;

 

(vii)       The Asset Representations Reviewer has errors and omissions coverage that is in full force and effect or is self-insuring
with respect to such risks, which in either case complies with the requirements of Section 3.07;

 

(viii)      No consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations
Reviewer with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this
Agreement, except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual
performance by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not
have a materially adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

    -369-

     

    

(ix)         The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(e)          The representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution
and delivery of this Agreement. Upon written notice or actual knowledge by any party to this Agreement (or upon written notice
thereof from any Certificateholder, the RR Interest Owner or any Companion Holder) of a breach of any of the representations and
warranties set forth in this Section 6.01 which materially and adversely affects the interests of any party to this Agreement,
the Certificateholders or the RR Interest Owner, the party discovering such breach shall give prompt written notice to the other
parties hereto, each certifying Certificateholder, the RR Interest Owner, and, prior to the occurrence and continuance of a Control
Termination Event, the Directing Certificateholder.

 

Section 6.02     
Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations
Reviewer. The Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer
shall be liable in accordance herewith only to the extent of the respective obligations specifically imposed upon and undertaken
by the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer herein.

 

Section 6.03       
Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer
or the Asset Representations Reviewer. (a) Subject to subsection (b) below, each of the Depositor, the Master
Servicer and the Special Servicer will keep in full effect its existence, rights and franchises as an entity under the laws of
the jurisdiction of its incorporation or organization, and each will obtain and preserve its qualification to do business as a
foreign entity in each jurisdiction in which qualification is or shall be necessary to protect the validity and enforceability
of this Agreement, the Certificates, the RR Interest or any of the Mortgage Loans or Companion Loans and to perform its respective
duties under this Agreement.

 

(b)         Each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
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, asset representations reviewing or commercial
mortgage surveillance, as the case may be) to any Person, in which case any Person resulting from any merger or consolidation to
which the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer shall
be a party, or any Person succeeding to the business of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, or the Asset Representations Reviewer, shall be the successor of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, or the Asset Representations Reviewer (such Person, in the case of the Master Servicer or the Special Servicer,
in each of the foregoing cases, the “Surviving Entity”), as the case may be, hereunder, without the execution
or filing of any paper (other than an assumption agreement wherein the successor shall agree to perform the obligations of and
serve as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer,
as the case may be, in accordance with the terms of this Agreement) or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however, that with respect to such merger, consolidation
or succession, Rating Agency Confirmation is received from each 

    -370-

     

    

Rating Agency with respect to the Classes of Certificates and,
with respect to any class of Serviced Companion Loan Securities, a confirmation is received from each applicable rating agency
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates as described in Section 3.25); provided, further, that if the Master
Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor enters into a merger and the Master
Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as applicable, is the Surviving Entity
under applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall not, as a result
of the merger, be required to provide a Rating Agency Confirmation with respect to ratings of the Classes of Certificates or, with
respect to any class of Serviced Companion Loan Securities, a confirmation of the rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings; provided, further, that for so long as
the Trust, and, with respect to any Serviced Companion Loan included as part of the trust in a related Other Securitization, is
subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer or the Operating Advisor
notifies the Depositor in writing (a “Merger Notice”) of any such merger, consolidation, conversion or other
change in form, and the Depositor or the depositor in such Other Securitization, as the case may be, notifies the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, in writing that the Depositor or the depositor in such Other Securitization,
as the case may be, has discovered that such successor entity has not complied with its Exchange Act reporting obligations under
any other commercial mortgage loan securitization (and specifically identifying the instance of noncompliance), then it shall be
an additional condition to such succession that the Depositor or the depositor in such Other Securitization, as the case may be,
shall have consented (which consent shall not be unreasonably withheld or delayed) to such successor entity. Notwithstanding the
foregoing, no Master Servicer, Special Servicer or Operating Advisor may remain the Master Servicer, the Special Servicer or the
Operating Advisor, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that
is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited
Party, except to the extent (i) the Master Servicer, the Special Servicer or Operating Advisor, as applicable, is the Surviving
Entity of such merger, consolidation or transfer and has been and continues to be in compliance with its Regulation AB reporting
obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be
unreasonably withheld. If, within sixty (60) days following the date of delivery of the Merger Notice to the Depositor or
the depositor in such Other Securitization, as the case may be, the Depositor or depositor in such Other Securitization, as the
case may be, shall have failed to notify the Master Servicer or the Special Servicer, as applicable, in writing of the Depositor’s
determination, or depositor’s determination, in the case of an Other Securitization, to grant or withhold such consent, such
failure shall be deemed to constitute a grant of such consent. If the conditions to the provisions in the second preceding sentence
are not met, the Trustee may terminate, and if the conditions set forth in the third proviso of the third preceding sentence are
not met the Trustee shall terminate, the applicable Surviving Entity’s servicing of the Mortgage Loans pursuant hereto, such
termination to be effected in the manner set forth in Section 7.01.

 

(i)          The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of the
jurisdiction of its organization, and shall be in 

    -371-

     

    

compliance with the laws of all jurisdictions to the extent necessary to perform
its duties under this Agreement.

 

(ii)         Any Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any
merger or consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to the business
of the Asset Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed
to have assumed all of the liabilities and obligations of such Asset Representations Reviewer hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the Trustee has received a Rating Agency Confirmation with respect to such successor or surviving
Person.

 

Section 6.04       
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer (including in its capacity as Companion
Paying Agent, if applicable), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any of the partners,
directors, officers, shareholders, members, managers, employees or agents of any of the foregoing shall be under any liability
to the Trust, the Certificateholders, the RR Interest Owner or the Companion Holders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that this provision shall not protect the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent,
if applicable), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person against any
breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence in the performance of such party’s duties or by reason of negligent disregard of such party’s
obligations and duties hereunder. The Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer, shareholder,
member, manager, employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent,
if applicable), the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, and any of the partners, directors,
officers, shareholders, members, managers, employees or agents of any of the foregoing may rely on any document of any kind which,
prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the
Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor and any partner, director, officer, shareholder, member, manager, employee or agent of any of
the foregoing shall be indemnified and held harmless by the Trust against any and all claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses (including, without limitation,
costs and expenses of litigation and of enforcement of this indemnity, and of investigation, counsel fees, damages, judgments and
amounts paid in settlement) incurred in connection with any actual or threatened legal or administrative action (whether in equity
or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion Loans or the Certificates, other than any loss,
liability or expense: (i) specifically required to be borne thereby pursuant to the terms hereof; (ii) incurred in connection
with any breach of a representation or warranty made by it herein; (iii) incurred by reason of bad faith, willful misconduct
or 

    -372-

     

    

negligence in the performance of its obligations or duties hereunder, or by reason of negligent disregard of such obligations
or duties; or (iv) in the case of the Depositor and any of its partners, directors, officers, shareholders, members, managers,
employees and agents, incurred in connection with any violation by any of them of any state or federal securities law. In addition,
absent actual fraud (as determined by a final non-appealable court order), neither the Trustee nor the Certificate Administrator
(including in its capacity as Custodian, Certificate Registrar and 17g-5 Information Provider) shall be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee
or the Certificate Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action.
Each of the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Asset
Representations Reviewer and the Operating Advisor conclusively may rely on, and shall be protected in acting or refraining from
acting upon, any resolution, officer’s certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, financial statement, agreement, Appraisal, bond or other document (in electronic
or paper format) as contemplated by and in accordance with this Agreement and reasonably believed or in good faith believed by
the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Asset Representations
Reviewer or the Operating Advisor to be genuine and to have been signed or presented by the proper party or parties and each of
them may consult with counsel, in which case any written advice of counsel or Opinion of Counsel shall be full and complete authorization
and protection with respect to any action taken or suffered or omitted by it hereunder in good faith and in accordance with such
advice or Opinion of Counsel.

 

(b)         None of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or
defend any legal or administrative action (whether in equity or at law), proceeding, hearing or examination that is not incidental
to its respective duties under this Agreement or which in its opinion may involve it in any expense or liability not recoverable
from the Trust; provided, however, that each of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer may in its discretion undertake any such action, proceeding, hearing or examination
that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests
of the Certificateholders and the RR Interest Owner (and, in the case of any Serviced Whole Loan, the rights of the Certificateholders,
the RR Interest Owner and the holders of a Serviced Companion Loan (as a collective whole) taking into account the subordinate
or pari passu nature of such Serviced Companion Loan); provided, however, that if a Serviced Whole Loan and/or
the holder of any related Companion Loan are involved, such expenses, costs and liabilities will be payable out of funds related
to the applicable Serviced Whole Loan in accordance with the related Intercreditor Agreement and will also be payable out of the
other funds in the Collection Account if amounts on deposit with respect to such Serviced Whole Loan are insufficient therefor.
If any such expenses, costs or liabilities relate to a Mortgage Loan or Companion Loan, then any subsequent recovery on that Mortgage
Loan or Companion Loan, as applicable, will be used to reimburse the Trust for any amounts advanced for the payment of such expenses,
costs or liabilities. In such event, the legal expenses and costs of such action, proceeding, hearing or examination and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Depositor, the Master Servicer (including in
its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Asset Representations Reviewer

    -373-

     

    

 and the Operating
Advisor shall be entitled to be reimbursed therefor out of amounts attributable to the Mortgage Loans or the Companion Loan on
deposit in the Collection Account (including, without duplication, any subaccount thereof), as provided by Section 3.05(a)(xiii).

 

(c)         Each of the Master Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the
related Serviced Companion Noteholders, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Master Servicer (including in its capacity as Companion Paying Agent, if applicable) (in the case of the Special Servicer),
the Special Servicer (in the case of the Master Servicer) and the Trust and any partner, director, officer, shareholder, member,
manager, employee or agent thereof, and hold them harmless, from and against any and all claims, disputes, losses, penalties, fines,
forfeitures, reasonable legal fees and related costs (including, without limitation, in connection with the enforcement of such
indemnified party’s rights under this Agreement), judgments, and any other costs, liabilities, fees and expenses that any
of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Master Servicer or the
Special Servicer, as the case may be, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Master Servicer or the Special Servicer, as the case may be, of its duties and obligations hereunder or by reason
of breach of any representations or warranties made herein by the Master Servicer or the Special Servicer, as applicable. The Trustee,
the Certificate Administrator, the Depositor, the Asset Representations Reviewer or the Operating Advisor, as the case may be,
shall immediately notify the Master Servicer or the Special Servicer, as applicable, if a claim or dispute is made by a third party
with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Master Servicer
or the Special Servicer, as the case may be, shall assume the defense of such claim or dispute (with counsel reasonably satisfactory
to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Depositor, as applicable)
and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim or dispute. Any failure to so notify the Master Servicer or the
Special Servicer, as the case may be, shall not affect any rights any of the foregoing Persons may have to indemnification under
this Agreement or otherwise, unless the Master Servicer’s or the Special Servicer’s, as the case may be, defense of
such claim or dispute is materially prejudiced thereby.

 

Each of the Master Servicer
and the Special Servicer shall indemnify and hold harmless the 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 the Depositor
or its Affiliates that arise out of or are based upon, severally and not jointly (i) a breach by the Master Servicer or the
Special Servicer, as applicable, of any obligation it has to deliver information to the 17g-5 Information Provider as set forth
in this Agreement, including Section 3.07(a), Section 3.08, Section 3.09(e), Section 3.12, Section
3.17(c) and Section 3.18(g) or (ii) a breach by the Master Servicer or the Special Servicer, as applicable, of
any obligation it has set forth in Section 3.13(d), Section 3.13(g) and Section 3.13(j).

 

(d)         Each of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify
the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer,
the Certificate Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), 

    -374-

     

    

the Operating
Advisor, the Asset Representations Reviewer and the Trust and any partner, director, officer, shareholder, member, manager employee
or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related costs (including, without limitation, in connection with the enforcement of such indemnified party’s
rights under this Agreement), judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising
from or as a result of any willful misconduct, bad faith or negligence of the Trustee or the Certificate Administrator, respectively,
in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Trustee or the
Certificate Administrator, respectively, of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Depositor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall
immediately notify the Trustee and the Certificate Administrator, respectively, if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Trustee or the Certificate
Administrator shall assume the defense of such claim (with counsel reasonably satisfactory to the Depositor, the Master Servicer
(including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Asset Representations Reviewer
or the Operating Advisor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the Trustee
or the Certificate Administrator shall not affect any rights any of the foregoing Persons may have to indemnification under this
Agreement or otherwise, unless the Trustee’s or the Certificate Administrator’s defense of such claim is materially
prejudiced thereby.

 

(e)         The Depositor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and
the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless,
from and against any and all claims, disputes, losses, penalties, fines, forfeitures, reasonable legal fees and related costs (including,
without limitation, in connection with the enforcement of such indemnified party’s rights under this Agreement), judgments,
and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct,
bad faith or negligence of the Depositor, in the performance of its obligations and duties under this Agreement or by reason of
negligent disregard by the Depositor of its duties and obligations hereunder or by reason of breach of any representations or warranties
made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor, as the case
may be, shall immediately notify the Depositor if a claim or dispute is made by a third party with respect to this Agreement, whereupon
the Depositor shall assume the defense of such claim or dispute (with counsel reasonably satisfactory to the Master Servicer (including
in its capacity as Companion Paying Agent, if applicable) or the Special Servicer, as the case may be) and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim or dispute. Any failure to so notify the Depositor shall not affect any rights any
of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Depositor’s defense of
such claim or dispute is materially prejudiced thereby.

 

    -375-

     

    

(f)          The Operating Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust
and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs (including, without limitation,
in connection with the enforcement of such indemnified party’s rights under this Agreement), judgments, and any other costs,
liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or
negligence of the Operating Advisor, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Operating Advisor of its duties and obligations hereunder or by reason of breach of any representations or warranties
made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor, as the case may be,
shall immediately notify the Operating Advisor if a claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Trust to indemnification hereunder, whereupon the Operating Advisor shall assume the defense of such claim
(with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Operating Advisor shall not affect any rights any of
the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Operating Advisor’s defense
of such claim is materially prejudiced thereby.

 

(g)         Neither the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers,
employees or agents of the Operating Advisor shall be under any liability to any Certificateholder or the RR Interest Owner for
any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Operating Advisor against any liability which would
otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent
disregard of obligations and duties hereunder.

 

(h)         The Asset Representations Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying
Agent, if applicable), the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and
the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless,
from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs (including,
without limitation, in connection with the enforcement of such indemnified party’s rights under this Agreement), judgments,
and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct,
bad faith or negligence of the Asset Representations Reviewer, in the performance of its obligations and duties under this Agreement
or by reason of negligent disregard by the Asset Representations Reviewer of its duties and obligations hereunder or by reason
of breach of any representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential
damages. The Master Servicer, the Special Servicer, the Trustee, the Certificate 

    -376-

     

    

Administrator, the Operating Advisor or the Depositor,
as the case may be, shall immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer
shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity
as Companion Paying Agent, if applicable), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Depositor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy
any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the Asset Representations
Reviewer shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Asset Representations Reviewer’s defense of such claim is materially prejudiced thereby.

 

(i)          The applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Paying Agent, Non-Serviced Operating
Advisor (if any), Non-Serviced Depositor, Non-Serviced Certificate Administrator and Non-Serviced Trustee, and any of their respective
partners, directors, officers, shareholders, members, managers, employees or agents, shall be indemnified by the Trust and held
harmless against the Trust’s pro rata share (subject to the applicable Non-Serviced Intercreditor Agreement) of any
and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses incurred in connection with the servicing and administration of a Non-Serviced Whole Loan and the related Non-Serviced
Mortgaged Property under the applicable Non-Serviced PSA (as and to the same extent the applicable Non-Serviced Trust is required
to indemnify such parties in respect of other mortgage loans in the applicable Non-Serviced Trust pursuant to the terms of the
related Non-Serviced PSA).

 

The indemnification provided
herein shall survive the termination of this Agreement and the termination or resignation of the Master Servicer (including in
its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor or the Asset Representations Reviewer.

 

(j)          For purposes of this Section 6.04 and Section 11.12, the Master Servicer or Special Servicer, as the case
may be, will be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of their
respective obligations and duties hereunder or acted in negligent disregard of such obligations and duties if the Master Servicer
or the Special Servicer, as applicable, fails to follow any terms of any Mortgage Loan documents because the Master Servicer or
the Special Servicer, as applicable, in accordance with the Servicing Standard, determines that compliance with such terms would
or potentially would cause an Adverse REMIC Event or cause the Grantor Trust to fail to qualify as a Grantor Trust under the relevant
provisions of the Code (for which determination the Master Servicer and the Special Servicer shall be entitled to rely on advice
of counsel, the cost of which will be reimbursed as an additional expense of the Trust).

 

Section 6.05       
Depositor, Master Servicer and Special Servicer Not to Resign. Subject to the provisions of Section 6.03,
neither the Master Servicer nor the Special Servicer shall resign from their respective obligations and duties hereby imposed on
each of them except upon (a) determination that such party’s duties hereunder are no longer permissible under applicable
law or are in material conflict by reason of applicable law with any other activities carried on by

    -377-

     

    

 it or (b) in the case
of the Master Servicer or the Special Servicer, upon the appointment of, and the acceptance of such appointment by, a successor
(which may be appointed by the resigning Master Servicer or Special Servicer, as applicable), and receipt by the Certificate Administrator
and the Trustee of Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced
Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).
Any such determination permitting the resignation of the Master Servicer or the Special Servicer pursuant to clause (a)
above shall be evidenced by an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the Trustee
and (prior to the occurrence and continuance of a Consultation Termination Event) the Directing Certificateholder. Unless applicable
law requires the resignation of the Master Servicer or the Special Servicer (as the case may be) to be effective immediately, and
the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation by the Master Servicer or the Special
Servicer under clause (a) above shall become effective until the Trustee or a successor master servicer or special
servicer, as applicable, shall have assumed the Master Servicer’s or the Special Servicer’s, as applicable, responsibilities
and obligations in accordance with Section 7.02 and no such resignation by the Master Servicer or the Special Servicer shall
become effective until the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07
and any other Form 8-K filings have been completed with respect to any related Companion Loan. Upon any termination (as described
in Section 7.01(c)) or resignation of the Master Servicer or the Special Servicer, pursuant to this Section 6.05,
the Master Servicer or the Special Servicer, as applicable, shall have the right and opportunity to appoint any successor master
servicer or special servicer with respect to this Section 6.05; provided that such successor master servicer or special
servicer shall not be the Asset Representations Reviewer, the Operating Advisor or one of their respective Affiliates and (prior
to the occurrence and continuance of a Control Termination Event) such successor special servicer is approved by the Directing
Certificateholder, such approval not to be unreasonably withheld. The resigning party shall pay all reasonable out-of-pocket costs
and expenses (including reasonable out-of-pocket costs and expenses incurred by the Trustee and the Certificate Administrator)
associated with a transfer of its duties pursuant to this Section 6.05. Except as provided in Section 7.01(c), in
no event shall the Master Servicer or the Special Servicer have the right to appoint any successor master servicer or special servicer
if the Master Servicer or Special Servicer, as applicable, is terminated or removed pursuant to Section 7.01.

 

Section 6.06       
Rights of the Depositor in Respect of the Master Servicer and the Special Servicer. The Depositor may, but is not
obligated to, enforce the obligations of the Master Servicer and the Special Servicer hereunder and may, but is not obligated to,
perform, or cause a designee to perform, any defaulted obligation of the Master Servicer and the Special Servicer hereunder or
exercise the rights of the Master Servicer or the Special Servicer, as applicable, hereunder; provided, however,
that the Master Servicer and the Special Servicer shall not be relieved of any of their respective obligations hereunder by virtue
of such performance by the Depositor or its designee. The Depositor shall not have any responsibility or liability for any action
or failure to act by the Master Servicer or the Special Servicer and is not obligated to supervise the performance of the Trustee,
the Master Servicer, the Operating Advisor or the Special Servicer under this Agreement or otherwise.

 

    -378-

     

    

Section 6.07       
The Master Servicer and the Special Servicer as Certificate Owner. The Master Servicer, the Special Servicer or any
Affiliate thereof may become the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect to) any
Certificate with (except as otherwise set forth in the definition of “Certificateholder”) the same rights it
would have if it were not the Master Servicer, the Special Servicer or an Affiliate thereof.

 

Section 6.08       
The Directing Certificateholder and the Risk Retention Consultation Parties.

 

(a)         (A) Other than with respect to any Serviced AB Whole Loan that is not subject to an AB Control Appraisal Period, for
so long as no Control Termination Event has occurred and is continuing, the Directing Certificateholder shall be entitled to advise
(1) the Special Servicer with respect to all Major Decisions for all Mortgage Loans (other than any Excluded Loan with respect
to the Directing Certificateholder or the Holder of the majority of the Controlling Class), (2) the Special Servicer with
respect to all Mortgage Loans, as to the Special Servicer Decisions described in clauses (iv), (v), (vi) and
(vii) of the definition of “Special Servicer Decision” and (3) the Master Servicer to the extent the Directing
Certificateholder’s consent is required by clauses (x) and (xii) of the definition of “Master Servicer
Decision”, and shall have the right to replace the Special Servicer with or without cause pursuant to Section 7.01(d)
and have certain other rights described below, and (B) each Risk Retention Consultation Party shall (other than with respect to
an Excluded Loan with respect to such Risk Retention Consultation Party or the Holder of the majority of the related VRR Interest)
be entitled to consult on a strictly non-binding basis with the Special Servicer with respect to any Major Decision (provided
that prior to the occurrence and continuance of a Consultation Termination Event, the related Mortgage Loan must also be a Specially
Serviced Loan). For the avoidance of doubt, any consultation with a Risk Retention Consultation Party under this Agreement shall
occur only upon request of such Risk Retention Consultation Party with respect to any individual triggering event, and any such
consultation shall be on a strictly non-binding basis and shall be subject to all limitations with respect to the procedures and
timing of such consultation set forth in this Section 6.08. Notwithstanding anything herein to the contrary, except as set
forth in, and in any event subject to, the third and fourth paragraphs of this Section 6.08(a) and Section 6.08(b),
for so long as no Control Termination Event has occurred and is continuing (such limitation not to be applicable to a Loan-Specific
Directing Certificateholder), the Special Servicer shall only be permitted to take any of the following actions (each, a “Major
Decision”) as to which the Directing Certificateholder has consented in writing within ten (10) Business Days after
the Directing Certificateholder’s receipt of the Special Servicer’s written recommendation and analysis and all information
reasonably requested by the Directing Certificateholder, and reasonably available to the Special Servicer in order to grant or
withhold such consent, which report may (in the sole discretion of the Special Servicer) take the form of an Asset Status Report
(the “Major Decision Reporting Package”) (provided that if such written consent has not been received
by the Special Servicer within such ten (10) Business Day period, then the Directing Certificateholder will be deemed to have
approved such action):

 

(i)          any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the
ownership of properties securing any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and Serviced Companion Loan that comes
into and continues in default;

 

    -379-

     

    

(ii)         any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or
material non-monetary term (including, without limitation, a Payment Accommodation, the timing of payments and acceptance of discounted
payoffs) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any extension of the maturity date
of such Mortgage Loan or Serviced Whole Loan other than in connection with a maturity default if a refinancing or sale is expected
within 120 days as provided in clause (viii) of the definition of “Master Servicer Decision” or as otherwise
set forth in clause (xi) of the definition of “Master Servicer Decision”;

 

(iii)        following a default or an event of default with respect to a Mortgage Loan or Serviced Whole Loan, any exercise of remedies,
including the acceleration of the Mortgage Loan or Serviced Whole Loan or initiation of any proceedings, judicial or otherwise,
under the related Mortgage Loan documents;

 

(iv)        any sale of a Defaulted Loan and any related defaulted Companion Loan, or any REO Property (other than in connection with
the termination of the Trust) or a defaulted Non-Serviced Mortgage Loan that the Special Servicer is permitted to sell in accordance
with Section 3.16(a)(iii) of this Agreement and the related Intercreditor Agreement in each case, for less than the applicable
Purchase Price;

 

(v)         any determination to bring a an REO Property into compliance with applicable environmental laws or to otherwise address
hazardous material located at a an REO Property;

 

(vi)        any release of material collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than
any Non-Serviced Mortgage Loan) or Serviced Whole Loan or any consent to either of the foregoing, other than if (i) required pursuant
to the specific terms of the related Mortgage Loan documents or (ii) a release of a non-material, non-income producing parcel as
described under clause (ii) or clause (v) of the definition of “Master Servicer Decision”, and for which there is no
lender discretion;

 

(vii)       any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan, or any consent to such a waiver or consent to a transfer of the Mortgaged
Property or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence
of debt as described under clause (xiii) or clause (xv) of the definition of “Master Servicer Decision”;

 

(viii)      any property management company changes with respect to a Mortgage Loan, including, without limitation, approval of the
termination of a manager and appointment of a new property manager, in each case, if the replacement property manager is a Borrower
Party or the Mortgage Loan has an outstanding principal balance equal to or greater than $10,000,000;

 

    -380-

     

    

(ix)         any franchise changes with respect to a Mortgage Loan for which the lender is required to consent or approve such changes
under the related Mortgage Loan documents;

 

(x)          releases of any material amounts from Earnout or Performance Escrows or Reserves, other than those required pursuant to
the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan and for which
there is no lender discretion, and other than Routine Disbursements undertaken by the Master Servicer on Mortgage Loans that are
Non-Specially Serviced Loans and any such releases described in clause (iii) of the definition of “Special Servicer Decisions”
undertaken by the Special Servicer under the this Agreement;

 

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

 

(xii)        unless processed by the Master Servicer pursuant to clause (ix) of the definition of “Master Servicer Decision”,
any modification, amendment, consent to a modification or waiver of any material term of any Intercreditor Agreement, co-lender
agreement or similar agreement with any mezzanine lender, subordinate debt holder or Pari Passu Companion Loan Holder related
to a Mortgage Loan or Whole Loan, or any action to enforce rights (or decision not to enforce rights) with respect thereto; provided,
however, that any such modification or amendment that would adversely impact the Master Servicer shall additionally require
the consent of the Master Servicer as a condition to its effectiveness;

 

(xiii)       agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan or Serviced Whole Loan in connection
with a defeasance if such proposed modification, waiver, consent or amendment is with respect to (A) a modification of the
type of defeasance collateral required under the Mortgage Loan or Serviced Whole Loan documents such that defeasance collateral
other than direct, non-callable obligations of the United States would be permitted or (B) a modification that would permit
a principal prepayment instead of defeasance if the applicable loan documents do not otherwise permit such principal prepayment;

 

(xiv)       other than with respect to a Non-Specially Serviced Loan, any determination of Acceptable Insurance Default; and

 

(xv)       any consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor,
to the extent the mortgagee’s approval is required under the related Mortgage Loan documents;

 

provided, however, that,
in the event that the Special Servicer or the Master Servicer, as the case may be, determines that immediate action, with respect
to the foregoing matters or any Master Servicer Decision, or any other matter requiring consent of the Directing Certificateholder
prior to the occurrence and continuance of a Control Termination Event in this Agreement (or any matter

    -381-

     

    

 requiring consultation
with the Directing Certificateholder, the Risk Retention Consultation Parties or the Operating Advisor), is necessary to protect
the interests of the Certificateholders and the RR Interest Owner (or, with respect to any Serviced Whole Loan, the interest of
the Certificateholders, the RR Interest Owner and the holders of any related Serviced Companion Loan) (as a collective whole (taking
into account the subordinate or pari passu nature of any Companion Loans)), the Special Servicer or the Master Servicer,
as the case may be, may take any such action without waiting for the Directing Certificateholder’s response (or without waiting
to consult with the Directing Certificateholder, the Risk Retention Consultation Parties or the Operating Advisor, as the case
may be); provided, further, that the Special Servicer or the Master Servicer, as the case may be, provides the Directing
Certificateholder (or the Operating Advisor, if applicable) and the Risk Retention Consultation Parties (if applicable) with prompt
written notice following such action including a reasonably detailed explanation of the basis therefor. Neither the Master Servicer
nor the Special Servicer is required to obtain the consent of the Directing Certificateholder for any of the foregoing actions
or any other matter requiring consent of the Directing Certificateholder after the occurrence and during the continuance of a Control
Termination Event; provided, however, that, after the occurrence and during the continuance of a Control Termination
Event, the Special Servicer shall consult with the Directing Certificateholder (only prior to the occurrence and continuance of
a Consultation Termination Event) in connection with any Major Decision not relating to an Excluded Loan (and any other actions
which otherwise require consultation with the Directing Certificateholder prior to the occurrence and continuance of a Consultation
Termination Event hereunder) and consider alternative actions recommended by the Directing Certificateholder in respect thereof.
Additionally, upon request, the Special Servicer shall consult with the Risk Retention Consultation Parties on a non-binding basis
(provided, that prior to the occurrence and continuance of a Consultation Termination Event, the related Mortgage Loan must
also be a Specially Serviced Loan) in connection with any Major Decision not relating to an Excluded Loan with respect to a Risk
Retention Consultation Party and consider alternative actions recommended by such Risk Retention Consultation Party in respect
thereof. In the event the Special Servicer receives no response from the Directing Certificateholder or a Risk Retention Consultation
Party within 10 Business Days following its written request for input on any required consultation, the Special Servicer shall
not be obligated to consult with the Directing Certificateholder or such Risk Retention Consultation Party, as applicable, on the
specific matter; provided, however, that the failure of the Directing Certificateholder or such Risk Retention Consultation
Party to respond shall not relieve the Special Servicer or the Master Servicer, as applicable, from consulting with the Directing
Certificateholder or such Risk Retention Consultation Party, as applicable, on any future matters with respect to the applicable
Mortgage Loan (other than a Non-Serviced Mortgage Loan or an Excluded Loan with respect to such party) or Serviced Whole Loan.
The Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor (a) prior to the occurrence of
an Operating Advisor Consultation Event, promptly after the Special Servicer receives the Directing Certificateholder’s approval
or deemed approval with respect to such Major Decision or (b) following the occurrence and during the continuance of an Operating
Advisor Consultation Event, simultaneously upon providing such Major Decision Reporting Package to the Directing Certificateholder;
provided, however, that, with respect to any Non-Specially Serviced Loan other than an Excluded Loan, no Major Decision
Reporting Package shall be required to be delivered prior to the occurrence and continuance of an Operating Advisor Consultation
Event. With respect to any particular Major Decision and related Major Decision Reporting Package and any Asset Status Report,
the Special Servicer shall make 

    -382-

     

    

available to the Operating Advisor a Servicing Officer with relevant knowledge regarding the related
Mortgage Loan and such Major Decision and/or Asset Status Report in order to address reasonable questions that the Operating Advisor
may have relating to, among other things, such Major Decision and/or Asset Status Report. In addition, if an Operating Advisor
Consultation Event has occurred and is continuing, the Special Servicer shall also deliver a Major Decision Reporting Package to
the Operating Advisor and consult with the Operating Advisor in connection with any proposed Major Decision (and any other actions
which otherwise require consultation with the Operating Advisor after the occurrence and during the continuance of an Operating
Advisor Consultation Event hereunder) and consider alternative actions recommended by the Operating Advisor, in respect thereof,
provided that such consultation is on a non-binding basis. In the event that the Special Servicer receives no response from
the Operating Advisor within ten (10) Business Days following the later of (i) its written request for input (which request
shall include the related Major Decision Reporting Package) on any required consultation and (ii) delivery of all such additional
information reasonably requested by the Operating Advisor related to the subject matter of such consultation, the Special Servicer
shall not be obligated to consult with the Operating Advisor on the specific matter; provided, however, that the
failure of the Operating Advisor to respond on any specific matters shall not relieve the Special Servicer from its obligation
to consult with the Operating Advisor on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan.
Notwithstanding anything herein to the contrary, with respect to any Excluded Loan as to the Directing Certificateholder of the
holder of a majority of the Controlling Class (regardless of whether a Control Termination Event, a Consultation Termination Event
or an Operating Advisor Consultation Event has occurred and is continuing), the Special Servicer shall consult with the Operating
Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions and consider alternative
actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this Section
6.08(a) for consulting with the Operating Advisor.

 

Subject to the terms
and conditions of this Section 6.08(a), the Special Servicer shall process all requests for any matter that constitutes
a “Major Decision” with respect to all Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Companion
Loans. Upon receiving a request for any matter that constitutes a Major Decision with respect to a Mortgage Loan (other than any
Non-Serviced Mortgage Loan) and any Serviced Companion Loan that is not a Specially Serviced Loan, the Master Servicer shall promptly
forward such request to the Special Servicer and the Special Servicer shall process such request (including, without limitation,
interfacing with the Mortgagor) (unless the Master Servicer and Special Servicer mutually agree that the Master Servicer shall
process such request with respect to a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan with respect
to a Major Decision) and except as provided in the next sentence, the Master Servicer shall have no further obligation with respect
to such request or Major Decision. With respect to such request, the Master Servicer shall continue to cooperate with the Special
Servicer by delivering any additional information in the Master Servicer’s possession to the Special Servicer requested by
the Special Servicer relating to such Major Decision. Unless the Master Servicer and the Special Servicer mutually agree that the
Master Servicer shall process such Major Decision with respect to a Mortgage Loan or Serviced Whole Loan that is not a Specially
Serviced Loan, the Master Servicer shall not be permitted to process any Major Decision and shall not be required to interface
with the Mortgagor or provide a written recommendation and analysis with respect to any Major Decision. If the Master Servicer
and Special Servicer mutually agree that the Master Servicer shall process a Major Decision with

    -383-

     

    

 respect to any Mortgage Loan (other
than any Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Non-Specially Serviced Loan, the Master Servicer shall obtain
the Special Servicer’s prior consent (or deemed consent) to the Major Decision. In connection with such mutual agreement
between the Master Servicer and the Special Servicer that the Master Servicer shall process a Major Decision or Special Servicer
Decision, the Master Servicer shall deliver notice to the Special Servicer upon completion of the related transaction (and the
Special Servicer, prior to the occurrence and continuance of a Consultation Termination Event and other than in respect of any
Excluded Loan as to the Directing Certificateholder or the Holder of the majority of the Controlling Class, shall deliver such
notice to the Directing Certificateholder (except to the extent that the Special Servicer or the Directing Certificateholder, as
applicable, notifies the Master Servicer that the Special Servicer or the Directing Certificateholder, as applicable, does not
desire to receive copies of such items)).

 

With respect to (i) prior
to the occurrence and continuance of a Consultation Termination Event, any Major Decision relating to a Specially Serviced Loan,
and (ii) after the occurrence and during the continuance of a Consultation Termination Event, any Major Decision relating to a
Mortgage Loan (in each case, other than with respect to an Excluded Loan with respect to a Risk Retention Consultation Party or
the Holder of the majority of the related VRR Interest), the Special Servicer shall provide copies of any notice, information and
report that it is required to provide to the Directing Certificateholder pursuant to this Agreement with respect to such Major
Decision to such Risk Retention Consultation Party, within the same time frame it is required to provide such notice, information
or report to the Directing Certificateholder (for this purpose, without regard to whether such items are actually required to be
provided to the Directing Certificateholder under this Agreement due to the occurrence of a Control Termination Event or a Consultation
Termination Event). In addition, during a Control Termination Event, each Risk Retention Consultation Party shall be entitled to
all information delivered or made available to the Operating Advisor (except with respect to information relating to an Excluded
Loan as to such Risk Retention Consultation Party).

 

In addition, with respect
to any Mortgage Loan other than an Excluded Loan with respect to the Directing Certificateholder or the Holder of the majority
of the Controlling Class, for so long as no Control Termination Event has occurred and is continuing, the Directing Certificateholder,
subject to any rights, if any, of the related Companion Holder to advise the Special Servicer with respect to the related Serviced
Whole Loan, pursuant to the terms of the related Intercreditor Agreement, may direct the Special Servicer to take, or to refrain
from taking, such other actions with respect to a Mortgage Loan, as the Directing Certificateholder may deem advisable or as to
which provision is otherwise made herein; provided that notwithstanding anything herein to the contrary, no such direction
or objection contemplated by the preceding paragraphs of this Section 6.08(a) or this paragraph may require or cause the
Master Servicer or Special Servicer to violate any provision of any Mortgage Loan or related Intercreditor Agreement or mezzanine
intercreditor agreement, applicable law, this Agreement, or the REMIC Provisions (and, with respect to a Serviced Whole Loan, subject
to the rights of the holders of the related Companion Loan), including without limitation the obligation of the Master Servicer
and the Special Servicer to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trust or the Trustee to liability,
or materially expand the scope of the responsibilities of the Master Servicer or the Special Servicer, as applicable, hereunder
or cause

    -384-

     

    

 the Master Servicer or the Special Servicer, as applicable, to act, or fail to act, in a manner which in the reasonable
judgment of the Master Servicer or the Special Servicer, as the case may be, is not in the best interests of the Certificateholders
and the RR Interest Owner.

 

In the event the Special
Servicer or the Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder or the
Operating Advisor or any advice from the Directing Certificateholder, the Operating Advisor or a Risk Retention Consultation Party
would cause the Special Servicer or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan, applicable law
or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or the Master Servicer, as applicable,
shall disregard such refusal to consent or advise and notify the Directing Certificateholder, the Operating Advisor or such Risk
Retention Consultation Party, respectively, and the Trustee and the Rating Agencies of its determination, including a reasonably
detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer or the
Special Servicer in accordance with the direction of or approval of the Directing Certificateholder, the advice of the Operating
Advisor or the approval of a Risk Retention Consultation Party that does not violate the terms of any Mortgage Loan, applicable
law or the Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master
Servicer or the Special Servicer.

 

With respect to any matter
for which the consent of the Directing Certificateholder is required, to the extent no specific time period for deemed consent
is expressly stated, in the event no response from the Directing Certificateholder is received within ten (10) Business Days following
written request for consent and its receipt of all reasonably requested information on any required consent, the Directing Certificateholder
shall be deemed to have consented to or approved the specific matter; provided that the failure of the Directing Certificateholder
to respond will not affect any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan.

 

The Directing Certificateholder
shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action,
or for errors in judgment; provided, however, that the Directing Certificateholder (exclusive of a Loan-Specific
Directing Certificateholder) shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise
be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties owed to the Controlling Class
Certificateholders or by reason of reckless disregard of obligations or duties owed to the Controlling Class Certificateholders.
By its acceptance of a Certificate, each Certificateholder and the RR Interest Owner acknowledges and agrees that the Directing
Certificateholder may take actions that favor the interests of one or more Classes of the Certificates including the Holders of
the Controlling Class over other Classes of the Certificates or the RR Interest Owner, and that the Directing Certificateholder
may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates or the RR
Interest Owner, that the Directing Certificateholder may act solely in its own interests or the interests of the Holders of the
Controlling Class, that the Directing Certificateholder does not have any duties or liability to the Holders of any Class of Certificates
other than the Controlling Class except in the case of a Loan-Specific Directing Certificateholder, that the Directing Certificateholder
shall not be liable to any Certificateholder or the RR Interest Owner, by reason of its having acted solely in its own interests
or the interests of the Holders of the Controlling Class, and that the Directing Certificateholder shall have no

    -385-

     

    

 liability whatsoever
for having so acted, and no Certificateholder or the RR Interest Owner may take any action whatsoever against the Directing Certificateholder
or any director, officer, employee, agent or principal thereof for having so acted.

 

Each Risk Retention Consultation
Party shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of
any action, or for errors in judgment; provided, however, that each Risk Retention Consultation Party shall not be
protected against any liability to the VRR Interest Owner that appointed such Risk Retention Consultation Party that would otherwise
be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties owed to such VRR Interest
Owner or by reason of reckless disregard of obligations or duties owed to such VRR Interest Owner. By its acceptance of a Certificate,
each Certificateholder and each VRR Interest Owner with respect to each other VRR Interest, acknowledges and agrees that each Risk
Retention Consultation Party may take actions that favor the interests of one or more Classes of the Certificates or, the applicable
VRR Interest Owner, over other Classes of the Certificates or other VRR Interest, and that each Risk Retention Consultation Party
may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates or VRR Interest
Owners other than the applicable VRR Interest Owner, that each Risk Retention Consultation Party may act solely in the interests
of the applicable VRR Interest Owner, that each Risk Retention Consultation Party does not have any duties or liability to the
Holders of any Class of Certificates or VRR Interest Owner other than the applicable VRR Interest Owner, that each Risk Retention
Consultation Party shall not be liable to any Holder of a Non-VRR Certificate by reason of its having acted solely in the interests
of the Holder of the related VRR Interest Owner, and that each Risk Retention Consultation Party shall have no liability whatsoever
for having so acted, and no Certificateholder or other VRR Interest Owner may take any action whatsoever against the applicable
Risk Retention Consultation Party or any director, officer, employee, agent or principal thereof for having so acted.

 

Any Non-Serviced Whole
Loan Controlling Holder, with respect to a Non-Serviced Whole Loan, shall have no liability to the Trust or the Certificateholders
for any action taken, or for refraining from the taking of any action, or for errors in judgment. By its acceptance of a Certificate,
each Certificateholder acknowledges and agrees that any such Non-Serviced Whole Loan Controlling Holder, with respect to the related
Non-Serviced Whole Loan, may take actions that favor the interests of one or more classes of the certificates issued under the
related Non-Serviced PSA including the holders of the controlling class under such Non-Serviced PSA over other classes of the certificates
issued under the Non-Serviced PSA and/or any Class of Certificates, and that such Non-Serviced Whole Loan Controlling Holder, with
respect to such Non-Serviced Whole Loan, may have special relationships and interests that conflict with those of Holders of some
Classes of the Certificates, that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan,
may act solely in the interests of the Holders of the controlling class under the related Non-Serviced PSA, that such Non-Serviced
Whole Loan Controlling Holder, shall not be liable to any Certificateholder, by reason of its having acted solely in the interests
of the Holders of the controlling class under the related Non-Serviced PSA, and that the Non-Serviced Whole Loan Controlling Holder,
with respect to such Non-Serviced Whole Loan, shall have no liability whatsoever for having so acted, and no Certificateholder
may take any action whatsoever against such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole
Loan, or any director, officer, employee, agent or principal thereof for having so acted.

 

    -386-

     

    

(b)         Notwithstanding anything to the contrary contained herein (i) after the occurrence and during the continuance of a
Control Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder (other than any
Loan-Specific Directing Certificateholder) shall have no right to consent to or direct any action taken or not taken by any party
to this Agreement; (ii) after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence
and continuance of a Consultation Termination Event, the Directing Certificateholder shall remain entitled to receive any notices,
reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer, the Special Servicer and any
other applicable party shall consult with the Directing Certificateholder and, with respect to any Specially Serviced Loan, the
Risk Retention Consultation Parties (in each case, other than with respect to any Excluded Loan as to such party), to the extent
set forth herein 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 (and at any time with respect to any Excluded Loan),
the Directing Certificateholder (other than any Loan-Specific Directing Certificateholder) shall have no direction, consultation
or consent rights hereunder and no right to receive any notices, reports or information (other than notices, reports or information
required to be delivered to all Certificateholders) or any other rights as Directing Certificateholder and, other than with respect
to any Excluded Loan with respect to such Risk Retention Consultation Party or the holder of a majority of the related VRR Interest,
such Risk Retention Consultation Party shall remain entitled to receive any notices, reports or information to which it is entitled
pursuant to this Agreement, and the Special Servicer and any other applicable party shall consult with such Risk Retention Consultation
Party to the extent set forth herein in connection with any action to be taken or refrained from being taken to the extent set
forth herein.

 

Section 6.09       
Knowledge of Computershare Trust Company, National Association. Except as otherwise expressly set forth in this Agreement,
Computershare Trust Company, National Association acting in any particular capacity hereunder will not be deemed to be imputed
with knowledge of (a) Computershare Trust Company, National Association, acting in a capacity that is unrelated to the transactions
contemplated by this Agreement, or (b) Computershare Trust Company, National Association, acting in any other capacity hereunder,
except, in the case of either clause (a) or clause (b), where some or all of the obligations performed
in such capacities are performed by one or more employees within the same group or division of Computershare Trust Company, National
Association, or where the groups or divisions responsible for performing the obligations in such capacities have one or more of
the same Responsible Officers or Servicing Officers, as applicable.

 

[End of Article VI]

 

ARTICLE
VII

SERVICER TERMINATION EVENTS

 

Section 7.01       
Servicer Termination Events; Master Servicer and Special Servicer Termination. (a)  “Servicer Termination
Event”, wherever used herein, means, with respect to the Master Servicer or the Special Servicer, as the case may be, any
one of the following events:

 

    -387-

     

    

(i)          (A) any failure by the Master Servicer to make any deposit required to be made by the Master Servicer to the Collection
Account, or remit to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and by
the time such deposit or remittance is first required to be made under the terms of this Agreement, which failure is not remedied
within one (1) Business Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by
11:00 a.m. (New York City time) on the relevant Distribution Date;

 

(ii)         any failure by the Special Servicer to deposit into the REO Account, within one (1) Business Day after such deposit
is required to be made or to remit to the Master Servicer for deposit into the Collection Account or any other required account
hereunder, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and at the time specified by,
the terms of this Agreement;

 

(iii)        any failure on the part of the Master Servicer or the Special Servicer, as the case may be, duly to observe or perform in
any material respect any of its other covenants or obligations contained in this Agreement, which failure continues unremedied
for a period of thirty (30) days (or (A) with respect to any year that a report on Form 10-K is required to be filed,
five (5) Business Days in the case of the Master Servicer’s or the Special Servicer’s obligations, as the case
may be, contemplated by Article XI, (B) fifteen (15) days in the case of the Master Servicer’s failure
to make a Servicing Advance or (C) fifteen (15) days in the case of a failure to pay the premium for any property insurance
policy required to be maintained) after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given (A) to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or (B) to
the Master Servicer or the Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders
of Certificates evidencing not less than 25% of all Voting Rights or, solely as it relates to the servicing of a Serviced Pari
Passu Whole Loan if affected by that failure, by the related Serviced Companion Noteholders; provided, however, if
such failure is capable of being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing such
cure, such period will be extended an additional thirty (30) days; provided, further, however, that such
extended period will not apply to the obligations regarding Exchange Act reporting;

 

(iv)        any breach on the part of the Master Servicer or the Special Servicer, as the case may be, of any representation or warranty
contained in Section 6.01(a) or Section 6.01(b), as applicable, which materially and adversely affects the interests
of any Class of Certificateholders or Companion Holders (excluding the holder of any Non-Serviced Companion Loan) or the RR Interest
Owner and which continues unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring
the same to be remedied, shall have been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor,
the Certificate Administrator or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee by the Holders of Certificates evidencing not less than 25% of all Voting Rights or, as it relates to the servicing
of a Serviced Pari Passu Whole Loan affected by such breach, by

    -388-

     

    

 the related Serviced Companion Noteholders; provided, however,
that if such breach is capable of being cured and the Master Servicer or the Special Servicer, as the case may be, is diligently
pursuing such cure, such 30-day period will be extended an additional thirty (30) days;

 

(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, marshalling 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 the case may be, and such decree or order shall have remained in force undischarged, undismissed or
unstayed for a period of sixty (60) days;

 

(vi)        the Master Servicer or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee
or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings
of or relating to the Master Servicer or the Special Servicer, as the case may be, or of or relating to all or substantially all
of its property;

 

(vii)       the Master Servicer or the Special Servicer shall admit in writing its inability to pay its debts generally as they become
due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for
the benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the
foregoing;

 

(viii)      KBRA (or, in the case of Serviced Pari Passu Companion Loan Securities, any Companion Loan Rating Agency) has (A) qualified,
downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or Serviced Pari Passu Companion Loan Securities,
as applicable, or (B) placed one or more Classes of Certificates or Serviced Pari Passu Companion Loan Securities, as applicable,
on “watch status” in contemplation of a ratings downgrade or withdrawal (and such qualification, downgrade, withdrawal
or “watch status” placement shall not have been withdrawn by KBRA (or, in the case of Serviced Pari Passu Companion
Loan Securities, any Companion Loan Rating Agency, as applicable), within sixty (60) days of such rating action) and, in the
case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or Special Servicer,
as the case may be, as the sole or a material factor in such rating action;

 

(ix)         the Master Servicer or the Special Servicer, as the case may be, is no longer rated at least “CMS3” or “CSS3”,
respectively, by Fitch and such Master Servicer or such Special Servicer, as the case may be, is not reinstated to at least that
rating within 60 days of the delisting; or

 

(x)          the Master Servicer or the Special Servicer, as the case may be, is removed from S&P’s Select Servicer List as
a “U.S. Commercial Mortgage Master Servicer” or a “U.S. Commercial Mortgage Special Servicer,” as applicable,
and is not restored to such status on such list within 60 days.

 

    -389-

     

    

(b)         If any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes
of this Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every
such case, so long as such Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction
of ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any
Excluded Loan) the Directing Certificateholder (solely with respect to the Special Servicer) or the Holders of Certificates entitled
to more than 25% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the Trustee to terminate each
of the Master Servicer or the Special Servicer, as the case may be, upon five (5) Business Days’ written notice if there
is a Servicer Termination Event under clause (A) in the parenthetical in Section 7.01(a)(iii) above), by notice
in writing to the Affected Party, with a copy of such notice to the Depositor and the Operating Advisor, all of the rights (subject
to Section 3.11 and Section 6.04) and obligations of the Affected Party under this Agreement and in and to the Mortgage
Loans and the proceeds thereof (other than as a Certificateholder or Companion Holder, if applicable); provided, however,
that the Affected Party shall be entitled to the payment of accrued and unpaid compensation and reimbursement through the date
of such termination as provided for under this Agreement for services rendered and expenses incurred. From and after the receipt
by the Affected Party of such written notice except as otherwise provided in this Article VII, all authority and power
of the Affected Party under this Agreement, whether with respect to the Certificates (other than as a Holder of any Certificate),
the RR Interest or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee with respect to a termination of
the Master Servicer or the Special Servicer pursuant to and under this Section 7.01, and, without limitation, the Trustee
is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents, or otherwise. The Master Servicer and the Special Servicer each agree that if it is terminated pursuant
to this Section 7.01(b), it shall promptly (and in any event no later than twenty (20) Business Days subsequent to
its receipt of the notice of termination) provide the Trustee with all documents and records requested by it to enable it to assume
the Master Servicer’s or the Special Servicer’s, as the case may be, functions hereunder, and shall cooperate with
the Trustee in effecting the termination of the Master Servicer’s or the Special Servicer’s, as the case may be, responsibilities
and rights (subject to Section 3.11 and Section 6.04) hereunder, including, without limitation, the transfer within
five (5) Business Days to the Trustee for administration by it of all cash amounts which shall at the time be or should have
been credited by the Master Servicer to the Collection Account or any Servicing Account (if it is the Affected Party), by the Special
Servicer to the REO Account (if it is the Affected Party) or thereafter be received with respect to the applicable Mortgage Loans
or any REO Property (provided, however, that the Master Servicer and the Special Servicer each shall, if terminated
pursuant to this Section 7.01(b) or pursuant to Section 7.01(d) (with respect to the Special Servicer), continue
to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination,
whether in respect of Advances (in the case of the Special Servicer or the Master Servicer) or otherwise, and it and its Affiliates
and the directors, managers, officers, members, employees and agents of it and its Affiliates shall continue to be entitled to
the benefits of Section 3.11 and Section 6.04 notwithstanding any such termination).

 

    -390-

     

    

(c)         If the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination
Event under Section 7.01(a)(viii), Section 7.01(a)(ix) or Section 7.01(a)(x), the Master Servicer shall have a forty-five
(45) day period after such notice in which to find a successor master servicer qualified to act as Master Servicer hereunder
in accordance with Section 6.03 and Section 7.02 and to which the Master Servicer can sell its rights to service
the Mortgage Loans under this Agreement. During such forty-five (45) day period the Master Servicer may continue to serve
as the Master Servicer hereunder. In the event that the Master Servicer is unable, within such forty-five (45) day period,
to cause a qualified successor master servicer to assume the duties of the Master Servicer hereunder, then and in such event, the
Trustee shall assume the obligations of the Master Servicer hereunder.

 

Notwithstanding Section
7.01(b), if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing that affects the
Holder of a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated, the Holder of
such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing Agreement,
as applicable, shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related Serviced Pari
Passu Whole Loan. The Special Servicer appointed to replace the Special Servicer with respect to a Serviced Pari Passu Mortgage
Loan cannot at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion Loan) the Person
(or Affiliate thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu Companion Loan. The
Special Servicer under this paragraph shall meet the eligibility requirements of Section 7.02 and the eligibility requirements
of the related Other Pooling and Servicing Agreement, and the appointment thereof shall comply with the provisions of Section
7.02. Any appointment of a replacement Special Servicer in accordance with this paragraph shall be subject to the receipt of
Rating Agency Confirmation and confirmation from the applicable rating agencies that such appointment or replacement will not result
in the downgrade, withdrawal or qualification of the then-current ratings of any class of any related Serviced Companion Loan Securities
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(d)         Subject to the rights of the holder of any Serviced AB Whole Loan Controlling Holder pursuant to the related Intercreditor
Agreement at any time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any
Excluded Loan, the Directing Certificateholder shall be entitled to terminate the rights (subject to Section 3.11 and Section
6.04) and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’
notice to the Special Servicer, the Master Servicer, the Certificate Administrator, the Trustee and the Operating Advisor; such
termination to be effective upon the appointment of a successor special servicer meeting the requirements of this Section 7.01(d)
provided that, with respect to a Servicing Shift Whole Loan, the ten (10) Business Days’ notice set forth in this
Section 7.01(d) shall not apply to the related Loan-Specific Directing Certificateholder’s right to terminate the
Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing Shift Whole Loan
pursuant to the terms of the related Intercreditor Agreement. Upon a termination of the Special Servicer, the Directing Certificateholder
(other than with respect to any Excluded Loan) shall appoint a successor special servicer to assume the duties of the Special Servicer
hereunder; provided, however, that (i) such successor will meet the requirements set forth in Section 7.02,
(ii) each Rating Agency delivers 

    -391-

     

    

Rating Agency Confirmation and, in the case of any class of any Serviced Companion Loan Securities,
the applicable rating agencies deliver a confirmation that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25)
and (iii) no replacement of the Special Servicer shall be effective until the Certificate Administrator shall have filed any
required Form 8-K pursuant to Section 11.07 and any other Form 8-K filings have been completed with respect to
any related Companion Loan. For the sake of clarity, the recommendation of replacement of the Special Servicer by the Operating
Advisor and the approval of the Certificateholders of such Qualified Replacement Special Servicer shall not preclude the Directing
Certificateholder from appointing a replacement special servicer, provided that such replacement may not be the removed
Special Servicer or its Affiliate.

 

After the occurrence
and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of Principal Balance
Certificates and the Class RR Certificates evidencing not less than 25% of the Voting Rights (taking into account the application
of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such Certificates pursuant to Section
4.05) of the Principal Balance Certificates and the Class RR Certificates on an aggregate basis requesting a vote to replace
the Special Servicer with a new special servicer designated in such written direction to assume the duties of the Special Servicer
hereunder, (b) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses (including any
legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering
such vote and which will not be additional expenses of the Trust and (c) delivery by such Holders to the Certificate Administrator
and Trustee of Rating Agency Confirmation from each Rating Agency (which Rating Agency Confirmation shall be obtained at the expense
of such Holders) and confirmation from the applicable rating agencies that such appointment (or replacement) will not result in
the downgrade, withdrawal or qualification of the then current ratings of any class of any related Serviced Pari Passu Companion
Loan Securities, the Certificate Administrator shall promptly post notice to all Certificateholders and the RR Interest Owner of
such request on the Certificate Administrator’s Website in accordance with Section 3.13(b) and concurrently by mail,
conduct the solicitation of votes of all Certificates in such regard, which requisite affirmative votes shall be received within
one hundred-eighty (180) days of the posting of such notice, and if not so received, such votes shall be null and void
ab initio. Upon the written direction of Holders of Principal Balance Certificates and Class RR Certificates evidencing
at least 66-2/3% of a Certificateholder Quorum of Certificates, the Trustee shall terminate all of the rights and obligations of
the Special Servicer under this Agreement and appoint the successor special servicer to assume the duties of the Special Servicer
(which must be a Qualified Replacement Special Servicer) designated by such Certificateholders.

 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder or RR Interest Owner may (i) access
such notices via the Certificate Administrator’s Website and (ii) register to receive electronic mail notifications
when such notices are posted thereon. Notwithstanding the foregoing, the Certificateholder’s and the RR Interest Owner’s
direction to remove the Special Servicer shall not apply to any Serviced AB Whole Loan that is not subject to an AB Control Appraisal
Period or to any Servicing Shift Whole Loan.

    -392-

     

    

 

A
Serviced AB Whole Loan Controlling Holder shall have the right, prior to the occurrence and continuance of an AB Control Appraisal
Period, to replace the Special Servicer solely with respect to the related Serviced AB Whole Loan, so long as (A) each Rating
Agency delivers a Rating Agency Confirmation; (B) the successor special servicer has assumed in writing (from and after the
date such successor special servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the
Special Servicer under this Agreement from and after the date it becomes the Special Servicer as they relate to any Serviced AB
Whole Loan pursuant to an assumption agreement reasonably satisfactory to the Certificate Administrator; and (C) the Certificate
Administrator shall have received an opinion of counsel reasonably satisfactory to the Certificate Administrator to the effect
that (x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such
replacement will be bound by the terms of this Agreement with respect to any Serviced AB Whole Loan and (z) subject to customary
qualifications and exceptions, this Agreement will be enforceable against such replacement in accordance with the terms hereof.

 

The
parties hereto acknowledge that, notwithstanding anything to the contrary contained in this section, in accordance with the related
Intercreditor Agreement, if a servicer termination event on the part of a Non-Serviced Special Servicer under a Non-Serviced PSA
remains unremedied and affects the holder of the related Non-Serviced Mortgage Loan, and the related Non-Serviced Special Servicer
has not otherwise been terminated, the holder of the related Non-Serviced Mortgage Loan (or the Trustee, acting at the direction
of the Directing Certificateholder) shall be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced
Special Servicer solely with respect to the related Non-Serviced Whole Loan. The appointment (or replacement) of the applicable
Non-Serviced Special Servicer with respect to a Non-Serviced Whole Loan will in any event be subject to Rating Agency Confirmation
from each Rating Agency. A replacement special servicer will be selected by the related Non-Serviced Trustee or, prior to the
occurrence and continuance of a control termination event under the related Non-Serviced PSA, by the related Non-Serviced Whole
Loan Controlling Holder; provided, however, that any successor special servicer appointed to replace the Special
Servicer with respect to such Non-Serviced Whole Loan cannot at any time be the Person (or an Affiliate thereof) that was terminated
at the direction of the holder of such Non-Serviced Mortgage Loan, without the prior written consent of the Directing Certificateholder.

 

If
at any time the Operating Advisor determines, in its sole discretion exercised in good faith that (i) the Special Servicer is
not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard, and (ii)
the replacement of the Special Servicer would be in the best interest of the Certificateholders and the RR Interest Owner as a
collective whole, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special
Servicer, a written report in the form of Exhibit W attached hereto, setting forth the reasons supporting its recommendation
(along with any information the Operating Advisor considered relevant to its recommendation) and recommending a replacement Special
Servicer (which form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional
information, subject to compliance of such form with the terms and provisions of this Agreement; provided, further,
that in no event shall the information or any other content included in such written recommendation contravene any provision of
this Agreement) detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation)
and recommending a suggested replacement 

    -393-

     

    

special servicer to assume the duties of the Special Servicer, which shall be a Qualified
Replacement Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all Certificateholders
and the RR Interest Owner of such recommendation and the related report on the Certificate Administrator’s Website in accordance
with Section 3.13(b), and concurrently by mail conduct the solicitation of votes of all Certificates in such regard. Upon
(i) the affirmative vote of Holders of Principal Balance Certificates and the Class RR Certificates evidencing at least a
majority of a quorum of Certificateholders (which quorum, for this purpose, is the Holders of Certificates that (A) evidence at
least 20% of the Voting Rights (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally
reduce the respective Certificate Balances of such Certificates) of all Principal Balance Certificates and the Class RR Certificates
on an aggregate basis within 180 days of posting of the Operating Advisor’s recommendation to the Certificate Administrator’s
Website, and if not so received, such votes shall be null and void ab initio, and (B) consist of at least three Certificateholders
or Certificate Owners that are not Risk Retention Affiliated with each other) and (ii) receipt by the Certificate Administrator
following satisfaction of the foregoing clause (i) of Rating Agency Confirmation from each Rating Agency and confirmation
from the applicable rating agencies that such appointment (or replacement) will not result in the downgrade, withdrawal or qualification
of the then current ratings of any class of any related Serviced Pari Passu Companion Loan Securities, the Trustee shall (i) terminate
all of the rights and obligations of the Special Servicer under this Agreement and appoint a successor special servicer approved
by the holders of Certificates evidencing at least a majority of a quorum of Certificateholders (as set forth above) and (ii) promptly
notify such outgoing Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses
(including reasonable legal fees and expenses of outside counsel) associated with obtaining such Rating Agency Confirmations and
administering such vote and the Operating Advisor’s identification of a Qualified Replacement Special Servicer shall be
an additional expense of the Trust. In the event that the Trustee does not receive at least a majority of the requested votes,
then the Trustee shall have no obligation to remove the Special Servicer. Prior to the appointment of any replacement special
servicer, such replacement special servicer shall have agreed to succeed to the obligations of the Special Servicer under this
Agreement and to act as the Special Servicer’s successor hereunder. Notwithstanding the foregoing, the Operating Advisor
shall not be permitted to recommend the replacement of the Special Servicer with respect to a Serviced AB Whole Loan so long as
the related Serviced Companion Noteholder is not subject to an AB Control Appraisal Period under the related Intercreditor Agreement
or with respect to any Servicing Shift Whole Loan. For the sake of clarity, the recommendation of replacement of the Special Servicer
by the Operating Advisor and the approval of the Certificateholders of such Qualified Replacement Special Servicer shall not preclude
the Directing Certificateholder from appointing a replacement special servicer, provided that such replacement may not
be the removed Special Servicer or its Affiliate.

 

No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
7.01(d). All costs of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders
of the Controlling Class.

 

For
the avoidance of doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the limitations
set forth in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s determination
under this Section 7.01(d) (regarding

    -394-

     

    

 removal of the Special Servicer), or the result of the vote of the Certificateholders
(regarding removal of the Special Servicer).

 

(e)           
The Master Servicer and the Special Servicer shall, as the case may be, from time to time, take all such reasonable actions
as are required by it in accordance with the related Servicing Standard in order to prevent the Certificates from being
placed on “watch” status or downgraded due to servicing or special servicing, as applicable, concerns by any
Rating Agency with respect to the Master Servicer or Special Servicer. In no event shall the remedy for a breach of the
foregoing covenant extend beyond termination pursuant to Section 7.01(a)(viii) and the resulting operation of Section
7.01(b) and (c). The operation of this subsection (e) shall not be construed to limit the effect of Section
7.01(a)(viii).

 

(f)            Notwithstanding the foregoing, (1) if any Servicer Termination Event on the part of the Master Servicer affects a Serviced
Companion Loan, the related holder of a Serviced Companion Loan or the rating on any Serviced Companion Loan Securities, and if
the Master Servicer is not otherwise terminated, or (2) if a Servicer Termination Event on the part of the Master Servicer
affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating on any Serviced Companion
Loan Securities, then the Master Servicer may not be terminated by or at the direction of the related holder of such Serviced
Companion Loan or the holders of any Serviced Companion Loan Securities, but upon the written direction of the related holder
of such Serviced Companion Loan, the Master Servicer shall be required to appoint a sub-servicer that will be responsible for
servicing the related Serviced Whole Loan.

 

(g)           Notwithstanding anything to the contrary contained in this Section 7.01, with respect to any Excluded Special Servicer
Loan, if any, the Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the occurrence
and continuance of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also an Excluded Loan,
the Directing Certificateholder shall select an Excluded Special Servicer, as successor to the resigning Special Servicer, for
the related Excluded Special Servicer Loan in accordance with this Agreement. After the occurrence and during the continuance
of a Control Termination Event or if at any time the applicable Excluded Special Servicer Loan is also an Excluded Loan, the resigning
Special Servicer shall use commercially reasonable efforts to appoint the related Excluded Special Servicer. The Special Servicer
shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect
to the identity of the applicable Excluded Special Servicer. It shall be a condition to any such appointment that (i) the
Rating Agencies confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then-current
ratings of the Certificates and each NRSRO hired to provide ratings with respect to any Serviced Companion Loan Securities makes
the equivalent confirmation, (ii) the related Excluded Special Servicer is a Qualified Replacement Special Servicer and (iii) the
related Excluded Special Servicer delivers to the Depositor and the Certificate Administrator and any applicable Other Depositor
and Other Certificate Administrator, the information, if any, required under Item 6.02 of Form 8-K pursuant to the Exchange
Act regarding itself in its role as Excluded Special Servicer.

 

If
at any time the Special Servicer that had previously acted as the Special Servicer is no longer a Borrower Party with respect
to an Excluded Special Servicer Loan (including, 

    -395-

     

    

without limitation, as a result of the related Mortgaged Property becoming REO
Property), (1) the related Excluded Special Servicer shall resign, (2) the related Mortgage Loan or Serviced Whole Loan
shall no longer be an Excluded Special Servicer Loan, (3) such original Special Servicer shall become the Special Servicer
again for such related Mortgage Loan or Serviced Whole Loan and (4) such original Special Servicer shall be entitled to all
special servicing compensation with respect to such Mortgage Loan or Serviced Whole Loan earned during such time on and after
such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special Servicer Loan.

 

The
applicable Excluded Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special
Servicer Loan and shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan
earned during such time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan (provided
that the Special Servicer shall remain entitled to all other special servicing compensation with respect to all Mortgage Loans
and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

 

If
a Servicing Officer of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as the case may be,
has actual knowledge that a Mortgage Loan is no longer an Excluded Loan or an Excluded Special Servicer Loan, as applicable, the
Master Servicer, the related Excluded Special Servicer or the Special Servicer, as the case may be, shall provide prompt written
notice thereof to each of the other parties to this Agreement.

 

Section
7.02   Trustee to Act; Appointment of Successor. On and after the time the Master
Servicer or the Special Servicer, as the case may be, either resigns pursuant to subsection (a) of the first sentence
of Section 6.05 or receives a notice of termination for cause pursuant to Section 7.01(b), and provided that
no acceptable successor has been appointed within the time period specified in Section 7.01(c), the Trustee shall be the
successor to such party, until such successor to that Master Servicer or that Special Servicer, as applicable, is appointed as
provided in this Section 7.02 or by the Directing Certificateholder as provided in Section 7.01(d), as applicable,
in all respects in its capacity as the Master Servicer or the Special Servicer, as applicable, under this Agreement and the transactions
set forth or provided for herein and shall be subject to, and have the benefit of, all of the rights, (subject to Section 3.11
and Section 6.04) benefits, responsibilities, duties, liabilities and limitations on liability relating thereto and
that arise thereafter placed on or for the benefit of the Master Servicer or Special Servicer, as applicable, by the terms and
provisions hereof; provided, however, that any failure to perform such duties or responsibilities caused by the
terminated party’s failure under Section 7.01 to provide information or moneys required hereunder shall not be considered
a default by such successor hereunder. The appointment of a successor master servicer shall not affect any liability of the predecessor
Master Servicer which may have arisen prior to its termination as Master Servicer, and the appointment of a successor special
servicer shall not affect any liability of the predecessor Special Servicer which may have arisen prior to its termination as
Special Servicer. The Trustee in its capacity as successor to the Master Servicer or the Special Servicer, as the case may be,
shall not be liable for any of the representations and warranties of the Master Servicer or the Special Servicer, as applicable,
herein or in any related document or agreement, for any acts or omissions of the predecessor master servicer or special servicer
or for any losses incurred by the predecessor Master Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee
be required to purchase any Mortgage Loan hereunder solely as a result of its obligations as successor master servicer or special

    -396-

     

    

servicer, as the case may be. Subject to Section 3.11, as compensation therefor, the Trustee as successor master servicer
shall be entitled to the Servicing Fees and all fees relating to the Mortgage Loans or the Companion Loans which that Master Servicer
would have been entitled to if the Master Servicer had continued to act hereunder, including but not limited to any income or
other benefit from any Permitted Investment pursuant to Section 3.06, and subject to Section 3.11, and the Trustee
as successor to the Special Servicer shall be entitled to the Special Servicing Fees to which the Special Servicer would have
been entitled if the Special Servicer had continued to act hereunder. Should the Trustee succeed to the capacity of the Master
Servicer or the Special Servicer, as the case may be, the Trustee shall be afforded the same standard of care and liability as
the Master Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything in Section 8.01 to the contrary,
but only with respect to actions taken by it in its role as successor master servicer or successor special servicer, as the case
may be, and not with respect to its role as Trustee hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling
to act as successor to that Master Servicer or that Special Servicer, as applicable, or shall, if it is unable to so act, or if
the Trustee is not approved as a servicer by each Rating Agency, or if the Directing Certificateholder (solely with respect to
the Special Servicer) ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than
with respect to any Excluded Loan) or the Holders of Certificates entitled to more than 50% of the Voting Rights so request in
writing to the Trustee, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan
servicing institution which meets the criteria set forth in Section 6.05 and otherwise herein, as the successor to that
Master Servicer or that 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. No appointment of a successor to the Master Servicer
or the Special Servicer hereunder shall be effective until (i) the assumption in writing by the successor to the Master Servicer
or the Special Servicer of all its responsibilities, duties and liabilities hereunder that arise thereafter, (ii) receipt
of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), (iii) such appointment
(solely with respect to the Special Servicer) has been approved (prior to the occurrence and continuance of a Control Termination
Event) by the Directing Certificateholder, such approval not to be unreasonably withheld and (iv) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been
completed with respect to any related Companion Loan. Pending appointment of a successor to the Master Servicer or the Special
Servicer hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in such capacity as herein
above provided. In connection with such appointment and assumption of a successor to the Master Servicer or the Special Servicer
as described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage
Loans as it and such successor shall agree; provided, however, that no such compensation with respect to a successor
master servicer or successor special servicer, as the case may be, shall be in excess of that permitted the terminated Master
Servicer or Special Servicer, as the case may be, hereunder. The Trustee, the non-terminated Master Servicer or the non-terminated
Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate
any such succession. Any reasonable out-of-pocket 

    -397-

     

    

costs and expenses associated with the transfer of the servicing function (other
than with respect to a termination without cause) under this Agreement shall be borne by the predecessor Master Servicer or Special
Servicer, as applicable. If such predecessor Master Servicer or Special Servicer (as the case may be) has not reimbursed the party
requesting such termination or the successor master servicer or special servicer for such expenses within 90 days after the
presentation of reasonable documentation, such expense shall be reimbursed by the Trust; provided that the terminated Master
Servicer or Special Servicer shall not thereby be relieved of its liability for such expenses. If and to the extent that the terminated
Master Servicer or Special Servicer has not reimbursed such costs and expenses, the party requesting such termination shall have
an affirmative obligation to take all reasonable actions to collect such expenses on behalf of the Trust. In the event of a termination
without cause, such costs and expenses shall be borne by the party requesting such termination, or as otherwise set forth herein;
provided that the Certificate Administrator and the Trustee shall not bear any such costs and expenses. For the avoidance
of doubt, if the Trustee is terminating the Master Servicer or the Special Servicer in accordance with this Agreement at the direction
of any party or parties permitted to direct the Trustee to so terminate the Master Servicer or the Special Servicer pursuant to
this Agreement, the Trustee shall not have any liability for such expenses pursuant to this paragraph.

 

Section
7.03    Notification to Certificateholders and RR Interest Owner. (a) Upon
any resignation of the Master Servicer or the Special Servicer pursuant to Section 6.05, any termination of the Master
Servicer or the Special Servicer pursuant to Section 7.01 or any appointment of a successor to the Master Servicer or the
Special Servicer pursuant to Section 7.02, the Certificate Administrator shall give prompt written notice thereof to Certificateholders
and the RR Interest Owner at their respective addresses appearing in the Certificate Register (in the case of the Certificateholders)
or, in the case of the RR Interest Owner, as identified to the Certificate Administrator.

 

(b)           Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice
or lapse of time or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate
Administrator would be deemed to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the
Certificate Administrator shall transmit by mail to the Depositor and all Certificateholders and the RR Interest Owner (and, if
a Serviced Whole Loan is affected, the related Serviced Companion Noteholder) notice of such occurrence, unless such default shall
have been cured.

 

Section
7.04  Waiver of Servicer Termination Events. The Holders of Certificates representing at least 66-2/3% of the Voting
Rights allocated to each Class of Certificates affected by any Servicer Termination Event hereunder may waive such Servicer Termination
Event; provided, however, that a Servicer Termination Event under clause (i), (ii), (viii),
(ix) or (x) of Section 7.01(a) may be waived only with the consent of all of the Certificateholders of the affected
Classes, and a Servicer Termination Event under clause (iii) of Section 7.01(a) (with respect to obligations
under Article XI) may be waived only with the consent of the Depositor. Upon any such waiver of a Servicer Termination
Event, subject to the rights of any affected holder of a Serviced Companion Loan under Section 7.01(c) or Section 7.01(f),
such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon
any such waiver of a Servicer Termination Event by Certificateholders, the Trustee and the Certificate Administrator shall be
entitled to recover all costs and expenses incurred by it in 

    -398-

     

    

connection with enforcement action taken with respect to
such Servicer Termination Event prior to such waiver from the Trust. No such waiver shall extend to any subsequent or other Servicer
Termination Event or impair any right consequent thereon except to the extent expressly so waived. Notwithstanding any other provisions
of this Agreement, for purposes of waiving any Servicer Termination Event pursuant to this Section 7.04, Certificates registered
in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the
matters described above as they would if any other Person held such Certificates.

 

Section
7.05   Trustee as Maker of Advances. In the event that the Master Servicer fails
to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations
(x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting
in a Servicer Termination Event under Section 7.01(a)(iii) to the extent a Responsible Officer of the Trustee has actual
knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution
Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section
4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed
to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s
rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance
is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights
of reimbursement caused by the Master Servicer’s default in its obligations hereunder); provided, however,
that if Advances made by the Trustee and the Master Servicer shall at any time be outstanding, or any interest on any Advance
shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied
entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid in full, together with all interest
accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively
rely on any notice given with respect to a Nonrecoverable Advance hereunder.

 

[End
of Article VII]

 

ARTICLE
VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section
8.01   Duties of the Trustee and the Certificate Administrator.
(a)  The Trustee and the Certificate Administrator, prior to the occurrence of a Servicer Termination Event and
after the curing or waiving of all Servicer Termination Events which may have occurred, undertake to perform such duties and
only such duties as are specifically set forth in this Agreement. If a Servicer Termination Event occurs and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs.
Any permissive right of the Trustee and the Certificate Administrator contained in this Agreement shall not be construed as a
duty.

 

    -399-

     

    

(b)           The Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required to be furnished
pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the
terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for posting
to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them to determine
whether they conform to the requirements of this Agreement. If any such instrument is found not to conform to the requirements
of this Agreement in a material manner, the Trustee or the Certificate Administrator shall notify the party providing such instrument
and requesting the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for the accuracy
or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor,
the Master Servicer or the Special Servicer or another Person, and accepted by the Trustee or the Certificate Administrator in
good faith, pursuant to this Agreement.

 

(c)            No provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that:

 

(i)            
Prior to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which
may have occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by
the express provisions of this Agreement, the Trustee and the Certificate Administrator shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee and the Certificate Administrator and, in the absence of
bad faith on the part of the Trustee and the Certificate Administrator, the Trustee and the Certificate Administrator may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee or the Certificate Administrator and conforming to the requirements of this
Agreement;

 

(ii)           Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good faith
by a Responsible Officer or Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it shall
be proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts;
and

 

(iii)          Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
25% (i) of the Percentage Interest of each affected Class, or (ii) if each Class is an affected Class of the aggregate Voting
Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee or the Certificate Administrator, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator,
under this Agreement (unless a higher percentage of Voting Rights is required for such action).

 

    -400-

     

    

(d)           The Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the Serviced
Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders and the RR Interest
Owner under this Agreement to the extent such reports relate to the related Serviced Companion Loan and upon the submission of
an Investor Certification pursuant to this Agreement.

 

Section
8.02   Certain Matters Affecting the Trustee and the Certificate Administrator.
Except as otherwise provided in Section 8.01:

 

(i)             The Trustee and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any
resolution, direction of the Depositor, Officer’s Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, Appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)           
The Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance therewith;

 

(iii)          
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers
vested in it by this Agreement or the Certificates or the RR Interest or to make any investigation of matters arising
hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or
direction of any of the Certificateholders or the RR Interest Owner, pursuant to the provisions of this Agreement, unless
such Certificateholders or the RR Interest Owner shall have offered to the Trustee or the Certificate Administrator, as
applicable, security or indemnity reasonably satisfactory to it, against the costs, expenses and liabilities which may be
incurred therein or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or risk its
own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of
any of its rights or powers, unless repayment of such funds or indemnity reasonably satisfactory to it against such risk or
liability is reasonably assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon
the occurrence of a Servicer Termination Event which has not been cured, to exercise such of the rights and powers vested in
it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent man would exercise or use
under the circumstances in the conduct of his own affairs;

 

(iv)          Neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by
it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)           Prior to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events which
may have occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, 

    -401-

     

    

request, consent, order, approval,
bond or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to more than 50% of
the Voting Rights; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate
Administrator of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee or the Certificate Administrator, respectively, not reasonably assured to the Trustee or the Certificate
Administrator by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, respectively,
may require indemnity reasonably satisfactory to it from such requesting Holders against such expense or liability as a condition
to taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting Holders;

 

(vi)          The Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, affiliates or attorneys; provided, however, that the appointment of such
agents, affiliates or attorneys shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder;
provided, further, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties
hereunder through any Person that is a Prohibited Party;

 

(vii)         For all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed to
have actual knowledge or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act,
failure or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act unless
a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written
notice of any event, act, failure or breach, as applicable, which is in fact such a default is received by the Trustee or the
Certificate Administrator at the respective Corporate Trust Office, and such notice references the Certificates, the RR Interest
or this Agreement;

 

(viii)        Neither the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the
Special Servicer (unless the Trustee is acting as the Master Servicer or the Special Servicer, as the case may be, in which case
the Trustee shall only be responsible for its own actions as the Master Servicer or the Special Servicer) or of the Depositor,
the Operating Advisor or the Asset Representations Reviewer;

 

(ix)           Neither the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund
unless it is determined by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s, as
applicable, negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)            In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;

    -402-

     

    

(xi)           Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

 

(xii)          Nothing herein shall be construed as an obligation for any party to this Agreement to advise a Certificateholder or the RR Interest
Owner with respect to its rights and protections relative to the Trust.

 

Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section
8.03  Trustee and Certificate Administrator Not Liable for Validity or Sufficiency
of Certificates, RR Interest or Mortgage Loans. The recitals contained herein and in the Certificates, other than the acknowledgments
of the Trustee or the Certificate Administrator in Section 2.01(h) and Section 2.04 and the signature, if any, of
the Certificate Registrar and Authenticating Agent set forth on any outstanding Certificate, shall not be taken as the statements
of the Trustee or the Certificate Administrator, and the Trustee or the Certificate Administrator assume no responsibility for
their correctness. Neither the Trustee nor the Certificate Administrator makes any representations as to the validity or sufficiency
of this Agreement or of any Certificate (other than as to the signature, if any, of the Trustee or the Certificate Administrator
set forth thereon) or of the RR Interest, any Mortgage Loan or related document. Neither the Trustee nor the Certificate Administrator
shall be accountable for the use or application by the Depositor of any of the Certificates issued to it or of the proceeds of
such Certificates or the RR Interest, or for the use or application of any funds paid to the Depositor in respect of the assignment
of the Mortgage Loans to the Trust, or any funds deposited in or withdrawn from the Collection Account or any other account by
or on behalf of the Depositor, the Master Servicer, the Special Servicer or in the case of the Trustee, the Certificate Administrator.
The Trustee and the Certificate Administrator shall not be responsible for and may rely upon the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor, the Master Servicer or
the Special Servicer and accepted by the Trustee or the Certificate Administrator, in good faith, pursuant to this Agreement.

 

Section
8.04   Trustee or Certificate Administrator May Own Certificates. The Trustee or
the Certificate Administrator, each in its individual capacity, not as Trustee or Certificate Administrator, may become the owner
or pledgee of Certificates, and may deal with the Depositor, the Master Servicer, the Special Servicer or the Underwriters in
banking transactions, with the same rights it would have if it were not Trustee or the Certificate Administrator.

 

Section
8.05  Fees and Expenses of Trustee and Certificate Administrator; Indemnification
of Trustee and Certificate Administrator. (a) As compensation for the performance of their respective duties hereunder,
the Trustee will be paid the Trustee Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee,
and the Certificate Administrator will be paid the Certificate Administrator Fee equal to the Certificate Administrator’s
portion of one month’s interest at the Certificate Administrator Fee Rate, which

    -403-

     

    

 shall cover recurring and otherwise reasonably
anticipated expenses of the Certificate Administrator. The Trustee Fee and Certificate Administrator Fee shall be paid monthly
on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related
to any Companion Loan), the Certificate Administrator shall pay to the Trustee monthly the Trustee Fee from the Certificate Administrator
Fee, which Certificate Administrator Fee shall accrue from time to time at the Certificate Administrator Fee Rate and the Certificate
Administrator Fee shall be computed in the same manner as interest is calculated thereon and for the same period respecting which
any related interest payment due or deemed thereon is computed. The Trustee Fee (which shall not be limited to any provision of
law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee’s sole form of compensation
for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the
powers and duties of the Trustee hereunder, except for the reimbursement of expenses specifically provided for herein. The Certificate
Administrator Fee shall constitute the Certificate Administrator’s sole form of compensation for the exercise and performance
of its powers and duties hereunder, except for the reimbursement of expenses specifically provided for herein. No Trustee Fee
or Certificate Administrator Fee shall be payable with respect to any Companion Loan.

 

(b)           The Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity)
and any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation and of enforcement of this indemnity, and of investigation, counsel fees,
damages, judgments and amounts paid in settlement, and expenses incurred in becoming the successor to the Master Servicer or the
Special Servicer, to the extent not otherwise paid hereunder) arising out of, or incurred in connection with, any act or omission
of the Trustee or the Certificate Administrator, respectively, relating to the exercise and performance of any of the powers,
rights and duties of the Trustee or the Certificate Administrator, respectively (including in any capacities in which they serve,
such as paying agent, REMIC Administrator, Authenticating Agent, Custodian, Certificate Registrar, and 17g-5 Information Provider)
hereunder; provided, however, that none of the Trustee or the Certificate Administrator, nor any of the other above
specified Persons shall be entitled to indemnification pursuant to this Section 8.05(b) for (i) allocable overhead,
(ii) expenses or disbursements incurred or made by or on behalf of the Trustee or the Certificate Administrator, respectively,
in the normal course of the Trustee or the Certificate Administrator, respectively, performing its duties in accordance with any
of the provisions hereof, which are not “unanticipated expenses of the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically required to be borne thereby pursuant to the
terms hereof or (iv) any loss, liability or expense incurred by reason of willful misconduct, bad faith or negligence in
the performance of the Trustee’s or the Certificate Administrator’s, respectively, obligations and duties hereunder,
or by reason of negligent disregard of such obligations or duties, or as may arise from a breach of any representation or warranty
of the Trustee specified in Section 8.12 or the Certificate Administrator specified in Section 8.14, respectively,
made herein. The provisions of this Section 8.05(b) shall survive the termination of this Agreement and any resignation
or removal of the Trustee or the Certificate Administrator, respectively, and appointment of a successor thereto. The foregoing
indemnity shall also apply to 

    -404-

     

    

the Certificate Administrator in all of its capacities hereunder, including Custodian, Certificate
Registrar and Authenticating Agent.

 

(c)           
The Certificate Administrator shall indemnify and hold harmless the Depositor and Mortgage Loan Sellers from and against any
claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs
and expenses incurred by the Depositor, any Mortgage Loan Seller or its Affiliates that arise out of or are based upon
(i) a breach by the Certificate Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in
which the Certificate Administrator is required to make available information to a Privileged Person that is an NRSRO, of its
obligations under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate
Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator
is required to make available information to a Privileged Person that is an NRSRO, in the performance of such obligations or
its negligent disregard of its obligations and duties under this Agreement.

 

Section
8.06  Eligibility Requirements for Trustee and Certificate Administrator. Each
of the Trustee and the Certificate Administrator hereunder shall at all times be, and shall resign if it fails to be, (i) a
corporation, national bank, national banking association or a trust company, organized and doing business under the laws of any
state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority and in the case of the Trustee, shall not be an Affiliate of the Master Servicer or the Special
Servicer (except during any period when the Trustee is acting as, or has become successor to, the Master Servicer or the Special
Servicer, as the case may be, pursuant to Section 7.02), (ii) in the case of the Trustee, an institution whose long-term
senior unsecured debt is rated at least (a) “A” by Fitch (or a short-term rating “F1” by Fitch), (b) if
rated by KBRA, “BBB-” by KBRA (or if not rated by KBRA, then at least an equivalent rating by two other NRSROs, which
may include S&P and Fitch) and (c) “BBB” by S&P, or such other rating with respect to which the Rating Agencies
have provided a Rating Agency Confirmation; and (iii) an entity that is not a Prohibited Party.

 

If
such corporation, national bank or national banking association publishes reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06
the combined capital and surplus of such corporation, national bank or national banking association shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. In the event the place of business
from which the Certificate Administrator administers the Trust REMICs or the Grantor Trust or in which the Trustee’s office
is located is in a state or local jurisdiction that imposes a tax on the Trust on the net income of a REMIC (other than a tax
corresponding to a tax imposed under the REMIC Provisions) or a grantor trust, the Certificate Administrator or the Trustee, as
applicable shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07,
(ii) pay such tax at no expense to the Trust or (iii) administer the Trust REMICs and/or the Grantor Trust, as applicable,
from a state and local jurisdiction that does not impose such a tax.

    -405-

     

    

 

Section
8.07   Resignation and Removal of the Trustee and Certificate Administrator. (a)  The
Trustee and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written
notice thereof to the Depositor, the Master Servicer, the Special Servicer and the Trustee or the Certificate Administrator, as
applicable, the Operating Advisor, the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders
and the RR Interest Owner. The Certificate Administrator shall post such notice to the Certificate Administrator’s Website
in accordance with Section 3.13(b) and provide notice of such event to the Master Servicer, the Special Servicer, the Depositor
and the 17g-5 Information Provider, which shall promptly post such notice to the 17g-5 Information Provider’s Website in
accordance with Section 3.13(c). Upon receiving such notice of resignation, the Depositor shall use its reasonable best
efforts to promptly appoint a successor trustee or successor certificate administrator acceptable to the Master Servicer and,
prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder by written instrument,
in duplicate, which instrument shall be delivered to the resigning Trustee or Certificate Administrator and to the successor trustee
or certificate administrator. A copy of such instrument shall be delivered to the Master Servicer, the Special Servicer, the Certificateholders
and the RR Interest Owner and the Trustee or Certificate Administrator, as applicable, by the Depositor. If no successor trustee
or certificate administrator shall have been so appointed and have accepted appointment within ninety (90) days after the
giving of such notice of resignation, the resigning Trustee or Certificate Administrator may petition any court of competent jurisdiction
for the appointment of a successor trustee or certificate administrator, as applicable, and such petition will be an expense of
the Trust.

 

(b)           If at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 (and in the case of the Certificate Administrator, Section 5.08) and shall fail to resign after written request
therefor by the Depositor or the Master Servicer, or if at any time the Trustee or Certificate Administrator shall become incapable
of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator
(if different than the Trustee) shall fail to timely publish any report to be delivered, published or otherwise made available
by the Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five
(5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section
9.01, then the Depositor may remove the Trustee or Certificate Administrator, as applicable, and appoint a successor trustee
or certificate administrator acceptable to the requesting Master Servicer, by written instrument, in duplicate, which instrument
shall be delivered to the Trustee or Certificate Administrator so removed and to the successor trustee or certificate administrator
in the case of the removal of the Trustee or Certificate Administrator. A copy of such instrument shall be delivered to the Master
Servicer, the Special Servicer and the Certificateholders and the RR Interest Owner by the Depositor. If no successor trustee
or certificate administrator shall have been so appointed and have accepted appointment within ninety (90) days after the
giving of such notice of removal, the removed Trustee or Certificate Administrator may petition any court of competent jurisdiction
for the appointment of a successor trustee or certificate administrator, as applicable, at the expense of the Trust.

    -406-

     

    

(c)           The Holders of Certificates entitled to at least 75% of the Voting Rights may, upon thirty (30) days’ prior written
notice, with or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate
administrator by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized,
one complete set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee or Certificate
Administrator so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the
Depositor, the Special Servicer and the remaining Certificateholders and the RR Interest Owner by the Master Servicer. In the
event of any such termination without cause pursuant to this Section 8.07(c), the successor trustee or certificate administrator,
as applicable, shall be responsible for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(d)           Any resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate administrator
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment
by the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 and any other Form 8-K filings have been completed
with respect to any related Companion Loan. Further, the resigning Trustee or Certificate Administrator, as the case may be, shall
pay all costs and expenses associated with the transfer of its duties.

 

If
the same party is acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party
in its capacity as Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its
capacity as Trustee or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator
and a successor trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

Upon
any succession of the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator
shall be entitled to the payment of accrued and unpaid compensation and reimbursement as provided for under this Agreement for
services rendered and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator
shall be personally liable for any action or omission of any successor trustee or certificate administrator.

 

(e)            Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the
termination of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each
Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee),
without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
Holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest
Owner or in blank, and (ii) in the case of the other assignable Mortgage Loan documents (to the extent such other Mortgage
Loan documents were assigned to the outgoing trustee), assign such Mortgage Loan documents to such successor, and such successor
shall review the documents delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing that,
as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original
executed Mortgage Note for a Mortgage Loan was not endorsed to the outgoing 

    -407-

     

    

trustee, the Custodian shall, upon its receipt of
a Request for Release, deliver such Mortgage Note to the Depositor or the successor trustee, as requested, and the Master Servicer
and the Depositor shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse,
representation or warranty, express or implied) to the order of the successor, as trustee for the registered Holders of BBCMS
Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and the RR Interest Owner or in blank;
provided, however, that, notwithstanding anything to the contrary herein, to the extent that any such endorsement
of such Mortgage Note requires the signature of the related Mortgage Loan Seller in order to comply with the foregoing, then the
Master Servicer shall use reasonable efforts to cause the related Mortgage Loan Seller to execute such endorsement; (c) if
any other assignable Mortgage Loan document was not assigned to the outgoing trustee, the Custodian shall, upon its receipt of
a Request for Release, deliver such Mortgage Loan document to the Depositor or the successor trustee, as requested, and the Master
Servicer and the Depositor shall cooperate with any successor trustee to ensure that such Mortgage Loan document is assigned to
such successor trustee; and (d) in any case, such successor trustee shall review the documents delivered to it or to the
Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement,
such endorsements and assignments have been made or, in the event such endorsement or assignment cannot be made for any reason,
to note the same in such certification.

 

(f)            Neither the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section
8.08   Successor Trustee or Certificate Administrator. (a) Any successor trustee
or certificate administrator appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor,
the Master Servicer, the Special Servicer and to its predecessor Trustee or Certificate Administrator an instrument accepting
such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator shall
become effective and such successor trustee or certificate administrator without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally
named as Trustee or Certificate Administrator herein. The predecessor Trustee shall deliver to the successor trustee all Mortgage
Files and related documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf
by the Custodian, which Custodian, at Custodian’s option shall become the agent of the successor trustee), and the Depositor,
the Master Servicer, the Special Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers,
duties and obligations, and to enable the successor trustee to perform its obligations hereunder.

 

(b)           No successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this Section
8.08 unless at the time of such acceptance such successor trustee or successor certificate administrator, as applicable, shall
be eligible under the provisions of Section 8.06.

 

(c)           Upon acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section 8.08,
the Master Servicer shall deliver notice 

    -408-

     

    

of the succession of such Trustee or Certificate Administrator, as applicable, to the
Depositor and the Certificateholders and the RR Interest Owner. If the Master Servicer fails to deliver such notice within ten
(10) days after acceptance of appointment by the successor trustee or successor certificate administrator, as applicable,
such successor trustee or successor certificate administrator shall cause such notice to be delivered at the expense of the Master
Servicer.

 

Section
8.09    Merger or Consolidation of Trustee or Certificate Administrator. Any Person
into which the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any
Person resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a
party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate
Administrator shall be the successor of the Trustee or the Certificate Administrator, as applicable, hereunder; provided
that, in the case of the Trustee, such successor Person shall be eligible under the provisions of Section 8.06, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. The Certificate Administrator shall post such notice to the Certificate Administrator’s Website in accordance
with Section 3.13(b) and shall provide notice of such event to the Master Servicer, the Special Servicer, the Depositor
and the 17g-5 Information Provider, which shall post such notice to the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c).

 

Section
8.10   Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding
any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the Master Servicer and the Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act
as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust
Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust, or any part thereof, and, subject to the
other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Master Servicer and the
Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such appointment within fifteen (15) days
after the receipt by it of a request to do so, or in case a Servicer Termination Event shall have occurred and be continuing,
the Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required
to meet the terms of eligibility as a successor trustee under Section 8.06 hereunder and no notice to Holders of Certificates
or the RR Interest Owner of the appointment of co-trustee(s) or separate trustee(s) shall be required under Section 8.08.
All co-trustee fees shall be payable out of the Trust Fund.

 

(b)              
In the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer or the Special Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate trustee or co-trustee at the direction of the Trustee.

 

    -409-

     

    

(c)           Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then-separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including
every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee.

 

(d)           Any separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in
its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee.

 

(e)            The appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties
and responsibilities hereunder.

 

Section
8.11    Appointment of Custodians. The Certificate Administrator is hereby appointed
as the Custodian to hold all or a portion of the Mortgage Files. The Custodian shall be a depository institution subject to supervision
by federal or state authority, shall have combined capital and surplus of at least $15,000,000 and shall be qualified to do business
in the jurisdiction in which it holds any Mortgage File. The Custodian shall be subject to the same obligations and standard of
care as would be imposed on the Certificate Administrator hereunder in connection with the retention of Mortgage Files directly
by the Certificate Administrator. Upon termination or resignation of the Custodian, the Certificate Administrator may appoint
another Custodian meeting the foregoing requirements. The appointment of one or more Custodians by the Certificate Administrator
shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator shall
remain responsible for all acts and omissions of any Custodian other than the initial Custodian. Any Custodian appointed hereunder
must maintain a fidelity bond and errors and omissions policy in an amount customary for Custodians which serve in such capacity
in commercial mortgage loan securitization transactions, or may self-insure.

 

Section
8.12   Representations and Warranties of the Trustee. The Trustee hereby represents
and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
each Serviced Companion Noteholder and the Certificate Administrator for the benefit of the Certificateholders and the RR Interest
Owner, as of the Closing Date, that:

 

(i)             The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America;

 

(ii)            The execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement
by the Trustee, will not 

    -410-

     

    

violate the Trustee’s charter and by-laws or constitute a default (or an event which, with notice
or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument
to which it is a party or which is applicable to it or any of its assets;

 

(iii)          
The Trustee has the full power and authority to enter into and consummate all transactions contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this
Agreement;

 

(iv)          This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)           The Trustee is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the
terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order,
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(vi)          No litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
the Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially
and adversely affect the ability of the Trustee to perform its obligations under this Agreement;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Trustee, or compliance by the Trustee with, this Agreement or the consummation of the transactions contemplated
by this Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot be obtained
prior to the actual performance by the Trustee of its obligations under this Agreement, and which, if not obtained would not have
a materially adverse effect on the ability of the Trustee to perform its obligations hereunder; and

 

(viii)        To its actual knowledge, the Trustee is not a Risk Retention Affiliate of the Third Party Purchaser.

 

Section
8.13   Provision of Information to Certificate Administrator, Master Servicer and Special
Servicer. The Master Servicer shall promptly, upon request, provide the Special Servicer and the Certificate Administrator
with notice of any change in the identity and/or 

    -411-

     

    

contact information of any Serviced Companion Noteholder (to the extent it receives
written notice of such change). The Certificate Administrator, the Master Servicer and the Special Servicer may each conclusively
rely on the information provided to them regarding identity and/or contact information regarding any Serviced Companion Noteholder,
and the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall have no liability for notices
not sent to the correct Serviced Companion Noteholders or any obligation to determine the identity and/or contact information
of the Serviced Companion Noteholders to the extent updated or correct information regarding the holders of any of the Serviced
Companion Noteholders or the most recent identity and/or contact information regarding any of the Serviced Companion Noteholders
has not been provided to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable.

 

Section
8.14   Representations and Warranties of the Certificate Administrator. The Certificate
Administrator hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, each Serviced Companion Noteholder, and the Trustee, for the benefit of the Certificateholders
and the RR Interest Owner, as of the Closing Date, that:

 

(i)            
The Certificate Administrator is a national banking association duly organized under the laws of the United States of
America, duly organized, validly existing and in good standing under the laws thereof;

 

(ii)           The execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the terms
of this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws
or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result
in the breach of, any material agreement or other instrument to which it is a party or which is applicable to it or any of its
assets;

 

(iii)          The Certificate Administrator has the full power and authority to enter into and consummate all transactions contemplated by this
Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)          This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance with
the terms hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors’ rights generally and the rights of creditors of national banking associations specifically and
(b) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)           The Certificate Administrator is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter,
or any order, regulation or demand of any federal, state or local governmental or

    -412-

     

    

 regulatory authority, which violation, in the
Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either the
ability of the Certificate Administrator to perform its obligations under this Agreement or the financial condition of the Certificate
Administrator;

 

(vi)          No litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery
and performance by the Certificate Administrator, or compliance by the Certificate Administrator with, this Agreement or the consummation
of the transactions contemplated by this Agreement, except for any consent, approval, authorization or order which has not been
obtained or cannot be obtained prior to the actual performance by the Certificate Administrator of its obligations under this
Agreement, and which, if not obtained would not have a materially adverse effect on the ability of the Certificate Administrator
to perform its obligations hereunder; and

 

(viii)        To its actual knowledge, the Certificate Administrator is not a Risk Retention Affiliate of the Third Party Purchaser.

 

Section
8.15    Compliance with the PATRIOT Act. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Applicable Laws”), each of the Trustee, the Certificate
Administrator, the Special Servicer and the Master Servicer is required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Trustee, the Certificate Administrator, the Special
Servicer or the Master Servicer, as applicable, arising out of the Trust or this Agreement. Accordingly, each of the parties to
this Agreement agrees to provide to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer,
upon its respective reasonable request from time to time such identifying information and documentation as may be available for
such party in order to enable the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer to comply
with Applicable Laws.

 

[End
of Article VIII]

 

ARTICLE
IX

TERMINATION

 

Section
9.01    Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject
to this Section 9.01 and Section 9.02, the Trust and the respective obligations and responsibilities under this
Agreement of the Certificate Administrator (other than the obligations of the Certificate Administrator to provide for and make
payments to Certificateholders as 

    -413-

     

    

hereafter set forth), the Certificate Registrar, the Custodian (other than the obligations of
the Custodian to deliver any remaining Mortgage Files with any necessary assignments, endorsements and other instruments as hereafter
set forth), the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, shall terminate upon payment (or provision for payment) to the Certificateholders and the RR Interest Owner of
all amounts held by the Certificate Administrator and required hereunder to be so paid on the Distribution Date following the
earlier to occur of (i) the final payment (or related Advance) or other liquidation of the last Mortgage Loan and REO Property
(as applicable) subject hereto, (ii) the purchase or other liquidation by the Holders of the majority of the Controlling
Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of priority, of all
the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund at a price equal to (a) the
Termination Purchase Amount, plus (b) the reasonable out-of-pocket expenses of the Master Servicer and the Special
Servicer with respect to such termination, other than in the case of the Master Servicer or Special Servicer, as applicable, that
is a purchaser of such Mortgage Loans, minus (c) solely in the case where the Master Servicer is exercising such purchase
right, the aggregate amount of unreimbursed Advances, together with any interest accrued and payable to the Master Servicer in
respect of such Advances in accordance with Sections 3.03(d) and 4.03(d) and any unpaid Servicing Fees, remaining
outstanding and payable solely to the Master Servicer (which items shall be deemed to have been paid or reimbursed to the Master
Servicer in connection with such purchase) or (iii) so long as the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates are no longer outstanding, the voluntary exchange by
the Sole Certificateholder of all the then-outstanding Certificates (other than the Class R and Class S Certificates) and the
RR Interest and the payment or deemed payment by such exchanging party or the Termination Purchase Amount for the remaining Mortgage
Loans and REO Properties remaining in the Trust Fund, of which (a) an amount equal to the product of (x) the VRR Percentage and
(y) the Termination Purchase Amount shall be paid to the VRR Interest Owners in exchange for the surrender of the VRR Interest,
and (b) an amount equal to the product of (i) the Non-VRR Percentage and (ii) the Termination Purchase Amount shall be deemed
paid to the Trust and deemed distributed to the holder or holders described in the immediately succeeding paragraph in exchange
for the then-outstanding Non-VRR Certificates pursuant to the terms of the immediately succeeding paragraph; provided,
however, that in no event shall the Trust created hereby continue beyond the expiration of twenty-one (21) years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court
of St. James’s, living on the date hereof. Upon termination of the Trust pursuant to clause (i) of the immediately preceding
sentence, the Custodian shall release or cause to be released to the Master Servicer, at the address provided in Section 13.05
of this Agreement or to such other address designated by the Master Servicer in writing, any Mortgage Files remaining in its
possession.

 

Following
the date on which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class
D and Class E Certificates are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting
in unanimity) of the then-outstanding Non-VRR Certificates (other than the Class R and Class S Certificates)), the Sole Certificateholder
shall have the right, with the consent of the Master Servicer, to exchange all of the outstanding Certificates (other than the
Class R and Class S Certificates together with the payment or deemed payment of the Termination Purchase Amount) and the RR Interest
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by 

    -414-

     

    

clause (iii) of
the first paragraph of this Section 9.01 by giving written notice to all the parties hereto no later than sixty (60) days
prior to the anticipated date of exchange. In the event that the Sole Certificateholder elects to exchange all of the outstanding
Certificates (other than the Class R and Class S Certificates) and the RR Interest for all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust in accordance with the preceding sentence, such Sole Certificateholder, not
later than the Distribution Date on which the final distribution on the Certificates is to occur, shall remit for deposit in the
Collection Account an amount in immediately available funds equal to (a) the product of the VRR Percentage and the Termination
Purchase Amount plus (b) all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer, the Trustee and
the Certificate Administrator hereunder through the date of the liquidation of the Trust that may be withdrawn from the Collection
Account, or an escrow account acceptable to the respective parties hereto, pursuant to Section 3.05(a) or that may be withdrawn
from the Distribution Account pursuant to Section 3.05(b), but only to the extent that such amounts are not already on
deposit in the Collection Account, and (ii) be deemed to pay to the Trust (which amount shall be further deemed distributed to
the Holders of all outstanding Non-VRR Certificates) an amount equal to the product of the Non-VRR Percentage and the Termination
Purchase Amount. In addition, the Master Servicer shall transfer all amounts required to be transferred to the Lower-Tier REMIC
Distribution Account and Excess Interest Distribution Account on the P&I Advance Date related to such Distribution Date in
which the final distribution on the Certificates is to occur from the Collection Account pursuant to the first paragraph of Section
3.04(b) (provided, however, that if a Serviced Whole Loan is secured by REO Property, the portion of the above-described
purchase price allocable to such Trust’s portion of REO Property shall initially be deposited into the related REO Account).
Upon confirmation that such final deposits have been made and following the surrender of all its Non-VRR Certificates (other than
the Class R and Class S Certificates) on the applicable Distribution Date, (i) the Certificate Administrator shall remit to the
VRR Interest Owners in immediately available funds an amount equal to the product of the VRR Percentage and the Termination Purchase
Amount and (ii) the Custodian shall, upon receipt of a Request for Release from the Master Servicer, release or cause to be released
to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all
assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate
transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund, and the Trust shall be liquidated in accordance
with Section 9.02. Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased
the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of the Principal Balance Certificates,
plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts
distributable in respect of such Certificates and Related Lower-Tier Regular Interests.

 

The
obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent
(i) its related Serviced Mortgage Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts
payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance with the related
Intercreditor Agreement remain due and owing.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates,
in that order of priority, may, at their 

    -415-

     

    

option, elect to purchase all of the Mortgage Loans (and all property acquired through
exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in
the Trust Fund as contemplated by clause (ii) of the first paragraph of this Section 9.01 by giving written
notice to the Trustee, the Certificate Administrator, and the other parties hereto no later than sixty (60) days prior to
the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Stated Principal Balances of the Mortgage Loans as set forth in the Preliminary Statement as set forth in the Preliminary Statement.
This purchase shall terminate the Trust and retire the then-outstanding Certificates. In the event that the Master Servicer or
the Special Servicer purchases, or the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates
purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund in accordance
with the preceding sentence, the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or
the Holders of the Class R Certificates, as the case may be, shall deposit in the Lower-Tier REMIC Distribution Account not later
than the P&I Advance Date relating to the Distribution Date on which the final distribution on the Certificates is to occur,
an amount in immediately available funds equal to the above-described purchase price (exclusive of any portion thereof payable
to any Person other than the Certificateholders pursuant to Section 3.05(a), which portion shall be deposited in the Collection
Account). In addition, the Master Servicer shall transfer to the Lower-Tier REMIC Distribution Account all amounts required to
be transferred thereto on such P&I Advance Date from the Collection Account pursuant to the first paragraph of Section
3.04(b), together with any other amounts on deposit in the Collection Account that would otherwise be held for future distribution.
Upon confirmation that such final deposits and payments have been made, the Custodian shall release or cause to be released to
the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or the Holders of the Class R
Certificates, as applicable, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements
and other instruments furnished to it by the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling
Class or the Holders of the Class R Certificates, as the case may be, as shall be necessary to effectuate transfer of the Mortgage
Loans as assets of the Trust and REO Properties remaining in the Trust Fund.

 

For
purposes of this Section 9.01, the Holders of the majority of the Controlling Class shall have the first option to terminate
the Upper-Tier REMIC and Lower-Tier REMIC, then the Special Servicer, then the Master Servicer, and then the Holders of the Class
R Certificates. For purposes of this Section 9.01, the Directing Certificateholder with the consent of the Holders of the
Controlling Class, shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust and terminating
the Trust.

 

Notice
of any termination pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter to
the Certificateholders, each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions
of Section 3.13(c) (who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section
9.01, to the other parties hereto mailed (a) in the event such notice 

    -416-

     

    

is given in connection with the purchase of all
of the Mortgage Loans is an asset of the Trust and each REO Property remaining in the Trust Fund, not earlier than the 15th day
and not later than the 25th day of the month next preceding the month of the final distribution on the Certificates, or (b) otherwise
during the month of such final distribution on or before the P&I Advance Determination Date in such month, in each case specifying
(i) the Distribution Date upon which the Trust will terminate and final payment of the Certificates will be made, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the offices of the Certificate Registrar or such
other location therein designated.

 

After
transferring the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable
to the Regular Certificates and the RR Interest pursuant to Section 4.01(f) to the Upper-Tier REMIC Distribution Account
pursuant to Section 3.04(b) and upon presentation and surrender of the Certificates by the Certificateholders on the final
Distribution Date, the Certificate Administrator shall distribute to the VRR Interest Owners and to each Certificateholder so
presenting and surrendering its Certificates or RR Interest (i) such Certificateholder’s Percentage Interest of, and
the RR Interest Owner’s portion of that portion of the amounts then on deposit in the Upper-Tier REMIC Distribution Account
that are allocable to payments on the RR Interest and Class of Certificates so presented, (ii) to Holders of the Excess Interest
Certificates so presented, any amounts remaining on deposit in the Excess Interest Distribution Account, and (iii) any remaining
amount shall be distributed to the Class R Certificates in respect of the Class LR Interest or the Class UR Interest, as applicable.
Amounts transferred from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account as of the final
Distribution Date, shall be distributed in termination and liquidation of the Lower-Tier Regular Interests and the Class LR Interest
in accordance with Section 4.01(a), Section 4.01(c), Section 4.01(f) and Section 4.01(g). Any funds
not distributed on such Distribution Date shall be set aside and held uninvested in trust for the benefit of the Certificateholders
not presenting and surrendering their Certificates in the aforesaid manner and shall be disposed of in accordance with this Section
9.01 and Section 4.01(j).

 

Section
9.02     Additional Termination Requirements. (a) In the event the Master Servicer
or the Special Servicer purchases, or the Holders of the Controlling Class or the Holders of the Class R Certificates purchase,
all of the Mortgage Loans, the RR Interest and the Trust’s portion of each REO Property remaining in the Trust Fund as provided
in Section 9.01, the Upper-Tier REMIC and Lower-Tier REMIC, as applicable, shall be terminated in accordance with the following
additional requirements, which meet the definition of a “qualified liquidation” in Section 860F(a)(4) of the
Code:

 

(i)             the Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the date
of mailing of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMIC’s
final Tax Returns pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)            during the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates and the
RR Interest, the Certificate Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMIC(s)
to the 

    -417-

     

    

Master Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates,
as applicable, for cash; and

 

(iii)           within such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular Interests,
the Certificates and the RR Interest, the Certificate Administrator shall distribute or credit, or cause to be distributed or
credited, to the Holders of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC)
and in respect of the Class UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained to meet
claims), and the Trust (if applicable) or the related Trust REMIC(s) shall terminate at that time.

 

[End
of Article IX]

 

ARTICLE
X

ADDITIONAL REMIC PROVISIONS

 

Section
10.01   REMIC Administration. (a)  The Certificate Administrator shall make elections or cause
elections to be made to treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax
Law. Each such election will be made on Form 1066 or other appropriate federal tax return for the taxable year ending on
the last day of the calendar year in which the Lower-Tier Regular Interests and the Regular Certificates are issued. For the purposes
of the REMIC election in respect of the Upper-Tier REMIC, each Class of the Regular Certificates and the RR Interest shall be
designated as the “regular interests” and the Class UR Interest shall be designated as the sole class of “residual
interests” in the Upper-Tier REMIC. For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of
Lower-Tier Regular Interests shall be designated as a class of “regular interests” and the Class LR Interest shall
be designated as the sole class of “residual interests” in the Lower-Tier REMIC. None of the Special Servicer, the
Master Servicer or the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G
of the Code) (i) in the Upper-Tier REMIC other than the Regular Certificates, the VRR Upper-Tier Regular Interests, and the Class
UR Interest and (ii) in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Class LR Interest.

 

(b)           [RESERVED.]

 

(c)           The Closing Date is hereby designated as the “startup day” (“Startup Day”) of the Upper-Tier REMIC
and Lower-Tier REMIC, in each case within the meaning of Section 860G(a)(9) of the Code.

 

(d)           The Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving any
such Trust REMIC and shall represent each such Trust REMIC in any administrative or judicial proceeding relating to an examination
or audit by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’
or accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be 

    -418-

     

    

entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in the Collection Account as provided by Section 3.05 unless such legal expenses and
costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence. The Certificate
Administrator is hereby designated as the “partnership representative” (within the meaning of Section 6223 of
the Code) of each Trust REMIC. By their acceptance thereof, the Holders of the Class R Certificates hereby agree to such
designation, on behalf of themselves and all successor Holder of Class R Certificates.

 

(e)           
The Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax
Returns that it determines are required with respect to each Trust REMIC created hereunder, and shall cause the Trustee to
sign (and the Trustee shall timely sign) such Tax Returns in a timely manner. The ordinary expenses of preparing such returns
shall be borne by the Certificate Administrator without any right of reimbursement therefor. The Certificate Administrator
shall prepare or cause to be prepared, and file or cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC
and the Upper-Tier REMIC, an application for a taxpayer identification number for such REMIC on IRS Form SS-4 or obtain such
number by other permissible means. The Certificate Administrator shall be responsible for the preparation of the related IRS
Form W-9, if such form is requested. The Trustee shall be entitled to rely on the information contained therein and is hereby
directed to execute such IRS Form W-9; provided, however, the Certificate Administrator shall also be directed
to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

(f)            The Certificate Administrator shall provide or cause to be provided (i) to any Transferor of a Class R Certificate such information
as is necessary for the application of any tax relating to the Transfer of such Class R Certificate to any Person who is a Disqualified
Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders and the RR
Interest Owner such information or reports as are required by the Code or the REMIC Provisions including reports relating to interest,
original issue discount and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue
Service on Form 8811, within thirty (30) days after the Closing Date, the name, title, address and telephone number
of the Certificate Administrator as the “partnership representative” of each of the Trust REMICs created hereunder.

 

(g)           The Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within
the Certificate Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary
to maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate
Administrator to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the
Special Servicer shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail
to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause either Trust REMIC to fail to qualify
as a REMIC or (ii) result in the imposition of a tax upon either Trust REMIC or the Trust (including but not limited to the
tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to
a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”)
(either such event, an “Adverse REMIC Event”) unless the Certificate Administrator receives an 

    -419-

     

    

Opinion of Counsel
(at the expense of the party seeking to take such action or, if such party fails to pay such expense, and the Certificate Administrator
determines that taking such action is in the best interest of the Trust and the Certificateholders and the RR Interest Owner,
at the expense of the Trust, but in no event at the expense of the Certificate Administrator or the Trustee) to the effect that
the contemplated action will not, with respect to the Trust or either Trust REMIC created hereunder, cause the loss of such status
or, unless the Certificate Administrator determines in its sole discretion to indemnify the Trust against such tax, result in
the imposition of such a tax (not including a tax on “net income from foreclosure property”). The Trustee shall not
take or fail to take any action (whether or not authorized hereunder) as to which the Certificate Administrator has advised it
in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such
action. The Certificate Administrator may consult with counsel to make such written advice, and the cost of same shall be borne
by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the expense of the Certificate
Administrator or the Trustee. At all times as may be required by the Code, the Certificate Administrator will to the extent within
its control and the scope of its duties more specifically set forth herein, maintain substantially all of the assets of each Trust
REMIC as “qualified mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments”
as defined in Section 860G(a)(5) of the Code.

 

(h)           In the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on either Trust REMIC, such tax shall be charged against amounts otherwise distributable to the
Holders of the Certificates and the RR Interest Owner, except as provided in the last sentence of this Section 10.01(h);
provided that with respect to the estimated amount of tax imposed on any “net income from foreclosure property”
pursuant to Section 860G(c) of the Code or any similar tax imposed by a state or local tax authority, the Special Servicer
shall retain in the related REO Account a reserve for the payment of such taxes in such amounts and at such times as it shall
deem appropriate (or as advised by the Certificate Administrator in writing), and shall remit to the Master Servicer such reserved
amounts as the Master Servicer shall request in order to pay such taxes. Except as provided in the preceding sentence, the Master
Servicer shall withdraw from the Collection Account sufficient funds to pay or provide for the payment of, and to actually pay,
such tax as is estimated to be legally owed by either Trust REMIC (but such authorization shall not prevent the Certificate Administrator
from contesting, at the expense of the Trust (other than as a consequence of a breach of its obligations under this Agreement),
any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such
proceedings). The Certificate Administrator is hereby authorized to and shall segregate, into a separate non-interest bearing
account, the net income from any “prohibited transaction” under Section 860F(a) of the Code or the amount of
any taxable contribution to either Trust REMIC after the Startup Day that is subject to tax under Section 860G(d) of the
Code and use such income or amount, to the extent necessary, to pay such prohibited transactions tax. To the extent that any such
tax (other than any such tax paid in respect of “net income from foreclosure property”) is paid to the Internal Revenue
Service or applicable state or local tax authorities, the Certificate Administrator shall retain an equal amount from future amounts
otherwise distributable to the Holders of Class R Certificates (as applicable) and shall distribute such retained amounts, (x)
to the Lower-Tier REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom, (y)  in the case
of the Lower-Tier Regular Interests, to the Upper-Tier REMIC to the extent they are fully reimbursed for any Non-VRR Realized
Losses or VRR Realized Losses, as 

    -420-

     

    

applicable, arising therefrom and then to the Holders of the Class R Certificates in respect
of the Class LR Interest in the manner specified in Section 4.01(c) and (z) in the case of the Upper-Tier REMIC, to
the Holders of the Principal Balance Certificates and the VRR Interest in the manner specified in Section 4.01(a) to the
extent they are fully reimbursed for any Non-VRR Realized Losses or VRR Realized Losses, as applicable, arising therefrom and
then to the Holders of the Class R Certificates in respect of the Class UR Interest. None of the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer shall be responsible for any taxes imposed on either Trust REMIC except to the extent
such taxes arise as a consequence of a breach of their respective obligations under this Agreement which breach constitutes willful
misconduct, bad faith, or negligence by such party.

 

(i)             The Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records with
respect to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

(j)            
Following the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets to
either Trust REMIC unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the
expense of the party seeking to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC
will not cause an Adverse REMIC Event.

 

(k)           Neither the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or either Trust REMIC
will receive a fee or other compensation for services nor permit the Trust or either Trust REMIC to receive any income from assets
other than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments”
as defined in Section 860G(a)(5) of the Code.

 

(l)             Solely for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” by
which the Certificate Balance or Notional Amount of each Class of Regular Certificates and by which the Lower-Tier Principal Amount
of each Class of Lower-Tier Regular Interests would be reduced to zero is the date that is the Rated Final Distribution Date.

 

(m)           None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, shall sell, dispose
of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure
of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by foreclosure or deed
in lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the Trust pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or Article III
of this Agreement) or acquire any assets for the Trust or either Trust REMIC or sell or dispose of any investments in the Collection
Account or the REO Account for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will
not (a) affect adversely the status of either Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer, as the case may be, has determined in its sole discretion to indemnify the Trust
against such tax, cause the Trust or either Trust REMIC to be subject to a tax on “prohibited transactions” pursuant
to the REMIC Provisions.

 

    -421-

     

    

(n)           The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator
is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the
Code (or successor provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225
of the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise
be imposed on any Holder of a Class R Certificate, past or present. Each Holder of a Class R Certificate agrees, by acquiring
such Certificate, to any such elections, and agrees to reasonably cooperate with the Certificate Administrator in connection with
any such elections the Certificate Administrator determines in its discretion are necessary or advisable.

 

Section
10.02    Use of Agents. (a)  The Trustee shall execute all of its obligations and duties under
this Article X through its Corporate Trust Office (including, as applicable, any agents or affiliates utilized thereby).
The Trustee may execute any of its obligations and duties under this Article X either directly or by or through agents,
affiliates or attorneys. The Trustee shall not be relieved of any of its duties or obligations under this Article X
by virtue of the appointment of any such agents, affiliates or attorneys.

 

(b)           The Certificate Administrator may execute any of its obligations and duties under this Article X either directly or
by or through agents, affiliates or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations
under this Article X by virtue of the appointment of any such agents, affiliates or attorneys.

 

Section
10.03    Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator. (a)  The
Depositor shall provide or cause to be provided to the Certificate Administrator within ten (10) days after the Depositor
receives a request from the Certificate Administrator, all information or data that the Certificate Administrator reasonably determines
to be relevant for tax purposes as to the valuations and issue prices of the Certificates and the RR Interest, including, without
limitation, the price, yield, Prepayment Assumptions and projected cash flow of the Certificates and the RR Interest.

 

(b)           The Master Servicer and the Special Servicer shall each furnish such reports, certifications and information, and upon reasonable
notice and during normal business hours, access to such books and records maintained thereby, as may relate to the Certificates,
the RR Interest or the Trust and as shall be reasonably requested by the Certificate Administrator in order to enable it to perform
its duties hereunder.

 

Section
10.04  Appointment of REMIC Administrators. (a)  The Certificate Administrator may appoint at
the Certificate Administrator’s expense, one or more REMIC Administrators, which shall be authorized to act on behalf of
the Certificate Administrator in performing the functions set forth in Section 10.01 herein. The Certificate Administrator
shall cause any such REMIC Administrator to execute and deliver to the Certificate Administrator an instrument in which REMIC
Administrator shall agree to act in such capacity, with the obligations and responsibilities herein. The appointment of a REMIC
Administrator shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator
shall remain responsible and liable for all acts and omissions of the REMIC Administrator. Each REMIC Administrator must be acceptable
to the Certificate Administrator and must be organized 

    -422-

     

    

and doing business under the laws of the United States of America or of
any State and be subject to supervision or examination by federal or state authorities. In the absence of any other Person appointed
in accordance herewith acting as REMIC Administrator, the Certificate Administrator hereby agrees to act in such capacity in accordance
with the terms hereof. If Computershare Trust Company, National Association is removed as Certificate Administrator, then Computershare
Trust Company, National Association shall be terminated as REMIC Administrator.

 

(b)           Any Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding to the
corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution or filing
of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)           Any REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of
resignation to the Trustee, the Certificate Registrar, the Certificate Administrator, the Master Servicer, the Special Servicer
and the Depositor. The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by giving written
notice of termination to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor. Upon receiving
a notice of resignation or upon such a termination, or in case at any time any REMIC Administrator shall cease to be eligible
in accordance with the provisions of this Section 10.04, the Certificate Administrator may appoint a successor REMIC Administrator,
in which case the Certificate Administrator shall give written notice of such appointment to the Master Servicer, the Trustee
and the Depositor and shall mail notice of such appointment to all Certificateholders and the RR Interest Owner; provided,
however, that no successor REMIC Administrator shall be appointed unless eligible under the provisions of this Section
10.04. Any successor REMIC Administrator upon acceptance of its appointment hereunder shall become vested with all the rights,
powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as REMIC Administrator.
No REMIC Administrator shall have responsibility or liability for any action taken by it as such at the direction of the Certificate
Administrator.

 

[End
of Article X]

 

ARTICLE
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.01  Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose
of Article XI of this Agreement is to facilitate compliance by the Depositor (and any Other Depositor of any Other
Securitization that includes a Serviced Companion Loan) with the provisions of Regulation AB and the related rules and regulations
of the Commission. The Depositor shall not exercise its rights to request delivery of information or other performance under these
provisions other than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act,
the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties hereto acknowledge
that interpretations of the requirements of Regulation AB may change over time, due to interpretive 

    -423-

     

    

guidance provided by the Commission
or its staff, and agree to comply with requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan) in good faith for delivery of information under these provisions on the basis of such
evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are not “grandfathered”).
In connection with the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, and any
Other Securitization subject to Regulation AB that includes a Serviced Companion Loan, each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator shall cooperate fully with the Depositor
and the Certificate Administrator, and any Other Depositor, Other Trustee and Other Certificate Administrator of any Other Securitization
that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor or the Certificate Administrator,
and any such Other Depositor, Other Trustee or Other Certificate Administrator, as applicable (including any of its assignees
or designees), any and all statements, reports, certifications, records and any other information (in its possession or reasonably
attainable) necessary in the reasonable good faith determination of the Depositor or such Other Depositor, as applicable, to permit
the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures
relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Custodian, the Asset Representations
Reviewer and the Certificate Administrator, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans (and the
related Serviced Companion Loan, if applicable), reasonably believed by the Depositor or the related Other Depositor to be necessary
in order to effect such compliance. Each party to this Agreement shall have a reasonable period of time to comply with any written
request made under this Section 11.01, but in any event, shall, upon reasonable advance written request, provide information
in sufficient time to allow the Depositor and each Other Depositor to satisfy any related filing requirements. For purposes of
this Article XI, to the extent that any party has an obligation to exercise commercially reasonable efforts to cause
a third party to perform, such party hereunder shall not be required to bring any legal action against such third party in connection
with such obligation.

 

Section
11.02 Succession; Subcontractors. (a) As a condition to the succession to the Master Servicer and
the Special Servicer or to any Sub-Servicer (but only if such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2)) as
servicer or sub-servicer or succession to the Certificate Administrator under this Agreement by any Person (i) into which
the Master Servicer and the Special Servicer, such Sub-Servicer or Certificate Administrator may be merged or consolidated, or
(ii) which may be appointed as a successor to the Master Servicer and the Special Servicer or to any such Sub-Servicer or
Certificate Administrator, the person removing and replacing the Master Servicer and the Special Servicer or Certificate Administrator
shall provide to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and each Other Depositor,
as applicable, at least fifteen (15) calendar days prior to the effective date of such succession or appointment (or such
shorter period as is agreed to by the Depositor), (x) written notice to the Depositor, the Other Depositor and the Other
Certificate Administrator of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory
to the Depositor, all information relating to such successor reasonably requested by the Depositor, Other Depositor or Other Certificate
Administrator in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act); provided, however,
that if disclosing such information prior to such effective date would violate any applicable law or confidentiality 

    -424-

     

    

agreement,
the Master Servicer, the Special Servicer, any Additional Servicer or the Certificate Administrator, as the case may be, shall
submit such disclosure to the Depositor and the Other Depositor no later than the effective date of such succession or appointment.

 

(b)           Each of the Master Servicer, the Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
(each of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator and each
Sub-Servicer, for purposes of this Section 11.02, a “Servicer”) is permitted to utilize one or more
Subcontractors to perform certain of its obligations hereunder. If such Subcontractor will be a Servicing Function Participant,
such Servicer shall promptly upon written request provide to the Depositor or any Mortgage Loan Seller (and any Other Trustee,
Other Certificate Administrator and Other Depositor related to any Other Securitization that includes a related Serviced Companion
Loan) a written description (in form and substance satisfactory to the Depositor, such Mortgage Loan Seller or such Other Trustee,
Other Certificate Administrator or Other Depositor, as applicable) of the role and function of each Subcontractor utilized by
such Servicer, specifying (i) the identity of such Subcontractor and (ii) the elements of the Servicing Criteria that
will be addressed in assessments of compliance provided by each such Subcontractor. As a condition to the utilization by such
Servicer of any Subcontractor determined to be a Servicing Function Participant, such Servicer shall (i) with respect to
any such Subcontractor engaged by such Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause,
and (ii) with respect to any other Subcontractor with which it has entered into a servicing relationship, cause such Subcontractor
used by such Servicer for the benefit of the Depositor and the Trustee (and any Other Trustee, Other Certificate Administrator
and Other Depositor related to any Other Securitization that includes a related Serviced Companion Loan) to comply with the provisions
of Section 11.10 and Section 11.11 of this Agreement to the same extent as if such Subcontractor were such Servicer.
With respect to any Servicing Function Participant engaged by such Servicer that is an Initial Sub-Servicer, such Servicer shall
be responsible for using commercially reasonable efforts to obtain, and with respect to each other Servicing Function Participant
engaged by such Servicer, such Servicer shall obtain from each such Servicing Function Participant and deliver to the applicable
Persons any assessment of compliance report and related accountant’s attestation required to be delivered by such Subcontractor
under Section 11.10 and Section 11.11, in each case, as and when required to be delivered. For the avoidance of
doubt, the Custodian shall not be permitted to utilize any Subcontractor to perform any of its obligations hereunder.

 

(c)            Notwithstanding the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer in connection with the
performance of any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor
is a “servicer” within the meaning of Item 1101 of Regulation AB and whether any such Subcontractor meets the
criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB. If a Servicer determines, pursuant to the preceding sentence,
that such Subcontractor is a “servicer” within the meaning of Item 1101 of Regulation AB and meets the criteria
in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then such Subcontractor shall be deemed to be a Sub-Servicer for purposes
of this Agreement, the engagement of such Sub-Servicer shall not be effective unless and until notice is given to the Depositor
and the Certificate Administrator of any such Sub-Servicer and Sub-Servicing Agreement. Other than with respect to the Initial
Sub-Servicer, no Sub-Servicing Agreement shall be effective until fifteen (15) days after such written notice is received
by the Depositor and the Certificate Administrator (or such shorter period as is agreed to by the Depositor). Such notice 

    -425-

     

    

shall
contain all information reasonably necessary to enable the Certificate Administrator to accurately and timely report the event
under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be
filed under the Exchange Act).

 

(d)           In connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may be merged
or consolidated, or (ii) which may be appointed as a successor to the Trustee, the Trustee shall deliver written notice to
the Depositor, the Certificate Administrator and the 17g-5 Information Provider, which shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar
days prior to the effective date of such succession or appointment (or if such prior notice is violative of applicable law or
any applicable confidentiality agreement, no later than one (1) Business Day after such effective date of succession) and
shall furnish to the Depositor and the Certificate Administrator, in writing and in form and substance reasonably satisfactory
to the Depositor and the Certificate Administrator, all information reasonably necessary for the Certificate Administrator to
accurately and timely report, pursuant to Section 11.07, the event under Item 6.02 of Form 8-K pursuant to the
Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(e)           Notwithstanding anything to the contrary contained in this Article XI, in connection with any Sub-Servicer and/or
any Mortgage Loan that is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation
AB, the Master Servicer shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer
to comply with its obligations under such Initial Sub-Servicing Agreement.

 

(f)            Any notice and/or information furnished or required to be furnished pursuant to this Section 11.02 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the information relates to a party that services,
specially services or is trustee for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.02.

 

Section
11.03    Filing Obligations. (a)  The Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection
with the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04,
11.05, 11.06 and 11.07 of this Agreement, the Certificate Administrator shall prepare for execution by the
Depositor any Forms 10-D, ABS-EE, 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, Analysis and Retrieval System
(“EDGAR”)) such Forms executed by the Depositor.

 

Each
party hereto shall be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of
any “sponsor”, credit enhancer, derivative provider or “significant obligor” as of the Closing Date other
than with respect to itself or any information required to be provided by it or indemnified for by it pursuant to any separate
agreement.

 

(b)           In the event that the Certificate Administrator is unable to timely file with the Commission all or any required portion of any
Form 10-D, ABS-EE, 10-K or 8-K required to 

    -426-

     

    

be filed by this Agreement because required disclosure information was either
not delivered to it or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator
will promptly notify the Depositor. In the case of Forms 10-D, ABS-EE and 10-K, the Depositor, the Master Servicer, the Certificate
Administrator, the Operating Advisor and the Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A,
Form ABS-EE/A or Form 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K,
the Certificate Administrator will, upon receipt of all required Form 8-K Disclosure Information and upon the approval and
direction of the Depositor, include such disclosure information on the next succeeding Form 10-D to be filed for the Trust.
In the event that any previously filed Form 10-D, Form ABS-EE, Form 10-K or Form 8-K needs to be amended, the Certificate
Administrator will notify the Depositor, and such other parties as needed and the parties hereto will cooperate with the Certificate
Administrator to prepare any necessary Form 10-D/A, Form ABS-EE/A, Form 10-K/A or Form 8-K/A. Any Form 15,
Form 12b-25 or any amendment to Form 10-D, Form ABS-EE, Form 10-K or Form 8-K shall be signed by an officer
of the Depositor. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties
under this Section 11.03 related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment
to Form 10-D, Form ABS-EE, Form 10-K or Form 8-K is contingent upon the parties observing all applicable deadlines in
the performance of their duties under Sections 11.03, 11.04, 11.05, 11.06, 11.07, 11.08,
11.09, 11.10, 11.11 and 11.15 of this Agreement. The Certificate Administrator shall have no liability
for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution
and/or timely file any such Form 15, Form 12b-25 or any amendments to Form 10-D, Form ABS-EE, Form 10-K or
Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis,
any information from any other party hereto needed to prepare, arrange for execution or file such Form 15, Form 12b-25
or any amendments to Form 10-D, Form ABS-EE, Form 10-K or Form 8-K, not resulting from its own negligence, bad faith
or willful misconduct.

 

Section
11.04    Form 10-D and Form ABS-EE Filings. (a) Within fifteen (15) days after each Distribution
Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf
of the Trust any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any disclosure
in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D
Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit BB to
the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, absent such reporting,
direction and approval.

 

For
so long as the Trust is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto, within
five (5) calendar days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit
BB hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing
Function Participant, with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator, the 

    -427-

     

    

Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure,
if applicable; provided that information relating to any REO Account to be reported under “Item 9: Other Information”
on Exhibit BB shall be reported by the Special Servicer to the Master Servicer within four (4) calendar days after
the related Distribution Date on Exhibit MM; (ii) the parties listed on Exhibit BB hereto shall include with
such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit EE
(except with respect to the reporting of REO Account balances which shall be delivered in the form of Exhibit MM hereto)
and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-D Disclosure on Form 10-D. Information delivered to the Certificate Administrator hereunder should
be delivered by email to cts.sec.notifications@wellsfargo.com (or such other e-mail address as the Certificate Administrator may
instruct) or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications. Neither the Trustee nor the Certificate Administrator
shall have any duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit BB of their
duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.
The Depositor shall be responsible for any reasonable expenses incurred by the Trustee or Certificate Administrator in connection
with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

The
Certificate Administrator shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a)
of the Exchange Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or the substitution
of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference to
the most recent Form ABS-15G filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the Commission’s assigned
“Central Index Key” for each such filer, (iii) to the extent such information is provided to the Certificate
Administrator by the Master Servicer in the form of Exhibit MM hereto for inclusion therein within the time period described
in this Section 11.04, the balances of the REO Account (to the extent the related information has been received from the
Special Servicer within the time period specified in this Section 11.04) and the Collection Account as of the related Distribution
Date and as of the immediately preceding Distribution Date, (iv) the balances of the Distribution Accounts, the Non-VRR Gain-on-Sale
Reserve Account, the VRR Interest Gain-on-Sale Reserve Account and the Interest Reserve Account, in each case as of the related
Distribution Date and as of the immediately preceding Distribution Date and (v) the most recent Form ABS-EE filing by reference
(which such Form ABS-EE shall be filed on or prior to the filing of the applicable report on Form 10-D). The Depositor and the
Mortgage Loan Sellers, in accordance with Section 5(f) of the applicable Mortgage Loan Purchase Agreement, shall deliver
such information as described in clause (i) and clause (ii) of this paragraph.

 

Form 10-D
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days.” The Depositor shall notify the Certificate Administrator by email to cts.sec.notifications@wellsfargo.com,
no later than the 5th calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D
if the answer to the questions should be “no”. The Certificate Administrator shall be entitled to rely on such representations
in preparing, executing and/or filing any such report.

    -428-

     

    

With
respect to any Mortgage Loan that permits Additional Secured Debt or mezzanine debt in the future, the Certificate Administrator
shall include as part of any applicable Form 10-D filed by it (to the extent it receives such information from the applicable
Servicer) the identity of such Mortgage Loan and, to the extent such information is received by the Certificate Administrator
from the Master Servicer or the Special Servicer, as the case may be, substantially in the form of Exhibit KK (A) the
amount of any such Additional Secured Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period,
(B) the total Debt Service Coverage Ratio calculated on the basis of such Mortgage Loan and such Additional Secured Debt
or mezzanine debt, as applicable, and (C) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and such
Additional Secured Debt or mezzanine debt, as applicable.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Forms 10-D and ABS-EE for each reporting period: Name: Daniel Vinson, Telephone: (212) 528-8224. The Certificate
Administrator may rely without further investigation that this information remains correct unless and until the Depositor provides
the Certificate Administrator with a new individual’s name and phone number in writing.

 

Upon
receipt of the Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
12.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D
in accordance with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post
such Asset Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after
receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include under
Item 1B on the Form 10-D relating to the reporting period in which such request was received a Special Notice regarding the
request to communicate, and such Special Notice is required to include the following and no more than the following: (a) the name
of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the
effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate Owner
is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise of rights
under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to contact the
requesting Certificateholder or Certificate Owner.

 

(b)           After preparing the Form 10-D and Form ABS-EE, the Certificate Administrator shall forward electronically copies of
the Form 10-D and Form ABS-EE to the Depositor for review no later than ten (10) calendar days after the related
Distribution Date or, if the 10th calendar day after the related Distribution Date is not a Business Day, the immediately
preceding Business Day. Within two (2) Business Days after receipt of such copy, but no later than the two (2) Business
Days prior to the 15th calendar day after the Distribution Date, the Depositor shall notify the Certificate Administrator
in writing (which may be furnished electronically) of any changes to or approval of such Form 10-D and Form ABS-EE,
respectively, 

    -429-

     

    

and, a duly authorized officer of the Depositor shall sign the Form 10-D and Form ABS-EE and return an
electronic or fax copy of such signed Form 10-D and Form ABS-EE (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. Alternatively, if the Certificate Administrator agrees in its sole discretion, the Depositor
may deliver to the Certificate Administrator manually signed copies of a power of attorney meeting the requirements of Item 601(b)(24)
of Regulation S-K under the Securities Act, and certified copies of a resolution of the Depositor’s board of directors authorizing
such power of attorney, each to be filed with each Form 10-D and each Form ABS-EE, as applicable, in which case the
Certificate Administrator shall sign such Forms 10-D and Forms ABS-EE, as applicable, as attorney in fact for the Depositor.
As provided in Section 11.04(c), the Certificate Administrator shall file such Form ABS-EE, upon receipt of the Depositor’s
signature thereof, prior to the filing of the related Form 10-D. If a Form 10-D or Form ABS-EE cannot be filed on time or if a
previously filed Form 10-D or Form ABS-EE needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator shall make available
on its Internet website a final executed copy of each Form 10-D and Form ABS-EE filed by the Certificate Administrator.
The signing party at the Depositor can be contacted at Barclays Commercial Mortgage Securities LLC, 745 Seventh Avenue, New York,
New York 10019, Attention: Daniel Vinson, Email: Daniel.vinson@barclays.com, with a copy to Barclays Capital Inc., 745 Seventh
Avenue, New York, New York 10019, Attention: Steven P. Glynn, Director, Legal Department, Email: steven.glynn@barclays.com. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
11.04(b) and Section 11.04(c) related to the timely preparation and filing of Form 10-D and Form ABS-EE,
as applicable, is contingent upon such parties observing all applicable deadlines in the performance of their duties under this
Section 11.04(b) and Section 11.04(c). Neither the Trustee nor the Certificate Administrator shall have any liability
for any loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare, arrange for execution
and/or timely file such Form 10-D or such Form ABS-EE, respectively, where such failure results from the Certificate
Administrator’s inability or failure to receive, on a timely basis, any information from any party to this Agreement needed
to prepare, arrange for execution or file such Form 10-D or such Form ABS-EE, respectively, not resulting from its own
negligence, bad faith or willful misconduct.

 

(c)            Prior to the filing of each Form 10-D by the Certificate Administrator pursuant to Section 11.04(a), the Certificate Administrator
shall prepare and file on behalf of the Trust any Form ABS-EE in form and substance as required by the Exchange Act and the rules
and regulations of the Commission thereunder; provided that the foregoing shall not apply to any Form ABS-EE required to
be filed with the Commission and incorporated by reference in either the Preliminary Prospectus or the Prospectus. The Certificate
Administrator shall file each Form ABS-EE with a copy of the related CREFC® Schedule AL File received by the Certificate
Administrator pursuant to Section 3.12(d) as Exhibit 102 thereto. To the extent the Certificate Administrator receives
any Schedule AL Additional File with respect to such Form ABS-EE pursuant to Section 3.12(d), the Certificate Administrator
shall file such Schedule AL Additional File as Exhibit 103 to such Form ABS-EE. After preparing the Form ABS-EE, the Certificate
Administrator shall forward electronically a copy of such Form ABS-EE (together with the related CREFC® Schedule
AL File, any Schedule AL Additional File received by the Certificate Administrator in both EDGAR-Compatible Format and Excel format)
concurrently with the related Form 10-D to the Depositor for review and approval. Any questions are to be directed to 

    -430-

     

    

Midland
Loan Services, a Division of PNC Bank, National Association at the email address provided with the submission of such CREFC®
Schedule AL File and Schedule AL Additional File (or such other email address or phone number as is provided by the Master
Servicer in writing to the Depositor and the Certificate Administrator). The Master Servicer shall reasonably cooperate with the
Depositor to answer any questions that the Depositor may pose to the Master Servicer regarding any CREFC® Schedule
AL File or Schedule AL Additional File (other than questions regarding data that is in the Initial Schedule AL File, the Initial
Schedule AL Additional File or the Annex A-1 to the Prospectus) that the Master Servicer provided to the Certificate Administrator.
The Certificate Administrator, the Master Servicer, and the Depositor shall each, to the extent related to such party’s
obligations hereunder, reasonably cooperate to remedy any filing errors regarding any CREFC® Schedule AL File or
any Schedule AL Additional File promptly.

 

Within
two (2) Business Days after receipt of the copy of Form ABS-EE for review, but no later than the two (2) Business Days
prior to the 15th calendar day after the Distribution Date, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form ABS-EE, and a duly authorized officer of the
Depositor shall sign the Form ABS-EE and return an electronic or fax copy of such signed Form ABS-EE (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form ABS-EE,
upon receipt of the Depositor’s signature thereof, prior to the filing of the related Form 10-D. If a Form ABS-EE cannot
be filed on time or if a previously filed Form ABS-EE needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator shall, pursuant to Section
3.13(b), make available on the Certificate Administrator’s website a final executed copy of each Form ABS-EE (together with
the related CREFC® Schedule AL File and any Schedule AL Additional File received by the Certificate Administrator)
filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Barclays Commercial Mortgage Securities
LLC, 745 Seventh Avenue, New York, New York 10019, Attention: Daniel Vinson, Email: Daniel.vinson@barclays.com, with a copy to
Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Steven P. Glynn, Director, Legal Department, Email:
steven.glynn@barclays.com. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of
its duties under this Section 11.04(c) related to the timely preparation and filing of Form ABS-EE is contingent upon the
responsible parties observing all applicable deadlines in the performance of their duties under this Section 11.04(c).
The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or with respect to any
failure to properly prepare or file such Form ABS-EE 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 ABS-EE, not resulting from its own negligence, bad faith or willful misconduct.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Form ABS-EE for each reporting period: Name: Daniel Vinson, Telephone: (212) 528-8224. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

    -431-

     

    

(d)           Any notice and/or information furnished or required to be furnished pursuant to this Section 11.04 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced
Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same
time frame as set forth in this Section 11.04.

 

Section
11.05    Form 10-K Filings. (a)  Within ninety (90) days after the end of each fiscal
year of the Trust (it being understood that the fiscal year for the Trust ends on December 31 of each year) or such earlier
date as may be required by the Exchange Act (the “10-K Filing Deadline”), commencing in March 2023, the Certificate
Administrator shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange
Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to the Certificate
Administrator within the applicable time frames set forth in this Agreement:

 

(i)            an annual compliance statement for the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Custodian and each Additional Servicer, as described under Section 11.09, including disclosure regarding any material instance
of noncompliance and the nature and status thereof;

 

(ii)            (A) the annual reports on assessment of compliance with Servicing Criteria for the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each other Servicing Function
Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian
or Trustee, as described under Section 11.10; and

 

(B)          
if any such report on assessment of compliance with Servicing Criteria described under Section 11.10 identifies any
material instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance of
noncompliance involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps
taken to remedy such instance of noncompliance), or if such report on assessment of compliance with Servicing Criteria
described under Section 11.10 is not included as an exhibit to such Form 10-K, disclosure that such report is not
included and an explanation why such report is not included;

 

(iii)           (A) the registered public accounting firm attestation report for the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing Function Participant utilized
by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or the Trustee,
as described under Section 11.11; and

 

(B)          if any registered public accounting firm attestation report described under Section 11.11 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, 

    -432-

     

    

disclosure that such report is not included and an explanation why
such report is not included; and

 

(iv)          a certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate as a result
of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except as described
below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any
disclosure or information in addition to clauses (i) through (iv) above that is required to be included on Form 10-K
(“Additional Form 10-K Disclosure”) shall, pursuant to the following paragraph be reported by the parties
set forth on Exhibit CC to the Depositor and the Certificate Administrator and approved by the Depositor and the Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure, absent
such reporting, direction and approval. Information delivered to the Certificate Administrator hereunder should be delivered (i) by
email to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications and also (ii) by
email to Form10k.Compliance@cwt.com.

 

As
set forth on Exhibit CC hereto, no later than March 1st of each year that the Trust is subject to the Exchange
Act reporting requirements, commencing in 2023, (i) the parties listed on Exhibit CC shall be required to provide
to the Certificate Administrator and the Depositor, to the extent a Regulation AB Servicing Officer or Responsible Officer, as
the case may be, has actual knowledge, in EDGAR-Compatible Format or in such other format as otherwise agreed upon by the Certificate
Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure, if
applicable, (ii) the parties listed on Exhibit CC hereto shall include with such Additional Form 10-K Disclosure,
an Additional Disclosure Notification in the form attached hereto as Exhibit EE and (iii) the Depositor will approve,
as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K.
Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance
by the parties listed on Exhibit CC of their duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable expenses incurred by
the Trustee and the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K
pursuant to this paragraph.

 

Form 10-K
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days”. The Depositor shall notify the Certificate Administrator in writing via cts.sec.notifications@wellsfargo.com,
no later than March 1st with respect to the filing of a report on Form 10-K, if the answer to the questions should
be “no”. The Certificate Administrator shall be entitled to rely on such representations in preparing, executing and/or
filing any such report.

 

(b)           After preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K to
the Depositor for review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business
Days after receipt of such copy, 

    -433-

     

    

but no later than March 25th, the Depositor shall notify the Certificate Administrator in
writing (which may be furnished electronically) of any changes to or approval of such Form 10-K and the senior officer in
charge of securitization for the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K
(with an original executed hard copy to follow by overnight mail) to the Certificate Administrator at such time. If a Form 10-K
cannot be filed on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator shall follow
the procedures set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator shall make
available on its Internet website a final executed copy of each Form 10-K filed by the Certificate Administrator. The signing
party at the Depositor can be contacted at Barclays Commercial Mortgage Securities LLC, 745 Seventh Avenue, New York, New York
10019, Attention: Daniel Vinson, Email: Daniel.vinson@barclays.com, with a copy to Barclays Capital Inc., 745 Seventh Avenue,
New York, New York 10019, Attention: Steven P. Glynn, Director, Legal Department, Email: steven.glynn@barclays.com. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.05
related to the timely preparation and filing of Form 10-K is contingent upon the parties to this Agreement (and any Additional
Servicer or Servicing Function Participant engaged or utilized, as applicable, by any such parties) observing all applicable deadlines
in the performance of their duties under this Section 11.05. Neither the Trustee nor the Certificate Administrator shall
have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange
for execution and/or timely file such Form 10-K, where such failure results from the Certificate Administrator’s failure
to receive, on a timely basis, any information from the parties to this Agreement (or any Sub-Servicer or Servicing Function Participant
engaged by any such parties) needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own
negligence, bad faith or willful misconduct.

 

(c)            Upon written request from any Mortgage Loan Seller, Other Depositor, the Master Servicer or the Special Servicer, the Certificate
Administrator shall confirm to such Mortgage Loan Seller, Other Depositor, Master Servicer or Special Servicer whether it has
received notice that any party to this Agreement has changed since the Closing Date and will provide to such Mortgage Loan Seller
or Other Depositor, the Master Servicer or the Special Servicer, if known to the Certificate Administrator, the identity of the
new party.

 

(d)           Any notice and/or information furnished or required to be furnished pursuant to this Section 11.05 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced
Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same
time frame as set forth in this Section 11.05.

 

Section
11.06  Sarbanes-Oxley Certification. Each Form 10-K shall include a Sarbanes-Oxley Certification
in the form attached as Exhibit Y required to be included therewith pursuant to the Sarbanes-Oxley Act. For so long
as the Trust or the trust for any Other Securitization is subject to the reporting requirements of the Exchange Act, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor and the Asset
Representations Reviewer (in the case of the Asset Representations Reviewer, solely with respect to reporting periods in which
the Asset Representations Reviewer is required to deliver an Asset Review Report) shall provide, and (i) with respect to
each Initial Sub-Servicer engaged by the Master Servicer or the Special Servicer, as the case may be, that is a 

    -434-

     

    

Servicing Function
Participant shall use commercially reasonable efforts to cause such Initial Sub-Servicer to provide, and (ii) with respect
to each other Servicing Function Participant with which the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with respect to the Mortgage Loans,
shall cause such Servicing Function Participant to provide, to each Person who signs the Sarbanes-Oxley Certification for the
Trust or any Other Securitization that includes a Serviced Companion Loan (individually and collectively, the “Certifying
Person”), on or before March 1st of each year commencing in March 2023, a certification substantially in the
form attached hereto as Exhibits Z-1, Z-2, Z-3, Z-4, Z-5, Z-6 or Z-7 (each, a
“Performance Certification”), as applicable, on which each Certifying Person, the entity for which such Certifying
Person acts as an officer (if the Certifying Person is an individual), and such entity’s officers, directors and Affiliates
(collectively with the Certifying Person, “Certification Parties”) can reasonably rely; provided that,
if a Servicing Function Participant (other than an Initial Sub-Servicer) with which the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with
respect to the Mortgage Loans fails to provide a Performance Certification, the Performance Certification provided by the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor, as applicable,
that engaged such Servicing Function Participant shall not exclude information that would have been provided by such Servicing
Function Participant. In addition, in the event that any Companion Loan (other than a Non-Serviced Companion Loan) is deposited
into a commercial mortgage securitization (an “Other Securitization”) and the Reporting Servicer is provided
with timely and complete contact information for the parties to such Other Securitization, each Reporting Servicer, upon not less
than thirty (30) days prior written request, shall provide to the Person who signs the Sarbanes-Oxley Certification with
respect to such Other Securitization either the Performance Certification or a separate certification in form and substance similar
to applicable Performance Certification (which shall address the matters contained in the applicable Performance Certification,
but solely with respect to the related Companion Loan) on which such Person, the entity for which the Person acts as an officer
(if the Person is an individual), and such entity’s officers, directors and Affiliates can reasonably rely. With respect
to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure a Sarbanes-Oxley
Certification from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form
and substance similar to a Performance Certification. The senior officer in charge of securitization for the Depositor shall serve
as the Certifying Person on behalf of the Trust. In addition, each Reporting Servicer shall execute a reasonable reliance certificate
(which may be included as part of such other certifications being delivered by such Reporting Servicer) to enable the Certification
Parties to rely upon each (i) annual compliance statement provided pursuant to Section 11.09, if applicable, (ii) annual
report on assessment of compliance with Servicing Criteria provided pursuant to Section 11.10 and (iii) accountant’s
report provided pursuant to Section 11.11, and shall include a certification that each such annual compliance statement
or report discloses any deficiencies or defaults described to the registered public accountants of such Reporting Servicer to
enable such accountants to render the certificates provided for in Section 11.11. In the event any Reporting Servicer is
terminated or resigns pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing
agreement, as the case may be, such Reporting Servicer shall provide a certification to each affected Certifying Person pursuant
to this Section 

    -435-

     

    

11.06 with respect to the period of time it was subject to this Agreement or the applicable sub-servicing
or primary servicing agreement, as the case may be. Each such Performance Certification shall be provided in EDGAR-Compatible
Format, or in such other format agreed upon by the Depositor, the Certificate Administrator, any affected Other Depositor and
Other Certificate Administrator and such providing parties. Notwithstanding the foregoing, nothing in this Section 11.06
shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness of any information provided
to such Reporting Servicer by third parties (including a “significant obligor”, but other than an Additional Servicer
or a Sub-Servicer appointed pursuant to Section 3.20), (ii) to certify information other than to such Reporting Servicer’s
knowledge and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness
of information and reports, to certify anything other than that all fields of information called for in written reports prepared
by such Reporting Servicer have been completed except as they have been left blank on their face.

 

Notwithstanding
anything to the contrary contained in this Section 11.06, with respect to each year in which the Trust and the trust for
each Other Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties required to deliver
any certification under this Section 11.06 shall be obligated to do so.

 

Section
11.07  Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring
disclosure on Form 8-K (each such event, a “Reportable Event”), and if requested by the Depositor and
to the extent it receives the Form 8-K Disclosure Information described below, the Certificate Administrator shall prepare
and file on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any
disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit
DD to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will
have no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K,
absent such reporting, direction and approval.

 

As
set forth on Exhibit DD hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no later
than close of business, New York City time, on the 2nd Business Day after the occurrence of a Reportable Event (i) the
parties set forth on Exhibit DD hereto shall be required to provide to the Depositor and the Certificate Administrator,
to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties any Form 8-K
Disclosure Information, if applicable, (ii) the parties listed on Exhibit DD hereto shall include with such Form 8-K
Disclosure Information, an Additional Disclosure Notification in the form attached hereto as Exhibit EE and (iii) the
Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit DD of their duties under this paragraph or proactively solicit
or procure from such parties any Form 8-K Disclosure Information. The Depositor will be

    -436-

     

    

 responsible for any reasonable expenses
incurred by the Trustee and the Certificate Administrator in connection with including any Form 8-K Disclosure Information
on Form 8-K pursuant to this paragraph. Information delivered to the Certificate Administrator hereunder should be delivered
by email to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications.

 

After
preparing the Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor
for review no later than noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no event earlier
than 24 hours after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph.
Promptly, but no later than the close of business on the 3rd Business Day after the Reportable Event, the Depositor shall
notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of such
Form 8-K. No later than noon, New York City time, on the 4th Business Day after the Reportable Event, a duly authorized
officer of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with
an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a Form 8-K cannot be filed
on time or if a previously filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set
forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator will, make available on its
Internet website a final executed copy of each Form 8-K filed by the Certificate Administrator. The signing party at the
Depositor can be contacted at Barclays Commercial Mortgage Securities LLC, 745 Seventh Avenue, New York, New York 10019, Attention:
Daniel Vinson, Email: Daniel.vinson@barclays.com, with a copy to Barclays Capital Inc., 745 Seventh Avenue, New York, New York
10019, Attention: Steven P. Glynn, Director, Legal Department, Email: steven.glynn@barclays.com. The parties to this Agreement
acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.07 related to the timely
preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 11.07. Neither the Trustee nor the Certificate Administrator shall have any liability for any
loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely
file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive,
on a timely basis, any information from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K,
not resulting from its own negligence, bad faith or willful misconduct.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer
and the Special Servicer, as the case may be, shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer
engaged by the Master Servicer or the Special Servicer, as applicable, use commercially reasonable efforts to cause such Additional
Servicer to promptly notify and (ii) with respect to each other Additional Servicer with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a party to this Agreement) cause such Additional Servicer to promptly
notify) the Depositor and the Certificate Administrator, but in no event later than noon, New York City time, on the 2nd Business
Day after its occurrence, of any Reportable Event applicable to such party to the extent a Regulation AB Servicing Officer or
Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format.

    -437-

     

    

Notwithstanding
anything to the contrary in this Section 11.07, with respect to each year in which the Trust and the trust for each Other
Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties hereto are required to deliver
Form 8-K Disclosure Information.

 

Any
notice and/or information furnished or required to be furnished pursuant to this Section 11.07 shall also be provided to
each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced
Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same
time frame as set forth in this Section 11.07.

 

For
so long as the Trust is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under a related Non-Serviced PSA, no resignation, removal or replacement of any party to such Non-Serviced PSA that would
be required to be reported on a Form 8-K relating to this Trust shall become effective with respect to this Trust until the
Certificate Administrator has filed any required Form 8-K pursuant to this Section 11.07.

 

To
the extent the Depositor has made a Form 8-K/A filing regarding this Agreement, the Depositor shall notify the Certificate Administrator
by electronic mail to cts.sec.notifications@wellsfargo.com and trustadministrationgroup@wellsfargo.com, no later than two (2)
Business Days after the filing of such Form 8-K/A that attaches this Agreement. The Certificate Administrator shall furnish such
notice to each then-current Serviced Companion Noteholder at the address received from the Master Servicer upon such request made
pursuant to Section 8.13.

 

Section
11.08  Form 15 Filing. On or prior to January 30th of the first year in which the Depositor
shall provide notice to the Certificate Administrator of its ability under applicable law to suspend its Exchange Act filings,
the Certificate Administrator shall prepare and file a notification relating to the automatic suspension of reporting in respect
of the Trust under the Exchange Act (the “Form 15 Suspension Notification”) or any form necessary to be
filed with the Commission to suspend such reporting obligations. With respect to any reporting period occurring after the filing
of such form, subject to Section 11.15(h), the obligations of the parties to this Agreement under Section 11.04,
Section 11.05 and Section 11.07 shall be suspended and reports or certifications due under Section 11.09,
11.10 and 11.11 shall not be due until April 15th of each year. The Certificate Administrator shall provide
prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after the filing of
a Form 15 Suspension Notification, the Depositor shall provide notice to the Certificate Administrator that it is required
to resume its Exchange Act filings, the Certificate Administrator shall recommence preparing and filing reports on Forms 10-D,
ABS-EE, 10-K and 8-K as required pursuant to Section 11.04, Section 11.05 and Section 11.07, and all parties’
obligations under this Article XI shall recommence.

 

Section
11.09  Annual Compliance Statements. The Master Servicer, the Special Servicer (regardless of whether
the Special Servicer has commenced special servicing of a Mortgage Loan), the Custodian, the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was
no Relevant Servicing Criteria applicable to it) and the Certificate Administrator (each, a 

    -438-

     

    

“Certifying Servicer”)
shall (and each such party shall (i) with respect to each Additional Servicer engaged by the Certifying Servicer that is
an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer to deliver to and (ii) with
respect to each other Additional Servicer that is also a Servicing Function Participant with which it has entered into a servicing
relationship with respect to the Mortgage Loans, cause such Additional Servicer to deliver to), on or before March 1st of
each year, commencing in March 2023, deliver to the Trustee, the Certificate Administrator (which copy shall be deemed furnished
by the Certificate Administrator when made available on its Internet website), the Depositor and the 17g-5 Information Provider
(who shall post to the 17g-5 Information Provider’s Website), an Officer’s Certificate, in the form attached hereto
as Exhibit HH (or such other form, similar in substance, as may be reasonably acceptable to the Depositor) stating, as
to the signer thereof, that (A) a review of such Certifying Servicer’s activities during the preceding calendar year
or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the applicable sub-servicing agreement
or primary servicing agreement in the case of an Additional Servicer, has been made under such officer’s supervision and
(B) to the best of such officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations
under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer,
in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof. Such Officer’s
Certificate shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and such providing parties. Each Certifying Servicer shall (i) with respect to each Additional Servicer engaged
by such Certifying Servicer that is an Initial Sub-Servicer, cause (or, in the case of a sub-servicer that is also a Servicing
Function Participant that a Mortgage Loan Seller requires the Master Servicer to retain, to use commercially reasonable efforts
to cause) such Additional Servicer, and (ii) with respect to each other Additional Servicer with which it has entered into
a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer to forward a copy of each such statement
(or, in the case of the Certificate Administrator, make a copy of each such statement available on its Internet website) to the
Directing Certificateholder and the 17g-5 Information Provider. With respect to any Non-Serviced Companion Loan, the Certificate
Administrator will use its reasonable efforts to procure such Officer’s Certificate from the applicable Non-Serviced Master
Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to the form attached hereto as
Exhibit HH. Promptly after receipt of each such Officer’s Certificate, the Depositor may review each such Officer’s
Certificate and, if applicable, consult with the Certifying Servicer as to the nature of any failures by the Certifying Servicer
or any related Additional Servicer with which the Certifying Servicer has entered into a servicing relationship with respect to
the Mortgage Loans in the fulfillment of any of the Certifying Servicer’s or Additional Servicer’s obligations hereunder
or under the applicable sub-servicing or primary servicing agreement. The obligations of the Certifying Servicer and each Additional
Servicer under this Section 11.09 apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage
Loan during the applicable period, whether or not such Certifying Servicer or Additional Servicer is acting as the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or Additional Servicer at the time such Officer’s Certificate
is required to be delivered. None of the Master Servicer, Special Servicer or Additional Servicer shall be required to cause the
delivery of any such statement until April 15 in any given year so long as it has received written confirmation from the
Depositor (or, in the case of an Other 

    -439-

     

    

Securitization, the related Other Depositor) that a report on Form 10-K is not required
to be filed in respect of the Trust or the trust for any Other Securitization for the preceding calendar year.

 

In
the event the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated under any
applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with respect
to any other Additional Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement,
cause such Additional Servicer to provide, an annual statement of compliance pursuant to this Section 11.09 with respect
to the period of time that the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator was subject
to this Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Any
certificate, statement, report, notice and/or information furnished or required to be furnished pursuant to this Section 11.09
shall also be provided to each Other Depositor and each Other Certificate Administrator (to the extent such item and/or information
relates to a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same time
frame as set forth in this Section 11.09.

 

Section
11.10  Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 1st of
each year, commencing in March 2023, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has
commenced special servicing of the Mortgage Loans), the Trustee (provided, however, that the Trustee shall be required
to deliver an assessment of compliance with respect to any period during which there was no Relevant Servicing Criteria applicable
to it), the Custodian, the Operating Advisor, the Certificate Administrator and each Additional Servicer, each at its own expense,
shall furnish (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by the Master Servicer, the
Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator that is a Servicing Function
Participant, use commercially reasonable efforts to cause such Servicing Function Participant to furnish and (ii) with respect
to each other Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage
Loans, cause such Servicing Function Participant to furnish) to the Trustee, the Certificate Administrator, the Depositor (which
copy shall be deemed furnished by the Certificate Administrator when made available on its Internet website) (and, with respect
to the Special Servicer, also to the Operating Advisor), and the 17g-5 Information Provider, a report substantially in the form
of Exhibit II or such other form provided by such Reporting Servicer that complies in all material respects with the requirements
of Item 1122 of Regulation AB, on an assessment of compliance with the Servicing Criteria applicable to it that contains
(A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria,
(B) a statement that such Reporting Servicer used the Relevant Servicing Criteria to assess compliance with the Relevant
Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as
of and for the period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section
11.05, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion
of each such failure and the nature and status thereof, and (D) a statement that a 

    -440-

     

    

registered public accounting firm has
issued an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria
as of and for such period. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable
efforts to procure such report from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced
Trustee in form and substance similar to the form attached hereto as Exhibit II. Such report shall be provided in EDGAR-Compatible
Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and the Reporting Servicer.

 

Each
such report shall be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address
the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit AA hereto delivered to
the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such report
and, if applicable, consult with each Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant
Servicing Criteria applicable to it (and each Servicing Function Participant engaged or utilized by each Reporting Servicer, as
applicable), and (ii) the Certificate Administrator shall confirm that the assessments taken individually address the Relevant
Servicing Criteria for each party as set forth on Exhibit AA and notify the Depositor of any exceptions. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or any Servicing Function Participant
shall be required to cause the delivery of any such assessments until April 15th in any given year so long as it has
received written confirmation from the Depositor (or, in the case of an Other Securitization, the related Other Depositor) that
a report on Form 10-K is not required to be filed in respect of the Trust or the trust for any Other Securitization for the
preceding calendar year.

 

Notwithstanding
the foregoing, at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator
and Trustee may provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect of their
combined Relevant Servicing Criteria as set forth on Exhibit AA hereto.

 

(b)           The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge
and agree that the Relevant Servicing Criteria set forth on Exhibit AA is appropriately set forth with respect to such
party and any Servicing Function Participant with which the Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate
Administrator has entered into a servicing relationship.

 

(c)            No later than February 1 of each year, the Master Servicer and the Special Servicer shall notify the Certificate Administrator,
the Depositor and each Mortgage Loan Seller as to the name of each Additional Servicer engaged by it and each Servicing Function
Participant utilized by it, in each case other than with respect to any Initial Sub-Servicer, and the Trustee, the Operating Advisor
and the Certificate Administrator shall notify the Depositor and each Mortgage Loan Seller as to the name of each Servicing Function
Participant utilized by it, in each case by providing an updated Exhibit GG, and each such notice (except to a Mortgage
Loan Seller) shall specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared
by such Servicing Function Participant. When the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor submit their assessments pursuant to Section 11.10(a), the Master Servicer, the Special Servicer,
the Trustee,

    -441-

     

    

 the Certificate Administrator and the Operating Advisor, as applicable, shall also at such time include the assessment
(and related attestation pursuant to Section 11.11) of each Servicing Function Participant engaged by it.

 

In
the event the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any
Servicing Function Participant engaged by it to provide (and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by the Master Servicer or Special Servicer that is an Additional Servicer that resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with
respect to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional
Servicer to provide) an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation as
required in Section 11.11 with respect to the period of time that the Master Servicer, the Special Servicer, the Trustee,
the Operating Advisor, the Custodian or the Certificate Administrator was subject to this Agreement or the period of time that
the Additional Servicer was subject to such other servicing agreement.

 

(d)           Any certificate, statement, report, assessment, attestation, notice and/or information furnished or required to be furnished pursuant
to this Section 11.10 shall also be provided to each Other Depositor and each Other Certificate Administrator (to the extent
such item and/or information relates to a party that services, specially services or is trustee or custodian for a Serviced Companion
Loan) in the same time frame as set forth in this Section 11.10.

 

(e)            Each of the Operating Advisor and the Special Servicer may at any time request from the Certificate Administrator confirmation
of whether a Control Termination Event, Consultation Termination Event or Operating Advisor Consultation Event occurred during
the previous calendar year, and upon such request the Certificate Administrator shall deliver such confirmation to the Operating
Advisor or the Special Servicer, as applicable, within fifteen (15) days of such request.

 

Section
11.11  Annual Independent Public Accountants’ Attestation Report. On or before March 1st of
each year, commencing in March 2023, the Master Servicer, the Special Servicer, the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was
no Relevant Servicing Criteria applicable to it), the Custodian, the Operating Advisor and the Certificate Administrator, each
at its own expense, shall cause (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by the Master
Servicer, Special Servicer, Trustee, Operating Advisor or Certificate Administrator that is a Servicing Function Participant use
commercially reasonable efforts to cause such Servicing Function Participant to cause and (ii) with respect to each other
Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause
such Servicing Function Participant to cause) a registered public accounting firm (which may also render other services to the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor or the
applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified Public
Accountants to furnish a report to the Trustee, the Certificate Administrator (who will promptly post such report on the Certificate
Administrator’s Website pursuant to Section 

    -442-

     

    

3.13(b)) and the Depositor, the 17g-5 Information Provider and, prior
to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder, and, promptly, but not
earlier than the second Business Day following the delivery of such report to the 17g-5 Information Provider, to the Rating Agencies,
to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer,
which includes an assertion that such Reporting Servicer has complied with the Relevant Servicing Criteria applicable to it and
(ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued
or adopted by the PCAOB, it is issuing an opinion as to whether such Reporting Servicer’s assessment of compliance with
the Relevant Servicing Criteria applicable to it was fairly stated in all material respects. In the event that an overall opinion
cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.
Each such related accountant’s attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X
under the Securities Act and the Exchange Act. Such report must be available for general use and not contain restricted use language.
With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such
report from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee. Copies of such
statement will be provided by the Certificate Administrator in accordance with Section 3.13(b). Such report shall be provided
in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and the providing
parties.

 

Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable,
consult with the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
as to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian,
the Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to
this Section 11.11 relates to an assessment of compliance meeting the requirements of Section 11.10 and notify the
Depositor of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Operating Advisor, the Custodian or any Additional Servicer shall be required to deliver, or shall be required to cause the delivery
of such reports until April 15th in any given year so long as it has received written confirmation from the Depositor
that a Form 10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

Any
notice, report, assessment of compliance, statement, certificate and/or information furnished or required to be furnished pursuant
to this Section 11.11 shall also be provided to each Other Depositor and each Other Certificate Administrator (to the extent
the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee
or custodian for a Serviced Companion Loan) in the same time frame as set forth in this ‎Section 11.11.

 

    -443-

     

    

Section
11.12    Indemnification. Each of the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Operating Advisor and the Asset Representations Reviewer shall indemnify and hold harmless each
Certification Party from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related
costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) an actual breach by
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Custodian
or the Certificate Administrator, as the case may be, of its obligations under this Article XI, (ii) negligence,
bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Trustee, the Asset Representations
Reviewer, the Operating Advisor, the Custodian or the Certificate Administrator in the performance of such obligations, or (iii) delivery
of any Deficient Exchange Act Deliverable by, or on behalf of, such party.

 

The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with
respect to any Initial Sub-Servicer engaged by the Master Servicer, the Special Servicer, Trustee or Certificate Administrator
that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and
(ii) with respect to each other Additional Servicer and each Servicing Function Participant with which, in each case, it
has entered into a servicing relationship with respect to the Mortgage Loans, cause such party to, in each case, indemnify and
hold harmless each Certification Party from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal
fees and expenses and related costs, judgments and any other costs, fees and expenses incurred by such Certification Party arising
out of (a) a breach of its obligations to provide any of the annual compliance statements or annual assessment of compliance
with the Servicing Criteria or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement, (b) negligence,
bad faith or willful misconduct on its part in the performance of such obligations, (c) any failure by it, as a Servicer
(as defined in Section 11.02(b)) to identify a Servicing Function Participant pursuant to Section 11.02(c), or (d) delivery
of any Deficient Exchange Act Deliverable.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian,
the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional
Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor and each Other Depositor
as necessary for the Depositor or such 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 or its staff regarding information
(x) delivered by the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the
Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable
(“Affected Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such
Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by such Affected Reporting
Party to prepare such information, which

    -444-

     

    

 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 or its staff for inclusion in the Depositor’s or any Other Depositor’s response to the
Commission or its staff, 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
or its staff and negotiate a response and/or resolution with the Commission or its staff; provided, however, that
if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer retained by the Master Servicer, the
Master Servicer shall receive copies of all material communications pursuant to this Section 11.12. If such election is
made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution with
the Commission or its staff in a timely manner; provided that (i) such Affected Reporting Party shall use reasonable
efforts to keep the Depositor or any Other Depositor informed of its progress with the Commission or its staff and copy the Depositor
or any Other Depositor on all correspondence with the Commission or its staff and provide the Depositor or any Other Depositor
with the opportunity to participate (at the Depositor’s or any Other Depositor’s expense) in any telephone conferences
and meetings with the Commission or its staff and (ii) the Depositor or any 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 or its staff with respect to any comments from the Commission or its staff relating to such Affected Reporting
Party and to notify the Commission or its staff of such authorization. The Depositor (or any Other Depositor) and the Affected
Reporting Party shall cooperate and coordinate with one another with respect to any requests made to the Commission or its staff
for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred
by the Depositor 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 or its staff related thereto 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 Custodian, the Certificate Administrator and the Trustee shall (i) with respect to any Initial Sub-Servicer
engaged by it that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such
party to, and (ii) with respect to each other Additional Servicer and each Servicing Function Participant with which, in
each case, it has entered into a servicing relationship with respect to the Mortgage Loans, cause such party to, comply with the
foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing
Party”) shall contribute to the amount paid or payable to the Certification Party as a result of the losses, claims,
damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the 

    -445-

     

    

relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to Section 11.06, Section 11.09 (if applicable), Section 11.10 or Section 11.11 (or breach
of its obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements
or annual servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith
or willful misconduct in connection therewith. The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and
the Certificate Administrator shall (i) with respect to any Initial Sub-Servicer engaged by the Master Servicer, the Special
Servicer, Trustee or Certificate Administrator that is a Servicing Function Participant or Additional Servicer, use commercially
reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer or Servicing Function
Participant, in each case, with which it has entered into a servicing relationship with respect to the Mortgage Loans cause such
party, in each case, to agree to the foregoing indemnification and contribution obligations. This Section 11.12 shall survive
the termination of this Agreement or the earlier resignation or removal of the Master Servicer, the Special Servicer, the Trustee,
the Operating Advisor, the Custodian or the Certificate Administrator.

 

Section
11.13  Amendments. This Article XI may be amended with the written consent of the parties
hereto pursuant to Section 13.01 for purposes of complying with Regulation AB and/or to conform to standards developed
within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s
Certificates, Rating Agency Confirmation with respect to the Certificates or, with respect to any Serviced Companion Loan Securities,
a confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement; provided
that the reports and certificates required to be prepared pursuant to Sections 3.13, 11.09, 11.10 and
11.11 shall not be eliminated without Rating Agency Confirmation with respect to the Certificates or, with respect to any
Serviced Companion Loan Securities, without a confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25). For the avoidance of doubt, any amendment to this Article XI affecting
a Serviced Companion Loan shall be subject to Section 13.01(k).

 

Section
11.14   Regulation AB Notices. Any notice, report or certificate required to be delivered by any of the
Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Custodian or the Trustee, as the case may be, to the Depositor pursuant to this Article XI may be delivered via
email (and additionally delivered via phone or telecopy), notwithstanding the provisions of Section 13.05, to cts.sec.notifications@wellsfargo.com
and Form10K.compliance@cwt.com.

 

Section
11.15  Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans.
(a) Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master
Servicer and the Special Servicer shall use 

    -446-

     

    

commercially reasonable efforts to cause any sub-servicer appointed with respect to
any Serviced Pari Passu Companion Loan to, upon written request or notice from a Mortgage Loan Seller (or a permitted transferee
of such Mortgage Loan Seller pursuant to the related Intercreditor Agreement), reasonably cooperate with the Mortgage Loan Seller
(or such permitted transferee) selling any Serviced Pari Passu Companion Loan into a securitization that is required to comply
with Regulation AB (a “Regulation AB Companion Loan Securitization”) and, to the extent needed in order to
comply with Regulation AB, provide to the Mortgage Loan Seller (or such permitted transferee) information about itself that such
Mortgage Loan Seller reasonably requires to meet the requirements of Items 1117 and 1119 and paragraphs (b), (c)(2),
(c)(3), (c)(4), (c)(5), (c)(6) and (e) of Item 1108 of Regulation AB and shall reasonably cooperate with such Mortgage Loan
Seller to provide such other information as may be reasonably necessary to comply with the requirements of Regulation AB. Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer understands that such information
may be included in the offering material related to a Regulation AB Companion Loan Securitization and agrees to (i) negotiate
in good faith an agreement (subject to the final sentence of this sub-section) to indemnify and hold the related depositor and
underwriters involved in the offering of the related commercial mortgage pass-through certificates harmless for any costs, liabilities,
fees and expenses incurred by the depositor or such underwriters as a result of any material misstatements or omissions or alleged
material misstatements or omissions in any such offering material to the extent that such material misstatement or omission was
made in reliance upon any such information provided by the Trustee (where such information pertains to the Trustee individually
and not to any specific aspect of the Trustee’s duties or obligations under this Agreement), the Certificate Administrator
(where such information pertains to the Certificate Administrator individually and not to any specific aspect of the Certificate
Administrator’s duties or obligations under this Agreement), the Master Servicer (where such information pertains to the
Master Servicer individually and not to any specific aspect of the Master Servicer’s duties or obligations under this Agreement)
and the Special Servicer (where such information pertains to the Special Servicer individually and not to any specific aspect
of the Special Servicer’s duties or obligations under this Agreement), as applicable, to such depositor, underwriters or
Mortgage Loan Seller (or permitted transferee) as required by this Section 11.15(a) and (ii) deliver such securities law
opinion(s) of counsel, certifications and/or indemnification agreement(s) (to the extent the cost thereof is paid by the related
Mortgage Loan Seller) with respect to such information that are substantially similar to those delivered with respect to the offering
material for this securitization by the Master Servicer, the Special Servicer, Trustee and Certificate Administrator, as the case
may be, or their respective counsel, in connection with the information concerning such party in the offering material related
to a Regulation AB Companion Loan Securitization. Notwithstanding the foregoing, to the extent that the information provided by
the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, for inclusion in
the offering materials related to such Regulation AB Companion Loan Securitization is substantially and materially similar to
the information provided by such party with respect to the offering materials related to this transaction, subject to any required
changes due to any amendments to Regulation AB or any changes in the interpretation of Regulation AB or changes in factual circumstances,
such party shall be deemed to be in compliance with this Section 11.15(a). Any indemnification agreement executed by the
Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer in connection with the Regulation AB Companion
Loan Securitization shall be substantially similar to the related indemnification agreement executed in 

    -447-

     

    

connection with this Agreement.
It shall be a condition precedent to any party’s obligations otherwise set forth above and/or elsewhere in Article XI
that the applicable Mortgage Loan Seller (or permitted transferee) shall have (a) provided reasonable advance notice
(and, in any event, not less than 10 Business Days) of the exercise of its rights hereunder and (b) paid, or entered into
reasonable agreement to cause to be paid, the reasonable out-of-pocket expenses (including reasonable fees and expenses of counsel)
incurred by such party in reviewing and/or causing the delivery of any disclosure, opinion of counsel or indemnification agreement.

 

(b)           Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to (provided that (a) such party has received notice of the occurrence
of the related Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related Other Pooling
and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization closed prior to the Closing Date,
as reflected on Exhibit S) cooperate with the depositor, trustee, certificate administrator, master servicer or special
servicer for any Regulation AB Companion Loan Securitization in preparing each Form 10-D, Form ABS-EE and Form 10-K
required to be filed by such Regulation AB Companion Loan Securitization (until January 30 of the first year in which the
trustee or other applicable party for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notification
with respect to the related trust) and shall provide to such depositor, trustee, certificate administrator or master servicer
within the time period set forth in the Other Pooling and Servicing Agreement (so long as such time period is no earlier than
the time periods set forth herein) for such Regulation AB Companion Loan Securitization such information relating to a Serviced
Securitized Companion Loan as may be reasonably necessary for the depositor, trustee, certificate administrator and master servicer
of the Regulation AB Companion Loan Securitization to comply with the reporting requirements of Regulation AB and the Exchange
Act; provided, however, that any parties to any Regulation AB Companion Loan Securitization shall consult with the
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer (and the Master Servicer shall consult with
any sub-servicer appointed by it with respect to the related Serviced Whole Loan), and the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall cooperate with such parties in respect of establishing the time periods for
preparation of the Form 10-D and Form ABS-EE reports in the documentation for such Regulation AB Companion Loan Securitization.
Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer,
as the case may be, complies in all material respects with the timing, reporting and attestation requirements imposed on such
party in Article XI of this Agreement (other than this Section 11.15) with respect to the comparable timing,
reporting and attestation requirements contemplated in this Section 11.15(b) with respect to such Regulation AB Companion
Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(b).

 

(c)            Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to (provided that (a) such party has received notice of the occurrence
of the related Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related Other Pooling
and Servicing Agreement, or (c) the applicable Regulation AB 

    -448-

     

    

Companion Loan Securitization closed prior to the Closing Date,
as reflected on Exhibit S) provide the depositor, trustee or certificate administrator, as applicable, under a Regulation
AB Companion Loan Securitization (until January 30 of the first year in which the trustee or certificate administrator, as
applicable, for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notification with respect to
the related trust) information with respect to any event that is required to be disclosed under Form 8-K with respect to
a Serviced Securitized Companion Loan within two (2) Business Days after the occurrence of such event of which it has
knowledge. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements
imposed on such party in Article XI of this Agreement (other than this Section 11.15) with respect to the comparable
timing, reporting and attestation requirements contemplated in this Section 11.15(c) with respect to such Regulation AB
Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(c).

 

(d)           On or before March 1st of each year commencing in March 2023 during which a Regulation AB Companion Loan Securitization
is required to file an annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan
Securitization is not required to file an annual report on Form 10-K because a Form 15 Suspension Notification with
respect to the related trust was filed), each of the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer shall, and the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause any Servicing
Function Participant appointed with respect to a Serviced Securitized Companion Loan to (provided that (a) such party
has received notice of the occurrence of the related Regulation AB Companion Loan Securitization, or (b) such party is also
a party to the related Other Pooling and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization
closed prior to the Closing Date, as reflected on Exhibit S) provide, with respect to itself, to the depositor, trustee
or certificate administrator, as applicable, under such Regulation AB Companion Loan Securitization, to the extent required pursuant
to Item 1122 of Regulation AB, (i) a report on an assessment of compliance with the Servicing Criteria to the extent
required pursuant to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report on
such Person’s assessment of compliance with the applicable servicing criteria to the extent required pursuant to Item 1122(b)
of Regulation AB and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation AB. Notwithstanding
the foregoing, to the extent the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement (other
than this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated in
this Section 11.15(d) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be
in compliance with the provisions of this Section 11.15(d).

 

(e)           On or before March 1st of each year commencing in March 2023-- during which a Regulation AB Companion Loan Securitization
is required to file an annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan
Securitization is not required to file an annual report on Form 10-K because a Form 15 Suspension Notification with
respect to the related trust was filed), each of the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer shall, and the Master Servicer and the 

    -449-

     

    

Special Servicer shall use commercially reasonable efforts to cause any Servicing
Function Participant appointed with respect to a Serviced Securitized Companion Loan to, to the extent required pursuant to Item 1123
of Regulation AB, deliver, with respect to itself, to the depositor, trustee or certificate administrator under such Regulation
AB Companion Loan Securitization (provided that (a) such party has received notice of the occurrence of the related
Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related Other Pooling and Servicing
Agreement, or (c) the applicable Regulation AB Companion Loan Securitization closed prior to the Closing Date, as reflected
on Exhibit S) a servicer compliance statement signed by an authorized officer of such Person that satisfies the requirements
of Item 1123 of Regulation AB. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the
Master Servicer or the Special Servicer, as the case may be, complies in all material respects with the timing, reporting and
attestation requirements imposed on such party in Article XI of this Agreement (other than this Section 11.15)
with respect to the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(e) with
respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions
of this Section 11.15(e).

 

(f)            Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such indemnity limited to
each such parties respective failure described below) and hold the related Mortgage Loan Seller (or permitted transferee), depositor,
sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB Companion Loan Securitization harmless
for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, sponsor(s), trustee, certificate
administrator or master servicer as a result of any failure by the Servicing Function Participant to comply with the reporting
requirements to the extent applicable set forth under Sections 11.15(b), (c), (d) or (e) above.

 

Any
subservicing agreement related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer
to provide to the Master Servicer or the Special Servicer, as applicable, information, reports, statements and certificates with
respect to itself and such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates
required to be provided by the Master Servicer or the Special Servicer pursuant to this Section 11.15, even if such Sub-Servicer
is not otherwise required to provide such information, reports or certificates to any Person in order to comply with Regulation
AB. Such information, reports or certificates shall be provided to the Master Servicer or the Special Servicer, as the case may
be, no later than two Business Days prior to the date on which the Master Servicer or the Special Servicer, as the case may be,
is required to deliver its comparable information, reports, statements or certificates pursuant to this Section 11.15.

 

(g)           With respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that the applicable Other Depositor has
notified the Master Servicer and the Special Servicer in writing is a “significant obligor” (within the meaning of
Item 1101(k) of Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization
that includes such Serviced Companion Loan, to the extent that the Master Servicer is in receipt of the updated financial statements
of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year)
from the Mortgagor 

    -450-

     

    

(in the case of Non-Specially Serviced Loans) or the Special Servicer (in the case of Specially Serviced Loans
and Serviced REO Properties), beginning with the first calendar quarter in which such notice from the Other Depositor was received,
or the updated financial statements of such “significant obligor” for any calendar year, beginning for the calendar
year in which such notice from the Other Depositor was received, as applicable, the Master Servicer shall deliver to the Other
Depositor, on or prior to the day that occurs two (2) Business Days prior to the related Significant Obligor NOI Quarterly
Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable,
(A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing
Deadline, as applicable, the financial statements of such “significant obligor”, together with the net operating income
of such “significant obligor” for the applicable period as calculated by the Master Servicer (or by the Special Servicer
and provided to the Master Servicer solely in the case of any related Specially Serviced Loan or Serviced REO Property) in accordance
with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business
Day prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior
to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Mortgagor in such financial statements (or as reported by the related Mortgagor to the Special Servicer
and provided by the Special Servicer to the Master Servicer solely in the case of any related Specially Serviced Loan or as reported
by the Special Servicer with respect to Serviced REO Property and provided by the Special Servicer to the Master Servicer).

 

If
the Master Servicer does not receive such financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after the
date such financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall
notify the Other Depositor with respect to such Other Securitization that includes the related Serviced Pari Passu Companion Loan
(and shall cause each applicable Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor
that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to notify such Other
Depositor) that it has not received such financial information. The Master Servicer (in the case of Non-Specially Serviced Loans)
or the Special Servicer (in the case of Specially Serviced Loans) shall use efforts consistent with the Servicing Standard (taking
into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic
financial statements required to be delivered by the related Mortgagor under the related Mortgage Loan documents.

 

The
Master Servicer (with respect to Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall (and shall cause each applicable Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor
that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in 

    -451-

     

    

which a Form 10-D
or Form 10-K, as applicable, is required to be filed with respect to the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related
to such Other Securitization; provided, however, the Special Servicer shall provide such Officer’s Certificate
to the Master Servicer and the Master Servicer shall forward such Officer’s Certificate to the Other Exchange Act Reporting
Party and Other Depositor related to such Other Securitization. This Officer’s Certificate should be addressed to the certificate
administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

(h)           If any Other Securitization includes a Serviced Companion Loan and is subject to the reporting requirements of the Exchange Act,
then the obligations of the parties hereto set forth in this Article XI with respect such Other Securitization shall
remain in full force and effect notwithstanding that the Trust may cease to be subject to the reporting requirements of the Exchange
Act.

 

Section
11.16   Certain Matters Regarding Significant Obligors. For the avoidance of doubt, there is no “significant
obligor” (within the meaning of Item 1101(k) of Regulation AB) as of the Closing Date (“Significant Obligor”).

 

Section
11.17   Impact of Cure Period. For the avoidance of doubt, neither the Master Servicer nor the Special
Servicer shall be subject to a Servicer Termination Event pursuant to clause (iii) of the definition thereof prior
to the expiration of the Grace Period applicable to such party’s obligations under this Article XI as provided
for in such clause (iii) nor shall any such party be deemed to not be in compliance under this Agreement, during any
Grace Period provided for in this Article XI; provided that if any such party fails to comply with the delivery
requirements of this Article XI by the expiration of any applicable Grace Period such failure shall constitute a Servicer
Termination Event. Neither the Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event pursuant
to clause (iii) of the definition thereof prior to the expiration of the Grace Period applicable to such party’s
obligations under this Article XI as provided for in such clause (iii) nor shall any such party be deemed
to not be in compliance under this Agreement, for failing to deliver any item required under this Article XI by the
time required hereunder with respect to any reporting period for which the Trust (or any trust in a related Other Securitization)
is not required to file Exchange Act reports.

 

[End
of Article XI]

 

ARTICLE
XII

THE ASSET REPRESENTATIONS REVIEWER

 

Section
12.01    Asset Review.  On or prior to each Distribution Date, based either on the
CREFC® Delinquent Loan Status Report and/or the CREFC® Loan Periodic Update File delivered by
the Master Servicer for such Distribution Date, the Certificate Administrator shall determine if an Asset Review Trigger has
occurred. If an Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide
notice to all Certificateholders, the RR Interest Owner and each other party to this Agreement. Any notice required to be
delivered to the Certificateholders and the RR Interest Owner pursuant to this Article XII shall be delivered 

    -452-

     

    

by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website, by mailing
such notice to the Certificateholders’ addresses appearing in the Certificate Register in the case of Definitive Certificates
and by delivering such notice via the Depository in the case of Book-Entry Certificates and by mailing such notice to the RR Interest
Owner’s address. The Certificate Administrator shall include in the Form 10-D relating to the reporting period in which
the Asset Review Trigger occurred the following statement describing the events that caused the Asset Review Trigger to occur:
“As of the [Date of Distribution], the following Mortgage Loans identified below are 60 or more days delinquent and an Asset
Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On each Distribution Date occurring after
providing such notice to Certificateholders and the RR Interest Owner, the Certificate Administrator, based on information provided
to it by the Master Servicer or the Special Servicer, as the case may be, shall determine whether (1) any additional Mortgage
Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset
Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1),
(2) and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit
SS within one (1) Business Day to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If
Certificateholders evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator,
within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction
requesting a vote to commence an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator
shall promptly provide written notice thereof to all Certificateholders and the RR Interest Owner (with a copy to the Asset Representations
Reviewer) and conduct a solicitation of votes in accordance with Section 5.10 to authorize an Asset Review. Upon the affirmative
vote to authorize an Asset Review by Holders of Certificates evidencing at least (i) a majority of those Certificateholders
who cast votes and (ii) a majority of an Asset Review Quorum within one-hundred fifty (150) days of receipt of the Asset
Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall promptly provide
written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Directing Certificateholder,
the Risk Retention Consultation Parties, the RR Interest Owner and the other Certificateholders (the “Asset Review Notice”).
Upon receipt of an Asset Review Notice, the Asset Representations Reviewer shall request access to the Secure Data Room by providing
the Certificate Administrator with a certification substantially in the form attached hereto as Exhibit RR (which shall
be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate Administrator’s
Website). Upon receipt of such certification, the Certificate Administrator shall promptly (and in any case within two (2) Business
Days after such receipt) grant the Asset Representations Reviewer access to the Secure Data Room. In the event an Affirmative
Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder
may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required to review any
Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan after the expiration of such
150-day period, (B) a new Asset Review Trigger has occurred as a result or an Asset Review Trigger is otherwise in effect,
(C) the Certificate Administrator has timely received any Asset Review Vote Election after the occurrence of the events described
in clauses (A) and (B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within
150 days after the Asset Review Vote Election described in clause (C) in this sentence. 

    -453-

     

    

After the occurrence
of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review
Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the
Certificate Administrator in connection with administering such vote will be paid as an expense of the Trust from the Collection
Account. The Certificate Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)           (i) Upon receipt of an Asset Review Notice, the Custodian (with respect to clauses (1)-(5) below for all
Mortgage Loans), the Master Servicer (with respect to clauses (6) and (7) below for Non-Specially Serviced Loans)
and the Special Servicer (with respect to clauses (6) and (7) below for Specially Serviced Loans), in each case, to
the extent in such party’s possession, shall promptly, but in no event later than ten (10) Business Days, provide
the following materials in electronic format to the extent in their possession to the Asset Representations Reviewer (collectively,
with the Diligence Files posted on the Secure Data Room by the Certificate Administrator pursuant to Section 4.08, a copy
of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review
Materials”):

 

(1)          a copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan
that is subject to an Asset Review;

 

(2)          a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)          a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)          copies of all filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements related to each
Delinquent Loan that is subject to an Asset Review;

 

(5)          a copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review;

 

(6)           a copy of any notice previously delivered by the Master Servicer or Special Servicer, as applicable, of any alleged Defect or
Breach with respect to any Delinquent Loan; and

 

(7)           copies of any other related documents that were entered into or delivered in connection with the origination of the related Mortgage
Loan that the Asset Representations Reviewer has determined are necessary in connection with its completion of any Asset Review
and that are requested by the Asset Representations Reviewer, in the time frames and as otherwise described in clause (ii)
hereof.

 

    -454-

     

    

(ii)           In addition, in the event that, as part of an Asset Review of a Mortgage Loan, the Asset Representations Reviewer determines it
is missing any document that is required to be part of the Review Materials for such Mortgage Loan and that is necessary in connection
with its completion of the Asset Review, the Asset Representations Reviewer shall promptly, but in no event later than ten (10) Business
Days after receipt of the Review Materials, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special
Servicer (with respect to Specially Serviced Loans), as applicable, of such missing document(s), and request that the Master Servicer
or the Special Servicer, as the case may be, promptly, but in no event later than ten (10) Business Days after receipt of
notification from the Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing document(s) to
the extent in its possession; provided that any such notification and/or request shall be in writing, specifically identifying
the documents being requested and sent to the notice address for the related party set forth in Section 13.05. In the event
any missing documents are not provided by the Master Servicer or the Special Servicer, as the case may be, within such ten (10) Business
Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan Seller; provided
that the Mortgage Loan Seller shall be required under the related Mortgage Loan Purchase Agreement to deliver such missing
document only to the extent such document is in the possession of such party but in any event excluding any documents that contain
information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal
communications.

 

(iii)          The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a
Person that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information
can be independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined
by the Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 12.01 (any such information, “Unsolicited Information”).

 

(iv)          Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File with respect to
a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a review of the compliance
of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such review, the “Asset
Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty
made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit
QQ (each such procedure, a “Test”); provided, however, that the Asset Representations Reviewer
may, but is under no obligation to, (x) modify any Test and/or (y) modify any associated Review Materials to include any items
not specified for the particular Test on Exhibit QQ (but in no event shall the modified Review Materials include materials
not contemplated by the definition of “Review Materials”), in either case, only to the extent the Asset Representations
Reviewer determines pursuant to the Asset Review Standard that it is necessary to modify such Test and/or such associated Review
Materials in order to facilitate its Asset Review in accordance with the Asset Review Standard. Once an Asset Review of a Mortgage
Loan is completed, no further Asset Review shall be required in respect of, or performed on, such Mortgage Loan 

    -455-

     

    

notwithstanding
that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review
Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)           No Certificateholder or RR Interest Owner shall have the right to change the scope of the Asset Review, and the Asset Representations
Reviewer shall not be required to review any information other than (1) the Review Materials and (2) if applicable,
Unsolicited Information.

 

(vi)          The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without
independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)         The Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within fifty-six (56) days
after the date on which access to the Secure Data Room is provided by the Certificate Administrator, subject to the last sentence
of this paragraph. In the event that the Asset Representations Reviewer determines that the Review Materials are insufficient
to complete a Test and such missing documentation is not delivered to the Asset Representations Reviewer by the Master Servicer
(with respect to Non-Specially Serviced Loans), the Special Servicer (with respect to Specially Serviced Loans) to the extent
in the possession of the Master Servicer or Special Servicer, as applicable, or from the related Mortgage Loan Seller within ten
(10) Business Days following the request by the Asset Representations Reviewer to the Master Servicer, the Special Servicer
or the related Mortgage Loan Seller, as the case may be, as described in Section 12.01(b)(ii), the Asset Representations
Reviewer shall list such missing documents in such preliminary report setting forth the preliminary results of the application
of the Tests and the reasons why such missing documents are necessary to complete a Test and (if the Asset Representations Reviewer
has so concluded) that the absence of such documents will be deemed to be a failure of such Test. The Asset Representations Reviewer
shall provide such preliminary report to the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer
(with respect to Specially Serviced Loans), and the related Mortgage Loan Seller. If the preliminary report indicates that any
of the representations and warranties fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have ninety (90) days
(the “Cure/Contest Period”) to remedy or otherwise refute the failure. Any documents or explanations to support
the related Mortgage Loan Seller’s claim that the representation and warranty has not failed a Test or that any missing
information or documents in the Review Materials are not required to complete a Test shall be sent by such Mortgage Loan Seller
to the Asset Representations Reviewer. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare
a preliminary report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to
the related Mortgage Loan.

 

(viii)        The Asset Representations Reviewer shall, within sixty (60) days after the date on which access to the Secure Data Room is
provided to the Asset Representations Reviewer by the Certificate Administrator or within the ten (10) days after the expiration

    -456-

     

    

of the Cure/Contest Period (whichever is later), complete an Asset Review with respect to each Delinquent Loan and deliver (i) a
report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement, the related Mortgage Loan Seller for each Delinquent Loan and the Directing Certificateholder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the Special Servicer, the Master Servicer and the Certificate Administrator.
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional thirty
(30) days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations
Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of
the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations Reviewer determine
whether any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights it may have against the
applicable Mortgage Loan Seller (or, in the case of (i) Barclays, BCHI in respect of its obligations under the related Mortgage
Loan Purchase Agreement and (ii) SGFC, Société Générale in respect of its obligations under the
related Mortgage Loan Purchase Agreement), which, in each case, shall be a responsibility of the Enforcing Servicer pursuant to
Section 12.01(b)(x) of this Agreement.

 

(ix)           In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the
Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer (with respect to Specially Serviced Loans)
or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset Review
and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the
documentation received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and the Asset Representations
Reviewer shall have no responsibility to independently obtain any such documentation from any party to this Agreement or otherwise.

 

(x)            Within forty-five (45) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Enforcing Servicer
shall determine, based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If
the Enforcing Servicer determines that a Material Defect exists, the Enforcing Servicer shall enforce the obligations of the related
Mortgage Loan Seller with respect to such Material Defect in accordance with Section 2.03(b).

 

(c)            The Asset Representations Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged
Information” received from any party to this Agreement or any Sponsor (including, without limitation, in connection with
the review of the Mortgage Loans) and not disclose such Privileged Information to any Person (including Certificateholders or
the RR Interest Owner), other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise,
to the other parties to this 

    -457-

     

    

Agreement with a notice indicating that such information is Privileged Information or (2) pursuant
to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations
Reviewer with a notice stating that such information is Privileged Information shall not disclose such Privileged Information
to any Person without the prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception.

 

(d)           The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided that no agent
or subcontractor may (i) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have
been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer, the Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection
with due diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing
sentence, the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder
in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation or
liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or
subcontractor to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were performing
its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement with any
agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and
nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)           The Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer
of all or substantially all of its asset representations reviewer portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer resulting from a merger, consolidation
or succession that is permitted under this Agreement, (B) assumes in writing each covenant and condition to be performed or observed
by the asset representations reviewer under this Agreement and (C) is not a prohibited party under this Agreement; (ii) the asset
representations reviewer will not be released from its obligations under this Agreement that arose prior to the effective date
of such assignment and delegation; (iii) the rate at which each of the Asset Representations Reviewer Fee and the Asset Representations
Reviewer Asset Review Fee (or any component thereof) is calculated may not exceed the rate then in effect and (iv) the resigning
asset representations reviewer will be required to be responsible for the reasonable costs and expenses of each other party to
this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the
purchaser or transferee will be required to provide notice to each party to this Agreement and then will be the successor asset
representations reviewer under this Agreement.

 

Section
12.02    Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability. 
 The Depositor shall pay the Asset Representations Reviewer a fee of $15,000 (the “Asset Representations Reviewer Upfront
Fee”) on the Closing Date. As

    -458-

     

    

 compensation for the performance of its routine duties, the Asset Representations Reviewer
shall be paid a fee (the “Asset Representations Reviewer Fee”), payable monthly from amounts received in respect
of the Mortgage Loans and shall be equal to the product of a rate equal to 0.00030% per annum (the “Asset Representations
Reviewer Fee Rate”) and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced
Mortgage Loan, but not any Companion Loan) and shall be calculated in the same manner as interest is calculated on such Mortgage
Loans.

 

(b)           As compensation for the performance of its duties hereunder, with respect to an individual Asset Review Trigger and each Mortgage
Loan that is a Delinquent Loan and is subject to an Asset Review (for purposes of this paragraph, each a “Subject Loan”),
upon the completion of any Asset Review with respect to an individual Asset Review Trigger, the Asset Representations Reviewer
shall be paid a fee equal to the sum of (i) $15,000, plus $1,000 per additional Mortgaged Property with respect to a Delinquent
Loan with a Cut-off Date Balance less than $20,000,000, (ii) $20,000, plus $1,000 per additional Mortgaged Property with respect
to a Delinquent Loan with a Cut-off Date Balance greater than or equal to $20,000,000, but less than $40,000,000 or (iii) $25,000,
plus $1,000 per additional Mortgaged Property with respect to a Delinquent Loan with a Cut-off Date Balance greater than or equal
to $40,000,000 (any such fee, the “Asset Representations Reviewer Asset Review Fee”). The Asset Representations
Reviewer Asset Review Fee with respect to each Delinquent Loan (or, in the case of a Joint Mortgage Loan, the applicable Mortgage
Loan Seller Percentage Interest thereof) shall be paid by the related Mortgage Loan Seller; provided, however, that
if the related Mortgage Loan Seller is insolvent or fails to pay such amount within ninety (90) days of written request by
the Asset Representations Reviewer, such fee shall be paid by the Trust following delivery by the Asset Representations Reviewer
of a certification to the Master Servicer that the requirements for payment set forth in this Section 12.02(b) have been
met. The Asset Representations Reviewer shall not deliver any such certificate unless it has invoiced payment of such amount and
otherwise met the requirements for payment set forth in this Section 12.02(b), including receipt of evidence of such insolvency
or failure to pay such amount. A Mortgage Loan Seller shall be deemed to have failed to pay such amount hereunder ninety (90) days
after delivery by the Asset Representations Reviewer of an itemized invoice to such Mortgage Loan Seller by registered mail or
overnight courier to the address listed in this Agreement for such Mortgage Loan Seller, or to such other address as shall be
provided by such Mortgage Loan Seller for delivery of notices in accordance with this Agreement, or ninety (90) days
following attempted delivery of such invoice by registered mail or overnight courier and reasonable follow-up by telephone or
e-mail. Notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer, such fee will remain an obligation
of the related Mortgage Loan Seller and the Enforcing Servicer shall pursue remedies against such Mortgage Loan Seller to recover
any such amounts to the extent paid by the Trust.

 

(c)            Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be
included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review and that is repurchased
or substituted by the related Mortgage Loan Seller to the extent such fee was not already paid by the related Mortgage Loan Seller,
and such portion of the Purchase Price received shall be used to reimburse the Asset Representations Reviewer or the Trust, as
the case may be, for such fees pursuant to Section 12.02(b).

    -459-

     

    

(d)           The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section
12.03    Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may at any
time resign and be discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement
and each Rating Agency. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. If no successor asset representations reviewer shall have been so
appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset
Representations Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all reasonable costs
and expenses of each party hereto and each Rating Agency in connection with its resignation.

 

Section
12.04  Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer
nor any of its Affiliates shall make any investment in any Class of Certificates or the RR Interest; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations
Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the
Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and
(B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust and the Asset Representations
Reviewer and its personnel from gaining access to such Affiliate’s information regarding its investment activities.

 

Section
12.05  Termination of the Asset Representations Reviewer. An “Asset Representations Reviewer Termination
Event” means any one of the following events whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body:

 

(i)            any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of any of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee
by the Holders of Certificates evidencing greater than 25% of the Voting Rights, provided that any such failure that is
not curable within such thirty (30) day period, the Asset Representations Reviewer shall have an additional cure period of
thirty (30) days to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day
period and has provided the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has
diligently pursued, and is continuing to pursue, such cure;

 

    -460-

     

    

(ii)           any failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written
notice of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this
Agreement;

 

(iii)          any failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue
unremedied for a period of thirty (30) days after the date written notice of such failure, requiring the same to be
remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

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

 

(v)           the Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation
committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings
of or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)          the Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a
petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination
Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders and the RR Interest Owner
(which shall be simultaneously delivered to the Asset Representations Reviewer) in accordance with the notice distribution procedures
described in Section 12.01(a), unless the Certificate Administrator has received written notice that such Asset Representations
Reviewer Termination Event has been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in
each and every such case, so long as such Asset Representations Reviewer Termination Event shall not have been remedied, either
the Trustee (i) may or (ii) upon the written direction of Holders of Certificates evidencing at least 25% of the Voting
Rights (without regard to the application of any Cumulative Appraisal Reduction Amounts), shall, terminate all of the rights and
obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued prior to such
termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification
rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations Reviewer.
The Asset Representations Reviewer is required to bear all reasonable costs and expenses of itself and of each other party to
this Agreement in connection with its termination due to an Asset 

    -461-

     

    

Representations Reviewer Termination Event. Notwithstanding
anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall have the right, but not the obligation, to
notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes
aware.

 

(b)           Upon (i) the written direction of Holders of Principal Balance Certificates and/or the Class RR Certificates evidencing at
least 25% of the Voting Rights (without regard to the application of any Cumulative Appraisal Reduction Amounts) requesting a
vote to terminate and replace the Asset Representations Reviewer with a proposed successor asset representations reviewer that
is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate
Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders
and the RR Interest Owner by (i) posting such notice on its internet website, and (ii) mailing such notice to all Certificateholders
and the RR Interest Owner at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer.
Upon the written direction of Holders of Principal Balance Certificates and the Class RR Certificates evidencing at least
75% of a Certificateholder Quorum (without regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee
shall terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement (other than any rights
or obligations that accrued prior to the date of such termination and other than indemnification rights arising out of events
occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and appoint the proposed successor.
As between the Asset Representations Reviewer, on the one hand, and the Holders of Principal Balance Certificates and the Class
RR Certificates, on the other, the Holders of Principal Balance Certificates and the Class RR Certificates shall be entitled in
their sole discretion to vote for the termination or not vote for the termination of the Asset Representations Reviewer. In the
event that Holders of the Principal Balance Certificates and the Class RR Certificates evidencing at least 75% of the Voting
Rights (without regard to the application of any Cumulative Appraisal Reduction Amounts) elect to remove the Asset Representations
Reviewer without cause and appoint a successor, the successor asset representations reviewer will be responsible for all expenses
necessary to effect the transfer of responsibilities from its predecessor.

 

(c)           On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2) the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor asset
representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment
of an Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Certificateholder and each Certificateholder within one Business Day of such appointment.

 

    -462-

     

    

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing
Certificateholder of such disqualification and immediately resign under Section 12.03 of this Agreement and the Trustee
shall appoint a successor asset representations reviewer subject to and in accordance with this Section 12.05. Notwithstanding
the foregoing, if the Trustee is unable to find a successor asset representations reviewer within thirty (30) days of the
termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee shall not
be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Trustee uses commercially
reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result of the
Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)           Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders and the RR Interest Owner),
the Operating Advisor, the Mortgage Loan Sellers, the Depositor, each Rating Agency and, prior to the occurrence and continuance
of a Consultation Termination Event, the Directing Certificateholder. In the event that the Asset Representations Reviewer is
terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations that
accrued prior to the date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement)
and other than indemnification rights (arising out of events occurring prior to such termination).

 

[End
of Article XII]

 

ARTICLE
XIII

MISCELLANEOUS PROVISIONS

 

Section
13.01    Amendment. (a) This Agreement may be amended from time to time by the parties hereto, without
the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)             to correct any defect or ambiguity in this Agreement in order to address any manifest error in any provision of this Agreement;

 

(ii)            to cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus
(or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust
or this Agreement or to correct or supplement any of its provisions which may be defective or inconsistent with any other provisions
therein or to correct any error;

    -463-

     

    

(iii)          
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that
(a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and
(b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR
Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)          to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust, either Trust REMIC or the
Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the
expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely
affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)           to modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) or any other provision hereof restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust, either Trust REMIC or any of the Certificateholders or the RR Interest Owner (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified
Non-U.S. Tax Person;

 

(vi)          to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR
Interest Owner or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25);

 

(vii)         to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class
of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be 

    -464-

     

    

considered satisfied with respect to the Certificates pursuant
to Section 3.25); provided that such amendment or supplement shall not adversely affect in any material respect
the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by
an Opinion of Counsel;

 

(viii)        
to modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so
long as a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than
any Excluded Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry
standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not
adversely affect the status of either Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have
delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

(ix)           to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders and the RR Interest
Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)            to modify, eliminate or add to any of its provisions to such extent as will be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)           to modify, eliminate or add to any of its provisions (i) to such extent as will be necessary to comply with the requirements of
the Risk Retention Rules, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rules or any other regulations
applicable to the Risk Retention Requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the provision related to the Risk Retention Requirements in the event
of such amendment or repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned
or delayed.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement
or the obligations or rights of any Mortgage 

    -465-

     

    

Loan Seller, related Additional Repurchase Obligor or related guarantor under any
Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase
Obligor or related guarantor as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller, related
Additional Repurchase Obligor or related guarantor, (B) may materially and adversely affect the holder of a Companion Loan
without such Companion Holder’s consent or (C) may materially and adversely affect the RR Interest Owner without the RR
Interest Owner’s consent.

 

(b)            This Agreement may also be amended from time to time by the parties hereto with the consent of the RR Interest Owner (if affected
by such amendment) and the Holders of Certificates of each Class affected by such amendment evidencing, in the case of Certificateholders,
in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of the Holders of Certificates of such Class or the RR Interest Owner; 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 Whole Loans that are required
to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the
RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder;
or

 

(ii)           
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such
amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the
Holders of all Certificates of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)          adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then-outstanding; or

 

(iv)          change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage
Loan Seller, related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party
beneficiary hereunder, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor;
or

 

(v)           amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to 

    -466-

     

    

Section 3.25) and, if required under the related Intercreditor
Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

(c)            Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate
Administrator, the Depositor, the Master Servicer or the Special Servicer shall consent to any amendment hereto without having
first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder,
that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer,
the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or any other specified Person in accordance with such amendment will not result in the imposition of a tax on any portion
of the Trust Fund or either Trust REMIC, the Grantor Trust 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 the relevant provisions of the Code. Furthermore, no amendment to
this Agreement may be made that changes any provision specifically required to be included in this Agreement by any Designated
Intercreditor Agreement, without in each case the consent of the holder of the related Companion Loan(s) or that otherwise materially
and adversely affects the RR Interest Owner without the RR Interest Owner’s consent.

 

(d)            No later than the effective date of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same
to the Certificate Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post
a copy of the same on the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c),
as applicable, and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment
together with a copy of such amendment in electronic format to each Certificateholder and each Serviced Companion Noteholder,
the Depositor, each Other Depositor, the Master Servicer, the Special Servicer, the Underwriters and the Rating Agencies.

 

(e)            It shall not be necessary for the consent of Certificateholders or the RR Interest Owner under this Section 13.01 to approve
the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders or the
RR Interest Owner shall be subject to such reasonable regulations as the Certificate Administrator may prescribe.

 

(f)             The Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01
that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)           The cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or Section 13.01(c) and the cost
of any amendment entered into hereunder shall be borne by the Person seeking the related amendment, except that if the Master
Servicer, the Certificate Administrator or the Trustee requests any amendment of this Agreement in furtherance of the rights and
interests of Certificateholders and the RR Interest Owner, the cost of any Opinion of Counsel required in connection therewith
pursuant to Section 13.01(a) or Section 13.01(c) shall be payable out of the Collection Account.

    -467-

     

    

 

(h)            The Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to
any class of Serviced Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25).

 

(i)             To the extent the Operating Advisor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Asset Representations Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection
with executing any amendment to this Agreement, such party shall be deemed not to have acted negligently in connection with entering
into such amendment for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)             Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this
Section 13.01, any Certificates or the RR Interest registered in the name of the Depositor or any Affiliate of the Depositor
shall be entitled to the same Voting Rights with respect to matters described above as they would if any other Person held such
Certificates, so long as neither the Depositor nor any of its Affiliates is performing servicing duties with respect to any of
the Mortgage Loans.

 

(k)            This Agreement may not be amended without the consent of any holder of a Companion Loan if such amendment would materially and
adversely affect the rights of such Companion Holder hereunder.

 

(l)             In addition, if one but not all of the Mortgage Notes evidencing a Joint Mortgage Loan is repurchased by the applicable Mortgage
Loan Sellers, this Agreement may be amended by the parties hereto (at the expense of the party requesting such amendment (or,
if the Master Servicer or Special Servicer is requesting such amendment in connection with the fulfillment of its duties under
this Agreement, at the expense of the Trust)), without the consent of any Certificateholder, to add or modify provisions relating
to the applicable Repurchased Note for purposes of the servicing and administration of such Repurchased Note provided that the
amendment shall not adversely affect in any material respect the interests of the Certificateholders, as evidenced by a Rating
Agency Confirmation from each Rating Agency (obtained at the expense of the Repurchasing Mortgage Loan Seller) with respect to
such amendment (or, if no such Rating Agency Confirmation is actually received, by an Opinion of Counsel to such effect). Prior
to the effectiveness of such amendment, if one but not all of the Mortgage Notes with respect to a Joint Mortgage Loan is repurchased,
the terms of Section 3.33 shall govern the servicing and administration of such Joint Mortgage Loan.

 

Section
13.02  Recordation of Agreement; Counterparts. (a) To the extent permitted by applicable law, this
Agreement is subject to recordation in all appropriate public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Certificate Administrator at the expense of the Depositor
on direction by the Special Servicer and with the consent of the Depositor (which may not be unreasonably withheld), but only
upon direction accompanied by an 

    -468-

     

    

Opinion of Counsel (the cost of which shall be paid by the Depositor) to the effect that such
recordation materially and beneficially affects the interests of the Certificateholders and the RR Interest Owner.

 

(b)            For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may
be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,”
and words of like import as used above and elsewhere in this Agreement or in any other certificate, agreement or document related
to this transaction shall include, in addition to manually executed signatures, images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, “pdf”) and other electronic signatures (including,
without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record
and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based
record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

(c)           
The Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue
of the fact of the location of the Trustee’s place of business, the costs of which, if any, to be at the
Trustee’s expense.

 

Section
13.03    Limitation on Rights of Certificateholders and the RR Interest Owner. (a)  The death
or incapacity of any Certificateholder or the RR Interest Owner shall not operate to terminate this Agreement or the Trust, nor
entitle such Certificateholder’s or the RR Interest Owner’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

 

(b)           No Certificateholder or RR Interest Owner shall have any right to vote (except as expressly provided for herein) or in any manner
otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein
set forth, or contained in the terms of the Certificates, be construed so as to constitute the Certificateholders or the RR Interest
Owner from time to time as partners or members of an association; nor shall any Certificateholder or the RR Interest Owner be
under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision
hereof.

 

(c)           No Certificateholder or RR Interest Owner shall have any right by virtue of any provision of this Agreement to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage
Loan, the RR Interest or with respect to the Certificates, unless, with respect to any suit, action or proceeding 

    -469-

     

    

upon or under
or with respect to this Agreement, such Holder or the RR Interest Owner previously shall have given to the Trustee and the Certificate
Administrator a written notice of default, and of the continuance thereof, as herein before provided, or of the need to institute
such suit, action or proceeding on behalf of the Trust and unless also (except in the case of a default by the Trustee) the RR
Interest Owner and the Holders of Certificates of any Class evidencing not less than 25% of the related Percentage Interests in
such Class shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs,
expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty (60) days after its receipt of such
notice, request and offer of such indemnity, shall have neglected or refused to institute any such action, suit or proceeding.
The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Holders of Certificates
or the RR Interest Owner unless such Holders or the RR Interest Owner, as applicable, have offered to the Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended,
and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders
of Certificates shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates
to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable
and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c),
each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section
13.04  Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE
INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE
PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH
OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE
FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN
ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW;

    -470-

     

    

AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR
NOTICES HEREUNDER.

 

THE
PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
13.05    Notices. (a) Any communications provided for or permitted hereunder shall be in writing and,
unless otherwise expressly provided herein, shall be deemed to have been duly given when delivered to (or, in the case of facsimile
or electronic notices, when received by):

 

In
the case of the Depositor:

Barclays Commercial Mortgage Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

Email: daniel.vinson@barclays.com

 

with
a copy to:

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Steven P. Glynn, Director, Legal Department

Email: steven.glynn@barclays.com

 

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: (888) 706-3565

 

with
a copy to:

Stinson LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106 2150

Attention: Kenda K. Tomes

 

    -471-

     

    

Email: kenda.tomes@stinson.com

Fax Number: (816)-412-9338

 

In
the case of the Special Servicer:

Rialto Capital Advisors, LLC

200 S. Biscayne Boulevard

Suite 3550

Miami, Florida 33131

Attention: Liat Heller

Fax number: (305) 229-6425

Email: liat.heller@rialtocapital.com

 

with
a copy to:

Rialto Capital Advisors, LLC

200 S. Biscayne Boulevard

Suite 3550

Miami, Florida 33131

Attention: Jeff Krasnoff

Fax number: (305) 229-6425

Email: jeff.krasnoff@rialtocapital.com

 

with
a copy to:

Rialto Capital Advisors, LLC

200 S. Biscayne Boulevard

Suite 3550

Miami, Florida 33131

Attention: Niral Shah

Fax number: (305) 229-6425

Email: niral.shah@rialtocapital.com

 

with
a copy to:

Rialto Capital Advisors, LLC

200 S. Biscayne Boulevard

Suite 3550

Miami, Florida 33131

Attention: Adam Singer

Fax number: (305) 229-6425

Email: adam.singer@rialtocapital.com

 

In
the case of the Directing Certificateholder:

RREF IV-D AIV RR, LLC

c/o Rialto Capital Management LLC

 

    -472-

     

    

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Fax number: (212) 751-4646

 

with
a copy to:

RREF IV-D AIV RR, LLC

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Fax number: (212) 751-4646

 

In
the case of the Third Party Purchaser:

RREF IV-D AIV RR, LLC

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Fax number: (212) 751-4646

 

with
a copy to:

RREF IV-D AIV RR, LLC

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Fax number: (212) 751-4646

 

In
the case of the VRR-A Risk Retention Consultation Party:

Barclays Bank PLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

 

with
a copy to:

Barclays Bank PLC

745 Seventh Avenue

New York, New York

 

    -473-

     

    

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com

 

In
the case of the VRR-B Risk Retention Consultation Party:

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Michael Birajiclian and David Schell

Email: Michael.Birajiclian@bmo.com and David.Schell@bmo.com

 

with
a copy to:

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Legal Department

Email: BMOCMUSLegal@bmo.com

 

In
the case of the VRR-C Risk Retention Consultation Party:

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: (877) 379-1625

 

with
a copy to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: (816) 753-1536

 

In
the case of the Trustee:

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee

 

with
a copy to:

    -474-

     

    

Telecopy number: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com

 

In
the case of the Certificate Administrator:

Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – BBCMS 2022-C15

 

with
a copy to:

cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

In
the case of any transfer or surrender of a Risk Retention Certificate pursuant to Article V:

 

Computershare
Trust Company, National Association 

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody (CMBS) – BBCMS 2022-C15

 

with
a copy to:

riskretentioncustody@wellsfargo.com

 

In
the case of the Custodian:

Computershare Trust Company, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group – BBCMS 2022-C15

 

with
a copy to:

cmbscustody@wellsfargo.com

 

In
the case of a surrender, transfer or exchange of a Certificate other than a Risk Retention Certificate:

Computershare Trust Company, National Association

600 South 4th Street

7th Floor

    -475-

     

    

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services – BBCMS 2022-C15

 

In
the case of the Mortgage Loan Sellers:

 

		1.	Barclays
                                         Capital Real Estate Inc.

                                         745 Seventh Avenue

                                         New York, New York 10019

                                         Attention: Daniel Vinson, Managing Director

                                         Email: daniel.vinson@barclays.com

 

with
a copy to:

Barclays Capital Real Estate Inc.

745 Seventh Avenue

New York, New York

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com

 

		2.	Societe
                                         Generale Financial Corporation

                                         245 Park Avenue, 11th Floor

                                         New York, New York 10167

                                         Attention: Jim Barnard

                                         E-mail: US-Glba-Abp-Cmbs-Notices@sgcib.com

                                         

                                         with a copy to:

                                         

                                         Societe Generale Financial Corporation

                                         245 Park Avenue, 11th Floor

                                         New York, New York 10167

                                         Attention: General Counsel

                                         E-mail: US-Glba-Abp-Cmbs-Notices@sgcib.com

 

		3.	KeyBank
                                         National Association

                                         11501 Outlook Street, Suite 300

                                         Overland Park, Kansas 66211

                                         Attention: Joe DeRoy

                                         Facsimile: (877) 379-1625

                                         

                                         with a copy to:

                                         

                                         Polsinelli

                                         900 West 48th Place, Suite 900

                                         Kansas City, Missouri 64112
 

    -476-

     

    

Attention: Kraig Kohring

                                         Facsimile: (816) 753-1536

 

		4.	Starwood
                                         Mortgage Capital LLC

                                         2340 Collins Avenue, Suite 700

                                         Miami Beach, Florida 33139

                                         Attention: Leslie K. Fairbanks, Executive Vice President

                                         Email: lfairbanks@starwood.com

                                         

                                         with a copy by email to: jbeard@starwood.com

                                         

                                         and with a copy to:

                                         

                                         Starwood Property Trust, Inc.

                                         2340 Collins Avenue, Suite 700

                                         Miami Beach, Florida 33139

                                         Attention: Heather Bennett

                                         

                                         With copies by email to: hbennett@starwood.com and lnr.cmbs.notices@lnrproperty.com

                                         

                                         and, with respect to certifications pursuant to Section 2.03 of this Agreement,
                                         with a copy to:

                                         

                                         McCoy & Orta

                                         100 N. Broadway, 26th Floor

                                         Oklahoma City, Oklahoma 73102

                                         Attention: Vanessa Orta

                                         With a copy by email to: vorta@mccoy-orta.com

                                         

                                         and with a copy to:

                                         

                                         Marcia Moore-Allen

                                         Facsimile: (405) 236-1448

                                         Email: mmoore-allen@mccoy-orta.com

 

		5.	Bank
                                         of Montreal

                                         c/o BMO Capital Markets Corp.

                                         151 West 42nd Street

                                         New York, New York 10036

                                         Attention: Michael Birajiclian and David Schell

                                         Email: Michael.Birajiclian@bmo.com and David.Schell@bmo.com

                                         

                                         with a copy to:

                                         

                                         Bank of Montreal

                                         c/o BMO Capital Markets Corp.
 

 

    -477-

     

    

151 West 42nd Street

                                         New York, New York 10036

                                         Attention: Legal Department

                                         Email: BMOCMUSLegal@bmo.com

 

In
the case of the Retaining Sponsor:

Barclays Capital Real Estate Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

with a copy to:

Barclays Capital Real Estate Inc.

745 Seventh Avenue

New York, New York

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com

 

In
the case of the Operating Advisor and the Asset Representations Reviewer:

Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: BBCMS 2022-C15 Transaction Manager

 

with
a copy sent via email to:

notices@pentalphasurveillance.com with BBCMS 2022-C15 in the subject line

 

In
the case of any mezzanine lender:

The address set forth in the related Intercreditor Agreement.

 

In
the case of any Companion Loan Holder:

The address set forth in the related Intercreditor Agreement.

 

To
each such Person, such other address as may hereafter be furnished by such Person to the parties hereto in writing. Any communication
required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class,
postage prepaid, to the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed
in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

    -478-

     

    

(b)           Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or the Special Servicer, as the case may be, the Certificate
Administrator, and Trustee also shall furnish such other information regarding the Trust as may be reasonably requested by the
Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided,
however, that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures
set forth in Section 3.13(c); provided, further, that the 17g-5 Information Provider shall not disclose which
Rating Agency has requested such information. Notwithstanding the foregoing, the failure to deliver such notices or copies shall
not constitute a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating
Agencies required hereunder shall be in writing.

 

Any
notices to the Rating Agencies shall be sent to the following addresses:

 

Fitch
Ratings, Inc.

300 West 57th Street

New York, New York 10019

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

Kroll
Bond Rating Agency, LLC

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Email: cmbs.surveillance@kbra.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

E-mail: CMBS_Info_17g5@spglobal.com

 

Section
13.06  Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof
or the RR Interest Owner.

 

Section
13.07  Grant of a Security Interest. The Depositor intends that the conveyance of the Conveyed Property
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 

    -479-

     

    

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, to and under, whether now owned or existing or hereafter acquired or arising, the Conveyed Property and all proceeds
thereof and (ii) this Agreement shall constitute a Security Agreement under applicable law. The Depositor shall file or cause
to be filed, as a precautionary filing, a UCC Financing Statement in all appropriate locations in the State of Delaware promptly
following the initial issuance of the Certificates, and the Certificate Administrator shall, at the expense of the Depositor (to
the extent reasonable), prepare and file continuation statements with respect thereto, in each case in the six-month period prior
to every fifth anniversary of the date of the initial UCC Financing Statement. The Depositor shall cooperate in a reasonable manner
with the Certificate Administrator in the preparation and filing of such continuation statements. This Section 13.07 shall
constitute notice to the Certificate Administrator and the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section
13.08    Successors and Assigns; Third Party Beneficiaries. (a)  The provisions of this Agreement
shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions
shall inure to the benefit of the Certificateholders and the RR Interest Owner. Each Mortgage Loan Seller (and its respective
agents), each Additional Repurchase Obligor under a Mortgage Loan Purchase Agreement, each guarantor of a Mortgage Loan Seller’s
obligations under the applicable Mortgage Loan Purchase Agreement, each Companion Holder (and its respective agents), each Underwriter,
each depositor of a Regulation AB Companion Loan Securitization, each Other Exchange Act Reporting Party (with respect to its
rights under Article XI of this Agreement) and each Initial Purchaser is an intended third-party beneficiary to this
Agreement in respect of the respective rights afforded it hereunder. No other person, including, without limitation, any Mortgagor,
shall be entitled to any benefit or equitable right, remedy or claim under this Agreement. If one, but not all, of the Mortgage
Notes evidencing any Joint Mortgage Loan is repurchased, the applicable Repurchasing Mortgage Loan Seller shall be a third-party
beneficiary of this Agreement to the same extent as if it were a holder of a Serviced Pari Passu Companion Loan, as contemplated
by Section 3.34 hereof.

 

(b)           Each Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder.
Each of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions
herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer and Other Trustee, and any
provisions regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)           
Each of the applicable Non-Serviced Trustee, Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced
Depositor, Non-Serviced Paying Agent and any Non-Serviced Trust holding a related Non-Serviced Companion Loan, shall be a
third-party beneficiary to this Agreement in respect to its rights as specifically provided for herein and under the
applicable Non-Serviced Intercreditor Agreement.

 

(d)           Subject to Section 2.03(k), Section 2.03(l)(iv) and Section 2.03(l)(v), any Requesting Certificateholder
shall be an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k) through
Section 2.03(o).

 

    -480-

     

    

Section
13.09    Article and Section Headings. The article and section headings herein are for convenience of reference
only, and shall not limit or otherwise affect the meaning hereof.

 

Section
13.10    Notices to the Rating Agencies. (a)  The Certificate Administrator shall use reasonable
efforts promptly to provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c), (and the related 17g-5 information provider for any class of Serviced Companion Loan Securities
to the extent applicable to any Serviced Whole Loan) with respect to each of the following of which it has actual knowledge:

 

(i)            any material change or amendment to this Agreement;

 

(ii)           the occurrence of a Servicer Termination Event that has not been cured;

 

(iii)          the resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the
Special Servicer; and

 

(iv)          the repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller or Additional Repurchase Obligor pursuant
to Section 5 or Section 19, as applicable, of the related Mortgage Loan Purchase Agreement.

 

(b)           The Master Servicer shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider for posting on the
17g-5 Information Provider’s Website pursuant to Section 3.13(c), with respect to each of the following of which
it has actual knowledge:

 

(i)            
the resignation or removal of the Trustee or the Certificate Administrator;

 

(ii)           any change in the location of the Collection Account;

 

(iii)          any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)          any change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance
described in Section 3.08;

 

(v)           any additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for any
Mortgage Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than 5%
of the then-aggregate outstanding principal balances of the Mortgage Loans and (2) $35,000,000;

 

(vi)          any material damage to any Mortgaged Property;

 

(vii)         any assumption with respect to a Mortgage Loan; and

 

(viii)        any release or substitution of any Mortgaged Property.

    -481-

     

    

(c)           
The Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5
Information Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of
(i) any change in the location of the Distribution Accounts and (ii) the final payment to any Class of
Certificateholders.

 

(d)            The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the
17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and
thereafter to each Rating Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable
to any Serviced Whole Loan) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as
any Rating Agency shall reasonably request and which the Trustee, the Certificate Administrator, the Master Servicer or Special
Servicer, can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating
to such information or violating the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect
to such information. Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require a party
to provide duplicative notices or copies to the Rating Agencies with respect to any of the above listed items. In connection with
the delivery by the Master Servicer or the Special Servicer to the 17g-5 Information Provider of any information, report, notice
or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master
Servicer or the Special Servicer when such information, report, notice or document has been posted. The Master Servicer or the
Special Servicer, as the case may be, may, but shall not be obligated to send such information, report, notice or document to
the applicable Rating Agency so long as such information, report, notice or document (i) was previously provided to the 17g-5
Information Provider or (ii) is simultaneously provided, by 2:00 p.m. (New York City time) on any Business Day, to the
17g-5 Information Provider.

 

Section
13.11   Recognition of U.S. Special Resolution Regimes.

 

(i)             In the event a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this Agreement
(and any interest and obligation in or under, and any property securing, this Agreement) from such Covered Party will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and any interest
and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a State
of the United States.

 

(ii)            In the event that a Covered Party or any BHC Affiliate of such Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were
governed by the laws of the United States or a State of the United States.

 

(iii)           For the purposes of this Section 13.11 and Section 13.12, the following definitions apply:

    -482-

     

    

“BHC
Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with,
12 U.S.C. §1841(k).

 

“Covered
Party” means any party to this Agreement that is one of the following: (i) a “covered entity” as that term
is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a “covered bank” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12
C.F.R. Part 47 applies in accordance with 12 C.F.R. §47.3(b); or (iii) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81,
47.2 or 382.1, as applicable.

 

“U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

Section
13.12  Limitation on the Exercise of Certain Rights Related to Affiliate Insolvency Proceedings.  Notwithstanding anything to the contrary in this Agreement or any other agreement, but subject to the requirements of Section
13.12, no party to this Agreement shall be permitted to exercise any Default Right against a Covered Party with respect to
this Agreement that is related, directly or indirectly, to a BHC Affiliate of such party becoming subject to a receivership, insolvency,
liquidation, resolution, or similar proceeding (each an “Insolvency Proceeding”), except to the extent the
exercise of such Default Right would be permitted under the creditor protection provisions of 12 C.F.R. § 252.84, 12 C.F.R.
§ 47.5, or 12 C.F.R. § 382.4, as applicable.

 

(ii)           After a BHC Affiliate of a Covered Party has become subject to Insolvency Proceedings, if any party to this Agreement seeks to
exercise any Default Right against such Covered Party with respect to this Agreement, the party seeking to exercise a Default
Right shall have the burden of proof, by clear and convincing evidence, that the exercise of such Default Right is permitted hereunder.

 

Section
13.13  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 Mortgage Loan documents, it is expressly intended
that each Mortgage Loan Seller get the benefit of any securitization indemnification provisions in the Mortgage Loan documents.
Therefore, the Depositor, the Master Servicer, the Special Servicer and the Trustee hereby agree to reasonably cooperate with
each 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 Mortgage 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, the Master Servicer, the Special Servicer or the Trustee shall be required to take any action that is inconsistent
with the Servicing Standard, would violate applicable law, the

    -483-

     

    

 terms and provisions of this Agreement or the Mortgage Loan documents,
would adversely affect any Certificateholder, would cause either Trust REMIC to fail to qualify as a REMIC, 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 13.13,
such document shall be in form and substance reasonably acceptable to the Trustee.

 

Section
13.14  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.

 

[End
of Article XIII]

 

[SIGNATURES
COMMENCE ON FOLLOWING PAGE] 

    -484-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto
duly authorized, in each case as of the day and year first above written.

 

	 	BARCLAYS
    COMMERCIAL MORTGAGE 

SECURITIES LLC,
	 	Depositor
	 	 	 	 
	 	By:	/s/ Larry
    Kravetz
	 	 	Name:  	Larry Kravetz
	 	 	Title:  	President
	 	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, Master Servicer
	 	 
	 	By:	/s/ David
    A. Eckels
	 	 	Name:	David A. Eckels
	 	 	Title:	Senior Vice President
	 	 
	 	RIALTO CAPITAL ADVISORS, LLC,
	 	Special Servicer
	 	 	 	 
	 	By:	/s/ Sorana Georgescu
	 	 	Name:  	Sorana Georgescu
	 	 	Title:  	Secretary
	 	 
	 	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	 	not in its individual capacity, but solely as Certificate Administrator
	 	 	 	 
	 	By:	/s/ Anna
    M. Lopez
	 	 	Name:  	Anna M. Lopez
	 	 	Title:  	Vice President

 

BBCMS
2022-C15:  Pooling and Servicing Agreement

 

     

     

    

 

	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION
	 	not in its individual capacity, but solely as Trustee
	 	 	 	 
	 	By:	/s/ Beverly
    D. Capers
	 	 	Name:  	Beverly D. Capers
	 	 	Title:  	Assistant Vice President
	 	 	 	 
	 	PENTALPHA
    SURVEILLANCE LLC,
	 	as
    Operating Advisor
	 	 	 
	 	By:	/s/
    James Callahan
	 	 	Name:	James Callahan
	 	 	Title:	Executive Director and Solely as an Authorized
    Signatory for Pentalpha Surveillance LLC
	 	 
	 	PENTALPHA
    SURVEILLANCE LLC,
	 	as
    Asset Representations Reviewer
	 	 
	 	By:	/s/
    James Callahan
	 	 	Name:	James Callahan
	 	 	Title:	Executive Director and Solely as an Authorized
    Signatory for Pentalpha Surveillance LLC

 

BBCMS
2022-C15:  Pooling and Servicing Agreement

 

     

     

    
 

EXHIBIT A-1

FORM OF CERTIFICATE (OTHER THAN

CLASS R, CLASS S AND CLASS RR CERTIFICATES)

 

CLASS [__]

 

BBCMS
MORTGAGE TRUST 2022-C15

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2022-C15, CLASS [__]

 

[FOR CLASS G-RR AND CLASS H-RR CERTIFICATES:
THIS CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION
RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS
ON HEDGING, TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED). THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE
OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.]

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-3, A-4, A-5, A-SB, X-A, X-B, A-S, B AND C): THIS CERTIFICATE IS A TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE NOR
ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO
BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[FOR BOOK-ENTRY CERTIFICATES: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE

 

 

1       Temporary
Regulation S Book-Entry Certificate legend.

 

    A-1-1

     

    

 

CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGORS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, ANY RISK RETENTION CONSULTATION PARTY,
THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH
BELOW.]

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-3, A-4, A-5, A-SB, X-A, X-B, A-S, B AND C): THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A

 

 

2
       Legend required as long as DTC is the Depository
under the Pooling and Servicing Agreement.

 

3       Book-Entry
Certificate legend.

 

    A-1-2

     

    

 

PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
(COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

[FOR CLASS X-F, CLASS F, CLASS G-RR
AND CLASS H-RR CERTIFICATES: THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT
IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR
OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN (INCLUDING AN ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT IN THE ENTITY BY SUCH PLAN OR PLANS AND THE APPLICATION OF DEPARTMENT
OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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,

 

    A-1-3

     

    

 

RESPECTIVELY, IN SECTIONS
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE
BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.]

 

[FOR CLASS X CERTIFICATES: THIS [CLASS
X-A][CLASS X-B][CLASS X-D] [CLASS X-F] CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTIONS OF PRINCIPAL.]

 

[FOR CLASS X-A CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE AGGREGATE CERTIFICATE BALANCE OF THE CLASS A-1,
CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5 AND CLASS A-SB CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X-B CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE AGGREGATE CERTIFICATE BALANCE OF THE CLASS A-S,
CLASS B AND CLASS C CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL
NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X-D CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE AGGREGATE CERTIFICATE BALANCE OF THE CLASS D
AND CLASS E CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL
AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X-F CERTIFICATES: THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS F CERTIFICATES.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY

 

    A-1-4

     

    

 

TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR CLASS X CERTIFICATES: THE NOTIONAL
AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS [X-A][X-B][X-D][X-F] CERTIFICATES IS BASED WILL BE REDUCED AS
A RESULT OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW.]

 

[FOR SUBORDINATE CERTIFICATES (CLASS
A-S, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G-RR AND CLASS H-RR): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES
OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    A-1-5

     

    

 

	
        PASS-THROUGH
        RATE: [FOR FIXED CLASSES: [____]% per annum] [FOR WAC, WAC CAP AND CLASS X CERTIFICATES: VARIABLE IN ACCORDANCE WITH THE
        POOLING AND SERVICING AGREEMENT]

         

        INITIAL
        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THIS CERTIFICATE AS OF THE CLOSING DATE: $[                ]

         

        DATE OF
        POOLING AND SERVICING AGREEMENT: AS OF APRIL 1, 2022

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: APRIL 13, 2022

         

        FIRST DISTRIBUTION
        DATE: 

        MAY 17, 2022

         

        APPROXIMATE
AGGREGATE [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THE CLASS [__] CERTIFICATES 

AS OF THE CLOSING DATE: 

$[_________] 
	 	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: Rialto Capital Advisors, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS
        REVIEWER: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.:
        [                 ]

         

        ISIN NO.:
        [                 ]

         

        CERTIFICATE
NO.: [_]-______ 

 

    A-1-6

     

    

 

CLASS
[__] CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account,
the Excess Interest Distribution Account and the REO Accounts, formed and sold by

 

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC

 

THIS CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES:
CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered owner of the interest evidenced by this Certificate in
the Class [__] Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated and effective as
of April 1, 2022 (the “Pooling and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC
(hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing
Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set
forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in
the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial [Certificate Balance][Notional Amount] of the Class [__] Certificates. The Certificates are designated
as the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 and are issued in the classes
as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence in the aggregate
100% of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

    A-1-7

     

    

 

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 “Code”). Each Holder of
this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate
in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and
other taxes imposed on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of [FOR PRINCIPAL BALANCE CERTIFICATES (CLASS
A-1, A-2, A-3, A-4, A-5, A-SB, A-S, B, C, D, E, F, G-RR AND H-RR): principal and] interest then distributable, if any, allocable
to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. [FOR CLASS A-1, A-2, A-3, A-4, A-5, A-SB, X-A, X-B, X-D, A-S, B, C, D AND E CERTIFICATES: Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.] All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate
will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period
relating to such Distribution Date at the Class [__] Pass-Through Rate specified above on the [Certificate Balance][Notional Amount]
of this Certificate immediately prior to each Distribution Date. [FOR CLASS X CERTIFICATES: Interest][FOR PRINCIPAL BALANCE CERTIFICATES
(CLASS A-1, A-2, A-3, A-4, A-5, A-SB, A-S, B, C, D, E, F, G-RR AND H-RR): Principal and interest] allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available
Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon
retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain
other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner
set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the
Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator
(with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts
may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be
paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and

 

    A-1-8

     

    

 

Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to
this Certificate) shall be made in like manner, but only upon presentation and surrender of this Certificate at the offices of
the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(j)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to
any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as
a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with
Section 4.01(j) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of Transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

    A-1-9

     

    

 

Subject to the terms
of the Pooling and Servicing Agreement, the Class [__] Certificates will be issued in minimum denominations of $[FOR CLASS A-1,
A-2, A-3, A-4, A-5, A-SB, A-S, B AND C: 10,000 initial Certificate Balance][FOR CLASS D, E, F, G-RR AND H-RR CERTIFICATES: 100,000
initial Certificate Balance][FOR CLASS X-D AND X-F CERTIFICATES: 100,000 initial Notional Amount] [FOR CLASS X-A AND X-B CERTIFICATES:
1,000,000 initial Notional Amount], and in integral multiples of $1 in excess thereof, with one Certificate of each such Class
evidencing an additional amount equal to the remainder of the initial [Certificate Balance][Notional Amount] of such Class.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR
Interest Owner or the Companion Holders:

 

(i)       to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be
defective or inconsistent with any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that
(a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such
change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced
in writing by an Opinion of

 

    A-1-10

     

    

 

Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the
Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust,
either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not
adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling and Servicing Agreement or any
other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, either Trust REMIC or any of
the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion
Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing
Agreement);

 

(vii)    to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such

 

    A-1-11

     

    

 

amendment or supplement shall not adversely
affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of either
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)      to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders and the RR Interest
Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to
Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website;

 

(x)      to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or
(iv); or

 

(xi)     to
modify, eliminate or add to any of its provisions (i) to such extent as will be necessary to comply with the requirements of the
Risk Retention Rules, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rules or any other regulations
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event
of such amendment or repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned
or delayed.

 

    A-1-12

     

    

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage Loan Purchase
Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related
Additional Repurchase Obligor or related guarantor, (B) may materially and adversely affect the holder of a Companion Loan
without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the
RR Interest Owner’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by
such amendment) and the Holders of Certificates of each Class affected by such amendment evidencing, in the case of Certificateholders,
in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class or RR Interest Owner; 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 Whole Loans that are required to
be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR
Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller,
related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise or change any
rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary under
the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current

 

    A-1-13

     

    

 

ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified Person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund, the Grantor Trust or either Trust REMIC, 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 the relevant provisions of
the Code. Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically
required to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case
the consent of the holder of the related Companion Loan(s) or that otherwise materially and adversely affects the RR Interest Owner
without the RR Interest Owner’s consent.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans subject to the terms of the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Non-VRR Certificates (other than the Class R and Class S Certificates)), the Sole Certificateholder shall have the right, with
the consent of the Master Servicer, to exchange all of its Non-VRR Certificates (other than the Class R and Class S Certificates
together with the payment or deemed payment of the Termination Purchase Amount)

 

    A-1-14

     

    

 

and the RR Interest for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE
AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-1-15

     

    

   

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under
    the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	April
                                         13, 2022

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS [__] CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

    A-1-16

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-1-17

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

    A-1-18

     

    

 

EXHIBIT A-2

FORM OF CLASS R CERTIFICATE

 

CLASS R

 

BBCMS
MORTGAGE TRUST 2022-C15

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2022-C15, CLASS R

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING AGREEMENT.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGORS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, ANY RISK RETENTION CONSULTATION PARTY,
THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

    A-2-1

     

    

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN (INCLUDING AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT IN THE ENTITY BY SUCH PLAN OR PLANS AND THE APPLICATION OF
DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE
THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS THE “RESIDUAL
INTERESTS” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(2) AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF
EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE
TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED
ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN)
FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE
COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH
RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS
CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT
ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND
(F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER
TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS
SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE
“NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c),

 

    A-2-2

     

    

 

AND THEREFORE, TRANSFERS
OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH
SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY
REGULATIONS.

 

    A-2-3

     

    

 

	
        PERCENTAGE
        INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF
        POOLING AND SERVICING AGREEMENT: AS OF APRIL 1, 2022

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: APRIL 13, 2022

         

        FIRST DISTRIBUTION
        DATE: 

        MAY 17, 2022

         
	 	
        MASTER SERVICER:
        

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

         

        SPECIAL
        SERVICER: Rialto Capital Advisors, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: 

        COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS
        REVIEWER: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.:
        [             ]

         

        ISIN NO.:
        [              ]

         

        CERTIFICATE
NO.: R-____ 

 

    A-2-4

     

    

 

CLASS
R CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account,
the Excess Interest Distribution Account and the REO Accounts, formed and sold by

 

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC

 

THIS CERTIFIES THAT [____________________]
is the registered owner of the interest evidenced by this Certificate in the Class R Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”),
between Barclays Commercial Mortgage Securities LLC (hereinafter called the “Depositor”, which term includes
any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of the pertinent provisions of
the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein
shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to
the percentage interest specified on the face hereof. The Certificates are designated as the BBCMS Mortgage Trust 2022-C15, Commercial
Mortgage Pass-Through Certificates, Series 2022-C15 and are issued in the classes as specifically set forth in the Pooling and
Servicing Agreement. The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the
Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Class R Certificate
represents the “residual interests” in two “real estate mortgage investment conduits”, as those terms are
defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended (the “Code”).
Each Holder of this

 

    A-2-5

     

    

 

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 is hereby designated as the “partnership
representative” (within the meaning of Section 6223 of the Code) of each Trust REMIC. Each holder of this Certificate, by
acceptance hereof, consents to the Certificate Administrator making any elections allowed under the Code (a) to avoid the application
of Section 6221 (or successor provision) to the Trust REMICs and (b) to avoid payment by the Trust REMICs under Section 6225 of
any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on a Holder of this Certificate.
Each Holder of this Certificate, by acceptance hereof, agrees to any such elections and to reasonably cooperate with the Certificate
Administrator in connection with any such elections the Certificate Administrator determines in its discretion are necessary or
advisable.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate Administrator
in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
thereof and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution
Date to the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of
public and private debts.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the
Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator
(with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts
may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be
paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions
at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution on this Certificate
(determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall
be made in like manner, but only

 

    A-2-6

     

    

 

upon presentation and surrender of this Certificate at the offices of the Certificate Registrar
or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(j)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to
any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as
a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with
Section 4.01(j) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of Transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Each Person who has or
who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions. The rights of each Person acquiring any Ownership Interest in
a Class R Certificate are expressly subject to the following provisions: (A) no Person holding or acquiring any Ownership
Interest in a Class R Certificate shall be a Disqualified Organization or agent thereof (including a nominee, middleman or similar
person) (an “Agent”), a Plan or a Person acting on behalf of or using the assets of a Plan (such Plan or Person,
an “ERISA Prohibited Holder”) or a Disqualified Non-U.S. Tax Person and each Person acquiring any Ownership
Interest in a Class R Certificate shall promptly notify the Certificate Registrar of any change or impending change to such status;
(B) in connection with any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar
shall require delivery to it, and no Transfer of any Class R Certificate shall be registered until the Certificate Registrar receives,
(I) an affidavit substantially in the form attached to the Pooling and Servicing Agreement as Exhibit D-1 (a “Transferee
Affidavit”) from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing
and

 

    A-2-7

     

    

 

warranting, among other things, that such Transferee is not a Disqualified Organization or Agent thereof or a Disqualified
Non-U.S. Tax Person, and that it has reviewed the provisions of Section 5.03(p) of the Pooling and Servicing Agreement and
agrees to be bound by them and (II) a representation letter, substantially in the form attached to the Pooling and Servicing
Agreement as Exhibit F-2 from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing
and warranting, among other things, that such Transferee is not an ERISA Prohibited Holder; (C) notwithstanding the delivery
of a Transferee Affidavit by a proposed Transferee under clause (B) above, if the Certificate Registrar has actual knowledge
that the proposed Transferee is a Disqualified Organization or Agent thereof, an ERISA Prohibited Holder or a Disqualified Non-U.S.
Tax Person, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected; and (D) each
Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (1) to require a Transferee Affidavit
from any prospective Transferee to whom such Person attempts to transfer its Ownership Interest in such Class R Certificate and
(2) not to transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a letter
substantially in the form attached to the Pooling and Servicing Agreement as Exhibit D-2 certifying that, among other things,
it has no actual knowledge or reason to know that the proposed Transferee’s statements in such Transferee Affidavit are false.

 

The Class R Certificates
will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR
Interest Owner or the Companion Holders:

 

(i)       to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

    A-2-8

     

    

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be
defective or inconsistent with any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that
(a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such
change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the
Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust,
either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not
adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling and Servicing Agreement or any
other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, either Trust REMIC or any of
the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion
Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any

 

    A-2-9

     

    

 

Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing
Agreement);

 

(vii)    to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement shall not adversely
affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of either
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders and the RR Interest
Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to
Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website;

 

(x)      to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of

 

    A-2-10

     

    

 

Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or
(iv); or

 

(xi)     to
modify, eliminate or add to any of its provisions (i) to such extent as will be necessary to comply with the requirements of the
Risk Retention Rules, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rules or any other regulations
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event
of such amendment or repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned
or delayed.

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage Loan Purchase
Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related
Additional Repurchase Obligor or related guarantor, (B) may materially and adversely affect the holder of a Companion Loan
without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the
RR Interest Owner’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by
such amendment) and the Holders of Certificates of each Class affected by such amendment evidencing, in the case of Certificateholders,
in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class or RR Interest Owner; 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 Whole Loans that are required to
be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR
Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

    A-2-11

     

    

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller,
related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise or change any
rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary under
the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor; or

 

(v)      amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified Person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund, the Grantor Trust or either Trust REMIC, 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 the relevant provisions of
the Code. Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically
required to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case
the consent of the holder of the related Companion Loan(s) or that otherwise materially and adversely affects the RR Interest Owner
without the RR Interest Owner’s consent.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each

 

    A-2-12

     

    

 

REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans subject to the terms of the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Non-VRR Certificates (other than the Class R and Class S Certificates)), the Sole Certificateholder shall have the right, with
the consent of the Master Servicer, to exchange all of its Non-VRR Certificates (other than the Class R and Class S Certificates
together with the payment or deemed payment of the Termination Purchase Amount) and the RR Interest for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James’s, living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE
AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-2-13

     

    

   

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under
    the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	April
                                         13, 2022

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

    A-2-14

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-2-15

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution: 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

    A-2-16

     

    

  

EXHIBIT A-3

FORM OF CLASS S CERTIFICATE

 

CLASS S

 

BBCMS
MORTGAGE TRUST 2022-C15

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2022-C15, CLASS S

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE MORTGAGORS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, ANY RISK RETENTION CONSULTATION PARTY,
THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

    A-3-1

     

    

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN (INCLUDING AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT IN THE ENTITY BY SUCH PLAN OR PLANS AND THE APPLICATION OF
DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE
THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS AN UNDIVIDED
beneficial INTEREST IN A PORTION OF A GRANTOR TRUST THAT HOLDS THE excess interest and
RELATED AMOUNTS IN THE excess interest distribution account.

 

EACH PURCHASER OF THIS CERTIFICATE SHALL
BE REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING
AGREEMENT.

 

    A-3-2

     

    

 

	
        PERCENTAGE
        INTEREST EVIDENCED BY THIS CERTIFICATE: [__]%

         

        DATE OF
        POOLING AND SERVICING AGREEMENT: AS OF APRIL 1, 2022

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: APRIL 13, 2022

         

        FIRST DISTRIBUTION
        DATE: 

        MAY 17, 2022

         
	 	
        MASTER SERVICER:
        

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

         

        SPECIAL
        SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: 

        COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: 

        PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS
        REVIEWER: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.:
        [             ]

         

        ISIN NO.:
        [              ]

         

        CERTIFICATE
NO.: S-____ 

 

    A-3-3

     

    

 

CLASS
S CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on
or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account,
the Excess Interest Distribution Account and the REO Accounts, formed and sold by

 

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC

 

THIS CERTIFIES THAT [________] is the registered
owner of the interest evidenced by this Certificate in the Class S Certificates issued by the Trust created pursuant to the Pooling
and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”), between
Barclays Commercial Mortgage Securities LLC (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor and the Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and
Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to
the percentage interest specified on the face hereof. The Certificates are designated as the BBCMS Mortgage Trust 2022-C15, Commercial
Mortgage Pass-Through Certificates, Series 2022-C15 and are issued in the classes as specifically set forth in the Pooling and
Servicing Agreement. The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the
Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

This Certificate represents
an undivided beneficial interest in a portion of a grantor trust that holds the Excess Interest and related amounts in the Excess
Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no

 

    A-3-4

     

    

 

action inconsistent
with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and
local income and franchise taxes and other taxes imposed on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of the Excess Interest then distributable, if any, allocable to the Class of Certificates
of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts.

 

This Certificate is limited
in right of payment to, among other things, Excess Interest actually collected on the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the
Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator
(with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts
may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be
paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions
at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution on this Certificate
(determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall
be made in like manner, but only upon presentation and surrender of this Certificate at the offices of the Certificate Registrar
or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(j)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-

 

    A-3-5

     

    

 

tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to
any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as
a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with
Section 4.01(j) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of Transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

The Class S Certificates
will be issued in fully registered, certificated form, in minimum percentage interests of 1% and multiples of 0.01% in excess thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR
Interest Owner or the Companion Holders:

 

    A-3-6

     

    

 

(i)       to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be
defective or inconsistent with any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that
(a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such
change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the
Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust,
either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not
adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling and Servicing Agreement or any
other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, either Trust REMIC or any of
the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with

 

    A-3-7

     

    

 

respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion
Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing
Agreement);

 

(vii)    to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement shall not adversely
affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of either
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders and the RR Interest
Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to
Section 3.13(c) of the Pooling and

 

    A-3-8

     

    

 

Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website;

 

(x)      to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or
(iv); or

 

(xi)     to
modify, eliminate or add to any of its provisions (i) to such extent as will be necessary to comply with the requirements of the
Risk Retention Rules, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rules or any other regulations
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event
of such amendment or repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned
or delayed.

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage Loan Purchase
Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related
Additional Repurchase Obligor or related guarantor, (B) may materially and adversely affect the holder of a Companion Loan
without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the
RR Interest Owner’s consent.

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by
such amendment) and the Holders of Certificates of each Class affected by such amendment evidencing, in the case of Certificateholders,
in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class or RR Interest Owner; 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 Whole Loans that are required to
be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR
Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the

 

    A-3-9

     

    

 

Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)     change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller,
related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise or change any
rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary under
the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor; or

 

(v)      amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified Person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund, the Grantor Trust or either Trust REMIC, 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 the relevant provisions of
the Code. Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically
required to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case
the consent of the holder of the related Companion Loan(s) or that otherwise materially and adversely affects the RR Interest Owner
without the RR Interest Owner’s consent.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property

 

    A-3-10

     

    

 

remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans subject to the terms of the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Non-VRR Certificates (other than the Class R and Class S Certificates)), the Sole Certificateholder shall have the right, with
the consent of the Master Servicer, to exchange all of its Non-VRR Certificates (other than the Class R and Class S Certificates
together with the payment or deemed payment of the Termination Purchase Amount) and the RR Interest for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE
AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-3-11

     

    

 

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under
    the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	April
                                         13, 2022

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS S CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

    A-3-12

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-3-13

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution: 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

    A-3-14

     

    

   

EXHIBIT A-4

FORM OF CLASS RR CERTIFICATE

 

CLASS RR

 

BBCMS
MORTGAGE TRUST 2022-C15

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2022-C15, CLASS RR

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING SET FORTH
IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL INVESTOR IN THIS
CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED
TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

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

 

[FOR BOOK-ENTRY CERTIFICATES AND SOLELY
FOLLOWING THE TRANSFER RESTRICTION PERIOD: TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS
IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE

 

 

1       Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-4-2

     

    

 

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 MORTGAGORS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, ANY
RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
(COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

2
       Book-Entry Certificate legend.

 

    A-4-3

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT IN THE ENTITY BY SUCH
PLAN OR PLANS AND THE APPLICATION OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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) 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 AND (B) AN INTEREST IN THE GRANTOR TRUST REPRESENTING
THE RIGHT TO RECEIVE EXCESS INTEREST.

 

THE PORTION OF THE CERTIFICATE BALANCE
OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES
AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS
FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE
LOANS THAT RESULTED IN A REDUCTION OF THE VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE

 

    A-4-4

     

    

 

BALANCE OF THIS CERTIFICATE
MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY
OF THE CERTIFICATE ADMINISTRATOR.

 

    A-4-5

     

    

 

	
        PASS-THROUGH
        RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE

         

        INITIAL
        CERTIFICATE BALANCE OF THIS CERTIFICATE AS OF THE CLOSING DATE: $[              ]

         

        DATE OF
        POOLING AND SERVICING AGREEMENT: AS OF APRIL 1, 2022

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: APRIL 13, 2022

         

        FIRST DISTRIBUTION
        DATE: 

        MAY 17, 2022

         

        APPROXIMATE
        AGGREGATE CERTIFICATE BALANCE OF THE CLASS RR CERTIFICATES 

        AS OF THE CLOSING DATE: 

        $[_________]

         
	 	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: Rialto Capital Advisors, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PENTALPHA SURVEILLANCE LLC

         

        ASSET REPRESENTATIONS
        REVIEWER: PENTALPHA SURVEILLANCE LLC

         

        CUSIP NO.:
        [             ]

         

        CERTIFICATE
        NO.: RR-______

         

 

    A-4-6

     

    

 

CLASS
RR CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account,
the Excess Interest Distribution Account and the REO Accounts, formed and sold by

 

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC

 

THIS CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES
AND SOLELY FOLLOWING THE TRANSFER RESTRICTION PERIOD: CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered
owner of the interest evidenced by this Certificate in the Class RR Certificates issued by the Trust created pursuant to the Pooling
and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”), between
Barclays Commercial Mortgage Securities LLC (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor and the Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and
Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class RR Certificates. The Certificates are designated as the BBCMS Mortgage
Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 and are issued in the classes as specifically set
forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial
ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder
by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms
specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing
Agreement shall govern.

 

    A-4-7

     

    

 

This Certificate represents
(a) 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 “Code”) and (b) an interest
in the Grantor Trust representing the right to receive Excess Interest. Each Holder of this Certificate, by acceptance hereof,
agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence
for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest (including Excess Interest)
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Prepayment
Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of
public and private debts.

 

Interest on this Certificate
will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period
relating to such Distribution Date at the rate set forth in the Pooling and Servicing Agreement specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate on
any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the VRR Available Funds to
be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement
of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain
other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner
set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans and Excess Interest
actually collected on the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided
in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee
for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect
to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make
withdrawals therefrom. Amounts on deposit in such accounts may be invested in Permitted Investments. Interest or other investment
income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing
Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time
to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain

 

    A-4-8

     

    

 

expenses
incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire
instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate (determined without regard to any possible future reimbursement of VRR Realized Losses previously allocated
to this Certificate) shall be made in like manner, but only upon presentation and surrender of this Certificate at the offices
of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed
to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(j)
of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender
their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the
second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or
through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their
Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to
any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as
a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with
Section 4.01(j) of the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon receipt by the Certificate Administrator of (i) a certificate from the prospective Transferee
in the form set forth in the Pooling and Servicing Agreement and (ii) a certificate from the prospective Transferor in the form
set forth in the Pooling and Servicing Agreement.

 

The Class RR Certificates
will be issued in fully registered, certificated form in minimum denominations of $10,000 initial Certificate Balance, and in integral
multiples of $0.01 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder
of the initial Certificate Balance of such Class.

 

    A-4-9

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR
Interest Owner or the Companion Holders:

 

(i)       to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)      to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be
defective or inconsistent with any other provisions therein or to correct any error;

 

(iii)     to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that
(a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such
change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)     to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of either Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the
Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust,
either Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of
Counsel (at the expense of the party requesting such amendment) to the

 

    A-4-10

     

    

 

effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not
adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)      to
modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling and Servicing Agreement or any
other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, either Trust REMIC or any of
the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion
Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing
Agreement);

 

(vii)    to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or supplement shall not adversely
affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities

 

    A-4-11

     

    

 

industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of either
Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced
by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)     to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders and the RR Interest
Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to
Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website;

 

(x)      to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or
(iv); or

 

(xi)     to
modify, eliminate or add to any of its provisions (i) to such extent as will be necessary to comply with the requirements of the
Risk Retention Rules, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rules or any other regulations
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event
of such amendment or repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned
or delayed.

 

Notwithstanding the foregoing,
no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage Loan Purchase
Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor
as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related
Additional Repurchase Obligor or related guarantor, (B) may materially and adversely affect the holder of a Companion Loan
without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the
RR Interest Owner’s consent.

 

    A-4-12

     

    

 

The Pooling and Servicing
Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by
such amendment) and the Holders of Certificates of each Class affected by such amendment evidencing, in the case of Certificateholders,
in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class or RR Interest Owner; 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 Whole Loans that are required to
be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR
Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)    change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller,
related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise or change any
rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary under
the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor; or

 

(v)     amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under
the related Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing,
none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the
Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement without having first
received an Opinion of Counsel (at the Trust’s expense) to the

 

    A-4-13

     

    

 

effect that such amendment is permitted under the Pooling
and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power
granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or any other specified Person in accordance with such amendment will not result in
the imposition of a tax on any portion of the Trust Fund, the Grantor Trust or either Trust REMIC, 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 the relevant provisions of
the Code. Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically
required to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case
the consent of the holder of the related Companion Loan(s) or that otherwise materially and adversely affects the RR Interest Owner
without the RR Interest Owner’s consent.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by giving written notice to the Trustee,
the Certificate Administrator and the other parties to the Pooling and Servicing Agreement no later than sixty (60) days prior
to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special Servicer,
the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s
portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated
Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans subject to the terms of the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Non-VRR Certificates (other than the Class R and Class S Certificates)), the Sole Certificateholder shall have the right, with
the consent of the Master Servicer, to exchange all of its Non-VRR Certificates (other than the Class R and Class S Certificates
together with the payment or deemed payment of the Termination Purchase Amount) and the RR Interest for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21

 

    A-4-14

     

    

 

years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE
AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-4-15

     

    

  

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under
    the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	April
                                         13, 2022

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS RR CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

    A-4-16

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF GIFT MIN ACT __________ Custodian
	TEN ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of	Under Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	common	Act __________________________
	 	 		(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-4-1

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

    A-4-2

     

    

EXHIBIT
B

 

MORTGAGE
LOAN SCHEDULE

 

    Exhibit B-1

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	1	Barclays	The
    Summit	Various	Bellevue	WA	98004	King	Office
	1.01	Barclays	Summit
    1, 2	355
    110th Avenue Northeast & 10885 Northeast 4th Street	Bellevue	WA	98004	King	Office
	1.02	Barclays	Summit
    3	320
    108th Avenue Northeast	Bellevue	WA	98004	King	Office
	2	Barclays	1888
    Century Park East	1888
    Century Park East	Los
    Angeles	CA	90067	Los
    Angeles	Office
	3	Barclays	Coleman
    Highline Phase IV	1189,
    1193, and 1199 Coleman Avenue	San
    Jose	CA	95110	Santa
    Clara	Office
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	Various	New
    Castle	DE	19804	New
    Castle	Industrial
	4.01	Barclays	350
    Anchor Mill Road	350
    Anchor Mill Road	New
    Castle	DE	19804	New
    Castle	Industrial
	4.02	Barclays	301
    Anchor Mill Road	301
    Anchor Mill Road	New
    Castle	DE	19804	New
    Castle	Industrial
	4.03	Barclays	400
    Ships Landing Way	400
    Ships Landing Way	New
    Castle	DE	19804	New
    Castle	Industrial
	4.04	Barclays	800
    Ships Landing Way	800
    Ships Landing Way	New
    Castle	DE	19804	New
    Castle	Industrial
	4.05	Barclays	6
    Dockview	6
    Dock View Drive	New
    Castle	DE	19804	New
    Castle	Industrial
	4.06	Barclays	501
    Ships Landing Way	501
    Ships Landing Way	New
    Castle	DE	19804	New
    Castle	Industrial
	4.07	Barclays	250
    Anchor Mill Road	250
    Anchor Mill Road	New
    Castle	DE	19804	New
    Castle	Industrial
	4.08	Barclays	10
    Dockview Drive	10
    Dock View Drive	New
    Castle	DE	19804	New
    Castle	Industrial
	4.09	Barclays	7
    - 23 Harborview Drive	7-23
    Harbor View Drive	New
    Castle	DE	19804	New
    Castle	Industrial
	4.10	Barclays	200
    Anchor Mill Road	200
    Anchor Mill Road	New
    Castle	DE	19804	New
    Castle	Industrial
	4.11	Barclays	300
    Anchor Mill Road	300
    Anchor Mill Road	New
    Castle	DE	19804	New
    Castle	Industrial
	4.12	Barclays	27
    - 55 Harborview Drive	27-55
    Harbor View Drive	New
    Castle	DE	19804	New
    Castle	Industrial
	4.13	Barclays	100
    Ships Landing	100
    Ships Landing Way	New
    Castle	DE	19804	New
    Castle	Industrial
	4.14	Barclays	600
    Ships Landing Way	600
    Ships Landing Way	New
    Castle	DE	19804	New
    Castle	Industrial
	5	KeyBank	IPCC
    National Storage Portfolio XVI	Various	Various	Various	Various	Various	Self
    Storage
	5.01	KeyBank	Crestwood
    Boulevard	2300
    Crestwood Boulevard and 509 25th Street South	Irondale	AL	35210	Jefferson	Self
    Storage
	5.02	KeyBank	Hallmark
    Drive	2080
    Hallmark Drive	Sacramento	CA	95825	Sacramento	Self
    Storage
	5.03	KeyBank	Gray
    Road	50
    Gray Road	Falmouth	ME	04105	Cumberland	Self
    Storage
	5.04	KeyBank	Marconi
    Avenue	4111
    Marconi Avenue	Sacramento	CA	95821	Sacramento	Self
    Storage
	5.05	KeyBank	Ocean
    Gateway	11906
    Ocean Gateway	Ocean
    City	MD	21842	Worcester	Self
    Storage
	5.06	KeyBank	Amity
    Road 	420
    Amity Road	Harrisburg	PA	17111	Dauphin	Self
    Storage

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	1 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	1	Barclays	The
    Summit	907,306	SF	65,000,000	65,000,000.00	Interest
    Only	162,120.83
    
	1.01	Barclays	Summit
    1, 2	533,086	SF	36,288,571	36,288,571.43	 	 
	1.02	Barclays	Summit
    3	374,220	SF	28,711,429	28,711,428.57	 	 
	2	Barclays	1888
    Century Park East	502,510	SF	65,000,000	65,000,000.00	Interest
    Only	145,013.57
    
	3	Barclays	Coleman
    Highline Phase IV	657,934	SF	62,600,000	62,600,000.00	Interest
    Only - ARD	131,937.11
    
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	2,180,017	SF	60,000,000	60,000,000.00	Interest
    Only	185,009.38
    
	4.01	Barclays	350
    Anchor Mill Road	421,291	SF	11,195,652	11,195,652.17	 	 
	4.02	Barclays	301
    Anchor Mill Road	335,046	SF	8,043,478	8,043,478.26	 	 
	4.03	Barclays	400
    Ships Landing Way	235,000	SF	6,695,652	6,695,652.17	 	 
	4.04	Barclays	800
    Ships Landing Way	226,200	SF	6,239,130	6,239,130.43	 	 
	4.05	Barclays	6
    Dockview	201,079	SF	5,608,696	5,608,695.65	 	 
	4.06	Barclays	501
    Ships Landing Way	159,630	SF	4,173,913	4,173,913.04	 	 
	4.07	Barclays	250
    Anchor Mill Road	106,800	SF	3,347,826	3,347,826.09	 	 
	4.08	Barclays	10
    Dockview Drive	100,630	SF	2,782,609	2,782,608.70	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	68,067	SF	2,500,000	2,500,000.00	 	 
	4.10	Barclays	200
    Anchor Mill Road	101,182	SF	2,434,783	2,434,782.61	 	 
	4.11	Barclays	300
    Anchor Mill Road	83,850	SF	2,347,826	2,347,826.09	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	68,453	SF	2,239,130	2,239,130.43	 	 
	4.13	Barclays	100
    Ships Landing	44,800	SF	1,304,348	1,304,347.83	 	 
	4.14	Barclays	600
    Ships Landing Way	27,989	SF	1,086,957	1,086,956.52	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	1,133,018	SF	57,000,000	57,000,000.00	Interest
    Only	174,723.47
    
	5.01	KeyBank	Crestwood
    Boulevard	128,046	SF	6,412,360	6,412,360.18	 	 
	5.02	KeyBank	Hallmark
    Drive	72,706	SF	5,041,125	5,041,125.31	 	 
	5.03	KeyBank	Gray
    Road	65,125	SF	3,736,061	3,736,061.10	 	 
	5.04	KeyBank	Marconi
    Avenue	51,739	SF	3,724,943	3,724,942.69	 	 
	5.05	KeyBank	Ocean
    Gateway	63,650	SF	3,522,596	3,522,596.10	 	 
	5.06	KeyBank	Amity
    Road 	58,432	SF	3,425,868	3,425,867.59	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	2 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	1	Barclays	The
    Summit	Actual/360	2.95200%	0.03609%	2.91591%	6	2/6/2029
	1.01	Barclays	Summit
    1, 2	 	 	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 	 	 
	2	Barclays	1888
    Century Park East	Actual/360	2.64050%	0.01234%	2.62816%	6	12/6/2031
	3	Barclays	Coleman
    Highline Phase IV	Actual/360	2.49450%	0.02309%	2.47141%	6	12/6/2026
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	Actual/360	3.64950%	0.01234%	3.63716%	6	2/6/2032
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	Actual/360	3.62800%	0.02109%	3.60691%	1	1/1/2032
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	3 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	1	Barclays	The
    Summit	2/6/2029	 	86	82	0	0	NAP
	1.01	Barclays	Summit
    1, 2	 	 	 	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 	 	 	 
	2	Barclays	1888
    Century Park East	12/6/2031	 	120	116	0	0	NAP
	3	Barclays	Coleman
    Highline Phase IV	4/6/2032	From
    and after the anticipated repayment date a rate per annum equal to the Initial Interest Rate plus two and a half percent (2.50%)	60	56	0	0	NAP
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	2/6/2032	 	120	118	0	0	NAP
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	1/1/2032	 	120	117	0	0	NAP
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	4 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	1	Barclays	The
    Summit	L(24),YM1(4),DorYM1(51),O(7)	 	0	0
    	0
    	Springing
	1.01	Barclays	Summit
    1, 2	 	Fee	 	 	 	 
	1.02	Barclays	Summit
    3	 	Fee	 	 	 	 
	2	Barclays	1888
    Century Park East	L(6),YM1(22),DorYM1(86),O(6)	Fee	5	0
    	0
    	Springing
	3	Barclays	Coleman
    Highline Phase IV	L(28),DorYM1(27),O(5)	Fee	0	0
    	0
    	Springing
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	L(26),D(90),O(4)	 	0	0
    	853,045
    	142,174
    
	4.01	Barclays	350
    Anchor Mill Road	 	Fee	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	Fee	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	Fee	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	Fee	 	 	 	 
	4.05	Barclays	6
    Dockview	 	Fee	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	Fee	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	Fee	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	Fee	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	Fee	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	Fee	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	Fee	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	Fee	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	Fee	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	Fee	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	L(25),YM1(92),O(3)	 	0	0
    	0
    	Springing
	5.01	KeyBank	Crestwood
    Boulevard	 	Fee	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	Fee	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	Fee	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	Fee	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	Fee	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	Fee	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	5 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	1	Barclays	The
    Summit	 	 	0
    	Springing	 	 	0
    
	1.01	Barclays	Summit
    1, 2	 	 	 	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 	 	 	 
	2	Barclays	1888
    Century Park East	 	 	0
    	Springing	 	 	0
    
	3	Barclays	Coleman
    Highline Phase IV	 	 	0
    	Springing	 	 	0
    
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	Cash	 	0
    	Springing	 	 	0
    
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	 	 	0
    	Springing	 	 	246,500
    
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	6 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	1	Barclays	The
    Summit	Springing	0
    	 	 	0
    	Springing	0
    	 	 
	1.01	Barclays	Summit
    1, 2	 	 	 	 	 	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 	 	 	 	 	 
	2	Barclays	1888
    Century Park East	Springing	201,004
    	 	 	7,850,385
    	Springing	1,507,530
    	Cash	 
	3	Barclays	Coleman
    Highline Phase IV	Springing	263,174
    	 	 	0
    	Springing	0
    	 	 
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	Springing	0
    	 	 	0
    	Springing	0
    	 	 
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 	 	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 	 	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 	 	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 	 	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 	 	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 	 	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 	 	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 	 	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 	 	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 	 	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 	 	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 	 	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 	 	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 	 	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	Springing	246,500
    	Cash	 	0
    	0
    	0
    	 	 
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 	 	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 	 	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 	 	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 	 	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 	 	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	7 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	1	Barclays	The
    Summit	0
    	0
    	 	 	Outstanding
    TI/LC Reserves ($6,942,143); Gap/Free Rent Account ($2,958,400)	9,900,543
    
	1.01	Barclays	Summit
    1, 2	 	 	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 	 	 
	2	Barclays	1888
    Century Park East	0
    	0
    	 	 	 	0
    
	3	Barclays	Coleman
    Highline Phase IV	0
    	0
    	 	 	Oath
    Holdings Free Rent Reserve (Upfront: $10,790,117.60), Specified Tenant Rollover Reserve (Monthly: Springing)	10,790,118
    
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	0
    	0
    	 	 	Outstanding
    TI Reserve	139,982
    
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	0
    	0
    	 	 	Flood
    Insurance Reserve 	486,615
    
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	8 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	1	Barclays	The
    Summit	Outstanding
    TI/LC Reserves ($6,942,143); Gap/Free Rent Account ($2,958,400)	0
    	0
    	Cash	 	NAP
	1.01	Barclays	Summit
    1, 2	 	 	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 	 	 
	2	Barclays	1888
    Century Park East	 	0
    	0
    	 	 	NAP
	3	Barclays	Coleman
    Highline Phase IV	Oath
    Holdings Free Rent Reserve (Upfront: $10,790,117.60), Specified Tenant Rollover Reserve (Monthly: Springing)	Springing	0
    	Cash	 	NAP
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	Outstanding
    TI Reserve	0
    	0
    	Cash	 	NAP
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	Flood
    Insurance Reserve 	0
    	0
    	Cash	 	NAP
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	9 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	1	Barclays	The
    Summit	NAP	No	Hard	KRE
    Summit 1, 2, Owner LLC and KRE Summit 3 Owner LLC
	1.01	Barclays	Summit
    1, 2	 	 	 	 
	1.02	Barclays	Summit
    3	 	 	 	 
	2	Barclays	1888
    Century Park East	NAP	No	Hard	FSP-1888
    Century Park East, LLC
	3	Barclays	Coleman
    Highline Phase IV	NAP	No	Hard	SJCCRE1
    LLC
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	NAP	No	Springing	600
    SLW 2, LLC, DRIP 2 Lot 5, LLC, DRIP 2, LLC and TSBP 2, LLC
	4.01	Barclays	350
    Anchor Mill Road	 	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	NAP	No	None	Self-Storage
    Portfolio XVI DST 
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	10 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	1	Barclays	The
    Summit	KKR
    Property Partners Americas (EEA) SCSp and KKR Property Partners Americas L.P.	0.02500%	0.02625%
	1.01	Barclays	Summit
    1, 2	 	 	 
	1.02	Barclays	Summit
    3	 	 	 
	2	Barclays	1888
    Century Park East	Fifth
    Street Properties, LLC	0.00125%	0.00250%
	3	Barclays	Coleman
    Highline Phase IV	AGC
    Equity Partners Investments Ltd.	0.01200%	0.01325%
	4	Barclays	Twin
    Spans Business Park and Delaware River Industrial Park	E.
    Thomas Harvey, III, E. Thomas Harvey III Revocable Trust U/A/D April 19, 1990, As Amended, JWH 2017 Delaware Trust, JVWH 2017
    Delaware Trust, ETH 2017 Delaware Trust and TJH 2017 Delaware Trust	0.00125%	0.00250%
	4.01	Barclays	350
    Anchor Mill Road	 	 	 
	4.02	Barclays	301
    Anchor Mill Road	 	 	 
	4.03	Barclays	400
    Ships Landing Way	 	 	 
	4.04	Barclays	800
    Ships Landing Way	 	 	 
	4.05	Barclays	6
    Dockview	 	 	 
	4.06	Barclays	501
    Ships Landing Way	 	 	 
	4.07	Barclays	250
    Anchor Mill Road	 	 	 
	4.08	Barclays	10
    Dockview Drive	 	 	 
	4.09	Barclays	7
    - 23 Harborview Drive	 	 	 
	4.10	Barclays	200
    Anchor Mill Road	 	 	 
	4.11	Barclays	300
    Anchor Mill Road	 	 	 
	4.12	Barclays	27
    - 55 Harborview Drive	 	 	 
	4.13	Barclays	100
    Ships Landing	 	 	 
	4.14	Barclays	600
    Ships Landing Way	 	 	 
	5	KeyBank	IPCC
    National Storage Portfolio XVI	Inland
    Private Capital Corporation	0.01000%	0.01125%
	5.01	KeyBank	Crestwood
    Boulevard	 	 	 
	5.02	KeyBank	Hallmark
    Drive	 	 	 
	5.03	KeyBank	Gray
    Road	 	 	 
	5.04	KeyBank	Marconi
    Avenue	 	 	 
	5.05	KeyBank	Ocean
    Gateway	 	 	 
	5.06	KeyBank	Amity
    Road 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	11 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	5.07	KeyBank	Gladstell
    Road	810
    Gladstell Road	Conroe	TX	77304	Montgomery	Self
    Storage
	5.08	KeyBank	US
    Route One	430
    US Route 1	Falmouth	ME	04105	Cumberland	Self
    Storage
	5.09	KeyBank	Farm
    to Market 1093	23110
    Farm to Market 1093	Richmond	TX	77406	Fort
    Bend	Self
    Storage
	5.10	KeyBank	Meade
    Avenue	3333
    Meade Avenue	Las
    Vegas	NV	89102	Clark	Self
    Storage
	5.11	KeyBank	Camp
    Horne	180
    Camp Horne Road	Pittsburgh	PA	15202	Allegheny	Self
    Storage
	5.12	KeyBank	Hazel
    Avenue	6108
    Hazel Avenue	Orangevale	CA	95662	Sacramento	Self
    Storage
	5.13	KeyBank	Hoover
    Court	1945
    Hoover Court	Birmingham	AL	35226	Jefferson	Self
    Storage
	5.14	KeyBank	Highway
    6 North	6610
    Highway 6 North	Houston	TX	77084	Harris	Self
    Storage
	5.15	KeyBank	Farm
    to Market 725	2975
    Farm to Market 725	New
    Braunfels	TX	78130	Guadalupe	Self
    Storage
	5.16	KeyBank	Hidden
    Hill Road	175
    Hidden Hill Road	Spartanburg	SC	29301	Spartanburg	Self
    Storage
	5.17	KeyBank	Arndt
    Road	150
    Arndt Road	Pittsburgh	PA	15237	Allegheny	Self
    Storage
	5.18	KeyBank	East
    Rosedale Street	6465
    & 6485 East Rosedale Street and 1054, 1070, 1074, & 1076 South Erie Street	Fort
    Worth	TX	76112	Tarrant	Self
    Storage
	5.19	KeyBank	Grisham
    Drive	5250
    Grisham Drive	Rowlett	TX	75088	Dallas	Self
    Storage
	6	SMC,
    BMO	Rose
    Castle Apartments	380
    Flushing Avenue and 33 Little Nassau Street	Brooklyn	NY	11205	Kings	Multifamily
	7	BMO	2
    Riverfront Plaza	826-836
    McCarter Highway	Newark	NJ	07102	Essex	Office
	8	KeyBank	IPCC
    National Storage Portfolio XV	Various	Various	Various	Various	Various	Self
    Storage
	8.01	KeyBank	West
    Indian School Road	4010
    West Indian School Road	Phoenix	AZ	85019	Maricopa	Self
    Storage
	8.02	KeyBank	Boalch
    Avenue Northwest	1410
    Boalch Avenue Northwest	North
    Bend	WA	98045	King	Self
    Storage
	8.03	KeyBank	Lemay
    Ferry Road	4533
    Lemay Ferry Road	Saint
    Louis	MO	63129	Saint
    Louis	Self
    Storage
	8.04	KeyBank	East
    Southern Avenue	240
    East Southern Avenue 	Mesa	AZ	85210	Maricopa	Self
    Storage
	8.05	KeyBank	Anderson
    Road	8119
    Anderson Road	Tampa
    	FL	33634	Hillsborough	Self
    Storage
	8.06	KeyBank	Stoney
    Island Avenue	19600
    Stoney Island Avenue	Lynwood	IL	60411	Cook	Self
    Storage
	8.07	KeyBank	Duren
    Avenue	24
    Duren Avenue	Lowell	MA	01851	Middlesex	Self
    Storage
	8.08	KeyBank	North
    Nova Road	1104
    North Nova Road	Daytona
    Beach	FL	32117	Volusia	Self
    Storage
	8.09	KeyBank	Airport
    Road 	5424
    Airport Road	Williamsburg	VA	23188	James
    City	Self
    Storage
	8.10	KeyBank	South
    Pennington	1930
    South Pennington	Mesa	AZ	85202	Maricopa	Self
    Storage
	8.11	KeyBank	Southwest
    14th Court	3111
    Southwest 14th Court	Pompano
    Beach	FL	33069	Broward	Self
    Storage
	8.12	KeyBank	Southeast
    Jennings Road	3737
    Southeast Jennings Road	Port
    St. Lucie	FL	34952	St.
    Lucie	Self
    Storage
	8.13	KeyBank	49th
    Street South and 8th Avenue South	1909
    49th Street South, 4924 Tangerine Avenue South and 5001 8th Avenue South	Gulfport	FL	33707	Pinellas	Self
    Storage
	8.14	KeyBank	South
    Broadway	3900
    South Broadway	Edmond	OK	73013	Oklahoma	Self
    Storage
	8.15	KeyBank	30th
    Avenue North	2801
    75th Street North and 7470 30th Avenue North 	St.
    Petersburg	FL	33710	Pinellas	Self
    Storage
	8.16	KeyBank	Main
    Street	720
    Main Street 	Tewksbury	MA	01876	Middlesex	Self
    Storage
	8.17	KeyBank	Warwick
    Boulevard	15900
    Warwick Boulevard	Newport
    News	VA	23608	Newport
    News City	Self
    Storage
	9	Barclays	Moonwater
    Office Portfolio	Various	Las
    Vegas	NV	Various	Clark	Office

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	12 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	5.07	KeyBank	Gladstell
    Road	66,575	SF	3,322,140	3,322,139.77	 	 
	5.08	KeyBank	US
    Route One	46,925	SF	3,138,043	3,138,043.41	 	 
	5.09	KeyBank	Farm
    to Market 1093	74,606	SF	3,133,820	3,133,820.05	 	 
	5.10	KeyBank	Meade
    Avenue	57,274	SF	2,763,943	2,763,943.15	 	 
	5.11	KeyBank	Camp
    Horne	52,194	SF	2,763,485	2,763,484.72	 	 
	5.12	KeyBank	Hazel
    Avenue	44,062	SF	2,682,396	2,682,395.64	 	 
	5.13	KeyBank	Hoover
    Court	41,412	SF	2,582,510	2,582,509.72	 	 
	5.14	KeyBank	Highway
    6 North	68,012	SF	2,542,494	2,542,494.26	 	 
	5.15	KeyBank	Farm
    to Market 725	67,300	SF	2,286,631	2,286,631.49	 	 
	5.16	KeyBank	Hidden
    Hill Road	54,100	SF	1,615,614	1,615,613.85	 	 
	5.17	KeyBank	Arndt
    Road	30,350	SF	1,592,839	1,592,839.18	 	 
	5.18	KeyBank	East
    Rosedale Street	41,935	SF	1,396,038	1,396,038.15	 	 
	5.19	KeyBank	Grisham
    Drive	48,575	SF	1,317,094	1,317,093.64	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	208	Units	53,000,000	53,000,000.00	Interest
    Only	181,135.47
    
	7	BMO	2
    Riverfront Plaza	337,543	SF	50,000,000	50,000,000.00	Interest
    Only	179,965.28
    
	8	KeyBank	IPCC
    National Storage Portfolio XV	912,654	SF	46,000,000	46,000,000.00	Interest
    Only	141,004.91
    
	8.01	KeyBank	West
    Indian School Road	105,143	SF	6,032,774	6,032,773.77	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	50,569	SF	4,641,903	4,641,903.33	 	 
	8.03	KeyBank	Lemay
    Ferry Road	53,859	SF	3,486,425	3,486,425.05	 	 
	8.04	KeyBank	East
    Southern Avenue	65,000	SF	3,310,049	3,310,049.28	 	 
	8.05	KeyBank	Anderson
    Road	73,450	SF	3,147,969	3,147,969.35	 	 
	8.06	KeyBank	Stoney
    Island Avenue	84,980	SF	3,070,035	3,070,035.19	 	 
	8.07	KeyBank	Duren
    Avenue	49,075	SF	2,936,647	2,936,646.95	 	 
	8.08	KeyBank	North
    Nova Road	64,657	SF	2,700,424	2,700,423.58	 	 
	8.09	KeyBank	Airport
    Road 	38,106	SF	2,420,564	2,420,564.40	 	 
	8.10	KeyBank	South
    Pennington	42,200	SF	2,304,264	2,304,264.09	 	 
	8.11	KeyBank	Southwest
    14th Court	59,872	SF	2,177,840	2,177,839.51	 	 
	8.12	KeyBank	Southeast
    Jennings Road	38,062	SF	1,886,802	1,886,802.33	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	40,073	SF	1,840,992	1,840,992.21	 	 
	8.14	KeyBank	South
    Broadway	67,849	SF	1,819,110	1,819,110.12	 	 
	8.15	KeyBank	30th
    Avenue North	31,920	SF	1,801,282	1,801,282.44	 	 
	8.16	KeyBank	Main
    Street	21,019	SF	1,313,959	1,313,958.98	 	 
	8.17	KeyBank	Warwick
    Boulevard	26,820	SF	1,108,959	1,108,959.44	 	 
	9	Barclays	Moonwater
    Office Portfolio	611,320	SF	40,000,000	40,000,000.00	Interest
    Only, Amortizing Balloon	143,634.26
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	13 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	5.07	KeyBank	Gladstell
    Road	 	 	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	Actual/360	4.04500%	0.01234%	4.03266%	6	3/6/2032
	7	BMO	2
    Riverfront Plaza	Actual/360	4.26000%	0.01234%	4.24766%	6	1/6/2032
	8	KeyBank	IPCC
    National Storage Portfolio XV	Actual/360	3.62800%	0.02109%	3.60691%	1	1/1/2032
	8.01	KeyBank	West
    Indian School Road	 	 	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	Actual/360	4.25000%	0.01234%	4.23766%	6	1/6/2032

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	14 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	5.07	KeyBank	Gladstell
    Road	 	 	 	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	3/6/2032	 	120	119	0	0	NAP
	7	BMO	2
    Riverfront Plaza	1/6/2032	 	120	117	0	0	NAP
	8	KeyBank	IPCC
    National Storage Portfolio XV	1/1/2032	 	120	117	0	0	NAP
	8.01	KeyBank	West
    Indian School Road	 	 	 	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	1/6/2032	 	120	117	360	360	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	15 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	5.07	KeyBank	Gladstell
    Road	 	Fee	 	 	 	 
	5.08	KeyBank	US
    Route One	 	Fee	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	Fee	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	Fee	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	Fee	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	Fee	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	Fee	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	Fee	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	Fee	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	Fee	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	Fee	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	Fee	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	Fee	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	L(25),D(90),O(5)	Fee	0	6,050
    	228,507
    	76,169
    
	7	BMO	2
    Riverfront Plaza	L(27),D(88),O(5)	Fee	0	0
    	0
    	0
    
	8	KeyBank	IPCC
    National Storage Portfolio XV	L(25),YM1(92),O(3)	 	0	0
    	0
    	Springing
	8.01	KeyBank	West
    Indian School Road	 	Fee	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	Fee	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	Fee	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	Fee	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	Fee	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	Fee	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	Fee	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	Fee	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	Fee	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	Fee	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	Fee	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	Fee	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	Fee	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	Fee	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	Fee	 	 	 	 
	8.16	KeyBank	Main
    Street	 	Fee	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	Fee	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	L(27),D(88),O(5)	 	0	30,063
    	95,265
    	47,633
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	16 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	5.07	KeyBank	Gladstell
    Road	 	 	 	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	Cash	 	74,374
    	11,145
    	Cash	 	0
    
	7	BMO	2
    Riverfront Plaza	 	 	0
    	Springing	 	 	0
    
	8	KeyBank	IPCC
    National Storage Portfolio XV	 	 	0
    	Springing	 	 	192,000
    
	8.01	KeyBank	West
    Indian School Road	 	 	 	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	Cash	 	24,682
    	24,682
    	Cash	 	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	17 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	5.07	KeyBank	Gladstell
    Road	 	 	 	 	 	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 	 	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 	 	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 	 	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 	 	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 	 	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 	 	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 	 	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 	 	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 	 	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 	 	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 	 	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 	 	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	5,061
    	182,196
    	 	 	0
    	990
    	0
    	 	 
	7	BMO	2
    Riverfront Plaza	5,626
    	135,017
    	 	 	0
    	42,193
    	0
    	 	 
	8	KeyBank	IPCC
    National Storage Portfolio XV	Springing	192,000
    	Cash	 	0
    	0
    	0
    	 	 
	8.01	KeyBank	West
    Indian School Road	 	 	 	 	 	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 	 	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 	 	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 	 	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 	 	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 	 	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 	 	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 	 	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 	 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 	 	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 	 	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 	 	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 	 	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 	 	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 	 	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 	 	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 	 	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	13,231
    	366,750
    	 	 	780,000
    	76,442
    	6,100,000
    	Cash	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	18 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	5.07	KeyBank	Gladstell
    Road	 	 	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	0
    	0
    	 	 	Affordable
    Unit Earnout Reserve ($11,000,000), Free Rent Reserve ($925,000), Housing Declaration Reserve ($308,000)	12,233,000
    
	7	BMO	2
    Riverfront Plaza	0
    	0
    	 	 	 	0
    
	8	KeyBank	IPCC
    National Storage Portfolio XV	0
    	0
    	 	 	Flood
    Insurance Reserve 	103,400
    
	8.01	KeyBank	West
    Indian School Road	 	 	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	0
    	0
    	 	 	Unfunded
    Obligations Reserve	1,884,865
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	19 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	5.07	KeyBank	Gladstell
    Road	 	 	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	Affordable
    Unit Earnout Reserve ($11,000,000), Free Rent Reserve ($925,000), Housing Declaration Reserve ($308,000)	0
    	0
    	Cash	 	NAP
	7	BMO	2
    Riverfront Plaza	 	0
    	0
    	 	 	NAP
	8	KeyBank	IPCC
    National Storage Portfolio XV	Flood
    Insurance Reserve 	0
    	0
    	Cash	 	NAP
	8.01	KeyBank	West
    Indian School Road	 	 	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	Unfunded
    Obligations Reserve	0
    	0
    	Cash	 	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	20 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	5.07	KeyBank	Gladstell
    Road	 	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	NAP	No	Soft	Flushing
    & Little Nassau LLC
	7	BMO	2
    Riverfront Plaza	NAP	No	Hard	TRF
    Urban Renewal Property Corp.
	8	KeyBank	IPCC
    National Storage Portfolio XV	NAP	No	None	Self-Storage
    Portfolio XV DST 
	8.01	KeyBank	West
    Indian School Road	 	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	NAP	No	Hard	PREH
    Power House TSSP LLC, Power House TSSP, LLC and MRK Power House TSSP LLC

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	21 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	5.07	KeyBank	Gladstell
    Road	 	 	 
	5.08	KeyBank	US
    Route One	 	 	 
	5.09	KeyBank	Farm
    to Market 1093	 	 	 
	5.10	KeyBank	Meade
    Avenue	 	 	 
	5.11	KeyBank	Camp
    Horne	 	 	 
	5.12	KeyBank	Hazel
    Avenue	 	 	 
	5.13	KeyBank	Hoover
    Court	 	 	 
	5.14	KeyBank	Highway
    6 North	 	 	 
	5.15	KeyBank	Farm
    to Market 725	 	 	 
	5.16	KeyBank	Hidden
    Hill Road	 	 	 
	5.17	KeyBank	Arndt
    Road	 	 	 
	5.18	KeyBank	East
    Rosedale Street	 	 	 
	5.19	KeyBank	Grisham
    Drive	 	 	 
	6	SMC,
    BMO	Rose
    Castle Apartments	Zelig
    Weiss	0.00125%	0.00250%
	7	BMO	2
    Riverfront Plaza	Arch
    Street Capital Advisors	0.00125%	0.00250%
	8	KeyBank	IPCC
    National Storage Portfolio XV	Inland
    Private Capital Corporation	0.01000%	0.01125%
	8.01	KeyBank	West
    Indian School Road	 	 	 
	8.02	KeyBank	Boalch
    Avenue Northwest	 	 	 
	8.03	KeyBank	Lemay
    Ferry Road	 	 	 
	8.04	KeyBank	East
    Southern Avenue	 	 	 
	8.05	KeyBank	Anderson
    Road	 	 	 
	8.06	KeyBank	Stoney
    Island Avenue	 	 	 
	8.07	KeyBank	Duren
    Avenue	 	 	 
	8.08	KeyBank	North
    Nova Road	 	 	 
	8.09	KeyBank	Airport
    Road 	 	 	 
	8.10	KeyBank	South
    Pennington	 	 	 
	8.11	KeyBank	Southwest
    14th Court	 	 	 
	8.12	KeyBank	Southeast
    Jennings Road	 	 	 
	8.13	KeyBank	49th
    Street South and 8th Avenue South	 	 	 
	8.14	KeyBank	South
    Broadway	 	 	 
	8.15	KeyBank	30th
    Avenue North	 	 	 
	8.16	KeyBank	Main
    Street	 	 	 
	8.17	KeyBank	Warwick
    Boulevard	 	 	 
	9	Barclays	Moonwater
    Office Portfolio	Ofir
    Hagay, Ryan Tedder and Keith Kantrowitz	0.00125%	0.00250%

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	22 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	9.01	Barclays	6543
    Las Vegas Boulevard South	6543
    South Las Vegas Boulevard	Las
    Vegas	NV	89119	Clark	Office
	9.02	Barclays	6226
    West Sahara Avenue	6226
    West Sahara Avenue	Las
    Vegas	NV	89146	Clark	Office
	9.03	Barclays	10190
    Covington Cross Drive	10190
    Covington Cross Drive	Las
    Vegas	NV	89144	Clark	Office
	9.04	Barclays	1450
    Center Crossing Road	1450
    Center Crossing Road	Las
    Vegas	NV	89144	Clark	Office
	9.05	Barclays	6551
    Las Vegas Boulevard South	6551
    South Las Vegas Boulevard	Las
    Vegas	NV	89119	Clark	Office
	9.06	Barclays	9901-9921
    Covington Cross Drive	9901-9921
    Covington Cross Drive	Las
    Vegas	NV	89144	Clark	Office
	10	BMO	26
    Broadway	26
    Broadway	New
    York	NY	10004	New
    York	Office
	11	SGFC	Autumn
    Lakes	360
    Roseman Court	Newport
    News	VA	23608	Newport
    News City	Multifamily
	12	KeyBank	Residence
    Inn Portland	145
    Fore Street	Portland	ME	04101	Cumberland	Hospitality
	13	SMC	Bedrock
    Portfolio	Various	Detroit	MI	Various	Wayne	Various
	13.01	SMC	First
    National Building	660
    Woodward Avenue	Detroit	MI	48226	Wayne	Office
	13.02	SMC	The
    Qube	611
    Woodward Avenue	Detroit	MI	48226	Wayne	Office
	13.03	SMC	Chrysler
    House	719
    Griswold Street and 730 Shelby Street	Detroit	MI	48226	Wayne	Office
	13.04	SMC	1001
    Woodward	1001-1075
    Woodward Avenue	Detroit	MI	48226	Wayne	Office
	13.05	SMC	One
    Woodward	1
    Woodward Avenue	Detroit	MI	48226	Wayne	Office
	13.06	SMC	The
    Z Garage	1234-1246
    Library Street and 1327 Broadway Avenue	Detroit	MI	48226	Wayne	Other
	13.07	SMC	Two
    Detroit Garage	160
    East Congress Street	Detroit	MI	48226	Wayne	Other
	13.08	SMC	1505
    & 1515 Woodward	1505
    and 1515-1529 Woodward Avenue	Detroit	MI	48226	Wayne	Office
	13.09	SMC	1001
    Brush Street	1001
    Brush Street	Detroit	MI	48226	Wayne	Other
	13.10	SMC	The
    Assembly	1700
    West Fort Street	Detroit	MI	48216	Wayne	Mixed
    Use
	13.11	SMC	419
    Fort Street Garage	419
    East Fort Street	Detroit	MI	48226	Wayne	Other
	13.12	SMC	Vinton	600
    Woodward Avenue	Detroit	MI	48226	Wayne	Mixed
    Use
	13.13	SMC	1401
    First Street	1401
    First Street	Detroit	MI	48226	Wayne	Other
	13.14	SMC	Lane
    Bryant Building	1520
    Woodward Avenue	Detroit	MI	48226	Wayne	Office
	14	KeyBank	Kings
    Row MHC	10810
    Telephone Road 	Houston
    	TX	77075	Harris	Manufactured
    Housing
	15	BMO	Salina
    Meadows Office Park	200,
    220, 231 Salina Meadows Parkway and 301 Plainfield Road	Syracuse	NY	13212	Onondaga	Office

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	23 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	9.01	Barclays	6543
    Las Vegas Boulevard South	102,276	SF	15,735,172	15,735,172.41	 	 
	9.02	Barclays	6226
    West Sahara Avenue	292,180	SF	9,520,000	9,520,000.00	 	 
	9.03	Barclays	10190
    Covington Cross Drive	75,588	SF	4,586,207	4,586,206.90	 	 
	9.04	Barclays	1450
    Center Crossing Road	52,975	SF	4,568,966	4,568,965.52	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	31,105	SF	3,189,655	3,189,655.17	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	57,196	SF	2,400,000	2,400,000.00	 	 
	10	BMO	26
    Broadway	839,712	SF	33,900,000	33,900,000.00	Interest
    Only	140,633.99
    
	11	SGFC	Autumn
    Lakes	295	Units	31,000,000	31,000,000.00	Interest
    Only, Amortizing Balloon	125,329.34
    
	12	KeyBank	Residence
    Inn Portland	179	Rooms	30,500,000	30,500,000.00	Interest
    Only	88,389.99
    
	13	SMC	Bedrock
    Portfolio	2,694,627	SF	26,000,000	26,000,000.00	Interest
    Only	82,993.57
    
	13.01	SMC	First
    National Building	800,119	SF	5,994,560	5,994,560.00	 	 
	13.02	SMC	The
    Qube	522,702	SF	3,811,600	3,811,600.00	 	 
	13.03	SMC	Chrysler
    House	343,488	SF	2,979,600	2,979,600.00	 	 
	13.04	SMC	1001
    Woodward	319,039	SF	2,960,360	2,960,360.00	 	 
	13.05	SMC	One
    Woodward	370,257	SF	2,146,040	2,146,040.00	 	 
	13.06	SMC	The
    Z Garage	1,351	Units	1,753,960	1,753,960.00	 	 
	13.07	SMC	Two
    Detroit Garage	1,106	Units	1,327,560	1,327,560.00	 	 
	13.08	SMC	1505
    & 1515 Woodward	141,741	SF	1,256,320	1,256,320.00	 	 
	13.09	SMC	1001
    Brush Street	1,309	Units	1,060,280	1,060,280.00	 	 
	13.10	SMC	The
    Assembly	32	Units	829,400	829,400.00	 	 
	13.11	SMC	419
    Fort Street Garage	637	Units	754,000	754,000.00	 	 
	13.12	SMC	Vinton	21	Units	455,000	455,000.00	 	 
	13.13	SMC	1401
    First Street	633	Units	448,760	448,760.00	 	 
	13.14	SMC	Lane
    Bryant Building	31,695	SF	222,560	222,560.00	 	 
	14	KeyBank	Kings
    Row MHC	336	Pads	26,000,000	26,000,000.00	Amortizing
    Balloon	133,909.78
    
	15	BMO	Salina
    Meadows Office Park	237,496	SF	25,000,000	25,000,000.00	Interest
    Only, Amortizing Balloon	106,035.88
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	24 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 	 	 
	10	BMO	26
    Broadway	Actual/360	4.91000%	0.02234%	4.88766%	6	2/6/2032
	11	SGFC	Autumn
    Lakes	Actual/360	4.78500%	0.01234%	4.77266%	5	3/5/2032
	12	KeyBank	Residence
    Inn Portland	Actual/360	3.43000%	0.02109%	3.40891%	1	3/1/2032
	13	SMC	Bedrock
    Portfolio	Actual/360	3.77800%	0.06109%	3.71691%	1	1/1/2029
	13.01	SMC	First
    National Building	 	 	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 	 	 
	14	KeyBank	Kings
    Row MHC	Actual/360	4.64000%	0.02109%	4.61891%	1	4/1/2032
	15	BMO	Salina
    Meadows Office Park	Actual/360	5.02000%	0.01234%	5.00766%	6	3/6/2032

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	25 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 	 	 	 
	10	BMO	26
    Broadway	2/6/2032	 	120	118	0	0	NAP
	11	SGFC	Autumn
    Lakes	3/5/2032	 	120	119	360	360	NAP
	12	KeyBank	Residence
    Inn Portland	3/1/2032	 	120	119	0	0	NAP
	13	SMC	Bedrock
    Portfolio	1/1/2029	 	84	81	0	0	NAP
	13.01	SMC	First
    National Building	 	 	 	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 	 	 	 
	14	KeyBank	Kings
    Row MHC	4/1/2032	 	120	120	360	360	NAP
	15	BMO	Salina
    Meadows Office Park	3/6/2032	 	120	119	360	360	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	26 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	Fee	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	Fee	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	Fee	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	Fee	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	Fee	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	Fee	 	 	 	 
	10	BMO	26
    Broadway	L(26),D(89),O(5)	Fee	0	5,000
    	1,311,712
    	582,236
    
	11	SGFC	Autumn
    Lakes	L(25),D(92),O(3)	Fee	0	1,250
    	55,923
    	13,981
    
	12	KeyBank	Residence
    Inn Portland	L(25),YM1(89),O(6)	Fee	5	0
    	0
    	Springing
	13	SMC	Bedrock
    Portfolio	L(25),YM1(55),O(4)	 	0	241,558
    	1,696,002
    	424,000
    
	13.01	SMC	First
    National Building	 	Fee	 	 	 	 
	13.02	SMC	The
    Qube	 	Fee	 	 	 	 
	13.03	SMC	Chrysler
    House	 	Fee	 	 	 	 
	13.04	SMC	1001
    Woodward	 	Fee	 	 	 	 
	13.05	SMC	One
    Woodward	 	Leasehold	 	 	 	 
	13.06	SMC	The
    Z Garage	 	Fee	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	Fee	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	Fee	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	Fee	 	 	 	 
	13.10	SMC	The
    Assembly	 	Fee	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	Fee	 	 	 	 
	13.12	SMC	Vinton	 	Fee	 	 	 	 
	13.13	SMC	1401
    First Street	 	Fee	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	Fee	 	 	 	 
	14	KeyBank	Kings
    Row MHC	L(25),YM1(92),O(3)	Fee	0	0
    	11,566
    	3,855
    
	15	BMO	Salina
    Meadows Office Park	L(25),D(91),O(4)	Fee	0	3,875
    	262,788
    	47,482
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	27 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 	 	 	 
	10	BMO	26
    Broadway	Cash	 	468,282
    	46,828
    	Cash	 	1,500,000
    
	11	SGFC	Autumn
    Lakes	Cash	 	10,291
    	10,291
    	Cash	 	0
    
	12	KeyBank	Residence
    Inn Portland	 	 	0
    	Springing	 	 	520,505
    
	13	SMC	Bedrock
    Portfolio	Cash	 	0
    	Springing	 	 	62,336
    
	13.01	SMC	First
    National Building	 	 	 	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 	 	 	 
	14	KeyBank	Kings
    Row MHC	Cash	 	20,794
    	5,199
    	Cash	 	1,848
    
	15	BMO	Salina
    Meadows Office Park	Cash	 	0
    	3,911
    	 	 	143,723
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	28 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 	 	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 	 	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 	 	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 	 	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 	 	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 	 	 	 	 	 
	10	BMO	26
    Broadway	13,995
    	0
    	Cash	 	0
    	89,974
    	5,250,000
    	 	 
	11	SGFC	Autumn
    Lakes	6,146
    	0
    	 	 	0
    	0
    	0
    	 	 
	12	KeyBank	Residence
    Inn Portland	32,897
    	0
    	Cash	 	0
    	0
    	0
    	 	 
	13	SMC	Bedrock
    Portfolio	62,336
    	1,469,568
    	Cash	 	280,690
    	280,690
    	5,000,000
    	Cash	 
	13.01	SMC	First
    National Building	 	 	 	 	 	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 	 	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 	 	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 	 	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 	 	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 	 	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 	 	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 	 	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 	 	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 	 	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 	 	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 	 	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 	 	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 	 	 	 	 	 
	14	KeyBank	Kings
    Row MHC	1,848
    	66,528
    	Cash	 	0
    	0
    	0
    	 	 
	15	BMO	Salina
    Meadows Office Park	2,969
    	0
    	Cash	 	1,500,000
    	19,791
    	2,250,000
    	Cash	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	29 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 	 	 
	10	BMO	26
    Broadway	0
    	0
    	 	 	Court
    of Claims Lease Reserve ($31,000,000), Free Rent Reserve ($1,699,032.19), Live Primary Rent Replication Reserve ($1,019,181.75),
    Initial TI/LC Reserve ($878,236.31)	34,596,450
    
	11	SGFC	Autumn
    Lakes	0
    	0
    	 	 	Pending
    Litigation and Judgement Reserves	50,157
    
	12	KeyBank	Residence
    Inn Portland	0
    	0
    	 	 	 	0
    
	13	SMC	Bedrock
    Portfolio	0
    	0
    	 	 	Outstanding
    TI/LC Reserve (Upfront: $8,392,690), Outstanding Free Rent Reserve (Upfront: $477,905)	8,870,595
    
	13.01	SMC	First
    National Building	 	 	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 	 	 
	14	KeyBank	Kings
    Row MHC	0
    	0
    	 	 	 	0
    
	15	BMO	Salina
    Meadows Office Park	0
    	0
    	 	 	Free
    Rent Reserve ($300,465.22), Alion Reserve ($250,000)	550,465
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	30 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 	 	 
	10	BMO	26
    Broadway	Court
    of Claims Lease Reserve ($31,000,000), Free Rent Reserve ($1,699,032.19), Live Primary Rent Replication Reserve ($1,019,181.75),
    Initial TI/LC Reserve ($878,236.31)	0
    	0
    	Cash	 	NAP
	11	SGFC	Autumn
    Lakes	Pending
    Litigation and Judgement Reserves	0
    	0
    	Cash	 	NAP
	12	KeyBank	Residence
    Inn Portland	 	0
    	0
    	 	 	NAP
	13	SMC	Bedrock
    Portfolio	Outstanding
    TI/LC Reserve (Upfront: $8,392,690), Outstanding Free Rent Reserve (Upfront: $477,905)	0
    	0
    	Cash	 	NAP
	13.01	SMC	First
    National Building	 	 	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 	 	 
	14	KeyBank	Kings
    Row MHC	 	0
    	0
    	 	 	NAP
	15	BMO	Salina
    Meadows Office Park	Free
    Rent Reserve ($300,465.22), Alion Reserve ($250,000)	0
    	0
    	Cash	 	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	31 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 	 
	10	BMO	26
    Broadway	NAP	No	Hard	Broadway
    26 Waterview LLC
	11	SGFC	Autumn
    Lakes	NAP	No	Springing	CIG
    Autumn Lakes, LLC
	12	KeyBank	Residence
    Inn Portland	NAP	No	Springing	Apple
    Nine SPE Portland, Inc.
	13	SMC	Bedrock
    Portfolio	NAP	No	Springing
    (Residential); Hard (Commercial)	Michigan
    Parking Co LLC, 419 Fort Street LLC, 1001 Brush Street LLC, 1001 Webward LLC, One Webward Avenue LLC, 719 Griswold Associates
    LLC, 660 Woodward Associates LLC, 1234 Library LLC, 600 Webward Avenue LLC, 611 Webward Avenue LLC, 1505 Webward LLC, 1520
    Webward Avenue LLC, Corktown Lofts LLC and WWA Parking LLC
	13.01	SMC	First
    National Building	 	 	 	 
	13.02	SMC	The
    Qube	 	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 	 
	13.05	SMC	One
    Woodward	 	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 	 
	13.10	SMC	The
    Assembly	 	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 	 
	13.12	SMC	Vinton	 	 	 	 
	13.13	SMC	1401
    First Street	 	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 	 
	14	KeyBank	Kings
    Row MHC	NAP	No	Springing	Kings
    Row MHC - Delaware LLC
	15	BMO	Salina
    Meadows Office Park	NAP	No	Hard	Aevri
    Salina Meadows LLC

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	32 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	9.01	Barclays	6543
    Las Vegas Boulevard South	 	 	 
	9.02	Barclays	6226
    West Sahara Avenue	 	 	 
	9.03	Barclays	10190
    Covington Cross Drive	 	 	 
	9.04	Barclays	1450
    Center Crossing Road	 	 	 
	9.05	Barclays	6551
    Las Vegas Boulevard South	 	 	 
	9.06	Barclays	9901-9921
    Covington Cross Drive	 	 	 
	10	BMO	26
    Broadway	Meyer
    Chetrit and Jacob Chetrit	0.01125%	0.01250%
	11	SGFC	Autumn
    Lakes	Bradley
    G. Newton	0.00125%	0.00250%
	12	KeyBank	Residence
    Inn Portland	Apple
    Hospitality REIT, Inc.	0.01000%	0.01125%
	13	SMC	Bedrock
    Portfolio	Bedrock
    Detroit	0.05000%	0.05125%
	13.01	SMC	First
    National Building	 	 	 
	13.02	SMC	The
    Qube	 	 	 
	13.03	SMC	Chrysler
    House	 	 	 
	13.04	SMC	1001
    Woodward	 	 	 
	13.05	SMC	One
    Woodward	 	 	 
	13.06	SMC	The
    Z Garage	 	 	 
	13.07	SMC	Two
    Detroit Garage	 	 	 
	13.08	SMC	1505
    & 1515 Woodward	 	 	 
	13.09	SMC	1001
    Brush Street	 	 	 
	13.10	SMC	The
    Assembly	 	 	 
	13.11	SMC	419
    Fort Street Garage	 	 	 
	13.12	SMC	Vinton	 	 	 
	13.13	SMC	1401
    First Street	 	 	 
	13.14	SMC	Lane
    Bryant Building	 	 	 
	14	KeyBank	Kings
    Row MHC	Ray
    K. Farris II 	0.01000%	0.01125%
	15	BMO	Salina
    Meadows Office Park	Moshe
    Rothman	0.00125%	0.00250%

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	33 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	16	KeyBank	Fleet
    Farm Green Bay	213
    North Taylor Street	Green
    Bay	WI	54303	Brown	Retail
	17	BMO	Poplin
    Place	2875-2897;
    2961-3029; 3039-3151 West US Highway 74 	Monroe	NC	28110	Union	Retail
	18	Barclays	1100
    & 820 First Street NE	Various	Washington	DC	20002	District
    of Columbia	Office
	18.01	Barclays	1100
    First Street NE	1100
    First Street Northeast	Washington	DC	20002	District
    of Columbia	Office
	18.02	Barclays	820
    First Street NE	820
    First Street Northeast	Washington	DC	20002	District
    of Columbia	Office
	19	BMO	VVF	5177
    Spring Grove Avenue	Cincinnati	OH	45217	Hamilton	Industrial
	20	KeyBank	Mini
    U Storage Columbia 	9425
    Snowden River Parkway	Columbia
    	MD	21046	Howard	Self
    Storage
	21	Barclays	Meadowood
    Mall	5000
    Meadowood Mall Circle	Reno	NV	89502	Washoe	Retail
	22	SMC	Visions
    Hotel Portfolio III	Various	Various	NY	Various	Various	Hospitality
	22.01	SMC	DoubleTree
    Utica	102
    Lafayette Street	Utica	NY	13502	Oneida
    	Hospitality
	22.02	SMC	Fairfield
    Inn Cortland	3707
    NY-281	Cortland	NY	13045	Cortland	Hospitality
	22.03	SMC	Home2
    Suites Utica	119
    North Genesee Street	Utica	NY	13502	Oneida
    	Hospitality
	22.04	SMC	TownPlace
    Suites New Hartford 	4760
    Middle Settlement Road	New
    Hartford	NY	13413	Oneida
    	Hospitality
	22.05	SMC	Best
    Western Fishkill	14
    Schuyler Boulevard	Fishkill	NY	12524	Dutchess
    	Hospitality
	23	Barclays	NeoGenomics
    Laboratories	9490
    NeoGenomics Way	Fort
    Myers	FL	33912	Lee	Office
	24	Barclays	Adams
    County Self Storage	5999
    and 5975 Pecos Street	Denver	CO	80221	Adams	Self
    Storage
	25	BMO	NYC
    MFRT Portfolio	Various	Various	NY	Various	Various	Various
	25.01	BMO	45
    John Street	45
    John Street a/k/a 1 Dutch Street	New
    York	NY	10038	New
    York	Mixed
    Use
	25.02	BMO	2027-2127
    Emmons Avenue	2027-2127
    Emmons Avenue	Brooklyn	NY	11235	Kings	Retail
	26	BMO	HIX
    Bradenton	4450
    47th Street West 	Bradenton	FL	34210	Manatee	Hospitality

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	34 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	16	KeyBank	Fleet
    Farm Green Bay	240,397	SF	24,750,000	24,750,000.00	Interest
    Only	88,037.24
    
	17	BMO	Poplin
    Place	196,462	SF	24,150,000	24,150,000.00	Interest
    Only, Amortizing Balloon	90,392.00
    
	18	Barclays	1100
    & 820 First Street NE	655,071	SF	21,000,000	21,000,000.00	Interest
    Only	53,273.52
    
	18.01	Barclays	1100
    First Street NE	348,967	SF	12,587,062	12,587,061.61	 	 
	18.02	Barclays	820
    First Street NE	306,104	SF	8,412,938	8,412,938.39	 	 
	19	BMO	VVF	638,595	SF	20,820,000	20,820,000.00	Interest
    Only	84,436.67
    
	20	KeyBank	Mini
    U Storage Columbia 	121,067	SF	20,500,000	20,500,000.00	Interest
    Only, Amortizing Balloon	76,903.47
    
	21	Barclays	Meadowood
    Mall	456,841	SF	18,000,000	17,859,822.09	Amortizing
    Balloon	94,316.30
    
	22	SMC	Visions
    Hotel Portfolio III	516	Rooms	16,000,000	15,979,490.48	Amortizing
    Balloon	77,962.85
    
	22.01	SMC	DoubleTree
    Utica	112	Rooms	4,208,617	4,203,221.99	 	 
	22.02	SMC	Fairfield
    Inn Cortland	81	Rooms	1,995,465	1,992,906.98	 	 
	22.03	SMC	Home2
    Suites Utica	89	Rooms	3,446,712	3,442,293.87	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	95	Rooms	3,446,712	3,442,293.87	 	 
	22.05	SMC	Best
    Western Fishkill	139	Rooms	2,902,494	2,898,773.78	 	 
	23	Barclays	NeoGenomics
    Laboratories	149,547	SF	15,500,000	15,500,000.00	Interest
    Only	54,597.49
    
	24	Barclays	Adams
    County Self Storage	343,880	SF	15,500,000	15,500,000.00	Interest
    Only	58,238.20
    
	25	BMO	NYC
    MFRT Portfolio	137,441	SF	15,200,000	15,200,000.00	Interest
    Only	50,856.67
    
	25.01	BMO	45
    John Street	79,915	SF	8,534,219	8,534,219.27	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	57,526	SF	6,665,781	6,665,780.73	 	 
	26	BMO	HIX
    Bradenton	130	Rooms	13,500,000	13,500,000.00	Amortizing
    Balloon	76,905.81
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	35 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	16	KeyBank	Fleet
    Farm Green Bay	Actual/360	4.21000%	0.02109%	4.18891%	1	3/1/2032
	17	BMO	Poplin
    Place	Actual/360	4.43000%	0.01234%	4.41766%	6	4/6/2032
	18	Barclays	1100
    & 820 First Street NE	Actual/360	3.00250%	0.01234%	2.99016%	1	10/1/2031
	18.01	Barclays	1100
    First Street NE	 	 	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 	 	 
	19	BMO	VVF	Actual/360	4.80000%	0.01234%	4.78766%	6	4/6/2032
	20	KeyBank	Mini
    U Storage Columbia 	Actual/360	4.44000%	0.02109%	4.41891%	1	3/1/2032
	21	Barclays	Meadowood
    Mall	Actual/360	3.93000%	0.01359%	3.91641%	1	12/1/2026
	22	SMC	Visions
    Hotel Portfolio III	Actual/360	4.17000%	0.01359%	4.15641%	6	3/6/2032
	22.01	SMC	DoubleTree
    Utica	 	 	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	Actual/360	4.16900%	0.01234%	4.15666%	6	1/6/2032
	24	Barclays	Adams
    County Self Storage	Actual/360	4.44700%	0.01234%	4.43466%	6	2/6/2032
	25	BMO	NYC
    MFRT Portfolio	Actual/360	3.96000%	0.01234%	3.94766%	6	2/6/2032
	25.01	BMO	45
    John Street	 	 	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 	 	 
	26	BMO	HIX
    Bradenton	Actual/360	5.53000%	0.01234%	5.51766%	6	4/6/2032

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	36 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	16	KeyBank	Fleet
    Farm Green Bay	3/1/2032	 	120	119	0	0	NAP
	17	BMO	Poplin
    Place	4/6/2032	 	120	120	360	360	NAP
	18	Barclays	1100
    & 820 First Street NE	10/1/2031	 	120	114	0	0	NAP
	18.01	Barclays	1100
    First Street NE	 	 	 	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 	 	 	 
	19	BMO	VVF	4/6/2032	 	120	120	0	0	NAP
	20	KeyBank	Mini
    U Storage Columbia 	3/1/2032	 	120	119	360	360	NAP
	21	Barclays	Meadowood
    Mall	12/1/2026	 	60	56	300	296	NAP
	22	SMC	Visions
    Hotel Portfolio III	3/6/2032	 	120	119	360	359	NAP
	22.01	SMC	DoubleTree
    Utica	 	 	 	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	1/6/2032	 	120	117	0	0	NAP
	24	Barclays	Adams
    County Self Storage	2/6/2032	 	120	118	0	0	NAP
	25	BMO	NYC
    MFRT Portfolio	2/6/2032	 	120	118	0	0	NAP
	25.01	BMO	45
    John Street	 	 	 	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 	 	 	 
	26	BMO	HIX
    Bradenton	4/6/2032	 	120	120	360	360	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	37 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	16	KeyBank	Fleet
    Farm Green Bay	L(25),D(92),O(3)	Fee	0	0
    	0
    	Springing
	17	BMO	Poplin
    Place	L(24),D(92),O(4)	Fee	0	57,186
    	165,514
    	20,689
    
	18	Barclays	1100
    & 820 First Street NE	L(35),DorYM1(81),O(4)	 	0	0
    	478,017
    	478,017
    
	18.01	Barclays	1100
    First Street NE	 	Fee	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	Fee	 	 	 	 
	19	BMO	VVF	L(24),D(92),O(4)	Fee	0	23,320
    	0
    	Springing
	20	KeyBank	Mini
    U Storage Columbia 	L(25),YM1(92),O(3)	Fee	0	0
    	239,219
    	26,580
    
	21	Barclays	Meadowood
    Mall	L(28),D(25),O(7)	Fee	0	0
    	0
    	Springing
	22	SMC	Visions
    Hotel Portfolio III	L(25),D(91),O(4)	 	0	0
    	261,784
    	44,077
    
	22.01	SMC	DoubleTree
    Utica	 	Fee	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	Fee	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	Fee	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	Fee	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	Fee	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	L(27),D(89),O(4)	Fee	5	0
    	0
    	Springing
	24	Barclays	Adams
    County Self Storage	L(26),D(90),O(4)	Fee	0	1,125
    	15,211
    	15,211
    
	25	BMO	NYC
    MFRT Portfolio	L(26),D(90),O(4)	 	0	54,676
    	310,620
    	155,310
    
	25.01	BMO	45
    John Street	 	Fee	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	Fee	 	 	 	 
	26	BMO	HIX
    Bradenton	L(24),YM1(92),O(4)	Fee	0	5,720
    	59,389
    	11,878
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	38 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	16	KeyBank	Fleet
    Farm Green Bay	 	 	0
    	Springing	 	 	200,000
    
	17	BMO	Poplin
    Place	Cash	 	0
    	4,137
    	 	 	0
    
	18	Barclays	1100
    & 820 First Street NE	Cash	 	0
    	Springing	 	 	0
    
	18.01	Barclays	1100
    First Street NE	 	 	 	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 	 	 	 
	19	BMO	VVF	 	 	0
    	Springing	 	 	2,476,680
    
	20	KeyBank	Mini
    U Storage Columbia 	Cash	 	20,826
    	1,893
    	Cash	 	1,312
    
	21	Barclays	Meadowood
    Mall	 	 	0
    	Springing	 	 	3,000,000
    
	22	SMC	Visions
    Hotel Portfolio III	Cash	 	203,957
    	20,539
    	Cash	 	0
    
	22.01	SMC	DoubleTree
    Utica	 	 	 	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	 	 	0
    	Springing	 	 	0
    
	24	Barclays	Adams
    County Self Storage	Cash	 	0
    	Springing	 	 	0
    
	25	BMO	NYC
    MFRT Portfolio	Cash	 	0
    	19,058
    	 	 	0
    
	25.01	BMO	45
    John Street	 	 	 	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 	 	 	 
	26	BMO	HIX
    Bradenton	Cash	 	65,109
    	5,426
    	Cash	 	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	39 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	16	KeyBank	Fleet
    Farm Green Bay	Springing	200,000
    	Cash	 	500,000
    	Springing	500,000
    	Cash	 
	17	BMO	Poplin
    Place	4,084
    	0
    	 	 	350,000
    	Springing	500,000
    	Cash	 
	18	Barclays	1100
    & 820 First Street NE	10,918
    	131,014
    	 	 	0
    	81,884
    	2,947,820
    	 	 
	18.01	Barclays	1100
    First Street NE	 	 	 	 	 	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 	 	 	 	 	 
	19	BMO	VVF	17,029
    	0
    	Cash	 	1,500,000
    	0
    	0
    	Cash	 
	20	KeyBank	Mini
    U Storage Columbia 	1,312
    	0
    	Cash	 	0
    	0
    	0
    	 	 
	21	Barclays	Meadowood
    Mall	Springing	228,420
    	Cash	 	0
    	76,140
    	0
    	 	 
	22	SMC	Visions
    Hotel Portfolio III	37,506
    	2,100,000
    	 	 	0
    	0
    	0
    	 	 
	22.01	SMC	DoubleTree
    Utica	 	 	 	 	 	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 	 	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 	 	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 	 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 	 	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	Springing	0
    	 	 	0
    	Springing	0
    	 	 
	24	Barclays	Adams
    County Self Storage	1,996
    	0
    	 	 	0
    	0
    	0
    	 	 
	25	BMO	NYC
    MFRT Portfolio	2,998
    	0
    	 	 	0
    	2,589
    	0
    	 	 
	25.01	BMO	45
    John Street	 	 	 	 	 	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 	 	 	 	 	 
	26	BMO	HIX
    Bradenton	4.0%
    of Gross Income	0
    	 	 	0
    	0
    	0
    	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	40 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	16	KeyBank	Fleet
    Farm Green Bay	0
    	0
    	 	 	 	0
    
	17	BMO	Poplin
    Place	0
    	0
    	 	 	 	0
    
	18	Barclays	1100
    & 820 First Street NE	0
    	0
    	 	 	Unfunded
    Obligations Reserve	12,101,008
    
	18.01	Barclays	1100
    First Street NE	 	 	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 	 	 
	19	BMO	VVF	1,000,000
    	0
    	Cash	 	 	0
    
	20	KeyBank	Mini
    U Storage Columbia 	0
    	0
    	 	 	 	0
    
	21	Barclays	Meadowood
    Mall	0
    	0
    	 	 	 	0
    
	22	SMC	Visions
    Hotel Portfolio III	0
    	0
    	 	 	PIP
    Reserve Fund (Monthly: Springing), DoubleTree Utica FF&E Reserve Fund (Monthly: $16,275), DoubleTree Utica PIP Reserve
    Fund (Monthly: Springing) 	0
    
	22.01	SMC	DoubleTree
    Utica	 	 	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	0
    	0
    	 	 	Anchor
    Tenant Reserve	0
    
	24	Barclays	Adams
    County Self Storage	0
    	0
    	 	 	 	0
    
	25	BMO	NYC
    MFRT Portfolio	0
    	0
    	 	 	Capitalized
    Holdback Reserve (339,267.50), Gap Rent Reserve (125,000), Reduced Rent Reserve (30,681.85)	494,949
    
	25.01	BMO	45
    John Street	 	 	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 	 	 
	26	BMO	HIX
    Bradenton	0
    	0
    	 	 	Earnout
    Reserve (Upfront: $1,000,000), Seasonality Reserve (Upfront: $170,000; Monthly: Springing; Cap: $170,000), PIP Reserve (Monthly:
    Springing; Cap: 125% of the PIP Costs)	1,170,000
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	41 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	16	KeyBank	Fleet
    Farm Green Bay	 	0
    	0
    	 	 	NAP
	17	BMO	Poplin
    Place	 	0
    	0
    	 	 	NAP
	18	Barclays	1100
    & 820 First Street NE	Unfunded
    Obligations Reserve	0
    	0
    	Cash	 	NAP
	18.01	Barclays	1100
    First Street NE	 	 	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 	 	 
	19	BMO	VVF	 	0
    	0
    	 	 	NAP
	20	KeyBank	Mini
    U Storage Columbia 	 	0
    	0
    	 	 	NAP
	21	Barclays	Meadowood
    Mall	 	0
    	0
    	 	 	NAP
	22	SMC	Visions
    Hotel Portfolio III	PIP
    Reserve Fund (Monthly: Springing), DoubleTree Utica FF&E Reserve Fund (Monthly: $16,275), DoubleTree Utica PIP Reserve
    Fund (Monthly: Springing) 	16,275
    	0
    	 	 	NAP
	22.01	SMC	DoubleTree
    Utica	 	 	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	Anchor
    Tenant Reserve	Springing	0
    	 	 	NAP
	24	Barclays	Adams
    County Self Storage	 	0
    	0
    	 	 	NAP
	25	BMO	NYC
    MFRT Portfolio	Capitalized
    Holdback Reserve (339,267.50), Gap Rent Reserve (125,000), Reduced Rent Reserve (30,681.85)	0
    	0
    	Cash	 	339,268
    
	25.01	BMO	45
    John Street	 	 	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 	 	 
	26	BMO	HIX
    Bradenton	Earnout
    Reserve (Upfront: $1,000,000), Seasonality Reserve (Upfront: $170,000; Monthly: Springing; Cap: $170,000), PIP Reserve (Monthly:
    Springing; Cap: 125% of the PIP Costs)	Springing	170,000
    	Cash	 	1,000,000
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	42 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	16	KeyBank	Fleet
    Farm Green Bay	NAP	No	Hard	KB
    Green Bay West, DST
	17	BMO	Poplin
    Place	NAP	No	Hard	Poplin
    Place LLC
	18	Barclays	1100
    & 820 First Street NE	NAP	No	Hard	UNIZO
    Real Estate DC Three, LLC and UNIZO Real Estate DC Four, LLC
	18.01	Barclays	1100
    First Street NE	 	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 	 
	19	BMO	VVF	NAP	No	Hard	CAI
    Investments Healthcare Products I, DST
	20	KeyBank	Mini
    U Storage Columbia 	NAP	No	Springing	Mini
    U Storage Columbia Limited Partnership
	21	Barclays	Meadowood
    Mall	NAP	No	Hard	Meadowood
    Mall SPE, LLC
	22	SMC	Visions
    Hotel Portfolio III	NAP	No	Springing	Cortland
    Hotel Group LLC, Lafayette Hotel Associates DEL LLC, Harbor Point Lodging Associates LLC, New Hartford Lodging Group LLC and
    Poughkeepsie Fishkill Lodging Associates LLC
	22.01	SMC	DoubleTree
    Utica	 	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	NAP	No	Soft	NEO
    G FL, LLC
	24	Barclays	Adams
    County Self Storage	NAP	No	Springing	FultonBSH
    ACCO I, LLC
	25	BMO	NYC
    MFRT Portfolio	NAP	No	Soft
    (Residential); Hard (Commercial)	45
    John NY LLC and 2027 LLC
	25.01	BMO	45
    John Street	 	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 	 
	26	BMO	HIX
    Bradenton	NAP	No	Hard	Kansas
    Snowbird LLC

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	43 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	16	KeyBank	Fleet
    Farm Green Bay	Jeff
    Pori	0.01000%	0.01125%
	17	BMO	Poplin
    Place	Mark
    Irgang	0.00125%	0.00250%
	18	Barclays	1100
    & 820 First Street NE	UNIZO
    Holdings U.S., LLC	0.00125%	0.00250%
	18.01	Barclays	1100
    First Street NE	 	 	 
	18.02	Barclays	820
    First Street NE	 	 	 
	19	BMO	VVF	Christopher
    Beavor, Four Pillars Legacy Trust, Life Pillars, LLC and CAI Investments Healthcare Products I Master Lessee, LLC	0.00125%	0.00250%
	20	KeyBank	Mini
    U Storage Columbia 	Dahn
    Corporation 	0.01000%	0.01125%
	21	Barclays	Meadowood
    Mall	Simon
    Property Group, L.P.	0.00250%	0.00375%
	22	SMC	Visions
    Hotel Portfolio III	Arun
    Patel and Hemant Patel	0.00250%	0.00375%
	22.01	SMC	DoubleTree
    Utica	 	 	 
	22.02	SMC	Fairfield
    Inn Cortland	 	 	 
	22.03	SMC	Home2
    Suites Utica	 	 	 
	22.04	SMC	TownPlace
    Suites New Hartford 	 	 	 
	22.05	SMC	Best
    Western Fishkill	 	 	 
	23	Barclays	NeoGenomics
    Laboratories	Tracey
    Darroll	0.00125%	0.00250%
	24	Barclays	Adams
    County Self Storage	George
    Thacker, Lawrence Charles Kaplan and Richard Schontz	0.00125%	0.00250%
	25	BMO	NYC
    MFRT Portfolio	Yakubov
    US Trust 2013, a Florida Trust and Thomas Yakubaros	0.00125%	0.00250%
	25.01	BMO	45
    John Street	 	 	 
	25.02	BMO	2027-2127
    Emmons Avenue	 	 	 
	26	BMO	HIX
    Bradenton	Dennis
    Hulsing	0.00125%	0.00250%

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	44 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	27	SMC	Decatur
    Business Center	5475
    South Decatur Boulevard	Las
    Vegas	NV	89118	Clark	Industrial
	28	SMC	5
    Mile Plaza	10346
    West Overland Road	Boise	ID	83709	Ada	Retail
	29	BMO	AMF
    Portfolio	Various	Various	Various	Various	Various	Multifamily
	29.01	BMO	Cambridge
    Commons	4964
    Oakhurst Drive	Indianapolis	IN	46254	Marion	Multifamily
	29.02	BMO	Indian
    Lake I	100
    Indian Lake Drive	Morrow	GA	30260	Clayton	Multifamily
	29.03	BMO	Stewart
    Way 1	302
    West General Stewart Way	Hinesville	GA	31313	Liberty	Multifamily
	29.04	BMO	Cedargate
    Lancaster	1410
    Sheridan Drive	Lancaster	OH	43130	Fairfield	Multifamily

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	45 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	27	SMC	Decatur
    Business Center	88,205	SF	13,000,000	12,984,331.84	Amortizing
    Balloon	65,483.44
    
	28	SMC	5
    Mile Plaza	153,233	SF	12,250,000	12,176,738.24	Amortizing
    Balloon	56,523.33
    
	29	BMO	AMF
    Portfolio	3,299	Units	10,000,000	10,000,000.00	Interest
    Only, Amortizing Balloon	31,462.75
    
	29.01	BMO	Cambridge
    Commons	235	Units	697,956	697,955.58	 	 
	29.02	BMO	Indian
    Lake I	243	Units	619,642	619,642.27	 	 
	29.03	BMO	Stewart
    Way 1	190	Units	574,767	574,766.74	 	 
	29.04	BMO	Cedargate
    Lancaster	157	Units	506,789	506,788.60	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	46 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	27	SMC	Decatur
    Business Center	Actual/360	4.45000%	0.01234%	4.43766%	6	3/6/2032
	28	SMC	5
    Mile Plaza	Actual/360	3.72000%	0.05234%	3.66766%	6	12/6/2031
	29	BMO	AMF
    Portfolio	Actual/360	3.72381%	0.01234%	3.71147%	6	11/6/2031
	29.01	BMO	Cambridge
    Commons	 	 	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	47 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	27	SMC	Decatur
    Business Center	3/6/2032	 	120	119	360	359	NAP
	28	SMC	5
    Mile Plaza	12/6/2031	 	120	116	360	356	NAP
	29	BMO	AMF
    Portfolio	11/6/2031	 	120	115	360	360	NAP
	29.01	BMO	Cambridge
    Commons	 	 	 	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	48 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	27	SMC	Decatur
    Business Center	L(25),D(91),O(4)	Fee	0	0
    	4,790
    	4,790
    
	28	SMC	5
    Mile Plaza	L(28),YM1(88),O(4)	Fee	0	29,000
    	0
    	16,017
    
	29	BMO	AMF
    Portfolio	L(29),D(86),O(5)	 	0	756,042
    	715,487
    	168,641
    
	29.01	BMO	Cambridge
    Commons	 	Fee	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	Fee	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	Fee	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	Fee	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	49 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	27	SMC	Decatur
    Business Center	Cash	 	11,265
    	1,408
    	Cash	 	0
    
	28	SMC	5
    Mile Plaza	 	 	19,930
    	1,661
    	Cash	 	0
    
	29	BMO	AMF
    Portfolio	Cash	 	403,757
    	100,786
    	Cash	 	500,000
    
	29.01	BMO	Cambridge
    Commons	 	 	 	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	50 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	27	SMC	Decatur
    Business Center	1,103
    	55,000
    	 	 	0
    	7,350
    	265,000
    	 	 
	28	SMC	5
    Mile Plaza	2,554
    	150,000
    	 	 	200,000
    	12,769
    	660,000
    	Cash	 
	29	BMO	AMF
    Portfolio	82,475
    	0
    	Cash	 	0
    	0
    	0
    	 	 
	29.01	BMO	Cambridge
    Commons	 	 	 	 	 	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 	 	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 	 	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	51 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	27	SMC	Decatur
    Business Center	0
    	0
    	 	 	Economic
    Performance Reserve	1,500,000
    
	28	SMC	5
    Mile Plaza	0
    	0
    	 	 	Free
    Rent Reserve (Upfront: $7,809), Major Tenant Reserve (Monthly: Springing)	7,809
    
	29	BMO	AMF
    Portfolio	0
    	0
    	 	 	 	0
    
	29.01	BMO	Cambridge
    Commons	 	 	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	52 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	27	SMC	Decatur
    Business Center	Economic
    Performance Reserve	0
    	0
    	Cash	 	NAP
	28	SMC	5
    Mile Plaza	Free
    Rent Reserve (Upfront: $7,809), Major Tenant Reserve (Monthly: Springing)	Springing	0
    	Cash	 	NAP
	29	BMO	AMF
    Portfolio	 	0
    	0
    	 	 	NAP
	29.01	BMO	Cambridge
    Commons	 	 	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	53 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	27	SMC	Decatur
    Business Center	NAP	No	Springing	Decatur
    Business Center, LLC
	28	SMC	5
    Mile Plaza	NAP	No	Springing	1210
    Boise BOE LLC
	29	BMO	AMF
    Portfolio	NAP	No	Soft	Amberwood
    Apartments of Stark County, Limited Partnership, Amesbury Apartments of Columbus, Ltd., Amesbury Apartments of Columbus, II,
    L.L.C., Andover Court Apartments of Mt. Vernon, Ltd., Annhurst Apartments of Indianapolis, Ltd., Applegate Apartments of Columbus,
    Ltd., Ashford Hill Apartments of Reynoldsburg, Ltd., Barrington Apartments of Dekalb County, Ltd. (L.P.), Cambridge Commons
    Apartments of Indianapolis, II, Limited Partnership, Cambridge Commons Apartments of Indianapolis, III, Limited Partnership,
    Cambridge Commons Apartments of Indianapolis, Ltd., Camellia Court Apartments of Dayton, II, Ltd., Camellia Court Apartments
    of Dayton, Ltd., Cardinal Diversified Properties I, Limited Partnership, Carriage Hills Apartments of Dublin, Ltd. (L.P.),
    Cedargate Apartments of Englewood, Ltd., Cedargate Apartments of Lancaster, Ltd., Cherry Glen Apartments of Mario County,
    Limited Partnership, Dogwood Terrace Apartments of Lancaster, Ltd., Greenglen Apartments of Toledo, II, Ltd., Harbinwood Apartments
    of Gwinnett County, Ltd. (L.P.), Indian Lake Apartments of Atlanta, Ltd. (L.P.), Lexford Gakb, L.L.C., Meadowland Apartments
    of Clarke County, Ltd. (L.P.), Meadowland Apartments of Mansfield, Ltd., Millburn Court Apartments of Dayton, II, Ltd., Millburn
    Court I Apartments LLC, Oakley Woods Apartments of Union City, Ltd. (L.P.), Olivewood Apartments of Indianapolis, II, Ltd.,
    Olivewood Apartments of Indianapolis, Ltd., Parkville, Ltd., Plumwood Apartments of Columbus, III, Ltd., Plumwood Apartments,
    Ltd., Red Deer Apartments of Fairborn, II, Limited Partnership, Red Deer Apartments of Fairborn, Ltd., Rosewood Apartments
    of Columbus, Ltd., Sandalwood Apartments of Toledo, Ltd., Sherbrook Apartments of Columbus, Ltd., Spicewood Apartments of
    Indianapolis, Ltd., Stewart Way III Apartments LLC, Stonehenge Apartments of Indianapolis, Ltd., Stonehenge Apartments of
    Stark County, Ltd., Timberwoods Apartments of Perry, Ltd. (L.P.), Willow Run Apartments of New Albany, Ltd., Winthrop Court
    Apartments of Columbus, II, Ltd. and Winthrop Court Apartments of Columbus, Ltd.
	29.01	BMO	Cambridge
    Commons	 	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	54 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	27	SMC	Decatur
    Business Center	Terrall
    C. York	0.00125%	0.00250%
	28	SMC	5
    Mile Plaza	Brian
    Weiss	0.00125%	0.04250%
	29	BMO	AMF
    Portfolio	Arbor
    Realty Sr, Inc.	0.00125%	0.00250%
	29.01	BMO	Cambridge
    Commons	 	 	 
	29.02	BMO	Indian
    Lake I	 	 	 
	29.03	BMO	Stewart
    Way 1	 	 	 
	29.04	BMO	Cedargate
    Lancaster	 	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	55 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	29.05	BMO	Amesbury	3155
    Harshman Drive	Reynoldsburg	OH	43068	Franklin	Multifamily
	29.06	BMO	Red
    Deer	2202
    Roseanne Court	Fairborn	OH	45324	Greene	Multifamily
	29.07	BMO	Olivewood	2069
    Olivewood Drive	Indianapolis	IN	46219	Marion	Multifamily
	29.08	BMO	Cherry
    Glen	2760
    Cherry Glen Way	Indianapolis	IN	46227	Marion	Multifamily
	29.09	BMO	Plumwood	1050
    Plumrose Drive	Columbus	OH	43228	Franklin	Multifamily
	29.10	BMO	Camelia
    Court	4542
    Kalida Avenue	Dayton	OH	45424	Montgomery	Multifamily
	29.11	BMO	Cedargate	701
    North Union Road	Clayton	OH	45315	Montgomery	Multifamily
	29.12	BMO	Millburn
    Court	8324
    Millwheel Drive	Dayton	OH	45458	Montgomery	Multifamily
	29.13	BMO	Rosewood
    Apartments	5554
    Covert Drive	Columbus	OH	43231	Franklin	Multifamily
	29.14	BMO	Winthrop
    Court	2531
    Arborview Drive	Columbus	OH	43229	Franklin	Multifamily
	29.15	BMO	Annhurst	4958
    Dawn Drive	Indianapolis	IN	46268	Marion	Multifamily
	29.16	BMO	Ashford
    Hills	1367
    Beeler Drive	Reynoldsburg	OH	43068	Franklin	Multifamily
	29.17	BMO	Harbinwood	1295
    Harbins Road	Norcross	GA	30093	Gwinnett	Multifamily
	29.18	BMO	Willow
    Run - New Albany	1
    Plaza Drive	New
    Albany	IN	47150	Floyd	Multifamily
	29.19	BMO	Parkville	2346
    Parkgreen Place	Columbus	OH	43229	Franklin	Multifamily
	29.20	BMO	Applegate	2230
    Applegate Drive	Columbus	IN	47203	Bartholomew	Multifamily
	29.21	BMO	Stonehenge	799
    17th Street Northwest	Massillon	OH	44647	Stark	Multifamily
	29.22	BMO	Meadowland	200
    Crane Drive	Bogart	GA	30622	Clarke	Multifamily
	29.23	BMO	Amberwood
    - Massillion	3648
    Wales Avenue Northwest	Massillon	OH	44646	Stark	Multifamily
	29.24	BMO	Timberwood	710
    Mason Terrace	Perry	GA	31069	Houston	Multifamily
	29.25	BMO	Sherbrook	6677
    Guinevere Drive	Columbus	OH	43229	Franklin	Multifamily
	29.26	BMO	Stonehenge
    Apartments	7980
    Dunston Drive	Indianapolis	IN	46239	Marion	Multifamily
	29.27	BMO	Oakley
    Woods	6300
    Oakley Road	Union
    City	GA	30291	Fulton	Multifamily
	29.28	BMO	Carriage
    Hill	604
    Hillcrest Parkway	Dublin	GA	31021	Laurens	Multifamily
	29.29	BMO	Barrington	750
    Northern Avenue	Clarkston	GA	30021	DeKalb	Multifamily
	29.30	BMO	Andover
    Court	1095
    Beech Street	Mount
    Vernon	OH	43050	Knox	Multifamily
	29.31	BMO	Greenglen
    II	2015
    North McCord Road	Toledo	OH	43615	Lucas	Multifamily
	29.32	BMO	Sandalwood	4804
    West Bancroft Street	Toledo	OH	43615	Lucas	Multifamily
	29.33	BMO	Spicewood	3714
    Bartlett Avenue	Indianapolis	IN	46227	Marion	Multifamily
	29.34	BMO	Meadowood
    - Mansfield	798
    Straub Road West	Mansfield	OH	44904	Richland	Multifamily
	30	SGFC	7
    Corporate Park	7
    Corporate Park	Irvine	CA	92606	Orange	Office
	31	Barclays	Statesville
    Mini Storage	1202,
    1421, 1444 and 1446 Barkley Road North	Statesville	NC	28677	Iredell	Self
    Storage
	32	Barclays	Balch
    Springs Self Storage	4108
    Hickory Tree Road	Balch
    Springs	TX	75180	Dallas	Self
    Storage
	33	Barclays	Brush
    Hill Office Flex	740-770
    Pasquinelli Drive	Westmont	IL	60559	DuPage	Office
	34	SGFC	64-68
    Maspeth Avenue	64-68
    Maspeth Avenue	Brooklyn	NY	11211	Kings	Multifamily
	35	SGFC	65
    Maspeth Avenue	65
    Maspeth Avenue	Brooklyn	NY	11211	Kings	Multifamily
	36	Barclays	Il
    Palazzo	5940
    West Union Hills Drive	Glendale	AZ	85308	Maricopa	Mixed
    Use
	37	SGFC	New
    Highlands Self Storage	2385
    EF Griffin Road	Bartow	FL	33830	Polk	Self
    Storage

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	56 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	29.05	BMO	Amesbury	149	Units	473,446	473,445.58	 	 
	29.06	BMO	Red
    Deer	131	Units	449,889	449,889.01	 	 
	29.07	BMO	Olivewood	128	Units	427,206	427,206.28	 	 
	29.08	BMO	Cherry
    Glen	137	Units	422,197	422,197.09	 	 
	29.09	BMO	Plumwood	143	Units	407,891	407,890.87	 	 
	29.10	BMO	Camelia
    Court	110	Units	397,108	397,108.02	 	 
	29.11	BMO	Cedargate	130	Units	371,215	371,215.12	 	 
	29.12	BMO	Millburn
    Court	115	Units	333,979	333,979.01	 	 
	29.13	BMO	Rosewood
    Apartments	89	Units	325,413	325,413.26	 	 
	29.14	BMO	Winthrop
    Court	100	Units	309,586	309,586.10	 	 
	29.15	BMO	Annhurst	83	Units	269,082	269,082.44	 	 
	29.16	BMO	Ashford
    Hills	77	Units	244,435	244,435.29	 	 
	29.17	BMO	Harbinwood	72	Units	239,560	239,559.71	 	 
	29.18	BMO	Willow
    Run - New Albany	64	Units	237,976	237,976.10	 	 
	29.19	BMO	Parkville	100	Units	235,586	235,586.10	 	 
	29.20	BMO	Applegate	58	Units	204,339	204,339.42	 	 
	29.21	BMO	Stonehenge	60	Units	202,638	202,638.49	 	 
	29.22	BMO	Meadowland	60	Units	198,014	198,013.78	 	 
	29.23	BMO	Amberwood
    - Massillion	63	Units	175,295	175,294.83	 	 
	29.24	BMO	Timberwood	60	Units	175,278	175,278.49	 	 
	29.25	BMO	Sherbrook	60	Units	172,404	172,403.72	 	 
	29.26	BMO	Stonehenge
    Apartments	60	Units	168,472	168,471.69	 	 
	29.27	BMO	Oakley
    Woods	60	Units	167,250	167,250.23	 	 
	29.28	BMO	Carriage
    Hill	60	Units	161,750	161,749.83	 	 
	29.29	BMO	Barrington	47	Units	153,278	153,278.14	 	 
	29.30	BMO	Andover
    Court	51	Units	147,798	147,797.56	 	 
	29.31	BMO	Greenglen
    II	58	Units	146,413	146,413.02	 	 
	29.32	BMO	Sandalwood	50	Units	141,576	141,575.52	 	 
	29.33	BMO	Spicewood	49	Units	141,279	141,279.24	 	 
	29.34	BMO	Meadowood
    - Mansfield	50	Units	100,493	100,492.85	 	 
	30	SGFC	7
    Corporate Park	37,699	SF	10,000,000	10,000,000.00	Interest
    Only	35,570.60
    
	31	Barclays	Statesville
    Mini Storage	101,895	SF	9,750,000	9,750,000.00	Interest
    Only, Amortizing Balloon	32,852.53
    
	32	Barclays	Balch
    Springs Self Storage	80,265	SF	9,700,000	9,700,000.00	Interest
    Only	34,864.09
    
	33	Barclays	Brush
    Hill Office Flex	110,299	SF	8,700,000	8,700,000.00	Interest
    Only, Amortizing Balloon	26,793.28
    
	34	SGFC	64-68
    Maspeth Avenue	24	Units	8,330,000	8,330,000.00	Interest
    Only	25,055.56
    
	35	SGFC	65
    Maspeth Avenue	21	Units	8,200,000	8,200,000.00	Interest
    Only	24,248.84
    
	36	Barclays	Il
    Palazzo	44,680	SF	7,500,000	7,500,000.00	Interest
    Only	28,110.07
    
	37	SGFC	New
    Highlands Self Storage	68,724	SF	6,000,000	6,000,000.00	Interest
    Only	20,936.81
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	57 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	29.05	BMO	Amesbury	 	 	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 	 	 
	30	SGFC	7
    Corporate Park	Actual/360	4.21000%	0.01234%	4.19766%	1	3/1/2032
	31	Barclays	Statesville
    Mini Storage	Actual/360	3.98800%	0.01234%	3.97566%	6	1/6/2032
	32	Barclays	Balch
    Springs Self Storage	Actual/360	4.25400%	0.01234%	4.24166%	6	1/6/2032
	33	Barclays	Brush
    Hill Office Flex	Actual/360	3.64500%	0.01234%	3.63266%	6	3/6/2032
	34	SGFC	64-68
    Maspeth Avenue	Actual/360	3.56000%	0.01234%	3.54766%	1	2/1/2032
	35	SGFC	65
    Maspeth Avenue	Actual/360	3.50000%	0.01234%	3.48766%	1	2/1/2032
	36	Barclays	Il
    Palazzo	Actual/360	4.43600%	0.01234%	4.42366%	6	2/6/2032
	37	SGFC	New
    Highlands Self Storage	Actual/360	4.13000%	0.01234%	4.11766%	1	4/1/2032

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	58 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	29.05	BMO	Amesbury	 	 	 	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 	 	 	 
	30	SGFC	7
    Corporate Park	3/1/2032	 	120	119	0	0	NAP
	31	Barclays	Statesville
    Mini Storage	1/6/2032	 	120	117	360	360	NAP
	32	Barclays	Balch
    Springs Self Storage	1/6/2032	 	120	117	0	0	NAP
	33	Barclays	Brush
    Hill Office Flex	3/6/2032	 	120	119	360	360	NAP
	34	SGFC	64-68
    Maspeth Avenue	2/1/2032	 	120	118	0	0	NAP
	35	SGFC	65
    Maspeth Avenue	2/1/2032	 	120	118	0	0	NAP
	36	Barclays	Il
    Palazzo	2/6/2032	 	120	118	0	0	NAP
	37	SGFC	New
    Highlands Self Storage	4/1/2032	 	120	120	0	0	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	59 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	29.05	BMO	Amesbury	 	Fee	 	 	 	 
	29.06	BMO	Red
    Deer	 	Fee	 	 	 	 
	29.07	BMO	Olivewood	 	Fee	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	Fee	 	 	 	 
	29.09	BMO	Plumwood	 	Fee	 	 	 	 
	29.10	BMO	Camelia
    Court	 	Fee	 	 	 	 
	29.11	BMO	Cedargate	 	Fee	 	 	 	 
	29.12	BMO	Millburn
    Court	 	Fee	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	Fee	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	Fee	 	 	 	 
	29.15	BMO	Annhurst	 	Fee	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	Fee	 	 	 	 
	29.17	BMO	Harbinwood	 	Fee	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	Fee	 	 	 	 
	29.19	BMO	Parkville	 	Fee	 	 	 	 
	29.20	BMO	Applegate	 	Fee	 	 	 	 
	29.21	BMO	Stonehenge	 	Fee	 	 	 	 
	29.22	BMO	Meadowland	 	Fee	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	Fee	 	 	 	 
	29.24	BMO	Timberwood	 	Fee	 	 	 	 
	29.25	BMO	Sherbrook	 	Fee	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	Fee	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	Fee	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	Fee	 	 	 	 
	29.29	BMO	Barrington	 	Fee	 	 	 	 
	29.30	BMO	Andover
    Court	 	Fee	 	 	 	 
	29.31	BMO	Greenglen
    II	 	Fee	 	 	 	 
	29.32	BMO	Sandalwood	 	Fee	 	 	 	 
	29.33	BMO	Spicewood	 	Fee	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	Fee	 	 	 	 
	30	SGFC	7
    Corporate Park	L(60),YM1(56),O(4)	Fee	0	4,400
    	26,825
    	13,412
    
	31	Barclays	Statesville
    Mini Storage	L(27),D(89),O(4)	Fee	0	16,594
    	1,545
    	1,545
    
	32	Barclays	Balch
    Springs Self Storage	L(24),YM1(92),O(4)	Fee	0	1,875
    	19,744
    	9,872
    
	33	Barclays	Brush
    Hill Office Flex	L(25),D(91),O(4)	Fee	0	96,875
    	139,149
    	19,878
    
	34	SGFC	64-68
    Maspeth Avenue	L(26),D(90),O(4)	Fee	0	2,000
    	370
    	185
    
	35	SGFC	65
    Maspeth Avenue	L(26),D(90),O(4)	Fee	0	51,875
    	1,762
    	881
    
	36	Barclays	Il
    Palazzo	L(26),D(87),O(7)	Fee	0	0
    	14,265
    	14,265
    
	37	SGFC	New
    Highlands Self Storage	L(24),D(92),O(4)	Fee	0	6,130
    	21,848
    	3,642
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	60 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	29.05	BMO	Amesbury	 	 	 	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 	 	 	 
	30	SGFC	7
    Corporate Park	Cash	 	1,455
    	727
    	Cash	 	565
    
	31	Barclays	Statesville
    Mini Storage	Cash	 	7,667
    	1,095
    	Cash	 	168,630
    
	32	Barclays	Balch
    Springs Self Storage	Cash	 	0
    	Springing	 	 	0
    
	33	Barclays	Brush
    Hill Office Flex	Cash	 	4,592
    	4,592
    	Cash	 	76,185
    
	34	SGFC	64-68
    Maspeth Avenue	Cash	 	2,282
    	1,141
    	Cash	 	0
    
	35	SGFC	65
    Maspeth Avenue	Cash	 	2,833
    	1,417
    	Cash	 	0
    
	36	Barclays	Il
    Palazzo	Cash	 	1,246
    	1,246
    	Cash	 	0
    
	37	SGFC	New
    Highlands Self Storage	Cash	 	10,436
    	2,609
    	Cash	 	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	61 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	29.05	BMO	Amesbury	 	 	 	 	 	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 	 	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 	 	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 	 	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 	 	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 	 	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 	 	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 	 	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 	 	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 	 	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 	 	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 	 	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 	 	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 	 	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 	 	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 	 	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 	 	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 	 	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 	 	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 	 	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 	 	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 	 	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 	 	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 	 	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 	 	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 	 	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 	 	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 	 	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 	 	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 	 	 	 	 	 
	30	SGFC	7
    Corporate Park	565
    	0
    	Cash	 	37,520
    	4,712
    	0
    	Cash	 
	31	Barclays	Statesville
    Mini Storage	849
    	0
    	Cash	 	0
    	0
    	0
    	 	 
	32	Barclays	Balch
    Springs Self Storage	669
    	0
    	 	 	0
    	0
    	0
    	 	 
	33	Barclays	Brush
    Hill Office Flex	1,838
    	110,299
    	Cash	 	700,000
    	Springing	500,000
    	Cash	 
	34	SGFC	64-68
    Maspeth Avenue	500
    	0
    	 	 	0
    	0
    	0
    	 	 
	35	SGFC	65
    Maspeth Avenue	438
    	0
    	 	 	0
    	676
    	0
    	 	 
	36	Barclays	Il
    Palazzo	745
    	0
    	 	 	268,000
    	Springing	268,000
    	Cash	 
	37	SGFC	New
    Highlands Self Storage	0
    	0
    	 	 	0
    	0
    	0
    	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	62 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	29.05	BMO	Amesbury	 	 	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 	 	 
	30	SGFC	7
    Corporate Park	0
    	0
    	 	 	Free
    Rent Reserve	184,609
    
	31	Barclays	Statesville
    Mini Storage	0
    	0
    	 	 	Holdback
    Reserve	440,000
    
	32	Barclays	Balch
    Springs Self Storage	0
    	0
    	 	 	 	0
    
	33	Barclays	Brush
    Hill Office Flex	0
    	0
    	 	 	Unfunded
    Obligations Reserve	53,517
    
	34	SGFC	64-68
    Maspeth Avenue	0
    	0
    	 	 	 	0
    
	35	SGFC	65
    Maspeth Avenue	0
    	0
    	 	 	 	0
    
	36	Barclays	Il
    Palazzo	0
    	0
    	 	 	Existing
    TI/LC Reserve ($431,517.01), Free Rent Reserve ($146,417.20), Gap Rent Reserve ($24,763.99)	602,698
    
	37	SGFC	New
    Highlands Self Storage	0
    	0
    	 	 	 	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	63 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	29.05	BMO	Amesbury	 	 	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 	 	 
	30	SGFC	7
    Corporate Park	Free
    Rent Reserve	0
    	0
    	Cash	 	NAP
	31	Barclays	Statesville
    Mini Storage	Holdback
    Reserve	0
    	0
    	Cash	 	440,000
    
	32	Barclays	Balch
    Springs Self Storage	 	0
    	0
    	 	 	NAP
	33	Barclays	Brush
    Hill Office Flex	Unfunded
    Obligations Reserve	0
    	0
    	Cash	 	NAP
	34	SGFC	64-68
    Maspeth Avenue	 	0
    	0
    	 	 	NAP
	35	SGFC	65
    Maspeth Avenue	 	0
    	0
    	 	 	NAP
	36	Barclays	Il
    Palazzo	Existing
    TI/LC Reserve ($431,517.01), Free Rent Reserve ($146,417.20), Gap Rent Reserve ($24,763.99)	0
    	0
    	Cash	 	NAP
	37	SGFC	New
    Highlands Self Storage	 	0
    	0
    	 	 	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	64 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	29.05	BMO	Amesbury	 	 	 	 
	29.06	BMO	Red
    Deer	 	 	 	 
	29.07	BMO	Olivewood	 	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 	 
	29.09	BMO	Plumwood	 	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 	 
	29.11	BMO	Cedargate	 	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 	 
	29.15	BMO	Annhurst	 	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 	 
	29.17	BMO	Harbinwood	 	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 	 
	29.19	BMO	Parkville	 	 	 	 
	29.20	BMO	Applegate	 	 	 	 
	29.21	BMO	Stonehenge	 	 	 	 
	29.22	BMO	Meadowland	 	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 	 
	29.24	BMO	Timberwood	 	 	 	 
	29.25	BMO	Sherbrook	 	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 	 
	29.29	BMO	Barrington	 	 	 	 
	29.30	BMO	Andover
    Court	 	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 	 
	29.32	BMO	Sandalwood	 	 	 	 
	29.33	BMO	Spicewood	 	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 	 
	30	SGFC	7
    Corporate Park	NAP	No	Hard	7C
    Blue Sky Venture, LLC
	31	Barclays	Statesville
    Mini Storage	NAP	No	Springing	FultonBSH
    SVNC II, LLC and FultonBSH SVNC III, LLC
	32	Barclays	Balch
    Springs Self Storage	NAP	No	Springing	Malcolm
    TX LLC, Ruby Terrace Texas LLC and Alder Street Balch Springs LLC
	33	Barclays	Brush
    Hill Office Flex	NAP	No	Springing	Fulton
    WestmontIL, LLC
	34	SGFC	64-68
    Maspeth Avenue	NAP	No	Springing	64
    Tryline LLC
	35	SGFC	65
    Maspeth Avenue	NAP	No	Springing	65
    Tryline LLC
	36	Barclays	Il
    Palazzo	NAP	No	Springing	Palazzo
    Medical Properties, L.P. 
	37	SGFC	New
    Highlands Self Storage	NAP	No	Springing	New
    Highlands, LLC

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	65 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	29.05	BMO	Amesbury	 	 	 
	29.06	BMO	Red
    Deer	 	 	 
	29.07	BMO	Olivewood	 	 	 
	29.08	BMO	Cherry
    Glen	 	 	 
	29.09	BMO	Plumwood	 	 	 
	29.10	BMO	Camelia
    Court	 	 	 
	29.11	BMO	Cedargate	 	 	 
	29.12	BMO	Millburn
    Court	 	 	 
	29.13	BMO	Rosewood
    Apartments	 	 	 
	29.14	BMO	Winthrop
    Court	 	 	 
	29.15	BMO	Annhurst	 	 	 
	29.16	BMO	Ashford
    Hills	 	 	 
	29.17	BMO	Harbinwood	 	 	 
	29.18	BMO	Willow
    Run - New Albany	 	 	 
	29.19	BMO	Parkville	 	 	 
	29.20	BMO	Applegate	 	 	 
	29.21	BMO	Stonehenge	 	 	 
	29.22	BMO	Meadowland	 	 	 
	29.23	BMO	Amberwood
    - Massillion	 	 	 
	29.24	BMO	Timberwood	 	 	 
	29.25	BMO	Sherbrook	 	 	 
	29.26	BMO	Stonehenge
    Apartments	 	 	 
	29.27	BMO	Oakley
    Woods	 	 	 
	29.28	BMO	Carriage
    Hill	 	 	 
	29.29	BMO	Barrington	 	 	 
	29.30	BMO	Andover
    Court	 	 	 
	29.31	BMO	Greenglen
    II	 	 	 
	29.32	BMO	Sandalwood	 	 	 
	29.33	BMO	Spicewood	 	 	 
	29.34	BMO	Meadowood
    - Mansfield	 	 	 
	30	SGFC	7
    Corporate Park	Yongsam
    Lee, Jenny Lee, Yongsam Lee as trustee of the Yongsam and Jenny Lee Revocable Trust dated March 25, 2008 and Jenny Lee as
    trustee of the Yongsam and Jenny Lee Revocable Trust dated March 25, 2008	0.00125%	0.00250%
	31	Barclays	Statesville
    Mini Storage	George
    Thacker, Lawrence Charles Kaplan and Richard Schontz	0.00125%	0.00250%
	32	Barclays	Balch
    Springs Self Storage	David
    Beattie, Jay Beattie and Allan L. Beattie, Jr.	0.00125%	0.00250%
	33	Barclays	Brush
    Hill Office Flex	George
    Thacker, Lawrence Charles Kaplan and Riverside Realty Capital	0.00125%	0.00250%
	34	SGFC	64-68
    Maspeth Avenue	William
    Whitman Harsh and Tryline Fund I LLC	0.00125%	0.00250%
	35	SGFC	65
    Maspeth Avenue	William
    Whitman Harsh and Tryline Fund I LLC	0.00125%	0.00250%
	36	Barclays	Il
    Palazzo	Ted
    L. Barr, Joseph G. Greulich and Benjamin D. Sheridan	0.00125%	0.00250%
	37	SGFC	New
    Highlands Self Storage	Duane
    P. McQuillen, Joseph L. Saunders, Richard A. Miller and Jeffrey A. Clyne	0.00125%	0.00250%

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	66 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Property
    Address	City	State	Zip
    Code	County	Property
    Type
	38	SMC	NSC
    Secure II Monroe Storage	6231
    North Monroe Street	Monroe	MI	48162	Monroe	Self
    Storage
	39	KeyBank	Highway
    50 Storage 	2739
    Highway 50	Grand
    Junction 	CO	81503	Mesa	Self
    Storage
	40	KeyBank	Pine
    Ridge Square 	1401,
    1425 and 1429 West Main Street	Gaylord	MI	49735	Otsego	Retail
	41	Barclays	1547
    Fulton Street	1547
    Fulton Street	Brooklyn	NY	11216	Kings	Multifamily
	42	SMC	Minnesota
    Lake MHC	1219
    Minnesota Road	Port
    Huron	MI	48060	Saint
    Clair	Manufactured
    Housing
	43	SGFC	484
    Humboldt Street	484
    Humboldt Street	Brooklyn	NY	11211	Kings	Multifamily
	44	Barclays	Walgreens
    - Waterbury	11
    Meriden Road	Waterbury	CT	06705	New
    Haven	Retail
	45	KeyBank	Orange
    Professional Building	3755
    Orange Place	Orange	OH	44122	Cuyahoga	Office
	46	Barclays	Walgreens
    - Port Allen	220
    North Alexander Avenue	Port
    Allen	LA	70767	West
    Baton Rouge	Retail
	47	KeyBank	Self
    Stor-It	121
    Hacienda Drive 	Calexico	CA	92231	Imperial	Self
    Storage
	48	Barclays	Murrells
    Inlet Station	12150
    Highway 17 Bypass	Murrells
    Inlet	SC	29576	Horry	Retail
	49	Barclays	Walgreens
    Fayetteville	524
    South School Avenue	Fayetteville	AR	72701	Washington	Retail

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	67 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Total
    SF/Units	Unit
    of Measure	Original
    Balance	Current
    Balance	Amortization
    Type	Monthly
    Debt Service
	38	SMC	NSC
    Secure II Monroe Storage	80,275	SF	5,850,000	5,850,000.00	Interest
    Only	16,805.21
    
	39	KeyBank	Highway
    50 Storage 	73,464	SF	5,200,000	5,200,000.00	Interest
    Only	18,980.00
    
	40	KeyBank	Pine
    Ridge Square 	188,251	SF	5,200,000	5,200,000.00	Amortizing
    Balloon	25,277.37
    
	41	Barclays	1547
    Fulton Street	14	Units	4,750,000	4,750,000.00	Interest
    Only	18,312.73
    
	42	SMC	Minnesota
    Lake MHC	161	Pads	4,500,000	4,494,390.82	Amortizing
    Balloon	22,263.93
    
	43	SGFC	484
    Humboldt Street	21	Units	4,470,000	4,470,000.00	Interest
    Only	13,709.55
    
	44	Barclays	Walgreens
    - Waterbury	14,406	SF	4,180,000	4,180,000.00	Interest
    Only	15,468.90
    
	45	KeyBank	Orange
    Professional Building	19,570	SF	3,900,000	3,900,000.00	Interest
    Only	14,004.34
    
	46	Barclays	Walgreens
    - Port Allen	14,550	SF	3,857,000	3,857,000.00	Interest
    Only	14,452.81
    
	47	KeyBank	Self
    Stor-It	63,902	SF	3,800,000	3,800,000.00	Amortizing
    Balloon	19,367.10
    
	48	Barclays	Murrells
    Inlet Station	13,186	SF	3,400,000	3,400,000.00	Interest
    Only	11,548.19
    
	49	Barclays	Walgreens
    Fayetteville	14,560	SF	3,100,000	3,100,000.00	Interest
    Only	10,306.60
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	68 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Accrual
    Type	Interest
    Rate (%)	Admin.
    Fee	Net
    Mortgage Interest Rate	Payment
    Date	Maturity/ARD
    Date
	38	SMC	NSC
    Secure II Monroe Storage	Actual/360	3.40000%	0.01234%	3.38766%	6	1/6/2032
	39	KeyBank	Highway
    50 Storage 	Actual/360	4.32000%	0.02109%	4.29891%	1	3/1/2032
	40	KeyBank	Pine
    Ridge Square 	Actual/360	4.15000%	0.02109%	4.12891%	1	4/1/2032
	41	Barclays	1547
    Fulton Street	Actual/360	4.56300%	0.01234%	4.55066%	6	2/6/2032
	42	SMC	Minnesota
    Lake MHC	Actual/360	4.29800%	0.01234%	4.28566%	6	3/6/2032
	43	SGFC	484
    Humboldt Street	Actual/360	3.63000%	0.01234%	3.61766%	1	2/1/2032
	44	Barclays	Walgreens
    - Waterbury	Actual/360	4.38000%	0.01234%	4.36766%	6	3/6/2032
	45	KeyBank	Orange
    Professional Building	Actual/360	4.25000%	0.02109%	4.22891%	1	4/1/2032
	46	Barclays	Walgreens
    - Port Allen	Actual/360	4.43500%	0.06109%	4.37391%	6	3/6/2032
	47	KeyBank	Self
    Stor-It	Actual/360	4.55000%	0.08109%	4.46891%	1	4/1/2032
	48	Barclays	Murrells
    Inlet Station	Actual/360	4.02000%	0.01234%	4.00766%	6	2/6/2032
	49	Barclays	Walgreens
    Fayetteville	Actual/360	3.93500%	0.01234%	3.92266%	6	2/6/2032

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	69 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Final
    Mat Date	ARD
    Step Up (%)	Term	Rem.
    Term	Amort.
    Term	Rem.
    Amort.	Crossed
    Loan
	38	SMC	NSC
    Secure II Monroe Storage	1/6/2032	 	120	117	0	0	NAP
	39	KeyBank	Highway
    50 Storage 	3/1/2032	 	120	119	0	0	NAP
	40	KeyBank	Pine
    Ridge Square 	4/1/2032	 	120	120	360	360	NAP
	41	Barclays	1547
    Fulton Street	2/6/2032	 	120	118	0	0	NAP
	42	SMC	Minnesota
    Lake MHC	3/6/2032	 	120	119	360	359	NAP
	43	SGFC	484
    Humboldt Street	2/1/2032	 	120	118	0	0	NAP
	44	Barclays	Walgreens
    - Waterbury	3/6/2032	 	120	119	0	0	NAP
	45	KeyBank	Orange
    Professional Building	4/1/2032	 	120	120	0	0	NAP
	46	Barclays	Walgreens
    - Port Allen	3/6/2032	 	120	119	0	0	NAP
	47	KeyBank	Self
    Stor-It	4/1/2032	 	120	120	360	360	NAP
	48	Barclays	Murrells
    Inlet Station	2/6/2032	 	120	118	0	0	NAP
	49	Barclays	Walgreens
    Fayetteville	2/6/2032	 	120	118	0	0	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	70 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Original
    String	Title
    Type	Grace
    Period (Late Payment)	Upfront
    Eng. Reserve	Upfront
    RE Tax Reserve	Monthly
    RE Tax Reserve
	38	SMC	NSC
    Secure II Monroe Storage	L(27),DorYM1(88),O(5)	Fee	0	0
    	6,846
    	2,853
    
	39	KeyBank	Highway
    50 Storage 	L(25),D(92),O(3)	Fee	0	0
    	18,436
    	4,609
    
	40	KeyBank	Pine
    Ridge Square 	L(24),D(93),O(3)	Fee	0	0
    	42,083
    	10,065
    
	41	Barclays	1547
    Fulton Street	L(26),D(90),O(4)	Fee	0	32,875
    	7,382
    	3,691
    
	42	SMC	Minnesota
    Lake MHC	L(24),YM1(91),O(5)	Fee	0	0
    	6,173
    	3,087
    
	43	SGFC	484
    Humboldt Street	L(26),D(90),O(4)	Fee	0	1,250
    	32,702
    	16,351
    
	44	Barclays	Walgreens
    - Waterbury	L(25),D(91),O(4)	Fee	0	0
    	0
    	Springing
	45	KeyBank	Orange
    Professional Building	L(24),D(91),O(5)	Fee	0	0
    	32,195
    	8,049
    
	46	Barclays	Walgreens
    - Port Allen	L(25),D(91),O(4)	Fee	0	0
    	0
    	0
    
	47	KeyBank	Self
    Stor-It	L(24),YM1(93),O(3)	Fee	0	55,075
    	2,024
    	2,024
    
	48	Barclays	Murrells
    Inlet Station	L(23),YM1(93),O(4)	Fee	0	0
    	3,077
    	1,539
    
	49	Barclays	Walgreens
    Fayetteville	L(26),D(90),O(4)	Fee	0	0
    	0
    	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	71 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	RE
    Tax Escrow Cash or LOC	Counterparty
    of RE Tax Escrow LOC	Upfront
    Ins. Reserve	Monthly
    Ins. Reserve	Insurance
    Escrow Cash or LOC	Counterparty
    of Insurance Escrow LOC	Upfront
    CapEx Reserve
	38	SMC	NSC
    Secure II Monroe Storage	Cash	 	0
    	Springing	 	 	0
    
	39	KeyBank	Highway
    50 Storage 	Cash	 	3,647
    	729
    	Cash	 	612
    
	40	KeyBank	Pine
    Ridge Square 	Cash	 	0
    	Springing	 	 	3,138
    
	41	Barclays	1547
    Fulton Street	Cash	 	0
    	763
    	 	 	0
    
	42	SMC	Minnesota
    Lake MHC	Cash	 	11,395
    	861
    	Cash	 	0
    
	43	SGFC	484
    Humboldt Street	Cash	 	2,417
    	1,208
    	Cash	 	0
    
	44	Barclays	Walgreens
    - Waterbury	 	 	0
    	Springing	 	 	0
    
	45	KeyBank	Orange
    Professional Building	Cash	 	2,554
    	426
    	Cash	 	473
    
	46	Barclays	Walgreens
    - Port Allen	 	 	0
    	Springing	 	 	0
    
	47	KeyBank	Self
    Stor-It	Cash	 	5,673
    	436
    	Cash	 	1,118
    
	48	Barclays	Murrells
    Inlet Station	Cash	 	2,253
    	1,127
    	Cash	 	0
    
	49	Barclays	Walgreens
    Fayetteville	 	 	0
    	Springing	 	 	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	72 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Monthly
    Capex Reserve	CapEx
    Reserve Cap	Capex
    Escrow Cash or LOC	Counterparty
    of Capex Escrow LOC	Upfront
    TI/LC Reserve	Monthly
    TI/LC Reserve	TI/LC
    Reserve Cap	TI/LC
    Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC
	38	SMC	NSC
    Secure II Monroe Storage	201
    	7,236
    	 	 	0
    	0
    	0
    	 	 
	39	KeyBank	Highway
    50 Storage 	612
    	0
    	Cash	 	0
    	0
    	0
    	 	 
	40	KeyBank	Pine
    Ridge Square 	3,138
    	150,600
    	Cash	 	206,275
    	6,275
    	450,000
    	Cash	 
	41	Barclays	1547
    Fulton Street	333
    	0
    	 	 	0
    	0
    	0
    	 	 
	42	SMC	Minnesota
    Lake MHC	671
    	0
    	 	 	0
    	0
    	0
    	 	 
	43	SGFC	484
    Humboldt Street	438
    	0
    	 	 	0
    	0
    	0
    	 	 
	44	Barclays	Walgreens
    - Waterbury	Springing	0
    	 	 	0
    	Springing	0
    	 	 
	45	KeyBank	Orange
    Professional Building	473
    	15,000
    	Cash	 	200,000
    	Springing	200,000
    	Cash	 
	46	Barclays	Walgreens
    - Port Allen	Springing	0
    	 	 	0
    	Springing	0
    	 	 
	47	KeyBank	Self
    Stor-It	1,118
    	0
    	Cash	 	0
    	0
    	0
    	 	 
	48	Barclays	Murrells
    Inlet Station	165
    	5,942
    	 	 	0
    	1,100
    	0
    	 	 
	49	Barclays	Walgreens
    Fayetteville	Springing	0
    	 	 	0
    	Springing	0
    	 	 

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	73 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Upfront
    Debt Service Reserve	Monthly
    Debt Service Reserve	Debt
    Service Reserve Cash or LOC	Counterparty
    of TI/LC Escrow LOC	Upfront
    Other Description	Upfront
    Other Reserve
	38	SMC	NSC
    Secure II Monroe Storage	0
    	0
    	 	 	 	0
    
	39	KeyBank	Highway
    50 Storage 	0
    	0
    	 	 	 	0
    
	40	KeyBank	Pine
    Ridge Square 	0
    	0
    	 	 	 	0
    
	41	Barclays	1547
    Fulton Street	0
    	0
    	 	 	Outstanding
    Rent Concessions Reserve ($34,250), Trendy Exotics Free Rent Reserve ($6,090), Barbershop Free Rent Reserve ($5,300)	45,640
    
	42	SMC	Minnesota
    Lake MHC	0
    	0
    	 	 	 	0
    
	43	SGFC	484
    Humboldt Street	0
    	0
    	 	 	 	0
    
	44	Barclays	Walgreens
    - Waterbury	15,766
    	0
    	Cash	 	 	0
    
	45	KeyBank	Orange
    Professional Building	0
    	0
    	 	 	Rent
    Concession Reserve (Upfront: $23,222), Major Tenant Rollover Reserve (Monthly: Springing; Cap: $315,000)	23,222
    
	46	Barclays	Walgreens
    - Port Allen	0
    	0
    	 	 	 	0
    
	47	KeyBank	Self
    Stor-It	0
    	0
    	 	 	 	0
    
	48	Barclays	Murrells
    Inlet Station	0
    	0
    	 	 	Anchor
    Tenant Reserve	0
    
	49	Barclays	Walgreens
    Fayetteville	0
    	0
    	 	 	 	0
    

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	74 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Other
    Monthly Description	Monthly
    Other Reserve	Other
    Reserve Cap	Other
    Reserve Cash or LOC	Counterparty
    of Other Escrow LOC	Holdback
    Amt
	38	SMC	NSC
    Secure II Monroe Storage	 	0
    	0
    	 	 	NAP
	39	KeyBank	Highway
    50 Storage 	 	0
    	0
    	 	 	NAP
	40	KeyBank	Pine
    Ridge Square 	 	0
    	0
    	 	 	NAP
	41	Barclays	1547
    Fulton Street	Outstanding
    Rent Concessions Reserve ($34,250), Trendy Exotics Free Rent Reserve ($6,090), Barbershop Free Rent Reserve ($5,300)	0
    	0
    	Cash	 	NAP
	42	SMC	Minnesota
    Lake MHC	 	0
    	0
    	 	 	NAP
	43	SGFC	484
    Humboldt Street	 	0
    	0
    	 	 	NAP
	44	Barclays	Walgreens
    - Waterbury	 	0
    	0
    	 	 	NAP
	45	KeyBank	Orange
    Professional Building	Rent
    Concession Reserve (Upfront: $23,222), Major Tenant Rollover Reserve (Monthly: Springing; Cap: $315,000)	Springing	315,000
    	Cash	 	NAP
	46	Barclays	Walgreens
    - Port Allen	 	0
    	0
    	 	 	NAP
	47	KeyBank	Self
    Stor-It	 	0
    	0
    	 	 	NAP
	48	Barclays	Murrells
    Inlet Station	Anchor
    Tenant Reserve	Springing	Various	 	 	NAP
	49	Barclays	Walgreens
    Fayetteville	 	0
    	0
    	 	 	NAP

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	75 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Description
    of LOC	Letter
    of Credit	Lockbox
    Type	Borrower
    Name
	38	SMC	NSC
    Secure II Monroe Storage	NAP	No	Springing	NPA
    Monroe TIC LLC and NSC Monroe TIC LLC
	39	KeyBank	Highway
    50 Storage 	NAP	No	Springing	Hwy
    50 Self Storage LLC
	40	KeyBank	Pine
    Ridge Square 	NAP	No	Springing	GPR
    Investments, L.L.C.
	41	Barclays	1547
    Fulton Street	NAP	No	Springing	1547
    Fulton BSD LLC
	42	SMC	Minnesota
    Lake MHC	NAP	No	Springing	Hidden
    Lake Estates Development Company
	43	SGFC	484
    Humboldt Street	NAP	No	Springing	484
    Tryline LLC
	44	Barclays	Walgreens
    - Waterbury	NAP	No	Hard	AE
    WAG Connecticut LLC
	45	KeyBank	Orange
    Professional Building	NAP	No	Springing	Orange
    Medical Properties, L.P.
	46	Barclays	Walgreens
    - Port Allen	NAP	No	Springing	Selma
    Square Louisiana LLC
	47	KeyBank	Self
    Stor-It	NAP	No	Springing	Calexico
    121, LLC
	48	Barclays	Murrells
    Inlet Station	NAP	No	Springing	Ferraro
    Realty Group Murrells Inlet LLC
	49	Barclays	Walgreens
    Fayetteville	NAP	No	Springing	DMIP
    524 School LLC

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	76 of 77 	Mortgage Loan Schedule

     

    

 

BBCMS
Mortgage Trust 2022-C15

MORTGAGE
LOAN SCHEDULE

 

	Sequence
    #	Seller	Property
    Name	Sponsor	Primary
    Servicing Fee	Total
    Servicing Fee
	38	SMC	NSC
    Secure II Monroe Storage	Adam
    Pogoda	0.00125%	0.00250%
	39	KeyBank	Highway
    50 Storage 	Crystal
    View Capital Fund II LLC 	0.01000%	0.01125%
	40	KeyBank	Pine
    Ridge Square 	The
    Ann S. Aikens Revocable Trust UTA dated April 8, 1991	0.01000%	0.01125%
	41	Barclays	1547
    Fulton Street	Gideon
    Platt	0.00125%	0.00250%
	42	SMC	Minnesota
    Lake MHC	Christine
    L. Boddy and the Credit Spouse’s Trust created under the David H. Boddy Trust dated January 15, 2008, as amended	0.00125%	0.00250%
	43	SGFC	484
    Humboldt Street	William
    Whitman Harsh and Tryline Fund I LLC	0.00125%	0.00250%
	44	Barclays	Walgreens
    - Waterbury	Irwin
    Greenberg	0.00125%	0.00250%
	45	KeyBank	Orange
    Professional Building	Ted
    L. Barr, Joseph G. Greulich and Benjamin D. Sheridan	0.01000%	0.01125%
	46	Barclays	Walgreens
    - Port Allen	Harris
    Toibb	0.05000%	0.05125%
	47	KeyBank	Self
    Stor-It	Joseph
    P. Markowicz, Trustee of The Market 8 Trust	0.07000%	0.07125%
	48	Barclays	Murrells
    Inlet Station	Peter
    Ferraro, Jr.	0.00125%	0.00250%
	49	Barclays	Walgreens
    Fayetteville	R.
    Michael Delagnes and Clayton E. Mitchell	0.00125%	0.00250%

    
	BBCMS-2022-C15 - Mortgage Loan Schedule (v2).xlsx	77 of 77 	Mortgage Loan Schedule

     

    

 

EXHIBIT
C

FORM OF INVESTMENT REPRESENTATION LETTER

 

Computershare Trust Company,
National Association

as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

[OR OTHER CERTIFICATE REGISTRAR]

 

Barclays Commercial Mortgage
Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

 

		Re:	Transfer
                                         of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series
                                         2022-C15

 

Ladies and
Gentlemen:

 

This
letter is delivered pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022
(the “Pooling and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special
Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, on behalf of the holders
of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 and the RR Interest Owner in
connection with the transfer by _________________ (the “Seller”) to the undersigned (the “Purchaser”)
of $_______________ aggregate [Certificate Balance][Notional Amount][__% Percentage Interest] of Class ___ Certificates (collectively,
the “Certificates”). Capitalized terms used and not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Pooling and Servicing Agreement.

 

In
connection with such transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.           Check
one of the following:*

 

		☐	The
                                         Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution
                                         that is an “accredited investor” within the meaning of Rule 501(a)(1),
                                         (2), (3) or (7) of Regulation D (“Regulation D”) under the Securities
                                         Act of 1933, as amended (the “Securities Act”) or any entity in which
                                         all of the equity owners are “accredited investors” within the meaning of
                                         Rule 501(a)(1), (2), (3) or (7) of 

 

 

*
    Purchaser must select one of the following two certifications.

 

    Exhibit C-1

     

    

 

Regulation D (each, an “Institutional
                                         Accredited Investor”) and has such knowledge and experience in financial and
                                         business matters as to be capable of evaluating the merits and risks of its investment
                                         in the Certificates, and the Purchaser and any accounts for which it is acting are each
                                         able to bear the economic risk of the Purchaser’s or such account’s investment.
                                         The Purchaser is acquiring the Certificates purchased by it for its own account or for
                                         one or more accounts, each of which is an Institutional Accredited Investor, as to each
                                         of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes
                                         to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

		☐	The
                                         Purchaser is a “qualified institutional buyer” (a “QIB”)
                                         within the meaning of Rule 144A (“Rule 144A”) under the
                                         Securities Act. The Purchaser is aware that the transfer is being made in reliance on
                                         Rule 144A, and the Purchaser has had the opportunity to obtain the information required
                                         to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.           The
Purchaser’s intention is to acquire the Certificates (a) for investment for the Purchaser’s own account or (b) for
reoffer, resale, pledge or other transfer (i) to QIBs in transactions under Rule 144A, and not in any event with the
view to, or for resale in connection with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate)
to Institutional Accredited Investors, subject in the case of clause (ii) above to (w) the receipt by the Certificate
Registrar of a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel
acceptable to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities
Act, (y) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such
reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws and (z) a written
undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. The Purchaser understands
that the Certificates (and any subsequent Certificates) have not been registered under the Securities Act, by reason of a specified
exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature
of the Purchaser’s investment intent (or intent to reoffer, resell, pledge or transfer the Certificates only to certain
investors in certain exempted transactions) as expressed herein.

 

3.           The
Purchaser has reviewed the Preliminary Prospectus and the Final Prospectus relating to the Registered Certificates (collectively,
the “Prospectus”) (and, with respect to Non-Registered Certificates, the Preliminary Private Placement Memorandum
and the Final Private Placement Memorandum related to such Non-Registered Certificates) and the agreements and other materials
referred to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the
transactions contemplated by the Prospectus.

 

4.           The
Purchaser acknowledges that the Certificates (and any Certificates issued on transfer or exchange thereof) have not been registered
or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificates
cannot

 

    Exhibit C-2

     

    

 

be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption
from such registration or qualification is available.

 

5.           The
Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as
an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects
as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders
present and future.

 

6.           The
Purchaser will not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with Section 5.03
of the Pooling and Servicing Agreement.

 

7.           Check
one of the following:**

 

		☐	The
                                         Purchaser is a U.S. Tax Person (as defined below) and it has attached hereto an
                                         Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

		☐	The
                                         Purchaser is not a U.S. Tax Person and under applicable law in effect on the date
                                         hereof, no taxes will be required to be withheld by the Certificate Registrar (or its
                                         agent) with respect to distributions to be made on the Certificates. The Purchaser has
                                         attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or
                                         successor form, as applicable), which identifies such Purchaser as the beneficial owner
                                         of the Certificates and states that such Purchaser is not a U.S. Tax Person, (ii) IRS
                                         Form W-8IMY (with all appropriate attachments) or (iii)]*** two duly
                                         executed copies of IRS Form W-8ECI (or successor form), which identify such Purchaser
                                         as the beneficial owner of the Certificates and state that interest and original issue
                                         discount on the Certificates and Permitted Investments is, or is expected to be, effectively
                                         connected with a U.S. trade or business. The Purchaser agrees to provide to the
                                         Certificate Registrar updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY
                                         or]*** IRS Form W-8ECI, [as the case may be,]*** any applicable successor IRS forms,
                                         or such other certifications as the Certificate Registrar may reasonably request, on
                                         or before the date that any such IRS form or certification expires or becomes obsolete,
                                         or promptly after the occurrence of any event requiring a change in the most recent IRS
                                         form of certification furnished by it to the Certificate Registrar.

 

For purposes
of this paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation or partnership
(except to the extent provided in applicable Treasury Regulations) or other entity created or organized in, or under the laws
of, the United States, any State thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source
or a trust if a court within the United States is able to

 

 

	**	Each Purchaser must select one of the two alternative
certifications.

 

 

	***	Does not apply to a transfer of Class R Certificates.

 

    Exhibit C-3

     

    

 

exercise primary supervision over the administration of such trust,
and one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent
provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated
as U.S. Tax Persons).

 

	 	8.	Please make all payments due on the Certificates:****

 

	☐	(a)	by
                                         wire transfer to the following account at a bank or entity in New York, New York, having
                                         appropriate facilities therefor:

 

Bank:
____________________________________________________

ABA
#: ___________________________________________________

Account #: ________________________________________________

Attention:
_________________________________________________

 

	☐	(b)	by
mailing a check or draft to the following address:

_________________________________________________________

_________________________________________________________

_________________________________________________________

 

9.           If
the Purchaser is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a
partnership for U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or
more partnerships, trusts or other pass-through entities by a Disqualified Non-U.S. Tax Person.

 

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

  

Dated: [__] [__], 2022

 

 

****   Only
to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates,
wire transfers are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance or Notional
Amount, as applicable, of at least U.S. $5,000,000.

 

    Exhibit C-4

     

    

 

EXHIBIT
D-1

FORM OF TRANSFEREE AFFIDAVIT

FOR TRANSFERS OF CLASS R CERTIFICATES

 

[Date]

 

Computershare Trust Company,
National Association,

 as Certificate
Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

[OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement (the “Pooling and Servicing Agreement”), dated and effective
                                         as of April 1, 2022, between Barclays Commercial Mortgage Securities LLC, as Depositor,
                                         Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer,
                                         Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National
                                         Association, as Certificate Administrator, Wilmington Trust, National Association, as
                                         Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
                                         Reviewer

 

	STATE OF	)	 
	 	) ss.:	 
	COUNTY OF	)	 

 

I,
[______], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are
true, correct and complete, and being first sworn, depose and say that:

 

1.           I
am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.           The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC” or “Trust REMIC”) designated as the (i)  “Lower-Tier
REMIC” and (ii) “Upper-Tier REMIC”, respectively, relating to the Certificates for which an
election is to be made under Section 860D of the Internal Revenue Code of 1986 (the “Code”).

 

3.           The
Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring
the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect
record or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is
any of the following: (i) the United States, any State or political subdivision thereof, any possession of the United States
or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities
are subject to tax and, except

 

    Exhibit D-1-1

     

    

 

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

 

4.           The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified
Organization.

 

5.           The
Purchaser is a Permitted Transferee and, to the extent applicable, the Purchaser’s U.S. taxpayer identification number
is [__________].

 

6.           No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.           The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other person.

 

8.           Check
the applicable paragraph:

 

☐           The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not
exceed the sum of:

 

(i)           the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)          the
present value of the expected future distributions on such Class R Certificate; and

 

(iii)         the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates
losses.

 

    Exhibit D-1-2

     

    

 

For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the rate currently specified in Section 11(b)
of the Code (but the tax rate in Section 55(b) of the Code may be used in lieu of the corporate income tax rate specified
in Section 11(b) of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the
Code in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum
tax rate) and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
of the Code for the month of the transfer and the compounding period used by the Purchaser.

 

☐           The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and,
accordingly,

 

(i)           the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i),
as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)          at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of
$10 million;

 

(iii)         the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)         the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions
(including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions,
tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐           None
of the above.

 

9.           The
Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.         The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows
generated by such Certificate.

 

11.         The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor
unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit
and agreement in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not
consummate any such transfer if it knows or believes that any representation contained in such affidavit and agreement is false.

 

    Exhibit D-1-3

     

    

 

12.         The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any person that
is not a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor
to remain a Permitted Transferee.

 

13.         The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted
Transferee.

 

14.         The
Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.         The
Purchaser consents to the (i) designation of the Certificate Administrator as the “partnership representative” (as
defined in Section 6223 of the Code) of each Trust REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement
and (ii) Certificate Administrator making any elections allowed under the Code (a) to avoid the application of Section 6221 (or
successor provision) to the Trust REMICs and (b) to avoid payment by the Trust REMICs under Section 6225 of any tax, penalty,
interest or other amount imposed under the Code that would otherwise be imposed on a Holder of Class R Certificates. The Purchaser
agrees, by acquiring such certificate, to any such elections and to reasonably cooperate with the Certificate Administrator in
connection with any such elections the Certificate Administrator determines in its discretion are necessary or advisable.

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this
___day of _________, 20__. 

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

 

    Exhibit D-1-4

     

    

 

On
this ____ day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned
and sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons
who executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of
the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act
and deed of the Purchaser.

 

	 	 
	 	 NOTARY PUBLIC in and for the

     State of _______________

 

[SEAL]

My Commission expires:

 

 

 

    Exhibit D-1-5

     

    

 

EXHIBIT D-2

FORM OF TRANSFEROR LETTER FOR TRANSFERS

OF CLASS R CERTIFICATES

 

[Date]

 

Computershare Trust Company,
National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

[OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”)

 

Ladies and
Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the
“Transferee”) of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and Servicing
Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”), between Barclays
Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as
Asset Representations Reviewer. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as Certificate
Registrar, that:

 

(1)           No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

(2)           The
Transferor understands that the Transferee has delivered to you a Transferee Affidavit in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
false.

 

(3)           The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has
determined that the Transferee has historically paid its debts as they became due and has found no significant evidence to indicate
that the Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer
of the Residual Certificates may not be

 

    Exhibit D-2-1

     

    

 

respected for United States income tax purposes (and the Transferor may continue to be
liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very truly yours,
	 	 	 
	 	 	 (Transferor)
	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

 

    Exhibit D-2-2

     

    

 

EXHIBIT
D-3

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF

the RISK RETENTION cERTIFICATES

 

[Date]

 

Computershare Trust Company,
National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody (CMBS) – BBCMS 2022-C15

riskretentioncustody@wellsfargo.com

          [OR OTHER CERTIFICATE REGISTRAR]

 

Barclays Capital Real Estate
Inc.,

          as Retaining Sponsor

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

 

Barclays Commercial Mortgage
Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

 

Rialto
Capital Advisors, LLC

200 S. Biscayne Boulevard, Suite
3550

Miami, Florida 33131

Attention: Liat Heller, Jeff Krasnoff, Niral Shah and Adam Singer (BBCMS 2022-C15)

Facsimile number: (305) 229-6425

Email: liat.heller@rialtocapital.com; jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com,

adam.singer@rialtocapital.com

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement (the “Pooling
                                         and Servicing Agreement”), dated and effective as of April 1, 2022,
                                         between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
                                         a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors,
                                         LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
                                         Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
                                         LLC, as Operating Advisor and as Asset Representations Reviewer

 

    Exhibit D-3-1

     

    

 

Ladies and
Gentlemen:

 

[_____]
(the “Purchaser”) hereby certifies, represents and warrants to the Certificate Registrar and the “retaining
sponsor” as such term is defined in the Risk Retention Rules, that:

 

1.           The Purchaser is acquiring $[_____] Certificate Balance of the [[Class G-RR][Class H-RR] Certificates][Class RR Certificates
evidencing a portion of the VRR Interest] from [_____] (the “Transferor”).

 

2.           The Purchaser is aware that the Certificate Registrar will not register any transfer of a [Class [G-RR][H-RR] Certificate][Class
RR Certificate evidencing a portion of the VRR Interest] by the Transferor unless the Purchaser, or such Purchaser’s agent,
delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The
Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.

 

3.            If the Purchaser is relying on, as applicable, Final Authorization Number 2004-03E, as amended by Prohibited Transaction
Exemption 2013-08 (the “Exemption”) or is an insurance company general account relying on PTCE 95-60 to cover
its acquisition of the Class [G-RR][H-RR][RR] Certificates, all of the conditions, as applicable, of the Exemption or of Parts
I and III of PTCE 95-60 will be satisfied with respect to the acquisition of the Class [G-RR][H-RR][RR] Certificates.

 

4.            Check one of the following:

 

		☐	The
                                         transfer will occur during the Transfer Restriction Period, and the Purchaser certifies,
                                         represents and warrants to you, as Certificate Registrar, that:

 

		A.	It
                                         is a “majority-owned affiliate”, as such term is defined in the Risk Retention
                                         Rules, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	It
                                         is not acquiring the Class [G-RR][H-RR][RR] Certificate as a nominee, trustee or agent
                                         for any person that is not a Majority-Owned Affiliate, and that for so long as it retains
                                         its interest in the Class [G-RR][H-RR][RR] Certificate, it will remain a Majority-Owned
                                         Affiliate.

 

		C.	The
                                         transfer will comply with all applicable provisions of the Risk Retention Rules.

 

		D.	[FOR
                                         CLASS RR CERTIFICATES: It will be bound by the Credit Risk Retention Agreement, by and
                                         among Barclays Capital Real Estate Inc., Bank of Montreal, KeyBank National Association,
                                         Starwood Mortgage Capital LLC, Societe Generale Financial Corporation and Barclays Bank
                                         PLC, dated and effective as of March 23, 2022 (the “Credit Risk Retention
                                         Agreement”) as if it were a party to such agreement.]

 

    Exhibit D-3-2

     

    

 

		E.	[FOR
                                         CLASS RR CERTIFICATES: It hereby makes each representation set forth in Section 4(i)
                                         – (vii) of the Credit Risk Retention Agreement.]

 

		F.	It
                                         consents to any additional restrictions or arrangements that shall be deemed necessary
                                         upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership
                                         of the Class [G-RR][H-RR][RR] Certificates will satisfy the risk retention requirements
                                         of the Transferor, in its capacity as [sponsor][originator] under the Risk Retention
                                         Rules.

 

		☐	[FOR
                                         CLASS G-RR AND H-RR CERTIFICATES: The transfer will occur on or after the fifth anniversary
                                         of the Closing Date, and the Purchaser certifies, represents and warrants to you, as
                                         Certificate Registrar, that:

 

		A.	The
                                         transfer will comply with all applicable provisions of Regulation RR.]

 

		☐	The
                                         transfer will occur after the termination of the Transfer Restriction Period [FOR CLASS
                                         G-RR AND H-RR CERTIFICATES: and the countersignature of the Retaining Sponsor is not
                                         required].

 

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 senior officer
this ___day of _________, 20__.

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

 

    Exhibit D-3-3

     

    

 

The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	 	BARCLAYS CAPITAL REAL ESTATE INC.,

     as Retaining Sponsor
	 	 	 
	 	By: 	                                
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Medallion Stamp Guarantee]

 

Barclays
Commercial Mortgage Securities LLC,

             as Depositor

 

	By:	                               	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

    Exhibit D-3-4

     

    

 

EXHIBIT
D-4

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF

the risk retention cERTIFICATES

 

[Date]

 

Computershare Trust Company,
National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody (CMBS) – BBCMS 2022-C15

riskretentioncustody@wellsfargo.com

          [OR OTHER CERTIFICATE REGISTRAR]

 

Barclays Capital Real Estate
Inc.,

          as Retaining Sponsor

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

 

Barclays Commercial Mortgage
Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”)

 

Ladies and
Gentlemen:

 

This
is delivered to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[_____]
Certificate Balance of the [Class [G-RR][H-RR] Certificates][Class RR Certificates evidencing a portion of the VRR Interest].
The Certificates were issued pursuant to the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare
Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer. 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 that:

 

    Exhibit D-4-1

     

    

 

1.            The transfer is in compliance with the Pooling and Servicing Agreement.

 

2.            If the Purchaser is relying on, as applicable, Final Authorization Number 2004-03E, as amended by Prohibited Transaction
Exemption 2013-08 (the “Exemption”) or is an insurance company general account relying on PTCE 95-60 to cover its
acquisition of the Class [G-RR][H-RR][RR] Certificates, all of the conditions, as applicable, of the Exemption or of Parts I and
III of PTCE 95-60 will be satisfied with respect to the acquisition of the Class [G-RR][H-RR][RR] Certificates.

 

3.            Check one of the following:

 

		☐	The
                                         transfer will occur during the Transfer Restriction Period, and the Transferor certifies,
                                         represents and warrants to you that:

 

		A.	[FOR
                                         CLASS RR CERTIFICATES: The Transfer is in compliance with the Credit Risk Retention Agreement,
                                         by and among Barclays Capital Real Estate Inc., Bank of Montreal, KeyBank National Association,
                                         Starwood Mortgage Capital LLC, Societe Generale Financial Corporation and Barclays Bank
                                         PLC, dated and effective as of March 23, 2022 (the “Credit Risk Retention Agreement”).]

 

		B.	The
                                         Transferee is a “majority-owned affiliate,” as such term is defined in the
                                         Risk Retention Rules, of the Transferor.

 

		C.	[FOR
                                         CLASS RR CERTIFICATES: The Transferor has complied in all material respects with all
                                         of the covenants in the Credit Risk Retention Agreement during the period from the date
                                         of the Credit Risk Retention Agreement through and including the date of this transfer.]

 

		D.	[FOR
                                         CLASS RR CERTIFICATES: All of the representations and warranties made by the Transferor
                                         in the Credit Risk Retention Agreement are true and correct as of the date of the transfer.]

 

		E.	[FOR
                                         CLASS RR CERTIFICATES: All of the transfer requirements set forth in Section 3 of the
                                         Credit Risk Retention Agreement have been complied with through and including the date
                                         of the transfer.]

 

		☐	The
                                         transfer will occur after the termination of the Transfer Restriction Period [FOR CLASS
                                         G-RR AND H-RR CERTIFICATES: and the countersignature of the Retaining Sponsor is not
                                         required].

 

		☐	[FOR
                                         CLASS G-RR AND H-RR CERTIFICATES: The transfer will occur on and after the fifth anniversary
                                         of the Closing Date, and the Transferor certifies, represents and warrants to you that
                                         the Transferor has satisfied all of the conditions under the related third party purchaser
                                         agreement, applicable to transfers by the Transferor to subsequent Third Party Purchasers.]

 

    Exhibit D-4-2

     

    

 

4.            The
Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the Pooling and
Servicing Agreement as Exhibit D-3. The Transferor does not know or believe that any representation contained therein
is false.

 

IN
WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	[TRANSFEROR]
	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

 

    Exhibit D-4-3

     

    

  

[DURING
THE TRANSFER RESTRICTION PERIOD][The foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first
above written:

 

	 	BARCLAYS
CAPITAL REAL ESTATE INC.,

 as Retaining Sponsor
	 	 	 
	 	By: 	                                
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Medallion Stamp Guarantee]

 

BARCLAYS COMMERCIAL
MORTGAGE SECURITIES LLC,

as Depositor

 

	By:	                               	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]]

 

    Exhibit D-4-4

     

    

 

EXHIBIT
D-5

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF THE RR INTEREST

 

[Date]

 

Computershare Trust Company,
National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody (CMBS) – BBCMS 2022-C15

           [OR OTHER CERTIFICATE REGISTRAR]

 

Barclays Capital Real Estate
Inc.,

           as Retaining Sponsor

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

 

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Michael Birajiclian and David Schell

Email: Michael.Birajiclian@bmo.com and David.Schell@bmo.com

with a copy to:

 

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Legal Department

Email: BMOCMUSLegal@bmo.com

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: (877) 379-1625

 

Barclays Commercial Mortgage
Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

 

    Exhibit D-5-1

     

    

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement (the “Pooling
                                         and Servicing Agreement”), dated and effective as of April 1, 2022,
                                         between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
                                         a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors,
                                         LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
                                         Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
                                         LLC, as Operating Advisor and as Asset Representations Reviewer

 

Ladies and
Gentlemen:

 

[_____]
(the “Purchaser”) hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining
sponsor” as such term is defined in Regulation RR, that:

 

1.           The Purchaser is acquiring $[_____] VRR Interest Balance of the RR Interest from [_____] (the “Transferor”).

 

2.           The
Purchaser is aware that the Certificate Registrar will not register any transfer of the RR Interest by the Transferor unless the
Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, a certificate in substantially
the same form as this certificate. The Purchaser expressly agrees that it will not consummate any such transfer if it knows or
believes that any representation contained in such certificate is false.

 

3.           The
Purchaser is not and will not become (a) a Plan, or (b) a person acting on behalf of any such Plan (including any entity whose
underlying assets include Plan assets by reason of investment in the entity by such a Plan or Plans and the application of Department
of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) or using the assets of a Plan to purchase the RR
Interest.

 

4.           Check
one of the following:

 

		☐	The
                                         transfer will occur during the Transfer Restriction Period, and the Purchaser certifies,
                                         represents and warrants to you, as Certificate Registrar, that:

 

		A.	It
                                         is a “majority-owned affiliate”, as such term is defined in the Risk Retention
                                         Rules, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	It
                                         is not acquiring the RR Interest as a nominee, trustee or agent for any person that is
                                         not a Majority-Owned Affiliate, and that for so long as it retains its interest in the
                                         RR Interest, it will remain a Majority-Owned Affiliate.

 

		C.	The
                                         transfer will comply with all applicable provisions of the Risk Retention Rules.

 

		D.	It
will be bound by the Credit Risk Retention Agreement, by and among Barclays Capital Real Estate Inc., Bank of Montreal, KeyBank
National Association, Starwood Mortgage Capital LLC, Societe Generale Financial 

 

    Exhibit D-5-2

     

    

 

Corporation and Barclays Bank PLC, dated and effective
                                         as of March 23, 2022 (the “Credit Risk Retention Agreement”) as if
                                         it were a party to such agreement.

 

		E.	It
                                         hereby makes each representation set forth in Section 4(i) – (vii) of the Credit
                                         Risk Retention Agreement.

 

		F.	It
                                         consents to any additional restrictions or arrangements that shall be deemed necessary
                                         upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership
                                         of the RR Interest will satisfy the risk retention requirements of the Transferor, in
                                         its capacity as [sponsor][originator] under the Risk Retention Rules.

 

		☐	The
                                         transfer will occur after the termination of the Transfer Restriction Period.

 

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 senior officer
this ___day of _________, 20__.

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

 

    Exhibit D-5-3

     

    

 

The
foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	 	BARCLAYS
CAPITAL REAL ESTATE INC.,

 as Retaining Sponsor
	 	 	 
	 	By: 	                                
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Medallion Stamp Guarantee]

 

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC, as Depositor

 

	By:	                               	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

    Exhibit D-5-4

     

    

 

EXHIBIT
D-6

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF

THE RR INTEREST

 

[Date]

 

Computershare Trust Company,
National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody (CMBS) –

BBCMS 2022-C15

          [OR OTHER CERTIFICATE REGISTRAR]

 

Barclays Capital Real Estate
Inc.,

          as Retaining Sponsor

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

 

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Michael Birajiclian and David Schell

Email: Michael.Birajiclian@bmo.com and David.Schell@bmo.com

with a copy to:

 

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Legal Department

Email: BMOCMUSLegal@bmo.com

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: (877) 379-1625

 

Barclays Commercial Mortgage
Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

 

    Exhibit D-6-1

     

    

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”)
                                         issued pursuant to the Pooling and Servicing Agreement (the “Pooling
                                         and Servicing Agreement”), dated and effective as of April 1, 2022,
                                         between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
                                         a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors,
                                         LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
                                         Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
                                         LLC, as Operating Advisor and as Asset Representations Reviewer

 

Ladies and
Gentlemen:

 

This
is delivered to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[_____]
VRR Interest Balance of the RR Interest evidencing a portion of the VRR Interest. The RR Interest was created issued pursuant
to the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare
Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer. 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 that:

 

1.            The transfer is in compliance with the Pooling and Servicing Agreement.

 

2.            The Purchaser is not and will not become (a) a Plan, or (b) a person acting on behalf of any such Plan (including any entity
whose underlying assets include Plan assets by reason of investment in the entity by such a Plan or Plans and the application
of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) or using the assets of a Plan to purchase
the RR Interest.

 

3.            Check one of the following:

 

		☐	The
                                         transfer will occur during the Transfer Restriction Period, and the Transferor certifies,
                                         represents and warrants to you that:

 

		A.	The
                                         Transfer is in compliance with the Credit Risk Retention Agreement, among Barclays Capital
                                         Real Estate Inc., Bank of Montreal, KeyBank National Association, Starwood Mortgage Capital
                                         LLC, Societe Generale Financial Corporation and Barclays Bank PLC, dated and effective
                                         as of March 23, 2022 (the “Credit Risk Retention Agreement”).

 

		B.	The
                                         Transferee is a “majority-owned affiliate,” as such term is defined in the
                                         Risk Retention Rules, of the Transferor.

 

    Exhibit D-6-2

     

    

 

		C.	The
                                         Transferor has complied in all material respects with all of the covenants in the Credit
                                         Risk Retention Agreement during the period from the date of the Credit Risk Retention
                                         Agreement through and including the date of this transfer.

 

		D.	All
                                         of the representations and warranties made by the Transferor in the Credit Risk Retention
                                         Agreement are true and correct as of the date of the transfer.

 

		E.	All
                                         of the transfer requirements set forth in Section 3 of the Credit Risk Retention Agreement
                                         have been complied with through and including the date of the transfer.

 

		☐	The
                                         transfer will occur after the termination of the Transfer Restriction Period.

 

4.            The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the
Pooling and Servicing Agreement as Exhibit D-5. The Transferor does not know or believe that any representation contained
therein is false.

 

IN
WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	 	 
	 	By:	                            
	 	 	Name:
	 	 	Title:

 

    Exhibit D-6-3

     

    

 

[DURING
THE TRANSFER RESTRICTION PERIOD][The foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first
above written:

 

	 	BARCLAYS
CAPITAL REAL ESTATE INC.,

 as Retaining Sponsor
	 	 	 
	 	By: 	                                
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Medallion Stamp Guarantee]

  

BARCLAYS
COMMERCIAL MORTGAGE SECURITIES LLC

 

	By:	                               	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]]

    Exhibit D-6-4

     

    

 

EXHIBIT
E

FORM OF REQUEST FOR RELEASE

 

(for Custodian)

 

	Loan
    Information
	 	Name of Mortgagor:	  
	 	 	 
	 	[Master Servicer]	 
	 	[Special Servicer]

    Loan No.:	 
	Custodian
	 	Name:	Computershare Trust Company, National Association

    

	 	Address:	 1055 10th
Ave SE

Minneapolis, Minnesota 55414

Attention:  Document Custody Group

BBCMS Mortgage Trust 2022-C15

with a copy to cmbscustody@wellsfargo.com
	 	Custodian/Trustee

    Mortgage File No.:	 
	 	 	 
	Depositor
	 	Name:	Barclays Commercial Mortgage Securities
    LLC
	 	Address:	745
                                     Seventh Avenue

                                     New York, New York 10019

                                     Attention: Daniel Vinson 

	 	Certificates:	BBCMS Mortgage Trust 2022-C15,

    Commercial Mortgage Pass-Through Certificates,

    Series 2022-C15

 

The
undersigned [Master Servicer] [Special Servicer] hereby requests delivery from Computershare Trust Company, National Association,
as custodian (the “Custodian”) on behalf of Wilmington Trust, National Association, as trustee (the “Trustee”),
for the Holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 and the RR Interest
Owner, 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 and effective as of April
1, 2022, between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a

 

    Exhibit E-1

     

    

 

Division of PNC Bank, National
Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association,
as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor and as Asset Representations Reviewer (the “Pooling and Servicing Agreement”).

 

( )                       ___________________________

 

( )                       ___________________________

 

( )                       ___________________________

 

( )                       ___________________________

 

The
undersigned [Master Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)           The
[Master Servicer] [Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee,
solely for the purposes provided in the Pooling and Servicing Agreement.

 

(2)           The
[Master Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims,
liens, security interests, charges, writs of attachment or other impositions nor shall the [Master Servicer] [Special Servicer]
assert or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise
provided in the Pooling and Servicing Agreement.

 

(3)           The
[Master Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless
the Mortgage Loans have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been remitted
to the Collection Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)           The
Documents and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [Master Servicer]
[Special Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer] [Special Servicer]
shall keep the Documents separate and distinct from all other property in the [Master Servicer’s] [Special Servicer’s]
possession, custody or control.

 

	 	[____________]
	 	 	 
	 	By:	             	               
	 	 	Name:
	 	 	Title:

 

Date: _________

 

    Exhibit E-2

     

    

 

EXHIBIT
F-1

FORM OF ERISA REPRESENTATION LETTER

REGARDING ERISA RESTRICTED CERTIFICATES

 

Computershare Trust Company,
National Association

                as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

                [OR OTHER CERTIFICATE REGISTRAR]

 

Barclays Commercial Mortgage
Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

 

		Re:	Transfer
                                         of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series
                                         2022-C15

 

Ladies and
Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase US$[___] aggregate initial [Certificate Balance][Notional
Amount] in the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, Class [X-F][F][G-RR][H-RR][RR]
Certificates issued pursuant to that certain Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare
Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used and not otherwise defined
herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In
connection with such transfer, the undersigned hereby represents and warrants to you as follows:

 

1.           The
Purchaser is not and will not be (a) an employee benefit plan or other plan subject to the fiduciary responsibility provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or 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 any other plan that is subject to any federal, state or local law (“Similar Law”) which is, to
a material extent, similar to the foregoing provisions of ERISA or the Code (each a “Plan”) or (b) a person
acting on behalf of a Plan (including an entity whose underlying assets include Plan assets by reason of investment in the entity
by such a Plan or Plans and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42)
of ERISA) or using

 

    Exhibit F-1-1

     

    

 

the assets of any such Plan, other than an insurance company using the assets of its “insurance company
general account” (as such term is defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
95-60) under circumstances whereby the purchase and holding of Certificates by such insurance company will be exempt from the
prohibited transaction provisions of ERISA and the Code under Sections I and III of PTCE 95-60 (or, in the case of a Plan
subject to Similar Law, where the purchase, holding and disposition by such Plan will not constitute or result in a non-exempt
violation of applicable Similar Law).

 

2.           The
Purchaser understands that if the Purchaser is or becomes a Person referred to in 1(a) or (b) above, such Purchaser is required
to provide to the Trustee and the Certificate Administrator an Opinion of Counsel in form and substance satisfactory to the Trustee,
the Certificate Administrator and the Depositor to the effect that the acquisition and holding of such Certificate by such purchaser
or transferee will not constitute or result in a non-exempt “prohibited transaction” within the meaning of ERISA or
Section 4975 of the Code or a non-exempt violation of any Similar Law, and will not subject the Trustee, the Certificate
Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer, any sub-servicer, the Initial Purchasers,
the Underwriters, the Asset Representations Reviewer, the Operating Advisor or the Depositor to any obligation or liability (including
obligations or liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth
in the Pooling and Servicing Agreement, which Opinion of Counsel shall not be at the expense of the Depositor, the Master Servicer,
any sub-servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, the Operating Advisor,
the Asset Representations Reviewer, the Initial Purchasers, the Underwriters or the Trust.

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

 

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

  

    Exhibit F-1-2

     

    

 

EXHIBIT
F-2

FORM OF ERISA REPRESENTATION LETTER

REGARDING [CLASS R certificates] [class s certificates] [THE rr interest]

 

[Date]

 

Computershare Trust Company,
National Association

          as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

          [OR OTHER CERTIFICATE REGISTRAR]

 

[Transferor]

[______]

[______]

Attention: [______]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

Ladies and
Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase [$[__] aggregate Certificate Balance] [[__]% Percentage
Interest] in [the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15, [Class R][Class S]
Certificates (the “[Class R][Class S] Certificate”) issued] [the RR Interest created]
pursuant to that certain Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used and not otherwise defined herein have
the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In
connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the [[Class R][Class
S] Certificate] [RR Interest], the Purchaser is not and will not be (a) an employee benefit plan or other plan subject to the
fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
or 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 which is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”), or (b) a person acting on
behalf of a Plan (including an entity whose underlying assets include Plan assets by reason of investment in the entity by such
a

 

    Exhibit F-2-1

     

    

 

Plan or Plans and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42)
of ERISA) or using the assets of any such Plan to purchase such [[Class R][Class S] Certificate][RR Interest].

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of ____________, 20__.

 

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

 

Date: _______

 

    Exhibit F-2-2

     

    

 

EXHIBIT
G

FORM OF DISTRIBUTION DATE STATEMENT

 

See Annex
B to the Prospectus.

 

    Exhibit G-1

     

    

 

EXHIBIT
H

FORM OF OMNIBUS ASSIGNMENT

 

[NAME
OF CURRENT ASSIGNOR] having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”) for good and valuable
consideration, the receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers, sets over and
conveys, without recourse, representation or warranty, express or implied, unto “Wilmington Trust, National Association,
as Trustee for the registered holders of BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series
2022-C15 and the RR Interest Owner” (the “Assignee”), having an office at 1100 North Market Street, Wilmington,
Delaware 19890, Attention: CMBS Trustee BBCMS 2022-C15, its successors and assigns, all right, title and interest of the Assignor
in and to:

 

That
certain mortgage and security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or
similar security instrument (the “Security Instrument”), and that certain Promissory Note (the “Mortgage
Note”), for each of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and
that certain assignment of leases and rents given in connection therewith and all of the Assignor’s right, title and interest
in any claims, collateral, insurance policies, certificates of deposit, letters of credit, escrow accounts, performance bonds,
demands, causes of action and any other collateral arising out of and/or executed and/or delivered in or to or with respect to
the Security Instrument and the Mortgage Note, together with any other documents or instruments executed and/or delivered in connection
with or otherwise related to the Security Instrument and the Mortgage Note.

 

IN
WITNESS WHEREOF, the Assignor has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__].

 

	 	[NAME OF CURRENT ASSIGNOR]
	 	 	 
	 	By:	                            	 
	 	 	Name:
	 	 	Title:

  

    Exhibit H-1

     

    

 

EXHIBIT
I

FORM OF TRANSFER CERTIFICATE FOR RULE 144A

BOOK-ENTRY CERTIFICATE TO TEMPORARY REGULATION S

BOOK-ENTRY CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchanges
or transfers pursuant to Section 5.03(c)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

BBCMS Mortgage Trust 2022-C15

          [OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Book-Entry Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and
in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)           the
offer of the Certificates was not made to a person in the United States;

 

 

*
     Select appropriate depository. 

 

    Exhibit I-1

     

    

 

[(2)          at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)          the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)           no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention
of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	                            	 
	 	 	Name:
	 	 	Title:

  

Dated: _______

 

cc: Barclays Commercial Mortgage
Securities LLC

 

 

**
     Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

    Exhibit I-2

     

    

 

EXHIBIT
J

FORM OF TRANSFER CERTIFICATE FOR RULE 144A BOOK-ENTRY 

CERTIFICATE TO REGULATION S BOOK-ENTRY CERTIFICATE AFTER 

RESTRICTED
PERIOD

 

(Exchange
or transfers pursuant to Section 5.03(d)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

            as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

            [OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Book-Entry Certificate
of such Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in
accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)           the
offer of the Certificates was not made to a person in the United States,

 

    Exhibit J-1

     

    

 

[(2)          at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)          the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)           no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention
of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	                            	 
	 	 	Name:
	 	 	Title:

  

Dated: ________

cc: Barclays Commercial Mortgage Securities LLC 

 

 

*
     Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

    Exhibit J-2

     

    

 

EXHIBIT
K

FORM OF TRANSFER CERTIFICATE FOR TEMPORARY REGULATION S BOOK-

ENTRY CERTIFICATE TO RULE 144A BOOK-ENTRY CERTIFICATE DURING

RESTRICTED PERIOD

 

(Exchange
or transfers pursuant to Section 5.03(e)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

            as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS
No. [______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository
in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or
transfer of such beneficial interest for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP
No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

 

*
      Select appropriate depository.

 

    Exhibit K-1

     

    

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	                            	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Barclays Commercial Mortgage Securities LLC

 

    Exhibit K-2

     

    

 

EXHIBIT
L

FORM OF TRANSFER CERTIFICATE FOR TEMPORARY REGULATION S BOOK-

ENTRY CERTIFICATE TO REGULATION S BOOK-ENTRY CERTIFICATE
AFTER 

RESTRICTED PERIOD

 

(Exchanges
pursuant to Section 5.03(f)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

           as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

[For
purposes of acquiring a beneficial interest in a Regulation S Book-Entry Certificate of the Class specified above after the
expiration of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate
of the Class specified above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S Book-Entry
Certificate of the Class specified above issued under the Pooling and Servicing Agreement certifies that it is not a U.S. Person
as defined by Regulation S under the Securities Act of 1933, as amended.

 

We
undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification
relating to the Certificates of the Class specified above held by you for our account if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such
date.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding.

 

 

*
     Select, as applicable. 

 

    Exhibit L-1

     

    

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	Dated:______________
	 	 	 
	 	By:	                            	 
	 	 	as, or as agent for, the holder of a beneficial

    interest in the Certificates to which this

    certificate relates.

 

    Exhibit L-2

     

    

 

EXHIBIT
M

FORM OF TRANSFER CERTIFICATE FOR NON-BOOK ENTRY CERTIFICATE TO 

TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE

 

(Exchanges
or transfers pursuant to Section 5.03(g)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name
of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No. [______]
and ISIN No. [______]) to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and
in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)           the
offer of the Certificates was not made to a person in the United States;

 

 

*
     Select appropriate depository. 

    Exhibit M-1

     

    

 

[(2)          at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)          the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)           no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention
of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	                         	   
	 	 	Name:
	 	 	Title:

 

Dated: ________

cc: Barclays Commercial Mortgage Securities LLC

 

 

**
     Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

    Exhibit M-2

     

    

 

EXHIBIT
N

FORM OF TRANSFER CERTIFICATE FOR NON-BOOK ENTRY CERTIFICATE TO 

REGULATION S BOOK-ENTRY CERTIFICATE

 

(Exchange
or transfers pursuant to Section 5.03(g)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

           as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name
of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Regulation S Book-Entry Certificate (CINS No. [______], ISIN No. [______],
and Common Code No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in
accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)           the
offer of the Certificates was not made to a person in the United States,

 

[(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,]*

 

 

*
      Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

    Exhibit N-1

     

    

 

[(2)         the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)           no
“directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in contravention
of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)           the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	                            	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Barclays Commercial Mortgage Securities LLC

 

    Exhibit N-2

     

    

 

EXHIBIT
O

FORM OF TRANSFER CERTIFICATE FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A BOOK-ENTRY CERTIFICATE

 

(Exchange
or transfers pursuant to Section 5.03(g)

of the Pooling and Servicing Agreement)

 

Computershare Trust Company,
National Association,

           as Certificate Registrar

600 South 4th Street, 7th Floor

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name
of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial
interest for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding.

 

    Exhibit O-1

     

    

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 	                            
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Barclays Commercial Mortgage Securities LLC

 

    Exhibit O-2

     

    

 

EXHIBIT
P-1A

FORM OF INVESTOR CERTIFICATION for Non-Borrower PartY AND/OR A 

RISK RETENTION CONSULTATION PARTY (for Persons other than the 

DIRECTING
CERTIFICATEHOLDER and/or a Controlling Class 

Certificateholder)

 

[Date]

 

Computershare Trust Company,
National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [_] Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is either (a) a Certificateholder, a beneficial owner or prospective purchaser of the above-referenced Class [__]
Certificates, (b) a Companion Holder or (c) a Risk Retention Consultation Party (or any investment advisor or manager or other
representative of the foregoing).

 

2.           The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.           In
the case that the undersigned is a Certificateholder, beneficial owner or prospective purchaser of a Certificate, the undersigned
has received a copy of the Prospectus.

 

4.           Other
than with respect to a Risk Retention Consultation Party, the undersigned is not a Borrower Party.

 

5.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside

 

    Exhibit P-1A-1

     

    

 

persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5
of the Securities Act.

 

6.           The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.           The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	By:	                            	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

  

    Exhibit P-1A-2

     

    

 

EXHIBIT
P-1B

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY (FOR THE 

DIRECTING CERTIFICATEHOLDER AND/OR A CONTROLLING CLASS 

CERTIFICATEHOLDER)

 

[Date]

 

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

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565
	Computershare
    Trust Company, National Association

    600 South 4th Street, 7th Floor

    Minneapolis, Minnesota  55415

    Attention:  Corporate Trust Services (CMBS) – BBCMS 2022-C15
	 	 
	Pentalpha Surveillance
        LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BBCMS 2022-C15
        Transaction Manager

        with a copy sent via
        email to: notices@pentalphasurveillance.com (with BBCMS 2022-C15 in the subject line)
	Rialto
        Capital Advisors, LLC

        200 S. Biscayne Boulevard,
        Suite 3550

        Miami, Florida 33131

        Attention: Liat Heller, Jeff Krasnoff, Niral

        Shah and Adam Singer (BBCMS 2022-C15)

        Facsimile number: (305) 229-6425

        Email: liat.heller@rialtocapital.com;

        jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com,

        adam.singer@rialtocapital.com

	Computershare Trust
    Company, National Association

    9062 Old Annapolis Road

    Columbia, Maryland  21045-1951

    Attention:  Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com	 

                                                            Wilmington Trust, National
        Association

        1100 North Market Street

        Wilmington, Delaware
        19890

        Attention: BBCMS 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__] Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

    Exhibit P-1B-1

     

    

 

1.           The
undersigned is either the Directing Certificateholder, the Holder of a majority of the Controlling Class or a Controlling Class
Certificateholder.

 

2.           The
undersigned has received a copy of the Prospectus.

 

3.           The
undersigned is not a Borrower Party.

 

4.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5
of the Securities Act.

 

5.           The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties
the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.           The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

    Exhibit P-1B-2

     

    

 

8.           [For
use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of
this certification in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the
Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed
by registered mail, postage prepaid].

 

9.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	By:	                            	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

  

    Exhibit P-1B-3

     

    

 

EXHIBIT
P-1C

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY (FOR PERSONS 

OTHER THAN THE DIRECTING CERTIFICATEHOLDER, A RISK RETENTION 

CONSULTATION
PARTY AND/OR A CONTROLLING CLASS 

CERTIFICATEHOLDER)

 

[Date]

 

Computershare Trust Company,
National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

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: (888) 706-3565

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__] Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is either (a) a Certificateholder, a beneficial owner or a prospective purchaser of the above-referenced Class [__]
Certificates or (b) a Companion Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.           The
undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.           In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of a Certificate, the undersigned
has received a copy of the Prospectus.

 

4.           The
undersigned is a Borrower Party.

 

5.           The
undersigned is requesting access to the Distribution Date Statement pursuant to the Pooling and Servicing Agreement. In consideration
of the disclosure to the

 

    Exhibit P-1C-1

     

    

 

undersigned of the Distribution Date Statement, or the access thereto, the undersigned will keep the
Distribution Date Statement confidential (except from such outside persons as are assisting it in making an evaluation in connection
with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Distribution Date Statement will not, without the prior
written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part;
provided, however, that the obligations of the undersigned to keep any such Distribution Date Statement confidential
shall expire one year following the date that the undersigned receives such Distribution Date Statement (with respect to a prospective
purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates
referenced above. The undersigned will not use or disclose the Distribution Date Statement in any manner which could result in
a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5
of the Securities Act.

 

6.           The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.           The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statement
on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine
or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 
	 	By:	                            	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    Exhibit P-1C-2

     

    

 

EXHIBIT
P-1D

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE DIRECTING CERTIFICATEHOLDER AND/OR A

CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

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

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565
	Computershare Trust Company,
        National Association

        600 South 4th Street, 7th Floor

        Minneapolis, Minnesota 55415

        Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

	 	 
	Pentalpha Surveillance
        LLC

        375 N. French Road, Suite
        100

        Amherst, New York 14228

        Attention: BBCMS 2022-C15
        Transaction Manager

        with a copy sent via
        email to: notices@pentalphasurveillance.com (with BBCMS 2022-C15 in the subject line)
	Rialto
        Capital Advisors, LLC

        200 S. Biscayne Boulevard,
        Suite 3550

        Miami, Florida 33131

        Attention: Liat Heller, Jeff Krasnoff, Niral

        Shah and Adam Singer (BBCMS 2022-C15)

        Facsimile number: (305) 229-6425

        Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

	 	 
	Computershare Trust Company,
        National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

        trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com
	Wilmington
Trust, National Association

1100 North Market Street

        Wilmington, Delaware
        19890

        Attention: BBCMS 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__] Certificates

 

In
accordance with the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor

 

    Exhibit P-1D-1

     

    

 

and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.
The undersigned is the Directing Certificateholder, the Holder of the majority of the Controlling Class or a Controlling Class
Certificateholder.

 

2.           The
undersigned is a Borrower Party with respect to the following Excluded Loan(s):

 

[IDENTIFY
EXCLUDED LOAN[(S)] (the “Excluded Loan(s)”)]

 

The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.           The
undersigned has received a copy of the Prospectus.

 

4.           Except
with respect to the Excluded Loan(s), the undersigned is requesting access pursuant to the Pooling and Servicing Agreement to
certain information (the “Information”) on the Certificate Administrator’s Website [and/or is requesting
the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions
of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information, or the access
thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making
an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such
governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the
prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part;
provided, however, that the obligations of the undersigned to keep any such Information confidential shall expire
one year following the date that the undersigned receives such Information (with respect to a prospective purchaser only) or is
no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.           The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the Excluded Loan(s) to the extent the undersigned receives access
to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information
in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.           The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers

 

    Exhibit P-1D-2

     

    

 

and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.           To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly
or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling
Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any
investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i)
above.

 

8.           The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

9.           The
undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered
in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed
above [(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

10.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder of the majority   of the Controlling
    Class][Controlling Class   Certificateholder]
	 	 	 
	 	By:	                          	  
	 	 	Title:
	 	 	Company:
	 		Phone:

  

    Exhibit P-1D-3

     

    

 

EXHIBIT
P-1E

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER

 

[Date]

 

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

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565
	Computershare Trust Company,
        National Association

        600 South 4th Street, 7th Floor

        Minneapolis, Minnesota 55415

        Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

	 	 
	Pentalpha Surveillance
        LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BBCMS 2022-C15
        Transaction Manager

        with a copy sent via
        email to: notices@pentalphasurveillance.com (with BBCMS 2022-C15 in the subject line)
	Rialto
        Capital Advisors, LLC

        200 S. Biscayne Boulevard,
        Suite 3550

        Miami, Florida 33131

        Attention: Liat Heller, Jeff Krasnoff, Niral

        Shah and Adam Singer (BBCMS 2022-C15)

        Facsimile number: (305) 229-6425

        Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,

        niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

	 	 
	Computershare Trust
    Company, National Association

    9062 Old Annapolis Road

    Columbia, Maryland  21045-1951

    Attention:  Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

    trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com	Wilmington Trust, National
        Association

        1100 North Market Street

        Wilmington, Delaware
        19890

        Attention: BBCMS 2022-C15

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
                                         Class [__] Certificates

 

THIS
NOTICE IDENTIFIES AN “EXCLUDED LOAN” RELATING TO THE BBCMS MORTGAGE TRUST 2022-C15, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2022-C15, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.13(b) OF THE POOLING AND SERVICING
AGREEMENT.

 

In
accordance with Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates
(the “Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby certifies
and agrees as follows:

 

1.           The
undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder]
as of the date hereof.

 

    Exhibit P-1E-1

     

    

 

2.           The
undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “Excluded
Loan(s)”):

 

	Loan
    Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.           As
of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things,
the Certificate Administrator’s determination as to whether a Consultation Termination Event is in effect with respect to
the Excluded Loans listed in paragraph 2 if any such mortgage loan is an Excluded Loan:

 

	CUSIP	Class	Outstanding
    

Certificate Balance	Initial
    Certificate 

Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The
undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

4.           Except
with respect to the Excluded Loan(s), the undersigned is requesting access pursuant to the Pooling and Servicing Agreement to
certain information (the “Information”) on the Certificate Administrator’s Website [and/or is requesting
the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions
of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information, or the access
thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making
an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such
governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the
prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part;
provided, however, that the obligations of the undersigned to keep any such Information confidential shall expire
one year following the date that the undersigned receives such Information (with respect

 

    Exhibit P-1E-2

     

    

 

to a prospective purchaser only) or is
no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.           The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the Excluded Loan(s) to the extent the undersigned receives access
to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information
in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.           The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.           To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly
or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling
Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any
investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i)
above.

 

8.           The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

9.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

10.         The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not
permitted to access and shall not access any Excluded Information relating to the Excluded

 

    Exhibit P-1E-3

     

    

 

Loan(s) on the Certificate Administrator’s
Website unless and until it has (i) delivered notice of the termination of the related Excluded Controlling Class Holder
status and (ii) submitted a new investor certification in accordance with Section 3.13(b) of the Pooling and Servicing
Agreement.

 

11.           The
undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial
Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing
this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative
or person acting on its behalf of any Excluded Information relating to the Excluded Loan(s) listed in Paragraph 2 above.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder
    of the majority

    of the Controlling Class][Controlling Class

    Certificateholder]
	 	 	 
	 	By:	                             	  
	 	 	Name:
	 	 	Title:

  

Dated: _______

cc: Barclays Commercial Mortgage Securities LLC

 

    Exhibit P-1E-4

     

    

 

EXHIBIT
P-1F

FORM OF NOTICE OF [EXCLUDED LOAN] [EXCLUDED CONTROLLING CLASS HOLDER] TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

Via: Email

Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

with a copy to:

 

Computershare Trust Company, National Association

8480 Stagecoach Circle

Frederick, Maryland 21701-4747

Attention: BBCMS Mortgage Trust 2022-C15

 

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with Section 3.13(b)
of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.       The
undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder]
as of the date hereof.

 

2.       The
undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “Excluded
Loan(s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.       The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the BBCMS Mortgage Trust 2022-C15 securitization should be revoked as to such users:

 

     Exhibit P-1F-1

     

    

 

	 	 	 
	 	 	 
	 	 	 

  

4.       The
undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to such
Excluded Loan(s) on the Certificate Administrator’s Website unless and until it (i) is no longer an Excluded Controlling
Class Holder with respect to such Excluded Loan(s), (ii) has delivered notice of the termination of the related Excluded Controlling
Class Holder status and (iii) has submitted an investor certification in the form of Exhibit P-1B to the Pooling and Servicing
Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder of the majority
  of the Controlling Class][Controlling Class
  Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Barclays Commercial Mortgage Securities LLC

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

Certificate Administrator

 

 

Name:

Title:

 

     Exhibit P-1F-2

     

    

 

EXHIBIT
P-1G

FORM OF CERTIFICATION OF THE DIRECTING

CERTIFICATEHOLDER

 

[Date]

 

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

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565

         
	
        Computershare Trust Company, National Association

        600 South 4th Street, 7th Floor

        Minneapolis, Minnesota 55415

        Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

         

	
        Pentalpha Surveillance LLC

375 N. French Road, Suite 100 

        Amherst, New York 14228 

        Attention: BBCMS 2022-C15 Transaction Manager 

        with a copy sent via email to: notices@pentalphasurveillance.com
        (with BBCMS 2022-C15 in the subject line)

         
	
        Rialto Capital
Advisors, LLC 

        200 S. Biscayne Boulevard, Suite 3550

        Miami, Florida 33131Attention: Liat Heller, Jeff Krasnoff, Niral Shah, Adam Singer (BBCMS 2022-C15)

        Facsimile number: (305) 229-6425

        Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

         

	
        Computershare Trust Company, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

        trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com

         
	
        Wilmington Trust, National Association

1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: CMBS Trustee

         

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with Section 3.23
of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Directing Certificateholder.

 

2.       The
undersigned is not a Borrower Party.

 

     Exhibit P-1G-1

     

    

 

3.       If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

4.       [[For
Directing Certificateholders other than the initial Directing Certificateholder] The undersigned hereby certifies that an executed
copy of this certification in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing
Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.]

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

	 	[Directing Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

cc: Barclays Commercial Mortgage Securities LLC

 

     Exhibit P-1G-2

     

    

 

EXHIBIT
P-1H

Form of Certification of a Risk Retention Consultation Party

 

[Date]

 

	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: (888) 706-3565	Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS) – BBCMS 2022-C15

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	
        Rialto Capital
Advisors, LLC 

        200 S. Biscayne Boulevard, Suite 3550

Miami, Florida 33131Attention: Liat Heller, Jeff Krasnoff, Niral Shah and Adam Singer (BBCMS 2022-C15)

Facsimile number: (305) 229-6425

Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, 

        adam.singer@rialtocapital.com 

         

        Computershare Trust Company, National Association

        600 South 4th Street, 7th Floor

        Minneapolis, Minnesota 55415

        Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

         
	
        

Pentalpha Surveillance LLC

375 N. French Road, Suite 100 

        Amherst, New York 14228 

        Attention: BBCMS 2022-C15 Transaction Manager 

        with a copy sent via email to: notices@pentalphasurveillance.com
(with BBCMS 2022-C15 in the subject line) 

         

        Wilmington Trust, National Association 

        1100 North Market Street 

        Wilmington, Delaware 19890 

        Attention: BBCMS 2022-C15 

        CMBSTrustee@wilmingtontrust.com 

         

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with Section 3.23 of the Pooling
and Servicing Agreement, the undersigned hereby certifies and agrees as follows: 

 

		1.	The undersigned has been appointed to act as the VRR-[A][B][C] Risk Retention Consultation Party.

 

		2.	[[For Risk Retention Consultation Parties other than the initial Risk Retention Consultation Parties]The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of 

 

     Exhibit P-1H-1

     

    

 

the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.]

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date
certified.

 

	 	[RISK RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated: [____] [__], 20[__]

 

cc: Barclays Commercial Mortgage Securities LLC

 

     Exhibit P-1H-2

     

    

 

EXHIBIT
P-2

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BBCMS 2022-C15

 

		Attention:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with the
requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated and effective as of April
1, 2022 (the “Pooling and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special
Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates; or

 

2.       The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the
appropriate certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the
Closing Date, is requesting access pursuant to the Agreement to certain information (the “Information”) on such
17g-5 website pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned
with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable
to information obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information received
by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access
to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of
the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect to any information
obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from the section of the
17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date.

 

The undersigned shall
be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website.

 

     Exhibit P-2-1

     

    

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

     Exhibit P-2-2

     

    

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality
Agreement (the “Confidentiality Agreement”) is made in connection with Barclays Capital Inc. (together with
its affiliates, the “Furnishing Entities” and each a “Furnishing Entity”) furnishing certain
financial, operational, structural and other information relating to the issuance of the BBCMS Mortgage Trust 2022-C15, Commercial
Mortgage Pass-Through Certificates, Series 2022-C15 (the “Certificates”) pursuant to the Pooling and Servicing
Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”), between Barclays
Commercial Mortgage Securities LLC, as Depositor (the “Depositor”), Midland Loan Services, a Division of PNC
Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Pentalpha Surveillance LLC,
as Operating Advisor and as Asset Representations Reviewer, Computershare Trust Company, National Association, as Certificate Administrator
and Wilmington Trust, National Association, as Trustee, and the assets underlying or referenced by the Certificates, including
the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with respect to
such assets (together, the “Collateral”) to you (the “NRSRO”) through the website of Computershare
Trust Company, National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement, including the [section
of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date (as defined
in the Pooling and Servicing Agreement)]. Information provided by each Furnishing Entity is labeled as provided by the specific
Furnishing Entity.

 

		1.	Definition of Confidential Information. For purposes of this Confidentiality Agreement,
the term “Confidential Information” shall include the following information (irrespective of its source or form
of communication, including information obtained by you through access to this site) that may be furnished to you by or on behalf
of a Furnishing Entity in connection with the issuance or monitoring of a rating with respect to the Certificates: (x) all
data, reports, interpretations, forecasts, records, agreements, legal documents and other information (such information, the “Evaluation
Material”) and (y)  any of the terms, conditions or other facts with respect to the transactions contemplated by
the Pooling and Servicing Agreement, including the status thereof; provided, however, that the term Confidential
Information shall not include information which:

 

(a)       was or becomes generally available to the public (including through filing with the Securities and Exchange Commission or
disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
below) in violation of this Confidentiality Agreement;

 

(b)       was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is
reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides it to you
without any obligation to maintain the information as confidential; or

 

(c)       is independently developed by the NRSRO without reference to any Confidential Information.

 

     Exhibit P-2-3

     

    

 

		2.	Information to Be Held in Confidence.

 

(a)         
You will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates
and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking,
modeling or research purposes (the “Intended Purpose”).

 

(b)        
You acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities
when in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each
NRSRO Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

(c)         
You will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written
consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:

 

(i)     
disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives,
agents and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know
such Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

(ii)     
solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential
Information to the NRSRO’s password protected website; and

 

(iii)     
use information derived from the Confidential Information in connection with an Intended Purpose, if such derived information
does not reveal any Confidential Information.

 

		3.	Disclosures Required by Law.
If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or
other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless
otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been

 

     Exhibit P-2-4

     

    

 

informed by written notice that the related Furnishing Entity is seeking a protective order or
other reasonable assurance for confidential treatment with respect to the requested Confidential Information, you agree not to
disclose the Confidential Information while the Furnishing Entity’s effort to obtain such a protective order or other reasonable
assurance for confidential treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to
obtain a protective order or other reasonable assurance that confidential treatment will be accorded to the portion of the Confidential
Information that is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no
event shall the NRSRO be required to take a position that such information should be entitled to receive such a protective order
or reasonable assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other
remedy, you agree to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense
of such Furnishing Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance
with the provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally
required to disclose, at the sole expense of the relevant Furnishing Entity.

 

		4.	Obligation to Return Evaluation Material. Promptly upon written request by or on behalf
of the relevant Furnishing Entity, all material or documents, including copies thereof, that contain Evaluation Material will be
destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the
NRSRO may retain one or more copies of any document or other material containing Evaluation Material to the extent necessary for
legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures designed to ensure legal
or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may be found in backup
tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material obtained in an
oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality
Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations of this Confidentiality Agreement.

 

(a)     The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

(b)     You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure
or use by any person of the Confidential Information which may come to your attention and to take all steps reasonably requested
by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

(c)     You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably
harmed in the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that each Furnishing

 

     Exhibit P-2-5

     

    

 

Entity shall be entitled to specific performance
and injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions
hereof, in addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood
and agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further
exercise of any right, power or privilege.

 

		6.	Term. Notwithstanding the termination or cancellation of this Confidentiality Agreement
and regardless of whether the NRSRO has provided a credit rating on a Security, your obligations under this Confidentiality Agreement
will survive indefinitely.

 

		7.	Governing Law. This Confidentiality Agreement and any claim, controversy or dispute arising
under the Confidentiality Agreement, the relationships of the parties and/or the interpretation and enforcement of the rights and
duties of the parties shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be performed within such State.

 

		8.	Amendments. This Confidentiality Agreement may be modified or waived only by a separate
writing by the NRSRO and each Furnishing Entity.

 

		9.	Entire Agreement. This Confidentiality Agreement represents the entire agreement between
you and the Furnishing Entities relating to the treatment of Confidential Information heretofore or hereafter reviewed or inspected
by you. This agreement supersedes all other understandings and agreements between us relating to such matters; provided,
however, that, if the terms of this Confidentiality Agreement conflict with another agreement relating to the Confidential
Information that specifically states that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality
Agreement, then to the extent the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement
shall control notwithstanding acceptance by you of the terms hereof by entry into this website.

 

		10.	Contact Information. Notices for each Furnishing Entity under this Confidentiality Agreement,
shall be directed as set forth below:

 

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

with a copy to:

Barclays Capital Real Estate Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Steven P. Glynn

 

     Exhibit P-2-6

     

    

 

EXHIBIT
P-3

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BBCMS 2022-C15

 

		Attention:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.
If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526,
or at ctslink.customerservice@wellsfargo.com.

 

In accordance with the
requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated and effective as of April
1, 2022 (the “Pooling and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special
Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the above-referenced
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc.,
Interactive Data Corp., CMBS.com, Inc., Markit Group Limited, Moody’s Analytics, MBS Data, LLC, RealInsight, KBRA Analytics,
Thomson Reuters Corporation, DealView Technologies Ltd. or CRED iQ, a market data provider that has been given access to the Statements
to Certificateholders, CREFC® Reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.

 

2.       The
undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation above
remains true and correct.

 

3.       The
undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor.

 

4.       The
undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Trust Fund for any loss, liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

     Exhibit P-3-1

     

    

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

     Exhibit P-3-2

     

    

 

EXHIBIT
Q

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

Ladies and Gentlemen:

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”),
between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as
Asset Representations Reviewer, the undersigned, as Custodian, hereby certifies that, except as noted on the attached Custodial
Exception Report, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for
which a Liquidation Event has occurred) the Custodian has, subject to Section 2.02(c) of the Pooling and Servicing Agreement,
reviewed the documents delivered to it pursuant to Section 2.01 of the Pooling and Servicing Agreement and has determined
that (i) subject to the final proviso of the definition of “Mortgage File”, all documents specified in clauses (i)
through (v), (viii), (ix), (xi), (xii) and (xiii) (or, with respect to clause (xii), a copy of such letter of credit
and the required officer’s certificate), if any, of the definition of “Mortgage File,” as applicable, are in
its possession, (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Seller have been reviewed
by it or by a Custodian on its behalf and appear regular on their face and appear to be executed and to relate to such Mortgage
Loan and (iii) based on such examination and only as to the foregoing documents, the information set forth in the Mortgage
Loan Schedule with respect to the items specified in clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage
Loan Schedule” is correct.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

	 	COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION,

as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit Q-1

     

    

 

SCHEDULE
A

 

[APPLICABLE MORTGAGE LOAN SELLER’S
NOTICE ADDRESS]

 

Barclays Commercial Mortgage Securities LLC

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson

daniel.vinson@barclays.com

 

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: (888) 706-3565

 

Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BBCMS 2022-C15

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

Rialto Capital Advisors, LLC

200 S. Biscayne Boulevard, Suite 3550

Miami, Florida 33131

Attention: Liat Heller

Fax number: (305) 229-6425

Email: liat.heller@rialtocapital.com

 

with copies to:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

Email: jeff.krasnoff@rialtocapital.com

 

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

 

Adam Singer

facsimile number: (305) 229-6425

Email: adam.singer@rialtocapital.com

 

Pentalpha Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: BBCMS 2022-C15 Transaction Manager

 

     Exhibit Q-2

     

    

 

with a copy sent via email to: notices@pentalphasurveillance.com
(with BBCMS 2022-C15 in the subject line)

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: BBCMS 2022-C15

Telecopy number: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com

 

Barclays Capital Real Estate Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Daniel Vinson, Managing Director

Email: daniel.vinson@barclays.com

 

with a copy to:

 

Barclays Capital Real Estate Inc.

745 Seventh Avenue

New York, New York

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com

 

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: Jim Barnard

Email: US-Glba-Abp-Cmbs-Notices@sgcib.com

 

with a copy to:

 

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

Email: US-Glba-Abp-Cmbs-Notices@sgcib.com

 

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Michael Birajiclian and David Schell

Email: Michael.Birajiclian@bmo.com and David.Schell@bmo.com

 

with a copy to:

 

     Exhibit Q-3

     

    

 

Bank of Montreal

c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Attention: Legal Department

Email: BMOCMUSLegal@bmo.com

 

Starwood Mortgage Capital LLC

2340 Collins Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Leslie K. Fairbanks, Executive Vice President

Email: lfairbanks@starwood.com

 

with a copy by email to: jbeard@starwood.com

 

and with a copy to:

 

Starwood Property Trust, Inc.

2340 Collins Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett, Email: hbennett@starwood.com

 

and with a copy by email to: lnr.cmbs.notices@lnrproperty.com

 

and with a copy to:

 

McCoy & Orta

100 N. Broadway, 26th Floor

Oklahoma City, Oklahoma 73102

Attention: Vanessa Orta

With a copy by email to: vorta@mccoy-orta.com

 

and with a copy to:

 

Marcia Moore-Allen

Facsimile: (405) 236-1448

Email: mmoore-allen@mccoy-orta.com

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: (877) 379-1625

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

 

     Exhibit Q-4

     

    

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: (816) 753-1536

 

     Exhibit Q-5

     

    

 

EXHIBIT
R-1

FORM OF POWER OF ATTORNEY BY TRUSTEE FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565

Email: NoticeAdmin@midlandls.com

 

 

 SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE
PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing under the laws
of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the
“Trustee”) pursuant to that Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Agreement”)
by and among Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer,
Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, the Trustee, as trustee, and Computershare
Trust Company, National Association, as certificate administrator, hereby constitutes and appoints the Master Servicer, by and
through the Master Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name,
place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”)
serviced by the Master Servicer and all properties (“REO Properties”) administered by the Master Servicer pursuant
to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary
and appropriate to effectuate the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans
and REO Properties; provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact
if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein
have the meanings set forth in the Agreement.

 

1.          The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

2.          The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of trust to 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,

 

     Exhibit R-1-1

     

    

 

in either
instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the
provisions of the Agreement.

 

3.          The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.          The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as
real estate owned, or conveyance of title to real estate owned.

 

5.          The completion of loan assumption agreements.

 

6.          The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.          The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the
mortgage loan secured and evidenced thereby.

 

8.          The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction
with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

9.          The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and
the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

     Exhibit R-1-2

     

    

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as
may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.

 

10.       With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property
to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

11.       The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

 

12.       The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to 

 

     Exhibit R-1-3

     

    

 

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

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth
below.

 

This appointment is to
be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is
not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent
that the Master Servicer has the power to delegate its rights or obligations under the Agreement, the Master Servicer also has
the power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The Master Servicer’s attorneys-in-fact shall have no greater authority
than that held by the Master Servicer.

 

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

 

     Exhibit R-1-4

     

    

 

This limited power of
attorney is not intended to extend the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer
to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Master Servicer hereby
agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney
by the Master Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement
or the earlier resignation or removal of the Trustee under the Agreement.

 

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

 

Third parties without
actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this
Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has
been made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington
Trust, National Association, as Trustee for BBCMS Mortgage Trust 2022-C15 has caused its corporate seal to be hereto affixed and
these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________
day of ____________.

 

	 	WILMINGTON TRUST, NATIONAL
ASSOCIATION, as Trustee for BBCMS Mortgage Trust 2022-C15
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit R-1-5

     

    

 

	STATE OF DELAWARE	}	 
	COUNTY OF	}	 

 

On ____________________,
before me, _________________________________ Notary Public, personally appeared ___________________________, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

I certify under the laws
of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

 

 

Notary signature

 

     Exhibit R-1-6

     

    

 

EXHIBIT
R-2

FORM OF POWER OF ATTORNEY BY TRUSTEE FOR SPECIAL SERVICER

 

Rialto Capital Advisors,
LLC 

200 S. Biscayne Boulevard, Suite 3550

Miami, Florida 33131Attention: Liat Heller, Jeff Krasnoff, Niral Shah and Adam Singer (BBCMS 2022-C15)

Facsimile number: (305) 229-6425

Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S
USE

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE
PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing under the laws
of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the
“Trustee”) pursuant to that Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Agreement”)
between Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Computershare Trust Company, National Association, as certificate
administrator, the Trustee, as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer,
hereby constitutes and appoints 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 or permitted under
the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

1.          The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

2.          The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the 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.

 

     Exhibit R-2-1

     

    

 

3.          The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.          The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as
real estate owned, or conveyance of title to real estate owned.

 

5.          The completion of loan assumption agreements and transfers of interest in borrower entities.

 

6.          The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.         The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the 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 Mortgage Note and other loan documents.

 

9.         The
full enforcement of and preservation of the Trustee’s interests in any Mortgage or the related promissory note, and in the
proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of the Trust, foreclosure,
the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure and/or any related litigation,
including without limitation, guaranty or receivership litigation, or litigation on the note, or the termination, cancellation
or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings with respect
to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the initiation or defense of any
litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts: 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and
the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

     Exhibit R-2-2

     

    

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions;

 

		i.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property;
and

 

		j.	the preparation and execution of such other documents and performance of such other actions as
may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.

 

10.       With
respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property
to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

11.       The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

 

12.       Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in
its capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission
of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.

 

13.        The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the 

 

     Exhibit R-2-3

     

    

 

		 	Mortgage, deed of trust or other security document in
the related Mortgage File or the related Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related
Mortgaged Property, consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and
monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged
Property, REO Property or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing
of the related Mortgaged Properties (including agreements and requests by any borrower with respect to modifications of the standards
of operation and management of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising
any or all of the rights, powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan
documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements,
management agreements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements
with respect to the Mortgaged Properties or REO Properties, instruments relating to the custody of any collateral that now secures
or hereafter may secure any Mortgage Loan and any other consents; and

 

		d.	any and all documents, instruments and certifications as are reasonably necessary to complete or
accomplish the Special Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth
below.

 

This appointment is to
be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is
not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent
that the Special Servicer has the power to delegate its rights or obligations under the Agreement, the Special Servicer also has
the power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such

 

     Exhibit R-2-4

     

    

 

additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The Special Servicer’s attorneys-in-fact shall have no greater authority
than that held by the Special Servicer.

 

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

 

This limited power of
attorney is not intended to extend the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer
to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Special Servicer
hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever incurred by the Trustee by reason or result of the negligent use, or negligent or willful misuse, of
this Limited Power of Attorney by the Special Servicer. The foregoing indemnity shall survive the termination of this Limited Power
of Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

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

 

Third parties without
actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this
Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has
been made in writing by the undersigned.

 

     Exhibit R-2-5

     

    

 

IN WITNESS WHEREOF, Wilmington
Trust, National Association, as Trustee for BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series
2022-C15 has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf
by a duly elected and authorized signatory this ___________ day of ____________.

 

	 	WILMINGTON TRUST, NATIONAL
ASSOCIATION, as Trustee for BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit R-2-6

     

    

 

	STATE OF DELAWARE	}	 
	COUNTY OF	}	 

 

On ________________________,
before me, _________________________________Notary Public, personally appeared ___________________________, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

I certify under the laws
of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

 

 

Notary signature

 

     Exhibit R-2-7

     

    

 

EXHIBIT
S

INITIAL SERVICED COMPANION NOTEHOLDERS

 

	Loan	Companion Holder
	Twin Spans Business Park and Delaware River Industrial Park	
        Note A-2:

         

        Barclays Bank PLC

        745 Seventh Avenue

        New York, New York 10019

        Attention: Adam Scotto

         

        Note A-3:

         

        Depositor:

         

        GS Mortgage Securities Corporation II

        200 West Street

        New York, New York 10282

        Attention: Leah Nivison

        E-mail: leah.nivison@gs.com and gs-refgsecuritization@gs.com

         

        Master Servicer and Special Servicer:

         

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

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President - Division Head

        Fax number: 1-888-706-3565

        Email: NoticeAdmin@midlandls.com

         

        with a copy to:

         

        Stinson LLP

        1201 Walnut Street

        Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Email: kenda.tomes@stinson.com

         

        Certificate Administrator:

         

        Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – BMARK 2022- 

 

     Exhibit S-1

     

    

 

	Loan	Companion Holder
		
        B33

Fax number: (410) 715-2380

         

        with a copy to:

         

        cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com,
        except as otherwise set forth herein

         

        Trustee:

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington Delaware 19890

        Attention: CMBS Trustee

         

        with a copy to:

         

        Telecopy number: (302) 636-4140

        Email: CMBSTrustee@wilmingtontrust.com

         

        Custodian:

         

        Computershare Trust Company, National Association

        1055 10th Avenue, Southeast

        Minneapolis, Minnesota 55414

        Attn: Document Custody Group: Benchmark 2022-B33

         

        with a copy to:

         

        Email: cmbscustody@wellsfargo.com

         

        Operating Advisor and Asset Representations Reviewer:

         

        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2022-B33-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         

	Rose Castle Apartments	
        Note A-3, Note A-5, Note A-7, Note A-9:

         

        Morgan Stanley Capital I Trust 2022-L8,

Commercial Mortgage Pass Through Certificates 

 

     Exhibit S-2

     

    

 

	Loan	Companion Holder
	 	
        Series 2022-L8

         

        Depositor:

         

        Morgan Stanley Capital I Inc.

        1585 Broadway

        New York, New York 10036

        Attention: Jane Lam

         

        with a copy to:

         

        Morgan Stanley Capital I Inc.

        1633 Broadway, 29th Floor

        New York, New York 10019

        Attention: Legal Compliance Division

         

        and with a copy to:

         

        cmbs_notices@morganstanley.com

         

        Master Servicer:

         

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

        10851 Mastin Street, Suite 300

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Facsimile: (888) 706-3565

        Email: NoticeAdmin@midlandls.com

         

        with a copy to:

         

        Stinson LLP

        1201 Walnut Street

        Suite 2900

        Kansas City, Missouri 64106-2150

        Fax Number: (816) 412-9338

        Attention: Kenda K. Tomes

        Email: kenda.tomes@stinson.com

         

        Special Servicer:

         

        LNR Partners, LLC

2340 Collins Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw 

 

     Exhibit S-3

     

    

 

	Loan	Companion Holder
	 	 Facsimile number: (305) 695-5601
         

        with a copy by email to:

         

        hbennett@starwood.com, jwarshaw@lnrpartners.com and lnr.cmbs.notices@lnrproperty.com

         

        Certificate Administrator:

         

        Computershare Trust Company, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – MSC 2022-L8

         

        with a copy by email to:

         

        trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

         

        Trustee:

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – MSC 2022-L8

         

        with a copy by email to:

         

        cmbstrustee@wilmingtontrust.com

         

        Custodian:

         

        Computershare Trust Company, National Association

        1055 10th Avenue SE

        Minneapolis, Minnesota 55414

        Attention: Document Custody Services Group - MSC 2022-L8

        E-mail: cmbscustody@wellsfargo.com

         

        Operating Advisor and Asset Representations Reviewer:

         

        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: MSC 2022-L8 Surveillance Manager (with a copy sent contemporaneously via email to 

         

 

     Exhibit S-4

     

    

 

	Loan	Companion Holder
	 	  cmbs.notices@parkbridgefinancial.com)
         

	2 Riverfront Plaza	
        Note A-1:

         

        Depositor:

         

        BMO Commercial Mortgage Securities LLC

        c/o BMO Capital Markets Corp.

        151 West 42nd Street

        New York, NY 10036

        Attention: Paul Vanderslice, Michael Birajiclian and David Schell, email: Paul.Vanderslice@bmo.com, Michael.Birajiclian@bmo.com
        and David.Schell@bmo.com

        

        with a copy to:

        

        BMO Commercial Mortgage Securities LLC

        c/o BMO Capital Markets Corp.

        151 West 42nd Street

        New York, NY 10036

        Attention: Legal Department

        Email: BMOCMUSLegal@bmo.com

        

        Trustee:

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee BMO 2022-C1

        Facsimile No.: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

        

        Master Servicer:

         

        KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Email: michael_a_tilden@keybank.com

with copies to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112 

 

     Exhibit S-5

     

    

 

 

	Loan	Companion Holder
	 	
        
        Attention: Kraig Kohring

        Email: kkohring@polsinelli.com

        Facsimile No.: 816-753-1536

        

        Special Servicer:

        

        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Brian Hanson (BMO 2022-C1)

        Email: CWCAMContractNotices@cwcapital.com

        

        with a copy to:

        

        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMO 2022-C1)

        

        Certificate Administrator:

        

        Computershare Trust Company, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – BMO 2022-C1

        

        with a copy to:

        

        cts.cmbs.bond.admin@wellsfargo.com trustadministrationgroup@wellsfargo.com

        

        Operating Advisor:

        

        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: BMO 2022-C1— Surveillance Manager

        

        with copies sent contemporaneously via email to:

        

        cmbs.notices@parkbridgefinancial.com

        

        Note A-3 and Note A-4:

         

        Bank of Montreal 

 

     Exhibit S-6

     

    

 

 

	Loan	Companion Holder
	 	
        

        c/o BMO Capital Markets Corp.

        151 West 42nd Street

        New York, New York 10036

        Attention: Michael Birajiclian Email: Michael.Birajiclian@bmo.com

        

        with a copy to:

        

        Bank of Montreal

        c/o BMO Capital Markets Corp.

        151 West 42nd Street

        New York, New York 10036 Attention: Legal Department

        Email: BMOCMUSLegal@bmo.com

         

	IPCC National Storage Portfolio XV	
        Note A-2 and Note A-3:

         

        Depositor:

         

        BMO Commercial Mortgage Securities LLC

        c/o BMO Capital Markets Corp.

        151 West 42nd Street

        New York, NY 10036

        Attention: Paul Vanderslice, Michael Birajiclian and David Schell, email: Paul.Vanderslice@bmo.com, Michael.Birajiclian@bmo.com
        and David.Schell@bmo.com

        

        with a copy to:

        

        BMO Commercial Mortgage Securities LLC

        c/o BMO Capital Markets Corp.

        151 West 42nd Street

        New York, NY 10036

        Attention: Legal Department

        Email: BMOCMUSLegal@bmo.com

         

        Master Servicer:

         

        KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Email: michael_a_tilden@keybank.com

with copies to: 

 

     Exhibit S-7

     

    

 

	Loan	Companion Holder
	 	
         

        Polsinelli

        900 West 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Email: kkohring@polsinelli.com

        Facsimile No.: 816-753-1536

         

        Special Servicer:

         

        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Brian Hanson (BMO 2022-C1)

        Email: CWCAMContractNotices@cwcapital.com

        

        with a copy to:

        

        CWCapital Asset Management LLC

        900 19th Street, NW, 8th Floor

        Washington, D.C. 20006

        Attention: Legal Department (BMO 2022-C1)

         

        Trustee:

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee BMO 2022-C1

        Facsimile No.: (302) 636-4140

        Email: cmbstrustee@wilmingtontrust.com

         

        Certificate Administrator:

         

        Computershare Trust Company, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – BMO 2022-C1

        

        with a copy to:

        

        cts.cmbs.bond.admin@wellsfargo.com trustadministrationgroup@wellsfargo.com

         

        Operating Advisor:

        

         

 

     Exhibit S-8

     

    

 

	Loan	Companion Holder
	 	
        

        

        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: BMO 2022-C1— Surveillance Manager

        

        with copies sent contemporaneously via email to:

        

        cmbs.notices@parkbridgefinancial.com

         

 

     Exhibit S-9

     

    

 

EXHIBIT
T

FORM OF NOTICE FOR NON-SERVICED MORTGAGE LOAN

 

[FOR THE SUMMIT MORTGAGE LOAN:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

E-mail: Michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Fax Number: (816) 753-1536

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

E-mail: keybank_notices@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

E-mail: kkohring@polsinelli.com]

 

[FOR THE 1888 CENTURY PARK EAST MORTGAGE LOAN:

 

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: (888) 706-3565

 

with a copy to:

 

Stinson LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106 2150

 

     Exhibit T-1

     

    

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com

Fax Number: (816)-412-9338]

 

[FOR THE COLEMAN HIGHLINE PHASE IV MORTGAGE LOAN:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden (if to the Servicer) or Alan Williams (if to the Special Servicer)

Email: Michael_a_tilden@keybank.com (if to the Servicer) or keybank_notices@keybank.com (if to the Special Servicer)

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attn: Kraig Kohring]

 

[FOR THE IPCC NATIONAL STORAGE PORTFOLIO XVI MORTGAGE LOAN AND
THE NYC MFRT PORTFOLIO MORTGAGE LOAN:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

(877) 379-1625

Email: Michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attn: Kraig Kohring

Fax Number: (816) 753-1536

 

CWCapital Asset Management LLC

900 19th Street, NW, 8th Floor

Washington, D.C. 20006

Attention: Brian Hanson (BMO 2022-C1)

email: CWCAMContractNotices@cwcapital.com

 

with a copy to:

 

     Exhibit T-2

     

    

 

CWCapital Asset Management LLC

900 19th Street, NW, 8th Floor

Washington, D.C. 20006

Attention: Legal Department (BMO 2022-C1)]

 

[FOR THE MOONWATER OFFICE PORTFOLIO MORTGAGE LOAN AND THE BEDROCK
PORTFOLIO MORTGAGE LOAN:

 

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: (888) 706-3565

 

with a copy to:

 

Stinson LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106 2150

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com

Fax Number: (816)-412-9338

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Email: keybank_notices@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com]

 

[FOR THE 26 BROADWAY MORTGAGE LOAN:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

(877) 379-1625

Email: Michael_a_tilden@keybank.com

 

with a copy to:

 

     Exhibit T-3

     

    

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attn: Kraig Kohring

Fax Number: (816) 753-1536

 

KeyBank National Association

11501 Outlook Street, Suite 300 Overland Park, Kansas 66211

Attention: Alan Williams

Email: keybank_notices@keybank.com

 

with copies to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com]

 

[FOR THE 1100 & 820 FIRST STREET NE MORTGAGE LOAN AND THE
AMF PORTFOLIO MORTGAGE LOAN:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

(877) 379-1625

Email: Michael_a_tilden@keybank.com

with a copy to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attn: Kraig Kohring

Fax Number: (816) 753-1536

 

LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

 

with a copy to

 

Email: hbennett@lnrpartners.com, jwarshaw@lnrpartners.com
and lnr.cmbs.notices@lnrproperty.com]

 

[FOR THE MEADOWOOD MALL MORTGAGE LOAN:

 

     Exhibit T-4

     

    

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2021-C61 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

with a copy to:

 

K&L Gates LLP

300 South Tryon Street, Suite 1000

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Facsimile Number: (704) 353-3190

 

CWCapital Asset Management LLC

900 19th Street NW, 8th Floor

Washington, D.C. 20006

Attention: Brian Hanson (WFCM 2021-C61)

Email: CWCAMContractNotices@cwcapital.com

 

with a copy to:

 

CWCapital Asset Management LLC

900 19th Street NW, 8th Floor

Washington, D.C. 20006

Attention: Legal Department (WFCM 2021-C61)

 

3650 Cal Bridge Reno LLC

2977 McFarlane Road

Suite 300

Miami, Florida 33133

Attn: Servicing and General Counsel]

 

[FOR THE VISIONS HOTEL PORTFOLIO III MORTGAGE LOAN:

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile Number: (888) 706-3565

 

with a copy to:

 

Stinson LLP

1201 Walnut Street, Suite 2900

 

     Exhibit T-5

     

    

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com

Fascimile Number: (816) 412-9338

 

with a copy to:

 

LNR Partners, LLC

2340 Collins Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

Fascimile Number: (305) 695-5601

 

with a copy by email to: hbennett@starwood.com, jwarshaw@lnrpartners.com
and lnr.cmbs.notices@lnrproperty.com]

 

VIA EMAIL 

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

Ladies and Gentlemen:

 

As you know, [KeyBank
National Association][Midland Loan Services, a Division of PNC Bank, National Association][Wells Fargo Bank, National Association]
acts as the master servicer (the “Lead Master Servicer”) for the whole loan secured by the mortgaged propert[y][ies]
identified as [The Summit Whole Loan][the 1888 Century Park East Whole Loan][the Coleman Highline Phase IV Whole Loan][the IPCC
National Storage Portfolio XVI Whole Loan][the Moonwater Office Portfolio Whole Loan][the 26 Broadway Whole Loan][the Bedrock Portfolio
Whole Loan][the 1100 & 820 First Street NE Whole Loan][the Meadowood Mall Whole Loan][the Visions Hotel Portfolio III Whole
Loan][the NYC MFRT Portfolio Whole Loan][the AMF Portfolio Whole Loan] (the “Subject Whole Loan”) under the
[SUMIT 2022-BVUE][BBCMS 2022-C14][COLEM 2022-HLNE][BMO 2022-C1][Benchmark 2022-B32][BWAY 2022-26BW][BBCMS 2021-C12][WFCM 2021-C61][MSC
2022-L8] [pooling][trust] and servicing agreement (the “Lead PSA”). This is to inform you that Note [ ] of the
Subject Whole Loan (the “Subject Mortgage Loan”) has been transferred to BBCMS Mortgage Trust 2022-C15 pursuant
to that certain Pooling and Servicing Agreement, dated April 1, 2022 (the “2022-C15 Pooling Agreement”) between
Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer (the “2022-C15 Master Servicer”), Rialto Capital Advisors, LLC, as special servicer, Computershare
Trust Company, National Association, as certificate administrator (the “2022-C15 Certificate Administrator”),
Wilmington Trust, National Association, as trustee (the “2022-C15 Trustee”), and Pentalpha Surveillance LLC,
as operating advisor and as asset representations reviewer, and that the 2022-C15 Trustee is the holder of the Subject Mortgage
Loan.

 

The undersigned, as 2022-C15
Certificate Administrator, hereby directs you, in your capacity as the Lead Master Servicer of the Subject Whole Loan, to remit
to the 2022-C15

 

     Exhibit T-6

     

    

 

Master Servicer all amounts payable to, and forward, deliver or otherwise make available, as the case may be, to
the 2022-C15 Master Servicer all reports, statements, documents, communications, and other information that are to be forwarded,
delivered or otherwise made available to, the holder of the Subject Mortgage Loan under the related Intercreditor Agreement (as
such term is defined in the 2022-C15 Pooling Agreement) and the Lead PSA.

 

The Subject Mortgage
Loan is not a Significant Obligor (as such term is defined in the 2022-C15 Pooling Agreement) under the 2022-C15 Pooling Agreement.

 

Thank you for your attention
to this matter.

 

	Date:	 	 

 

	 	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as

 Certificate Administrator for the Holders of

 the BBCMS Mortgage Trust 2022-C15,  Commercial Mortgage

 Pass-Through Certificates, Series 2022-C15  and the RR Interest Owner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit T-7

     

    

 

EXHIBIT
U

FORM OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

		To:	Fitch Ratings, Inc.

300 West 57th Street

New York, New York 10019

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

Email: info.cmbs@fitchratings.com

 

Kroll Bond Rating Agency, LLC

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

Email: cmbs.surveillance@kbra.com

 

S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

 

		From:	Midland Loan Services, a Division of PNC Bank, National Association, in its capacity as Master
Servicer under the Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
LLC, as Operating Advisor and as Asset Representations Reviewer.

 

Date: _________, 20___

 

     Exhibit U-1

     

    

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

Mortgage Loan (the “Mortgage
Loan”) identified by loan number _____ [and loan number [_______]] on the Mortgage Loan Schedule attached to the Pooling
and Servicing Agreement and heretofore secured by the Mortgaged Properties identified on the Mortgage Loan Schedule by the following
names:____________________

                                                                                    ____________________

 

Reference is made to
the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Pooling and Servicing Agreement.

 

As Master Servicer under
the Pooling and Servicing Agreement, we hereby:

 

(a)       Notify
you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

 

____  a full defeasance
of the entire principal balance of the Mortgage Loan; or

 

____  a partial defeasance
of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of $____________ or _______%
of the entire principal balance of the Mortgage Loan;

 

(b)      Certify
that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto,
which exceptions the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect
on the Mortgage Loan or the defeasance transaction:

 

(i)       The Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied
in all material respects in completing the defeasance.

 

(ii)      The defeasance was consummated on __________, 20__.

 

(iii)     The defeasance collateral consists of securities that (i) constitute “government securities” as defined
in Section 2(a)(16) of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified
Investments for ‘AAA’ Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard
& Poor’s Public Finance Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal
obligation, the principal due at maturity cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)     The Master Servicer received an opinion of counsel (from counsel approved by the Master Servicer in accordance with the
Servicing Standard) that the defeasance will not result in an Adverse REMIC Event.

 

     Exhibit U-2

     

    

 

(v)      The Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings Real Estate Finance Criteria,
as amended to the date of the defeasance (the “S&P Criteria”)) or is subject to restrictions in its organizational
documents substantially similar to those contained in the organization documents of the original Borrower with respect to bankruptcy
remoteness and single purpose as of the date of the defeasance, and after the defeasance owns no assets other than the defeasance
collateral and real property securing Mortgage Loans included in the pool.

 

(vi)     The defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P
Criteria) in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities
intermediary and has been pledged to the Trustee on behalf of the Trust.

 

(vii)    The agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee
on behalf of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from
the proceeds of the defeasance collateral directly to the Master Servicer’s collection account in the amounts and on the
dates specified in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed to
the allocated loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan documents
(the “Scheduled Payments”), (iii) permit reinvestment of proceeds of the defeasance collateral only in
Permitted Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing the defeasance),
(iv) permit release of surplus defeasance collateral and earnings on reinvestment from the pledged securities account only
after the Mortgage Loan has been paid in full, if any such release is permitted, (v) prohibit transfers by the Defeasance
Obligor of the defeasance collateral and subordinate liens against the defeasance collateral, and (vi) provide for payment
from sources other than the defeasance collateral or other assets of the Defeasance Obligor of all fees and expenses of the securities
intermediary for administering the defeasance and the securities account and all fees and expenses of maintaining the existence
of the Defeasance Obligor.

 

(viii)   The Master Servicer received written confirmation from a firm of independent certified public accountants, who were approved
by the Master Servicer in accordance with the Servicing Standard stating that (i) revenues from the defeasance collateral
(without taking into account any earnings on reinvestment of such revenues) will be sufficient to timely pay each of the Scheduled
Payments after the defeasance including the payment in full of the Mortgage Loan (or the allocated portion thereof in connection
with a partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date), (ii) the
revenues received in any month from the defeasance collateral will be applied to make Scheduled Payments within four (4) months
after the date of receipt, and (iii) interest income from the defeasance collateral to the Defeasance Obligor in any calendar
or fiscal year will not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or the allocated portion
thereof in a partial defeasance) for such year.

 

     Exhibit U-3

     

    

 

(ix)      The Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined
below). The entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent
of pool balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent
Distribution Date Statement received by us (the “Current Report”).

 

(x)       The Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses a valid,
perfected first priority security interest in the defeasance collateral and that the documents executed in connection with the
defeasance are enforceable in accordance with their respective terms.

 

(c)      Certify
that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance
Obligor, and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)      Certify
that the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

 

(e)      Agree
to provide copies of all items listed in Exhibit B to you upon request.

 

     Exhibit U-4

     

    

 

IN WITNESS WHEREOF, the
Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

 

	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL
ASSOCIATION,  as Master Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit U-5

     

    

 

EXHIBIT
V

FORM OF OPERATING ADVISOR ANNUAL REPORT1

 

Report Date: This report will be
delivered annually no later than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing Agreement, dated
and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”). 

Transaction: BBCMS Mortgage Trust
2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 

Operating Advisor: Pentalpha Surveillance
LLC 

Special Servicer: Rialto Capital
Advisors, LLC 

Directing Certificateholder: RREF
IV-D AIV RR, LLC

 

		I.	Population of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans
were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		(a)	[●] of those Specially Serviced Loans are still being analyzed by the Special Servicer as
part of the development of an Asset Status Report.

 

		(b)	[Final] Asset Status Reports were issued with respect to [●] of such Specially Serviced Loans.
This report is based only on the Specially Serviced Loans in respect of which an Asset Status Report has been issued. The Asset
Status Reports may not yet be fully implemented.

 

		2.	Prior to an Operating Advisor Consultation Event, if any Mortgage Loan is in special servicing
and if the Special Servicer has subsequently completed a Major Decision with respect to such Specially Serviced Loan, the Special
Servicer has provided the applicable fully executed Major Decision Reporting Package approved or deemed approved by the Directing
Certificateholder to the Operating Advisor.

 

		3.	After an Operating Advisor Consultation Event, the Special Servicer has provided to the Operating
Advisor:

 

		(a)	with respect to each Major Decision for the following non-Specially Serviced Loans, the related
Major Decision Reporting Package and the opportunity to consult with respect to such Major Decision and recommended action:

 

________________________

 

________________________

 

 

1
       This report is an indicative report and does not reflect the final form of annual report
to be used in any particular year. The Operating Advisor will have the ability to modify or alter the organization and content
of any particular report, subject to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation,
provisions relating to Privileged Information.

 

     Exhibit V-1

     

    

 

________________________

 

________________________

 

		(b)	with respect to following Specially Serviced Loans, each related Asset Status Report and the opportunity
to consult with respect to such recommended action:

 

________________________

 

		II.	Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the Operating Advisor (in
accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing Agreement) has undertaken
a limited review of the Special Servicer’s reported actions under the Pooling and Servicing Agreement on the loans identified
in this report. Based solely on such limited review and subject to the assumptions, limitations and qualifications set forth herein,
the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is not] operating
in compliance with the Servicing Standard with respect to its performance of its duties under the Pooling and Servicing Agreement
during the prior calendar year on an “trust-level basis”. [The Operating Advisor believes, in its sole discretion exercised
in good faith, that the Special Servicer has failed to materially comply with the Servicing Standard as a result of the following
material deviations.]

 

		●	[LIST
                                         OF MATERIAL DEVIATION ITEMS]

 

In addition, the Operating
Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

		☐	[ADD
                                         RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

		III.	List of Items that were Considered in Compiling this Report

 

In rendering the assessment
set forth in this report, the Operating Advisor examined and relied upon the accuracy and the completion of the items listed below:

 

		1.	Any Major Decision Reporting Package that is delivered or made available to the Operating Advisor
by the Special Servicer pursuant to the Pooling and Servicing Agreement.

 

		2.	Reports by the Special Servicer made available to Privileged Persons that are posted on the certificate
administrator’s website that is relevant to the Operating Advisor’s obligations under the Pooling and Servicing Agreement,
each Asset Status Report (after an Operating Advisor Consultation Event), and each Final Asset Status Report, in each case, delivered
or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.

 

     Exhibit V-2

     

    

 

		3.	The Special Servicer’s assessment of compliance report, attestation report by a third party
regarding the Special Servicer’s compliance with its obligations and net present value calculations and Appraisal Reduction
Amount calculations delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.

 

		4.	[LIST OTHER REVIEWED INFORMATION]

 

		5.	[INSERT IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT: Consulted with the Special Servicer as
provided under the Pooling and Servicing Agreement on Asset Status Reports for a Specially Serviced Loan delivered or made available
to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement and with respect to Major Decisions processed
by the Special Servicer.] 

 

NOTE: The
Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full or limited
audit, legal review or legal conclusion. For instance, we did not review each page of the Special Servicer’s policy and procedure
manuals (including amendments and appendices), review underlying lease agreements or similar underlying documents, re-engineer
the quantitative aspects of their net present value calculations, visit any related property, visit the Special Servicer, visit
the Directing Certificateholder or interact with any borrower. In addition, our review of the net present value calculations and
Appraisal Reduction calculations is limited to the mathematical accuracy of the calculations and the corresponding application
of the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the
discretionary portions of such formulas.

 

		IV.	Assumptions, Qualifications Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	As provided in the Pooling and Servicing Agreement, the Operating Advisor (i) is not required to
report on instances of non-compliance with, or deviations from, the Servicing Standard or the special servicer’s obligations
under the Pooling and Servicing Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith,
to be immaterial and (ii) will not be required in the ordinary course to provide or obtain a legal opinion, legal review or legal
conclusion as part of that assessment.

 

		2.	In rendering our assessment herein, we have assumed that all executed factual statements, instruments,
and other documents that we have relied upon in rendering this assessment have been executed by persons with legal capacity to
execute such documents.

 

		3.	Other than the receipt of any Major Decision Reporting Package or any Asset Status Report that
is delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement, the Operating
Advisor did not participate in, or have access to, the Special Servicer’s and Directing 

 

     Exhibit V-3

     

    

 

		 	Certificateholder’s discussion(s) regarding any
Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Directing Certificateholder or borrower
directly. As such, the Operating Advisor generally relied upon the information delivered to it by the Special Servicer as well
as its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report. The services
that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

		4.	The Special Servicer has the legal authority and responsibility to service any 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 or direct the actions of the Special Servicer.

 

		5.	Confidentiality and other contractual limitations limit the Operating Advisor’s ability to
outline the details or substance of any communications held between it and the Special Servicer regarding any Specially Serviced
Loans and certain information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result,
this report may not reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

		6.	There are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially
Serviced Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve
changes, etc. The Operating Advisor does not participate in any discussions regarding such actions. As such, Operating Advisor
has not assessed the Special Servicer’s operational compliance with respect to those types of actions.

 

		7.	The Operating Advisor is not empowered to speak with any investors directly. If the investors have
questions regarding this report, they should address such questions to the certificate administrator through the certificate administrator’s
website.

 

		8.	This report does not constitute recommendations to buy, sell or hold any security, nor does the
Operating Advisor take into account market prices of securities or financial markets generally when performing its limited review
of the Special Servicer as described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder
or any other party or individual. Nothing is intended to or should be construed as creating a fiduciary relationship between the
Operating Advisor and any Certificateholder, party or individual.

 

Terms used but not defined herein
have the meaning set forth in the Pooling and Servicing Agreement.

 

     Exhibit V-4

     

    

 

EXHIBIT
W

FORM OF NOTICE FROM OPERATING ADVISOR RECOMMENDING REPLACEMENT OF SPECIAL SERVICER

 

Computershare Trust Company, National Association,

 as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BBCMS Mortgage Trust 2022-C15

Email: trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

 

Wilmington Trust, National Association,

 as Trustee

1100 North Market Street 

Wilmington, Delaware 19890 

Attention: BBCMS 2022-C15 

Telecopy number: (302) 636-4140 

Email: CMBSTrustee@wilmingtontrust.com

 

Rialto Capital Advisors,
LLC 

as Special
Servicer 

Rialto Capital Advisors, LLC 

200 S. Biscayne Boulevard, Suite 3550 

Miami, Florida 33131 

Attention: Liat Heller, Jeff Krasnoff, Niral Shah and Adam
Singer (BBCMS 2022-C15) 

Facsimile number: (305) 229-6425 

Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com,
niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

 

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15,
Recommendation of Replacement of Special Servicer

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare
Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, on behalf of the holders of BBCMS Mortgage Trust
2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 (the “Certificates”) and the RR Interest
Owner regarding the replacement of the Special Servicer. Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

     Exhibit W-1

     

    

 

Based upon our review
of the Special Servicer’s actions conducted pursuant to and in accordance with Section 3.26 of the Pooling and Servicing
Agreement, it is our assessment that Rialto Capital Advisors, LLC, in its current capacity as Special Servicer, is not [performing
its duties under the Pooling and Servicing Agreement][acting in accordance with the Servicing Standard]. The following factors
support our assessment: [________].

 

Based upon such assessment,
we further hereby recommend that Rialto Capital Advisors, LLC be removed as Special Servicer and that [________] be appointed its
successor in such capacity.

 

	 	Very truly yours,
	 	 
	 	[The Operating Advisor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:

 

     Exhibit W-2

     

    

 

EXHIBIT
X

FORM OF CONFIDENTIALITY AGREEMENT

 

[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: (888) 706-3565]

 

[Rialto Capital Advisors,
LLC 

200 S. Biscayne Boulevard, Suite 3550

Miami, Florida 33131

Attention: Liat Heller, Jeff Krasnoff, Niral Shah and Adam Singer (BBCMS 2022-C15)

Facsimile number: (305) 229-6425

Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com]

 

		Re:	Access to Certain Information Regarding BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through
Certificates, Series 2022-C15

 

Ladies and Gentlemen:

 

Reference is hereby made
to that certain Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”),
among Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as
Asset Representations Reviewer. Defined terms used herein and not otherwise defined shall have the meanings set forth in the Pooling
and Servicing Agreement.

 

[Midland Loan Services,
a Division of PNC Bank, National Association (“Midland”)/Rialto Capital Advisors, LLC (“Rialto”)]
understands that [____] (the “Company”) is requesting certain confidential or non-public information relating
to the Mortgage Loans to which the Company has continuing rights as a Certificateholder. The Company is requesting such information
for the purpose of analyzing asset performance and evaluating any continuing rights the Company may have under the Trust (the “Permitted
Purpose”). The Company agrees that the Permitted Purpose shall not include the use or disclosure of the Confidential
Information (as defined below) in any manner that violates any applicable law, the Pooling and Servicing Agreement or the related
mortgage loan documents.

 

[Midland/Rialto] will
provide the Company with certain confidential, non-public servicing information (the “Confidential Information”)
pertaining to the Mortgage Loans and the related Mortgaged Properties and borrowers. The Company acknowledges that the Confidential
Information (a) includes or may be based upon information provided to [Midland/Rialto] by third parties, (b) may not
have been verified by [Midland/Rialto], and (c) may be incomplete or

 

     Exhibit X-1

     

    

 

contain inaccuracies. The Company agrees that [Midland/Rialto],
the [“Master Servicer”/“Special Servicer”] (as defined in the Pooling and Servicing Agreement)
and its respective Representatives (as defined below) shall not have any liability to the Company or its Representatives resulting
from (x) any inaccuracies or omissions in the Confidential Information, (y) any use of the Confidential Information,
or (z) [Midland/Rialto]’s failure or inability to provide the Confidential Information to the Company for any reason.
Notwithstanding the foregoing, the following will not constitute “Confidential Information” for purposes of
this letter agreement: (a) information that was already in Company’s possession prior to its receipt from [Midland/Rialto];
(b) information that is obtained by Company from a third person who, insofar as is known to Company, is not prohibited from
transmitting the information to Company by a contractual, legal or fiduciary obligation to [Midland/Rialto]; (c) information
that is or becomes publicly available through no fault of Company; and (d) information that is independently developed by
Company. The term “Representatives” with respect to any entity shall mean the officers, directors, general partners,
employees, agents, affiliates, auditors and legal counsel (which may be internal counsel) of that entity.

 

The Company may have
access to the Confidential Information through (at [Midland/Rialto]’s election): (i) responses to reasonable written
inquiries received from the Company, (ii) conference calls conducted on a reasonably scheduled basis with [Midland/Rialto]’s
surveillance group, or (iii) direct on-line access (read-only capacity) to the information available on the applicable [____]
system or any successor or replacement system (“System”). [Midland/Rialto] may cease or defer providing the
Company with Confidential Information in the event that (a) the Company or its Representatives violate any provision hereof,
or (b) [Midland/Rialto] determines (in its sole discretion) that such termination is necessary for any reason, including its
determination that such action is required pursuant to the terms of the Pooling and Servicing Agreement, the related Mortgage Loan
documents, or any applicable law. [Midland/Rialto] shall cease to provide the Company with Confidential Information if [Midland/Rialto]
has actual knowledge that the Company or its Representatives are affiliates of any borrower under the Mortgage Loan documents and
[Midland/Rialto] determines that the provision, notice or access to such Confidential Information would violate the accepted servicing
practices or servicing standards as defined in the Pooling and Servicing Agreement. The Company’s obligations and the restrictions
applicable to the protection of the Confidential Information hereunder shall survive the termination of the Company’s access
to the Confidential Information. [Midland/Rialto]’s remedies hereunder, at law or at equity, are cumulative and may be combined.

 

The Company agrees that
it will not, and it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to
any other person or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose)
who have a need to know the information, or as otherwise required by applicable law, court order or any governmental agency or
regulator. The Company acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any
disclosure of the Confidential Information by it or its Representatives for any purpose other than a Permitted Purpose, in addition
to being a breach of this letter agreement, may constitute a violation of federal and state securities laws. The Company will take
reasonable measures to ensure that each Representative is advised of this letter agreement and agrees to keep the Confidential
Information confidential. The Company shall be liable for any breach of this letter agreement by its Representatives.

 

     Exhibit X-2

     

    

 

Notwithstanding
the foregoing, the Company may subsequently provide all or any part of such Confidential Information to any other person or entity
that holds or is contemplating the purchase of any Certificate or interest therein, but only if such person or entity confirms
such ownership interest or prospective ownership interest and provided that, prior to the delivery of such Confidential
Information, such persons shall have executed and delivered to the Company an agreement that is substantially similar in form and
substance to this agreement.

 

If the provisions of
this Agreement are breached by the Company or its Representatives, Company agrees to indemnify and hold harmless [Midland/Rialto]
its successors and assigns, from and against any resulting loss, cost, damage or expense undertaken, paid, awarded, assessed, incurred
or suffered by [Midland/Rialto]. Company shall be liable to [Midland/Rialto] for all court costs, reasonable and out of pocket
attorneys’ fees and other expenses incurred by [Midland/Rialto] in enforcing its rights under this Agreement, recovering
damages and/or obtaining other appropriate relief.

 

This letter agreement
shall be governed by and construed in accordance with the laws of the State of New York without the application of conflict of
laws principles. Anything herein to the contrary notwithstanding, [Midland/Rialto] intends at all times to comply with the terms
and provisions of the Pooling and Servicing Agreement and nothing in this letter agreement should be construed to limit or qualify
any of [Midland/Rialto]’s rights or obligations under the Pooling and Servicing Agreement. This letter agreement may be executed
in counterparts and by facsimile/Portable Document Format (PDF); each such counterpart shall be deemed to be an original instrument,
and all such counterparts together shall constitute one agreement.

 

This agreement shall
terminate with respect to the information received by the Company one year after the Company receives such information or ceases
to be a Certificateholder. Company agrees that this letter agreement supersedes and replaces and survives any click-through agreement
regarding confidentiality of Confidential Information agreed to in connection with accessing the System whether agreed to in accessing
the System before or after signing this letter agreement.

 

     Exhibit X-3

     

    

 

Please have an authorized
signatory countersign in the space provided below to indicate the Company’s confirmation of, and agreement to, the matters
set forth herein.

 

	 	Very truly yours,
	 	 
	 	[MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

	 	[RIALTO CAPITAL ADVISORS, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

  

CONFIRMED AND AGREED TO:

[COMPANY NAME]

	 	 
	By:	 
	 	Name:
	 	Title:

 

     Exhibit X-4

     

    

 

EXHIBIT
Y

FORM CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATION

 

I, [identifying the certifying
individual], certify that:

 

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be
filed in respect of the period covered by this report on Form 10-K of the BBCMS Mortgage Trust 2022-C15 (the “Exchange
Act periodic reports”);

 

		2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

 

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

 

		4.	Based on my knowledge and the servicer compliance statements required in this report under Item 1123
of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations
under the servicing agreements in all material respects; and

 

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have
been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance
described in such reports have been disclosed in this report on Form 10-K.

 

     Exhibit Y-1

     

    

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [(A) Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare
Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, (B) [list other applicable parties to servicing
agreements for Non-Serviced Mortgage Loans]].

 

Date: __________________________________

 

 

 

[Chief Executive Officer]

Barclays Commercial Mortgage Securities LLC

(Senior officer in charge of the securitization of the

depositor)

 

     Exhibit Y-2

     

    

 

EXHIBIT
Z-1

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

BBCMS MORTGAGE TRUST 2022-C15 (the “Trust”)

 

The undersigned, __________,
a __________ of COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, on behalf of COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
as Certificate Administrator (the “Certificate Administrator”), under that certain Pooling and Servicing Agreement,
dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”), entered into by Barclays Commercial
Mortgage Securities LLC (the “Depositor”), as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the
“Special Servicer”), the Certificate Administrator, Wilmington Trust, National Association, as trustee, and
Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, certifies to [Name of Certifying Person(s)
for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers, directors
and affiliates, to the extent that the following information is within our normal area of responsibilities and duties under the
Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year
covered by the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except
as disclosed on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling
and Servicing Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing 

 

     Exhibit Z-1-1

     

    

 

		 	 criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB
and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual
report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Depositor, the Trustee and/or the Custodian.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit Z-1-2

     

    

EXHIBIT
Z-2

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

BBCMS MORTGAGE TRUST 2022-C15 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Master Servicer under
that certain Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”),
entered into by Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the
“Special Servicer”), Computershare Trust Company, National Association, as certificate administrator (the “Certificate
Administrator”), Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer, on behalf of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley
Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers, directors and affiliates, and
with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer
backup certificate delivered by the Special Servicer relating to the Relevant Period, all servicing information and all reports
(the “Servicer Reports”) required to be submitted by the Master Servicer to the Certificate Administrator pursuant
to Sections 3.12(b) and (d) of the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for
the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Master Servicer
to the Certificate Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, the master
servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling
and Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the Master
Servicer, and except as disclosed in the compliance certificate delivered by the Master Servicer under Section 11.09 of the 

 

     Exhibit Z-2-1

     

    

 

		 	Pooling and Servicing Agreement, the Master Servicer
has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant Period;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act
Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to
such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator
and the Depositor for disclosure in such annual report on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other third
party retained by the Master Servicer that is not a Sub-Servicer appointed pursuant to Section 3.20 of the Pooling and Servicing
Agreement)] and, notwithstanding the foregoing certifications, neither I nor the Master Servicer makes any certification under
the foregoing clauses (2) and (3) with respect to the information in the Servicer Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement. Solely with respect to the completeness
of information and reports, I do not certify anything other than that all fields of information called for in written reports prepared
by the Master Servicer have been properly completed and that any fields that have been left blank on their face have been done
so in accordance with the CREFC procedures for such report.]

 

     Exhibit Z-2-2

     

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	[MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL
ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

  

     Exhibit Z-2-3

     

    

 

EXHIBIT
Z-3

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

BBCMS MORTGAGE TRUST 2022-C15 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of Rialto Capital Advisors, LLC as Special Servicer under that certain Pooling and Servicing
Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”), entered into by Barclays
Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”),
Computershare Trust Company, National Association, as certificate administrator (the “Certificate Administrator”),
Wilmington Trust, National Association, as trustee (the “Trustee”), and Pentalpha Surveillance LLC, as operating
advisor and as asset representations reviewer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for
Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports (the “Special Servicer Reports”) required
to be submitted by the Special Servicer pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K
for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Special Servicer
to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling
and Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB with respect to the Special Servicer,
and except as disclosed in the compliance certificate delivered by the Special Servicer under Section 11.09 of the Pooling
and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects during the Relevant Period;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the 

 

     Exhibit Z-3-1

     

    

 

		 	Special Servicer assessment of compliance with the Relevant
Servicing Criteria, in order to enable them to conduct a review in compliance with the standards for attestation engagements issued
or adopted by the PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit
to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	RIALTO CAPITAL ADVISORS, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit Z-3-2

     

    

 

EXHIBIT
Z-4

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY TRUSTEE

 

BBCMS MORTGAGE TRUST 2022-C15 (The “Trust”)

 

The undersigned, __________,
a __________ of WILMINGTON TRUST, NATIONAL ASSOCIATION, on behalf of WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), entered into by Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC,
as special servicer (the “Special Servicer”), the Trustee, Computershare Trust Company, National Association,
as certificate administrator (the “Certificate Administrator”), and Pentalpha Surveillance LLC, as operating
advisor and as asset representations reviewer, certifies to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the
Depositor, [Name of the Other Depositor] and [its][their respective] officers, directors and affiliates, to the extent that the
following information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with
the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been
provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit Z-4-1

     

    

 

EXHIBIT
Z-5

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

BBCMS MORTGAGE TRUST 2022-C15 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Pentalpha Surveillance LLC (the “Operating Advisor”) as Operating Advisor
under that certain Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling and Servicing
Agreement”), entered into by Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division
of PNC National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special
servicer (the “Special Servicer”), Computershare Trust Company, National Association, as certificate administrator
(the “Certificate Administrator”), Wilmington Trust, National Association, as trustee (the “Trustee”),
and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, on behalf of the Operating Advisor,
certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor] and [its][their
respective] officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”)
(such information provided by the Operating Advisor, collectively, the “Operating Advisor Periodic Information”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the Operating Advisor Periodic Information contained in the Reports, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or 

 

     Exhibit Z-5-1

     

    

 

		 	any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit
to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	PENTALPHA SURVEILLANCE LLC,

as Operating Advisor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit Z-5-2

     

    

EXHIBIT
Z-6

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CUSTODIAN

 

BBCMS MORTGAGE TRUST 2022-C15 (The “Trust”)

 

The undersigned, __________,
a __________ of COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, on behalf of COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
as Custodian (the “Custodian”), under that certain Pooling and Servicing Agreement, dated and effective as of
April 1, 2022 (the “Pooling and Servicing Agreement”), entered into by Barclays Commercial Mortgage Securities
LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master
Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Computershare
Trust Company, National Association, as certificate administrator (the “Certificate Administrator”), Wilmington
Trust, National Association, as trustee (the “Trustee”), and Pentalpha Surveillance LLC, as operating advisor
and as asset representations reviewer, certifies to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor,
[Name of the Other Depositor] and [its][their respective] officers, directors and affiliates, to the extent that the following
information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been
provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     Exhibit Z-6-1

     

    

 

EXHIBIT
Z-7

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

BBCMS MORTGAGE TRUST 2022-C15 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Pentalpha Surveillance LLC (the “Asset Representations Reviewer”) as Asset
Representations Reviewer under that certain Pooling and Servicing Agreement dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), entered into by Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Computershare Trust Company, National Association, as certificate
administrator (the “Certificate Administrator”), Wilmington Trust, National Association, as trustee (the “Trustee”),
and Pentalpha Surveillance LLC, as operating advisor and as Asset Representations Reviewer, on behalf of the Asset Representations
Reviewer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor]
and [its][their respective] officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Reports”) (such information provided by the Asset Representations Reviewer, collectively, the “Asset
Representations Reviewer Periodic Information”) have been submitted by the Asset Representations Reviewer to the Master
Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the Asset Representations Reviewer Periodic Information contained in the
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

     Exhibit Z-7-1

     

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	PENTALPHA SURVEILLANCE LLC,

as Asset Representations
Reviewer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     Exhibit Z-7-2

     

    

 

EXHIBIT
AA

SERVICING CRITERIA TO BE ADDRESSED

IN ASSESSMENT OF COMPLIANCE

 

The
assessment of compliance to be delivered by the referenced party shall address, at a minimum, the criteria identified below as
“Applicable Servicing Criteria” applicable to such party, as such criteria may be updated or limited by the Commission
or its staff (including, without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based
on interpretive guidance provided by the Commission or its staff relating to Item 1122 of Regulation AB). In addition, this
Exhibit AA shall not be construed to impose on any Person any servicing duty that is not otherwise imposed on such Person
under the main body of the Pooling and Servicing Agreement of which this Exhibit AA forms a part or to require an assessment
of a criterion that is not encompassed by the servicing duties of the applicable party that are set forth in the main body of
such Pooling and Servicing Agreement. For the avoidance of doubt, for purposes of this Exhibit AA, other than with respect
to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged by the Master Servicer or the
Special Servicer.

 

	 	APPLICABLE
    SERVICING CRITERIA	APPLICABLE
    PARTY
	Reference	Criteria	 
	 	 Servicing
    Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer

    Custodian (as applicable)
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee (as applicable)1
 Master Servicer
 Special Servicer

                                                                                 

	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer

 

 

1      Only
to the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable
calendar year.

 

    Exhibit AA-1

     

    

 

	 	APPLICABLE
    SERVICING CRITERIA	APPLICABLE
    PARTY
	Reference	Criteria	 
	 	 Servicing
    Considerations	 
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For
    purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution
    means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
                                         Administrator

         

        Master
        Servicer

        Special Servicer

         

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts.  These reconciliations (A) are mathematically accurate; (B) are prepared within
    30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements;
    (C) are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
    explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original
    identification, or such other number of days specified in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes
    and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms
    specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations;
    and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number
    of mortgage loans serviced by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (with respect to A and B)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer

         

	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage
    loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Master
    Servicer
	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

 

    Exhibit AA-2

     

    

 

	 	APPLICABLE
    SERVICING CRITERIA	APPLICABLE
    PARTY
	Reference	Criteria	 
	 	 Servicing
    Considerations	 
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction
    agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone
    calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts):  (A) such funds are analyzed, in accordance
    with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction
    agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan
    documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of
    the related mortgage loans, or such other number of days specified in the transaction agreements.	Master
    Servicer

    

	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
    is maintained as set forth in the transaction agreements.	N/A

 

At
all times that the Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may
provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation
AB.

 

At
all times that the Master Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer,
may provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation
AB.

 

    Exhibit AA-3

     

    

 

EXHIBIT
BB

ADDITIONAL FORM 10-D DISCLOSURE

 

The
parties identified in the “Party Responsible” column are obligated pursuant to Section 11.04 of the Pooling and
Servicing Agreement to disclose to the Depositor and the Certificate Administrator (or the Master Servicer to the extent specified
in Section 11.04 of the Pooling and Servicing Agreement) any information described in the corresponding Form 10-D Item
described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the case of
net operating income information, financial statements, annual operating statements, budgets and/or rent rolls required to be
provided in connection with Item 6 below, possession) of such information (other than information as to itself). Each of
the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to rely on the accuracy
of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus), in the
absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator,
the Trustee, the Master Servicer, and the Special Servicer shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the Prospectus and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special
Servicer be required to provide any information for inclusion in a Form 10-D that relates to any Mortgage Loan for which
the Master Servicer or the Special Servicer is not the Master Servicer or the Special Servicer, as the case may be. For this Series
2022-C15 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within
the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item
    on Form 10-D	Party
    Responsible
	Item 1:
Distribution and Pool Performance Information:

        ●
    Item 1121(a)(13) of Regulation AB

        ●
    Item 1121(a)(14) of Regulation AB
	●     Certificate Administrator

        ●     Depositor

         

	Item
1A: Asset-Level Information

        ●     Item 1111(h) of Regulation AB

        ●     Item 1125 of Regulation AB
	●     Master
                                         Servicer

         

	Item 1B:
Asset Representations Reviewer and Investor Communication:

        ●    Item 1121(d) of Regulation AB

        ●    Item 1121(e) of Regulation AB
	●     Certificate Administrator

        ●     Depositor

        ●     Asset Representations Reviewer (with respect to Item 1121(d) of Regulation AB only)

 

    Exhibit BB-1

     

    

 

	Item
    on Form 10-D	Party
    Responsible
	Item 2:  Legal
    Proceedings:	●     Master
    Servicer (as to itself)
	●     Item 1117
    of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
    that are material to security holders)	●     Special
                                         Servicer (as to itself)

         

        ●     Certificate
        Administrator (as to itself)

         

        ●     Trustee
        (as to itself)

         

        ●     Depositor
        (as to itself)

         

        ●     Operating
        Advisor (as to itself)

         

        ●     Any
        other Reporting Servicer (as to itself)

         

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of
        the proceedings)

         

        ●     Each
        Mortgage Loan Seller as to itself in its capacity as a sponsor (as defined in Regulation AB)

         

        ●     Originators
        under Item 1110 of Regulation AB

         

        ●     Party
        under Item 1100(d)(1) of Regulation AB

         

	Item 3:  Sale
    of Securities and Use of Proceeds	●     Depositor

	Item 4:  Defaults
    Upon Senior Securities	●     Certificate
    Administrator

	Item 5:  Submission
    of Matters to a Vote of Security Holders	●     Certificate
    Administrator
	Item 6:
                                         Significant Obligors of Pool Assets:

         

        ●     Item 1112(b)
        of Regulation AB provided, however, that all of the following conditions shall apply:

         

        (a)
        information shall be required to be reported only with respect to a party or property (if any) identified as a “significant
        obligor” in the Prospectus;

        

        (b)
the information to be reported shall consist of such quarterly and annual operating statements, budgets and rent rolls of the
related Mortgaged Property or REO Property (as applicable), and quarterly and annual financial statements of the related Borrower
(except in the case of an REO Property), received or prepared by the “Party Responsible” pursuant 
	●     Master
    Servicer

 

    Exhibit BB-2

     

    

 

	Item
    on Form 10-D	Party
    Responsible
	to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement; provided, however,
        that for a significant obligor under item 1101(k)(2) of Regulation AB, only net operating income for the most recent fiscal
        year and interim period is required and, if such information for a prior period was required but not previously reported,
        such information for such prior period; and

        

        (c)
        the information shall be reportable in the Form 10-D that relates to the Distribution Date that immediately follows
        the Collection Period in which the information was received or prepared by the “Party Responsible” as described
        in clause (b) above.
	 
	Item 7:
                                         Change in Sponsor Interest in the Securities:

         

        ●     Item 1124
of Regulation AB. 
	●     Each
    Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)
	Item 8:
                                         Significant Enhancement Provider Information:

         

        ●     Item 1114(b)(2)
and Item 1115(b) of Regulation AB 
	●     Depositor
	Item 9:  Other
    Information, but only to the extent of any information that meets all the following conditions:  (a) such information
    constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD, (b) such information is
    required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D
    relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	●     Certificate
                                         Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the
                                         extent that such party is the “Party Responsible” with respect
                                         to such information pursuant to Exhibit DD.

        

        ●     Certificate
        Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve
        Account as of the related Distribution Date and the preceding Distribution Date)

        

        ●     Master
        Servicer (with respect to the balance of the Collection Account as of the related Distribution Date and the preceding
        Distribution Date)

        

        ●     Special
        Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution
        Date)

        

        

 

    Exhibit BB-3

     

    

 

	Item
    on Form 10-D	Party
    Responsible
	 	●     Any
other party responsible for disclosure items on Form 8-K (including each applicable Mortgage Loan Seller with respect to
Item 1100(e) of Regulation AB to the extent material to Certificateholders)

	Item 10:
                                         Exhibits (no. 3):

        

        Articles
of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K) 
	●     Depositor
	Item 10:
                                         Exhibits (no. 4):

         

        With
        respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	●     Certificate
                                         Administrator

         

        ●     Depositor

         

        provided
        that, in each case, that this shall in no event be construed to make such party responsible for the initial filing
        of this Pooling and Servicing Agreement

         

        provided,
        further, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee
        or Certificate Administrator, then the Depositor shall be the responsible party.

         

	Item 10:
                                         Exhibits (no. 10):

        

        Material
contracts (Exhibit No. 10 of Item 601 of Regulation S-K)
	●     Certificate
    Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies
    all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO
    Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such
    party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed
    on behalf of the Trust.
	Item 10:
                                         Exhibits (no. 22):

        

        Published
Report Regarding Matters Submitted to a Vote of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K),
but only if the party that is the “Party Responsible” with respect to Item 5 above elects to publish a report
containing the information required by

        	●     The
    applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.

 

    Exhibit BB-4

     

    

 

	Item
    on Form 10-D	Party
    Responsible
	such Item 5 above and also elects to report the information on Form 10-D by means
of filing the published report and answering Item 5 by referencing the published report.
	 
	Item 10:
                                         Exhibits (no. 23):

        

        Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where the filing of a written consent
is required with respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration
statement. 
	●     Depositor
	Item 10:
Exhibits (no. 24) 

        Power
of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D,
or the name of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney. 
	●     Certificate
    Administrator
	Item 10:
                                         Exhibits (no. 99)

         

        Additional
        exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable.
	Item 10:
                                         Exhibits (no. 100)

         

        XBRL-Related
        Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

         
	●     Not
    Applicable.
	Item 10:  Exhibits
    (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions:  (a) such
    document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD,
    (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to
    which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K
    Disclosure”.	●     Certificate
    Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible”
    for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer
    or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to
    any exhibits to a Form 10-K); provided that, in each case, that in the event any reportable agreement
    is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be the responsible party
    for this Item 10.

 

    Exhibit BB-5

     

    

 

EXHIBIT
CC

ADDITIONAL FORM 10-K DISCLOSURE

 

The
parties identified in the “Party Responsible” column are obligated pursuant to Section 11.05 of the Pooling and
Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge
(and in the case of net operating income information, financial statements, annual operating statements, budgets and/or rent rolls
required to be provided in connection with 1112(b) below, possession) of such information (other than information as to itself).
Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to rely on
the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus),
in the absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to conclusively assume that there is
no “significant obligor” other than a party or property identified as such in the Prospectus and to assume that no
other party or property will constitute a “significant obligor” after the Cut-off Date. In no event shall the Master
Servicer or the Special Servicer be required to provide any information for inclusion in a Form 10-K that relates to any
Mortgage Loan for which the Master Servicer or the Special Servicer is not the Master Servicer or the Special Servicer, as the
case may be. For this Series 2022-C15 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the
Master Servicer and the Special Servicer shall be entitled to assume that there is no provider of credit enhancement, liquidity
or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item
    on Form 10-K 	Party
    Responsible
	Item 1B:  Unresolved
    Staff Comments	●     Depositor
	Item 9B:
                                         Other Information, but only to the extent of any information that meets all the following
                                         conditions:

         

        (a)
        such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD,

         

        (b)
        such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which
        the Form 10-K relates, and

         

        (c)
such information was not previously reported as “Additional Form 8-K Disclosure” or as “Additional Form 10-D
Disclosure”
	●     Certificate
    Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
    Responsible” with respect to such information pursuant to Exhibit DD.
	Item 15:  Exhibits,
    Financial Statement Schedules (SEE BELOW)	SEE
    BELOW

 

    Exhibit CC-1

     

    

 

	Instruction
                                         J(2)(b) (Significant Obligors of Pool Assets) – Part 1 of 3 Parts:

         

        ●     Item
1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been set forth in the Prospectus,
(ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously reported such information
as “Additional Form 10-D Information”.
	●     The
    applicable Mortgage Loan Seller.
	Instruction
                                         J(2)(b) (Significant Obligors of Pool Assets) – Part 2 of 3 Parts:

         

        ●     Item
1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the Prospectus and (ii) the applicable
Master Servicer has not previously reported such information or updated versions thereof as “Additional Form 10-D Information”.
	●     Depositor
	Instruction
                                         J(2)(b) (Significant Obligors of Pool Assets) – Part 3 of 3 Parts:

         

        ●     Item 1112(b)
        of Regulation AB; provided, however, that all of the following conditions shall apply:

         

        (a)
        information shall be required to be reported only with respect to a party or property (if any) identified as a “significant
        obligor” in the Prospectus;

         

        (b)
the information to be reported shall consist of such quarterly and annual operating statements, budgets and rent rolls of the
related Mortgaged Property or REO Property (as applicable), and quarterly and annual financial statements of the related Borrower
(except in the case of an REO Property), received or prepared by the “Party Responsible” pursuant to its obligations
under Section 3.12(b) of this Pooling and Servicing Agreement; provided, however, that for a significant obligor
	●     Master
    Servicer

 

    Exhibit CC-2

     

    

 

	described under item 1101(k)(2) of Regulation AB, only net operating income for the most
        recent fiscal year and interim period is required and, if such information for a prior period was required but not previously
        reported, such information for such prior period; and

         

        (c)
        the information shall be reportable only to the extent that is has not previously been reported as “Additional Form
        10-D Information”.
	 
	Instruction
                                         J(2)(c) (Significant Enhancement Provider Information):

         

        ●     Items 1114(b)(2)
and 1115(b) of Regulation AB
	●     Depositor
	Instruction
                                         J(2)(d) (Legal Proceedings):

         

        ●     Item 1117
        of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
        that are material to security holders)

         
	●     Master
                                         Servicer (as to itself)

         

        ●     Special
        Servicer (as to itself)

         

        ●     Certificate
        Administrator (as to itself)

         

        ●     Trustee
        (as to itself)

         

        ●     Depositor
        (as to itself)

         

        ●     Trustee/Certificate
        Administrator / Master Servicer/Depositor/ Special Servicer as to the Trust (whichever of them is in principal control
        of the proceedings)

         

        ●     Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ●     Originators
        under Item 1110 of Regulation AB

         

        ●     Party
under Item 1100(d)(1) of Regulation AB

	Instruction
                                         J(2)(e) (Affiliations and Certain Relationships and Related Transactions) – Part
                                         1 of 2 Parts:

         

        1119(a)
        of Regulation AB,
	●     Master
                                         Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee,
                                         Certificate Administrator, Special Servicer or a sub-servicer retained by it meeting
                                         any of the

 

    Exhibit CC-3

     

    

 

	
        

        but
        only the existence and (if existent) how there is (that is, the nature of) any affiliation between itself (that is, the
        particular “Party Responsible”), on the one hand, and any one or more of the following, on the other: (1)
        the Depositor, (2) any Mortgage Loan Seller, (3) the Trust and (4) any other party listed under this item as a
        “Party Responsible”; provided, however, that an affiliation need not be disclosed for purposes
        of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional
        Form 10-K Disclosure”.

         

        and

         

        ●     1119(b)
        of Regulation AB,

         

        but
        only the existence and (if existent) the general character of any business relationship, agreement, arrangement, transaction
        or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained
        in an arm’s length transaction with an unrelated third party (apart from the Series 2022-C15 transaction) between
        itself (that is, the particular “Party Responsible”) or any of its affiliates, on the one hand, and any one
        or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3) the Trust; provided,
        however, that a relationship, agreement, arrangement, transaction or understanding (A) must be reported only if
        it then exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s
        understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed
        in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(c)
        of Regulation AB,

         

        but
only the existence and (if existent) a
	
                                                                                                                                                   descriptions in Item 1108(a)(3)).

         

        ●     Special
        Servicer

         

        ●     Certificate
        Administrator

         

        ●     Trustee

         

        ●     Each
        party (other than a Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator”
        of one or more Mortgage Loans, if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more
        of the assets of the Trust at the date of the Prospectus (provided that such a party shall no longer constitute a “Party
        Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling
        and Servicing Agreement to the effect that such party no longer constitutes an originator of 10% or more of the assets
        of the Trust).

         

        ●     Each
        party (other than a Mortgage Loan Seller), if any, that is specifically identified as an “originator of 10% or more
        of the assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered
        to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year
        in which the Form 10-K is due.

         

        ●     Each
        party (if any) that is identified in the Prospectus as an “other material party to the securities or transaction”
        (or substantially similar phrasing); provided, however, that such a party shall no longer constitute a “Party Responsible”
        under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing
        Agreement to

         

 

    Exhibit CC-4

     

    

 

	description (including the terms and approximate dollar amount) of any specific
        relationship involving or related to the Series 2022-C15 transaction or the Mortgage Loans between itself (that is, the
        particular “Party Responsible”) or any of its affiliates, on the one hand, and any one or more of the following,
        on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3) the Trust; provided, however, that
        a relationship (A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported
        if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes
        of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional
        Form 10-K Disclosure”.
	the effect that such party no longer constitutes a material party for purposes of Regulation AB.

         

        ●     Each
        party (if any) that that is specifically identified as an “other material party to the securities or transaction
        for purposes of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written notice
        delivered by the Depositor to the parties to this Pooling and Servicing Agreement, which notice is delivered not later
        than February 15 of the year in which the Form 10-K is due.

	Instruction
                                         J(2)(e) (Affiliations and Certain Relationships and Related Transactions) – Part
                                         2 of 2 Parts:

         

        1119(a)
        of Regulation AB,

         

        But
        only the existence and (if existent) how there is any affiliation between itself (that is, the particular “Party
        Responsible”), on the one hand, and any one or more of the parties listed under the preceding item as a “Party
        Responsible”, on the other; provided, however, that an affiliation need not be disclosed for purposes
        of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional
        Form 10-K Disclosure”.

         

        and

         

        ●     1119(b)
        of Regulation AB,

         

        but
        only the existence and (if existent) the general character of any business relationship, agreement, arrangement, transaction
        or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained
        in an arm’s

        
	●     Depositor

         

        ●     Each
        Mortgage Loan Seller

         

 

    Exhibit CC-5

     

    

 

	length transaction with an unrelated third party (apart from the Series 2022-C15 transaction) between
        itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties
        listed under the preceding item as a “Party Responsible”, on the other; provided, however,
        that a relationship, agreement, arrangement, transaction or understanding (A) must be reported only if it then exists
        or existed within the two prior years, (B) need not be reported if it is not material to an investor’s understanding
        of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the
        Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(c)
        of Regulation AB,

         

        but
        only the existence and (if existent) a description (including the terms and approximate dollar amount) of any specific
        relationship involving or related to the Series 2022-C15 transaction or the Mortgage Loans between itself (that is, the
        particular “Party Responsible”) or any of its affiliates, on the one hand, and any one or more of the parties
        listed under the preceding item as a “Party Responsible”, on the other; provided, however,
        that a relationship (A) must be reported only if it then exists or existed within the two prior years, (B) need not be
        reported if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed
        for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional
        Form 10-K Disclosure”.
	 
	Item 15:
                                         Exhibits (no. 2):

         

        Plan
of acquisition, reorganization, arrangement, liquidation or succession (Exhibit

        	●     Depositor

 

    Exhibit CC-6

     

    

 

	No. 2 of Item 601 of Regulation S-K)
	 
	Item 15:
                                         Exhibits (no. 3):

         

        Articles
of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K) 
	●     Depositor
	Item 15:
                                         Exhibits (no. 4):

         

        With
        respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	●     Trustee

        

        ●     Certificate
        Administrator

        

        ●     Depositor

         

        provided
        that, in each case, that this shall in no event be construed to make such party responsible for the initial filing
        of this Pooling and Servicing Agreement

         

        provided,
further, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee
or Certificate Administrator, then the Depositor shall be the responsible party. 

	Item 15:
                                         Exhibits (no. 10):

         

        Material
        contracts (Exhibit No. 10 of Item 601 of Regulation S-K)

         
	●     Certificate
    Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies
    all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage
    Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party
    or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the
    Trust.
	Item 15:
                                         Exhibits (no. 11):

         

        Statement
        regarding computation of per share earnings (Exhibit No. 11 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable.
	Item 15:
Exhibits (no. 12):
	●     Not
    Applicable.

 

    Exhibit CC-7

     

    

 

	Statement
        regarding computation of ratios (Exhibit No. 12 of Item 601 of Regulation S-K)
	 
	Item 15:
                                         Exhibits (no. 13):

         

        Annual
        report to security holders, Form 10-Q and Form 10-QSB, or quarterly report to security holders (Exhibit No. 13 of Item
        601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 15:
                                         Exhibits (no. 14):

         

        Code
        of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K).

         
	●     Not
    Applicable
	Item 15:
                                         Exhibits (no. 16):

         

        Letter
        re change in certifying accountant (Exhibit No. 16 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 15:
                                         Exhibits (no. 18):

         

        Letter
        re change in accounting principles (Exhibit No. 18 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable.
	Item 15:
                                         Exhibits (no. 21):

         

        Subsidiaries
        of registrant (Exhibit No. 18 of Item 601 of Regulation S-K)

         
	●     Depositor.
	Item 15:
                                         Exhibits (no. 22):

         

        Published
        Report Regarding Matters Submitted to a Vote of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K).

         
	●     Not
    Applicable.
	Item 15:
                                         Exhibits (no. 23) – Part 1 of 2 Parts:

         

        Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where (a) the filing of a written consent is required
with respect to material (in the Form 10-D)
	●     Depositor

 

    Exhibit CC-8

     

    

 

	that is incorporated by reference in the Depositor’s registration
        statement and (b) the consent is not the consent of a registered public accounting firm in connection with an attestation
        delivered pursuant to Section 11.13 of this Pooling and Servicing Agreement.
	 
	Item 15:
                                         Exhibits (no. 23) – Part 2 of 2 Parts:

         

        Consents
        of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), but the required shall consist of a consent
        of the registered public accounting firm for purposes of any attestation report rendered with respect to the particular
        “Party Responsible” pursuant to Section 11.13 of this Pooling and Servicing Agreement.

         
	●     Master
                                         Servicer

        

        ●     Special
        Servicer

        

        ●     Depositor

        

        ●     Any
        other Servicing Function Participant

         

        provided,
        however, in each case, that such party shall have the duty to report or deliver, or cause the reporting or delivery,
        of such consent only to the extent that such party is required to deliver or cause the delivery of the related attestation
        report.

         

	Item 15:
                                         Exhibits (no. 24)

         

        Power
        of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or
        the name of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.

         
	●     Certificate
    Administrator
	Item 15:
                                         Exhibits (no. 31(i))

         

        Rule
        13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i) of Item 601 of Regulation S-K).

         
	●     Not
    Applicable
	Item 15:
                                         Exhibits (no. 31(ii))

         

        Rule
        13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii) of Item 601 of Regulation S-K).

         
	●     Delivery
    of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07)
    of this Pooling and Servicing Agreement.
	Item 15:
                                         Exhibits (no. 32)

         

        Section
        1350 Certifications (Exhibit No. 32 of Item 601 of Regulation S-K).

         
	●     Not
    Applicable.

 

    Exhibit CC-9

     

    

 

	Item 15:
                                         Exhibits (no. 33)

         

        Report
        on assessment of compliance with servicing criteria for asset-backed securities (Exhibit No. 33 of Item 601 of Regulation
        S-K).

         
	●     Delivery
    of this exhibit (annual compliance assessment) is governed by Section 11.10 (and Section 11.07) of this Pooling and Servicing
    Agreement.
	Item 15:
                                         Exhibits (no. 34)

         

        Attestation
        report on assessment of compliance with servicing criteria for asset-backed securities (Exhibit No. 34 of Item 601 of
        Regulation S-K).

         
	●     Delivery
    of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Pooling
    and Servicing Agreement.
	Item 15:
                                         Exhibits (no. 35)

         

        Servicer
        compliance statement (Exhibit No. 35 of Item 601 of Regulation S-K).

         
	●     Delivery
    of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Pooling and
    Servicing Agreement.
	Item 15:
                                         Exhibit (no. 36)

         

        Certification
        For Shelf Offerings of Asset-Backed Securities (Exhibit No. 36 of Item 601 of Regulation S-K).

         
	●     Depositor
	Item 15:
                                         Exhibits (no. 99)

         

        Additional
        exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable.
	Item 15:
                                         Exhibits (no. 100)

         

        XBRL-Related
        Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

         
	●     Not
    Applicable.
	Item 15:  Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-

                                                                                	●     Certificate
    Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible”
    for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the
    Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form
    10-K).

 

    Exhibit CC-10

     

    

 

	K Disclosure”.
	 
	Item 15:
                                         Exhibit (no. 101)

         

        Interactive
        Data File (Exhibit No. 101 of Item 601 of Regulation S-K).

         
	Not
    Applicable
	Item 15:
                                         Exhibit (no. 102)

         

        Asset
        Data File (Exhibit No. 102 of Item 601 of Regulation S-K).

         
	●      Certificate
Administrator 

        ●      Depositor

         

	Item 15:
                                         Exhibit (no. 103)

         

        Asset
        Related Document (Exhibit No, 103 of Item 601 of Regulation S-K).

         
	●      Certificate
Administrator

        ●      Depositor

         

 

    Exhibit CC-11

     

    

 

EXHIBIT
DD

FORM 8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column are obligated pursuant to Section 11.07 of the Pooling and
Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual
knowledge of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master
Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer shall be entitled to conclusively assume that there is no “significant obligor” other than a party or property
identified as such in the Prospectus and to assume that no other party or property will constitute a “significant obligor”
after the Cut-off Date. In no event shall the Master Servicer, or the Special Servicer be required to provide any information
for inclusion in a Form 8-K that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer is not
the applicable Master Servicer or Special Servicer, as the case may be. For this Series 2022-C15 Pooling and Servicing Agreement,
each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to assume that
there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB.

 

	Item
    on Form 8-K	Party
    Responsible
	Item 1.01:  Entry
    into a Material Definitive Agreement	●     Depositor,
                                         except as described in the next bullet (it being acknowledged that Item 601 of Regulation
                                         S-K requires filing of material contracts to which the registrant or a subsidiary thereof
                                         is a party).

         

        ●     Certificate
Administrator, Trustee, Master Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form
8-K requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed
securities transaction, even if the registrant is not a party to such agreement), in each case to the extent of any amendment
or definitive agreement that satisfies all the following conditions: (a) such amendment or definitive agreement 

 

    Exhibit DD-1

     

    

 

	 	relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive
        agreement is an amendment or definitive agreement to which such party (or a subcontractor or vendor engaged by such party)
        is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on
        behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible”
        in connection with any amendment to this Pooling and Servicing Agreement.

	Item 1.02:  Termination
    of a Material Definitive Agreement– Part 1 of 2 Parts	●     Certificate
    Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies
    all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage
    Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party
    or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the
    Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in
    connection with any amendment to this Pooling and Servicing Agreement.
	Item 1.02:  Termination
    of a Material Definitive Agreement– Part 2 of 2 Parts	●     Depositor,
    to the extent of any material agreement not covered in the prior item
	Item 1.03:  Bankruptcy
    or Receivership	●     Depositor
	Item 2.04:  Triggering
    Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	●     Depositor 

        ●     Certificate
        Administrator

         

 

    Exhibit DD-2

     

    

 

	Item 3.03:  Material
    Modification to Rights of Security Holders	●     Certificate
    Administrator
	Item 5.03:  Amendments
    of Articles of Incorporation or Bylaws; Change of Fiscal Year	●     Depositor
	Item 
    6.01:  ABS Informational and Computational Material	●     Depositor
	Item 6.02
    (Part 1 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in trustee	●     Trustee

         

        ●     Depositor

         

	Item 6.02
    (Part 2 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer
    or Special Servicer	●     Certificate
                                         Administrator

        

        ●     Master
        Servicer or Special Servicer, as the case may be (in each case, as to itself)

         

	Item 6.02
    (Part 3 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a servicer (other than a
    party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	●     Master
                                         Servicer (as to a party appointed by the Master Servicer)

        

        ●     Special
        Servicer

        

        ●     Certificate
        Administrator

        

        ●     Depositor

         

	Item 6.03:  Change
    in Credit Enhancement or External Support	●     Depositor

        

        ●     Certificate
        Administrator

         

	Item 6.04:  Failure
    to Make a Required Distribution	●     Certificate
    Administrator
	Item 6.05:  Securities
    Act Updating Disclosure	●     Depositor
	Item 7.01:  Regulation
    FD Disclosure	●     Depositor
	Item 8.01:  Other
    Events	●     Depositor
	Item 9.01(d):
                                         Exhibits (no. 1):

         

        Underwriting
        agreement (Exhibit No. 1 of Item 601 of Regulation S-K)

         
	●     Not
    applicable
	Item 9.01(d):
                                         Exhibits (no. 2):

         

        Plan
        of acquisition, reorganization, arrangement, liquidation or succession (Exhibit No. 2 of Item 601 of Regulation S-K)

         
	●     Depositor

 

    Exhibit DD-3

     

    

 

	Item 9.01(d):
                                         Exhibits (no. 3):

         

        Articles
        of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)

         
	●     Depositor
	Item 9.01(d):
                                         Exhibits (no. 4):

         

        With
        respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	●     Certificate
                                         Administrator

         

        provided
        that, in each case, that this shall in no event be construed to make such party responsible for the initial filing
        of this Pooling and Servicing Agreement

         

	Item 9.01(d):
                                         Exhibits (no. 7):

         

        Correspondence
        from an independent accountant regarding non-reliance on a previously issued audit report or completed interim review.
        (Exhibit No. 7 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 9.01(d):
                                         Exhibits (no. 14):

         

        Code
        of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 9.01(d):
                                         Exhibits (no. 16):

         

        Letter
        re change in certifying accountant (Exhibit No. 16 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 9.01(d):
                                         Exhibits (no. 17):

         

        Correspondence
        on departure of director (Exhibit No. 17 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 9.01(d):
                                         Exhibits (no. 20):

         

        Other
        documents or statements to security holders (Exhibit No. 20 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable
	Item 9.01(d):
                                         Exhibits (no. 23):

         

        Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where
	●     Depositor

 

    Exhibit DD-4

     

    

 

	the filing of a written consent is required
        with respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration statement.
	 
	Item 9.01(d):
                                         Exhibits (no. 24)

         

        Power
        of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or
        the name of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.

         
	●     Certificate
    Administrator
	Item 15:
                                         Exhibits (no. 99)

         

        Additional
        exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

         
	●     Not
    Applicable.
	Item 15:
                                         Exhibits (no. 100)

         

        XBRL-Related
        Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

         
	●     Not
    Applicable.

 

    Exhibit DD-5

     

    

 

EXHIBIT
EE

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY
BELOW**

 

Computershare
Trust Company, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BBCMS 2022-C15

Barclays Commercial Mortgage Securities LLC, Commercial Mortgage Pass-Through Certificates, Series 2022-C15—SEC REPORT PROCESSING

 

		RE:	**Additional
                                         Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section [11.04] [11.05] [11.07] of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022
(the “Pooling and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor
(the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer,
Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer, 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:

 

    Exhibit EE-1

     

    

 

Any
inquiries related to this notification should be directed to [                               ], phone number: [             ]; email address: [                     ].

 

	 	[NAME OF PARTY], 

as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

cc:
Depositor

 

    Exhibit EE-2

     

    

 

EXHIBIT
FF

INITIAL SUB-SERVICERS

 

	Mortgage
    Loan Name	Subservicer
    Name
	IPCC
    National Storage XV	KeyBank
    National Association
	Residence
    Inn Portland	KeyBank
    National Association
	Kings
    Row MHC	KeyBank
    National Association
	Fleet
    Farm Green Bay	KeyBank
    National Association
	Mini
    U Storage Columbia	KeyBank
    National Association
	5
    Mile Plaza	NorthMarq
    Capital, LLC
	Highway
    50 Storage	KeyBank
    National Association
	Pine
    Ridge Square	KeyBank
    National Association
	Orange
    Professional Building	KeyBank
    National Association
	Walgreens
    – Port Allen	Northmarq
    Capital, LLC
	Self
    Stor-It	KeyBank
    National Association

 

    Exhibit FF-1

     

    

 

EXHIBIT
GG

SERVICING FUNCTION PARTICIPANTS

 

1.
KeyBank National Association

 

    Exhibit GG-1

     

    

 

EXHIBIT
HH

FORM OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

 

BBCMS
Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15 (the “Trust”)

 

I,
[identifying the certifying individual], on behalf of [Midland Loan Services, a Division of PNC Bank, National Association, as
Master Servicer] [Rialto Capital Advisors, LLC, as Special Servicer] [Computershare Trust Company, National Association, as Certificate
Administrator] [Wilmington Trust, National Association, as Trustee] (the “Certifying Servicer”), certify to
Barclays Commercial Mortgage Securities LLC and its officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification, that:

 

	1.	I
                                         (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s
                                         activities [during the preceding calendar year] [between [__] and [__]] (the “Reporting
                                         Period”) and the Certifying Servicer’s performance under the Pooling
                                         and Servicing Agreement; and

 

	2.	To
                                         the best of my knowledge, based on such review, the Certifying Servicer has fulfilled
                                         all of its obligations under the Pooling and Servicing Agreement in all material respects
                                         during the Reporting Period. [To my knowledge, the Certifying Servicer has failed to
                                         fulfill the following obligations under the Pooling and Servicing Agreement: [SPECIFY
                                         EACH SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

	Date:
	 	 

 

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

as Master Servicer]

[RIALTO CAPITAL ADVISORS, LLC,

as Special Servicer]

[COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

as Certificate Administrator]

[WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee]

 

	By: 	 	 
	 	Name:	 
	 	Title:	 

  

    Exhibit HH-1

     

    

 

EXHIBIT
II

FORM OF REPORT ON ASSESSMENT

OF COMPLIANCE WITH SERVICING CRITERIA

 

[Name
of Reporting Servicer] (the “Reporting Servicer”) is responsible for assessing compliance with the servicing
criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month period ending
December 31, 20[__] (the “Reporting Period”), as set forth in Exhibit AA to the Pooling and Servicing
Agreement. The transactions covered by this report include asset-backed securities transactions for which the Reporting Servicer
acted as [a master servicer, special servicer, trustee, certificate administrator] involving commercial mortgage loans [other
than __________________1] (the “Platform”);

 

The
Reporting Servicer has engaged certain vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the
“Vendors”) to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility
for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities
as set forth on Schedule A;

 

Except
as set forth in paragraph 4 below, the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122
of Regulation AB to assess the compliance with the applicable servicing criteria;

 

The
criteria listed in the column titled “Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable
to the Reporting Servicer based on the activities it performs, directly or through its Vendors, with respect to the Platform;

 

The
Reporting Servicer has complied, in all material respects, with the applicable servicing criteria as of December 31, 20[__]
and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The
Reporting Servicer has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable
servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[,
except as described on Schedule B hereto];

 

The
Reporting Servicer has not identified any material deficiency in its policies and procedures to monitor the compliance by the
Vendors with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the
Platform taken as a whole[, except as described on Schedule B hereto]; and

 

 

1
       Describe any permissible exclusions, including those permitted under telephone
interpretation 17.04 (i.e., transactions registered prior to compliance with Regulation AB, transactions involving an offer and
sale of asset-backed securities that were not required to be issued), if applicable.

 

    Exhibit II-1

     

    

 

[____],
a registered public accounting firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance
with the applicable servicing criteria for the Reporting Period.

 

[Date
of Certification]

 

	 	[NAME OF REPORTING SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit II-2

     

    

EXHIBIT
JJ

CREFC® PAYMENT INFORMATION

 

Payments
shall be made to “CRE Finance Council” and sent to:

Commercial Real Estate Finance Council, Inc.

28 West 44th Street, Suite 815

New York, NY 10036

Attn: Executive Director

 

or
by wire transfer to:

 

Account
Name: Commercial Real Estate Finance Council (CREFC®)

Bank Name: Chase

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

    Exhibit JJ-1

     

    

EXHIBIT
KK

FORM OF NOTICE OF ADDITIONAL

INDEBTEDNESS

 

VIA
EMAIL:

 

To:
Computershare Trust Company, National Association, as Certificate Administrator; cts.cmbs.bond.admin@wellsfargo.com and cts.sec.notifications@wellsfargo.com

 

Ref:
BBCMS 2022-C15, Additional Debt Notice for Form 10-D

 

The
following information is being furnished to you for inclusion on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing
Agreement

 

	Portfolio
    Name	Mortgage

    Loan	Position
    in 

    Debt Stack	Additional
    

    Debt	OPB	OPB
    

    Date	Appraised
    

    Value	Appraised
    

    Value Date	Aggregate
    

    LTV	Aggregate
    

    NCF DSCR	Aggregate
    

    NCF DSCR 

    Date	Primary
    

    Servicer	Master
    Servicer	Lead
    

    Servicer	Prospectus
    

    ID
	BBCMS
    2022-C15	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	BBCMS
    2022-C15	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	BBCMS
    2022-C15	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	Outside
    the Trust	 	 	$
	 	 	$	 	%	 	 	 	 	 	 
	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

    Exhibit KK-1

     

    

EXHIBIT
LL

[RESERVED]

 

    Exhibit LL-1

     

    

EXHIBIT
MM

ADDITIONAL DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR
ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO:

 CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR
ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Computershare
Trust Company, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – BBCMS 2022-C15—SEC REPORT PROCESSING

Email: cts.sec.notifications@wellsfargo.com

 

RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.04 of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), between Barclays Commercial Mortgage Securities LLC, as Depositor (the “Depositor”),
Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special
Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned, as [
], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

[With
respect to the Collection Account and REO Account balance information:

 

	Account
    Name	Beginning
    Balance as of 

MM/DD/YYYY	Ending
    Balance as of 

MM/DD/YYYY
	Master
    Servicer’s Collection Account	 	 
	REO
    Account	 	 

]

 

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 MM-1

     

    

 

	 	[NAME
OF PARTY],

as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:
Depositor

 

    Exhibit MM-2

     

    

EXHIBIT
NN

FORM OF NOTICE OF PURCHASE OF

CONTROLLING CLASS CERTIFICATE

 

[Date]

 

Computershare
Trust Company, National Association,

 as Certificate Administrator

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BBCMS 2022-C15

Email: trustadministrationgroup@wellsfargo.com and

cts.cmbs.bond.admin@wellsfargo.com

 

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: (888) 706-3565

 

Rialto
Capital Advisors, LLC

as
Special Servicer

Rialto
Capital Advisors, LLC

200
S. Biscayne Boulevard, Suite 3550

Miami,
Florida 33131

Attention:
Liat Heller, Jeff Krasnoff, Niral Shah and Adam Singer (BBCMS 2022-C15)

Facsimile
number: (305) 229-6425

Email:
liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com

 

Pentalpha
Surveillance LLC

375 N. French Road, Suite 100

Amherst,
New York 14228

Attention:
BBCMS 2022-C15 Transaction Manager

with
a copy sent via email to: notices@pentalphasurveillance.com (with BBCMS 2022-C15 in the subject line)

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement
                                         (the “Pooling and Servicing Agreement”), dated and effective as of April
                                         1, 2022, between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan
                                         Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital
                                         Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association,
                                         as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and
                                         Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer

 

    Exhibit NN-1

     

    

 

This
letter is delivered to you, pursuant to Section 3.23(a) of the Pooling and Servicing Agreement in connection with the transfer
by ____________ (the “Transferor”) to us (the “Transferee”) of $__________________ original
principal balance in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates. The Certificates were
issued pursuant to the Pooling and Servicing Agreement.

 

		1.	Our
                                         name and address is as follows:

 

	 
	 
	 

 

Contact
Info: [Tel/Email]

 

		2.	[IF
                                         APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
                                         that we are purchasing a majority interest in the Class [__] Certificates, and that we
                                         are not affiliated with the Transferor. To the extent that any Control Termination Event
                                         or Consultation Termination Event has occurred due to a waiver of a prior Class [__]
                                         Certificateholder of its rights under the Pooling and Servicing Agreement, we hereby
                                         request that you reinstate such rights and post a “special notice” on your
                                         website to the following effect:

 

“A
Consultation Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer
of a majority interest of the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior Holder.”

 

All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement.

 

	 	Very
truly yours,
	 	 
	 	 	(Transferee)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit NN-2

     

    

EXHIBIT
OO

FORM OF ASSET REVIEW REPORT BY THE

ASSET REPRESENTATIONS REVIEWER1

 

To:
[Addresses of Recipients]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

Ladies
and Gentlemen:

 

In
accordance with Section 12.01 of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement,
and is hereby issuing the following Asset Review Report.

 

		1.	As
                                         described in the detailed scorecard attached hereto as Exhibit A, we have performed an
                                         Asset Review on each Delinquent Loan identified in accordance with the Pooling and Servicing
                                         Agreement and our conclusion is that there is [no evidence of a Test failure/evidence
                                         of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A
                                         conclusion by the Asset Representations Reviewer of a Test pass or a Test failure shall
                                         not constitute a determination by the Asset Representations Reviewer of (i) the existence
                                         or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights
                                         it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not
                                         be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         Asset Representations Reviewer, other than forwarding this report to the persons listed
                                         above, will not be required to take or participate in any other or further action with
                                         respect to the aforementioned Asset Review Report.

 

		4.	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the Pooling and Servicing Agreement.

 

 

1
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    Exhibit OO-1

     

    

 

	 	PENTALPHA
SURVEILLANCE LLC,

 as Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit OO-2

     

    

 

Exhibit
A

 

Detailed
Scorecard

[Template Example Below]

 

	Test
                                         failures

         

	Loan
    #	Loan
    Name	R&W
    #	R&W
    Name	Test
    Description	Findings
	[Insert
    Loan Number]	[Insert
    Loan Name]	44	Cross-Collateralization	[Insert
    Test Description]	[Insert
    Test findings]
	32	Single-Purpose
    Entity	 	 

    Exhibit OO-3

     

    

 

EXHIBIT
PP

FORM OF ASSET REVIEW REPORT SUMMARY1

 

To:
[Addresses of Recipients]

 

		Re:	BBCMS
                                         Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

Ladies
and Gentlemen:

 

In
accordance with Section 12.01 of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling
and Servicing Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement,
and is hereby issuing the following Asset Review Report Summary.

 

		1.	As
                                         described in the summary scorecard attached hereto as Exhibit A, we have performed an
                                         Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling
                                         and Servicing Agreement and our conclusion is that there is [no evidence of a Test failure/evidence
                                         of [•] Test failures] with respect to the Delinquent Loans.

 

		2.	A
                                         conclusion by the Asset Representations Reviewer of a Test pass or a Test failure shall
                                         not constitute a determination by the Asset Representations Reviewer of (i) the existence
                                         or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights
                                         it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not
                                         be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         Asset Representations Reviewer, other than forwarding this Asset Review Report Summary
                                         to the parties listed above, will not be required to take or participate in any other
                                         or further action with respect to the aforementioned Asset Review Report Summary.

 

		4.	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the Pooling and Servicing Agreement.

 

 

1
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

  

    Exhibit PP-1

     

    

 

	 	PENTALPHA
SURVEILLANCE LLC,

 as
Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit PP-2

     

    

Exhibit
A

 

Summary
Scorecard

[Template Example Below]

 

	Test
                                         failures

         

	Loan
    #	Loan
    Name	Mortgage
    Loan Seller	Representations
    and Warranty #	Representation
    and Warranty Name
	[Insert
    Loan #]	[Insert
    Loan Name]	[Insert
    Mortgage Loan Seller]	22	Compliance
    with Usury Laws
	32	Single-Purpose
    Entity

    Exhibit PP-3

     

    

 

EXHIBIT
QQ

ASSET REVIEW PROCEDURES

 

Pursuant
to the terms and subject to the conditions
set forth in the Pooling and Servicing Agreement (the “PSA”), the Asset Representations Reviewer (“Asset
Representations Reviewer”) shall perform an Asset Review with respect to
each representation and warranty made by the
related Mortgage Loan Seller only with respect to each Delinquent Loan in accordance with the procedures set forth below (each
such procedure, a “Test”); provided, however, the Asset Representations
Reviewer may, but is under no obligation to, modify any Test and/or associated Review Materials described in this Exhibit QQ
if, and only to the extent, the Asset Representations Reviewer determines pursuant to the Asset Review Standard that it is necessary
to modify such Test and/or such associated Review Materials in order to facilitate its Asset Review in accordance with the Asset
Review Standard. Capitalized terms used herein
but not defined herein have the meaning set forth in the PSA or, solely with respect
to a representation and warranty, the meaning set forth
in the related mortgage loan purchase agreement (the “Mortgage Loan Purchase
Agreement”). For the avoidance of doubt, in connection with the performance
of the following Tests:

 

	(A)	With respect to any representation
and warranty that includes a knowledge qualifier (e.g., to the Mortgage Loan
Seller’s knowledge, etc.), the Asset Representations Reviewer shall not be responsible
for any investigation or review beyond that set forth in the applicable Test related
to such representation and warranty;

 

	(B)	With respect to any representation
and warranty that includes the
examination of an insurance policy or Title
Policy, the Asset Representations Reviewer will be permitted to engage a qualified
consultant to perform a review of the
applicable policy, and will be allowed to rely upon the conclusions of the consultant
when making a determination as to whether
there is a Test pass.

 

	(C)	The Asset Representations Reviewer shall be under
no duty to provide or obtain a legal
opinion, legal review or legal conclusion;

 

	(D)	Unless otherwise provided in the
Test, the “as of” date for the testing
of a representation is as of the Closing Date;

 

	(E)	Unless otherwise provided in the Test,
if there is more than one version
of the same document with respect to
a particular Mortgage Loan or Mortgaged Property,
the document that will be used by the Asset Representations Reviewer in testing is
the document that is dated as of the Closing Date or, if none, the document closest prior to the Closing Date;

 

	(F)	With
respect to each representation and warranty and its related
Test(s), the Asset Representations Reviewer shall take into
account any exceptions to such
representation and warranty described in the Mortgage
Loan Purchase Agreement with respect to a Mortgage
Loan, and a Test pass shall be deemed
to have occurred 

 

    Exhibit QQ-1

     

    

 

with respect to such Test if the
sole reason for not satisfying the applicable Test is caused by such exception(s);

 

	(G)	Evidence of a failure of a Test could result from (i) an affirmative
determination by the Asset Representations Reviewer that the Test failed to achieve a Test pass, or (ii) a determination by Asset
Representations Reviewer that the documentation included in the Review Materials (after making such request for any missing documents
in the manner provided for in the PSA) is not sufficient to perform the Test; and

 

	(H)	A determination by the Asset Representations Reviewer of a Test
pass or a Test failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence
of a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller.

 

The Asset Representations
Reviewer will only be required to perform the Tests described in this Exhibit QQ, and will not be obligated to perform additional
procedures on any Delinquent Loan, even if a different set of procedures or Review Materials could produce a different outcome.
Notwithstanding the required Tests, the Asset Representations Reviewer will not be required to review any information other than
(1) Review Materials specified in the related Test and (2) if applicable, Unsolicited Information. The Asset Representations Reviewer
may, but is under no obligation to, consider Unsolicited Information relevant to the Tests subject to the terms of the PSA. If
the Asset Representations Reviewer considers Unsolicited Information, the Asset Representations Reviewer shall take into account
such Unsolicited Information, in addition to the Review Materials referred to in the applicable Test(s) procedure when making a
determination as to whether there is a Test pass.

 

    Exhibit QQ-2

     

    

 

	Representations
    and Warranties	         	Test	Review
    Materials
	1.
    Whole Loan; Ownership of Mortgage Loans. Except with respect to a Mortgage Loan that is part of a Whole Loan, each
    Mortgage Loan is a whole loan and not a participation interest in a mortgage loan.  At the time of the sale, transfer
    and assignment to the depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the
    Mortgage Loan Seller or (with respect to any Non-Serviced Mortgage Loan) to the related Non-Serviced Trustee for the related
    non-serviced securitization trust), participation (it being understood that a Mortgage Loan that is part of a Whole Loan does
    not constitute a participation) or pledge, and the Mortgage Loan Seller had good title to, and was the sole owner of, each
    Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect
    to agreements among noteholders with respect to a Whole Loan), any other ownership interests and other interests on, in or
    to such Mortgage Loan other than any servicing rights appointment, subservicing or similar agreement.  The Mortgage
    Loan Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to the depositor
    constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges
    or security interests of any nature encumbering such Mortgage Loan.	1a	Review
    the amounts listed on the original Mortgage Note and Mortgage for an indication that they match the amounts listed on the
    Mortgage Loan Schedule.  If the amounts are the same, then such Mortgage Loan would be considered a Whole Loan.
    If there is more than one property then the Mortgage for each Mortgaged Property would need to be aggregated. If identified
    as such, it will be a Test pass.	Mortgage;
    Mortgage Note; Loan agreement related to the Mortgage Loan (“Loan Agreement”); Mortgage Loan guaranty;
    Assignment of Leases; and Environmental Indemnity Agreement (collectively, the “Mortgage Loan Documents”);
    Mortgage Loan Schedule.
	1b	Review
    any notice previously delivered by the master servicer or the special servicer, as applicable, of any alleged defect or breach
    with respect to any Delinquent Loan (collectively, the “MS Servicer Notices”) for notation of any Mortgage
    Note or Mortgage that was subject to any assignment (other than assignments to the Mortgage Loan Seller or, with respect to
    any Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee for the non-serviced securitization trust), participation
    or pledge, or that the Mortgage Loan Seller did not have good title to, and was the sole owner of, each Mortgage Loan free
    and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to
    such Mortgage Loan other than any servicing rights appointment or similar agreement. If no such notation is found, it will
    be a Test pass.	MS
    Servicer Notices
	1c	Review
    the MS Servicer Notices for notation of any claim or assertion regarding the Mortgage Loan Seller not having the full right
    and authority to sell, assign and transfer the Mortgage Loan. If such notation is not found, it will be a Test pass.	MS
    Servicer Notices
	1d	Review
    the MS Servicer Notices for notation of any claim or assertion regarding the assignment to the depositor not constituting
    a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security
    interests of any nature encumbering such Mortgage Loan. If such notation is not found, it will be a Test pass.	MS
    Servicer Notices
	2.
    Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty
    and other agreement executed by or on behalf of the related Mortgagor, guarantor or	2a	Review
    the opinion of Mortgagor’s counsel (“Mortgagor’s Counsel Opinion”) for an indication that it
    contains language that the related Mortgage Note, Mortgage, Assignment of Leases (if a	Mortgagor’s
    Counsel Opinion

 

    Exhibit QQ-1

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	other
    obligor in connection with such Mortgage Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor
    or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state
    anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms,
    except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
    other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless
    of whether such enforcement is considered in a proceeding in equity or at law) and except that certain provisions in such
    Mortgage Loan documents (including, without limitation, provisions requiring the payment of default interest, late fees or
    prepayment premium/yield maintenance charge) may be further limited or rendered unenforceable by applicable law, but (subject
    to the limitations set forth above) such limitations or unenforceability will not render such Mortgage Loan documents invalid
    as a whole or materially interfere with the Mortgagee’s realization of the principal benefits and/or security provided
    thereby (clauses (i) and (ii) collectively, the “Standard Qualifications”). Except as set forth in the
    immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related
    Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan documents, including, without
    limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Mortgage Loan Seller in connection
    with the origination of the Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by
    the Mortgage Note, Mortgage or other Mortgage Loan documents.	 	separate
    instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in
    connection with such Mortgage Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other
    obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-
    deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms,
    except as specified in representation and warranty 2. If such indication exists, it will be a Test pass.	 
	2b	Review
    the MS Servicer Notices for notation of any valid offset, defense, counterclaim or right of rescission available to the related
    Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan Documents, including, without
    limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in
    connection with the origination of the Mortgage Loan, that would deny the Mortgagee (as defined in the related Mortgage Loan
    Purchase Agreement) the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan Documents.
    If no such notation is found, it will be a Test pass.	MS
    Servicer Notices
	3.
    Mortgage Provisions. The Mortgage Loan documents for each Mortgage Loan, together with applicable state law, contain
    provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged
    Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or,
    if applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications.	3	Review
    the Mortgage Loan Documents and Mortgagor’s Counsel Opinion for an indication that the Mortgage Loan Documents contain
    provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged
    Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or,
    if applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications. If such indication
    exists, it will be a Test pass.	Mortgage
    Loan Documents; Mortgagor’s Counsel Opinion
	4.
    Hospitality Provisions.  The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality
    property operated pursuant	4a
	Review
    the appraisals to determine if any of the properties are specifically identified as hospitality properties.  If
    so, review the	Appraisal;
    franchise agreement; Comfort letter or similar

 

    Exhibit QQ-2

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	to
    a franchise agreement includes an executed comfort letter or similar agreement signed by the Mortgagor and franchisor of such
    property enforceable by the issuing entity against such franchisor, either directly or as an assignee of the originator. The
    Mortgage or related security agreement for each Mortgage Loan secured by a hospitality property creates a security interest
    in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office.	 	Mortgage
    File to determine if there exists a franchise agreement and executed comfort letter or other similar agreement signed by the
    Mortgagor and franchisor that is enforceable by the issuing entity against such franchisor, either directly or as an assignee
    of the originator.  If so determined with respect to each part of the Test, it will be a Test pass.	agreement
    signed by or from such franchisor
	4b	If
    the appraisals specifically identify any Mortgaged Properties as hospitality properties, review the security agreement for
    each Mortgaged Property to determine if there are provisions related to creating a security interest in the revenues of such
    property.  Also, review the Mortgage File to determine if there exist filed copies (bearing evidence of filing)
    or evidence of filing of any related UCC financing statements, related amendments and continuation statements.  If
    so determined with respect to each part of this Test, it will be a Test pass.	UCC
    filing; Appraisal; Mortgage File
	5.
    Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set forth in the related
    Mortgage File or as otherwise provided in the related Mortgage Loan documents (a) (1) there has been no forbearance, waiver
    or modification of the material terms of the Mortgage Loan which such forbearance, waiver or modification relates to the COVID-19
    emergency, (2) as of the Cut-off Date to the knowledge of the related Mortgage Loan Seller, after due inquiry, there has been
    no request for a forbearance, waiver or modification of the material terms of the Mortgage Loan, which such request relates
    to the COVID-19 emergency and (3) other than as related to the COVID-19 emergency, the material terms of such Mortgage, Mortgage
    Note, Mortgage Loan guaranty and related Mortgage Loan documents have not been waived, impaired, modified, altered, satisfied,
    canceled, subordinated or rescinded in any respect which materially interferes with the security intended to be provided by
    such Mortgage; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage
    in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation
    of the remaining portion of such Mortgaged Property; and (c) neither the Mortgagor nor the guarantor has been released from
    its material obligations under the Mortgage Loan.  With respect to each Mortgage Loan, except as contained in a
    written document included in the Mortgage File, there have been no modifications, amendments or waivers, that could be reasonably
    expected	5a	Review
    the MS Servicer Notices and Mortgage Loan Documents for an indication that the material terms of such documents have been
    waived, impaired, modified, altered, satisfied, cancelled, subordinated or rescinded in any respect which materially interferes
    with the security intended to be provided by such Mortgage, except by written instruments set forth in the related Mortgage
    File.  If no such indication is found, it will be a Test pass.	Mortgage
    Loan Documents; MS Servicer Notices
	5b	Review
    the MS Servicer Notices and Mortgage Loan Documents for an indication that a related Mortgaged Property or any portion thereof
    has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended
    to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property except by written
    instruments set forth in the related Mortgage File. If no such indication is found, it will be a Test pass.	MS
    Servicer Notices; Mortgage Loan Documents
	5c	Review
    the MS Servicer Notices and Mortgage Loan Documents for notation that neither Mortgagor nor guarantor has been released from
    its material obligations under the Mortgage Loan except by written instruments set forth in the related Mortgage File. If
    no such notation is found, it will be a Test pass.	MS
    Servicer Notices; Mortgage Loan Documents
	5d	Review
    the MS Servicer Notices and Mortgage Loan Documents for notation of a modification, amendment or waiver that could 	MS
    Servicer Notices; Mortgage Loan Documents

 

    Exhibit QQ-3

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	to
    have a material adverse effect on such Mortgage Loan consented to by the Mortgage Loan Seller on or after the Cut-off Date.	 	be
    reasonably expected to have a material adverse effect on such Mortgage Loan that was consented to by the Mortgage Loan Seller
    on or after the Cut-off Date.  If no such notation is found, it will be a Test pass.	 
	6.
    Lien; Valid Assignment. Subject to the Standard Qualifications, each endorsement or assignment of Mortgage and assignment
    of Assignment of Leases from the Mortgage Loan Seller or its affiliate is in recordable form (but for the insertion of the
    name of the assignee and any related recording information which is not yet available to the Mortgage Loan Seller) and constitutes
    a legal, valid and binding endorsement or assignment from the Mortgage Loan Seller, or its affiliate, as applicable.  Each
    related Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor.  Each
    related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee (or if identified on the
    Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated
    loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to representation and warranty 7
    below (each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by
    the Standard Qualifications.  Such Mortgaged Property (subject to Permitted Encumbrances and Title Exceptions) as
    of origination and, to the Mortgage Loan Seller’s knowledge, as of the Cut-off Date, is free and clear of any recorded
    mechanics’ or materialmen’s liens and other recorded encumbrances that would be prior to or equal with the lien
    of the related Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole
    Loan), except those which are bonded over, escrowed for or insured against by the applicable Title Policy (as described below),
    and as of origination and, to the Mortgage Loan Seller’s knowledge, as of the Cut-off Date, no rights exist which under
    law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage,
    except those which are bonded over, escrowed for or insured against by the applicable Title Policy.  Notwithstanding
    anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other
    personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial
    Code financing statements is required to effect such perfection.	6a	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion regarding any endorsement or assignment
    of Mortgage or Assignment of Leases not constituting a legal, valid and binding endorsement or assignment from the Mortgage
    Loan Seller, or its Affiliate, as applicable, subject to the Insolvency Qualifications. If such a notation or other indication
    is not found, it will be a Test pass.	MS
    Servicer Notices
	6b	Review
    the related Mortgage and the Assignment of Leases for each property for provisions to the effect that the related Mortgage
    and Assignment of Leases is not freely assignable without the consent of the related Mortgagor. If no such provision is found,
    it will be a Test pass.	Mortgage;
    Assignment of Leases
	6c	Review
    the Title Policy (as defined in representation and warranty 7) to determine if the related Mortgage is a first lien on the
    related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule, leasehold) interest in the Mortgaged Property.  Compare
    the amount of the Title Policy to the principal amount of the Mortgage Loan or allocated loan amount to determine whether
    they are equivalent. If each such determination is made, it will be a Test pass.	Title
    Policy; Mortgage; Mortgage Loan Schedule
	6d	Review
    the Title Policy to determine if the Mortgaged Property was free and clear of any recorded mechanics’ or materialmen’s
    liens and other recorded encumbrances that would be prior to or equal with the lien of the related Mortgage (other than Permitted
    Encumbrances, Title Exceptions and those which are bonded over, escrowed for or insured against by the applicable Title Policy).
    If so determined, it will be a Test pass.	Title
    Policy
	6e	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that, as of the Cut-off Date, the Mortgage
    Loan Seller had knowledge that the Mortgaged Property was not free and clear of any recorded mechanics’ or materialmen’s
    liens and other recorded encumbrances that would be prior to or equal with the lien of the related Mortgage (which lien secures
    the related Whole Loan, in the case of a Mortgage 	MS
    Servicer Notices

 

    Exhibit QQ-4

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	Loan
    that is part of a Whole Loan) (other than Permitted Encumbrances, Title Exceptions and those which are bonded over, escrowed
    for or insured against by the applicable Title Policy). If such a notation or other indication is not found, it will be a
    Test pass.	 
	 	6f	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that, subject to the rights of tenants,
    there are rights existing which under law could give rise to any such lien or encumbrance that would be prior to or equal
    with the lien of the related Mortgage, except for Permitted Encumbrances and those which are bonded over, escrowed for or
    insured against by the applicable Title Policy. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	6g	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller did not
    have legal, valid and enforceable first lien on the related Mortgagor’s fee (or if identified on the Mortgage Loan Schedule,
    leasehold), interest in the Mortgaged Property or good and marketable title free and clear of any pledge, lien, encumbrance
    or security interest. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	7.
    Permitted Liens; Title Insurance. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title
    Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable
    jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy or a “marked
    up” commitment, in each case with escrow instructions and binding on the title insurer) (the “Title Policy”)
    in the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties,
    an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances
    of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness
    secured by the Mortgage, the first-priority lien of the Mortgage (which lien secures the related Whole Loan, in the case of
    a Mortgage Loan that is part of a Whole Loan), which lien is subject only to (a) the lien of current real property taxes,
    water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of
    way, easements and other 	7a	Review
    the Title Policy to determine if it is an American Land Title Association loan title insurance policy or another comparable
    form of loan title insurance policy approved for use in the applicable jurisdiction. Review the Mortgage Loan Documents to
    determine if the amount of the policy covers the amount of the Mortgage Loan, or for multiple properties, an amount equal
    to the allocated loan amount after all advances of principal. If so determined with respect to each part of this Test, it
    will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	7b	Review
    the Title Policy to determine if the first-priority lien of the Mortgage (which lien secures the related Whole Loan, in the
    case of a Mortgage Loan that is part of a Whole Loan) is subject only to Permitted Encumbrances, as defined in representation
    and warranty 7. If so determined, it will be a Test pass.	Title
    Policy
	7c	Review
    the Title Policy to determine if any Permitted Encumbrance is a mortgage lien that is senior to or coordinate and co-equal
    to the lien of the related Mortgage, other than as 	Title
    Policy

 

    Exhibit QQ-5

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	matters
    of public record specifically identified in the Title Policy; (c) the exceptions (general and specific) and exclusions set
    forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as
    tenants only) under leases (including subleases) pertaining to the related Mortgaged Property; (f) if the related Mortgage
    Loan constitutes a cross collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the
    same cross collateralized group of Mortgage Loans, and (g) condominium declarations of record and identified in such Title
    Policy, provided that none of clauses (a) through (g), individually or in the aggregate, materially and adversely interferes
    with the value or principal use of the Mortgaged Property, the security intended to be provided by such Mortgage, or the current
    ability of the related Mortgaged Property to generate net cash flow sufficient to service the related Mortgage Loan or the
    Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”).  For
    purposes of clause (a) of the immediately preceding sentence, any such taxes, assessments and other charges shall not be considered
    due and payable until the date on which interest and/or penalties would be payable thereon.  Except as contemplated
    by clause (f) of the second preceding sentence none of the Permitted Encumbrances are mortgage liens that are senior to or
    coordinate and co-equal with the lien of the related Mortgage.  Such Title Policy (or, if it has yet to be issued,
    the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been
    made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder.  Neither the Mortgage Loan
    Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission,
    anything that would materially impair the coverage under such Title Policy.  Each Title Policy contains no exclusion
    for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance
    is not available in which case such exclusion may exist), that the Mortgaged Property shown on the survey is the same as the
    property legally described in the Mortgage.	 	contemplated
    by item (f) in the definition of Permitted Encumbrances.  If not so determined, it will be a Test pass.	 
	7d	Review
    the Title Policy and MS Servicer Notices for a notation or other indication that the coverage is not in full force and effect,
    that all premiums thereon have not been paid or that claims have been made by the Mortgage Loan Seller. If no such notation
    or other indication is found, it will be a Test pass.	Title
    Policy; MS Servicer Notices
	7e	Review
    the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller, or any other holder of the Mortgage
    Loan, has done, by act or omission, anything that would materially impair the coverage under such policy. If such a notation
    or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	7f	Review
    the Title Policy to determine if the Title Policy contains no exclusion for, or affirmatively insures (except for any Mortgaged
    Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist),
    that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage. If so determined,
    it will be a Test pass.	Title
    Policy
	8.
    Junior Liens. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate
    mortgages or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage
    Loan, as of the Cut-off Date there are no subordinate mortgages or junior mortgage liens encumbering the related	8a	Review
    the Title Policy to determine if there is any subordinate mortgage or junior lien encumbering the related Mortgaged Property,
    except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan. If not so determined,
    it will be a Test pass.	Title
    Policy

 

    Exhibit QQ-6

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	Mortgaged
    Property other than Permitted Encumbrances, mechanics’ or materialmen’s liens (which are the subject of representation
    and warranty 6 above), and equipment and other personal property financing.  The Mortgage Loan Seller has no knowledge
    of any mezzanine debt secured directly by interests in the related Mortgagor other than as set forth on Exhibit C-32-1 to
    the applicable Mortgage Loan Purchase Agreement.	8b	Review
    the Title Policy to determine if, as of the Cut-off Date, there are no subordinate mortgages or junior mortgage liens encumbering
    the related Mortgaged Property other than Permitted Encumbrances, mechanics’ or materialmen’s liens and equipment
    and other personal property financing. If so determined, it will be a Test pass.	Title
    Policy
	8c	Review
    the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller had knowledge of any mezzanine debt
    secured directly by interests in the Mortgagor other than those set forth on Exhibit C-32-1 to the applicable Mortgage Loan
    Purchase Agreement. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	9.
    Assignment of Leases and Rents. There exists as part of the related Mortgage File an Assignment of Leases (either as
    a separate instrument or incorporated into the related Mortgage).  Subject to the Permitted Encumbrances and Title
    Exceptions (and, in the case of a Mortgage Loan that is part of a Whole Loan, subject to the related Assignment of Leases
    constituting security for the entire Whole Loan), each related Assignment of Leases creates a valid first-priority collateral
    assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or
    leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations
    of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement
    thereof may be limited by the Standard Qualifications.  The related Mortgage or related Assignment of Leases, subject
    to applicable law and the Standard Qualifications, provides that, upon an event of default under the Mortgage Loan, a receiver
    may be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or
    for rents to be paid directly to the Mortgagee.	9a	Review
    the Mortgage File to determine if an Assignment of Leases (either as a separate instrument or incorporated into the related
    Mortgage) is in the Mortgage File. If so determined, it will be a Test pass.	Mortgage
    File; Assignment of Leases
	9b	Review
    the Title Policy to determine if the Mortgage, or any related Assignment of Leases, has been recorded, and creates a valid
    first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights
    under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and
    to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased
    property, except as the enforcement thereof may be limited by the Standard Qualifications. If so determined with respect to
    each part of this Test, it will be a Test pass.	Title
    Policy; Mortgage; Assignment of Leases
	9c
    	Review
    the Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage) to determine if the related
    Mortgage, or related Assignment of Leases, subject to applicable law and the Standard Qualifications, provides that upon an
    event of default under the Mortgage Loan, a receiver may be appointed for the collection of rents or for the related Mortgagee
    to enter into possession to collect the rents or for rents or for the related Mortgagee to enter into possession to collect
    the rents or for rents to be paid directly to the Mortgagee. If so determined, it will be a Test pass.	Assignment
    of Leases; Mortgage
	10.
    Financing Statements. Subject to the Standard Qualifications, each	10a	Review
    the MS Servicer Notices for a notation or other	MS
    Servicer Notices

 

    Exhibit QQ-7

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	Mortgage
    Loan or related security agreement establishes a valid security interest in, and a UCC-1 financing statement has been filed
    and/or recorded (or, in the case of fixtures, the Mortgage constitutes a fixture filing) in all places necessary at the time
    of the origination of the Mortgage Loan (or, if not filed and/or recorded, has submitted or caused to be submitted in proper
    form for filing and/or recording) to perfect a valid security interest in, the personal property (creation and perfection
    of which is governed by the UCC) owned by the Mortgagor and necessary to operate such Mortgaged Property in its current use
    other than (1) non-material personal property, (2) personal property subject to purchase money security interests and (3)
    personal property that is leased equipment.  Each UCC-1 financing statement, if any, filed with respect to personal
    property constituting a part of the related Mortgaged Property and each UCC-3 assignment, if any, filed with respect to such
    financing statement was in suitable form for filing in the filing office in which such financing statement was filed.  Notwithstanding
    anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other
    personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial
    Code financing statements is required to effect such perfection.	 	indication
    of inappropriately filed or nonexistent UCC-1 financing statements. If such a notation or other indication is not found, it
    will be a Test pass.	 
	10b	Review
    the MS Servicer Notices for notation or other indication that the UCC-1, UCC-2 and UCC-3 statements were not in suitable form
    for filing. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	11. Condition of Property.
        The Mortgage Loan Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged
        Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date.

         

        An engineering report
        or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve
        months prior to the Cut-off Date. To the Mortgage Loan Seller’s knowledge, based solely upon due diligence customarily
        performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged
        Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established
        at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value
        of such Mortgaged Property as security for the Mortgage Loan.
	11a	Review
    the engineering report or property condition assessment in the Mortgage File to determine if it is dated within six months
    of the origination date, and within twelve months of the Cut-off Date. If so determined, it will be a Test pass.	Engineering
    report; Property condition assessment
	11b	Review
    the engineering report or property condition assessment in the Mortgage File to determine if it was dated no more than twelve
    months prior to the Cut-off Date.  Review the engineering report to confirm that each related Mortgaged Property
    is free of material damage. If so determined with respect to each part of the Test, it will be a Test pass.	Engineering
    report; Property condition assessment
	11c	Review
    the MS Servicer Notices for a notation or other indication that the Mortgage Loan Seller had knowledge of issues with the
    physical condition of the Mortgaged Property that the Mortgage Loan Seller believed would have a material adverse effect on
    the value or use of the Mortgaged Property other than those disclosed in the most recently dated engineering report or Servicing
    File and those addressed in sub-clauses (i) and (ii) of 	MS
    Servicer Notices

 

    Exhibit QQ-8

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	representation
    and warranty 11. If such a notation or other indication is not found, it will be a Test pass.	 
	12.
    Taxes and Assessments. As of the date of origination and, to the Mortgage Loan Seller’s knowledge, as of the
    Cut-off Date, all taxes, governmental assessments and other outstanding governmental charges (including, without limitation,
    water and sewage charges) due with respect to the Mortgaged Property (excluding any related personal property) securing a
    Mortgage Loan that is or could become a lien on the related Mortgaged Property that became due and owing prior to the Cut-off
    Date with respect to each related Mortgaged Property have been paid, or, if the appropriate amount of such taxes or charges
    is being appealed or is otherwise in dispute, the unpaid taxes or charges are covered by an escrow of funds or other security
    sufficient to pay such tax or charge and reasonably estimated interest and penalties, if any, thereon.  For purposes
    of this representation and warranty, any such taxes, assessments and other charges shall not be considered due and payable
    until the date on which interest and/or penalties would be payable thereon.	12	Review
    the MS Servicer Notices for a notation or other indication that all taxes, governmental assessments and other outstanding
    governmental charges  (including, without limitation, water and sewage charges) due with respect to the Mortgaged
    Property (excluding any related personal property) securing a Mortgage Loan that is or could become a lien on the related
    Mortgage Property that became due and owing prior to the Cut-off Date with respect to the Mortgaged Property have not been
    paid, or if the appropriate amount of such taxes or charges is being appealed or is otherwise in dispute, the unpaid taxes
    or charges were not covered by an escrow of funds or other security sufficient to pay such tax or charge and reasonably estimated
    interest and penalties, if any, thereon. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	13.
    Condemnation. As of the date of origination and to the Mortgage Loan Seller’s knowledge as of the Cut-off Date,
    there is no proceeding pending and, to the Mortgage Loan Seller’s knowledge as of the date of origination and as of
    the Cut-off Date, there is no proceeding threatened for the total or partial condemnation of such Mortgaged Property that
    would have a material adverse effect on the value, use or operation of the Mortgaged Property.	13	Review
    the MS Servicer Notices for a notation or other indication of any proceeding pending or threatened for the total or partial
    condemnation of such Mortgaged Property as of the Cut-off date, or for a notation or other indication that the Mortgage Loan
    Seller had knowledge as of the Cut-off of any such proceeding that would have a material adverse effect on the value, use
    or operation of the Mortgaged Property. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	14.
    Actions Concerning Mortgage Loan. To the Mortgage Loan Seller’s knowledge, based on evaluation of the Title Policy
    (as defined in representation and warranty 7), an engineering report or property condition assessment as described in representation
    and warranty 11, applicable local law compliance materials as described in representation and warranty 25, and the ESA (as
    defined in representation and warranty 41), as of origination there was no pending or filed action, suit or proceeding, arbitration
    or governmental investigation involving any Mortgagor, guarantor, or Mortgagor’s interest in the Mortgaged Property,
    an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title
    to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform
    under the related Mortgage Loan, (d) such guarantor’s 	14a	Review
    the Mortgage Loan Documents, the Mortgagor’s Counsel Opinion and the MS Servicer Notices for an indication of pending
    or filed action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgagor’s
    interest in the Mortgaged Property that existed on the origination date. If such an indication is not found, it will be a
    Test pass.	Mortgage
    Loan Documents; Mortgagor’s Counsel Opinion; MS Servicer Notices
	14b	Review
    the MS Servicer Notices to determine if an adverse outcome of any such pending, filed or threatened action, suit or proceeding,
    arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgaged Property would reasonably be expected
    to adversely affect the matters set forth in clauses (a)-(g) of representation and warranty 14. If any such 	MS
    Servicer Notices

 

    Exhibit QQ-9

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	ability
    to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Mortgage Loan
    documents, (f) the current ability of the Mortgaged Property to generate net cash flow sufficient to service such Mortgage
    Loan, or (g) the current principal use of the Mortgaged Property.	 	adverse
    outcome would not reasonably be expected to adversely affect the matters set forth in clauses (a)-(g) of representation and
    warranty 14, it will be a Test pass.	 
	15.
    Escrow Deposits. All escrow deposits and escrow payments currently required to be escrowed with the Mortgagee pursuant
    to each Mortgage Loan (including capital improvements and environmental remediation reserves) are in the possession, or under
    the control, of the Mortgage Loan Seller or its servicer, and there are no delinquencies (subject to any applicable grace
    or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required under
    the related Mortgage Loan documents are being conveyed by the Mortgage Loan Seller to the depositor or its servicer (or, in
    the case of a Non-Serviced Mortgage Loan, to the related depositor under the Non-Serviced PSA or Non-Serviced Master Servicer
    for the related non-serviced securitization trust).                                                                                                                   	15a	Review
    the MS Servicer Notices for a notation or other indication of any escrow deposits and escrow payments required to be escrowed
    with the Mortgagee pursuant to each Mortgage Loan not in the servicer’s possession or control. If such a notation or
    other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	15b	Review
    the Diligence File and the MS Servicer Notices to determine if all escrows and deposits required pursuant to the Mortgage
    Loan have been conveyed by the Mortgage Loan Seller to the depositor or its servicer (or, in the case of a Non-Serviced Mortgage
    Loan, to the related depositor under the Non-Serviced PSA or Non-Serviced Master Servicer for the related non-serviced securitization
    trust). If so determined, it will be a Test pass.	Diligence
    File; MS Servicer Notices
	16.
    No Holdbacks. The principal amount of the Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed
    as of the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount
    of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction
    of certain conditions relating to leasing, repairs, occupancy, performance or other matters with respect to the related Mortgaged
    Property, the Mortgagor or other considerations determined by the Mortgage Loan Seller to merit such holdback).	16a	Review
    the Mortgage Loan Schedule, Loan Agreement, Mortgage Note and origination settlement statement to determine if the principal
    amount of the Mortgage Loan was fully disbursed as of the Closing Date. If so determined, it will be a Test pass.	Mortgage
    Loan Schedule; Loan Agreement; Mortgage Note; and Origination settlement statement
	16b	Review
    the Mortgage Loan Documents to determine if there is no requirement for future advances by the Mortgagee (except in those
    cases where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve
    accounts pending the satisfaction of certain conditions relating to leasing, repairs, occupancy, performance or other matters
    with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by the Mortgage Loan Seller
    to merit such holdback). If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	17.
    Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a
    property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss
    form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements
    of the related Mortgage Loan documents and having a claims-paying or financial strength rating meeting the Insurance Rating
    Requirements (as	17a	Review
    the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
    and/or certificates of insurance) to determine if it shows that the related Mortgaged Property is insured by a property insurance
    policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all-risk
    form” that includes replacement cost valuation issued by an insurer meeting	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance)

 

    Exhibit QQ-10

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	defined below), in an
        amount (subject to customary deductibles) not less than the lesser of (1) the original principal balance of the Mortgage
        Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures
        and equipment owned by the Mortgagor included in the Mortgaged Property (with no deduction for physical depreciation),
        but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation
        of any coinsurance provisions with respect to the related Mortgaged Property.

        “Insurance Ratings
        Requirements” means either (1) a claims paying or financial strength rating of at least “A-:VIII”
        from A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-”
        from S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, or (2) the Syndicate Insurance
        Ratings Requirements. “Syndicate Insurance Ratings Requirements” means insurance provided by a syndicate of
        insurers, as to which (i) if such syndicate consists of 5 or more members, at least 60% of the coverage is provided by
        insurers that meet the Insurance Ratings Requirements (under clause (1) of the definition of such term) and up to 40%
        of the coverage is provided by insurers that have a claims paying or financial strength rating of at least “BBB-”
        by S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and (ii) if such syndicate
        consists of 4 or fewer members, at least 75% of the coverage is provided by insurers that meet the Insurance Ratings Requirements
        (under clause (1) of the definition of such term) and up to 25% of the coverage is provided by insurers that have a claims
        paying or financial strength rating of at least “BBB-” by S&P Global Ratings, acting through Standard
        & Poor’s Financial Services LLC.

        Each related Mortgaged
        Property is also covered, and required to be covered pursuant to the related Mortgage Loan documents, by business interruption
        or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with
        respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

        If any material part of
        the improvements, exclusive of a parking lot,
	 	the
    requirements of the related Mortgage Loan Documents and the Insurance Rating Requirements, in an amount (subject to customary
    deductibles) not less than the lesser of (1) the original principal balance of any Mortgage Loan and (2) the full insurable
    value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the mortgagor
    and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the
    amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with
    respect to the Mortgaged Property. If so determined, it will be a Test pass.	 
	17b	Review
    the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in Test 17a above. If such provisions
    are found, it will be a Test pass.	Mortgage
    Loan Documents
	17c	Review
    the Insurance Summary Report (or, solely with respect to residential cooperative properties, review the insurance policies
    and/or certificates of insurance) to determine if it shows that the related Mortgaged Property is insured for business interruption
    or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect
    to a Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months). If such provisions are found,
    it will be a Test pass.	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance)
	17d	Review
    the Mortgage Loan Documents for provisions requiring the insurance coverage as stated in Test 17c above. If such provisions
    are found, it will be a Test pass.	Mortgage
    Loan Documents
	17e	Review
    the Mortgage Loan Documents and/or the survey to determine if any material part of the improvements, exclusive of a parking
    lot, located on the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management
    Agency as having “special flood hazards.” If so determined, review the Insurance Summary to determine whether
    the Mortgagor maintains insurance in an amount equal to the maximum amount available under the National Flood Insurance Program,
    plus such additional excess flood coverage in an amount as is generally required by prudent institutional commercial mortgage
    lenders originating mortgage loans for securitization. If so determined, it will be a Test pass.	Insurance
    Summary Report

 

    Exhibit QQ-11

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	located on a Mortgaged
        Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special
        flood hazards, the related Mortgagor is required to maintain insurance in an amount equal to the maximum amount available
        under the National Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required
        by prudent institutional commercial mortgage lenders originating mortgage loans for securitization.

        If the Mortgaged Property
        is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina
        or North Carolina, the related Mortgagor is required to maintain coverage for windstorm and/or windstorm related perils
        and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements or endorsement covering
        damage from windstorm and/or windstorm related perils and/or named storms, in an amount not less than the lesser of (1)
        the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis of the
        improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property
        (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such
        endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged
        Property by an insurer meeting the Insurance Rating Requirements.

        The Mortgaged Property
        is covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial general liability
        insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage,
        contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by the
        Mortgage Loan Seller for similar commercial and multifamily loans intended for securitization, and in any event not less
        than $1 million per occurrence and $2 million in the aggregate.

        An architectural or engineering
        consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate
        the seismic condition of such property, for the sole purpose of
	17f	If
    the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia,
    South Carolina or North Carolina, review the Insurance Summary Report to determine if the property is covered for windstorm
    and/or windstorm related perils and/or “named storms” by an insurer meeting the Insurance Rating Requirements
    or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an not less than the
    lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis
    of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property
    (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements
    as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property by an
    insurer meeting the Insurance Rating Requirements. If so determined with respect to each part of this Test, it will be a Test
    pass.	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance);
    Diligence File
	17g	Review
    the Insurance Summary Report dated before the Cut-off Date (or solely with respect to residential cooperative properties,
    review the insurance policies and/or certificates of insurance) and Mortgage Loan Documents to determine if the Mortgage Property
    is covered, and required to be covered pursuant to the related Mortgage Loan Documents, by a commercial general liability
    insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual
    damage and personal injury (including bodily injury and death) in amounts as are generally required by the Mortgage Loan Seller
    for similar commercial and multifamily loans intended for securitization, and in any event not less than $1 million per occurrence
    and $2 million in the aggregate. If so determined, it will be a Test pass.	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance);
    Mortgage Loan Documents
	17h	Review
    the property condition assessment to determine if the properties are located in a seismic zone 3 or 4. If so determined, review
    the seismic engineering study to determine if it has been performed by an architectural or engineering consultant for the
    sole purpose of assessing the PML for the Mortgaged Property in 	Property
    condition assessment; Seismic engineering study

 

    Exhibit QQ-12

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	assessing the probable
        maximum loss or scenario expected loss (“PML”) for the Mortgaged Property in the event of an earthquake. In
        such instance, the PML was based on a 475-year return period, an exposure period of 50 years and a 10% probability of
        exceedance. If the resulting report concluded that the PML would exceed 20% of the amount of the replacement costs of
        the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VIII”
        by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc., or “A-”
        by S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC in an amount not less than
        100% of the PML.

        The Mortgage Loan documents
        require insurance proceeds (or an amount equal to such insurance proceeds) in respect of a property loss to be applied
        either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property
        losses in excess of 5% of the then-outstanding principal amount of the related Mortgage Loan or Whole Loan, as applicable,
        the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration
        progresses, or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued
        interest thereon.

        All premiums on all insurance
        policies referred to in this section that are required by the Mortgage Loan documents to be paid as of the Cut-off Date
        have been paid, and such insurance policies name the Mortgagee under the Mortgage Loan and its successors and assigns
        as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named
        or additional insured. Such insurance policies will inure to the benefit of the trustee (or, in the case of a Non-Serviced
        Mortgage Loan, the applicable Non-Serviced Trustee). Each related Mortgage Loan obligates the related Mortgagor to maintain
        all such insurance and, at such Mortgagor’s failure to do so, authorizes the Mortgagee to maintain such insurance
        at the Mortgagor’s cost and expense and to charge such Mortgagor for related premiums. All such insurance policies
        (other than commercial liability policies) require at least 10 days’ prior notice to the Mortgagee of termination
        or cancellation arising because of nonpayment of a premium and at least 30 days’ prior notice to the Mortgagee of
        termination or cancellation (or such lesser period, not
	 	the
    event of an earthquake and based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance.
    If so determined, it will be a Test pass.	 
	17i	Review
    the most recent seismic engineering study or Insurance Summary Report (or solely with respect to residential cooperative properties,
    review the insurance policies and/or certificates of insurance) to determine if the PML would exceed 20% of the amount of
    the replacement costs of the improvements, and if so, review to determine if earthquake insurance on such Mortgaged Property
    was obtained. If so determined, determine if the insurer is meeting the Insurance Rating Requirements (as defined in representation
    and warranty 17). The insurance amount should be not less than 100% of the PML. If so determined with respect to each part
    of the Test, it will be a Test pass.	Seismic
    engineering study; Insurance Summary Report (solely with respect to residential cooperative properties, the insurance policies
    and/or certificates of insurance)
	17j	Review
    the Mortgage Loan Documents for provisions requiring that insurance proceeds (or an amount equal to such insurance proceeds)
    in respect of a property loss be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property,
    with respect to all property losses in excess of 5% of the then-outstanding principal amount of the Mortgage Loan, the Mortgagee
    (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses,
    or (b) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.
    If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	17k	Review
    the MS Servicer Notices for a notation or other indication that insurance premiums are current as of the Cut-off Date. If
    such a notation or other indication is found, it will be a Test pass.	MS
    Servicer Notices
	17l	Review
    the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
    and/or certificates of insurance) to determine if the insurance policies name the Mortgagee under any Mortgage Loan and its
    successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance
    policy, as named or additional insured. If so 	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance)

 

    Exhibit QQ-13

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	less
    than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such
    notice has been received by the Mortgage Loan Seller.	 	determined,
    it will be a Test pass.	 
	17m	Review
    the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
    and/or certificates of insurance) to determine if the insurance will inure to the benefit of the trustee (or, in the case
    of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Trustee). If so determined, it will be a Test pass.	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance)
	17n	Review
    the Mortgage Loan Documents to determine if any Mortgage Loan obligates the Mortgagor to maintain all such insurance and,
    at such Mortgagor’s failure to do so, authorizes the Mortgagee to maintain such insurance at the Mortgagor’s cost
    and expense and to charge such Mortgagor for related premiums. If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	17o	Review
    the Insurance Summary Report (or solely with respect to residential cooperative properties, review the insurance policies
    and/or certificates of insurance) to determine if the insurance policies (other than commercial liability policies) require
    at least 10 days’ prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium
    and at least 30 days’ prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less
    than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium.  If
    so determined, it will be a Test pass.	Insurance
    Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or certificates of insurance)
	17p	Review
    the MS Servicer Notices for a notation or other indication that any notice described in Test 17o may have been received by
    the Mortgage Loan Seller. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	18.
    Access; Utilities; Separate Tax Parcels. Based solely on evaluation of the Title Policy (as defined in representation
    and warranty 7) and survey, if any, an engineering report or property condition assessment as described in representation
    and warranty 11, applicable local law compliance materials as described in representation and warranty 25, and the ESA (as
    defined in representation and warranty 41), each Mortgaged Property (a) is located on or adjacent to a public road and has
    direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and
    egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic)
    and 	18a	Review
    the zoning report, Title Policy and survey, engineering report or property condition assessment, the Sponsor Diligence and
    the ESA to determine if each Mortgaged Property is located on or adjacent to a public road and has direct legal access to
    such road, or has permanent access easement or right of way permitting ingress and egress to/from a public road. If so determined,
    it will be a Test pass.	Zoning
    report; Title Policy; Survey; Engineering report or property condition assessment; Sponsor Diligence; ESA
	18b	Review
    the zoning report, Title Policy and survey, engineering report or property condition assessment, the Sponsor Diligence and
    the ESA to determine if each Mortgaged Property is served 	Zoning
    report; Title Policy; Survey; Engineering report or property condition assessment; 

 

    Exhibit QQ-14

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	other
    utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged
    Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the
    Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain
    cases, an application has been made or is required to be made to the applicable governing authority for creation of separate
    tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires
    the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a
    part until the separate tax parcels are created.	 	by
    or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current
    use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property. If so determined,
    it will be a Test pass.	Sponsor
    Diligence; ESA
	18c	Review
    the Title Policy and survey to determine if each Mortgaged Property constitutes one or more separate tax parcels and do not
    include any property which is not part of the Mortgaged Property or is subject to an endorsement under the most recently dated
    Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made
    to the applicable governing authority for creation of separate tax parcels, in which case any Mortgage Loan requires the Mortgagor
    to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the
    separate tax parcels are created. If so determined, it will be a Test pass.	Title
    Policy; Survey; Mortgage Loan Documents
	19.
    No Encroachments. To the Mortgage Loan Seller’s knowledge based solely on surveys obtained in connection with
    origination and the Title Policy obtained in connection with the origination of each Mortgage Loan, and except for encroachments
    that do not materially and adversely affect the current marketability or principal use of the Mortgaged Property: (a) all
    material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property
    at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except for
    encroachments that are insured against by the applicable Title Policy; (b) no material improvements on adjoining parcels encroach
    onto the related Mortgaged Property except for encroachments that are insured against by the applicable Title Policy; and
    (c) no material improvements encroach upon any easements except for encroachments that are insured against by the applicable
    Title Policy.	19a	Review
    the survey and Title Policy to determine if all material improvements that were included for the purpose of determining the
    appraised value of the Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of
    the related Mortgaged Property, except for encroachments that are insured by applicable Title Policy. If so determined, it
    will be a Test pass.	Survey;
    Title Policy; Appraisal
	19b	Review
    the survey and Title Policy to determine if there exist material improvements on adjoining parcels that encroach onto the
    Mortgaged Property which are not insured by applicable Title Policy. If not so determined, it will be a Test pass.	Survey;
    Title Policy
	19c	Review
    the survey and Title Policy to determine if there exist material improvements that encroach upon any easements except for
    encroachments that are insured against by the applicable Title Policy. If not so determined, it will be a Test pass.	Survey;
    Title Policy
	20.
    No Contingent Interest or Equity Participation. No Mortgage Loan has a shared appreciation feature, any other contingent
    interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion of
    interest in excess of the rate in effect prior to the Anticipated Repayment Date) or an equity participation by the Mortgage
    Loan Seller.	20	Review
    the Mortgage Loan Documents for any shared appreciation feature or any other contingent interest feature or a negative amortization
    feature (except that an ARD Loan may provide for the accrual of the portion of interest in excess of the rate in effect prior
    to the Anticipated Repayment Date) or an equity participation by the Mortgage Loan Seller. If no such 	Mortgage
    Loan Documents

 

    Exhibit QQ-15

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	feature
    is found with respect to each part of this Test, it will be a Test pass.	 
	21.
    REMIC. The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code
    (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage
    loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination
    did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured
    by an interest in real property (including permanently affixed buildings and distinct structural components such as wiring,
    plumbing systems and central heating and air conditioning systems, that are integrated into such buildings, serve such buildings
    in their passive functions and do not produce or contribute to the production of income other than consideration for the use
    or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan was originated
    at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans)
    on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (together
    with any related Pari Passu Companion Loans) on such date, provided that for purposes hereof, the fair market value of the
    real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to
    the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially
    all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only
    security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning
    of Treasury Regulations Section 1.860G-2(a)(1)(ii)).  If the Mortgage Loan was “significantly modified”
    prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified
    as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either
    sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated)
    or sub-clause (B)(a)(ii), including the proviso thereto.  For purposes of the preceding sentence, a Mortgage Loan
    will not be considered “significantly modified” solely by reason of the borrower having been granted a COVID-19
    related 	21a	Review
    the origination settlement statement and Mortgage Note to determine if the proceeds advanced by the Mortgagee did not exceed
    the non-contingent principal amount of the Mortgage Loan. If so determined, it will be a Test pass.	Origination
    settlement statement; Mortgage Loan
	21b	Review
    the most recent appraisal and Mortgage Loan Documents to determine if  (a) the Mortgage Loan is secured by an interest
    in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems
    and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive
    functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of
    space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan)
    was originated at least equal to 80% of the initial principal amount of any Mortgage Loan (or related Whole Loan) on such
    date or (ii) at the Closing Date at least equal to 80% of the outstanding principal amount of the Mortgage Loan (or related
    Whole Loans) on such date, provided that for purposes of clauses (i) and (ii) above, the fair market value of the real property
    interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to such Mortgage
    Loan and (B) a proportionate amount of any lien that is in parity with such Mortgage Loan or (b) substantially all of the
    proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security
    for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Section
    1.860G-2(a)(1)(ii) of the Treasury Regulations). If so determined, it will be a Test pass.	Appraisal;
    Mortgage Loan Documents
	21c	Review
    the MS Servicer Notices for an indication or other notation that the Mortgage Loan was modified prior to the Closing Date,
    and if so, if the modification was made as to result in a taxable exchange under Section 1001 of the Code, it either (x) was
    modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the 	MS
    Servicer Notices

 

    Exhibit QQ-16

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	forbearance
    provided that: (a) such Mortgage Loan forbearance is covered by Revenue Procedures 2020-26 (as extended by Revenue Procedure
    2021-12) by reason of satisfying the requirements for such coverage stated in Section 5.02(2) of Revenue Procedure 2020-26;
    and (b) the related Mortgage Loan Seller identifies such Mortgage Loan and provides (x) the date on which such forbearance
    was granted, (y) the length in months of the forbearance, and (z) how the payments in forbearance will be paid (that is, by
    extension of maturity, change of amortization schedule, etc.). Any prepayment premiums and yield maintenance charges applicable
    to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section
    1.860G-1(b)(2).  All terms used in this representation and warranty shall have the same meanings as set forth in
    the related Treasury Regulations.	 	provisions
    of either sub-clause (B)(a)(i) in the first sentence of representation and warranty 21 (substituting the date of the last
    such modification for the date any Mortgage Loan was originated) or sub-clause (B)(a)(ii) in the first sentence of representation
    and warranty 21, including the proviso thereto. For purposes of the preceding sentence, a Mortgage Loan will not be considered
    “significantly modified” solely by reason of the borrower having been granted a COVID-19 related forbearance provided
    that: (a) such Mortgage Loan forbearance is covered by Revenue Procedures 2020-26 by reason of satisfying the requirements
    for such coverage stated in Section 5.02(2) of Revenue Procedure 2020-26; and (b) the related Mortgage Loan Seller identifies
    such Mortgage Loan and provides (x) the date on which such forbearance was granted, (y) the length in months of the forbearance,
    and (z) how the payments in forbearance will be paid (that is, by extension of maturity, change of amortization schedule,
    etc.). If there were any such modifications, and such a notation or other indication is found, it will be a Test pass.	 
	21d	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that the Prepayment Premiums
    and Yield Maintenance Charges applicable to any Mortgage Loan do not constitute “customary prepayment penalties”.
    If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	22.
    Compliance with Usury Laws. The mortgage rate (exclusive of any default interest, late charges, yield maintenance charge
    or prepayment premium) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state
    or federal laws, regulations and other requirements pertaining to usury.	22a	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that the terms of the Mortgage
    Loan do not comply with applicable local, state, and federal laws in any material respect. If such a notation or other indication
    is not found, it will be a Test pass.	MS
    Servicer Notices
	22b	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion to the effect that any material requirements
    pertaining to the origination of any Mortgage Loan, including but not limited to, usury and any and all other material requirements
    of any federal, state or local law have not been complied with. If such a notation or other indication is not found, it will
    be a Test pass.	MS
    Servicer Notices
	22c	Review
    the Mortgage Loan Documents to determine if they provide that the Mortgage Loan complied with usury laws. If so 	Mortgage
    Loan Documents

 

    Exhibit QQ-17

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	determined,
    it will be a Test pass.	 
	23.
    Authorized to do Business. To the extent required under applicable law, as of the Cut-off Date or as
    of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business
    in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially
    and adversely affect the enforceability of such Mortgage Loan by the Trust.	23	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that as of the date that the Mortgage
    Loan Seller or any prior Mortgagee held the Mortgage Note, each such holder of the Mortgage Note was not authorized to transact
    or do business in the jurisdiction in which each related Mortgaged Property is located. If such a notation or other indication
    is found, determine whether the failure to be so authorized could not materially and adversely affect the enforceability of
    such Mortgage Loan by the Trust. If so determined, it will be a Test pass.	MS
    Servicer Notices
	24.
    Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of origination
    and, to the Mortgage Loan Seller’s knowledge, as of the Closing Date, a trustee, duly qualified under applicable law
    to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage
    and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.	24	Review
    the Mortgage Loan Documents to determine if a trustee is appointed.  If so determined, it will be a Test pass.	Mortgage
    Loan Documents
	25.
    Local Law Compliance. To the Mortgage Loan Seller’s knowledge, based upon any of a letter from any governmental
    authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related
    Title Policy, a survey, or other affirmative investigation of local law compliance consistent with the investigation conducted
    by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended for securitization, the improvements
    located on or forming part of each Mortgaged Property securing a Mortgage Loan are in material compliance with applicable
    laws, zoning ordinances, rules, covenants, and restrictions (collectively “Zoning Regulations”) governing
    the occupancy, use, and operation of such Mortgaged Property or constitute a legal non-conforming use or structure and any
    non-conformity with zoning laws constitutes a legal non-conforming use or structure which does not materially and adversely
    affect the use, operation or value of such Mortgaged Property.  In the event of casualty or destruction, (a) the
    Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately
    prior to such casualty or destruction, (b) law and ordinance insurance coverage has been obtained for the Mortgaged Property
    in amounts customarily required by the Mortgage Loan Seller for similar commercial and multifamily loans 	25a	Review
    the zoning report, a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s
    report, an endorsement to the related Title Policy, a survey or other affirmative investigation of local law compliance consistent
    with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended
    for securitization to determine if the improvements located on or forming part of each Mortgaged Property securing a Mortgage
    Loan are in material compliance with applicable Zoning Regulations governing the occupancy, use, and operation of such Mortgaged
    Property or constitute a legal non-conforming use or structure. If so determined, it will be a Test pass.	Zoning
    report; Letter from any governmental authorities; Legal opinion; Architect’s letter; Endorsement to the related Title
    Policy; Survey; Other affirmative investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily
    mortgage loans intended for securitization
	25b	Review
    the zoning report, a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s
    report, an endorsement to the related Title Policy, a survey or other affirmative investigation of local law compliance consistent
    with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended
    for securitization to determine if any non-	Zoning
    report; Letter from any governmental authorities; Legal opinion; Architect’s letter; Endorsement to the related Title
    Policy; Survey; Other affirmative investigation conducted by the Mortgage Loan 

 

    Exhibit QQ-18

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	intended
    for securitization, (c) title insurance policy coverage has been obtained with respect to any non-conforming use or structure,
    or (d) the inability to restore the Mortgaged Property to the full extent of the use or structure immediately prior to the
    casualty would not materially and adversely affect the use or operation of such Mortgaged Property. The Mortgage Loan documents
    require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is
    located.	 	conformity
    with zoning laws constitutes a legal non-conforming use or structure which does not materially and adversely affect the use
    or operation of such Mortgaged Property. If so determined, review the Insurance Summary Report to determine if title insurance
    policy was obtained prior to the Closing Date with respect to any non-conforming use or structure. If so determined, it will
    be a Test pass.	Seller
    for similar commercial and multifamily mortgage loans intended for securitization; Insurance Summary Report
	25c	Review
    the Mortgage Loan Documents for provisions to the effect that, in the event of casualty or destruction, the Mortgaged Property
    may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to such casualty
    or destruction. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	25d	If
    the zoning report, a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s
    report, an endorsement to the related Title Policy, a survey or other affirmative investigation of local law compliance consistent
    with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended
    for securitization indicates that all or any part of the Mortgaged Property do not comply with zoning laws, review the Insurance
    Summary Report (or solely with respect to residential cooperative properties, review the insurance policies and/or certificates
    of insurance) to determine if law and ordinance coverage was obtained prior to the Closing Date that provides coverage for
    additional costs to rebuild and/or repair the property to current Zoning Regulations. If not so determined, review the Title
    Policy to determine if it insures over such nonconformity. If so determined, it will be a Test pass.	Zoning
    report; Insurance Summary Report (solely with respect to residential cooperative properties, the insurance policies and/or
    certificates of insurance); Letter from any governmental authorities; Legal opinion; Architect’s letter; Endorsement
    to the related Title Policy; Survey; Other affirmative investigation conducted by the Mortgage Loan Seller for similar commercial
    and multifamily mortgage loans intended for securitization
	25e	Review
    the Mortgage Loan Documents for provisions that require the related Mortgagor to be qualified to do business in the jurisdiction
    in which the related Mortgaged Property is located. If such provisions are found, it will be a Test pass. 	Mortgage
    Loan Documents
	26.
    Licenses and Permits. Each Mortgagor covenants in the Mortgage Loan documents that it shall keep all material licenses,
    permits, franchises, certificates of occupancy and applicable governmental approvals necessary for the operation of the Mortgaged
    Property in full force and effect, and to the Mortgage Loan Seller’s knowledge based upon any of a 	26a	Review
    the Mortgage Loan Documents to determine if the Mortgagor has covenanted to keep all material licenses, permits, franchises,
    certificates of occupancy and applicable governmental approvals necessary for the operation of the Mortgaged Property in full
    force and effect. If so determined, it will be a Test pass.	Mortgage
    Loan Documents

 

    Exhibit QQ-19

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	letter
    from any government authorities, zoning consultant’s report or other affirmative investigation of local law compliance
    consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans
    intended for securitization; all such material licenses, permits, franchises, certificates of occupancy and applicable governmental
    approvals are in effect or the failure to obtain or maintain such material licenses, permits, franchises or certificates of
    occupancy and applicable governmental approvals does not materially and adversely affect the use and/or operation of the Mortgaged
    Property as it was used and operated as of the date of origination of the Mortgage Loan or the rights of a holder of the related
    Mortgage Loan.  The Mortgage Loan documents require the related Mortgagor to comply in all material respects with
    all applicable regulations, zoning and building laws.	26b	Review
    the Mortgage Loan Documents and the MS Servicer Notices for a notation or other indication that (a) the Mortgage Loan Seller
    had knowledge that any licenses, permits, franchises and applicable governmental approvals necessary for the operation of
    the Mortgaged Property are not in effect, and (b) the failure to obtain or maintain such material licenses, permits, franchises
    and applicable governmental approvals necessary could materially and adversely affect the use and/or operation of the Mortgaged
    Property as it was used and operated as of the date of origination of the Mortgage Loan or the rights of a holder or the related
    Mortgage Loan. If such a notation or other indication is not found, it will be a Test pass.	Mortgage
    Loan Documents; MS Servicer Notices
	26c	Review
    the Mortgage Loan Documents for provisions requiring the related Mortgagor and the Mortgaged Property to comply in all material
    respects with all applicable regulations, zoning and building laws. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	27.
    Recourse Obligations. The Mortgage Loan documents for each Mortgage Loan (a) provide that such Mortgage Loan becomes
    full recourse to the Mortgagor and guarantor (which is a natural person or persons, or an entity or entities distinct from
    the Mortgagor (but may be affiliated with the Mortgagor) that collectively, as of the date of origination of the related Mortgage
    Loan, have assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following
    events (or negotiated provisions of substantially similar effect):  (i) if any petition for bankruptcy, insolvency,
    dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by, consented
    to, or acquiesced in by, the Mortgagor; (ii) the Mortgagor or guarantor shall have solicited or caused to be solicited petitioning
    creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the
    Mortgaged Property or controlling equity interests in the Mortgagor made in violation of the Mortgage Loan documents; and
    (b) contains provisions for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity
    or entities distinct from the Mortgagor (but may be affiliated with the Mortgagor) that collectively, as of the date of origination
    of the related Mortgage Loan, have assets other than equity in the related Mortgaged Property that are not de minimis),
    for losses and damages resulting from the following (or negotiated provisions of substantially 	27a	Review
    the Mortgage Loan Documents for provisions permitting full recourse to the Mortgagor and guarantor (which is a natural person
    or persons, or an entity or entities distinct from the Mortgagor (but may be Affiliated with the Mortgagor) that collectively,
    as of the date of origination of the related Mortgage Loan, have assets other than equity in the related Mortgaged Property
    that are not de minimis) in connection with the events or circumstances set forth in clauses (a)(i) through (a)(iii)
    of representation and warranty 27. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	27b	Review
    the Mortgage Loan Documents to determine if there exist provisions permitting recourse against the Mortgagor and guarantor
    (which is a natural person or persons, or an entity or entities distinct from the Mortgagor (but may be Affiliated with the
    Mortgagor) that collectively, as of the date of origination of the related Mortgage Loan, have assets other than equity in
    the related Mortgaged Property that are not de minimis), for losses and damages resulting from the events or circumstances
    set forth in clauses (b)(i) through (b)(iv) of representation and warranty 27. If so determined, it will be a Test pass.	Mortgage
    Loan Documents

 

    Exhibit QQ-20

     

    

 

	Representations
    and Warranties	         	Test	Review
    Materials
	similar
    effect):  (i) the Mortgagor’s misappropriation of rents after an event of default, security deposits, insurance
    proceeds, or condemnation awards; (ii) the Mortgagor’s fraud or intentional material misrepresentation; (iii) breaches
    of the environmental covenants in the Mortgage Loan documents; or (iv) the Mortgagor’s commission of intentional material
    physical waste at the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by
    the related Mortgaged Property to prevent such waste).	 	 	 
	28.
    Mortgage Releases. The terms of the related Mortgage or related Mortgage Loan documents do not provide for release
    of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied
    by principal repayment, or partial defeasance (as described in representation and warranty 33) of not less than a specified
    percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged
    Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan,
    (c) upon a Defeasance (defined in representation and warranty 33 below), (d) releases of out-parcels that are unimproved or
    other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged
    Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage Loan
    and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required
    pursuant to an order of condemnation.  With respect to any partial release under the preceding clauses (a) or (d),
    either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage
    Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan
    to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee
    or servicer can, in accordance with the related Mortgage Loan documents, condition such release of collateral on the related
    Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x).  For
    purposes of the preceding clause (x), if the fair market value of the real property constituting such Mortgaged Property (reduced
    by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any
    lien on the real property that is in parity with the Mortgage Loan) after the release is not 	28a	Review
    the Mortgage Loan Documents for provisions stating that, if the related Mortgage Loan Documents permit a property release,
    the only conditions under which a property may be released during the life of the Mortgage Loan are as set forth in clauses
    (a) through (e) of the first sentence of representation and warranty 28. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	28b	Review
    the Mortgage Loan Documents for provisions stating that with respect to any partial release described in clauses (a) or (d)
    of the first sentence of representation and warranty 28 either: (x) such release of collateral (i) would not constitute a
    “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2)
    and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of
    Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or servicer can, in accordance with the related Loan Documents, condition
    such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified
    in the immediately preceding clause (x). For purposes of the preceding clause (x), if the fair market value of the real property
    constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage
    Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) after the release
    is not equal to at least 80% of the principal balance of the Mortgage Loan (together with any related Pari Passu Companion
    Loans) outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than
    the amount required by the Treasury Provisions. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	28c	Review
    the Loan Documents for provisions stating that in the 	Mortgage
    Loan Documents

 

    Exhibit QQ-21

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	equal to at least 80%
        of the principal balance of the Mortgage Loan (together with any related Pari Passu Companion Loans) outstanding after
        the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by
        the Treasury Regulations.

        In the case of any Mortgage
        Loan, in the event of a taking of any portion of a Mortgaged Property by a State or any political subdivision or authority
        thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance
        of the Mortgage Loan (together with any related Pari Passu Companion Loans) in an amount not less than the amount required
        by the Treasury Regulations and, to such extent, the award from any such taking may not be required to be applied to the
        restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion
        of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market
        value of the real property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the
        real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that
        is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the Mortgage Loan
        (together with any related Pari Passu Companion Loans).

         

        No such Mortgage Loan
        that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits
        the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to a partial
        condemnation, other than in compliance with the Treasury Regulations.
	 	case
    of any Mortgage Loan, in the event of a taking of any portion of a Mortgaged Property by a State or any political subdivision
    or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal
    balance of the Mortgage Loan (together with any related Pari Passu Companion Loans) in an amount not less than the amount
    required by the Treasury Provisions and, to such extent, the award from any such taking may not be required to be applied
    to the restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion
    of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market
    value of the real property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real
    property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity
    with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (together with
    any related Pari Passu Companion Loans). If such provisions are found, it will be a Test pass.	 
	28d	Review
    the Mortgage Loan Documents for provisions stating that no such Mortgage Loan that is secured by more than one Mortgaged Property
    or that is cross- collateralized with another Mortgage Loan permits the release of cross-collateralization of the related
    Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance with the Treasury
    Provisions. If such provisions are found, it will be a Test pass.	Mortgage
    Loan Documents
	29.
    Financial Reporting and Rent Rolls. Each Mortgage Loan requires the Mortgagor to provide the owner or holder of the
    Mortgage Loan with (a) quarterly (other than for single-tenant properties) and annual operating statements, (b) quarterly
    (other than for single-tenant properties) rent rolls (or maintenance schedules in the case of Mortgage Loans secured by residential
    cooperative properties) for properties that have any individual lease which accounts for more than 5% of the in-place base
    rent, and (c) annual financial statements.	29a	Review
    the Mortgage Loan Documents for provisions that require the Mortgagor to provide the owner or holder of the Mortgage Loan
    with quarterly (other than for single-tenant properties) and annual operating statements. If such provisions are found, it
    will be a Test pass.	Mortgage
    Loan Documents
	29b	Review
    the Mortgage Loan Documents for provisions that require the Mortgagor to provide the owner or holder of the Mortgage Loan
    with quarterly (other than for single-tenant properties) rent rolls (or maintenance schedules in the case of Mortgage Loans
    secured by residential cooperative properties) 	Mortgage
    Loan Documents

 

    Exhibit QQ-22

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	for
    properties that have any individual ease which accounts for more than 5% of the in-place base rent and annual financial statements.  If
    such provisions are found, it will be a Test pass.	 
	30.
    Acts of Terrorism Exclusion. With respect to each Mortgage Loan over $20 million, as of origination the related special-form
    all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements)
    do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism
    Risk Insurance Program Reauthorization Act of 2007 and the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively
    referred to as “TRIPRA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism
    insurance policy.  With respect to each Mortgage Loan, the related Mortgage Loan documents do not expressly waive
    or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIPRA, or damages related thereto,
    except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable
    terms, or as otherwise indicated on Schedule C to the applicable Mortgage Loan Purchase Agreement; provided, that if TRIPRA
    or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the
    Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be
    required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable
    in respect of the property and business interruption/rental loss insurance required under the related Mortgage Loan documents
    (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental
    loss insurance) at the time of the origination of the Mortgage Loan, and if the cost of terrorism insurance exceeds such amount,
    the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to such amount.	30a	Review
    the Mortgage Loan Documents to determine if the original principal balance was greater than $20 million. If so, review the
    insurance coverage review document for an indication that the special-form all-risk insurance policy and business interruption
    policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude acts of terrorism, from
    coverage, or if they do, there exists a separate terrorism insurance policy related to the Mortgaged Property.  If
    such an indication is found, it will be a Test pass.	Mortgage
    Loan Documents; Insurance coverage review document 
	30b	Review
    the Mortgage Loan Documents for provisions that do not expressly waive or prohibit the Mortgagee from requiring coverage for
    Acts of Terrorism, as defined in TRIPRA (as defined in representation and warranty 30), or damages related thereto, except
    to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable
    terms, or as otherwise indicated on Schedule C to the applicable Mortgage Loan Purchase Agreement, provided, that if TRIPRA
    or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the
    Mortgagor under each Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be
    required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable
    in respect of the property and business interruption/rental loss insurance required under the related Mortgage Loan documents
    (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental
    loss insurance) at the time of the origination of the Mortgage Loan, and if the cost of terrorism insurance exceeds such amount,
    the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to such amount.
    If such provisions are not found, it will be a Test pass.	Mortgage
    Loan Documents
	31.
    Due on Sale or Encumbrance. Subject to specific exceptions set forth below, each Mortgage Loan contains a “due-on-sale”
    or other such	31a	Review
    the Mortgage Loan Documents for “due-on-sale” or other such provisions for the acceleration of the payment of
    the	Mortgage
    Loan Documents

 

    Exhibit QQ-23

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	provision
    for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder
    of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of
    the related Mortgage Loan documents (which provide for transfers without the consent of the Mortgagee which are customarily
    acceptable to the Mortgage Loan Seller, including, but not limited to, transfers of worn-out or obsolete furnishings, fixtures,
    or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in
    accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any equity interest of greater than 50%
    in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and
    estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in
    the related Mortgage Loan documents, (iii) transfers of less than, or other than, a controlling interest in a Mortgagor, (iv)
    transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage
    Loan documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, (v) transfers of
    common stock in publicly traded companies or (vi) a substitution or release of collateral within the parameters of representation
    and warranties 28 and 33 herein, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage
    Loan as set forth on Exhibit C-32-1 to the applicable Mortgage Loan Purchase Agreement, or future permitted mezzanine debt
    as set forth on Exhibit C-32-2 to the applicable Mortgage Loan Purchase Agreement, or (b) the related Mortgaged Property is
    encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion
    Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage
    Loan documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted
    with another Mortgage Loan as set forth on Exhibit C-32-3 to the applicable Mortgage Loan Purchase Agreement or (iv) Permitted
    Encumbrances.  The Mortgage or other Mortgage Loan documents provide that to the extent any Rating Agency fees are
    incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such
    payment along with all other reasonable fees and expenses incurred by the Mortgagee relative to such 	 	unpaid
    principal balance of such Mortgage Loan in the circumstances described in the first sentence of representation and warranty
    31. If such provisions are found, it will be a Test pass.	 
	31b	Review
    the Mortgage Loan Documents for provisions that require that if Rating Agency fees are incurred in connection with the review
    of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable
    fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. If such provisions are found, it will
    be a Test pass.	Mortgage
    Loan Documents

 

    Exhibit QQ-24

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	transfer
    or encumbrance.	 	 	 
	32.
    Single-Purpose Entity. Each Mortgage Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long
    as the Mortgage Loan is outstanding.  Each Mortgage Loan with a Cut-off Date Balance of $30 million or more has
    a counsel’s opinion regarding non-consolidation of the Mortgagor.  For this purpose, a “Single-Purpose
    Entity” means an entity, other than an individual, whose organizational documents and the related Mortgage Loan
    documents (or if the Mortgage Loan has a Cut-off Date Balance equal to $10 million or less, its organizational documents or
    the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose
    of owning and operating one or more of the Mortgaged Properties and prohibit it from engaging in any business unrelated to
    such Mortgaged Property or Mortgaged Properties, and whose organizational documents further provide, or which entity represented
    in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those related
    to its interest in and operation of such Mortgaged Property or Mortgaged Properties, or any indebtedness other than as permitted
    by the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records and accounts
    separate and apart from those of any other person (other than a Mortgagor for a Mortgage Loan that is cross-collateralized
    and cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from
    any other person or entity.	32a	Review
    the Mortgage Loan Documents for provisions that require that the Mortgagor to be a Single-Purpose Entity (as defined in representation
    and warranty 32) for at least as long as any Mortgage Loan is outstanding. If such provisions are found, it will be a Test
    pass.	Mortgage
    Loan Documents
	32b	Review
    the Mortgage Loan Schedule for the Cut-off Date Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-off Date Balance
    in excess of $10 million, review the related Mortgage Loan Documents and the Mortgagor’s organizational documents for
    provisions that require the Mortgagor to be a Single-Purpose Entity. If the provisions exist, it will be a Test pass.	Mortgage
    Loan Schedule; Mortgage Loan Documents; Mortgagor’s organizational documents
	32c	Review
    the Mortgage Loan Schedule for the Cut-off Date Balance of the Mortgage Loan. If the Mortgage Loan had a Cut-off Date Balance
    in excess of $30 million, review the Mortgagor’s Counsel Opinion regarding non-consolidation of the Mortgagor. If such
    an opinion is found, it will be a Test pass.	Mortgage
    Loan Schedule; Mortgagor’s Counsel Opinion
	33.
    Defeasance. With respect to any Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a “Defeasance”),
    (i) the Mortgage Loan documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of
    conditions specified in the Mortgage Loan documents; (ii) the Mortgage Loan cannot be defeased within two years after the
    Closing Date; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the
    meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will be sufficient to make all scheduled
    payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or
    after the first date on which payment may be made without payment of a yield maintenance charge or prepayment premium) or,
    if the Mortgage Loan is an ARD Loan, the entire principal balance outstanding on the Anticipated Repayment Date (or on or
    after the first 	33	Review
    the Mortgage Loan Documents for provisions allowing the Mortgage Loan to be defeased, and if so, whether such Mortgage Loan
    Documents contain the provisions described in clauses (i) through (viii) of representation and warranty 33. If such provisions
    are found, it will be a Test pass.	Mortgage
    Loan Documents

 

    Exhibit QQ-25

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	date
    on which payment may be made without payment of a yield maintenance charge or prepayment premium), and if the Mortgage Loan
    permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be
    sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal
    to the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal
    balance of the Mortgage Loan; (iv) the defeasance collateral is not permitted to be subject to prepayment, call, or early
    redemption; (v) the Mortgagor is required to provide a certification from an independent certified public accountant that
    the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in clause (iii) above; (vi)
    the defeased note and the defeasance collateral are required to be assumed by a Single-Purpose Entity; (vii) the Mortgagor
    is required to provide an opinion of counsel that the Trustee has a perfected security interest in such collateral prior to
    any other claim or interest; and (viii) the Mortgagor is required to pay all rating agency fees associated with defeasance
    (if rating confirmation is a specific condition precedent thereto) and all other reasonable expenses associated with defeasance,
    including, but not limited to, accountant’s fees and opinions of counsel.	 	 	 
	34.
    Fixed Interest Rates. Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term
    of such Mortgage Loan, except in the case of ARD Loans and situations where default interest is imposed.	34	Review
    the Mortgage Loan Documents for an indication that the loan has a fixed interest rate that remains fixed throughout the term
    of such Mortgage Loan, except in the case of ARD Loans and situations where default interest is imposed. If such an indication
    is found, it will be a Test pass.	Mortgage
    Loan Documents
	35. Ground Leases.
        For purposes of these representations and warranties, a “Ground Lease” means a lease creating a leasehold
        estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest
        in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground
        lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary
        interest of the ground lessor as fee owner.

         

        With respect to any Mortgage
        Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does
        not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground
        Lease and any
	35a	Review
    the appraisal to determine if the Mortgage Loan is secured by a Ground Lease (as defined in representation and warranty 35),
    in whole or in part. If so, review the Title Policy and Mortgage Loan Documents for an indication that the related Mortgage
    does not also encumber the lessor’s fee interest in the Mortgaged Property. If such an indication exists, proceed to
    Tests 35b through 35r.	Appraisal;
    Title Policy; Mortgage Loan Documents
	35b	Review
    the Title Policy and Mortgage Loan Documents for an indication that the Ground Lease or memorandum has been recorded or submitted
    for recordation. If such indication is found, it will be a Test pass.	Title
    Policy; Mortgage Loan Documents
	35c	Review
    the Ground Lease and Related Documents for an indication that the interest of the lessee is permitted to be 	Ground
    Lease and Related Documents

 

    Exhibit QQ-26

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	estoppel or other agreement
        received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground
        Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

        (A)       The
        Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form
        that is acceptable for recording in the applicable jurisdiction. The Ground Lease and Related Documents permit the interest
        of the lessee to be encumbered by the related Mortgage and do not restrict the use of the related Mortgaged Property by
        such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the
        related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination of the Mortgage
        Loan, except by any written instruments which are included in the related Mortgage File;

         

        (B)       The
        lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease
        and Related Documents) that the Ground Lease may not be amended, modified, canceled or terminated by agreement of lessor
        and lessee without the prior written consent of the Mortgagee;

         

        (C)       The
        Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances,
        may be exercised, and will be enforceable, by either the Mortgagor or the Mortgagee) that extends not less than 20 years
        beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan fully
        amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially
        amortizes);

         

        (D)       The
        Ground Lease either (i) is not subject to any interests, estates, liens or encumbrances superior to, or of equal priority
        with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances and Title
        Exceptions; or (ii) is the subject of a subordination, non-disturbance or attornment agreement or similar agreement to
        which the Mortgagee on the lessor’s fee interest is subject;
	 	encumbered
    by the Mortgage and does not restrict the use of the Mortgaged Property by such lessee, its successors or assigns in a manner
    that would adversely affect the security provided by the Mortgage. If such indication is found, it will be a Test pass.	 
	35d	Review
    the MS Servicer Notices for notation that, as of the Closing Date, there was a material change in the terms of the Ground
    Lease since the origination of the Mortgage Loan. If no such notation is found, it will be a Test pass. If such notation is
    found, review the Mortgage File for a modification agreement or other such instrument is in the Mortgage File. If the modification
    agreement or instrument is in the Mortgage File, it will be a Test pass.	MS
    Servicer Notices; Mortgage File
	35e	Review
    the Ground Lease and Related Documents for a provision that the Ground Lease may not be amended, modified, canceled or terminated
    without the prior written consent of the Mortgagee and that any such action without such consent is not binding on the Mortgagee.
    If such a provision is found, it will be a Test pass.	Ground
    Lease and Related Documents
	35f	Review
    the Ground Lease and Related Documents for an indication that it has an original term (or an original term plus one or more
    optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or
    the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or ten years past
    the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that
    accrues on an actual 360 basis, substantially amortizes). If such an indication is found, it will be a Test pass.	Ground
    Lease and Related Documents
	35g	Review
    the Title Policy for an indication that the Ground Lease is either (i) is not subject to any interests, estates, liens or
    encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor
    and the Permitted Encumbrances and Title Exceptions, or (ii) is the subject of a subordination, non-disturbance or attornment
    agreement or similar agreement to which the Mortgagee on the lessor’s fee interest is subject. If either indication
    is found, it will be a Test pass.	Title
    Policy; SNDA
	35h	Review
    the Ground Lease and Related Documents for an 	Ground
    Lease and Related 

 

    Exhibit QQ-27

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	(E)       Subject
        to the notice requirements of the Ground Lease and Related Documents, the Ground Lease does not place commercially unreasonable
        restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Mortgage Loan and
        its successors and assigns without the consent of the lessor thereunder (provided that proper notice is delivered
        to the extent required in accordance with the Ground Lease or, if such consent is required it either has been obtained
        or cannot be unreasonably withheld, provided that such Ground Lease has not been terminated and all amounts due thereunder
        have been paid), and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its
        successors and assigns without the consent of the lessor (provided that proper notice is delivered to the extent
        required in accordance with the Ground Lease or, if such consent is required it either has been obtained or cannot be
        unreasonably withheld, provided that such Ground Lease has not been terminated and all amounts due thereunder have been
        paid);

         

        (F)       The
        Mortgage Loan Seller has not received any written notice of material default under or notice of termination of such Ground
        Lease. To the Mortgage Loan Seller’s knowledge, there is no material default under such Ground Lease and no condition
        that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground
        Lease and to the Mortgage Loan Seller’s knowledge, such Ground Lease is in full force and effect as of the Closing
        Date;

         

        (G)       The
        Ground Lease and Related Documents require the lessor to give to the Mortgagee written notice of any default, provided
        that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee;

         

        (H)       A
        Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the
        interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which
        is curable after the Mortgagee’s receipt of notice of any default before the lessor may terminate the Ground Lease;

         

        (I)       The
        Ground Lease does not impose any restrictions on subletting
	 	indication
    that the Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground
    Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder
    (provided that proper notice is delivered to the extent required in accordance with the Ground Lease or, if such consent
    is required it either has been obtained or cannot be unreasonably withheld, provided that such Ground Lease has not
    been terminated an all amounts due thereunder have been paid). If such indication is found, it will be a Test pass.	Documents
	35i	Review
    the Ground Lease and Related Documents for an indication that in the event it is so assigned, it is further assignable by
    the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor (provided that proper
    notice is delivered to the extent required in accordance with the Ground Lease or, if such consent is required it either has
    been obtained or cannot be unreasonably withheld, provided that such Ground Lease has not been terminated an all amounts
    due thereunder have been paid). If such indication is found, it will be a Test pass.	Ground
    Lease and Related Documents
	35j	Review
    the MS Servicer Notices for notation that the Mortgage Loan Seller has received any written notice of material default under
    or notice of termination of such Ground Lease. If no such notation is found, it will be a Test pass.	MS
    Servicer Notices
	35k	Review
    the MS Servicer Notices for notation that to the Mortgage Loan Seller’s knowledge, there is a material default under
    such Ground Lease or condition that, but for the passage of time or giving of notice, would result in a material default under
    the terms of such Ground Lease. If no such notation is found, it will be a Test pass.	MS
    Servicer Notices
	35l	Review
    the MS Servicer Notices for a notation that to the Mortgage Loan Seller’s knowledge, such Ground Lease was not in full
    force and effect as of the Closing Date. If no such notation is found, it will be a Test pass.	MS
    Servicer Notices
	35m	Review
    the Ground Lease and Related Documents for provisions that the lessor is required to give to the Mortgagee written notice
    of any default, provided that no notice of default or termination is effective against the Mortgagee unless such notice is
    given to the 	Ground
    Lease and Related Documents

 

    Exhibit QQ-28

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	that would be viewed as
        commercially unreasonable by the Mortgage Loan Seller in connection with the origination of similar commercial or multifamily
        loans intended for securitization;

         

        (J)       Under
        the terms of the Ground Lease and Related Documents, any related insurance proceeds or the portion of the condemnation
        award allocable to the ground lessee’s interest (other than in respect of a total or substantially total loss or
        taking as addressed in subpart (k)) will be applied either to the repair or to restoration of all or part of the related
        Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage
        Loan documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair
        or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with
        any accrued interest;

         

        (K)       In
        the case of a total or substantially total taking or loss, under the terms of the Ground Lease and Related Documents,
        any related insurance proceeds, or portion of the condemnation award allocable to ground lessee’s interest in respect
        of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration,
        will be applied first to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued
        interest; and

         

        (L)       Provided
        that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into
        a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground
        Lease in a bankruptcy proceeding.
	 	Mortgagee.
    If such provisions are found, it will be a Test pass.	 
	35n	Review
    the Ground Lease and Related Documents for provisions that the Mortgagee is permitted a reasonable opportunity (including,
    where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings)
    to cure any default under the Ground Lease which is curable after the Mortgagee’s receipt of notice of any default before
    the lessor may terminate the Ground Lease. If such provisions are found, it will be a Test pass.	Ground
    Lease and Related Documents
	35o	Review
    the Ground Lease for provisions that impose any commercially unreasonable restrictions on subletting in connection with the
    origination of similar commercial or multifamily loans intended for securitization. If no such provisions are found, it will
    be a Test pass.	Ground
    Lease
	35p	Review
    the Ground Lease and Related Documents and the Mortgage Loan Documents for an indication that any related insurance proceeds
    or the portion of the condemnation award allocable to the ground lessee’s interest (other than in respect of a total
    or substantially total loss or taking as addressed in subpart (34k)) will be applied either to the repair or to restoration
    of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified
    in the related Mortgage Loan Documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such
    proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan,
    together with any accrued interest. If such indications are found, it will be a Test pass.	Ground
    Lease and Related Documents; Mortgage Loan Documents
	35q	Review
    the Ground Lease and Related Documents and the Mortgage Loan Documents for an indication that, in the case of a total or substantially
    total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken
    together), any related insurance proceeds, or portion of the condemnation award allocable to the ground lessee’s interest
    in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to
    restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage Loan, together 	Ground
    Lease and Related Documents; Mortgage Loan Documents

 

    Exhibit QQ-29

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	with
    any accrued interest. If such an indication is found, it will be a Test pass.	 
	35r	Review
    the Ground Lease and Related Documents for provisions that, provided that the Mortgagee cures any defaults which are susceptible
    to being cured, the ground lessor has agreed to enter into a new lease with the Mortgagee upon termination of the Ground Lease
    for any reason, including rejection of the Ground Lease in a bankruptcy proceeding. If such provisions are found, it will
    be a Test pass.	Ground
    Lease and Related Documents 
	36.
    Servicing. The servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan
    have been, in all respects legal and have met with customary industry standards for servicing of commercial loans for conduit
    loan programs. 	36	Review
    the MS Servicer Notices for a notation or other indication of any claims or assertions to the effect that the servicing and
    collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan was not in all material respects legal,
    or in accordance with customary industry standards for servicing of commercial loans for conduit loan programs. If such a
    notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	37.
    Origination and Underwriting. The origination practices of the Mortgage Loan Seller (or the related originator if the
    Mortgage Loan Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal
    and as of the date of its origination, such Mortgage Loan and the origination thereof complied in all material respects with,
    or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided
    that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local
    law otherwise covered in Exhibit C to the applicable Mortgage Loan Purchase Agreement.	37	Review
    the MS Servicer Notices for notation to the effect that the origination practices of the Mortgage Loan Seller (or the related
    originator if the Mortgage Loan Seller was not the originator) with respect to each Mortgage Loan have not been, in all material
    respects, legal and as of the date of its origination, such Mortgage Loan, or the origination thereof did not comply in all
    material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of
    such Mortgage Loan; provided that representation and warranty 37 does not address or otherwise cover any matters with respect
    to federal, state or local law otherwise covered in Exhibit C to the applicable Mortgage Loan Purchase Agreement. If no such
    notation is found, it will be a Test pass.	MS
    Servicer Notices
	38.
    No Material Default; Payment Record. No Mortgage Loan has been more than 30 days delinquent, without giving effect
    to any grace or cure period, in making required payments in the prior 12 months (or since origination if such Mortgage Loan
    has been originated within the past 12 months), and as of Cut-off Date, no Mortgage Loan is delinquent (beyond any applicable
    grace or cure period) in making required payments.  To the Mortgage Loan Seller’s knowledge, there is (a)
    no material default, breach, violation or event of acceleration existing under the related 	38a	Review
    the MS Servicer Notices for notation that (i) the Mortgage Loan has been more than 30 days delinquent, giving effect to any
    grace or cure period, in making required payments in the prior 12 months (or since origination if such Mortgage Loan has been
    originated within the past 12 months), or (ii) the Mortgage Loan was delinquent beyond any applicable grace or cure periods
    as of the Cut-off Date. If no such notation is found, it will be a Test pass.	MS
    Servicer Notices

 

    Exhibit QQ-30

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	Mortgage
    Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and
    the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration,
    which default, breach, violation or event of acceleration, in the case of either clause (a) or clause (b), materially and
    adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property; provided,
    however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that
    specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Mortgage
    Loan Seller in Exhibit C to the applicable Mortgage Loan Purchase Agreement.  No person other than the holder of
    such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Mortgage
    Loan documents.	38b	Review
    the MS Servicer Notices for notation of the Mortgage Loan Seller’s knowledge of (a) a material default, breach, violation
    or event of acceleration existing under the related Mortgage Loan, or (b) an event (other than payments due but not yet delinquent)
    which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material
    default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration in the case
    of either clause (a) or clause (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation
    of the related Mortgaged Property. If no such notation is found, it will be a Test pass.	MS
    Servicer Notices
	39.
    Bankruptcy. As of the date of origination of the related Mortgage Loan and to the Mortgage Loan Seller’s knowledge
    as of the Cut-off Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion
    thereof, is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state
    or federal bankruptcy, insolvency or similar proceeding.	39	Review
    the Lexis/Nexis (or comparable search) and the MS Servicer Notices for an indication that the Mortgaged Property (other than
    any tenants of such Mortgaged Property), or any portion thereof, was the subject of, or a Mortgagor, guarantor or tenant occupying
    a single-tenant property was a debtor in, a state or federal bankruptcy, insolvency or similar proceeding. If no such indication
    or notation is found, it will be a Test pass.	Lexis/Nexis
    (or comparable) search; MS Servicer Notices
	40.
    Organization of Mortgagor. With respect to each Mortgage Loan, in reliance on certified copies of the organizational
    documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan, the Mortgagor
    is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth
    of Puerto Rico.  Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted with
    another Mortgage Loan and other than as set forth on Exhibit C-32-4 to the related Mortgage Loan Purchase Agreement, no Mortgage
    Loan has a Mortgagor that is an Affiliate of a Mortgagor with respect to another Mortgage Loan.  An “Affiliate”
    for purposes of this representation and warranty 40 means, a Mortgagor that is under direct or indirect common ownership and
    control with another Mortgagor.	40a	Review
    the Diligence File to determine if it includes certified copies of the organizational documents of the Mortgagor indicating
    that the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia
    or the Commonwealth of Puerto Rico. If such indication is found, it will be a Test pass. 	Diligence
    File
	40b	Review
    the Diligence File for an indication that, except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted
    with another Mortgage Loan and other than as set forth on Exhibit C-32-4 to the related Mortgage Loan Purchase Agreement,
    no Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Mortgage Loan. If such an indication
    is found, it will be a Test pass.	Diligence
    File
	41.
    Environmental Conditions. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II
    environmental site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively,
    an “ESA”) meeting ASTM 	41a	Review
    the Diligence File to determine if an ESA (as defined in representation and warranty 41) is included. If so, review the ESA
    for an indication that it was conducted within 12 months prior to the origination date of the Mortgage Loan. If such an 	Diligence
    File; ESA

 

    Exhibit QQ-31

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	requirements
    conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination
    date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized environmental
    conditions (as such term is defined in ASTM E1527-13 or its successor, hereinafter “Environmental Condition”)
    at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition
    or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A)
    an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure
    any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related
    Mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence
    of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action
    in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the
    related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified
    in the related environmental report was remediated or abated in all material respects prior to the date hereof, and, if and
    as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or
    the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed”
    or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or
    a lender’s pollution legal liability insurance policy that covers liability for the identified circumstance or condition
    was obtained from an insurer rated no less than “A-” (or the equivalent) by Moody’s Investors Services,
    Inc., S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, Fitch Ratings, Inc. and/or
    A.M. Best Company; (E) a party not related to the Mortgagor was identified as the responsible party for such condition or
    circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation;
    or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation
    is required to take action.  To the Mortgage Loan Seller’s knowledge, except as set forth in the ESA, there
    is 	 	indication
    is found, it will be a Test pass.	 
	41b	Review
    the ESA for an indication that it identified (i) the existence of a recognized environmental condition at the related Mortgaged
    Property or (ii) the need for further investigation. If no such indication is found, it will be a Test pass.	ESA
	41c	Review
    the ESA for an indication that it identified (i) the existence of a recognized environmental condition at the related Mortgaged
    Property or (ii) the need for further investigation. If such an indication is found, the following test procedures (subparts
    41c-1 through 41c-6) will be performed. If any of the subparts indications are found, it will be a Test pass.	ESA;
    Escrow Statements; Loan Documents; Diligence File
	 	1.   
    Review escrow statements for an indication that an amount reasonably estimated by a reputable environmental consultant to
    be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws or the environmental
    condition has been escrowed by the Mortgagor and is held by the related Mortgagee.	Escrow
    statements
	 	2. 
    Review the ESA for an indication that if the only Environmental Condition relates to the presence of asbestos-containing materials,
    radon in indoor air or lead based paint or lead in drinking water, the only recommended action in the ESA is the institution
    of such a plan, and if so, a review of the Loan Documents indicates that an operations or maintenance plan has been required
    to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk.	 ESA
	 	3. 
    Review the Diligence File for an indication that any Environmental Condition identified in the ESA was remediated or abated
    in all material respects prior to the Cut-off Date, as evidenced by a no further action or closure letter that was obtained
    from the applicable governmental regulatory authority, or a reputable environmental consultant has concluded that no further
    action is required.	Diligence
    File
	 	4. 
    Review the insurance coverage review documents for an indication that an environmental policy or a lender’s pollution
    legal liability insurance policy that covers liability for the identified circumstance or condition was obtained from an insurer
    rated no less than A- (or the equivalent) by Moody’s 	Insurance
    coverage review documents

 

    Exhibit QQ-32

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	no
    Environmental Condition (as such term is defined in ASTM E1527-13 or its successor) at the related Mortgaged Property.	 	Investors
    Services, Inc., S&P Global Ratings, Fitch Ratings, Inc. and/or A.M. Best Company.	 
	 	5. 
    Review the Diligence File for an indication that a party not related to the Mortgagor was identified as the responsible party
    for such condition or circumstance and such responsible party has financial resources considered by the Mortgage Loan Seller
    to be adequate to address the situation.	Diligence
    File
	 	6.
    Review the Diligence File for an indication that a party related to the Mortgagor having financial resources estimated by
    the Mortgage Loan Seller to be adequate to address the situation is required to take action.	Diligence
    File
	41d	Review
    the MS Servicer Notices for notation of the Mortgage Loan Seller’s knowledge of any environmental condition at the Mortgaged
    Property other than any set forth in the ESA. If no such notation is found, it will be a Test pass.	MS
    Servicer Notices; ESA
	42.
    Appraisal. The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within
    6 months of the Mortgage Loan origination date, and within 12 months of the Cut-off Date.  The appraisal is signed
    by an appraiser that (i) is a Member of the Appraisal Institute, and (ii) to the Mortgage Loan Seller’s knowledge, had
    no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and
    whose compensation is not affected by the approval or disapproval of the Mortgage Loan.  Each appraiser has represented
    in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards
    of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraisal
    contains a statement or is accomplished by a letter from the appraiser, to the effect that the appraisal was performed in
    accordance with the requirement of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on
    the date such Mortgage Loan was originated. 	42a	Review
    the appraisal to determine if it was dated within 6 months of the Mortgage Loan origination date and within 12 month of the
    Cut-off Date. If so determined, it will be a Test pass.	Appraisal
	42b	Review
    the appraisal to determine if it includes an appraiser’s certification or supplemental letter that indicates that the
    appraiser had no interest, direct or indirect, in the Mortgagor, the Mortgaged Property or any loan made on the security of
    the Mortgaged Property. If so determined, it will be a Test pass.	Appraisal
	42c	Review
    the appraisal to determine if it signed by an appraiser that is a Member of the Appraisal Institute, that the Mortgage Loan
    Seller had knowledge that the signing appraiser had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor
    or in any loan made on the security thereof, and that the appraiser’s compensation is not affected by the approval or
    disapproval of the Mortgage Loan. If so determined, it will be a Test pass.	Appraisal
	42d	Review
    the appraisal to determine if it includes documentation in the appraisal or a letter that the appraisal satisfies the requirements
    of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the
    Appraisal Foundation. If so determined, it will be a Test pass.	Appraisal
	42e	Review
    the appraisal or a letter from the appraiser for a statement that the appraisal was performed in accordance with the 	Appraisal

 

    Exhibit QQ-33

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	requirement
    of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage Loan was
    originated. If so determined, it will be a Test pass.	 
	43.
    Mortgage Loan Schedule. The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule
    attached as an exhibit to the related Mortgage Loan Purchase Agreement is true and correct in all material respects as of
    the Cut-off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein.	43a	Review
    the Mortgage Loan Schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement and compare it to the corresponding
    information in (i) Annex A to the final prospectus (ii) Mortgage Loan Documents, (iii) Pooling and Servicing Agreement, and
    (iv) asset summary report to determine if there are discrepancies between the documents.  If there are no such discrepancies,
    it will be a Test pass.	Mortgage
    Loan Schedule; Annex A to final prospectus; Mortgage Loan Documents; Pooling and Servicing Agreement; Asset summary report
	43b	Compare
    the information in the Mortgage Loan Schedule to the requirements of the Pooling and Servicing Agreement to determine if they
    match. If there are no discrepancies, it will be a Test pass.	Mortgage
    Loan Schedule; Pooling and Servicing Agreement
	44.
    Cross-Collateralization. No Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage loan that
    is outside the Mortgage Pool, except in the case of a Mortgage Loan that is part of a Whole Loan.	44	Except
    with respect to a Mortgage Loan that is part of a Whole Loan, review the Mortgage Loan Documents to determine if the Mortgage
    Loan is cross-collateralized or cross-defaulted with any other Mortgage Loan that is outside the Mortgage Pool. If not so
    determined, it will be a Test pass.	Mortgage
    Loan Documents
	45.
    Advance of Funds by the Mortgage Loan Seller. Except for loan proceeds advanced at the time of loan origination or
    other payments contemplated by the Mortgage Loan documents, no advance of funds has been made by the Mortgage Loan Seller
    to the related Mortgagor, and no funds have been received from any person other than the related Mortgagor or an affiliate,
    directly, or, to the knowledge of the Mortgage Loan Seller, indirectly for, or on account of, payments due on the Mortgage
    Loan.  Neither the Mortgage Loan Seller nor any affiliate thereof has any obligation to make any capital contribution
    to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.	45a	Review
    the MS Servicer Notices for a notation or other indication that an advancement of funds (other than loan proceeds advanced
    at the time of loan origination) had been made by the Mortgage Loan Seller to the related Mortgagor, or that funds have been
    received from any person other than the related Mortgagor or an Affiliate, directly, indirectly for, or on account of, payments
    due on the Mortgage Loan. If such a notation or other indication is not found, it will be a Test pass.	MS
    Servicer Notices
	45b	Review
    the Mortgage Loan Documents to determine if the Mortgage Loan Seller, or an Affiliate, has an obligation to make any capital
    contribution to the Mortgagor under a Mortgage Loan, other than contributions made on or prior to the Closing Date. If not
    so determined, it will be a Test pass.	Mortgage
    Loan Documents
	46.
    Compliance with Anti-Money Laundering Laws. The Mortgage Loan Seller has complied in all material respects with all
    applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect
    to the origination of the Mortgage Loan. 	46	Review
    the MS Servicer Notices for a notation or other indication of any claim or assertion that the Mortgage Loan Seller did not
    comply with its internal procedures with respect to all applicable anti-money laundering laws and regulations, including without
    limitation the USA Patriot Act of 2001 in connection with the origination of any Mortgage Loan. If such a 	MS
    Servicer Notices

 

    Exhibit QQ-34

     

    

	Representations
    and Warranties	         	Test	Review
    Materials
	 	 	notation
    or other indication is not found, it will be a Test pass.	 

 

    Exhibit QQ-35

     

    

 

EXHIBIT
RR

FORM OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING 

ACCESS TO SECURE DATA ROOM

 

Computershare Trust Company, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services - BBCMS 2022-C15

Email: trustadministrationgroup@wellsfargo.com

 

		Attention:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with the
requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated and effective
as of April 1, 2022 (the “Pooling and Servicing Agreement”), between Barclays Commercial Mortgage Securities
LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors,
LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National
Association, as Trustee and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer, with respect
to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is [an authorized representative of the Asset Representations Reviewer][an authorized
representative of the Depositor][a designee of the Depositor].

 

		2.	The undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted
to it solely for purposes of the undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it
will not disseminate or otherwise make information contained on the Secure Data Room available to any other person except in accordance
with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor and (c) it will only access
information relating to the Mortgage Loans to which the Asset Review relates.

 

		3.	The undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed
to have recertified that the representations above remains true and correct.

 

		4.	[The undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any
Certificate.]*

 

 

*       Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure Data Room.

 

    Exhibit RR-1

     

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[NAME OF PARTY],

    as [role]
	 	 	 
	 	By:	                               
	 	 	Name:
	 	 	Title:

  

Dated: _______

 

[Barclays Commercial Mortgage Securities LLC,

as Depositor]*

 

	By:	                               	 
	 	[Name]	 
	 	[Title]	 

  

    Exhibit RR-2

     

    

 

EXHIBIT
SS

FORM OF NOTICE OF [ADDITIONAL DELINQUENT LOAN][CESSATION OF 

DELINQUENT LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	
        Midland Loan Services, a Division of PNC

        Bank, National Association

        10851 Mastin Street

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head
	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: BBCMS 2022-C15 Transaction Manager

        with a copy sent via email to: notices@pentalphasurveillance.com
        (with BBCMS 2022-C15 in the subject line)

	
         

        Rialto Capital Advisors, LLC

        200 S. Biscayne Boulevard, Suite 3550

        Miami, Florida 33131

        Attention: Liat Heller, Jeff Krasnoff, Niral Shah and Adam Singer (BBCMS 2022-C15)

        Facsimile number: (305) 229-6425

        Email: liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com, niral.shah@rialtocapital.com, adam.singer@rialtocapital.com
	 

		 

                                                 Attention:
	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with Section 12.01(a)
of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Pooling and Servicing Agreement”),
between Barclays Commercial Mortgage Securities LLC, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer, Computershare Trust Company, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as
Asset Representations Reviewer, the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

		1.	_____ An additional Mortgage Loan has become a Delinquent Loan.

 

		2.	_____ A Mortgage Loan has ceased to be a Delinquent Loan.

 

		3.	_____ An Asset Review Trigger has ceased to exist.

 

(check all
that apply)

 

    Exhibit SS-1

     

    

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

	 	COMPUTERSHARE TRUST COMPANY,
    NATIONAL ASSOCIATION, as Certificate Administrator for the Holders of the BBCMS Mortgage Trust 2022-C15, Commercial Mortgage
    Pass-Through Certificates, Series 2022-C15 and the RR Interest Owner
	 	 	 
	 	By:	                               
	 	 	Name:
	 	 	Title:

  

    Exhibit SS-2

     

    

 

EXHIBIT
TT

FORM OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE risk retention 

certificates

 

[Date]

 

	Barclays Commercial Mortgage Securities LLC

745 Seventh Avenue 

New York, New York 10019

Attention:  Daniel Vinson

daniel.vinson@barclays.com	
        [CLASS [G-RR][H-RR] CERTIFICATE HOLDER]

         

        [CLASS RR CERTIFICATE HOLDER]

         

        [OR SUBSEQUENT TRANSFEREE]

	 	 

		Re:	BBCMS Mortgage Trust 2022-C15, Commercial Mortgage Pass-Through Certificates, Series 2022-C15

 

In accordance with Section
[5.02(e)][5.03(i)] of the Pooling and Servicing Agreement, dated and effective as of April 1, 2022 (the “Agreement”),
the Certificate Administrator, as custodian, hereby acknowledges receipt of $[__] of the Class [G-RR][H-RR][RR] Certificates in
the form of Definitive Certificates (CUSIP No. [__]) in the amount of $[____] as defined in the Agreement, for the benefit of [____].
A copy of the Class [G-RR][H-RR][RR] Certificates is attached as Exhibit A. Payments on the Class [G-RR][H-RR][RR] Certificates
will be made to the registered holder thereto in accordance with the Agreement.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	COMPUTERSHARE
    TRUST COMPANY, NATIONAL ASSOCIATION,

    not in its individual capacity

    but solely as Certificate Administrator
	 	 	 
	 	By:	                               
	 	 	Name:
	 	 	Title:

 

    Exhibit TT-1

     

    

 

SCHEDULE 1

MORTGAGE LOANS WITH ADDITIONAL SECURED DEBT

 

		1.	The Summit

 

		2.	1888 Century Park East

 

		3.	Coleman Highline Phase IV

 

		4.	Twin Spans Business Park and Delaware River Industrial Park

 

		5.	IPCC National Storage Portfolio XVI

 

		6.	Rose Castle Apartments

 

		7.	2 Riverfront Plaza

 

		8.	IPCC National Storage Portfolio XV

 

		9.	Moonwater Office Portfolio

 

		10.	26 Broadway

 

		11.	Bedrock Portfolio

 

		12.	1100 & 820 First Street NE

 

		13.	Meadowood Mall

 

		14.	Visions Hotel Portfolio III

 

		15.	NYC MFRT Portfolio

 

		16.	AMF Portfolio

 

    Schedule 1-1

     

    

 

SCHEDULE 2

CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

 

See Annex E to the Prospectus.

 

    Schedule 2-1

     

    

 

SCHEDULE 3

Designated Mortgage Loans With Earnout or Performance 

Escrows or Reserves (Exceeding 10% of the Initial Principal 

Balance of the
Mortgage Loan or (if applicable) Whole Loan)

 

	Mortgage Loan 

Number	Mortgage Loan Name	Applicable Escrow or 

Reserve (Initial Amount)
	6	Rose Castle Apartments	$11,000,000
	27	Decatur Business Center	$1,500,000

 

    Schedule 3-1‘

Exhibit 10.1

 

Execution
Version

 

RESTATEMENT AGREEMENT

 

RESTATEMENT AGREEMENT, dated
as of April 13, 2022 (this “Restatement Agreement”) is entered into by and among PROPETRO HOLDING CORP., a Delaware
corporation (“Holdings), PROPETRO SERVICES, INC., a Texas corporation (the “Borrower”), the Lenders
and Letter of Credit Issuers party hereto and BARCLAYS BANK PLC, in its capacities as administrative agent for the Lenders (in such capacity,
the “Agent”), as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”)
and as the Swingline Lender (as defined in Exhibit A to this Restatement Agreement).

 

W I T N E S S E T H:

 

WHEREAS, reference is hereby made to the Credit Agreement,
dated as of March 22, 2017 (as amended by the Amendment No. 1, dated as of February 22, 2018, and as further amended by
the Amendment No. 2, dated as of December 19, 2018, the “Credit Agreement”), entered into by and among Holdings,
the Borrower, the institutions from time to time party thereto as Lenders (the “Lenders”) and Letter of Credit Issuers
(the “Letter of Credit Issuers”), the Agent, and the other parties named therein;

 

WHEREAS, the Borrower wishes to extend the maturity
date of the commitments under, and make certain other amendments to, the Credit Agreement;

 

WHEREAS, the Lenders (including the Swingline Lender)
and the Letter of Credit Issuers have agreed to the amendments to the Credit Agreement contemplated herewith;

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto hereby agree as follows:

 

Section 1.          Defined
Terms.

 

Capitalized terms used in this Restatement
Agreement but not defined herein shall have the meanings assigned to them in the Credit Agreement, as amended by this Restatement Agreement
(the “Restated Credit Agreement”).

 

Section 2.          Restatement
of the Credit Agreement.

 

Effective as of the Restatement Effective Date (as
defined below):

 

(a)          the
Credit Agreement is hereby amended and restated in its entirety to delete the stricken text (indicated textually in the same manner as
the following example: stricken text) and to add the double-underlined text (indicated
textually in the same manner as the following example: double-underlined text)
as set forth in Annex A hereto;

 

(b)          the
Schedules to the Credit Agreement are hereby amended and restated in their entirety as set forth in Annex B hereto; and

 

(c)          the
Exhibits to the Credit Agreement are hereby amended and restated in their entirety as set forth in Annex C hereto.

 

    

    

    

 

Section 3.          Conditions
Precedent to the Effectiveness of this Restatement Agreement.

 

This Restatement Agreement
shall become effective as of the date when, and only when, the following conditions precedent have been satisfied (such date, the “Restatement
Effective Date”):

 

(a)          The
Agent shall have received counterparts of this Restatement Agreement duly executed by (1) the Borrower, (2) Holdings, (3) the
Agent, (4) the Collateral Agent, (5) the Swingline Lender and (6) each Lender and Letter of Credit Issuer listed on Schedule
1.1 to the Restated Credit Agreement.

 

(b)          The
Agent shall have received payment of all unpaid fees and expenses owing in connection with this Restatement Agreement, including, without
limitation, (i) an upfront fee set forth in the fee letter, dated as of April 13, 2022, between the Agent and the Borrower,
(ii) the reasonable and documented fees, disbursements and other charges of Cahill Gordon & Reindel LLP,
counsel to the Agent and (iii) the fees set forth in the engagement letter, dated as of March 23, 2022, between the Agent and
the Borrower.

 

(c)          Immediately
prior to and immediately after the Restatement Effective Date, no Default or Event of Default shall have occurred and be continuing or
shall result from the effectiveness of this Restatement Agreement.

 

(d)          The
representations and warranties of the Borrower contained in Section 4 hereof shall be true and correct in all material respects (and
any representation and warranty that is qualified as to materiality or Material Adverse Effect shall be true and correct in all respects)
on and as of the Restatement Effective Date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty
is already qualified by materiality) as of such earlier date.

 

(e)          The
Agent shall have received a certificate signed by a Responsible Officer of the Borrower certifying as to the satisfaction of the conditions
set forth in paragraphs (c) and (d) of this Section 3.

 

(f)          The
Agent shall have received a legal opinion of Vinson & Elkins LLP, counsel to the Borrower, addressed to the Agent, the Collateral
Agent, the Lenders, the Swingline Lender and the Letter of Credit Issuers, in form and substance reasonably satisfactory to the Agent.

 

(g)          The
Agent shall have received a certificate executed by a Responsible Officer of the Borrower and of Holdings, substantially in the form delivered
on the Closing Date, which attaches (A) resolutions or other equivalent action documentation authorizing the Restatement Agreement,
(B) an incumbency certificate, (C) Organization Documents of the Borrower and of Holdings and (D) good standing certificates
of the Borrower and of Holdings.

 

(h)          The
Agent shall have received a certificate executed by the Chief Financial Officer of the Borrower as of the Restatement Effective Date,
substantially in the form of Exhibit G to the Restated Credit Agreement, attesting to the Solvency of the Borrower and its Subsidiaries
(on a consolidated basis) immediately after giving effect to this Restatement Agreement.

 

    - 2 -

    

    

 

(i)          The
Borrower shall have provided to the Lenders at least three (3) Business Days prior to the Restatement Effective Date (x) the
documentation and other information that such Lender reasonably determines is required by United States regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act
and (y) if the Borrower qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230, a Beneficial Ownership
Certification in relation to the Borrower, in each case, that is reasonably requested by any Lender no later than five (5) Business
Days prior to the Restatement Effective Date.

 

(j)          The
Agent shall have received (i) an updated Perfection Certificate with respect to the Borrower and Holdings dated the Restatement Effective
Date and signed by an executive officer of the Borrower and Holdings, together with all attachments contemplated thereby, and (ii) copies
of lien searches reasonably satisfactory to the Agent.

 

(k)          The
Agent shall have received a Borrowing Base Certificate for the month ending February 28, 2022.

 

Section 4.          Representations
and Warranties.

 

On and as of the Restatement
Effective Date, after giving effect to this Restatement Agreement, the Borrower hereby represents and warrants to the Agent and each of
the Lenders as follows:

 

(a)          Each
of Holdings and the Borrower has the power and authority to execute, deliver and perform this Restatement Agreement. Each of Holdings
and the Borrower has taken all necessary corporate action (including obtaining approval of its shareholders, if necessary) to authorize
its execution, delivery and performance of this Restatement Agreement. This Restatement Agreement has been duly executed and delivered
by each of Holdings and the Borrower, and constitutes the legal, valid and binding obligations of each of Holdings and the Borrower, enforceable
against each of Holdings and the Borrower in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, winding up, moratorium and other similar Laws relating to or affecting creditors’ rights generally and general equitable
principles (whether considered in a proceeding in equity or at Law) and an implied covenant of good faith and fair dealing. Each of Holdings
and the Borrower’s execution, delivery and performance of this Restatement Agreement does not (x) conflict with, or constitute
a violation or breach of, the terms of (a) any contract, mortgage, lease, agreement, indenture, or instrument to which Holdings or
the Borrower is a party or which is binding upon it, (b) any Requirement of Law applicable to Holdings or the Borrower, or (c) any
Organization Document of Holdings or the Borrower in any respect that would reasonably be expected to have a Material Adverse Effect or
(y) result in the imposition of any Lien upon the property of Holdings or the Borrower by reason of any of the foregoing;

 

(b)          The
representations and warranties contained in Article VII of the Restated Credit Agreement and the other Loan Documents are true and
correct in all material respects (and any representation and warranty that is qualified as to materiality or Material Adverse Effect is
true and correct in all respects) on and as of the Restatement Effective Date as though made on and as of such date, other than any such
representation or warranty which relates to a specified prior date, in which case such representations and warranties were true and correct
in all material respects as of such prior date; and

 

(c)          No
approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or other Person
is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Restatement
Agreement, other than (i) those that have been obtained or made and are in full force and effect and (ii) where failure to obtain,
effect or make any such approval, consent, exemption, authorization, or other action, notice or filing would not reasonably be expected
to have a Material Adverse Effect.

 

    - 3 -

    

    

 

Section 5.          Reference
to and Effect on the Loan Documents.

 

(a)          As
of the Restatement Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without
limitation, by means of words like “thereunder,” “thereof” and words of like import), shall mean and be a reference
to Restated Credit Agreement, and this Restatement Agreement and the Restated Credit Agreement shall be read together and construed as
a single instrument.

 

(b)          Except
as expressly amended hereby, all of the terms and provisions of the Credit Agreement and all other Loan Documents are and shall remain
in full force and effect and are hereby ratified and confirmed. This Restatement Agreement shall not constitute a novation of the Credit
Agreement.

 

(c)          The
execution, delivery and effectiveness of this Restatement Agreement shall not operate as a waiver of any right, power or remedy of the
Lenders, the Letter of Credit Issuers, the Borrower, the Agent or the Collateral Agent under any of the Loan Documents, nor constitute
a waiver or amendment of any other provision of any of the Loan Documents or for any purpose except as expressly set forth herein.

 

(d)          This
Restatement Agreement shall constitute a Loan Document under the terms of the Restated Credit Agreement.

 

(e)          The
(i) Borrower, by its signature below, hereby affirms and confirms its Guaranty of the Guaranteed Obligations (as defined in the Guarantee
Agreement) pursuant to the Guarantee Agreement and acknowledges and agrees that such Guaranty shall continue in full force and effect
in respect of, and to secure, such Guaranteed Obligations under the Guarantee Agreement and the other Loan Documents and (ii) Borrower
and Holdings, by their respective signatures below, hereby affirm and confirm the pledge of and/or grant of a security interest in their
assets which are Collateral to secure the Obligations, all as provided in the Security Documents, and acknowledge and agree that such
pledge and/or grant shall continue in full force and effect in respect of, and to secure, such Obligations under the Restated Credit Agreement
and the other Loan Documents.

 

Section 6.          Fees
and Expenses.

 

The Borrower agrees
to pay all reasonable and documented or invoiced out-of-pocket costs and expenses of the Agent and the Lenders in connection with this
Restatement Agreement to the extent required by Section 14.7 of the Restated Credit Agreement.

 

    - 4 -

    

    

 

Section 7.          Counterparts.

 

This Restatement Agreement may
be executed in any number of counterparts, and by the Agent, the Collateral Agent, the Lenders, the Swingline Lender, the Letter of Credit
Issuers, Holdings and the Borrower in separate counterparts, each of which shall be an original, but all of which shall together constitute
one and the same agreement; signature pages may be detached from multiple separate counterparts and attached to a single counterpart
so that all signature pages are physically attached to the same document. This Restatement Agreement may be executed by facsimile
or other electronic communication and the effectiveness of this Restatement Agreement and the and signatures thereon shall have the same
force and effect as manually signed originals and shall be binding on all parties thereto. The Agent may require that any such signatures
be confirmed by a manually-signed original thereof, provided that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile or other electronic signature. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to any document to be signed in connection with this Engagement Letter
and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require Barclays
to accept electronic signatures in any form or format without its prior written consent.

 

Section 8.          Governing
Law.

 

The governing law, choice
of forum and service of process provisions of Section 14.3 of the Restated Credit Agreement shall apply to this Restatement Agreement
mutatis mutandis.

 

Section 9.          Notices.

 

All communications and notices
hereunder shall be given as provided in Section 14.8 of the Restated Credit Agreement.

 

Section 10.        Waiver
of Jury Trial.

 

The waiver of jury trial provisions
of Section 14.4 of the Restated Credit Agreement shall apply to this Restatement Agreement mutatis mutandis.

 

Section 11.        Indemnification
of the Agent, the Collateral Agent and the Lenders; Limitation of Liability

 

The indemnification provisions
of Section 14.10 of the Restated Credit Agreement and the limitation of liability provisions of Section 14.11 of the Restated
Credit Agreement shall apply to this Restatement Agreement mutatis mutandis.

 

[Signature pages follow.]

 

    - 5 -

    

    

 

In
Witness Whereof, the parties hereto have caused this Restatement Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first written above.

 

	 	PROPETRO SERVICES, INC., as the Borrower
	 	 	 
	 	By:	/s/ David Schorlemer
	 	 	Name: David Schorlemer
	 	 	Title:   Chief Financial Officer

 

[ProPetro – Restatement
Agreement]

 

     

    

    

 

	 	PROPETRO HOLDING CORP., as Holdings
	 	 	 
	 	By:	/s/ David Schorlemer
	 	 	Name: David Schorlemer
	 	 	Title:   Chief Financial Officer

 

[ProPetro – Restatement
Agreement]

 

     

    

    

 

	 	BARCLAYS BANK PLC, as Agent, Collateral Agent, a Lender, a Letter of Credit Issuer and the Swingline Lender
	 	 	 
	 	By:	/s/ Joseph Jordan
	 	 	Name: Joseph Jordan
	 	 	Title:   Managing Director

 

[ProPetro – Restatement
Agreement]

 

     

    

    

 

	 	JPMorgan Chase Bank, N.A., as a Lender and a Letter of Credit Issuer
	 	 	 
	 	By:	/s/ Jon Eckhouse
	 	 	Name: Jon Eckhouse
	 	 	Title:   Authorized Officer

 

[ProPetro – Restatement
Agreement]

 

     

    

    

 

	 	GOLDMAN SACHS BANK USA, as a Lender
	 	 	 
	 	By:	/s/ Jonathan Dworkin
	 	 	Name: Jonathan Dworkin
	 	 	Title:   Authorized Signatory

 

[ProPetro – Restatement
Agreement]

 

     

    

    

 

	 	Bank of America, N.A., as a Lender
	 	 	 
	 	By:	/s/ Jason Stowe
	 	 	Name: Jason Stowe
	 	 	Title:   Vice President

 

[ProPetro – Restatement
Agreement]

 

     

    

    

 

 

Annex A

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

Dated as of March
22April
13, 2017 2022

among

 

PROPETRO HOLDING CORP.,

as Holdings,

 

PROPETRO SERVICES, INC.,

as the Borrower,

 

THE SEVERAL LENDERS

FROM TIME TO TIME PARTY HERETO,

 

BARCLAYS BANK PLC,

as the Agent, the Collateral Agent, a Letter of Credit Issuer and the Swingline Lender,

 

JPMORGAN
CHASE BANK, N.A. andGOLDMAN SACHS BANK USA,

as the Co-Syndication Agents,

CREDIT SUISSE SECURITIES (USA) LLC and,

RBC CAPITAL MARKETS LLC, 

as
the Co-Documentation Agentsand

 

JPMORGAN CHASE BANK,
N.A.,

as a Letter of Credit Issuer

 

	 	 	 

BBARCLAYS
BANK PLC andARCLAYS
BANK PLC,

JPMORGAN CHASE BANK,
N.A.

GOLDMAN
SACHS BANK USA and

BANK
OF AMERICA, N.A.

as the Joint Lead Arrangers and BARCLAYS BANK PLC,JPMORGAN CHASE BANK, N.A.,GOLDMAN SACHS BANK USA,CREDIT
SUISSE SECURITIES (USA) LLC andRBC CAPITAL MARKETS LLC1,as
Joint Bookrunners

 

 

 

	1	RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates.

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

ARTICLE
I

DEFINITIONS

 

	1.1	Defined Terms	12
	1.2	Accounting Terms	5559
	1.3	Interpretive Provisions	5660
	1.4	Classification of Loans
    and Borrowings	5761
	1.5	[Reserved]	5761
	1.6	Rounding	5761
	1.7	Times of Day	5761
	1.8	Timing of Payment or
    Performance	5761
	1.9	Currency Equivalents
    Generally	5761
	1.10	Divisions	62
	1.11	Rates	62
	 	 	 
	ARTICLE
    II
	 
	LOANS
    AND LETTERS OF CREDIT
	 	 	 
	2.1	Credit Facilities	5862
	2.2	Revolving Loans	5862
	2.3	Letters of Credit	5863
	2.4	Loan Administration	6166
	2.5	Reserves	6368
	2.6	Incremental Credit
    Extension	6468
	2.7	Extensions of Revolving
    Loans and Revolving Credit Commitments	6570
	2.8	Defaulting Lenders	6872
	 	 	 
	ARTICLE
    III
	 
	INTEREST
    AND FEES
	 	 	 
	3.1	Interest	6974
	3.2	Continuation and Conversion
    Elections	7075
	3.3	Maximum Interest Rate	7176
	3.4	Closing Fees and Other
    Fees	7176
	3.5	Unused Line Fee	7176
	3.6	Letter of Credit Fees	7176
	 	 	 
	ARTICLE
    IV
	 
	PAYMENTS
    AND PREPAYMENTS
	 	 	 
	4.1	Payments and Prepayments	7277
	4.2	Out-of-Formula Condition	7277
	4.3	Mandatory Prepayments	7277
	4.4	Termination or Reductions
    of Facilities	7377
	4.5	LIBOR Term
    SOFR Loan Prepayments	7378
	4.6	Payments by the Borrower	7378
	4.7	Apportionment, Application
    and Reversal of Payments	7378
	4.8	Indemnity for Returned
    Payments	7478
	4.9	Agent’s and Lenders’
    Books and Records	7479

 

    -ii-

     

    

 

	ARTICLE V
	 
	TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	 
	5.1	Taxes	7479
	5.2	Inability
    to Determine Rates; Illegality	7782
	5.3	Increased Costs and
    Reduction of Return	7782
	5.4	Funding Losses	7883
	5.5	Benchmark
    Replacement Setting	83
	5.5	Inability
    to Determine Rates	78
	5.6	Certificates of Agent	7884
	5.7	Survival	7884
	5.8	Assignment of Commitments
    Under Certain Circumstances	7985
	 	 	 
	ARTICLE VI
	 
	BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES
	 	 	 
	6.1	Books and Records	7985
	6.2	Financial Information	7985
	6.3	Notices to the Agent	8187
	6.4	Collateral Reporting	8389
	 	 	 
	ARTICLE VII
	 
	GENERAL WARRANTIES AND REPRESENTATIONS
	 	 	 
	7.1	Authorization, Validity,
    and Enforceability of this Agreement and the Loan Documents	8389
	7.2	Validity and Priority
    of Security Interest	8390
	7.3	Organization and Qualification	8490
	7.4	Subsidiaries	8490
	7.5	Financial Statements
    and Borrowing Base Certificate	8490
	7.6	Solvency	8491
	7.7	Property	8491
	7.8	Intellectual Property	8591
	7.9	Litigation	8591
	7.10	Labor Disputes	8591
	7.11	Environmental Laws	8591
	7.12	No Violation of Law	8692
	7.13	No Default	8692
	7.14	ERISA Compliance	8692
	7.15	Taxes	8692
	7.16	Investment Company
    Act	8692
	7.17	Use of Proceeds	8692
	7.18	Margin Regulations	8692
	7.19	No Material Adverse
    Change	8693
	7.20	Full Disclosure	8693
	7.21	Government Authorization	8793
	7.22	Anti-Terrorism Laws	8793
	7.23	FCPA	8793
	7.24	Sanctioned Persons	8793
	7.25	Designation of Senior
    Debt	8894
	7.26	Compliance
    with Cash Management Provisions	94

 

    -iii-

     

    

 

	ARTICLE VIII
	 
	AFFIRMATIVE AND NEGATIVE COVENANTS
	 	 	 
	8.1	Taxes	8894
	8.2	Legal Existence and
    Good Standing	8894
	8.3	Compliance with Law;
    Maintenance of Licenses	8894
	8.4	Maintenance of Property,
    Inspection; Field Examinations	8895
	8.5	Insurance	8995
	8.6	Environmental Laws	9096
	8.7	Compliance with ERISA	9096
	8.8	Dispositions	9096
	8.9	Mergers, Consolidations,
    etc.	9096
	8.10	Distributions	9298
	8.11	Investments	94100
	8.12	Debt	94100
	8.13	Prepayments of Debt	97103
	8.14	Transactions with Affiliates	97103
	8.15	Business Conducted	99105
	8.16	Liens	99105
	8.17	Restrictive Agreements	99105
	8.18	Sale and Leaseback
    Transactions	100107
	8.19	Fiscal Year	100107
	8.20	Fixed Charge Coverage
    Ratio	101107
	8.21	[Reserved]	101107
	8.22	Additional Obligors;
    Covenant to Give Security	101107
	8.23	Cash Management; Cash
    Dominion	102108
	8.24	Use of Proceeds	103110
	8.25	Further Assurances	103110
	8.26	Designation of Subsidiaries	103110
	8.27	Passive Holding Company;
    Etc.	103110
	8.28	Amendments to Certain
    Documents	105111
	8.29	Certain
    Post-Closing Obligations	105
	 	 	 
	ARTICLE IX
	 
	CONDITIONS OF LENDING
	 	 	 
	9.1	Conditions Precedent
    to Effectiveness of Agreement and Making of Loans on the Closing Date	105112
	9.2	Conditions
    Precedent to Restatement Effective Date	113
	9.29.3	Conditions Precedent
    to Each Loan	107113
	 	 	 
	ARTICLE X
	 
	DEFAULT; REMEDIES
	 	 	 
	10.1	Events of Default	107114
	10.2	Remedies	109116
	10.3	Application of Funds	110117
	10.4	Permitted Holders’
    Right to Cure	111118

 

    -iv-

     

    

 

	ARTICLE
    XI
	 
	TERM
    AND TERMINATION
	 	 	 
	11.1	Term and Termination	112119
	 	 	 
	ARTICLE
    XII
	 
	AMENDMENTS;
    WAIVERS; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS
	 	 	 
	12.1	Amendments and Waivers	112119
	12.2	Assignments; Participations	114121
	 	 	 
	ARTICLE
    XIII
	 	 
	THE
    APPOINTED AGENTS
	 	 	 
	13.1	Appointment and Authorization	116123
	13.2	Delegation of Duties	116123
	13.3	Liability of Appointed
    Agents	116123
	13.4	Reliance by Appointed
    Agent	117124
	13.5	Notice of Default	117124
	13.6	Credit Decision	117124
	13.7	Indemnification	117124
	13.8	Appointed Agents in
    Individual Capacity	118125
	13.9	Successor Agents	118125
	13.10	Collateral Matters	118125
	13.11	Restrictions on Actions
    by Lenders; Sharing of Payments	119126
	13.12	Agency for Perfection	120127
	13.13	Payments by Agent to
    Lenders	120127
	13.14	Settlement	121128
	13.15	Letters of Credit;
    Intra-Lender Issues	122129
	13.16	Concerning the Collateral
    and the Related Loan Documents	124131
	13.17	Field Examination;
    Disclaimer by Lenders	124131
	13.18	Relation Among Lenders	125132
	13.19	Arrangers ;
    Co-Syndication Agents; Co-Documentation Agents	125132
	13.20	The Register	125132
	13.21	Secured Cash Management
    Agreements and Secured Hedge Agreements	126133
	13.22	Withholding Taxes126.
    	133
	13.23	Erroneous
    Payment.	133
	 	 	 
	ARTICLE
    XIV
	 
	MISCELLANEOUS
	 	 	 
	14.1	No Waivers; Cumulative
    Remedies	126134
	14.2	Severability	127134
	14.3	Governing Law; Choice
    of Forum; Service of Process	127135
	14.4	WAIVER OF JURY TRIAL	127135
	14.5	Survival of Representations
    and Warranties	127135
	14.6	Other Security and
    Guarantees	128135
	14.7	Fees and Expenses	128136
	14.8	Notices	128136
	14.9	Binding Effect	129136
	14.10	Indemnity of the Agent,
    the Collateral Agent and the Lenders	129137

 

    -v-

     

    

 

	14.11	Limitation of Liability	129137
	14.12	Final Agreement	130138
	14.13	Counterparts; Facsimile
    Signatures	130138
	14.14	Captions	130138
	14.15	Right of Setoff	130138
	14.16	Confidentiality	130138
	14.17	Conflicts with Other
    Loan Documents	131139
	14.18	No Fiduciary Relationship	131139
	14.19	Judgment Currency	131139
	14.20	USA PATRIOT Act	132140
	14.21	Acknowledgement and
    Consent to Bail-In of EEA Financial Institutions	132140
	14.22	Acknowledgement
    Regarding any Supported QFCs	140
	14.23	Certain
    ERISA Matters	141
	 	 	 
	EXHIBITS AND SCHEDULES	 

 

	EXHIBIT A	FORM OF BORROWING BASE CERTIFICATE
	EXHIBIT B	FORM OF NOTICE OF BORROWING
	EXHIBIT C	FORM OF NOTICE OF CONTINUATION/CONVERSION
	EXHIBIT D	FORM OF COMPLIANCE CERTIFICATE
	EXHIBIT E	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
	EXHIBIT F	PERFECTION CERTIFICATE
	EXHIBIT G	FORM OF SOLVENCY CERTIFICATE
	EXHIBIT H	FORM OF CLOSING CERTIFICATE
	EXHIBIT I	[Reserved]
	EXHIBIT J-1	FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT J-2	FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT J-3	FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT J-4	FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	EXHIBIT K	FORM OF REVOLVING NOTE
	EXHIBIT L	FORM OF INTERCREDITOR AGREEMENT
	SCHEDULE 1.1	LENDERS’ COMMITMENTS
	SCHEDULE 1.2	GUARANTORS
	SCHEDULE 1.4	UNRESTRICTED SUBSIDIARIES
	SCHEDULE 1.5	CLOSING DATE SECURITY DOCUMENTS[RESERVED]
	SCHEDULE 1.6	INVESTORS
	SCHEDULE 6.4	COLLATERAL REPORTING
	SCHEDULE 7.4	SUBSIDIARIES
	SCHEDULE 7.9	LITIGATION
	SCHEDULE 7.11	ENVIRONMENTAL LAW
	SCHEDULE 7.15	TAXES
	SCHEDULE 8.11	PERMITTED INVESTMENTS
	SCHEDULE 8.12	DEBT
	SCHEDULE 8.14	AFFILIATE TRANSACTIONS
	SCHEDULE 8.16	LIENS
	SCHEDULE 8.23	DEPOSIT ACCOUNTS
	SCHEDULE 8.29	CERTAIN POST-CLOSING OBLIGATIONS

 

    -vi-

     

    

 

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

AMENDED
AND RESTATED CREDIT AGREEMENT, dated as of March 22April
13, 2017 2022,
among PROPETRO HOLDING CORP., a Delaware corporation (“Holdings,” as hereinafter further defined), PROPETRO
SERVICES, INC., a Texas corporation (the “Borrower,” as hereinafter further defined) and the Lenders (as hereinafter
defined) and Letter of Credit Issuers (as hereinafter defined) from time to time party hereto and BARCLAYS BANK PLC, as the Agent,
the Collateral Agent and the Swingline Lender.

 

RECITALS:

 

WHEREAS, capitalized terms
used and not defined in the preamble and these recitals shall have the respective meanings set forth for such terms in Section 1.1
hereof;

 

WHEREAS,
Holdings, the Borrower, certain Lenders, the Letter of Credit Issuers, the Agent, the Collateral Agent and the Swingline Lender entered
into that certain Credit Agreement, dated as of March 22, 2017 (as amended, supplemented or otherwise modified prior to the Restatement
Effective Date, the “Original Credit Agreement”);

 

WHEREAS,
the Borrower has requested that, immediately upon the satisfaction in full (or waiver) of the applicable
conditions precedent set forth in Section 9.1 below, the
Lenders and Letter of Credit Issuers extend credit to the Borrower in the form of an 9.2
below, this Agreement and the asset-based revolving credit facility in an initial aggregate
principal amount of $150,000,000 of Revolving Credit Commitments hereunder
(the “Revolving Credit Facility”); be
amended and restated in its entirety pursuant to that certain Restatement Agreement, dated as of April 13, 2022, among the Borrower, the
Guarantors, the Lenders, the Letter of Credit Issuers, the Agent, the Collateral Agent and the Swingline Lender (the “Restatement
Agreement”);

 

WHEREAS,
pursuant to the Restatement Agreement, the Lenders have consented to the amendment and restatement of the Original Credit Agreement as
provided in this Agreement;

 

WHEREAS,
it is the intent of the parties to the Restatement Agreement that neither this Agreement nor the Restatement Agreement shall constitute
a novation of the obligations and liabilities existing under the Original Credit Agreement or evidence a repayment of any of such obligations
and liabilities and that this Agreement and the Restatement Agreement amend and restate in its entirety the Original Credit Agreement
and re-evidence the obligations of the Borrower outstanding thereunder;

 

WHEREAS, the Lenders have
indicated their willingness to extend such credit and the Letter of Credit Issuers have indicated their willingness to issue Letters of
Credit, in each case on the terms and subject to the conditions set forth below;

 

WHEREAS, in connection
with the foregoing and as an inducement for the Lenders and the Letter of Credit Issuers to extend the credit contemplated hereunder,
the Borrower has agreed to secure all of its Obligations by granting to the Collateral Agent, for the benefit of the Secured Parties,
a first priority lien (such priority subject to certain Liens permitted hereunder) on substantially all of its assets (except as otherwise
set forth in the definition of “Collateral and Guarantee Requirement” or in the Loan Documents), including a pledge of all
of the Stock of each of its Subsidiaries (other than any Excluded Stock); and

 

WHEREAS, in connection
with the foregoing and as an inducement for the Lenders and the Letter of Credit Issuers to extend the credit contemplated hereunder,
each Guarantor has agreed to guarantee all of its Obligations and to secure its guarantees by granting to the Collateral Agent, for the
benefit of the Secured Parties, a first priority lien (such priority subject to certain Liens permitted hereunder) on substantially all
of its assets (except as otherwise set forth in the definition of “Collateral and Guarantee Requirement” or in the Loan Documents),
including a pledge of all of the Stock of each of their respective Subsidiaries (other than any Excluded Stock).

 

 

     

     

    

AGREEMENT:

 

NOW, THEREFORE, in consideration
of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1               
Defined Terms. As used in this Agreement, the
following terms shall have the meanings specified below unless the context otherwise requires:

 

“Account Debtor”
means each Person obligated in any way on or in connection with an Account.

 

“Accounts”
means, with respect to each Obligor, all of such Obligor’s now owned or hereafter acquired or arising accounts, as defined in the
UCC, including any rights to payment of a monetary obligation for the sale or lease of goods or rendition of services, whether or not
they have been earned by performance.

 

“Acquired EBITDA”
means, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any period, the amount for such period
of Consolidated EBITDA of such Acquired Entity or Business or any Converted Restricted Subsidiary (determined as if references to the
Borrower and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” were references to such Acquired
Entity or Business or any Converted Restricted Subsidiary and its subsidiaries that will become Restricted Subsidiaries), all as determined
on a consolidated basis for such Acquired Entity or Business or any Converted Restricted Subsidiary in accordance with GAAP.

 

“Acquired Entity
or Business” has the meaning specified in the definition of the term “Consolidated EBITDA.”

 

“Additional Lender”
has the meaning specified in Section 2.6(d).

 

“Adjustment Date”
means the first day of each April, July, October and January, as applicable.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control
with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the
power to direct or cause the direction of the management and policies of the other Person, whether through the ownership of voting securities,
by contract, or otherwise. The terms “controlling” and “controlled” shall have meanings correlative thereto.

 

“Agent”
means Barclays, in its capacity as the administrative agent for the Lenders under this Agreement, or any successor agent appointed in
accordance with this Agreement and the other Loan Documents.

 

“Agent Advances”
has the meaning specified in Section 2.4(g).

 

“Agent-Related
Persons” means the Agent and the Collateral Agent, together with their respective Affiliates, and the respective officers, directors,
employees, agents, controlling persons, advisors and other representatives, successors and permitted assigns of the Agent and the Collateral
Agent and their respective Affiliates.

 

“Aggregate Revolver
Outstandings” means, at any date of determination and without duplication, the sum of (a) the unpaid principal balance of Revolving
Loans, (b) one hundred percent (100%) of the aggregate undrawn face amount of all outstanding Letters of Credit and (c) the aggregate
amount of any Unpaid Drawings in respect of Letters of Credit.

 

    -2-

     

    

 

“Agreement”
means this Credit Agreement.

 

“Agreement
Date” means the date of this Agreement.

 

“Amendment
No. 1” means Amendment No. 1 to this Agreement, dated as of February 22, 2018, by and among the Borrower, the
Agent, certain Incremental Lenders (as defined therein) and the Lenders party thereto comprising at least the Required Lenders. 

 

“Amendment
No. 1 Effective Date” means the first Business Day on which each of the conditions precedent set forth in Section
3 of Amendment No. 1 were satisfied. 

 

“Amendment
No. 2” means Amendment No. 2 to this Agreement, dated as of December 19, 2018, by and among the Borrower, the
Agent, certain Additional Lenders (as defined therein) and the Consenting Lenders (as defined therein). 

 

“Amendment
No. 2 Effective Date” means the first Business Day on which each of the conditions precedent set forth in Section
3 of Amendment No. 2 were satisfied. 

 

“Anti-Terrorism
Laws” means the USA PATRIOT Act and any Executive Order administered by the U.S. Treasury Department Office of Foreign Assets
Control (OFAC), and other laws and regulations relating to anti-money laundering or economic sanctions, including without limitation all
published economic sanctions imposed, administered or enforced from time to time by the U.S. Department of State and OFAC.

 

“Applicable Entities”
has the meaning specified in Section 14.18.

 

“Applicable
Margin” means a percentage per annum equal to (a) until the end of the first full Fiscal Quarter completed after the Closing
Restatement Effective Date, (i) for LIBOR
Rate Term SOFR Loans, 2.001.50%,
and (ii) for Base Rate Loans, 1.000.50%
and (b) thereafter, the following percentages per annum, based upon Average Historical Availability as of the most recent Adjustment
Date:

 

	
    Average
Historical Availability 
	
    Applicable
Margin for LIBOR Rate Term
SOFR Loans and Daily Simple SOFR Loans 
	
    Applicable
Margin for Base Rate Loans 

	˃ 66.7%	1.751.50%	0.750.50%
	≤  66.7% but > 33.3%	2.001.75%	1.000.75%
	< 33.3%	2.252.00%	1.251.00%

 

The Applicable Margin
shall be adjusted quarterly in accordance with the table above on each Adjustment Date for the period beginning on such Adjustment Date
based upon the Average Historical Availability as the Agent shall determine in good faith within ten (10) Business Days after such Adjustment
Date (with any such change, for the avoidance of doubt, being given retroactive effect to the Adjustment Date) and the Agent shall notify
the Borrower promptly after such determination. Any increase or decrease in the Applicable Margin resulting from a change in the Average
Historical Availability shall become effective on the Adjustment Date.

 

“Applicable
Unused Line Fee Margin” means, for any day, a percentage per annum equal to (a) initially, 0.375% per annum and (b) following
the end of the first Fiscal Quarter ending after the Closing DateRestatement
Effective, the following percentages per annum, based upon Average Revolving Loan Utilization as of the most recent Adjustment
Date:

 

    -3-

     

    

 

	
    Average
    Revolving Loan Utilization
	
    Applicable
    Unused Line Fee Margin

	≤ 50%	0.375%
	˃ 50%	0.250%

 

“Appointed Agents”
has the meaning specified in Section 13.1.

 

“Approved Account
Bank” means a financial institution at which any Obligor maintains an Approved Deposit Account.

 

“Approved Deposit
Account” means each Deposit Account in respect of which an Obligor shall have entered into a Deposit Account Control Agreement,
other than with respect to any Designated Account.

 

“Approved Fund”
means any Person (other than a natural person) that is engaged in making, holding or investing in extensions of credit in its ordinary
course of business and is administered or managed by a Lender, an entity that administers or manages a Lender, or an Affiliate of either.

 

“Approved Securities
Account” means each Securities Account in respect of which any Obligor shall have entered into a Securities Account Control
Agreement.

 

“Approved Securities
Intermediary” means a securities intermediary at which any Obligor maintains an Approved Securities Account.

 

“Arrangers”
means (x) Barclays and ,
JPMorgan , Goldman Sachs Bank USA and Bank of America, N.A. in
their capacities as joint lead arrangers of the Revolving Credit Facility and (y) Barclays, JPMorgan,
Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC in their capacities as and
joint bookrunners of the Revolving Credit Facility.

 

“Assignee”
has the meaning specified in Section 12.2(a).

 

“Assignment and
Acceptance” means an assignment and acceptance agreement entered into by one or more Lenders and Eligible Assignees (with the
consent of any party whose consent is required by Section 12.2(a)), and accepted by the Agent, in substantially the form of Exhibit
E or any other form approved by the Agent.

 

“Attorney Costs”
means and includes all reasonable and documented or invoiced fees, expenses and other charges of Cahill Gordon & Reindel llp
and, if necessary, a single firm of local counsel in each relevant jurisdiction or otherwise retained with the Borrower’s consent
(such consent not to be unreasonably withheld, conditioned or delayed).

 

“Availability”
means, at any time (a) the lesser of (i) the Maximum Revolver Amount and (ii) the Borrowing Base, minus (b) the sum of the Aggregate
Revolver Outstandings.

 

“Available
Equity Amount” means, at any time (the “Available Equity Amount Reference Time”), an amount equal to, without
duplication, (a) the amount of any capital contributions or other equity issuances (or issuances of Debt that have been converted into
or exchanged for Qualified Stock) (including, for the avoidance of doubt, the initial public offering
by Holdings on or around the Closing Date) received as cash equity by the Borrower and applied for usage no later than
270 days after receipt of such amounts, but excluding all proceeds from the issuance of Disqualified Stock and Cure Amounts, plus
(b) the aggregate amount of all dividends, returns, interests, profits, distributions, income and similar amounts (in each case, to the
extent made in cash or Cash Equivalents) received by the Borrower or any Restricted Subsidiary on Investments made using the Available
Equity Amount during the period from and including the Business Day immediately following the Closing
Restatement Effective Date through and including
the Available Equity Amount Reference Time, minus (c) the sum, without duplication, and, without taking into account the proposed
portion of the Available Equity Amount calculated above to be used at the applicable Available Equity Amount Reference Time, of:

 

    -4-

     

    

 

(i)the
aggregate amount of any Investments made by the Borrower or any Restricted Subsidiary using the Available Equity Amount after the Closing
Restatement Effective Date and prior to the Available
Equity Amount Reference Time;

 

(ii)the
aggregate amount of any Distributions made by the Borrower using the Available Equity Amount after the Closing
Restatement Effective Date and prior to the Available
Equity Amount Reference Time; and

 

(iii)the
aggregate amount expended on prepayments, purchases, redemptions, defeasements and satisfaction in respect of Junior Debt made by the
Borrower or any Restricted Subsidiary using the Available Equity Amount after the Closing Restatement
Effective Date and prior to the Available Equity Amount Reference Time;

 

provided
that during a Cash Dominion Period (A) the Available Equity Amount shall not be available to be used and (B) the period of time for use
set forth in clause (a) above shall be tolled until after such Cash Dominion Period.

 

“Available Equity
Amount Reference Time” has the meaning specified in the definition of “Available Equity Amount.”

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark
is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period
pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark,
in each case, as of such date and not including, for the avoidance of doubt,
any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 5.5(d). 

 

“Average Historical
Availability” means, at any Adjustment Date, the average daily Availability for the three-month period immediately preceding
such Adjustment Date, divided by the Maximum Credit at such time.

 

“Average
Revolving Loan Utilization” means, at any Adjustment Date, the average daily Aggregate Revolver Outstandings (excluding any
Aggregate Revolver Outstandings resulting from any outstanding Swingline Loans) for the three-month period immediately preceding such
Adjustment Date (or, if less, the period from the Closing Restatement
Effective Date to such Adjustment Date), divided by the Maximum Revolver Amount at such time.

 

“Bail-In
Action” means the exercise of any Write-down and Conversion Powers by the applicable EEA
Resolution Authority in respect of any liability of an EEA Affected
Financial Institution.

 

“Bail-In
Legislation” means, (a) with respect to any EEA
Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law , regulation rule or requirement for such EEA Member
Country from time to time which is described in the EU Bail-In Legislation Schedule and
(b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other
financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

“Bank Product
Reserve” means a reserve equal to the aggregate amount of Obligations in respect of any Noticed Hedge, up to the Swap Termination
Value thereunder, as specified by the applicable Hedge Bank in writing to the Agent and acknowledged by the Borrower, which amount may
be increased with respect to any existing Secured Hedge Agreement at any time by further written notice from such Hedge Bank to the Agent
and acknowledged by the Borrower (which shall at all times include a reserve for the aggregate Swap Termination Values for all Noticed
Hedges outstanding at that time).

 

    -5-

     

    

 

“Bankruptcy Code”
means Title 11 of the United State Code, as amended, or any similar federal or state law for the relief of debtors.

 

“Barclays”
means Barclays Bank PLC and its successors.

 

“Base
Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate (which, if negative,
shall be deemed to be 0.00%) plus 1⁄2 of 1%, (b) the rate of interest quoted in the print edition of The Wall Street Journal,
Money Rates Section, as the prime rate in effect from time to time and (c) LIBOR Rate for a one
month interest period as determined on such day, Term SOFR
published on such day (or if such day is not a Business Day the next previous Business Day) for an Interest Period of one month (taking
into account any “floor” under the definition of “Term SOFR”) plus 1.0%. The “prime rate”
means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal
ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined by the Agent) or any similar release by the Federal Reserve Board (as determined by the Agent).

 

“Base Rate Loan”
means any Loan during any period for which it bears interest based on the Base Rate, and all Agent Advances and Swingline Loans.

 

“Base
Rate Term SOFR Determination Day” has the meaning assigned to such term in the definition of “Term SOFR”.

 

“Basel III”
means, collectively, those certain agreements on capital requirements, leverage ratios and liquidity standards contained in “Basel
III: A Global Regulatory Framework for More Resilient Banks and Banking Systems,” “Basel III: International Framework for
Liquidity Risk Measurement, Standards and Monitoring,” and “Guidance for National Authorities Operating the Countercyclical
Capital Buffer,” each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time),
and as implemented by a Lender’s primary U.S. federal banking regulatory authority or primary non-U.S. financial regulatory authority,
as applicable.

 

“Benchmark”
means, initially, Term SOFR; provided that if a Benchmark Transition Event has occurred with respect to Term SOFR or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to Section 5.5. 

 

“Benchmark
Replacement” means with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be
determined by the Agent for the applicable Benchmark Replacement Date:

 

(a)
                with respect to Term SOFR Loans, Daily Simple SOFR; or 

 

(b)         
the
sum of: (i) the alternate benchmark rate that has been selected by the Agent and the Borrower giving due consideration to (A) any selection
or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B)
any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for
dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment;

 

provided,
that if the Benchmark Replacement would be less than the 0.00%, the Benchmark Replacement will be deemed to be 0.00% for
the purposes of this Agreement and the other Loan Documents. 

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement,
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) that has been selected by the Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining
a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities.

 

    -6-

     

    

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(a)
                in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event”, the later of (i) the date of the public
statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
component thereof); or

 

(b)
               in
the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or the
published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark
(or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative
or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks;
provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement
or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues
to be provided on such date.

 

For
the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b)
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(a)
                a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(b)
               a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with
jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will
cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such
Benchmark (or such component thereof); or

 

(c)
                a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative
or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).

 

    -7-

     

    

 

“Benchmark
Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if,
at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan
Document in accordance with Section 5.5 and (b) ending at the time that a Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 5.5.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation and,
in any event, substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers
published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of Section 3(42) of ERISA or
otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or
“plan”.

 

“BHC
Act Affiliate” shall have the meaning assigned to such term in Section 14.22.

 

“Book Value”
means book value as determined in accordance with GAAP.

 

“Borrower”
means ProPetro Services, Inc. and any Successor Borrower, if applicable.

 

“Borrowing”
means a borrowing hereunder consisting of Loans of one Type and Class made on the same day by Lenders to the Borrower (or by the Swingline
Lender, in the case of a Borrowing consisting of Swingline Loans, or by the Agent, in the case of a Borrowing consisting of an Agent Advance,
by a Letter of Credit Issuer, in the case of the issuance of a Letter of Credit hereunder).

 

“Borrowing Base”
means, at any time, an amount in Dollars equal to:

 

(a)
       90% of the Book Value of all Eligible Investment Grade Accounts of the Obligors; plus

 

(a)       85%
of the Book Value of all Eligible Accounts (other than Eligible Investment
Grade Accounts) of the Obligors; minus

 

(b)       the
amount of all Reserves from time to time established by the Agent in accordance with Section 2.5.

 

The
initial Borrowing Base as
of the Restatement Effective Date shall be as set forth in the Borrowing Base Certificate delivered on the Closing
Restatement Effective Date.

 

The Borrowing Base at
any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Agent pursuant to Section 6.4,
as adjusted to give effect to Reserves following such delivery established pursuant to Section 2.5.

 

“Borrowing Base
Certificate” means a certificate by a Responsible Officer of the Borrower, substantially in the form of Exhibit A (or
another form reasonably acceptable to the Agent) setting forth the calculation of the Borrowing Base, including a calculation of each
component thereof, all in such detail as shall be reasonably satisfactory to the Agent, as adjusted pursuant to Section 2.5 of
this Agreement. All calculations of the Borrowing Base in connection with the preparation of any Borrowing Base Certificate shall originally
be made by the Borrower and certified to the Agent; provided, that the Agent shall have the right to review and adjust, in the
exercise of its Reasonable Credit Judgment, any such calculation to the extent that such calculation is not in accordance with this Agreement;
provided, further, that the Agent shall provide the Borrower prior written notice of any such adjustment.

 

    -8-

     

    

 

“Business
Day” means (a) any day that is not a Saturday, Sunday, or a day on which
banks in New York, New York are required or permitted to be closed, and (b) with respect to all notices,
determinations, fundings and payments in connection with the LIBOR Rate or LIBOR Loans, any day that is a Business Day pursuant to clause
(a) above and that is also a day on which trading in Dollars is carried on by and between banks in the London interbank
market.

 

“Capital Adequacy
Regulation” means any guideline, request or directive of any central bank or other Governmental Authority, or any other Law,
whether or not having the force of law, in each case, regarding capital adequacy of any bank or of any corporation controlling a bank.

 

“Capital Expenditures”
means, with respect to any Person for any period, the sum of (a) the aggregate of all expenditures incurred by such Person and its consolidated
Subsidiaries during such period for purchases of property, plant and equipment or similar items which, in accordance with GAAP (other
than repairs in the ordinary course), are or should be included in the statement of cash flows of such Person and its consolidated Subsidiaries
during such period, net of (b) proceeds received by the Borrower or its Restricted Subsidiaries from dispositions of property, plant and
equipment or similar items reflected in the statement of cash flows of such Person and its consolidated Subsidiaries during such period;
provided that the term “Capital Expenditures” shall not include:

 

(i)expenditures made in
connection with the replacement, substitution, restoration or repair of assets to the extent financed from insurance proceeds or compensation
awards paid on account of a Casualty Event,

 

(ii)the purchase price of
equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross amount of such purchase
price is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such time,

 

(iii) the purchase of property,
plant or equipment to the extent financed with the proceeds of dispositions of assets outside the ordinary course of business,

 

(iv)expenditures that constitute
any part of consolidated lease expense to the extent relating to operating leases,

 

(v)any expenditures made
as payments of the consideration for a Permitted Acquisition (or Investments similar to those made for a Permitted Acquisition) and expenditures
made in connection with the Transactions, and

 

(vi)expenditures to the
extent the Borrower or any of its Restricted Subsidiaries has received reimbursement in cash from a Person that is not an Affiliate of
any of the Obligors and for which neither the Borrower nor any of its Restricted Subsidiaries has provided or is required to provide or
incur, directly or indirectly, any consideration or obligation to such Person or any other Person.

 

“Capital Lease”
means, as applied to any Person, all leases of property that have been or should be, in accordance with GAAP, recorded as capitalized
leases on the balance sheet of such Person.

 

“Capital Lease
Obligation” means, with respect to any Capital Lease of any Person, the amount of the obligation of the lessee thereunder that,
in accordance with GAAP, would appear on a balance sheet of such lessee in respect of such Capital Lease.

 

“Cash
Dominion Period” means (a) any period commencing from the date that Availability shall have been less than the greater of (i)
10.0% of the Maximum Credit and (ii) $22,500,00010,000,000,
for five (5) consecutive Business Days and ending on the date on which Availability shall have been at least the greater of (i) 10.0%
of the Maximum Credit and (ii) $22,500,000 10,000,000
for twenty (20) consecutive calendar days or (b) upon the occurrence of a Specified Event of Default, the period that such
Specified Event of Default shall be continuing.

 

    -9-

     

    

 

“Cash Equivalents”
means:

 

(1)       United
States dollars or Canadian dollars;

 

(2)       (a)
euro, pounds sterling or any national currency of any participating member state of the EMU or (b) other currencies held by the Borrower
and its Restricted Subsidiaries from time to time in the ordinary course of business;

 

(3)       securities
issued or directly and fully and unconditionally guaranteed or insured by the U.S. federal government or any country that is a member
state of the EMU or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit
obligation of such government with maturities of 12 months or less from the date of acquisition;

 

(4)       certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and
surplus of not less than $100.0 million in the case of U.S. banks or other U.S. financial institutions and $100.0 million (or the U.S.
dollar equivalent as of the date of determination) in the case of non-U.S. banks or other non-U.S. financial institutions;

 

(5)       repurchase
obligations for underlying securities of the types described in clauses (3) and (4) entered into with any financial institution meeting
the qualifications specified in clause (4) above;

 

(6)       commercial
paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 12 months after the date of creation
thereof;

 

(7)       marketable
short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
and in each case maturing within 12 months after the date of creation thereof;

 

(8)       investment
funds investing 90% of their assets in securities of the types described in clauses (1) through (7) above and (9) through (12) below;

 

(9)       securities
issued or directly and fully and unconditionally guaranteed by any state, commonwealth or territory of the United States or any political
subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof or any political subdivision
or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof having maturities of not more than
12 months from the date of acquisition thereof and, at the time of acquisition;

 

(10)       readily
marketable direct obligations issued or directly and fully and unconditionally guaranteed by any foreign government or any political subdivision
or public instrumentality thereof, in each case (other than in the case of such securities issued or guaranteed by any participating member
state of the EMU) having a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P
with maturities of 12 months or less from the date of acquisition;

 

(11)       Debt
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s
with maturities of 12 months or less from the date of acquisition; and

 

(12)       Investments
with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof)
or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s.

 

Notwithstanding the foregoing,
Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above, provided
that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event
within ten Business Days following the receipt of such amounts.

 

    -10-

     

    

 

“Cash Management
Bank” means any Person that was a Lender, the Agent, any Arranger or any Affiliate of the foregoing at the time it provided
or incurred any Cash Management Obligations or any Person that shall have become a Lender, the Agent or an Affiliate of a Lender, the
Agent at any time after it has provided or incurred any Cash Management Obligations.

 

“Cash Management
Document” means any certificate, agreement or other document executed by any Obligor or any of its Restricted Subsidiaries in
respect of the Cash Management Obligations of any such Person.

 

“Cash Management
Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person in respect
of cash management or related services (including treasury, depository, return item, overdraft, controlled disbursement, credit, merchant
store value or debit card, purchase card, e-payables services, electronic funds transfer, interstate depository network, automatic clearing
house transfer (including the ACH processing of electronic funds transfers through the Federal Reserve Fedline system) and other cash
management arrangements) provided by any Cash Management Bank, including obligations for the payment of fees, interest, charges, expenses,
attorneys’ fees and disbursements in connection therewith.

 

“Cash Receipts”
has the meaning specified in Section 8.23(c).

 

“Casualty Event”
means any event that gives rise to the receipt by the Borrower or any Restricted Subsidiary of any insurance proceeds or condemnation
awards in respect of any equipment, fixed assets or Real Estate (including any improvements thereon) to replace or repair such equipment,
fixed assets or Real Estate.

 

“CFC”
means a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“Change
in Law” means the occurrence, after the Closing Restatement
Effective Date, of any of the following: (a) the adoption of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration or interpretation thereof by any Governmental Authority or (c) the
making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority;
provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act
and all requests, rules, guidelines or directives thereunder or issued in connection therewith (but solely to the extent the relevant
increased costs would have been included if they had been imposed under applicable increased cost provisions) and (y) Basel III and all
requests, rules, guidelines or directives thereunder or issued in connection therewith (but solely to the extent the relevant increased
costs would have been included if they had been imposed under applicable increased cost provisions), shall in each case be deemed to be
a “Change in Law,” regardless of the date enacted, adopted or issued.

 

“Change of Control”
means and will be deemed to have occurred if:

 

(a)       any
Person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee
benefit plan of such Person, entity or “group” and their respective Subsidiaries and any Person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan), other than the Permitted Holders, shall at any time have acquired
direct or indirect beneficial ownership (as defined in SEC Rules 13(d)-3 and 13(d)-5 under the Exchange Act) of Voting Stock with the
power to elect a majority of the members of the Board of Directors of Holdings (or, for the avoidance of doubt, any New Holdings or Successor
Holdings); and/or

 

(b)       the
failure of Holdings (or, for the avoidance of doubt, any New Holdings or Successor Holdings), directly or indirectly through wholly owned
subsidiaries, to own beneficially and of record, all of the Stock of the Borrower; and/or

 

(c)       Continuing
Directors shall not constitute at least a majority of the Board of Directors of Holdings; and/or

 

    -11-

     

    

 

 

(d)       a
“change of control” or any comparable term under any document governing any Material Indebtedness consisting of Debt for Borrowed
Money.

 

“Charter Documents”
means, with respect to any Person, the certificate or articles of incorporation or organization, memoranda of association, by-laws or
operating agreement, and other organizational or governing documents of such Person.

 

“Chattel Paper”
means all of the Obligors’ now owned or hereafter acquired chattel paper, as defined in the UCC, including electronic chattel paper.

 

“Class”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans,
Extended Revolving Loans (of the same Extension Series and any related swing line loans thereunder) or Swingline Loans, and, when used
in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, an Extended Revolving Credit Commitment
(of the same Extension Series and any related swing line commitment thereunder) or a Swingline Commitment and when used in reference to
any Lender, refers to whether such Lender has a Loan or Commitment of such Class. A FILO Tranche may be treated as a separate Class of
Loans or Commitments under this Agreement.

 

“Closing
Date” means the later of the Original Agreement
Date and the first date on which all of the applicable conditions set forth in Section 9.1 have
been of the Original Credit Agreement were fulfilled
(or waived in writing by the Agent and the Arrangers).

 

“Co-Documentation
Agents” means each of Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC, each in its capacity
as a co-documentation agent under this Agreement.

 

“Co-Syndication
Agents” means each of JPMorgan and Goldman Sachs Bank USA, each in its capacity as a co-syndication agent under
this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means the Stock of the Borrower and each directly wholly-owned Restricted Subsidiary of the Borrower or any Guarantor, all of the Obligors’
personal property, the Mortgaged Properties, if any, and all other assets of any Person, in each case from time to time subject to the
Collateral Agent’s Liens securing payment or performance of any Obligations; provided, however, that at no time shall
the term “Collateral” include any Excluded Assets.

 

“Collateral Agent”
means Barclays, in its capacity as the collateral agent for the Secured Parties, or any successor collateral agent appointed in accordance
with this Agreement and the other Loan Documents.

 

“Collateral Agent’s
Liens” means the Liens on the Collateral granted to the Collateral Agent, for the benefit of the Secured Parties, pursuant to
the Security Documents and securing the Obligations.

 

“Collateral and
Guarantee Requirement” means, at any time, the requirement that:

 

(a)       the
Collateral Agent shall have received each Security Document required to be delivered on the Closing Date pursuant to Section 9.1(a)(ii)
or, after the Closing Date, pursuant to Sections 8.22, 8.23 and 8.29 at such time required by such Security Documents
or such section to be delivered in each case, duly executed by each Obligor thereto;

 

(b)       all
Obligations shall have been unconditionally guaranteed by each Restricted Subsidiary (other than any Excluded Subsidiary) including as
of the Closing Restatement
Effective Date those that are listed on Schedule 1.2;

 

(c)       the
Obligations and the Guarantees shall have been secured pursuant to the Security Agreement by a security interest in (i) all the Stock
of the Borrower and (ii) all Stock (other than Excluded Stock) held directly by the Borrower or any Guarantor in any Wholly Owned Subsidiary
(and, in each case, the Collateral Agent shall have received certificates or other instruments representing all such Stock (if any), together
with undated stock powers or other instruments of transfer with respect thereto endorsed in blank, if applicable);

 

    -12-

     

    

 

(d)       except
to the extent otherwise provided hereunder or under any Security Document, the Obligations and the Guarantees shall have been secured
by a perfected security interest (to the extent such security interest may be perfected by (v) delivering certificated securities or instruments,
(w) filing personal property financing statements, (x) making any necessary filings with the United States Patent and Trademark Office
or United States Copyright Office and (y) control (to the extent required by Section 8.23)) in substantially all tangible and intangible
personal property of the Borrower and each Guarantor (including, without limitation, accounts receivable, inventory, equipment, investment
property, Intellectual Property, intercompany notes, contracts, instruments, chattel paper and documents, letter of credit rights, commercial
tort claims, cash, deposit accounts, securities and commodity accounts, other General Intangibles, books and records related to the foregoing
and, in each case, proceeds of the foregoing), in each case to the extent, and with the priority, required by the Security Documents and
in the event the Borrower incurs any secured Debt in the form of a term loan or notes pursuant to Section 8.12(q)(x), (A) any such
security interests in the Collateral shall be subject to the terms of the Intercreditor Agreement, (B) the Obligations and the Guarantees
shall be secured by second-priority Mortgages on any Real Estate pledged or mortgaged to secure such Debt (solely to the extent such Real
Estate is pledged as “collateral” to secure such Debt) and (C) the priority of the Collateral Agent’s security interest
on the Current Asset Collateral and the Fixed Asset Collateral, respectively, shall be as set forth in the Intercreditor Agreement;

 

(e)       none
of the Collateral shall be subject to any Liens other than Permitted Liens;

 

(f)       solely
to the extent (i) the Borrower has incurred secured Debt in the form of a term loan or notes pursuant to Section 8.12(q)(x) and
(ii) such Real Estate is pledged as “collateral” to secure such Debt, the Collateral Agent shall have received ,
subject to clause (i) of the last paragraph of this definition, (i) counterparts of a Mortgage with respect to any Real Estate
required to be delivered pursuant to Section 8.22 (the “Mortgaged Properties”) duly executed and delivered by
the record owner of such property, (ii) a title insurance policy for such property or the equivalent or other form (if applicable) available
in each applicable jurisdiction insuring the Lien of each such Mortgage as a valid Lien on the property described therein, free of any
other Liens except Permitted Liens, together with such endorsements, coinsurance and reinsurance as the Collateral Agents may reasonably
request, (iii) either an existing survey together with a no change affidavit sufficient for the title insurance company to remove the
standard survey exception and issue the survey related endorsements or a new ALTA survey in form and substance reasonably acceptable to
the Collateral Agent, (iv) existing abstracts and existing appraisals, (v) opinions addressed to the Collateral Agent and the Secured
Parties from (a) local counsel in each jurisdiction where the Mortgaged Property is located with respect to the enforceability and perfection
of the Mortgages and other matters customarily included in such opinions and (b) counsel for the Borrower regarding due authorization,
execution and delivery of the Mortgages, in each case, in form and substance reasonably satisfactory to the Collateral Agent, (vi) a “Life-of
Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together
with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and the applicable Obligor)
and, if the area in which any improvements located on any Mortgaged Property is designated a “flood hazard area” in any Flood
Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), copies of (a) the insurance policies
required by Section 8.5, (b) declaration pages relating thereto, (c) flood insurance in an amount and form that would be considered
sufficient under the Flood Insurance Laws and otherwise, in form and substance reasonably satisfactory to the Collateral Agent and each
Lender and (vii) such other documents as the Collateral Agent may reasonably request with respect to such Mortgaged Property;
and

 

    -13-

     

    

 

(g)       (i)
except with respect to intercompany Debt, if any, Debt for Borrowed Money in a principal amount in excess of $2,500,000 (individually)
is owing to any Obligor and such Debt is evidenced by a promissory note, the Collateral Agent shall have received such promissory note,
together with undated instruments of transfer with respect thereto endorsed in blank and (ii) with respect to intercompany Debt, all Debt
of the Borrower and each of its Restricted Subsidiaries that is owing to any Obligor (or Person required to become an Obligor) shall be
evidenced by the Subordinated Intercompany Note, and the Collateral Agent shall have received such Subordinated Intercompany Note duly
executed by the Borrower, each such Restricted Subsidiary and each such other Obligor, together with undated instruments of transfer with
respect thereto endorsed in blank.

 

The foregoing definition
shall not require the creation or perfection of pledges of, or security interests in, or the obtaining of title insurance or surveys with
respect to, particular assets if and for so long as the Agent and the Borrower agree in writing that the cost of creating or perfecting
such pledges or security interests in such assets or obtaining title insurance or surveys in respect of such assets shall be excessive
in view of the benefits to be obtained by the Secured Parties therefrom.

 

The
Agent may grant extensions of time for the provision or perfection of security interests in, or the obtaining of title insurance and surveys
with respect to, particular assets (including extensions beyond the Closing Date Restatement
Effective for the perfection of security interests in the assets of the Obligors on such date) where it reasonably determines,
in consultation with the Borrower, that provision or perfection cannot be accomplished without undue effort or expense by the time or
times at which it would otherwise be required by this Agreement or the Security Documents.

 

Notwithstanding
the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, (a) with respect
to leases of Real Estate entered into by any Obligor, such Obligor shall not be required to take any action with respect to creation
or perfection of security interests with respect to such leases (including requirements to deliver landlord lien waivers, estoppel and
collateral access letters), (b) Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement
shall be subject to exceptions and limitations set forth in the Security Documents, (c) the Collateral and Guarantee Requirement shall
not apply to any of the following assets: (i) any fee-owned Real Estate (unless, in each case, it has been pledged or mortgaged as Fixed
Assets Asset
Collateral) and any leasehold interests in Real Estate; provided that no Equipment attached or affixed to or located
on such Real Estate to the extent such Equipment constitutes a fixture shall be excluded from Collateral, unless such Equipment otherwise
constitutes an Excluded Asset under any other subclause of this clause (c), (ii) any governmental licenses or state or local franchises,
charters or authorizations, to the extent a security interest in any such licenses, franchise, charter or authorization would be prohibited
or restricted thereby (including any legally effective prohibition or restriction) after giving effect to the applicable anti-assignment
clauses of the UCC and applicable Laws, other than the proceeds and receivables thereof the assignment of which is expressly deemed effective
under the UCC or any similar applicable laws notwithstanding such prohibition, (iii) assets and personal property for which a pledge
thereof or a security interest therein is prohibited by applicable Laws (including any legally effective requirement to obtain the consent
of any Governmental Authority), (iv) Excluded Stock (other than Stock that are Excluded Stock solely as a result of having been issued
by Immaterial Subsidiaries), (v) assets and personal property to the extent a security interest in such assets would result in material
adverse tax consequences as reasonably determined, in writing, by the Borrower in consultation with the Agent, (vi) any intent-to-use
trademark application prior to the filing and acceptance of a “Statement of Use” or “Amendment to Allege Use”
with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein
would impair the validity or enforceability of such intent-to-use trademark application under applicable federal Law, (vii) any lease,
license, contract or other agreements or any property (including personal property) subject to a purchase money security interest, Capital
Lease Obligation or similar arrangements, in each case to the extent permitted under the Loan Documents, to the extent that a pledge
thereof or a security interest therein would violate or invalidate such lease, license, contract or agreement, purchase money, Capital
Lease or similar arrangement, or create a right of termination in favor of any other party thereto (other than the Borrower or a Guarantor)
after giving effect to the applicable anti-assignment clauses of the UCC and applicable Laws, other than the proceeds and receivables
thereof the assignment of which is expressly deemed effective under the UCC or any similar applicable Laws notwithstanding such prohibition,
and (viii) any assets as to which the Agent and the Borrower reasonably agree in writing that the cost of obtaining a security interest
or perfection thereof is excessive in relation to the benefit to the Lenders of the security to be afforded thereby (the assets excluded
pursuant to this clause (c), collectively, the “Excluded Assets”; provided that notwithstanding anything
herein to the contrary, Excluded Assets shall not include any proceeds, replacements or substitutions of Collateral (unless such proceeds,
replacements or substitutions otherwise constitute Excluded Assets)), (d) control agreements shall not be required with respect to any
deposit accounts, securities accounts or commodities accounts except to the extent set forth in Section 8.23, (e) share certificates
of Immaterial Subsidiaries and non-Subsidiaries shall not be required to be delivered, (f) no perfection actions shall be required with
respect to (i) motor vehicles and other Titled Goods and letter of credit rights, except to the extent perfection is accomplished solely
by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter
of credit rights, other than the filing of a UCC financing statement) and (ii) commercial tort claims with an individual value of less
than $2,500,000, (g) promissory notes to the extent evidencing Debt in a principal amount less than $2,500,000, and
(h) no actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required to
be taken to create any security interests in assets located or titled outside of the U.S. or to perfect or make enforceable any security
interests in any such assets (it being understood that there shall be no Security Document (or other security agreements or pledge agreements)
governed under the laws of any non-U.S. jurisdiction) ,
(i) no Real Estate shall be taken as Collateral unless the Lenders receive 45 days advance notice and each Lender confirms to the Agent
in writing that it has completed all flood due diligence, received copies of all flood insurance documentation and confirmed flood insurance
compliance as required by the Flood Insurance Laws or as otherwise satisfactory to such Lender and (j) at any time that any Real Estate
constitutes Collateral, no modification of a Loan Document shall add, increase, renew or extend any loan, commitment or credit line hereunder
until each Lender confirms to Agent in writing that it has completed all flood insurance due diligence and flood insurance compliance
required by the Flood Insurance Laws or as otherwise satisfactory to all Lenders.

 

    -14-

     

    

 

“Commitment”
means, (a) with respect to each Lender (to the extent applicable), such Lender’s Revolving Credit Commitment, Extended Revolving
Credit Commitment or a Revolving Credit Commitment Increase or any combination thereof (as the context requires), (b) with respect to
the applicable Swingline Lender, or swingline lender under any Extended Revolving Credit Commitments, its Swingline Commitment or swingline
commitment, as applicable and (c) with respect to each Letter of Credit Issuer, such Letter of Credit Issuer’s L/C Commitment.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit D or in such other form as may be reasonably satisfactory to the Agent.

 

“Concentration
Account” has the meaning specified in Section 8.23(c).

 

“Conforming
Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation
of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base
Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the
definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”),
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, the applicability and length of lookback periods, the applicability of Section 5.4 and other technical, administrative or operational
matters) that the Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and
administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration
of any such rate exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration
of this Agreement and the other Loan Documents).

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation and
amortization expense, including the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees and expenses,
capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, of such
Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 

    -15-

     

    

 

“Consolidated
EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries
for such period; plus

 

(a)       the
following in each case to the extent deducted (and not added back) in computing Consolidated Net Income (other than clause (a)(10) and
(a)(13) below), but without duplication:

 

(1)       Distributions
made by the Borrower and its Restricted Subsidiaries pursuant to Section 8.10(g)(i) during such period and provision for taxes based on
income or profits or capital gains, including, without limitation, foreign, federal, state, provincial, franchise, excise, value added
and similar taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest
relating to such taxes or arising from any tax examinations and any payments to any Parent Entity in respect of such taxes; plus

 

(2)       total
interest expense and other financing expense (including breakage costs, premiums or consent fees and including the amortization of original
issue discount); plus

 

(3)       Consolidated
Depreciation and Amortization Expense of such Person for such period; plus

 

(4)       any
fees, expenses or charges incurred in connection with any issuance of debt or equity securities, any refinancing transaction or any amendment
or other modification of any debt instrument to the extent consummated in accordance with the terms of the Loan Documents including (i)
such fees, expenses or charges related to the Transactions, and (ii) any amendment, modification or waiver in connection with this Agreement
or any instrument governing any other Debt; plus

 

(5)       any
fees (including legal and investment banking fees), transfer or mortgage recording Taxes and other out-of-pocket costs and expenses of
such Person and its Restricted Subsidiaries (including expenses of third parties paid or reimbursed such Person and its Restricted Subsidiaries)
incurred as a result of the transactions contemplated by the Loan Documents or any Disposition of Property permitted hereunder; plus

 

(6)       any
fees and expenses incurred by such Person or any of its Restricted Subsidiaries solely in connection with any Permitted Acquisition (whether
or not consummated); plus

 

(7)       any
impairment charge or asset write-off pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP; plus

 

(8)       payments
made or accrued in such period pursuant to Section 8.14(i); plus

 

(9)       any
losses from the early extinguishment of Debt (including Hedge Agreements or other derivative instruments); plus

 

(10)       the
amount of “run rate” cost savings, operating expense reductions and other synergies (x) projected by the Borrower in good
faith to be realized as a result of specified actions taken, actions with respect to which substantial steps have been taken or actions
that are expected to be taken (which cost savings, operating expense reductions or synergies shall be calculated on a Pro Forma Basis
as though such cost savings, operating expense reductions or synergies had been realized on the first day of the applicable Test Period),
net of the amount of actual benefits realized during such period from such actions; provided that (A) such cost savings, operating
expense reductions or synergies are reasonably identifiable and factually supportable, (B) such cost savings, operating expense reductions
or synergies do not exceed, when combined with the amount of any Pro Forma Adjustment made pursuant to clause (d) below, 20% of Consolidated
EBITDA for such Test Period (prior to giving effect to any increase in Consolidated EBITDA pursuant to this clause (10) or clause (d)
below) and (C) such actions have been taken, such actions with respect to which substantial steps have been taken or such actions are
expected to be taken within twelve (12) months after the date of determination to take such action; provided, further, that
the adjustments pursuant to this clause (10) may be incremental to (but not duplicative of) Pro Forma Adjustments made pursuant to clause
(d) below; or (y) that would be permitted to be included in pro forma financial statements prepared in accordance with Regulation S-X
under the Securities Act of 1933, as amended; plus

 

    -16-

     

    

 

(11)       any
non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights
to officers, directors or employees; plus

 

(12)       any
non-cash losses or charges, including any write offs, write downs, expenses, losses or items for such period decreasing Consolidated Net
Income for such period; plus

 

(13)       proceeds
from property or business interruption insurance received or reasonably expected to be received (to the extent not reflected as revenue
or income in Consolidated Net Income and to the extent that the related loss was deducted in the determination of Consolidated Net Income);
plus

 

(14)       all
Restructuring Costs and any other extraordinary, unusual or non-recurring expenses, losses or charges incurred; plus

 

(15)       any
non-cash loss attributable to the mark-to-market movement in the valuation of Hedge Agreements (to the extent the cash impact resulting
from such loss has not been realized) or other derivative instruments pursuant to GAAP;

 

minus

 

(b)       the
sum of the amounts for such period, solely to the extent included in Consolidated Net Income, without duplication,

 

(1)       any
non-cash gain increasing Consolidated Net Income of such Person for such period, other than the accrual of revenues in the ordinary course
of business;

 

(2)       any
non-cash gain attributable to the mark-to-market movement in the valuation of Hedge Agreements (to the extent the cash impact resulting
from such gain has not been realized) or other derivate instruments pursuant to GAAP;

 

(3)       any
gains from the early extinguishment of Debt (including Hedge Agreements or other derivative instruments); and

 

(4)       any
extraordinary, unusual or non-recurring gains increasing Consolidated Net Income for such period;

 

provided
that, to the extent non-cash gains are deducted pursuant to this clause (b) for any previous period and not otherwise added back to Consolidated
EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash
expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein;

 

plus or minus, as applicable,
without duplication

 

    -17-

     

    

 

(c)       any
net gain or loss resulting in such period from currency translation gains or losses related to currency remeasurements of Debt, intercompany
balances and other balance sheet items, plus or minus, as the case may be; and

 

plus

 

(d)       in
accordance with the definition of “Pro Forma Basis,” an adjustment equal to the amount, without duplication of any amount
otherwise included in any other clause of the definition of “Consolidated EBITDA,” of the Pro Forma Adjustment shall be added
to (or subtracted from) Consolidated EBITDA (including the portion thereof occurring prior to the relevant Specified Transaction and/or
Specified Restructuring) as specified in a certificate from a Responsible Officer of the Borrower delivered to the Agent (for further
delivery to the Lenders),

 

in each case, as determined on a consolidated
basis for Holdings, the Borrower and its Restricted Subsidiaries in accordance with GAAP; provided that,

 

(i)there
shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property,
business or asset acquired by the Borrower or any Restricted Subsidiary during such period (other than any Unrestricted Subsidiary) to
the extent not subsequently sold, transferred or otherwise Disposed of during such period (but not including the Acquired EBITDA of any
related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including
pursuant to the Transactions or pursuant to a transaction consummated prior to the Closing Restatement
Effective Date, and not subsequently so Disposed of, an “Acquired Entity or Business”), and the Acquired
EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted
Subsidiary”), in each case based on the Acquired EBITDA of such Acquired Entity or Business or any Converted Restricted Subsidiary
for such period (including the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro Forma
Basis; and

 

(ii)there shall be excluded
in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset sold, transferred or
otherwise Disposed of, closed or classified as discontinued operations by Holdings, the Borrower or any Restricted Subsidiary to the extent
not subsequently reacquired, reclassified or continued, in each case, during such period (each such Person (other than an Unrestricted
Subsidiary), property, business or asset so sold, transferred or otherwise Disposed of, closed or classified, a “Sold Entity
or Business”), and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during
such period (each, a “Converted Unrestricted Subsidiary”), in each case based on the Disposed EBITDA of such Sold Entity
or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer,
disposition, closure, classification or conversion) determined on a historical Pro Forma Basis.

 

Notwithstanding anything
to the contrary contained herein and subject to adjustments as provided in clauses (i) and (ii) of the immediately preceding proviso with
respect to acquisitions and dispositions occurring prior to, on and following the Closing Date and other adjustments as contemplated in
the definitions of “Pro Forma Basis” and “Pro Forma Effect”, including as provided under clause (a)(10) above
or clause (d) above or in the definition of “Pro Forma Adjustment”, Consolidated EBITDA shall be deemed to be, $(1,806,594.21),
$1,335,155.97 and $6,246,115.70, respectively, for the Fiscal Quarters ended June 30, 2016, September 30, 2016 and December 31, 2016.

 

    -18-

     

    

 

“Consolidated
Interest Expense” means cash interest expense (including that attributable to Capital Leases), net of cash interest income of
Holdings, the Borrower and its Restricted Subsidiaries with respect to all outstanding Debt of Holdings, the Borrower and its Restricted
Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’
acceptance financing and net cash costs (less net cash payments) under Hedge Agreements, but excluding, for the avoidance of doubt:

 

(a)       capitalized
interest whether paid or accrued and the amortization of original issue discount resulting from the issuance of Debt at less than par;

 

(b)       amortization
of deferred financing costs, debt issuance costs, commissions, fees and expenses;

 

(c)       any
expenses resulting from discounting of Debt in connection with the application of recapitalization accounting or purchase accounting;

 

(d)       penalties
or interest related to taxes and any other amounts of non-cash interest resulting from the effects of acquisition method accounting or
pushdown accounting;

 

(e)       the
accretion or accrual of, or accrued interest on, discounted liabilities during such period;

 

(f)       non-cash
interest expense attributable to the movement of the mark-to-market valuation of obligations under Hedge Agreements or other derivative
instruments pursuant to FASB Accounting Standards Codification No. 815-Derivatives and Hedging;

 

(g)       any
one-time cash costs associated with breakage in respect of Hedge Agreements for interest rates;

 

(h)       all
non-recurring interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations;

 

(i)       expensing
of bridge, arrangement, structuring, commitment or other financing fees; and

 

(j)       any
other non-cash interest expense,

 

all calculated on a consolidated
basis in accordance with GAAP.

 

“Consolidated
Net Income” means, with respect to any Person for any period, without duplication, the aggregate of (a) the Net Income, attributable
to such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP
(adjusted to exclude the equity interests in any Unrestricted Subsidiary owned by such Person or any of its Restricted Subsidiaries);
plus (b) the amount of distributions received in cash or Cash Equivalents by such Person or any of its Restricted Subsidiaries
from any Subsidiary (including any Unrestricted Subsidiary) for such period, to the extent not already included in clause (a) above minus
(c) (i) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting
policies during such period, (ii) the income (or loss) of any Person (other than a Restricted Subsidiary of such Person) in which any
other Person (other than such Person or any of its Restricted Subsidiaries) has a joint interest, except to the extent of the amount of
dividends or other distributions actually paid to such Person or any of its Restricted Subsidiaries by such Person during such period,
(iii) the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of such Person or is merged into
or consolidated with such Person or any of its Restricted Subsidiaries or that Person’s assets are acquired by such Person or any
of its Restricted Subsidiaries (except as may be required in connection with the calculation of a covenant or test on a pro forma basis),
(iv) the income of any Restricted Subsidiary of such Person to the extent that the declaration or payment of dividends or similar distributions
by that Restricted Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary, (v) any after-Tax gains or
losses attributable to Dispositions of property permitted under this Agreement, in each case other than in the ordinary course of business
(as determined in good faith by the Borrower) or returned surplus assets of any Pension Plan, (vi) any net after-Tax gains or losses from
disposed, abandoned, transferred, closed or discontinued operations and any net after-Tax gains or losses on disposal of disposed, abandoned,
transferred, closed or discontinued operations, (vii) any losses and expenses with respect to liability or casualty events to the extent
covered by insurance or indemnification and actually reimbursed or so long as the Borrower has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such
amount is (a) not denied by the applicable carrier or indemnifying party in writing within 180 days and (b) in fact reimbursed within
365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days)
and (viii) (to the extent not included in sub-clauses (i) through (vii) above) any net extraordinary gains or net extraordinary losses.

 

    -19-

     

    

 

In addition, to the extent
not already accounted for in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the
contrary in the foregoing, Consolidated Net Income shall include (without duplication) (i) the amount of proceeds received during such
period from business interruption insurance in respect of insured claims for such period, (ii) the amount of proceeds as to which the
Borrower has determined there is reasonable evidence it will be reimbursed by the insurer in respect of such period from business interruption
insurance (with a deduction for any amounts so added back to the extent denied by the applicable carrier in writing within 180 days or
not so reimbursed within 365 days) and (iii) reimbursements received of any expenses and charges that are covered by indemnification or
other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets
permitted hereunder.

 

“Consolidated
Parties” means Holdings, the Borrower and each of its Subsidiaries whose financial statements are consolidated with the Borrower’s
financial statements in accordance with GAAP.

 

“Consolidated
Total Assets” means, as of any date of determination, the total amount of all assets of Holdings, the Borrower and the Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP as of such date.

 

“Consolidated
Total Debt” means, as of any date of determination, (a) the aggregate principal amount of indebtedness of Holdings, the Borrower
and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP (but excluding the
effects of any discounting of indebtedness resulting from the application of purchase accounting in connection with the Transactions,
any Permitted Acquisition or Investments similar to those made for Permitted Acquisitions), consisting of Debt for Borrowed Money, Unpaid
Drawings, Capital Lease Obligations and third party debt obligations evidenced by promissory notes or similar instruments, minus
(b) the aggregate amount of domestic cash and Cash Equivalents on the consolidated balance sheet of Holdings, the Borrower and its Restricted
Subsidiaries on such date, excluding cash and Cash Equivalents that are listed as “restricted” on the consolidated balance
sheet of Holdings, the Borrower and its Restricted Subsidiaries as of such date. It is understood that to the extent the Borrower or any
Restricted Subsidiary incurs any Debt and receives the proceeds of such Debt, for purposes of determining any incurrence test under this
Agreement and whether the Borrower is in compliance on a Pro Forma Basis with any such test, the proceeds of such incurrence shall not
be considered cash or Cash Equivalents for purposes of any “netting” pursuant to clause (b) of this definition.

 

“Contaminant”
means any waste, pollutant, hazardous substance, toxic substance, hazardous waste, special waste, petroleum or petroleum-derived substance
or waste, friable asbestos, polychlorinated biphenyls (“PCBs”), or any other substance, waste or material regulated
under Environmental Law.

 

“Continuation/Conversion
Date” means the date on which a Loan is converted into or continued as a LIBOR Term
SOFR Loan.

 

“Continuing
Director” means, at any date, an individual (a) who is a member of the Board of Directors of Holdings on the Closing
Restatement Effective Date, (b) who, as at such
date, has been a member of such Board of Directors for at least the 12 preceding months, (c) who has been nominated or designated to be
a member of such Board of Directors, directly or indirectly, by the Permitted Holders or Persons nominated or designated by the Permitted
Holders or (d) who has been nominated or designated to be, or designated as, a member of such Board of Directors by a majority of the
other Continuing Directors then in office.

 

“Converted Restricted
Subsidiary” has the meaning specified in the definition of “Consolidated EBITDA.”

 

    -20-

     

    

 

“Converted Unrestricted
Subsidiary” has the meaning specified in the definition of “Consolidated EBITDA.”

 

“Corrective Extension
Agreement” has the meaning specified in Section 2.7(e).

 

“Covered
Entity” shall have the meaning assigned to such term in Section 14.22.

 

“Covered
Party” shall have the meaning assigned to such term in Section 14.22.

 

“Covenant
Trigger Period” means any period (a) commencing on the date upon which Availability is less than the greater of (i) 10.0% of
the Maximum Credit and (ii) 22,500,000 10,000,000
and (b) ending on the date upon which Availability shall have been at least equal to the greater of (i) 10.0% of the Maximum
Credit and (ii) 22,500,000 10,000,000
for a period of thirty (30) consecutive calendar days.

 

“Credit Card
Accounts Receivables” means each “payment intangible” (as defined in the UCC) together with all income, payments
and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to an Obligor resulting from charges by a customer of an Obligor
on credit or debit cards issued by such Credit Card Issuer in connection with the sale of Inventory by an Obligor, or services performed
by an Obligor, in each case in the ordinary course of its business.

 

“Credit Card
Issuer” shall mean any person who issues or whose members issue credit or debit cards, including, without limitation, MasterCard
or VISA bank credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc.
or Visa International and American Express, Discover, Diners Club, Carte Blanche and other non-bank credit or debit cards, including,
without limitation, credit or debit cards issued by or through American Express Travel Related Services Company, Inc., and Novus Services,
Inc. and other issuers approved by the Collateral Agent.

 

“Credit Card
Processor” shall mean any servicing or processing agent or any factor or financial intermediary who facilitates, services, processes
or manages the credit authorization, billing transfer and/or payment procedures with respect to any Obligor’s sales transactions
involving credit card or debit card purchases by customers using credit cards or debit cards issued by any Credit Card Issuer.

 

“Cure Amount”
has the meaning specified in Section 10.4(a).

 

“Cure Deadline”
has the meaning specified in Section 10.4(a).

 

“Cure Right”
has the meaning specified in Section 10.4(a).

 

“Current Asset
Collateral” means (i) Accounts and Chattel Paper (in each case, other than to the extent constituting identifiable proceeds
of Fixed Asset Collateral), and Credit Card Accounts Receivables; (ii) Deposit Accounts (and all balances, cash, checks and other negotiable
instruments, funds and other evidences of payment held therein) and Securities Accounts (and all balances, cash, checks, securities, securities
entitlements, financial assets and instruments (whether negotiable or otherwise), funds and other evidences of payment held therein),
other than a Deposit Account or Securities Account containing exclusively identifiable proceeds of Fixed Asset Collateral; (iii) all Inventory;
(iv) to the extent evidencing, governing, securing or otherwise reasonably related to any of the foregoing assets described in clauses
(i) through (iii), all Documents, General Intangibles, Instruments, Investment Property (other than equity interests in Subsidiaries),
Commercial Tort Claims, Letters of Credit, Letter-of-Credit Rights and Supporting Obligations; provided, however, that to the extent
any of the foregoing also evidence, govern, secure or otherwise reasonably relate to any Fixed Asset Collateral only that portion that
evidences, governs, secures or primarily relates to Current Asset Collateral shall constitute Current Asset Collateral; provided,
further, that the foregoing shall not include any Intellectual Property; (v) all books, records and documents related to the foregoing
(including databases, customer lists and other records, whether tangible or electronic, which contain any information relating to any
of the foregoing); and (vi) all Proceeds and products of any or all of the foregoing in whatever form received, including proceeds of
business interruption and other insurance and claims against third parties. For purposes of this definition, capitalized terms used but
not defined elsewhere in this Agreement shall have the meanings set forth in Articles 8 or 9 of the UCC.

 

    -21-

     

    

 

“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) (i) SOFR for the
day (such day “i”) that is five U.S. Government Securities Business Days prior to (A) if such SOFR Rate Day is a U.S.
Government Securities Business Day, such SOFR Rate Day or (B) if such SOFR Rate Day is not a U.S. Government Securities Business Day,
the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the
SOFR Administrator on the SOFR Administrator’s Website plus (ii) the Applicable SOFR Adjustment and (b) 0.00%. If by 5:00 pm (New
York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any day “i”,
the SOFR in respect of such day “i” has not been published on the SOFR Administrator’s Website and a Benchmark
Replacement Date with respect to the Daily Simple SOFR has not occurred, then the SOFR for such day “i” will be the
SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the
SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation
of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall
be effective from and including the effective date of such change in SOFR without notice to the Borrower.

 

“Daily
Simple SOFR Interest Payment Date” means, with respect to any Daily Simple SOFR Loan, each date that is on the numerically corresponding
day in each calendar month that is three months after the date of the Borrowing of which such Loan is a part.

 

“Daily
Simple SOFR Loan” means a Loan that bears interest at a rate based on Daily Simple SOFR. 

 

“Debt”
means, without duplication, all

 

(a)       indebtedness
for borrowed money (excluding any obligations arising from warranties as to inventory in the ordinary course of business) and all obligations
evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

(b)       the
deferred purchase price of property or services (other than trade accounts payable, liabilities or accrued expenses in the ordinary course
of business) to the extent the same would be required to be shown as a long-term liability on a balance sheet prepared in accordance with
GAAP;

 

(c)       all
obligations and liabilities of any Person secured by any Lien on an Obligor’s or any of its Restricted Subsidiaries’ property,
even if such Obligor or Restricted Subsidiary shall not have assumed or become liable for the payment thereof; provided, however,
that all such obligations and liabilities which are limited in recourse to such property shall be included in Debt only to the extent
of the book value of such property as would be shown on a balance sheet of the Consolidated Parties prepared in accordance with GAAP or,
if higher, the Fair Market Value of such property;

 

(d)       all
obligations or liabilities created or arising under any Capital Lease or conditional sale or other title retention agreement with respect
to property used or acquired by a Borrower or any of its Restricted Subsidiaries, even if the rights and remedies of the lessor, seller
or lender thereunder are limited to repossession of such property; provided, however, that all such obligations and liabilities
which are limited in recourse to such property shall be included in Debt only to the extent of the book value of such property as would
be shown on a balance sheet of the Consolidated Parties prepared in accordance with GAAP or, if higher, the Fair Market Value of such
property;

 

(e)       the
present value (discounted at the Base Rate) of lease payments due under synthetic leases;

 

(f)       the
maximum amount (after giving effect to any prior drawings or reductions which may have been reimbursed) of all letters of credit (including
standby and commercial), banker’s acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or
created by or for the account of such Person;

 

(g)       all
net obligations of any Person in respect of Hedge Agreements;

 

    -22-

     

    

 

(h)       all
obligations of such Person in respect of Disqualified Stock; and

 

(i)       all
obligations and liabilities under Guaranties in respect of obligations of the type described in any of clauses (a) through (g)
above;

 

provided
that Debt shall not include (i) prepaid or deferred revenue arising in the ordinary course of business, (ii) purchase price holdbacks
in respect of Permitted Acquisitions (or Investments similar to Permitted Acquisitions) arising in the ordinary course of business in
respect of a portion of the purchase prices of an asset to satisfy unperformed obligations of the seller of such asset, (iii) earn out
obligations in connection with a Permitted Acquisition (or an Investment similar to a Permitted Acquisition) unless such obligations become
a liability on the balance sheet of such Person in accordance with GAAP and are not paid after becoming due and payable and (iv) Guaranties
incurred (other than with respect to Debt) in the ordinary course of business.

 

For all purposes hereof,
the Debt of any Person shall (A) include the Debt of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s
liability for such Debt is otherwise limited and only to the extent such Debt would be included in the calculation of Consolidated Total
Debt and (B) in the case of Holdings, the Borrower and its Restricted Subsidiaries, exclude all intercompany Debt having a term not exceeding
364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.
The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the Swap Termination Value thereof as of
such date.

 

“Debt for Borrowed
Money” of any Person at any time means, on a consolidated basis, the sum of all debt for borrowed money of such Person at such
time.

 

“Default”
means any event or circumstance which, with the giving of notice, the lapse of time, or both, would (if not cured, waived, or otherwise
remedied during such time) constitute an Event of Default.

 

“Default Rate”
means a fluctuating per annum interest rate at all times equal to the sum of (a) the otherwise applicable Interest Rate plus (b) two percent
(2.00%) per annum. Each Default Rate shall be adjusted simultaneously with any change in the applicable Interest Rate.

 

“Default
Right” shall have the meaning assigned to such term in Section 14.22.

 

“Defaulting Lender”
means any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of “Lender
Default.”

 

“Deposit Account
Control Agreement” has the meaning specified in Section 8.23(a).

 

“Deposit Accounts”
means all “deposit accounts” as such term is defined in the UCC and all accounts with a deposit function maintained at a financial
institution, now or hereafter held in the name of the Borrower or any Guarantor.

 

“Designated Account”
has the meaning specified in Section 2.4(b).

 

“Designated Non-Cash
Consideration” means the Fair Market Value of non-cash consideration received by the Borrower or its Restricted Subsidiaries
in connection with a Disposition pursuant to clause (t) of the definition of “Permitted Dispositions” that is designated
as “Designated Non-Cash Consideration” pursuant to a certificate of a Responsible Officer of the Borrower delivered to the
Agent, setting forth the basis of such valuation (which amount will be reduced by (i) the Fair Market Value of the portion of the
non-cash consideration converted to cash within 180 days following the consummation of the applicable Disposition and (ii) the amount
of Cash Equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration).

 

    -23-

     

    

 

“Disposed EBITDA”
means, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period
of Consolidated EBITDA of such Sold Entity or Business or such Converted Unrestricted Subsidiary (determined as if references to the Borrower
and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” (and in the component financial definitions
used therein) were references to such Sold Entity or Business and its Subsidiaries or to such Converted Unrestricted Subsidiary and its
Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business or such Converted Unrestricted Subsidiary.

 

“Disposition”
or “Dispose” means the sale, lease, assignment, transfer or other disposition (including any transaction contemplated
by Section 8.18 and any sale of Stock) of any property by any Person; provided that “Disposition” and “Dispose”
shall not be deemed to include any Casualty Event or any issuance by Holdings (or any Parent Entity) of any of its Stock to another Person.

 

“Disqualified
Lenders” means (a) such Persons that have been specified in writing to the Agent and the Arrangers (i) on or prior to the Closing
Restatement Effective Date or (ii) after the Closing
Date Restatement Effective with the consent of the
Agent as being “Disqualified Lenders,” (b) those Persons who are competitors of the Borrower and its Subsidiaries that are
separately identified in writing by the Borrower from time to time to the Agent and (c) in the case of each of clauses (a) and
(b), any of their Affiliates (which, for the avoidance of doubt, shall not include any bona fide debt investment funds that are
affiliates of the Persons referenced in clause (b) above) that are either (i) identified in writing to the Agent by the Borrower from
time to time or (ii) readily identifiable solely on the basis of such Affiliate’s name; provided that no such updates to
the list shall be deemed to retroactively disqualify any parties that have previously acquired an assignment or participation interest
in respect of Loans from continuing to hold or vote such previously acquired assignments and participations on the terms set forth herein
for Lenders that are not Disqualified Lenders.

 

“Disqualified
Stock” means that portion of any Stock which, by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would
constitute a Change of Control or as a result of a Disposition of assets or Casualty Event), matures (excluding any maturity as the result
of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control or as a result
of a Disposition of assets or Casualty Event) on or prior to the six-month anniversary of the Stated Termination Date; provided
that, if such Stock is issued pursuant to any plan for the benefit of employees of Holdings (or any Parent Entity thereof), the Borrower
or any of its Subsidiaries or by any such plan to such employees, such Stock shall not constitute Disqualified Stock solely because it
may be required to be repurchased by Holdings (or any Parent Entity thereof), the Borrower or any of its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations.

 

“Distressed Person”
has the meaning specified in the definition of “Lender-Related Distress Event.”

 

“Distribution”
means (a) the payment or making of any dividend or other distribution of property in respect of Stock or other Stock (or any options or
warrants for, or other rights with respect to, such stock or other Stock) of any Person, other than distributions in Stock or other Stock
(or any options or warrants for such stock or other Stock) of any class other than Disqualified Stock, or (b) the direct or indirect redemption
or other acquisition by any Person of any Stock or other Stock (or any options or warrants for such stock or other Stock) of such Person
or any direct or indirect shareholder or other equity holder of such Person.

 

“Documents”
means all “documents” as such term is defined in the UCC, including bills of lading, warehouse receipts or other documents
of title, now owned or hereafter acquired by any Obligor.

 

“DOL”
means the United States Department of Labor or any successor department or agency.

 

“Dollar”
and “$” mean dollars in the lawful currency of the United States. Unless otherwise specified, all payments under this
Agreement shall be made in Dollars.

 

“Domestic Subsidiary”
means any Subsidiary of the Borrower that is organized under the laws of the United States, any State of the United States or the District
of Columbia.

 

    -24-

     

    

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution
described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA
Member Country” means any of the member state
states of the European Union, Iceland, Liechtenstein
and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any degreedelegee)
having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Accounts”
means, as of any date of determination, the aggregate amount of all Accounts created by the Obligors in the ordinary course of the Obligors’
business, and in any event including rights to payment, that arise out of each Obligor’s sale of goods or rendition of services
or the lease or rental of goods by such Obligor, that comply with each of the representations and warranties respecting Eligible Accounts
made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below.
In determining the amount to be included, Eligible Accounts shall be calculated net of customer deposits, finance charges, and unapplied
cash. Eligible Accounts shall not include the following:

 

(a)       Accounts
that are past due for more than 60 days or that the Account Debtor has failed to pay within 90 days of original invoice date,

 

(b)       Accounts
owed by an Account Debtor (or its Affiliates) where 50% or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed
ineligible under clause (a) above,

 

(c)       Accounts
with respect to which the Account Debtor is an Affiliate of an Obligor or an employee or agent of Borrower or any Affiliate of Borrower,
except for an Account Debtor (x) that is a portfolio company owned by Sponsor or (y) that has appointed (or has the right to appoint)
less than one third of the Board of Directors of the Borrower; provided that (i) in each case, such Account is on arm’s-length
terms and arises in the ordinary course of business of such Obligor and such Affiliate and is administered in accordance with the customary
collection and credit policies of Borrower and (ii) the aggregate amount of all such Accounts included in the calculation of Eligible
Accounts pursuant to clauses (x) and (y) above shall not exceed (A) to the extent that the applicable Account Debtors are rated by both
of Moody’s and S&P as Investment Grade, 35% of the Eligible Accounts or (B) to the extent that the applicable Account Debtors
are not rated by both of Moody’s and S&P as Investment Grade, 25% of the Eligible Accounts,

 

(d)       Accounts
arising in a transaction wherein goods are placed on consignment or are sold pursuant to a guaranteed sale, a sale or return, a sale on
approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional,

 

(e)       Accounts
that are not payable in Dollars,

 

(f)       Accounts
with respect to which the Account Debtor either (i) does not maintain its chief executive office in the United States, or (ii) is not
organized under the laws of the United States or any state or territory thereof, or (iii) is the government of any foreign country or
sovereign state, or of any state, province, municipality, or other political subdivision thereof, or of any department, agency, public
corporation, or other instrumentality thereof, unless (A) the Account is supported by an irrevocable letter of credit reasonably satisfactory
to the Agent (as to form, substance, and issuer or domestic confirming bank) that has been delivered to the Agent and is directly drawable
by the Agent, or (B) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, reasonably satisfactory
to the Agent,

 

    -25-

     

    

 

(g)       Accounts
with respect to which the Account Debtor is (i) the United States or any department, agency, or instrumentality of the United States (exclusive,
however, of Accounts with respect to which the Obligors have complied, to the reasonable satisfaction of the Agent, with the Assignment
of Claims Act, 31 USC §3727) or (ii) any State (or political subdivision) of the United States,

 

(h)       Accounts
with respect to which the Account Debtor is a creditor of Borrower, has or has asserted a right of setoff, or has disputed its obligation
to pay all or any portion of the Account, to the extent of such claim, right of setoff, or dispute,

 

(i)       Accounts
with respect to an Account Debtor whose total obligations owing to Borrower exceed (x) 45%
(in the case of Pioneer; provided that Pioneer is rated by both of Moody’s and S&P as Investment Grade), (y) 35%
(in the case of XTO Energy Inc. and Pioneer; provided that the
applicable Account Debtor XTO Energy Inc. is rated
by both of Moody’s and S&P as Investment Grade) and (yz)
25% (in the case of any other Account Debtor) (in each case, such percentage, as applied to a particular Account Debtor, being subject
to reduction by the Agent in its Reasonable Credit Judgment if the creditworthiness of such Account Debtor deteriorates), of all Eligible
Accounts, to the extent of the obligations owing by such Account Debtor in excess of such percentage,

 

(j)       Accounts
with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone out of business, or as to which
Borrower has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account
Debtor,

 

(k)       Accounts,
the collection of which, the Agent, in its Reasonable Credit Judgment, believes to be doubtful by reason of the Account Debtor’s
financial condition,

 

(l)       Accounts
that are not subject to a first priority perfected Lien in favor of the Collateral Agent,

 

(m)       Accounts
that are subject to a Lien other than the Lien of the Collateral Agent (except for Permitted Liens that do not have priority over the
Lien in favor of the Collateral Agent),

 

(n)       Accounts
with respect to which (i) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (ii) the services
giving rise to such Account have not been performed and billed to the Account Debtor,

 

(o)       Accounts
with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity,

 

(p)       Accounts
that represent the right to receive progress payments or other advance billings that are due prior to the completion of performance by
Borrower of the subject contract for goods or services,

 

(q)       Accounts
with respect to which the Account Debtor’s obligation does not constitute its legal, valid and binding obligation, enforceable against
it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally, and

 

(r)       Accounts
owned or generated by any Person or business which is acquired by an Obligor in connection with a Permitted Acquisition (or similar Investment),
until such time as the Agent has either (i) completed a customary due diligence investigation as to such Accounts and such Person, which
investigation may, at the discretion of the Agent, include a Field Examination and must be commenced no later than 15 days after a request
by the Borrower is made to so undertake such investigation to the Agent and completed no later than 30 days after such commencement, and
the Agent are satisfied with the results thereof in its Reasonable Credit Judgment or (ii) determined that such a due diligence investigation
is not necessary, except, that, up to $5,000,000 of such Accounts that are otherwise Eligible Accounts may be considered Eligible Accounts.

 

    -26-

     

    

 

 

“Eligible Assignee”
means (a) a commercial bank, commercial finance company or other asset based lender, having total assets in excess of $2,000,000,000 and
that extends credit or buys commercial loans in the ordinary course of business; (b) any Lender listed on the signature page of this Agreement;
(c) any Affiliate of any Lender and (d) any Approved Fund; provided, that, in any event, “Eligible Assignee” shall
not include (i) any natural Person, (ii) Holdings or the Borrower or any Affiliate thereof, or (iii) so long as the list of Disqualified
Lenders (including any updates thereto) has been made available to all Lenders, any Disqualified Lender (other than any Disqualified Lender
otherwise agreed to by the Borrower in a writing delivered to the Agent).

 

“Eligible
Investment Grade Accounts” means,
at any time, any Eligible Account for which the Account Debtor in respect thereof is an Investment Grade Account Debtor.

 

“EMU”
means economic and monetary union as contemplated in the Treaty on European Union.

 

“Engagement
Letter” means the Engagement Letter, dated as of February 20March
23, 2017 2022,
among between Barclays
and the Borrower, with respect to the payment of certain fees and other matters in connection with this Agreement and
the Restatement Agreement.

 

“Environment”
shall mean ambient air, indoor air, surface water, groundwater, drinking water, land surface, sediments, and subsurface strata and natural
resources such as wetlands, flora and fauna.

 

“Environmental
Laws” means all applicable Laws in connection with pollution, protection of the Environment, including Releases, threats of
Releases, or to health and safety (to the extent such health and safety laws relate to exposure to Contaminants)

 

“Equipment”
means all of each Obligor’s now owned or hereafter acquired machinery, equipment, furniture, furnishings, fixtures, and other tangible
personal property (except Inventory), including embedded software, service and delivery vehicles with respect to which a certificate of
title has been issued, aircraft, dies, tools, jigs, molds and office equipment, as well as all of such types of property leased by any
Obligor, and all of each Obligor’s rights and interests with respect thereto under such leases (including, without limitation, options
to purchase); together with all present and future additions and accessions thereto, replacements therefor, component and auxiliary parts
and supplies used or to be used in connection therewith, and all substitutes for any of the foregoing, and all manuals, drawings, instructions,
warranties and rights with respect thereto; wherever any of the foregoing is located.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time and any final regulations promulgated
and the rulings issued thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control with
the Borrower within the meaning of Section 414(c) of the Code (or any member of an affiliated service group within the meaning of Sections
414(m) and (o) of the Code of which the Borrower is a member).

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) any failure by a Pension Plan to satisfy the minimum
funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, in each case
whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for a waiver
of the minimum funding standard with respect to a Pension Plan; (d) a determination that a Pension Plan is in “at-risk”
status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) a withdrawal by the Borrower or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under Section 4062(e) of ERISA; (f) a complete
or partial withdrawal by the Borrower or any ERISA Affiliate from a Multi-employer Plan or notification that a Multi-employer Plan is
insolvent or in reorganization (within the meaning of Title IV of ERISA) or in
“endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (g)
the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA,
or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multi-employer Plan; (h) the occurrence of an event or condition
which would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Pension Plan or Multi-employer Plan; (i) the Borrower or any of its Subsidiaries engages in a non-exempt “prohibited
transaction” with respect to which the Borrower or any of its Subsidiaries is a “disqualified person” (within the meaning
of Section 4975 of the Code), or with respect to which the Borrower or any such Subsidiary could otherwise be liable; or (j) the imposition
of any Lien under Section 430(k) of the Code or pursuant to Section 303(k) or Section 4068 of ERISA with respect to any Pension Plan,
or any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower
or any ERISA Affiliate.

 

    -27-

     

    

 

“EU Bail-In Legislation
Schedule” means the document described as such and published by the Loan Market Association (or any successor Person) as in
effect from time to time.

 

“Event of Default”
has the meaning specified in Section 10.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and regulations promulgated thereunder.

 

“Excluded Accounts”
means all Deposit Accounts into which solely Excluded Funds are deposited, other than any Designated Account.

 

“Excluded Assets”
has the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 

“Excluded Funds”
means all amounts (i) solely for the purpose of payroll, employee wages and benefits, payment of taxes and escrow arrangements and fiduciary
arrangements for the benefit of third parties (other than the Obligors and their subsidiaries) and (ii) other amounts, not to exceed $2,000,000
in the aggregate.

 

“Excluded Stock”
means:

 

(a)       any
Stock with respect to which the Agent and the Borrower agree, in writing (each acting reasonably), that the cost of pledging such Stock
shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom,

 

(b)       solely
in the case of any pledge of Stock of any CFC or FSHCO to secure the Obligations, any Stock that is Voting Stock of such CFC or FSHCO
in excess of 65% of the outstanding Stock that is Voting Stock of such CFC or FSHCO,

 

(c)       any
Stock to the extent, and for so long as, the pledge thereof would be prohibited by any applicable Law (including any legally effective
requirement to obtain the consent of any Governmental Authority unless such consent has been obtained),

 

(d)       any
Margin Stock and Stock of any Person (other than any Wholly Owned Restricted Subsidiary) to the extent, and for so long as, the pledge
of such Stock would be prohibited by, or create an enforceable right of termination in favor of any other party thereto (other than Holdings,
the Borrower or any Wholly Owned Restricted Subsidiary of the Borrower) under, the terms of any Organization Document, joint venture agreement
or shareholders’ agreement applicable to such Person after giving effect to the applicable anti-assignment clauses of the UCC and
applicable law,

 

(e)       the
Stock of any Immaterial Subsidiary or Unrestricted Subsidiary, and

 

(f)       any
Stock of any Subsidiary to the extent that the pledge of such Stock would result in material adverse tax consequences to Holdings, the
Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Agent, and confirmed in writing by notice
to the Agent.

 

    -28-

     

    

 

“Excluded Subsidiary”
means:

 

(a)       any
Subsidiary that is not a Wholly Owned Subsidiary or is a joint venture on any date such Subsidiary would otherwise be required to become
a Guarantor pursuant to the requirements of Section 8.22 (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary),

 

(b)       any
Subsidiary that is restricted or prohibited by (x) subject to clause (g) below, applicable Law or (y) contractual obligation
from guaranteeing the Obligations (and for so long as such restriction or prohibition is in effect); provided that in the case
of clause (y), such contractual obligation existed on the Closing Restatement
Effective Date or, with respect to any Subsidiary acquired by the Borrower or a Restricted Subsidiary after the Closing
Restatement Effective Date (and so long as such
contractual obligation was not incurred in contemplation of such acquisition), on the date such Subsidiary is so acquired,

 

(c)       (i)
any Foreign Subsidiary, (ii) any Domestic Subsidiary that is (A) a FSHCO or (B) a direct or indirect Subsidiary of a Foreign Subsidiary
that is a CFC, or (iii) any other Subsidiary for which the provision of a Guaranty would result in a material adverse tax consequence
to Holdings, the Borrower or any Subsidiary (as reasonably determined by the Borrower in writing in consultation with the Agent),

 

(d)       any
Immaterial Subsidiary (provided that the Borrower shall not be permitted to exclude Immaterial Subsidiaries from guaranteeing the
Obligations to the extent that (i) the aggregate amount of gross revenue for all Immaterial Subsidiaries excluded by this clause (d)
exceeds 7.5% of the consolidated gross revenues of the Borrower and its Restricted Subsidiaries that are not otherwise Excluded Subsidiaries
by virtue of any other clauses of this definition except for this clause (d) as of the last day of the Test Period most recently
ended on or prior to the date of determination or (ii) the aggregate amount of total assets for all Immaterial Subsidiaries excluded by
this clause (d) exceeds 7.5% of the aggregate amount of Consolidated Total Assets (measured as of any date of determination based
upon the Section 6.2 Financials most recently delivered on or prior to such date) of the Borrower and its Restricted Subsidiaries that
are not otherwise Excluded Subsidiaries by virtue of any other clauses of this definition except for this clause (d) as of the
last day of the Test Period most recently ended on or prior to the date of determination),

 

(e)       any
other Subsidiary with respect to which, in the reasonable judgment of the Agent and the Borrower, the cost of providing a Guaranty shall
be excessive in view of the benefits to be obtained by the Lenders therefrom,

 

(f)       each
Unrestricted Subsidiary, and

 

(g)       any
Subsidiary that would require any consent, approval, license or authorization from any Governmental Authority to provide a Guaranty unless
such consent, approval, license or authorization has been received, or is received after commercially reasonable efforts (including if
requested by the Agent to do so) by the Borrower and/or such Subsidiary to obtain the same

 

“Excluded Swap
Obligation” means, with respect to any Obligor or Holdings, (a) any obligation (a “Swap Obligation”) to pay
or perform under any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of
the Commodity Exchange Act, if, and to the extent that, all or a portion of the guarantee of such Obligor of, or the grant by such Obligor
or Holdings of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) (i) by virtue of such Obligor’s or Holdings’ failure to constitute an “eligible contract participant,”
as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to any applicable keep well, support,
or other agreement for the benefit of such Obligor or Holdings and any and all applicable guarantees of such Obligor’s Swap Obligations
by other Obligors), at the time the guarantee of (or grant of such security interest by, as applicable) such Obligor or Holdings becomes
or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that is subject to a clearing
requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Obligor or Holdings is a “financial entity,”
as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or grant of such security interest by, as
applicable) such Obligor or Holdings becomes or would become effective with respect to such Swap Obligation or (b) any other Swap Obligation
designated as an “Excluded Swap Obligation” of such Obligor or Holdings as specified in any agreement between the relevant
Obligors and Hedge Bank applicable to such Swap Obligations. If a Swap Obligation arises under a Master Agreement governing more than
one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to the swap for which such guarantee
or security interest is or becomes excluded in accordance with the first sentence of this definition.

 

    -29-

     

    

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from
a payment to a Recipient under any Loan Document, (a) Taxes imposed on (or measured by) the Recipient’s net income (however denominated),
franchise Taxes imposed in lieu of net income Taxes, and branch profits Taxes,
in each case (i) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case
of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender pursuant to a law in effect on the date on which (i) such Lender acquired its interest in the applicable Commitment
or, in the case of an applicable interest in a Loan not funded pursuant to a prior Commitment, such Lender acquires such interest in such
Loan (provided that this clause (b)(i) shall not apply to an assignee pursuant to an assignment request by the Borrower under Section
5.8 or the acquisition of a participation pursuant to Section 13.11)
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 5.1, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired its interest in the applicable
Loan or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 5.1(d), and (d) any Taxes imposed under FATCA.

 

“Existing
Credit Agreement” means the Credit Agreement, dated as of September 30, 2013 (as amended, supplemented or otherwise
modified from time to time prior to the Closing Date), by and among Holdings, the Borrower, the lenders from time to time party thereto,
Deutsche Bank AG New York Branch, as agent, and the other parties thereto.

 

“Existing
Debt Refinancing” means the repayment in full of all principal, accrued and unpaid interest, fees, premium,
if any, and other amounts outstanding under the Existing Credit Agreement, other than contingent obligations not then due and payable
and that by their terms survive the termination of the Existing Credit Agreement, the termination of all commitments to extend credit
thereunder and the termination and/or release of any security interests and guarantees in connection therewith. 

 

“Existing Revolving
Credit Class” has the meaning specified in Section 2.7(a).

 

“Existing Revolving
Credit Commitments” has the meaning specified in Section 2.7(a).

 

“Existing Revolving
Loans” has the meaning specified in Section 2.7(a).

 

“Extended Revolving
Credit Commitments” has the meaning specified in Section 2.7(a).

 

“Extended Revolving
Credit Facility” means each Class of Extended Revolving Credit Commitments established pursuant to Section 2.7.

 

“Extended Revolving
Loans” has the meaning specified in Section 2.7(a).

 

“Extending Lender”
has the meaning specified in Section 2.7(b).

 

“Extension Agreement”
has the meaning specified in Section 2.7(c).

 

“Extension Date”
has the meaning specified in Section 2.7(d).

 

“Extension Election”
has the meaning specified in Section 2.7(b).

 

“Extension Request”
has the meaning specified in Section 2.7(a).

 

    -30-

     

    

 

“Extension Series”
means all Extended Revolving Credit Commitments that are established pursuant to the same Extension Agreement (or any subsequent Extension
Agreement to the extent such Extension Agreement expressly provides that the Extended Revolving Credit Commitments provided for therein
are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees,
if any, and amortization schedule.

 

“Fair Market
Value” means, with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable
in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s
length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset,
as determined in good faith by the Borrower.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and
any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above) and
any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

 

“Federal
Funds Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal
funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on
its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the
federal funds effective rate; provided, that if the Federal Funds Effective Rate
for any day is less than zero, the Federal Funds Effective Rate for such day will be
deemed to be zero.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System or any successor thereto.

 

“Field Examination”
has the meaning specified in Section 8.4(b).

 

“FILO Tranche”
has the meaning specified in Section 2.6(c)(ii).

 

“Financed
Capital Expenditures” means, with respect to any Person and for any period, Capital Expenditures made by such Person during
such period that are financed with the net proceeds of any incurrence of Debt (other than Loans) or received from any disposition of assets,
from any Casualty Event or from any issuance of Stock including the proceeds from the initial public offering by Holdings on or about
the Original Agreement Date (other than Disqualified Stock
or any other issuance of Stock which increases any available basket hereunder).

 

“Financial Covenant”
means the covenant set forth in Section 8.20.

 

“Financial Statements”
means, according to the context in which it is used, the financial statements referred to in Sections 6.2 and Section 7.5.

 

“Fiscal Quarter”
means the period commencing on January 1 in any Fiscal Year and ending on the next succeeding March 31, the period commencing on April
1 in any Fiscal Year and ending on the next succeeding June 30, the period commencing on July 1 in any Fiscal Year and ending on the next
succeeding September 30, or the period commencing on October 1 in any Fiscal Year and ending on the next succeeding December 31, as the
context may require.

 

“Fiscal
Year” means Holdings’, the Borrower’s, the Guarantors’ and/or their Subsidiaries’ fiscal year for financial
accounting purposes. As of the Agreement Restatement
Effective Date, the current Fiscal Year of the Consolidated Parties will end on December 31, 20172022.

 

    -31-

     

    

 

“Fixed Asset
Collateral” means (i) Equipment and Fixtures; (ii) Real Estate; (iii) Intellectual Property; (iv) equity interests in all direct
and indirect Subsidiaries of the Borrower; (v) all other assets of any Obligor, whether real, personal or mixed not constituting Current
Asset Collateral; (vi) to the extent evidencing, governing, securing or otherwise reasonably related to any of the foregoing, all Documents,
General Intangibles, Instruments, Commercial Tort Claims, Letters of Credit, Letter of Credit Rights and Supporting Obligations; provided,
however, that to the extent any of the foregoing also evidence, govern, secure or otherwise reasonably relate to any Current Asset Collateral
only that portion that evidences, governs, secures or primarily relates to Fixed Asset Collateral shall constitute Fixed Asset Collateral;
(vii) all books, records and documents related to the foregoing (including databases, customer lists and other records, whether tangible
or electronic, which contain any information relating to any of the foregoing); and (viii) all Proceeds and products of any or all of
the foregoing in whatever form received, including proceeds of business interruption and other insurance and claims against third parties.
For purposes of this definition, capitalized terms used but not defined elsewhere in this Agreement shall have the meanings set forth
in Articles 8 or 9 of the UCC.

 

“Fixed
Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) (i) Consolidated EBITDA of Holdings, the Borrower
and its Restricted Subsidiaries for the Test Period most recently ended on or prior to such date of determination minus (ii) Unfinanced
Capital Expenditures made by Holdings, the Borrower and its Restricted Subsidiaries during such Test Period, to (b) the Fixed Charges
of Holdings, the Borrower and its Restricted Subsidiaries for such Test Period; provided
that, for purposes of calculating the Fixed Charge Coverage Ratio for any period ending prior to the first anniversary of the
Closing Date, Consolidated Interest Expense shall be an amount equal to actual Consolidated Interest Expense from the Closing Date through
the date of determination multiplied by a fraction the numerator of which is 365 and the denominator of which is the number of days from
the Closing Date through the date of determination.

 

In calculating the Fixed
Charge Coverage Ratio for purposes of determining whether the Fixed Charge Coverage Ratio test described in clause (b) of the definition
of “Specified Conditions” has been satisfied, as of such date, the amount of Fixed Charges included in clause (b) above
shall include, without duplication of any payments already constituting Fixed Charges, the amount of any Specified Payment actually made
on such date of determination.

 

“Fixed Charges”
means, as of any date of determination, the sum, determined on a consolidated basis, of (a) the Consolidated Interest Expense of Holdings,
the Borrower and its Restricted Subsidiaries paid in the Test Period most recently ended on or prior to such date of determination, plus
(b) scheduled payments of principal (including any scheduled payment of principal resulting from the requirement to make a payment as
a result of the accumulation of excess cash flow) on Debt for Borrowed Money of Holdings, the Borrower and its Restricted Subsidiaries
(other than payments by Holdings, the Borrower or any of its Restricted Subsidiaries to Holdings, Borrower or to any of such Restricted
Subsidiaries) paid in cash during such Test Period and the principal component of Debt attributable to Capital Leases paid in cash during
such Test Period, plus (c) cash Taxes actually paid in such Test Period, plus (d) any Distribution made in cash pursuant
to Section 8.10(j)(i) during such Test Period.

 

“Flood Insurance
Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute
thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National
Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act
of 2004 as now or hereafter in effect or any successor statute thereto and (v) Biggert-Waters Flood Insurance Reform Act of 2012 as now
or hereafter in effect or any successor statute thereto.

 

“Foreign Subsidiary”
means any Subsidiary of the Borrower that is formed under the laws of a jurisdiction other than the United States, a state of the United
States or the District of Columbia.

 

“FSHCO”
means any direct or indirect Subsidiary that has no material assets other than Stock of one or more direct or indirect Foreign Subsidiaries
that are CFCs.

 

“Full Payment”
or “Full Payment of the Obligations” means, with respect to any Obligations (other than contingent indemnification
obligations or other contingent obligation for which no claim has been made or asserted, Hedge Obligations not then due and payable and
Cash Management Obligations not then due and payable), (a) the full and indefeasible cash payment thereof, including any interest, fees
and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding), (b) if such Obligations arise from
Letters of Credit or if such Obligations consist of indemnification or similar obligations for which a claim has been made or asserted,
the cash collateralization thereof as provided herein or otherwise acceptable to the Agent (or delivery of a standby letter of credit
reasonably acceptable to the Agent, in the amount of required cash collateral) and (c) the termination or expiration of all Commitments.

 

    -32-

     

    

 

“Funding Date”
means the date on which a Borrowing occurs.

 

“GAAP”
means generally accepted accounting principles and practices set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession), which
are applicable to the circumstances from time to time.

 

“General Intangibles”
means all of each Obligor’s now owned or hereafter acquired “general intangibles” as defined in the UCC, choses
in action and causes of action and all other intangible personal property of each Obligor of every kind and nature (other than Accounts),
including, without limitation, all contract rights, payment intangibles, Intellectual Property, corporate or other business records, blueprints,
plans, specifications, registrations, licenses, franchises, Tax refund claims, any funds which may become due to any Obligor in connection
with the termination of any Plan or other employee benefit plan or any rights thereto and any other amounts payable to any Obligor from
any Plan or other employee benefit plan, rights and claims against carriers and shippers, rights to indemnification, business interruption
insurance and proceeds thereof, property, casualty or any similar type of insurance and any proceeds thereof, proceeds of insurance covering
the lives of key employees on which any Obligor is beneficiary, rights to receive dividends, distributions, cash, Instruments and other
property in respect of or in exchange for pledged Stock or Investment Property and any letter of credit, guarantee, claim, security interest
or other security held by or granted to any Obligor.

 

“Governmental
Authority” means any nation or government, any state, territorial or other political subdivision thereof, any central bank (or
similar monetary or regulatory authority) thereof and any governmental entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government.

 

“Guarantee
Agreement” means the Guarantee Agreement, dated as of the Original
Agreement Date, among the Guarantors for the benefit of the Secured Parties.

 

“Guarantors”
means (a) the Borrower, other than with respect to its own Obligations, (b) each Restricted Subsidiary, whether now existing or hereafter
created or acquired (other than any Excluded Subsidiary) that is a party to the Guarantee Agreement and (c) each other Person, who, in
a writing accepted by the Agent, guarantees payment or performance in whole or in part of the Obligations. There are no Guarantors as
of the Agreement Restatement
Effective Date (other than the Borrower to the extent set forth in clause (a)).

 

“Guaranty”
means, with respect to any Person, all obligations of such Person which in any manner directly or indirectly guarantee or assure, or in
effect guarantee or assure, the payment or performance of any indebtedness, dividend or other monetary obligations of any other Person
(the “guaranteed monetary obligations”), or assure or in effect assure the holder of the guaranteed monetary obligations
against loss in respect thereof, including any such obligations incurred through an agreement, contingent or otherwise: (a) to purchase
the guaranteed monetary obligations or any property constituting security therefor; (b) to advance or supply funds for the purchase or
payment of the guaranteed monetary obligations or to maintain a working capital or other balance sheet condition; or (c) to lease property
or to purchase any debt or equity securities or other property or services; provided that the term “Guaranty” shall
not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity
obligations in effect on the Closing Restatement
Effective Date or entered into in connection with any acquisition or Disposition of assets permitted under this Agreement (other
than such obligations with respect to Debt). The amount of any Guaranty shall be deemed to be an amount equal to the stated or determinable
amount of the related primary obligation, or portion thereof, in respect of which such Guaranty is made or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.

 

    -33-

     

    

 

“Hedge Agreement”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement,
or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.

 

“Hedge
Bank” means any Person that that is a counterparty to a Secured Hedge Agreement with an Obligor or one of its Restricted Subsidiaries,
in its capacity as such, and that either (i) is a Lender, the Agent, an Arranger or an Affiliate of the foregoing at the time it enters
into such a Secured Hedge Agreement, or on the Closing Restatement
Effective Date is party to a Hedge Agreement with an Obligor or any Restricted Subsidiary permitted under Section 8.12
on the Closing Restatement
Effective Date, in its capacity as a party thereto or (ii) becomes a Lender, the Agent or an Affiliate of a Lender or the Agent
after it has entered into a Hedge Agreement permitted by Section 8.12 with any Obligor or any Restricted Subsidiary.

 

“Hedge Obligations”
means, with respect to any Person, the obligations of such Person under Hedge Agreements.

 

“Historical
Financial Statements” means audited consolidated balance sheets of the Borrower and its consolidated subsidiaries as at the
end of, and related statements of income and cash flows of the Borrower and its consolidated subsidiaries for, the three most recently
completed Fiscal Years ended December 31, 20162021.

 

“Holdings”
means (i) Holdings (as defined in the preamble to this Agreement) or (ii) any other Person or Persons (the “New Holdings”)
that is a Subsidiary of (or are Subsidiaries of) Holdings or of any Parent Entity of Holdings (or the previous New Holdings, as the case
may be) but not the Borrower (the “Previous Holdings”); provided that (a) such New Holdings directly owns
100% of the Stock of the Borrower, (b) the New Holdings shall expressly assume all the obligations of the Previous Holdings under
this Agreement and the other Loan Documents pursuant to a supplement hereto or thereto in form and substance reasonably satisfactory to
the Agent, (c) the New Holdings shall have delivered to the Agent a certificate of a Responsible Officer stating that such substitution
and any supplements to the Loan Documents preserve the enforceability of the Guarantee Agreement and the perfection and priority of the
Collateral Agent’s Liens, (d) if reasonably requested by the Agent, an opinion of counsel in form and substance reasonably
satisfactory to the Agent shall be delivered by the Borrower to the Agent to the effect that, without limitation, such substitution does
not breach or result in a default under this Agreement or any other Loan Document, (e) all Stock of the Borrower and substantially
all of the other assets of the Previous Holdings are contributed or otherwise transferred to such New Holdings and pledged to secure the
Obligations and (f) no Default or Event of Default has occurred and is continuing at the time of such substitution and such substitution
does not result in any Default or Event of Default or material tax liability to any Lender (including, for the avoidance of doubt, any
Letter of Credit Issuer and any Swingline Lender); provided, further, that if each of the foregoing is satisfied, the Previous
Holdings shall be automatically released from all its obligations under the Loan Documents and any reference to “Holdings”
in the Loan Documents shall be meant to refer to the “New Holdings.”

 

“Immaterial Subsidiary”
means, at any date of determination, any Restricted Subsidiary of the Borrower (a) whose total assets (when combined with the assets of
such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany obligations) at the last day of the Test Period most recently
ended on or prior to such determination date were an amount equal to or less than 5.0% of Consolidated Total Assets at such date and (b)
whose gross revenues (when combined with the revenues of such Restricted Subsidiary’s Subsidiaries, after eliminating intercompany
obligations) for such Test Period were an amount equal to or less than 5.0% of the consolidated gross revenues of the Borrower and its
Restricted Subsidiaries for such Test Period, in each case determined in accordance with GAAP.

 

    -34-

     

    

 

“Incremental
Agreement” has the meaning specified in Section 2.6(e).

 

“Incremental
Facility Closing Date” has the meaning specified in Section 2.6(e).

 

“Incremental
Revolving Credit Commitment Increase Lender” has the meaning specified in Section 2.6(f)(ii).

 

“Indemnified
Person” has the meaning specified in Section 14.10.

 

“Indemnified
Taxes” means (a) all Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
Obligor under any Loan Document and (b) to the extent not otherwise described in clause (a) above, all Other Taxes.

 

“Insolvency Proceeding”
means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state, federal or
foreign bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions
generally with all or substantially all creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Instruments”
means all instruments as such term is defined in Article 9 of the UCC, now owned or hereafter acquired by any Obligor.

 

“Intellectual
Property” has the meaning specified in the Security Agreement.

 

“Intercreditor
Agreement” means an intercreditor agreement substantially in the form of Exhibit L hereto.

 

“Interest
Period” means, as to any LIBOR Loan, the period commencing on the Funding Date of such Loan or on the Continuation/Conversion
Date on which the Loan is converted into or continued as a LIBOR Loan, and ending on the date one, two, three or six months thereafter
or (if available from all the Lenders making or holding such Loan as determined by such Lenders in good faith) 12 months or a period shorter
than one month thereafter, as selected by the Borrower in its Notice of Borrowing or Notice of Continuation/Conversion, provided
that:

 

(a)       if
any Interest Period would otherwise end on a day that is not a Business Day, that Interest Period shall be extended to the following Business
Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest
Period shall end on the preceding Business Day;

 

(b“Interest
Period” means, with respect to any Term SOFR Loan, the period beginning on the date of such Borrowing specified in the applicable
Notice of Borrowing or on the date specified in the applicable Notice of Continuation/Conversion and ending on the numerically corresponding
day in the calendar month that is one, three or six months thereafter (or such other period as all of the relevant Lenders may agree),
as the Borrower may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period pertaining
to a LIBOR Loan that begins commences
on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last
calendar month at the end of such Interest Period) shall end on the last Business
Day of the last calendar month at
the end of such Interest Period ; andand
(iii) no Interest Period shall extend beyond the Stated Termination Date.

 

(c)       no
Interest Period shall extend beyond the Stated Termination Date.

 

“Interest Rate”
means each or any of the interest rates, including the Default Rate, set forth in Section 3.1.

 

    -35-

     

    

 

“Inventory”
means all of each Obligor’s now owned or hereafter acquired “Inventory” as defined in the UCC, and shall also include,
without limitation, all: (a) goods which (i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished
under a contract of service, (iii) are furnished by a Person under a contract of service, or (iv) consist of raw materials, work in process,
or materials used or consumed in a business; (b) goods of said description in transit; (c) goods of said description which are returned,
repossessed or rejected; and (d) packaging, advertising and shipping materials related to any of the foregoing.

 

“Investment”
in any Person means (a) the acquisition (whether for cash, property, services, assumption of Debt, securities or otherwise, but exclusive
of the acquisition of inventory, supplies, equipment and other assets used or consumed in the ordinary course of business of the Borrower
or the applicable Subsidiary and Capital Expenditures) of assets, shares of Stock, bonds, notes, debentures, partnerships, joint ventures
or other ownership interests or other securities of such Person, (b) any advance, loan or other extension of credit (other than in connection
with leases of Equipment or leases or sales of Inventory on credit in the ordinary course of business and excluding, in the case of the
Borrower and its Restricted Subsidiaries, intercompany loans, advances, or Debt having a term not exceeding 364 days (inclusive of any
roll-over or extensions of terms) and made in the ordinary course of business) to such Person, or (c) any other capital contribution to,
or investment in, such Person, including, without limitation, any obligation incurred for the benefit of such Person, but excluding (i)
commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of business, and (ii) bona
fide Accounts arising in the ordinary course of business. It is further understood and agreed that for purposes of determining the value
of any Investment outstanding for purposes hereof, such amount shall be deemed to be the amount of such Investment when made, purchased
or acquired less all dividends, returns, interests, profits, distributions, income and similar amounts received in respect of such
Investment (not to exceed the original amount invested).

 

“Investment
Grade” means a rating of Baa3 (with a stable outlook) or better by Moody’s (or its equivalent under any successor
rating categories of Moody’s) and a rating of BBB- (with a stable outlook) or better by S&P (or its equivalent under any successor
rating categories of S&P).

 

“Investment
Grade Account Debtor” means, at any time, an Account Debtor that has an Investment Grade corporate credit rating from Moody’s
or S&P.

 

“Investment Property”
means all of each Obligor’s now owned or hereafter acquired “investment property” as defined in the UCC, and
includes all right title and interest of each Obligor in and to any and all: (a) securities whether certificated or uncertificated; (b)
securities entitlements; (c) securities accounts; (d) commodity contracts; or (e) commodity accounts.

 

“Investors”
means the Sponsor and the entities designated on Schedule 1.6.

 

“Interpolated
Rate” means, in relation to the LIBOR Rate, the rate which results from interpolating on a linear basis between:

 

		(a)	the applicable LIBOR Rate for the longest period (for which that LIBO Rate is available) which is less than the Interest Period
of that Loan; and

 

		(b)	the applicable LIBOR Rate for the shortest period (for which that LIBO Rate is available) which exceeds the Interest Period
of that Loan,

 

each
as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period of that Loan.

 

“IRS”
means the Internal Revenue Service and any Governmental Authority succeeding to any of its principal functions under the Code.

 

“JPMorgan”
means JPMorgan Chase Bank, N.A. and its successors.

 

“Junior Debt”
means any junior lien secured Debt for Borrowed Money, unsecured Debt for Borrowed Money incurred pursuant to Section 8.12(q)(y) or subordinated
Debt for Borrowed Money, in each case incurred by an Obligor and owing to a Person that is not Holdings, an Obligor or any Subsidiary
thereof.

 

    -36-

     

    

 

“Laws”
means, collectively, all international, foreign, federal, state, territorial and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by
any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders,
licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force
of laws.

 

“L/C Commitment”
means, with respect to any Letter of Credit Issuer at any time, (i) the amount set forth opposite such Letter of Credit Issuer’s
name on Schedule 1.1 hereto under the caption “L/C Commitment” or (ii) such other amount agreed from time to time between
such Letter of Credit Issuer and the Borrower.

 

“Lender”
means (a) the Persons listed on Schedule 1.1, (b) any other Person that shall become a party hereto as a “lender”
pursuant to Section 12.2,  and (c)
each Person that becomes a party hereto as a “lender” pursuant to the terms of Section 2.6 and
(d) the Persons identified in Amendment No. 2 as Additional Lenders (as defined therein), in each case other than a
Person who ceases to hold any outstanding Loans, participations in Letters of Credit or Swingline Loans or any Commitment and shall
include the Agent to the extent of any Agent Advance outstanding and the Swingline Lender to the extent of any Swingline Loan
outstanding.

 

“Lender Default”
means (a) the refusal (in writing) or failure of any Lender to make available its portion of any incurrence of Loans or participations
in Letters of Credit or Swingline Loans, which refusal or failure is not cured within one Business Day after the date of such refusal
or failure, (b) the failure of any Lender to pay over to the Agent, any Letter of Credit Issuer, the Swingline Lender or any other Lender
any other amount required to be paid by it hereunder within one Business Day of the date when due, (c) a Lender has notified the Borrower
or the Agent that it does not intend or expect to comply with any of its funding obligations or has made a public statement to that effect
with respect to its funding obligations under this Agreement, (d) the failure by a Lender to confirm in a manner reasonably satisfactory
to the Agent that it will comply with its obligations under this Agreement, (e) any Lender or a direct or indirect parent company
of each Lender becoming subject to a Bail-In Action or (f) a Distressed Person has admitted in writing that it is insolvent or such Distressed
Person becomes subject to a Lender-Related Distress Event.

 

“Lender-Related
Distress Event” means, with respect to any Lender, that such Lender or any Person that directly or indirectly controls such
Lender (each, a “Distressed Person”), as the case may be, is or becomes subject to a voluntary or involuntary case
with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver or similar official is appointed
for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any person that
directly or indirectly controls such Distressed Person is subject to a forced liquidation or winding up, or such Distressed Person makes
a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory
authority over such Distressed Person or its assets to be, insolvent or bankrupt; provided that a Lender-Related Distress Event
shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in any Lender or any Person that directly
or indirectly controls such Lender by a governmental authority or an instrumentality thereof; provided, further, that such
ownership interest does not result in or provide such person with immunity from the jurisdiction of courts within the United States or
from the enforcement of judgments or writs of attachment on its assets or permit such person (or such governmental authority or instrumentality)
to reject, repudiate, disavow or disaffirm any contract or agreements made by such person or its parent entity. .

 

“Letter of Credit”
has the meaning specified in Section 2.3(a).

 

“Letter of Credit
Fee” has the meaning specified in Section 3.6.

 

“Letter of Credit
Issuer” means (a) Barclays, JPMorgan or any of their respective Subsidiaries or Affiliates and (b) any other Lender (or any
of its Subsidiaries or Affiliates) that becomes an Letter of Credit Issuer in accordance with Section 2.3(h); in the case of each
of clause (a) or (b) above, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters
of Credit hereunder. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other
Loan Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter
of Credit or to all Letter of Credit Issuers, as the context requires.

 

    -37-

     

    

 

“Letter of Credit
Subfacility” means $25,000,000.

 

“LIBOR”
has the meaning specified in the definition of “LIBOR Rate.”

 

“LIBOR
Interest Payment Date” means, with respect to a LIBOR Loan, the Termination Date and the last day of each Interest
Period applicable to such Loan and, with respect to each Interest Period of more than three months, each three-month anniversary of the
commencement of such Interest Period for such LIBOR Loan.

 

“LIBOR
Loan” means a Loan during any period in which it bears interest based on the LIBOR Rate.

 

“LIBOR
Rate” means:

 

(a)       for
any Interest Period with respect to a LIBOR Loan, the rate per annum equal to (i) the rate per annum determined by the Agent to be
the offered rate which appears on the page of the Reuters Screen which displays the London interbank offered rate administered by ICE
Benchmark Administration Limited (such page currently being the LIBOR01 page) (the “LIBOR”)
for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined
as of approximately 11:00 a.m. (London, England time), two Business Days prior to the commencement of such Interest Period, or (ii) in
the event the rate referenced in the preceding clause (i) does not appear on such page or service or if such page or service shall
cease to be available, the rate determined by the Agent to be the offered rate on such other page or other service which displays the
LIBOR for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars,
determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period;
provided that if the LIBOR is quoted under either of the preceding clauses (i) or (ii), but there
is no such quotation for the Interest Period elected, the LIBOR shall be equal to the Interpolated Rate; and provided,
further, that if any such rate determined pursuant to the preceding clauses (i) or (ii) is below
zero, the LIBOR Rate will be deemed to be zero; and

 

(b)       for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) LIBOR, at approximately 11:00 a.m.,
London time determined on such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing
that day or (ii) in the event the rate referenced in the preceding clause (i) does not appear on such page or service or if such
page or service shall cease to be available, the rate determined by the Agent to be the offered rate on such other page or other service
which displays LIBOR for deposits (for delivery on the date of determination) with a term equal to one month, determined at the date and
time of determination.

 

“Lien”
means: (a) any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether
such interest is based on the common law, statute, or contract, and including a security interest, charge, claim, priority or lien arising
from a mortgage, deed of trust, encumbrance, pledge, hypothecation, deemed trust, assignment, deposit arrangement, security agreement,
conditional sale or trust receipt or the interest of a vendor or lessor under a capital lease, consignment or title retention agreement;
and (b) to the extent not included under clause (a), any reservation, exception, encroachment, easement, servitude right-of-way,
restriction, lease or other title exception or encumbrance affecting property (and for clarity, including exclusive licenses (but not
non-exclusive licenses) granted in Intellectual Property).

 

“Loan Documents”
means this Agreement, the Guarantee Agreement, the Security Documents, the Notes, the Engagement Letter, any Intercreditor Agreement and
any other agreements, instruments, and documents heretofore, now or hereafter evidencing, securing or guaranteeing any of the Obligations
or any of the Collateral, in each case to which one or more Obligors is a party.

 

“Loans”
means, collectively, all loans and advances provided for in Article II, including any Revolving Loans, or Extended Revolving Loans,
as applicable.

 

    -38-

     

    

 

“Losses”
has the meaning specified in Section 14.10.

 

“Management
Investors” means the members of management, directors, officers and employees of Holdings (or any Parent Entity thereof), the
Borrower or any of its Subsidiaries who are (directly or indirectly through one or more investment vehicles) investors in Holdings or
any Parent Entity as of the Closing Restatement
Effective Date.

 

“Margin Stock”
means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.

 

“Master Agreement”
has the meaning specified in the definition of “Hedge Agreement.”

 

“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business or financial condition
of the Borrower and its Restricted Subsidiaries, taken as a whole; (b) a material impairment of the ability of the Borrower and the other
Obligors (taken as a whole) to perform their payment obligations under the Loan Documents; or (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Obligor of any Loan Document to which it is a party.

 

“Material Indebtedness”
means Debt (other than the Obligations) of any one or more of the Borrower and the Restricted Subsidiaries in an aggregate principal amount
exceeding $25,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations in respect
of any Hedge Agreement at any time shall be the Swap Termination Value thereof.

 

“Maximum Credit”
means, at any time, the lesser of (i) the Maximum Revolver Amount in effect at such time and (ii) the Borrowing Base at such
time.

 

“Maximum Rate”
has the meaning specified in Section 3.3.

 

“Maximum
Revolver Amount” means, at any time, the aggregate Revolving Credit Commitments at such time, as the same may be increased
from time to time in accordance with Section 2.6 or reduced from time to time in accordance with Section 4.4(b); provided that
the Maximum Revolver Amount shall not at any time exceed $400,000,000250,000,000.
As of the Amendment No. 2 Restatement Effective
Date, the Maximum Revolver Amount is $300,000,000150,000,000.
Anything contained herein to the contrary notwithstanding, upon termination of the Revolving Credit Commitments, the Maximum
Revolver Amount shall automatically be reduced to zero.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.

 

“Mortgage”
means, collectively, the deeds of trust, trust deeds, debentures, deeds of hypothec and mortgages creating and evidencing a Lien on a
Mortgaged Property made by any Obligor in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties in the form
and substance reasonably acceptable to the Collateral Agent and the Borrower that are executed and delivered pursuant to Section 9.1(a)(ii)of
the Original Credit Agreement (if applicable) and Section 8.22.

 

“Mortgaged Properties”
has the meaning specified in paragraph (f) of the definition of “Collateral and Guarantee Requirement.”

 

“Multi-employer
Plan” means a “multi-employer plan” as defined in Section 4001(a)(3) of ERISA which is or was at any time during
the current year or the immediately preceding six (6) years contributed to by the Borrower or any ERISA Affiliate or with respect to which
the Borrower or any ERISA Affiliate has any ongoing obligation with respect to withdrawal liability (within the meaning of Title IV of
ERISA).

 

“Net Income”
means, with respect to any Person, the net income (loss) attributable to such Person and its Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP and before any reduction in respect of Preferred Stock dividends.

 

    -39-

     

    

 

“New Holdings”
has the meaning specified in the definition of “Holdings.”

 

“Non-Consenting
Lender” has the meaning specified in Section 12.1(b).

 

“Non-Extension
Notice Date” has the meaning specified in Section 2.3(b).

 

“Note”
means a promissory note of the Borrower payable to any Lender or its registered assigns, in substantially the form of Exhibit K
hereto, evidencing the aggregate Debt of the Borrower to such Lender resulting from the Loans made by such Lender.

 

“Notice of Borrowing”
has the meaning specified in Section 2.4(a).

 

“Notice of Continuation/Conversion”
has the meaning specified in Section 3.2(b).

 

“Noticed Hedge”
means Secured Hedge Obligations in respect of which the notice delivered to the Agent by the applicable Hedge Bank and the Borrower confirms
that such Secured Hedge Agreement shall be deemed a “Noticed Hedge” hereunder for all purposes, including the application
of Bank Product Reserves and Section 10.3, so long as the establishment of a Bank Product Reserve with respect to such Secured
Hedge Obligation would not result in the Borrower exceeding the Maximum Credit; provided that such designation shall be made within
ten (10) Business Days of (i) the Closing Date if such Secured Hedge Agreement is in place on the Closing Date or (ii) the date such Secured
Hedge Agreement is entered into if such Secured Hedge Agreement is not in place on the Closing Date; provided, further,
that, if the amount of Secured Hedge Obligations arising under such Secured Hedge Agreement is increased in accordance with the definition
of “Secured Hedge Obligation,” then such Secured Hedge Obligations shall only constitute a Noticed Hedge to the extent that
a Bank Product Reserve can be established with respect to such Secured Hedge Agreement without exceeding the then-current Availability.

 

“Obligations”
means all present and future loans, advances, liabilities, obligations, covenants, duties, and debts owing by the Obligors or Restricted
Subsidiaries, or any of them, to the Agent, any Letter of Credit Issuer, any Lender, any Secured Party and/or any Indemnified Person,
arising under or pursuant to this Agreement, any of the other Loan Documents, Secured Cash Management Agreements and Secured Hedge Agreements,
whether or not evidenced by any note, or other instrument or document, whether arising from an extension of credit, opening of a letter
of credit, acceptance, loan, guaranty, indemnification or otherwise, whether direct or indirect, absolute or contingent, due or to become
due, primary or secondary, as principal or guarantor, and including all principal, interest, charges, expenses, fees, attorneys’
fees, Attorney Costs, filing fees and any other sums chargeable to any of the Borrower or any other Obligor hereunder or under any of
the other Loan Documents. “Obligations” include, without limitation, (a) all debts, liabilities, and obligations now or hereafter
arising from or in connection with the Letters of Credit, (b) all Secured Hedge Obligations (other than with respect to any Obligor’s
Hedge Obligations that constitute Excluded Swap Obligations) and Cash Management Obligations and (c) all interest, fees and other amounts
that accrue or would accrue after commencement of any Insolvency Proceeding against any Obligor, whether or not allowed in such proceeding.

 

“Obligors”
means, collectively, the Borrower, each Guarantor, and any other Person that now or hereafter is primarily or secondarily liable for any
of the Obligations and/or grants the Collateral Agent a Lien in any Collateral as security for any of the Obligations. For the avoidance
of doubt, Holdings shall not be an Obligor.

 

“OFAC”
has the meaning specified in Section 7.24(a).

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent
or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity.

 

    -40-

     

    

 

“Original
Agreement Date” means March 22, 2017.

 

“Original
Credit Agreement” has the meaning specified in the recitals to this Agreement.

 

“Original Currency”
has the meaning specified in Section 14.19.

 

“Originating
Lender” has the meaning specified in Section 12.2(e).

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other
Taxes” means all present or future stamp, court, documentary, intangible, recording, filing, excise
or property Taxes, charges or similar levies Taxes
which arise from any payment made hereunder under
any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under or otherwise with respect to, this Agreement or any other Loan Documents, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.8(c)).

 

“Out-of-Formula
Condition” has the meaning specified in Section 4.2.

 

“Parent Entity”
means any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of Holdings
and/or the Borrower, as applicable. For the avoidance of doubt, any Person that is formed to effect a public offering of common Stock
that directly or indirectly owns a majority of the voting Stock of Holdings will be deemed a Parent Entity of Holdings.

 

“Participant”
means any Person who shall have been granted the right by any Lender to participate in the financing provided by such Lender under this
Agreement, and who shall have entered into a participation agreement in form and substance satisfactory to such Lender.

 

“Participant
Register” has the meaning specified in Section 13.20(b).

 

“Payment”
has the meaning specified in Section 13.20(a).

 

“Payment
Notice”has the meaning specified in Section 13.20(b).

 

“Payment
Recipient” has the meaning specified in Section 13.20(a).

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any Governmental Authority succeeding to the functions thereof.

 

“Pension Plan”
means a pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA or Section 412 of the Code, other than a Multi-employer
Plan, which the Borrower or any ERISA Affiliate sponsors, maintains, or to which it makes, is making, or is obligated to make contributions,
or has made contributions at any time during the immediately preceding five (5) plan years.

 

“Perfection Certificate”
means the Perfection Certificate substantially in the form of Exhibit F.

 

“Periodic
Term SOFR Determination Day” has the meaning assigned to such term in the definition of “Term SOFR”. 

 

    -41-

     

    

 

 

“Permitted Acquisition”
means any acquisition, by merger, consolidation, amalgamation or otherwise, by the Borrower or any of its Restricted Subsidiaries of assets
(including any assets constituting a business unit, line of business or division) or Stock, so long as (a) such acquisition and all transactions
related thereto shall be consummated in all material respects in accordance with all applicable Laws, (b) if such acquisition involves
the acquisition of Stock of a Person that upon such acquisition would become a Subsidiary, such acquisition shall result in the issuer
of such Stock becoming a Restricted Subsidiary (unless otherwise designated as an Unrestricted Subsidiary pursuant to Section 8.26)
and, to the extent required by the Collateral and Guarantee Requirement, a Guarantor, (c) to the extent required by the Collateral
and Guarantee Requirement, such acquisition shall result in the Collateral Agent, for the benefit of the Secured Parties, being granted
a security interest in any Stock or any assets so acquired, (d) both immediately prior to and after giving effect to such acquisition,
no Event of Default under any of Sections 10.1(a), (e), (f) or (g) shall have occurred and be continuing;
and (e) immediately after giving effect to such acquisition, the Borrower and its Restricted Subsidiaries shall be in compliance
with Section 8.15.

 

“Permitted
Acquisition Consideration” means, in connection with any Permitted Acquisition, the aggregate amount (as valued at the Fair
Market Value of such Permitted Acquisition at the time such Permitted Acquisition is made) of, without duplication: (a) the purchase
consideration for such Permitted Acquisition, whether payable at or prior to the consummation of such Permitted Acquisition or deferred
for payment at any future time, whether or not any such future payment is subject to the occurrence of any contingency, and including
any and all payments representing the purchase price and any assumptions of Debt and/or Guaranties, “earn-outs” and other
agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to or contingent upon
the revenues, income, cash flow or profits (or the like) of any Person or business and (b) the aggregate amount of Debt incurred
in connection with such Permitted Acquisition; provided in each case, that any such future payment that is subject to a contingency
shall be considered Permitted Acquisition Consideration only to the extent of the reserve, if any, required under GAAP (as determined
at the time of the consummation of such Permitted Acquisition) to be established in respect thereof by Holdings, the Borrower or its Restricted
Subsidiaries.

 

“Permitted Debt”
has the meaning specified in Section 8.12.

 

“Permitted Disposition”
means:

 

(a)       Dispositions,
rentals or other disposals of Equipment and Inventory and other assets (including allowing any registrations or any applications for registration
of any immaterial Intellectual Property to lapse or go abandoned in the ordinary course of business) in the ordinary course of business
and sales of Equipment and Inventory to buyers in the ordinary course of business;

 

(b)       Dispositions
of obsolete, surplus, damaged or worn-out property or property that is no longer necessary, used or useful in the business of the Borrower
and its Restricted Subsidiaries;

 

(c)       Dispositions
of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property that
is promptly purchased or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property
(which replacement property is actually promptly purchased);

 

(d)       the
use, transfer or Disposition of cash and Cash Equivalents pursuant to any transaction not prohibited by the terms of the Loan Documents;

 

(e)       sales,
discounting or forgiveness of Accounts in connection with the collection, settlement or compromise thereof;

 

(f)       any
Disposition, license, sublicense, abandonment or lapse of Intellectual Property which does not materially interfere with the business
of the Borrower or any of its Restricted Subsidiaries, taken as a whole;

 

    -42-

     

    

 

(g)       Dispositions
constituting Permitted Distributions, Permitted Investments (other than pursuant to clause (p) of the definition of “Permitted
Investments”), transactions permitted by Section 8.9 or Permitted Liens;

 

(h)       any
sale or issuance of Stock by a Restricted Subsidiary of the Borrower to the Borrower or another Subsidiary of the Borrower;

 

(i)       Dispositions
of property for aggregate consideration of less than $1,000,000 with respect to any individual transaction; provided that the aggregate
amount of such Dispositions excluded by this clause (i) shall not exceed $5,000,000 during any Fiscal Year;

 

(j)       the
leasing or subleasing of assets of the Borrower or any of its Restricted Subsidiaries not materially interfering with the business of
the Borrower and its Restricted Subsidiaries, taken as a whole;

 

(k)       Dispositions
pursuant to transactions permitted under Section 8.18;

 

(l)       Dispositions
of non-core assets acquired in connection with Permitted Acquisitions or similar Investments that are not used in the business of the
Borrower and its Restricted Subsidiaries;

 

(m)       leases,
subleases, licenses or sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business
of the Borrower and its Restricted Subsidiaries, taken as a whole;

 

(n)       transfers
of property subject to Casualty Events upon receipt of the net proceeds of such Casualty Event;

 

(o)       Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture
parties set forth in joint venture arrangements and similar binding arrangements;

 

(p)       the
unwinding of any Hedge Agreement pursuant to its terms;

 

(q)       the
Disposition of the Stock in, Debt of, or other securities issued by, an Unrestricted Subsidiary;

 

(r)       Dispositions
of property or assets to the Borrower or to a Restricted Subsidiary; provided that, if the transferor of such property is an Obligor
(i) the transferee thereof must either be an Obligor or (ii) such transaction must constitute a Permitted Investment;

 

(s)       the
settlement, release or surrender of litigation claims in the ordinary course of business;

 

(t)       Dispositions
not otherwise permitted pursuant to this definition, if such Disposition shall be for Fair Market Value; provided that (i) with
respect to any Disposition pursuant to this clause (t) for a purchase price in excess of $5,000,000, the Borrower or a Restricted
Subsidiary shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents; provided, further,
that, for purposes of determining what constitutes cash and Cash Equivalents under this clause (t), (A) any liabilities (as shown
on Holdings’, the Borrower’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder or in the
footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment
in cash of the Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and
all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing shall be deemed to be cash,
(B) any securities received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such
Restricted Subsidiary into cash (to the extent of the cash received) within 180 days following the closing of the applicable Disposition
shall be deemed to be cash and (C) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect
of the applicable Disposition of property that is not Current Asset Collateral or Inventory having an aggregate Fair Market Value, taken
together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is outstanding at the time
such Designated Non-Cash Consideration is received, not in excess of the greater of (x) $15,000,000 and (y) 1.5% of Consolidated Total
Assets (measured as of the date such Disposition is made based upon the Section 6.2 Financials most recently delivered on or prior to
such date) at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated
Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to
be cash, and (ii) the Borrower shall deliver an updated Borrowing Base Certificate if more than 5.0% of the assets included in the most
recent calculation of the Borrowing Base are being disposed of pursuant to this clause (t); provided further that any such
Distribution shall not cause the aggregate amount of all outstanding Loans to exceed the then-current Availability; and

 

    -43-

     

    

 

(u)       Dispositions
to any Restricted Subsidiary that is not an Obligor; provided that the aggregate amount of Dispositions pursuant to this clause
(u) shall not exceed the greater of (x) $15,000,000 and 3.0% of Consolidated Total Assets (measured as of the date such Disposition
is made based upon the Section 6.2 Financials most recently delivered on or prior to such date).

 

“Permitted Distributions”
has the meaning specified in Section 8.10.

 

“Permitted Holders”
means each of the Investors, the Management Investors and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act or any successor provision) of which any of the foregoing are members; provided, that, in the case of such group and
without giving effect to the existence of such group or any other group, such Investors and Management Investors, collectively, have beneficial
ownership, directly or indirectly of more than 50% of the total voting power of the Voting Stock of Holdings or any Parent Entity.

 

“Permitted Investments”
means:

 

(a)       Investments
by the Borrower or any Restricted Subsidiary in assets constituting Cash Equivalents at the time such Investment was made;

 

(b)       (i)
Investments existing on the Agreement Restatement
Effective Date and identified in Schedule 8.11 to this Agreement; and (ii) Investments consisting of any modification,
replacement, renewal, reinvestment or extension of any Investment permitted by clause (b)(i) existing on the Agreement
Restatement Effective Date; provided that
the aggregate amount of the Investments permitted pursuant to this clause (b) is not increased from the aggregate amount of such
Investments on the Agreement Restatement
Effective Date except pursuant to the terms of such Investment as of the Agreement Restatement
Effective Date or as otherwise permitted by Section 8.11;

 

(c)       Investments
by any Obligor in any other Obligor;

 

(d)       Investments
by any Restricted Subsidiary which is not an Obligor in the Borrower or any other Restricted Subsidiary;

 

(e)       Investments
by any Obligor in any Restricted Subsidiary which is not an Obligor; provided that the aggregate amount of Investments made and
then-outstanding pursuant to this clause (e), shall not exceed, at the time of the making of such Investment and after giving Pro
Forma Effect thereto, the greater of (x) $15,000,000 and (y) 3.0% of Consolidated Total Assets as of the last day of the Test Period most
recently ended on or prior to the date such Investments was made (measured as of the date such Investment was made based upon the Section
6.2 Financials most recently delivered on or prior to such date);

 

(f)       Investments
in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business;

 

    -44-

     

    

 

(g)       Deposit
Accounts maintained in the ordinary course of business;

 

(h)       Investments
constituting Hedge Agreements entered into in the ordinary course of business and for non-speculative purposes;

 

(i)       Investments
(including debt obligations and Stock) received in connection with the bankruptcy or reorganization of Account Debtors, suppliers and
customers or in settlement of delinquent obligations of, or other disputes with, Account Debtors, customers and suppliers arising in the
ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to
any secured Investment;

 

(j)       loans
or advances to officers, directors, partners, members and employees of Holdings (or any Parent Entity), the Borrower or its Restricted
Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes,
(ii) in connection with such Person’s purchase of Stock of Holdings (or any Parent Entity or the Borrower) (provided that
the amount of such loans and advances shall be contributed to the Borrower in cash as common equity (or any other form of equity reasonably
satisfactory to the Agent or used to satisfy Tax obligations relating to proceeds received by such Person in connection with the Transactions,
which proceeds are used for the purchase of such Stock)), (iii) relating to indemnification of any officers, directors or employees in
respect of liabilities relating to their serving in any such capacity, and any reimbursement of any such officer, director or employee
of expenses relating to the claims giving rise to such indemnification and (iv) for purposes not described in the foregoing clauses
(i), (ii) and (iii), in an aggregate principal amount at any one time outstanding not to exceed $10,000,000;

 

(k)       Permitted
Acquisitions; provided that, unless the Specified Conditions are then met, the aggregate amount of Permitted Acquisition Consideration
relating to all such Permitted Acquisitions made or provided and then-outstanding by the Borrower or any Guarantor to acquire any Restricted
Subsidiary that does not become a Guarantor or merge, consolidate or amalgamate into the Borrower or a Guarantor or any assets that shall
not, immediately after giving effect to such Permitted Acquisition, be owned by the Borrower or a Guarantor, shall not exceed, at the
time of the making of such Investment and after giving Pro Forma Effect thereto, the greater of (x) $15,000,000 and (y) 3.0% of Consolidated
Total Assets as of the last day of the Test Period most recently ended on or prior to the date such Investment was made (measured as of
the date such Investment was made based upon the Section 6.2 Financials most recently delivered on or prior to such date);

 

(l)       any
Investment to the extent that the consideration therefor is Stock (other than Disqualified Stock) of Holdings (or any Parent Entity);

 

(m)       Guaranties
of the Borrower or any Restricted Subsidiary in respect of leases (other than Capital Leases) or of other obligations that do not constitute
Debt, in each case entered into in the ordinary course of business;

 

(n)       Investments
in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers
in the ordinary course of business;

 

(o)       Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in
the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled Account
Debtors and other credits to suppliers in the ordinary course of business;

 

(p)       Investments
consisting of Liens, Debt, fundamental changes, Dispositions (other than pursuant to clause (g) of the definition of “Permitted
Dispositions”) and Distributions permitted under this Agreement; provided, however, that no Investments may be made
solely pursuant to this clause (p);

 

    -45-

     

    

 

(q)       Investments
in cash, and in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;

 

(r)       promissory
notes and other non-cash consideration received in connection with Permitted Dispositions;

 

(s)       advances
of payroll payments to employees, directors, consultants, independent contractors or other service providers or other advances of salaries
or compensation to employees, directors, partners, members, consultants, independent contractors or other service providers, in each case
in the ordinary course of business;

 

(t)       Investments
made to acquire, purchase, repurchase or retire Stock of Holdings (or any Parent Entity thereof) or the Borrower owned by any employee
stock ownership plan or similar plan of Holdings (or any Parent Entity thereof) the Borrower, or any Subsidiary;

 

(u)       
contributions to a “rabbi” trust for the benefit of employees, directors, partners, members, consultants, independent contractors
or other service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Borrower (or any Parent
Entity thereof);

 

(v)       Investments
held by any Person acquired by the Borrower or a Restricted Subsidiary after the Closing Restatement
Effective Date or of any Person merged into the Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary
in accordance with Section 8.9 after the Closing Restatement
Effective Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition,
merger, amalgamate or consolidation and were in existence on the date of such acquisition, amalgamation, merger or consolidation;

 

(w)       Restricted
Subsidiaries of the Borrower may be established or created if the Borrower and such Restricted Subsidiary comply with the requirements
of Section 8.22, if applicable; provided that in each case, to the extent such new Restricted Subsidiary is created solely
for the purpose of consummating a transaction pursuant to an acquisition permitted by this Agreement, and such new Restricted Subsidiary
at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of
such transactions, such new Restricted Subsidiary shall not be required to take the actions set forth in Section 8.22 until the
respective acquisition is consummated (at which time the surviving entity of the respective transaction shall be required to so comply
in accordance with the provisions thereof);

 

(x)       to
the extent that they constitute Investments, purchases and acquisitions of inventory, supplies, materials or equipment or purchases, acquisitions,
licenses or leases of other assets, Intellectual Property, or other rights, in each case in the ordinary course of business;

 

(y)       [reserved];

 

(z)       intercompany
Investments, reorganizations and related activities in connection with tax planning and reorganization activities so long as after giving
effect to any such activities, the Collateral Agent’s Liens, taken as a whole, would not be impaired;

 

(aa)    asset
purchases (including purchases of Inventory, supplies and materials), in each case in the ordinary course of business;

 

(bb)   any
Investment in a non-Obligor to the extent such Investment is substantially contemporaneously repaid in full with a dividend or other distribution
in like kind as such Investment from such non-Obligor;

 

(cc)   any
Investments in an amount not to exceed the Available Equity Amount at such time;

 

    -46-

     

    

 

(dd)   any
Investments (including Investments in minority investments, Investments in Unrestricted Subsidiaries and Investments in joint ventures
or similar entities that do not constitute Restricted Subsidiaries); provided that the aggregate amount of such Investments made
and then-outstanding pursuant to this clause (dd) measured at the time of the making of such Investment and after giving Pro Forma
Effect thereto shall not exceed the greater of (x) $15,000,000 and (y) 3.0% of Consolidated Total Assets as of the last day of the Test
Period most recently ended on or prior to the date such Investment was made (measured as of the date such Investment was made based upon
the Section 6.2 Financials most recently delivered on or prior to such date);

 

(ee)    the
Pioneer Acquisition; and

 

(ff)     any
other Investments, so long as the Specified Conditions shall have been satisfied.

 

For purposes of determining
compliance with this definition, in the event that any Investment meets the criteria of more than one of the types of Permitted Investments
described in the above clauses, the Borrower, in its sole discretion, may classify and reclassify such Investment and only be required
to include the amount and type of such Investment in one of such clauses.

 

“Permitted Liens”
means, with respect to the Borrower and its Restricted Subsidiaries, the Liens listed below:

 

(a)       Liens
for Taxes that (i) are not delinquent or the nonpayment of which in the aggregate would not reasonably be expected to have a Material
Adverse Effect, or (ii) are being contested in good faith and by the appropriate proceedings and for which adequate reserves have been
established in accordance with GAAP (or other applicable accounting principles);

 

(b)       the
Collateral Agent’s Liens;

 

(c)       (i)
Liens consisting of deposits or pledges (or letters of credit issued) made in the ordinary course of business in connection with, or to
secure payment of, obligations under worker’s compensation, unemployment insurance, social security and other similar laws, (ii)
Liens consisting of pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing
property, casualty or liability insurance to the Borrower or any Restricted Subsidiary, (iii) Liens incurred or deposits made to secure
the performance of bids, tenders, trade contracts, governmental contracts, leases or purchase, supply or other contracts (other than for
the repayment of Debt for Borrowed Money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders
or contracts (other than for the repayment of Debt for Borrowed Money) or to secure statutory or regulatory obligations (other than Liens
arising under ERISA), surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those
to secure health, safety and environmental obligations) incurred in the ordinary course of business;

 

(d)       Liens
securing the claims or demands of materialmen, mechanics, carriers, warehousemen, landlords and other like Persons, provided that
if any such Lien arises from the nonpayment of any such claims or demands when due, such claims or demands would not reasonably be expected
to have a Material Adverse Effect or are being Properly Contested;

 

(e)       Liens
securing Capital Leases and purchase money Debt to the extent such Capital Leases or purchase money Debt are permitted in Section 8.12;
provided that (i) such Liens attach concurrently with or within two hundred and seventy (270) days after the acquisition, construction,
repair, replacement, lease or improvement (as applicable) of the property subject to such Liens, (ii) such Liens do not at any time encumber
any property other than the property financed by such Debt, replacements thereof and additions and accessions to such property and the
proceeds and the products thereof and customary security deposits, and (iii) with respect to Capital Leases, such Liens do not at any
time extend to or cover any assets (except for additions and accessions to such assets, replacements and products thereof and customary
security deposits) other than the assets subject to such Capital Leases; provided that individual financings of equipment provided
by one creditor may be cross-collateralized to other financings of equipment provided by such creditor;

 

    -47-

     

    

 

(f)       (i)
Liens constituting encumbrances in the nature of reservations, exceptions, encroachments, easements, zoning, rights of way, covenants
running with the land, and other similar title ordinary course exceptions or encumbrances affecting any Real Estate; provided that
they do not, in the aggregate, materially interfere with its use in the ordinary conduct of the Borrower’s and its Subsidiaries’
business taken as a whole, (ii) mortgages, Liens, security interests, restrictions, encumbrances or any other matters of record that have
been placed by any developer, landlord or other third party on Real Estate over which the Borrower or any Restricted Subsidiary has easement
rights (but does not own) or on any leased Real Estate and subordination or similar agreements relating thereto, and (iii) any condemnation
or eminent domain proceedings affecting any Real Estate;

 

(g)      Liens
arising from any judgment, decree or order of any court or other Governmental Authority or any attachments in connection with court proceedings;
provided that the attachment or enforcement of such Liens do not constitute an Event of Default hereunder;

 

(h)      licenses,
sublicenses, leases or subleases on the property covered thereby (including Intellectual Property) granted to other Persons and not materially
interfering with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole;

 

(i)       any
interest or title of a lessor, sublessor, licensee or licensor under any lease, sublease, sublicense or license agreement not prohibited
by this Agreement;

 

(j)       Liens
(i) on inventory or goods and proceeds securing the obligations in respect of bankers’ acceptances issued or created to facilitate
the purchase, shipment or storage of such inventory or other goods of the Borrower or any Restricted Subsidiary in the ordinary course
of its business, (ii) that are contractual rights of set-off, (iii) relating to purchase orders and other agreements entered into with
customers or suppliers of the Borrower or any Restricted Subsidiary in the ordinary course of business, or (iv) in favor of customs and
revenue authorities arising as a matter of law to secure the payment of customs duties in connection with the importation of goods in
the ordinary course of business;

 

(k)      Liens
(i) of a collection bank (including those arising under Section 4-210 of the UCC) on the items in the course of collection, (ii) in favor
of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial
institution (including the right of set-off) and which are within the general parameters customary in the banking industry and (iii) attaching
to commodity trading accounts, or other commodity brokerage accounts incurred in the ordinary course of business;

 

(l)       Liens
attaching solely to cash earnest money deposits in connection with any letter of intent or purchase agreement in connection with a Permitted
Acquisition or other Permitted Investment;

 

(m)     Liens
(x) arising from precautionary UCC filings or
(y) consisting solely of notations on certificates of title in favor of the collateral agent under the Existing Credit Agreement;

 

(n)     Liens
on insurance proceeds or unearned premiums incurred in the ordinary course of business in connection with the financing of insurance premiums;

 

(o)       Liens
identified on Schedule 8.16; provided that (i) such Lien does not extend to any other property or asset of the Borrower
or any Restricted Subsidiary other than (A) after acquired property that is affixed or incorporated into the property covered by such
Lien or financed by Permitted Debt and (B) the proceeds and products thereof and (ii) such Lien shall secure only those obligations that
it secures on the Agreement Restatement
Effective Date and any Refinancing Debt incurred to Refinance such Permitted Debt;

 

    -48-

     

    

 

(p)      Liens
securing Refinancing Debt to the extent such Liens are permitted in the definition of “Refinancing Debt”;

 

(q)      Liens
existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted
Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 8.26), in each case after the Closing
Restatement Effective Date; provided that
(i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does
not extend to or cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property
subjected to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted
hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement
shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition) and (iii) the
Debt is Permitted Debt and is not incurred in contemplation of such acquisition or in connection with such Person becoming a Restricted
Subsidiary;

 

(r)       Liens
securing Debt permitted under Section 8.12(q)(x);

 

(s)      Liens
on property of a Subsidiary that is not an Obligor securing Debt of such Subsidiary that is not an Obligor pursuant to Section 8.12(p);

 

(t)      deposits
in the ordinary course of business to secure liabilities to insurance carriers, lessors, utilities and other service providers or any
seller of goods;

 

(u)     [reserved];

 

(v)     any
encumbrance or restriction (including pursuant to put and call agreements or buy/sell arrangements) with respect to the Stock of any joint
venture or similar arrangements pursuant to the joint venture or similar agreement with respect to such joint venture or similar arrangement;

 

(w)     Liens
(i) on cash advances in favor of the seller of any property to be acquired in a Permitted Investment to be applied against the purchase
price for such Investment and (ii) consisting of an agreement to Dispose of any property in a Permitted Disposition, in each case, solely
to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

 

(x)      Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or
any of its Restricted Subsidiaries in the ordinary course of business;

 

(y)     Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other financial institutions
not given in connection with the incurrence of Debt, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Restricted
Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or its
Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Restricted
Subsidiary in the ordinary course of business;

 

(z)       any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property
that does not materially interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary;

 

(aa)    Liens
on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of documentary
letters of credit issued for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

 

    -49-

     

    

 

(bb)   ground
leases in respect of real property on which facilities owned or leased by the Borrower or any of its Subsidiaries are located;

 

(cc)    Liens
securing Debt or other obligations of the Borrower or a Restricted Subsidiary in favor of the Borrower or any Guarantor and Liens securing
Debt or other obligations of any Restricted Subsidiary that is not a Guarantor in favor of any Restricted Subsidiary that is not a Guarantor;

 

(dd)   Liens
on securities that are the subject of repurchase agreements constituting Cash Equivalents permitted as Permitted Investments;

 

(ee)   Liens on Stock in joint ventures (other than Wholly Owned Restricted Subsidiaries); provided that any such Lien is in favor
of a creditor or partner of such joint venture;

 

(ff)     Liens
on cash and Cash Equivalents used to satisfy or discharge Debt; provided such satisfaction or discharge is permitted hereunder;

 

(gg)   Liens
given to a public utility or any municipality or governmental or other public authority when required by such utility or other authority
in connection with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary; provided that such Liens
do not materially interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary, taken as whole;

 

(hh)   servicing
agreements, development agreements, site plan agreements, subdivision agreements and other agreements with Governmental Authorities pertaining
to the use or development of any of the real property of the Borrower or any Restricted Subsidiary; provided same do not materially
interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary, taken as whole, including, without limitation,
any obligations to deliver letters of credit and other security as required;

 

(ii)     the
right reserved to or vested in any Governmental Authority by any statutory provision or by the terms of any lease, license, franchise,
grant or permit of the Borrower or any Restricted Subsidiary, to terminate any such lease, license, franchise, grant or permit, or to
require annual or other payments as a condition to the continuance thereof;

 

(jj)     Liens
securing Hedge Agreements submitted for clearing in accordance with applicable Law;

 

(kk)   Liens
to secure transactions permitted by Section 8.18 so long as (i) such Lien attaches only to the assets sold in connection with such
transaction and the proceeds thereof (but not any proceeds arising from the rental, leasing or subleasing of such assets by Borrower or
its Subsidiaries), and (ii) such Lien only secures the Debt that was incurred to acquire the assets leased in connection therewith or
any Refinancing Debt in respect thereof; and

 

(ll)     other
Liens; provided that at the time of the incurrence thereof and after giving Pro Forma Effect thereto and the use of proceeds thereof,
the aggregate outstanding amount of Debt and other obligations secured by Liens incurred under this clause (ll) and then-outstanding
shall not exceed the greater of (x) $30,000,000 and (y) 5.5% of Consolidated Total Assets (measured as of the date such Lien was incurred
based upon the Section 6.2 Financials most recently delivered on or prior to such date); provided, further, that if such
Liens are consensual and are on the Collateral (other than cash and Cash Equivalents), the holders of the Debt or other obligations secured
thereby (or a representative or trustee on their behalf) shall have entered into the Intercreditor Agreement or another intercreditor
agreement reasonably acceptable to the Borrower and the Collateral Agent providing that the Liens on the Current Asset Collateral securing
such Debt or other obligations shall rank junior to the Liens on the assets of the Obligors in favor of the Secured Parties.

 

    -50-

     

    

 

For purposes of determining
compliance with this definition, in the event that any Lien meets the criteria of more than one of the types of Permitted Liens described
in the above clauses, the Borrower, in its sole discretion, may classify and reclassify such Lien and only be required to include the
amount and type of such Lien in one of such clauses.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, unlimited liability company, joint venture, trust,
unincorporated organization, association, corporation, Governmental Authority, or any other entity.

 

“Pioneer”
means Pioneer Natural Resources USA, Inc., a Delaware corporation.

 

“Pioneer Acquisition”
means the sale by Pioneer and Pioneer Natural Resources Pumping Services LLC of certain assets to the Borrower pursuant to that certain
Purchase and Sale Agreement, dated as of November 12, 2018, by and among the Borrower, Pioneer and Pioneer Natural Resources Pumping Services
LLC.

 

“Plan”
means any employee benefit plan (as defined in Section 3(3) of ERISA) which the Borrower sponsors or maintains or to which the Borrower
or a Subsidiary of the Borrower makes, is making, or is obligated to make contributions.

 

“Post-Transaction
Period” means, with respect to any Specified Transaction, the period beginning on the date on which such Specified Transaction
is consummated and ending on the last day of the twelfth month immediately following the date on which such Specified Transaction is consummated.

 

“Preferred Stock”
means, as applied to the Stock of any Person, the Stock of any class or classes (however designated) that is preferred with respect to
the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person,
over shares of Stock of any other class of such Person.

 

“Previous Holdings”
has the meaning specified in the definition of “Holdings.”

 

“Pro Forma Adjustment”
means, for any Test Period that includes all or any part of a Fiscal Quarter included in any Post-Transaction Period, with respect to
the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of the
Borrower, (a) the pro forma increase or decrease (for the avoidance of doubt net of any such increase or decrease actually realized) in
such Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (a) actions
taken, actions with respect to which substantial steps have been taken or actions that are expected to be taken prior to or during such
Post-Transaction Period, for the purposes of realizing reasonably identifiable cost savings, operating expense reductions or costs or
other synergies or (b) any additional costs, expenses or charges, accruals or reserves incurred prior to or during such Post-Transaction
Period with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations
of the Borrower and its Restricted Subsidiaries or otherwise in connection with, as a result of or related to such Specified Transaction
or Specified Restructuring; provided that (i) so long as such actions are taken or expected to be taken prior to or during such
Post-Transaction Period or such costs are incurred prior to or during such Post-Transaction Period, as applicable, for purposes of projecting
such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed that such
cost savings, operating expense reductions or costs or other synergies will be realizable during the entirety of such Test Period, or
such additional costs, as applicable, will be incurred during the entirety of such Test Period and (ii) such Pro Forma Adjustments, when
aggregated with any addbacks made pursuant to clause (a)(10) of the definition of “Consolidated EBITDA,” shall not
be in excess of 20% of Consolidated EBITDA (provided, such cap will not apply to any amounts relating to amounts that would be permitted
to be included in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act of 1933, as amended)
(prior to giving effect to any increase in Consolidated EBITDA pursuant to this clause (ii) or clause (a)(10) of the definition
of “Consolidated EBITDA”) in any Test Period.

 

    -51-

     

    

 

“Pro Forma Basis”
and “Pro Forma Effect” mean, with respect to compliance with any test, financial ratio or covenant hereunder for an
applicable period of measurement, for any Specified Transactions or Specified Restructurings that have been made during any applicable
Test Period or, if applicable, subsequent to such Test Period and prior to or simultaneously with the events for which any such calculation
is made, shall be calculated on a pro forma basis assuming that (A) to the extent applicable, the Pro Forma Adjustment shall have been
made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of
the first day of the applicable period of measurement (as of the last date in the case of a balance sheet item) in such test or covenant:
(a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction,
(i) in the case of a Disposition of all or substantially all Stock in any Subsidiary of the Borrower or any division, product line, or
facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition
or Investment described in the definition of “Specified Transaction,” shall be included, (b) Refinancing of Debt, and (c)
any Debt incurred by the Borrower or any of its Restricted Subsidiaries in connection therewith and if such Debt has a floating or formula
rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate
which is or would be in effect with respect to such Debt as at the relevant date of determination; provided that, without limiting the
application of the Pro Forma Adjustment pursuant to (A) above, the foregoing pro forma adjustments may be applied to any such test, ratio
or covenant solely to the extent that such adjustments are consistent with the definition of “Consolidated EBITDA” and give
effect to events (including operating expense reductions) that are (as determined by the Borrower in good faith) (i) (x) directly attributable
to such transaction, (y) expected to have a continuing impact on the Borrower and its Restricted Subsidiaries and (z) reasonably identifiable
or (ii) otherwise consistent with the definition of “Pro Forma Adjustment”.

 

“Pro Rata Share”
means, with respect to a Lender, a fraction (expressed as a percentage), the numerator of which is the aggregate amount of such Lender’s
Revolving Credit Commitments and the denominator of which is the sum of the amounts of all of the Lenders’ Revolving Credit Commitments,
or if no Revolving Credit Commitments are outstanding, a fraction (expressed as a percentage), (x) the numerator of which is the sum (without
duplication) of the aggregate amount of the Revolving Loans owed to such Lender plus such Lender’s participation in the aggregate
undrawn face amount of all outstanding Letters of Credit, plus such Lender’s participation in the aggregate amount of any
Unpaid Drawings in respect of Letters of Credit and (y) the denominator of which is the sum (without duplication) of the aggregate amount
of the Revolving Loans owed to the Lenders, plus the aggregate undrawn face amount of all outstanding Letters of Credit, plus
the aggregate amount of any Unpaid Drawings in respect of Letters of Credit, in each case giving effect to a Lender’s participation
in Swingline Loans and Agent Advances.

 

“Properly Contested”
means, in the case of any Debt or other obligation of the Borrower or any Restricted Subsidiary that is not paid as and when due or payable
by reason of such Person’s bona fide dispute concerning its liability to pay the same or concerning the amount thereof, (a) such
Debt or other obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently conducted;
(b) such Person has established appropriate reserves for the contested Debt or other obligation in conformity with GAAP; and (c) will
not result in any impairment of the enforceability, validity or priority of the Collateral Agent’s Liens.

 

“Proposed Change”
has the meaning specified in Section 12.1(b).

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.

 

“QFC”
shall have the meaning assigned to such term in Section 14.22.

 

“Qualified Stock”
means any Stock that is not Disqualified Stock.

 

“Real Estate”
means all of each Obligor’s and each of its Restricted Subsidiaries’ now or hereafter owned or leased estates in real property,
including, without limitation, all fees, leaseholds and future interests, together with all of each Obligor’s and each of its Restricted
Subsidiaries’ now or hereafter owned or leased interests in the improvements thereon, the fixtures attached thereto and the easements
appurtenant thereto.

 

    -52-

     

    

 

“Reasonable
Credit Judgment” means the Agent’s reasonable credit judgment (from the perspective of an asset-based lender) in establishing
reserves, exercised in good faith in accordance with customary business practices for similar asset based lending facilities, (i) to reflect
the impediments to the Collateral Agent’s ability to realize upon the Current Asset Collateral included in the Borrowing Base, (ii)
to reflect claims and liabilities that will need to be satisfied in connection with the realization upon the Current Asset Collateral
included in the Borrowing Base or (iii) to reflect criteria, events, conditions, contingencies or risks which adversely affect, or are
reasonably likely to adversely affect, any component of the Borrowing Base, the Collateral or the validity or enforceability of this Agreement
or the other Loan Documents or any material remedies of the Secured Parties hereunder or thereunder. Any Reserve established or modified
by the Agent shall have a reasonable relationship to circumstances, conditions, events or contingencies which are the basis for such Reserve,
as reasonably determined, without duplication, by the Agent in good faith; provided that circumstances, conditions, events or contingencies
existing or arising prior to the Closing Restatement
Effective Date and, in each case, disclosed in writing in any Field Examination delivered to the Agent in connection herewith
or otherwise known to the Agent prior to the Closing Restatement
Effective Date, shall not be the basis for any establishment of any Reserves after the Closing
Restatement Effective Date, unless such circumstances,
conditions, events or contingencies shall have changed in a material respect since the Closing Restatement
Effective Date.

 

“Recipient”
means (a) the Agent, (b) any Lender and (c) any other recipient of any payment made by or on behalf of the Obligors under this Agreement
or any of the Loan Documents, as applicable.

 

“Refinance,”
“Refinanced” and “Refinancing” each has the meaning specified in the definition of the term “Refinancing
Debt.”

 

“Refinanced Debt”
has the meaning specified in the definition of the term “Refinancing Debt.”

 

“Refinancing
Debt” means with respect to any Debt (the “Refinanced Debt”), any Debt incurred in exchange for or as a replacement
of (including by entering into alternative financing arrangements in respect of such exchange or replacement (in whole or in part), by
adding or replacing lenders, creditors, agents, the Borrower and/or guarantors, or, after the original instrument giving rise to such
Debt has been terminated, by entering into any credit agreement, loan agreement, note purchase agreement, indenture or other agreement),
or the net proceeds of which are to be used for the purpose of modifying, extending, refinancing, renewing, replacing, redeeming, repurchasing,
defeasing, amending, supplementing, restructuring, repaying or refunding (collectively to “Refinance” or a “Refinancing”
or “Refinanced”), such Refinanced Debt (or previous refinancing thereof constituting Refinancing Debt); provided
that (a) the principal amount (or accreted value, if applicable) of such Refinancing Debt does not exceed the principal amount (or
accreted value, if applicable) of the Refinanced Debt except by an amount equal to unpaid accrued interest and premium (including applicable
prepayment penalties) thereof plus fees and expenses reasonably incurred in connection therewith plus an amount equal to
any existing commitment unutilized and letters of credit undrawn thereunder, (b) any Liens securing such Refinancing Debt shall have the
same collateral priority as the Liens securing the Refinanced Debt, (c) no Obligor that was not previously liable for the repayment of
such Refinanced Debt is or is required to become liable for the Refinancing Debt (except that any Obligor may be added as an additional
direct or contingent obligor in respect of such Refinancing Debt), (d) such extension, refinancing, refunding, replacement or renewal
does not result in the Refinancing Debt having a shorter Weighted Average Life to Maturity than the Refinanced Debt, and (e) if the Refinanced
Debt was subordinated in right of payment to any of the Obligations, then the terms and conditions of the Refinancing Debt shall include
subordination terms and conditions that are no less favorable to the Lenders in all material respects as those that were applicable to
the Refinanced Debt.

 

“Register”
has the meaning specified in Section 13.20(a).

 

“Release”
means a release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration of a Contaminant
into or through the Environment or within, from or into any building, structure, facility or fixture.

 

“Relevant
Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any
successor thereto.

 

    -53-

     

    

 

“Report”
and “Reports” each has the meaning specified in Section 13.17(a).

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder, other than any such event for which the 30-day
notice requirement under ERISA has been waived in regulations issued by the PBGC.

 

“Required Lenders”
means, at any time, Lenders having Commitments representing at least 50.1% of the aggregate Commitments at such time; provided,
however, that if any Lender shall remain a Defaulting Lender, the term “Required Lenders” means Lenders having
Commitments representing at least 50.1% of the aggregate Commitments at such time (excluding the Commitment of any such Lender that is
a Defaulting Lender); provided further, however, that if the Commitments have been terminated, the term “Required
Lenders” means Lenders holding Loans (including Swingline Loans) representing at least 50.1% of the aggregate principal amount
of Loans (including Swingline Loans) outstanding at such time (excluding Loans of any such Lender that is a Defaulting Lender).

 

“Required Reimbursement
Date” has the meaning specified in Section 2.3(e).

 

“Requirement
of Law” means, as to any Person, any law (statutory or common), treaty, rule or regulation or determination of an arbitrator
or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its property or to which the Person or
any of its property is subject.

 

“Reserves”
means reserves that limit the availability of credit hereunder, consisting of reserves against Availability and Eligible Accounts and
any other reserves permitted under this Agreement, in each case, established by the Agent from time to time in the Agent’s Reasonable
Credit Judgment in accordance with Section 2.5 of this Agreement.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 

 

“Responsible
Officer” means the President, any Vice President, Chief Executive Officer, Chief Financial Officer, Secretary, Assistant Secretary,
Treasurer, Assistant Treasurer, legal counsel, or any other executive or financial officer of Holdings, the Borrower or any Restricted
Subsidiary, or any other officer having substantially the same authority and responsibility; or, with respect to compliance with financial
covenants and the preparation of the Borrowing Base Certificate, the president, chief financial officer or the treasurer or assistant
treasurer of the Borrower, or any other officer having substantially the same authority and responsibility.

 

“Restatement
Agreement” has the meaning specified in the recitals to this Agreement.

 

“Restatement
Effective Date” means April 13, 2022, the date on which the conditions to effectiveness set forth in the Restatement Agreement are
satisfied.

 

“Restricted Subsidiary”
means each Subsidiary of the Borrower other than an Unrestricted Subsidiary.

 

“Restructuring
Costs” means any non-recurring, unusual and other one-time costs (including but not limited to legal and consulting fees) incurred
by Holdings or any of its Restricted Subsidiaries in connection with its business, operations and structure in respect of plant closures,
facility shutdowns, plant “moth-balling” or consolidation of assets located at any leased or fee-owned facilities, relocation
or elimination of facilities, offices or operations, information technology integration, headcount reductions, salary continuation, termination,
relocation and training of employees, severance costs, retention payments, bonuses, benefits and payroll taxes and other costs incurred
in connection with the foregoing.

 

“Revolving Credit
Borrowing” means a Borrowing comprised of Revolving Loans.

 

    -54-

     

    

 

“Revolving Credit
Commitment” means, at any date for any Lender, the obligation of such Lender to make Revolving Loans and to purchase participations
in Letters of Credit pursuant to the terms and conditions of this Agreement, which shall not exceed the aggregate principal amount set
forth on Schedule 1.1 under the heading “Revolving Credit Commitment” or on the signature page of the Assignment and
Acceptance, Incremental Agreement or Extension Agreement, as applicable, by which it became a Lender, as modified from time to time pursuant
to the terms of this Agreement or to give effect to any applicable Assignment and Acceptance, Incremental Agreement or Extension Agreement;
and “Revolving Credit Commitments” means the aggregate principal amount of the Revolving Credit Commitments of all
Lenders, the maximum amount of which shall be the Maximum Revolver Amount.

 

“Revolving Credit
Commitment Increase” has the meaning specified in Section 2.6(a).

 

“Revolving Credit
Facility” has the meaning specified in the recitals to this Agreement.

 

“Revolving Credit
Lender” means a Lender with a Revolving Credit Commitment or an outstanding Revolving Loan.

 

“Revolving Loans”
means the revolving loans made pursuant to Section 2.2, each Agent Advance and Swingline Loan.

 

“S&P”
means Standard & Poor’s Ratings Service, a Standard & Poor’s Financial Services LLC business, or any successor thereto.

 

“Sanctioned
Entity” means (a) a country or territory or a government
of a country or territory, (b) an agency of the government of a
country, (c) an organization directly or indirectly controlled by a country or its government or (d) a Person resident in or determined
to be resident in a country, in each case, that is subject to a country sanctions program administered and enforced by OFAC.

 

“Sanctioned Person”
means a person or entity named or a person or entity owned 50% or more by a person or entity on any of the lists of designated sanctioned
persons maintained by OFAC or the United States Department of State, including the list of Specially Designated Nationals.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Second Currency”
has the meaning specified in Section 14.19.

 

“Section
6.2 Financials” means the Financial Statements delivered, or required to be delivered, pursuant to Section 6.2(a) or
6.2(b) (or,
if prior to the date on which the first of such Financial Statements are required to have been delivered, the Financial Statements delivered
pursuant to Section 6.2(a) or 6.2(b) of the Original Credit Agreement).

 

“Secured Cash
Management Agreement” means any Cash Management Document that is entered into by and between the Borrower or any Restricted
Subsidiary and a Cash Management Bank and designated in writing by the Cash Management Bank and such Person to the Agent as a “Secured
Cash Management Agreement.”

 

“Secured Hedge
Agreement” means any Hedge Agreement permitted under Section 8.12 that is entered into by and between any Obligor or
any Restricted Subsidiary and any Hedge Bank and designated in writing by the Hedge Bank and such Obligor to the Agent as a “Secured
Hedge Agreement.” Such designation in writing by the Hedge Bank and the applicable Obligor (or any subsequent written notice by
the Hedge Bank to the Agent) may further designate with the consent of the Borrower any Secured Hedge Agreement as being a “Noticed
Hedge” as defined under this Agreement.

 

“Secured Hedge
Obligations” means obligations under any Secured Hedge Agreement up to the maximum amount (in the case of any Hedge Bank other
than Barclays and its Affiliates so long as Barclays is the Agent) reasonably specified by such Hedge Bank and any Obligor or any Restricted
Subsidiary in writing to the Agent, which amount may be established or increased (by further written notice to the Agent from time to
time) as long as Aggregate Revolver Outstandings would not exceed the Maximum Revolver Amount as a result of the establishment of a Bank
Product Reserve for such amount.

 

    -55-

     

    

 

“Secured Parties”
means, collectively, the Agent, the Collateral Agent, the Lenders, each Letter of Credit Issuer, the Indemnified Persons, the Cash Management
Banks and the Hedge Banks.

 

“Securities Accounts”
means all “securities accounts” as such term is defined in the UCC.

 

“Securities Account
Control Agreement” means an effective securities account control agreement with an Approved Securities Intermediary, in each
case in the form set forth as an exhibit to the Security Agreement or otherwise in form and substance reasonably satisfactory to the Agent.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Security
Agreement” means the Security Agreement, dated as of the Original
Agreement Date, among Holdings, the Borrower, each of the Guarantors from time to time party thereto, and the Collateral Agent,
for the benefit of the Secured Parties.

 

“Security Documents”
means the Security Agreement, any Mortgage and any other agreements, instruments, and documents heretofore, now or hereafter securing
any of the Obligations.

 

“Senior Secured
Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Debt that is secured by a Lien
on any assets or property of Holdings, the Borrower or any Restricted Subsidiary as of the last day of the Test Period most recently ended
on or prior to the date of determination to (b) Consolidated EBITDA of Holdings, the Borrower and its Restricted Subsidiaries for such
Test Period.

 

“Settlement”
and “Settlement Date” have the meanings specified in Section 13.14(a)(i).

 

“Significant
Subsidiary” means, at any date of determination, (a) any Restricted Subsidiary whose total assets (when combined with the assets
of such Restricted Subsidiary’s Subsidiaries after eliminating intercompany obligations) at the last day of the Test Period most
recently ended on or prior to such date of determination were equal to or greater than 10% of the Consolidated Total Assets at such date,
(b) any Restricted Subsidiary whose gross revenues (when combined with the gross revenues of such Restricted Subsidiary’s Subsidiaries
after eliminating intercompany obligations) for such Test Period were equal to or greater than 10% of the consolidated gross revenues
of the Borrower and the Restricted Subsidiaries for such Test Period, in each case determined in accordance with GAAP or (c) each other
Restricted Subsidiary that, when such Restricted Subsidiary’s total assets or gross revenues (when combined with the total assets
or gross revenues of such Restricted Subsidiary’s Subsidiaries after eliminating intercompany obligations) are aggregated with each
other Restricted Subsidiary (when combined with the total assets or gross revenues of such Restricted Subsidiary’s Subsidiaries
after eliminating intercompany obligations) that would constitute a “Significant Subsidiary” under clause (a) or (b)
above.

 

“SOFR”
means, with respect to any U.S. Government Securities Business Day, a rate per annum equal to the secured overnight financing rate for
such U.S. Government Securities Business Day published by the SOFR Administrator on the SOFR Administrator’s Website
on the immediately succeeding U.S. Government Securities Business Day. 

 

“SOFR
Adjustment” means 0.10% (10 basis points).

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor
administrator of the secured overnight financing rate).

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

    -56-

     

    

 

 

“SOFR
Borrowing” means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

 

“SOFR
Loan” means a Loan that bears interest at a rate based on Daily Simple SOFR and Term SOFR, other than, in each case, pursuant to
clause (c) of the definition of “Base Rate”. 

 

“SOFR
Rate Day” has the meaning assigned to such term in the definition of “Daily Simple SOFR”. 

 

“Sold Entity
or Business” has the meaning specified in the definition of the term “Consolidated EBITDA.”

 

“Solvent”
or “Solvency” means, at the time of determination:

 

(a)       each
of the Fair Value and the Present Fair Saleable Value of the assets of a Person and its Subsidiaries taken as a whole exceed their Stated
Liabilities and Identified Contingent Liabilities; and

 

(b)       such
Person and its Subsidiaries taken as whole do not have Unreasonably Small Capital; and

 

(c)       such
Person and its Subsidiaries taken as whole can pay their Stated Liabilities and Identified Contingent Liabilities as they mature.

 

Defined
terms used in the foregoing definition shall have the meanings set forth in the solvency certificate delivered on the Closing
Restatement Effective Date pursuant to Section
9.1(a)(v)3(h) of
the Restatement Agreement.

 

“Specified
Conditions” means, at any time of determination, that (a) no Specified Event of Default exists or would arise as a result of
the making of the subject Specified Payment, (b) after giving Pro Forma Effect to such Specified Payment, the Fixed Charge Coverage Ratio
as of the end of the most recently ended Test Period (regardless of whether a Covenant Trigger Period is then in effect) shall be greater
than or equal to 1.0 to 1.0 calculated as if such Specified Payment (if applicable to such calculation) had been made as of the first
day of such Test Period; provided, however, that the condition set forth in clause (b) shall not be applicable if
Availability after giving Pro Forma Effect to such Specified Payment is as of the date of such Specified Transaction and during 30 calendar
days prior to such Specified Payment in excess of the greater of (x) 20.0% of the Maximum Credit and (y) $37,500,00018,750,000,
(c) Availability after giving Pro Forma Effect to such Specified Payment is as of the date of such Specified Transaction and during 30
calendar days prior to such Specified Payment in excess of the greater of (x) 15.0% of the Maximum Credit and (y) $30,000,000
15,000,000 and (d) the Borrower shall have delivered
a certificate of a Responsible Officer, to the Agent stating that the conditions contained in the foregoing clauses (a), (b)
(if applicable) and (c) have been satisfied.

 

“Specified Event
of Default” means the occurrence of and continuance of any Event of Default under (a) Section 10.1(b), to the extent
related to the inaccuracy of any Borrowing Base Certificate delivered under this Agreement, (b) any of Sections 10.1(a), (e),
(f) or (g), (c) Section 10.1(c)(ii), (d) Section 10.1(c)(iii) or (e) Section 10.1(c)(i) (as a result
of a breach of Section 8.23 only).

 

“Specified Payment”
means (a) any Permitted Acquisition, (b) Distributions made pursuant to Section 8.10(j)(i), (c) Investments made pursuant to clause
(ff) of the definition of “Permitted Investments,” (d) sale and leaseback transactions consummated pursuant to Section
8.18 and (e) payments in respect of Junior Debt made pursuant to Section 8.13(vi).

 

“Specified
Restructuring” means any restructuring or other strategic initiative (including cost saving initiative) of the Borrower or any
of its Restricted Subsidiaries after the Closing Restatement
Effective Date and not in the ordinary course and described in reasonable detail in a certificate of a Responsible Officer
delivered by the Borrower to the Agent.

 

“Specified Transaction”
means, with respect to any period, any Investment, Disposition, incurrence of Debt, Refinancing of Debt, Distribution, Subsidiary designation,
Revolving Credit Commitment Increase, creation of Extended Revolving Credit Commitments or other event that by the terms of the Loan Documents
requires compliance on a “Pro Forma Basis” with a test or covenant hereunder or requires such test or covenant to be calculated
on a “Pro Forma Basis” or after giving “Pro Forma Effect” thereto.

 

    -57-

     

    

 

“Sponsor”
means Energy Capital Partners, LLC and each of its Affiliates and any funds, partnerships or other investment vehicles managed or controlled
by it or its Affiliates, but not including, however, any of their operating portfolio companies.

 

“Stated
Termination Date” means, with respect to the Revolving Credit Facility, December 19April
13, 2023  2027
and, with respect to any Extended Revolving Credit Facility, the maturity date set forth in the Extension Agreement related
thereto.

 

“Stock”
means all shares, options, warrants, general or limited partnership interests, membership interests or other equivalents (regardless of
how designated) of or in a corporation, partnership, limited liability company, unlimited liability company or equivalent entity whether
voting or nonvoting, including common stock, preferred stock or any other “equity security” (as such term is defined in Rule
3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act).

 

“Subordinated
Debt” means any Debt subordinated in right of payment to, or required under the Loan Documents to be subordinated in right of
payment to, any Debt under the Loan Documents, except any Debt that is subject to Lien subordination but not payment subordination.

 

“Subordinated
Intercompany Note” means the Intercompany Subordinated Note, dated as of the Original
Agreement Date, by and among Holdings, the Borrower and each Restricted Subsidiary of the Borrower from time to time party
thereto.

 

“Subsidiary”
of a Person means any corporation, association, partnership, limited liability company, unlimited liability company, joint venture or
other business entity of which more than fifty percent (50%) of the voting stock or other Stock (in the case of Persons other than corporations),
is owned or controlled directly or indirectly by the Person, or one or more of the Subsidiaries of the Person, or a combination thereof.
Unless the context otherwise clearly requires, references herein to a “Subsidiary” refer to a Subsidiary of the Borrower.

 

“Successor Borrower”
has the meaning specified in Section 8.9(a).

 

“Successor Holdings”
has the meaning specified in Section 8.27(b).

 

“Supermajority
Lenders” means, at any time, Lenders having Commitments representing at least 662⁄3% of the aggregate Commitments at such
time; provided, however, that if any Lender shall remain a Defaulting Lender, the term “Supermajority Lenders”
means Lenders having Commitments representing at least 662⁄3% of the aggregate Commitments at such time (excluding the Commitment
of any such Lender that is a Defaulting Lender); provided further, however, that if the Commitments have been terminated,
the term “Supermajority Lenders” means Lenders holding Loans (including Swingline Loans) representing at least 662⁄3%
of the aggregate principal amount of Loans (including Swingline Loans) outstanding at such time (excluding Loans of any such Lender that
is a Defaulting Lender).

 

“Supporting Letter
of Credit” has the meaning specified in Section 2.3(g).

 

“Swap Termination
Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark to market value(s) for such Hedge Agreements, as determined based upon one
or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include
a Lender or any Affiliate of a Lender).

 

    -58-

     

    

 

“Swingline Commitment”
means the Commitment of the Swingline Lender to make loans pursuant to Section 2.4(f).

 

“Swingline Lender”
means Barclays or any successor financial institution agreed to by the Agent, in its capacity as provider of Swingline Loans.

 

“Swingline Loan”
and “Swingline Loans” have the meanings specified in Section 2.4(f).

 

“Swingline Sublimit”
has the meaning specified in Section 2.4(f).

 

“Tax Group”
has the meaning specified in Section 8.10(g)(i).

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, assessments, fees, charges or withholdings (including interest,
penalties and additions to tax with respect thereto) imposed by any Governmental Authority.

 

“Term
SOFR” means, 

 

(a)       for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior
to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator, plus the Applicable SOFR Adjustment;
provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate
for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term
SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR
Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was
published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three
(3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

 

(b)       for
any calculation with respect to an Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day,
the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as
such rate is published by the Term SOFR Administrator, plus the Applicable SOFR Adjustment; provided, however, that if as of 5:00 p.m.
(New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published
by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term
SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government
Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as
such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior
to such Base Rate Term SOFR Determination Day;

 

provided,
further, that if Term SOFR determined as provided above (including pursuant to the proviso under clause (a) or clause (b) above) shall
ever be less than 0.00%, then Term SOFR shall be deemed to be 0.00%.

 

“Term
SOFR Administrator” means the CME Group Benchmark Administration Limited
(CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion).

 

“Term
SOFR Interest Payment Date” means, with respect to a Term SOFR Loan, the
last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term SOFR Borrowing with
an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals
of three months’ duration after the first day of such Interest Period.

 

“Term
SOFR Loan” means a Loan that bears interest at a rate based on Term SOFR. 

 

“Term
SOFR Reference Rate” means the rate per annum determined by the Agent as
the forward-looking term rate based on SOFR.

 

    -59-

     

    

 

“Termination
Date” means the earliest to occur of (a) the Stated Termination Date, (b) the date the Commitments are terminated either by
the Borrower pursuant to Section 4.4 or by the Required Lenders pursuant to Section 10.2, and (c) the date this Agreement
is otherwise terminated for any reason whatsoever pursuant to the terms of this Agreement.

 

“Test
Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Borrower ending
on or prior to such date for which financial statements have been (or were required to have been) delivered pursuant to Section 6.2(a)
or 6.2(b); provided that  (or,
if prior to the first date financial statements date
on which the first of such Financial Statements are required to have been delivered,
the Financial Statements delivered pursuant to Section 6.2(a) or 6.2(b), the
Test Period in effect shall be the period of four consecutive fiscal quarters of the Borrower ended December 31, 2016
of the Original Credit Agreement).

 

“Titled Goods”
means vehicles and similar items that are (a) subject to certificate-of-title statutes or regulations under which a security interest
in such items are perfected by an indication on the certificates of title of such items (in lieu of filing of financing statements under
the UCC) or (b) evidenced by certificates of ownership or other registration certificates issued or required to be issued under the laws
of any jurisdiction.

 

“Total Net Leverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Debt as of the last day of the Test Period
most recently ended on or prior to the date of determination to (b) Consolidated EBITDA of Holdings, the Borrower and its Restricted Subsidiaries
for such Test Period.

 

“Transactions”
means, collectively, (a) the entering into of the Loan Documents and funding of the Loans on the
Closing Date and the consummation of the other transactions contemplated by this Agreement and the other Loan Documents, (b) the Existing
Debt Refinancing, (c) the consummation of the initial public offering of the common stock of Holdings and (dRestatement
Agreement and the other applicable Loan Documents on the Restatement Effective Date and (b) the payment of fees and expenses
in connection therewith.

 

“Type”
means any type of a Loan determined with respect to the interest option applicable thereto, which shall be a LIBOR
Term SOFR Loan or a Base Rate Loan.

 

“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities. 

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” has the meaning specified in Section 5.1(d)(ii)(C).

 

“UCC”
means the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the laws of which are
required as a result thereof to be applied in connection with the issue of perfection of security interests.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended
from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

    -60-

     

    

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unfinanced Capital
Expenditures” means, with respect to any Person and for any period, Capital Expenditures made by such Person during such period
that are not Financed Capital Expenditures.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unpaid Drawings”
has the meaning specified in Section 2.3(e).

 

“Unrestricted
Subsidiary” means (i) each Subsidiary of the Borrower listed on Schedule 1.4, (ii) any Subsidiary of the Borrower designated
by the Board of Directors of the Borrower as an Unrestricted Subsidiary pursuant to Section 8.26 subsequent to the Closing
Restatement Effective Date and (iii) any Subsidiary
of an Unrestricted Subsidiary.

 

“Unused Letter
of Credit Subfacility” means an amount equal to the Letter of Credit Subfacility minus the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit plus, without duplication, (b) the aggregate Unpaid Drawings obligations with respect
to a Letters of Credit.

 

“Unused Line
Fee” has the meaning specified in Section 3.5.

 

“USA PATRIOT
Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time.

 

“Voting Stock”
means, with respect to any Person, shares of such Person’s Stock having the right to vote for the election of members of the Board
of Directors of such Person under ordinary circumstances.

 

“Weighted Average
Life to Maturity” means, when applied to any Debt at any date, the number of years obtained by dividing: (i) the sum of the
products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth)
that will elapse between such date and the making of such payment by (ii) the then-outstanding principal amount of such Debt.

 

“Wholly Owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Stock of which (other than (x) director’s
qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or
by one or more wholly owned Subsidiaries of such Person.

 

“Withholding
Agent” means any Obligor, any Agent and, in the case of any U.S. federal
withholding tax, any other applicable withholding agent.

 

    -61-

     

    

 

“Write-down
and Conversion Powers” means, (a) with respect
to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In
Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation
Schedule, and (b) with respect to the United Kingdom, any powers of the applicable
Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

1.2               
Accounting Terms.

 

(a)                
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP, applied in a manner consistent with that used in preparing the Historical Financial Statements, except as otherwise
specifically prescribed herein; provided, however, that if the Borrower notifies the Agent that the Borrower requests an amendment to
any provision hereof to eliminate the effect of any change occurring after the Closing Restatement
Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Agent notifies the Borrower
that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision
amended in accordance herewith.

 

(b)               
Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in
this Agreement with respect to any period during which any Specified Transaction or Specified Restructuring occurs, the Fixed Charge Coverage
Ratio, the Total Net Leverage Ratio and the Senior Secured Net Leverage Ratio shall be calculated with respect to such period and such
Specified Transaction or Specified Restructuring on a Pro Forma Basis.

 

(c)                
Where reference is made to “Holdings, the Borrower and its Restricted Subsidiaries, on a consolidated basis” or similar
language, such consolidation shall not include any Subsidiaries of the Borrower other than Restricted Subsidiaries.

 

(d)               
Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be construed,
and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under the Financial
Accounting Standards Board’s Accounting Standards Codification No. 825—Financial Instruments, or any successor thereto (including
pursuant to the Accounting Standards Codification), to value any Debt of Holdings, the Borrower or any Subsidiary at “fair value”
as defined therein and (ii) all leases and obligations under any leases of any Person that are or would be characterized as operating
leases and/or operating lease obligations in accordance with GAAP as of December 31, 2016 (whether or not such operating leases and/or
operating lease obligations were in effect on such date) shall continue to be accounted for as operating leases and/or operating lease
obligations (and not as Capital Leases and/or Capital Lease Obligations) for purposes of this Agreement regardless of any change in GAAP
following the date that would otherwise require such obligations to be recharacterized as Capital Leases and/or Capital Lease Obligations.

 

(e)                
For the avoidance of doubt, notwithstanding any classification under GAAP of any Person or business in respect of which a definitive
agreement for the Disposition thereof has been entered into as discontinued operations, the Net Income of such Person or business shall
not be excluded from the calculation of Net Income until such Disposition shall have been consummated.

 

1.3               
Interpretive Provisions.

 

(a)                
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

    -62-

     

    

 

(b)               
The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole
and not to any particular provision of this Agreement; and Subsection, Section, Schedule and Exhibit references are to this Agreement
unless otherwise specified.

 

(c)                
The term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and
other writings, however evidenced.

 

(i)             
The term “including” is not limiting and means “including without limitation.”

 

(ii)              
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including,” the words “to” and “until” each mean “to but excluding” and the word “through”
means “to and including.”

 

(iii)              
The word “or” is not exclusive.

 

(iv)              
Any reference to any Person shall be constructed to include such Person’s successors or assigns (subject to any restrictions on
assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded
to any or all of the functions thereof.

 

(v)             
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

 

(vi)              
The word “will” shall be construed to have the same meaning as the word “shall.”

 

(vii)              
The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(d)               
Unless otherwise expressly provided herein, (a) references to Organization Documents, Charter Documents, agreements (including
the Loan Documents) and other contractual obligations shall be deemed to include all subsequent amendments, restatements, amendment and
restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, amendment
and restatements, extensions, supplements and other modifications are permitted by this Agreement; and (b) references to any applicable
Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such applicable
Law.

 

(e)                
The captions and headings of this Agreement and other Loan Documents are for convenience of reference only and shall not affect
the interpretation of this Agreement.

 

(f)                 
This Agreement and other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar
matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms.

 

1.4               
Classification of Loans and Borrowings. For purposes
of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g.,
a “LIBOR Term
SOFR Loan”) or by Class and Type (e.g., a “Revolving LIBOR Term
SOFR Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or by Type (e.g., a “LIBOR Term
SOFR Borrowing”) or by Class and Type (e.g., a “Revolving LIBOR Term
SOFR Borrowing”).

 

1.5               
[Reserved]. 

 

1.6               
Rounding. Any financial ratios required to be
maintained or complied with by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to
be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result
to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest
number (with a rounding-up if there is no nearest number).

 

    -63-

     

    

 

1.7               
Times of Day. Unless otherwise specified, all
references herein to times of day shall be references to New York City (daylight or standard, as applicable).

 

1.8               
Timing of Payment or Performance. When the payment
of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is
not a Business Day, the date of such payment (other than as described in the definition of “Interest Period”) or performance
shall extend to the immediately succeeding Business Day.

 

1.9               
Currency Equivalents Generally.

 

(a)                
For purposes of any determination under any provision of this Agreement requiring the use of a current exchange rate, all amounts
incurred or proposed to be incurred in currencies other than Dollars shall be translated into Dollars at currency exchange rates then
in effect on the date of such determination; provided, however, that (x) for purposes of determining compliance with respect
to the amount of any Debt, Investment, Disposition, Distribution or payment of Junior Debt in a currency other than Dollars, no Default
or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such
Debt or Investment is incurred or Disposition, Distribution of payment of Junior Debt is made, (y) for purposes of determining compliance
with any Dollar-denominated restriction on the incurrence of Debt, if such Debt is incurred to Refinance other Debt denominated in a foreign
currency, and such Refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such Refinancing, such Dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such Refinanced Debt does not exceed the principal amount of such Debt being Refinanced, except
by an amount equal to the accrued interest and premium thereon plus other amounts paid and fees and expenses incurred in connection with
such Refinancing plus an amount equal to any existing commitment unutilized and letters of credit undrawn thereunder and (z) for the avoidance
of doubt, the foregoing provisions of this Section 1.9 shall otherwise apply to such Sections, including with respect to determining
whether any Debt or Investment may be incurred or Disposition, Distribution or payment of Junior Debt may be made at any time under such
Sections. For purposes of the Financial Covenant, amounts in currencies other than Dollars shall be translated into Dollars at the applicable
exchange rates used in preparing the most recently delivered Section 6.2 Financials.

 

(b)               
Each provision of this Agreement shall be subject to such reasonable changes of construction as the Agent may from time to time
specify with the Borrower’s consent (such consent not to be unreasonably withheld) to appropriately reflect a change in currency
of any country and any relevant market conventions or practices relating to such change in currency.

 

    -64-

     

    

 

1.10            
Divisions. For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s
laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person
comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its
Stock at such time.

 

1.11
            Rates1.12.
The Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration
of, submission of, calculation of or any other matter related to Base Rate, Term SOFR, Daily Simple SOFR, or any component definition
thereof or rates referred to in the definitions thereof, or any alternative, successor or replacement rate thereto (including any Benchmark
Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any
Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity
as, Base Rate, Term SOFR, Daily Simple SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation
or composition of any Conforming Changes. The Agent and its affiliates or other related entities may engage in transactions that affect
the calculation of Base Rate, Term SOFR, Daily Simple SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement)
or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Agent may select information sources or services
in its reasonable discretion to ascertain Base Rate, Term SOFR, Daily Simple SOFR or any other Benchmark, in each case pursuant to the
terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind,
including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract
or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such
information source or service.

 

ARTICLE
II

LOANS AND LETTERS OF CREDIT

 

2.1               
Credit Facilities. Subject to all of the
terms and conditions of this Agreement, (i) the Lenders agree to make Revolving Loans to the Borrower on
the Closing Date and at any time and from time to time on or
after the Restatement Effective Date and prior to the Termination Date, in an aggregate principal amount outstanding not in
excess of the Maximum Revolver Amount, (ii) the Swingline Lender agrees to extend credit to the Borrower, at any time and from time to
time prior to the Termination Date, in the form of Swingline Loans, in an aggregate principal amount at any time outstanding not in excess
of the Swingline Sublimit, and (iii) the Letter of Credit Issuers agree to issue Letters of Credit on behalf of the Borrower, in an aggregate
face amount at any time outstanding not in excess of the Letter of Credit Subfacility. The proceeds of the Revolving Loans and the Swingline
Loans are to be used solely to finance ongoing working capital needs and for other general corporate purposes (including Permitted Acquisitions
and other Permitted Investments, Permitted Distributions and the repayment or prepayment of Debt, in each case to the extent not prohibited
pursuant to the terms hereof) of the Borrower and its Restricted Subsidiaries. Each Loan made pursuant to this Agreement shall be made
in Dollars.

 

2.2               
Revolving Loans. Subject to all of the terms and
conditions of this Agreement, each Lender severally, but not jointly or jointly and severally, agrees, upon the Borrower’s request
from time to time on any Business Day during the period from the Closing Restatement
Effective Date to the Termination Date, to make Revolving Loans in Dollars to the Borrower in amounts not to exceed such Lender’s
Pro Rata Share of then-current Availability. The Lenders, however, in their unanimous discretion, may elect to make Revolving Loans or
issue or arrange to have issued Letters of Credit in excess of the Borrowing Base on one or more occasions, but if they do so, neither
the Agent nor the Lenders shall be deemed thereby to have changed the limits of the Borrowing Base or to be obligated to exceed such limits
on any other occasion. If any such Borrowing would exceed Availability, the Lenders may refuse to make or may otherwise restrict the making
of Revolving Loans as the Lenders determine until such excess has been eliminated, subject to the Agent’s authority, in its sole
discretion, to make Agent Advances pursuant to the terms of Section 2.4(g).

 

    -65-

     

    

 

2.3               
Letters of Credit.

 

(a)                
Agreement to Issue. Subject to all of the terms and conditions of this Agreement, the Letter of Credit Issuers agree to
issue for the account of the Borrower or any Restricted Subsidiary of the Borrower one or more standby letters of credit denominated in
Dollars (each, a “Letter of Credit” and, collectively, the “Letters of Credit”) and to amend, renew
or extend Letters of Credit previously issued by such Letter of Credit Issuer (unless otherwise provided below); provided that
the Borrower shall be the applicant, and be jointly and severally liable, with respect to any Letter of Credit issued for the account
of a Restricted Subsidiary.

 

(b)   
Amounts; Outside Expiration Date. The Letter of Credit Issuers shall not have any obligation to issue any Letter of Credit
at any time if (i) the maximum aggregate amount of the requested Letter of Credit for the term of such Letter of Credit (including any
increases in amount referenced therein) is greater than the Unused Letter of Credit Subfacility at such time; (ii) the maximum undrawn
amount of the requested Letter of Credit would exceed the then-current Availability; or (iii) such Letter of Credit has an expiration
date later than 12 months after the date of issuance (subject to customary evergreen or automatic renewal provisions reasonably acceptable
to such Letter of Credit Issuer, which may provide for renewal for additional period of up to 12 months); provided that in no event
shall any Letter of Credit have an expiration date later than the date that is five (5) Business Days prior to the Stated Termination
Date or such later date to the extent such Letter of Credit has been cash collateralized in an amount to be agreed with the applicable
Letter of Credit Issuer or backstopped with another letter of credit for such period after the Termination Date in a manner mutually and
reasonably agreed between the applicable Letter of Credit Issuer and the Borrower. Notwithstanding the foregoing, no Letter of Credit
Issuer shall be required to issue any Letter of Credit if the aggregate maximum amount of all Letters of Credit issued by such Letter
of Credit Issuer would exceed its L/C Commitment. With respect to any Letter of Credit which contains any “evergreen” or automatic
renewal or extension provision, if such Letter of Credit permits the applicable Letter of Credit Issuer to prevent any extension by giving
notice to the beneficiary thereof no later than a date (the “Non-Extension Notice Date”), once any such Letter of Credit
has been issued, the Lenders shall be deemed to have authorized such Letter of Credit Issuer to permit extensions of such Letter of Credit
to an expiry date not later than the date that is five (5) Business Days prior to the Stated Termination Date, unless the Agent shall
have received written notice from the Required Lenders declining to consent to any such extension at least thirty (30) days prior to the
Non-Extension Notice Date; provided that no Lender may decline to consent to any such extension if all of the requirements of this
Section 2.3 are met and no Default or Event of Default has occurred and is continuing.

 

(c)                
Other Conditions. In addition to the conditions precedent contained in Article IX, the obligation of the Letter of
Credit Issuers to issue any applicable Letter of Credit is subject to the following conditions precedent having been satisfied:

 

                                                   
(i)              the Borrower shall have delivered to the applicable
Letter of Credit Issuer, at least three (3) Business Days (or such shorter period as the applicable Letter of Credit Issuer may agree)
in advance of the proposed date of issuance of any Letter of Credit, an application in form and substance reasonably satisfactory to such
Letter of Credit Issuer for the issuance of the Letter of Credit and such other documents as may be reasonably required pursuant to the
terms thereof, and the form of the proposed Letter of Credit shall be reasonably satisfactory to the applicable Letter of Credit Issuer;
and

 

                                                 
(ii)               as of the date of issuance, no order of
any court, arbitrator or Governmental Authority shall purport by its terms to enjoin or restrain the applicable Letter of Credit Issuer
from issuing letters of credit of the type and in the amount of the proposed Letter of Credit, and no Law applicable to the applicable
Letter of Credit Issuer and no request or directive (whether or not having the force of Law) from any Governmental Authority with jurisdiction
over such Letter of Credit Issuer shall prohibit, or request that the proposed Letter of Credit Issuer refrain from, the issuance of letters
of credit generally or the issuance of such Letters of Credit.

 

    -66-

     

    

 

(d)               
Issuance of Letters of Credit.

 

(i)            Request
for Issuance. The Borrower shall deliver an application signed by a Responsible Officer of the Borrower in form and substance reasonably
satisfactory to the Letter of Credit Issuer to the Agent and the applicable Letter of Credit Issuer of a requested Letter of Credit at
least three (3) Business Days (or such shorter period as the applicable Letter of Credit Issuer may agree) prior to the proposed issuance
date. Such application shall specify the original face amount of the Letter of Credit requested, the Business Day of issuance of such
requested Letter of Credit, whether such Letter of Credit may be drawn in a single or in partial draws, the Business Day on which the
requested Letter of Credit is to expire, the purpose for which such Letter of Credit is to be issued, and the beneficiary of the requested
Letter of Credit. The Borrower shall attach to such application the proposed draw conditions to be included in the form of the Letter
of Credit.

 

(ii)            Responsibilities
of the Agent; Issuance. As of the Business Day immediately preceding the requested issuance date of each Letter of Credit, the Agent
shall determine the amount of the Unused Letter of Credit Subfacility and the then-current Availability as of such date. If (A) the aggregate
amount of the requested Letter of Credit for the term of such Letter of Credit (including any increases in amount referenced therein)
is less than the Unused Letter of Credit Subfacility and (B) the amount of such requested Letter of Credit would not exceed the then-current
Availability, the Agent shall inform the applicable Letter of Credit Issuer that it may issue the requested Letter of Credit on the requested
issuance date so long as the other conditions to such issuance set forth in this Agreement are met.

 

(iii)            No
Extensions or Amendment. Except in the case of Letters of Credit subject to evergreen or automatic renewal provisions, no Letter of
Credit Issuer shall be required to extend, renew or amend any Letter of Credit issued pursuant hereto unless the requirements of this
Section 2.3 are met as though a new Letter of Credit were being requested and issued.

 

(e)                
Payments Pursuant to Letters of Credit. The Borrower hereby agrees to reimburse the applicable Letter of Credit Issuer in
Dollars with respect to any drawing or disbursement by such Letter of Credit Issuer under any Letter of Credit, by making payment, whether
with its own funds, with the proceeds of Revolving Loans or any other source, to the Agent for the account of the applicable Letter of
Credit Issuer in immediately available funds, (with respect to each such amount so paid under a Letter of Credit until reimbursed, an
“Unpaid Drawing”) (i) within one Business Day of the date of such drawing or disbursement if the applicable Letter
of Credit Issuer provides notice to the Borrower of such drawing or disbursement prior to 11:00 a.m. (New York City time) on such prior
Business Day after the date of such drawing or disbursement or (ii) if such notice is received after such time, on the next Business Day
following the date of receipt of such notice (such required date for reimbursement under clause (i) or (ii), as applicable (the “Required
Reimbursement Date”)), with interest on the amount so paid or disbursed by such applicable Letter of Credit Issuer, from and
including the date of such drawing or disbursement to but excluding the Required Reimbursement Date, at the per annum rate for each day
equal to the applicable rate described in Section 3.1(a)(i); provided that, notwithstanding anything contained in this Agreement
to the contrary, with respect to any Letter of Credit, unless the Borrower shall have notified the Agent and the applicable Letter of
Credit Issuer prior to 11:00 a.m. (New York City time) on the Required Reimbursement Date that the Borrower intends to reimburse such
Letter of Credit Issuer for the amount of such drawing or disbursement with funds other than the proceeds of Revolving Loans, each drawing
under any Letter of Credit shall constitute a request by the Borrower to the Agent for a Borrowing of a Base Rate Loan in the amount of
such drawing and, to the extent such Base Rate Loan is made, the Borrower’s obligation to make such payment shall be discharged
and replaced by the resulting Base Rate Loan.

 

(f)                 
Indemnification; Exoneration; Power of Attorney.

 

(i)            Indemnification.
In addition to amounts payable as elsewhere provided in this Section 2.3, the Borrower agrees to protect, indemnify, pay and save
the applicable Letter of Credit Issuer harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges
and reasonable and documented or invoiced out-of-pocket expenses (including reasonable Attorney Costs) which such Letter of Credit Issuer
may incur or be subject to as a consequence, direct or indirect, of the issuance of any Letter of Credit, except that the foregoing indemnity
shall not apply to such Letter of Credit Issuer to the extent of acts or omissions arises out of gross negligence, bad faith or willful
misconduct of such Letter of Credit Issuer (as determined by a court of competent jurisdiction in a final and non-appealable decision).
The Borrower’s obligations under this Section shall survive payment of all other Obligations and termination of this Agreement.

 

    -67-

     

    

 

(ii)            Assumption
of Risk by the Borrower. As among the Borrower, the Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent,
the Borrower assumes all risks of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries
of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders, the applicable Letter of Credit Issuer
and the Agent shall not be responsible for (except in the case of any such Person (but not with respect to any other Person), to the extent
arising out of the gross negligence, bad faith or willful misconduct of such Person (as determined by a court of competent jurisdiction
in a final and non-appealable decision) in connection with any of the following): (A) the form, validity, sufficiency, accuracy, genuineness
or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts
with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign
any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions set forth in any separate agreement
with the Borrower that are required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission
or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation
of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any
Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any
drawing under such Letter of Credit; (H) any consequences arising from causes beyond the control of the Revolving Credit Lenders, the
applicable Letter of Credit Issuer or the Agent, including any act or omission, whether rightful or wrongful, of any present or future
de jure or de facto Governmental Authority; or (I) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or
any certificate fails to comply in any material respect with the terms of the Letter of Credit; provided that this assumption is
not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary
or transferee at Law or under any other agreement. None of the foregoing shall affect, impair or prevent the vesting of any rights or
powers of the Agent or any Revolving Credit Lender under this Section 2.3(f).

 

(iii)            Exoneration.
Without limiting the foregoing, no action or omission whatsoever by the Agent, a Letter of Credit Issuer or any Revolving Credit Lender
shall result in any liability of the Agent, such Letter of Credit Issuer or any Revolving Credit Lender to the Borrower (except as provided
in the immediately succeeding clause (iv)), or relieve the Borrower of any of its obligations hereunder to any such Person.

 

(iv)            Rights
Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit the Borrower’s rights or claims, if
any, under Law or otherwise, against any Letter of Credit Issuer which arise as a result of the letter of credit application and related
documents executed by such Letter of Credit Issuer or which arise as a result of such Letter of Credit Issuer’s willful misconduct,
gross negligence or bad faith (as determined by a court of competent jurisdiction in a final and non-appealable decision).

 

(v)            Account
Party. The Borrower hereby authorizes and directs any Letter of Credit Issuer to name the Borrower as the “Account Party”
in the Letters of Credit and to deliver to the Agent all instruments, documents and other writings and property received by the applicable
Letter of Credit Issuer pursuant to the Letters of Credit, and to accept and rely upon the Agent’s instructions and agreements with
respect to all matters arising in connection with the Letters of Credit or the applications therefor.

 

(g)               
Supporting Letter of Credit. If, notwithstanding the provisions of Section 2.3(b) and Section 11.1, any Letter
of Credit is outstanding upon the termination of this Agreement, then upon such termination the Borrower shall (i) deposit with the Agent,
for the ratable benefit of the Agent, the applicable Letter of Credit Issuer and the Revolving Credit Lenders, with respect to each Letter
of Credit then outstanding, a standby letter of credit (a “Supporting Letter of Credit”) in form and substance reasonably
satisfactory to the Agent, issued by an issuer reasonably satisfactory to the Agent, in an amount equal to 103% (or such lesser amount
as the Agent and such Letter of Credit Issuer shall agree but not less than 100%) of the sum of the greatest amount for which such Letter
of Credit may be drawn plus any fees and expenses then due and owing with such Letter of Credit, under which Supporting Letter
of Credit the Agent is entitled to draw amounts necessary to reimburse the Agent, such Letter of Credit Issuer and the Revolving Credit
Lenders for payments to be made by the Agent, such Letter of Credit Issuer and such Revolving Credit Lenders under such Letter of Credit
and any fees and expenses then due and owing or to become due and owing with such Letter of Credit, or (ii) cash collateralize each Letter
of Credit then outstanding, in an amount equal to 103% (or such lesser amount as the Agent and such Letter of Credit Issuer shall agree)
of the sum of the greatest amount for which such Letter of Credit may be drawn plus any fees and expenses then due and owing with
such Letter of Credit, in a manner reasonably satisfactory to the Agent. Such Supporting Letter of Credit or cash collateral shall be
held by the Agent, for the ratable benefit of the Agent, the applicable Letter of Credit Issuer and the Revolving Credit Lenders, as security
for, and to provide for the payment of, the aggregate undrawn amount of such Letters of Credit remaining outstanding.

 

    -68-

     

    

 

(h)               
Addition of a Letter of Credit Issuer. A Lender (or any of its Subsidiaries or affiliates) may become an additional Letter
of Credit Issuer hereunder pursuant to a written agreement among the Borrower, the Agent and such Lender. The Agent shall notify the Revolving
Credit Lenders of any such additional Letter of Credit Issuer.

 

2.4               
Loan Administration.

 

(a)                
Procedure for Borrowing.

 

(i)            Each
Borrowing by the Borrower shall be made upon the Borrower’s written notice delivered to the Agent in the form of a notice of borrowing
substantially in the form of Exhibit B (“Notice of Borrowing”), which must be received by the Agent prior to
(w) 12:00 noon (New York City time) three (3) Business Days prior to the requested Funding Date, in the case of LIBOR
Term SOFR Loans, (x) 1:00 p.m. (New York City time)
one (1) Business Day prior to the requested Funding Date, in the case of Base Rate Loans on any Funding Date and
(y, (y) 11:00 a.m. (New York City time) five (5) Business Days
prior to the requested Funding Date, in the case of Daily Simple SOFR Loans and (z) 10:00 a.m. (New York City time) on the
Funding Date, in the case of Swingline Loans, specifying:

 

(A)whether
such Borrowing is to be a LIBOR Term
SOFR Borrowing or a Base Rate Borrowing (and if not specified, it shall be deemed a request for a Base Rate Borrowing);

 

(B)the
amount of the Borrowing, which (x) in the case of a LIBOR Loan, must equal or exceed $1,000,000 (and
increments of $1,000,000 in excess of such amount) and (y) in the case of a Base Rate Loan, must equal or exceed $1,000,000
(and increments of $1,000,000 in excess of such amount);

 

(C)the
requested Funding Date, which must be a Business Day; and

 

(D)in
the case of a request for LIBOR Term
SOFR Loans, the duration of the initial Interest Period to be applicable thereto (and if not specified, it shall be deemed
a request for an Interest Period of one month).

 

(ii)            At
the election of the Agent or the Required Lenders, the Borrower shall have no right to request a LIBOR
Term SOFR Loan while an Event of Default has occurred
and is continuing.

 

(b)               
Reliance upon Authority. On or prior to the Closing Date, the Borrower shall deliver to the Agent a notice setting forth
the account of the Borrower (such account, together with any replacement account, the “Designated Account”) to which
the Agent is authorized to transfer the proceeds of the Loans requested hereunder unless otherwise directed in writing by the Borrower.
The Borrower may designate a replacement account from time to time by written notice to the Agent. The Agent is entitled to rely conclusively
on any Person’s request for Revolving Loans on behalf of the Borrower, so long as the proceeds thereof are to be transferred to
the Designated Account or to another account designated by the Borrower in writing. The Agent has no duty to verify the identity of any
individual representing himself or herself as a person authorized by the Borrower to make such requests on its behalf.

 

(c)                
No Liability. The Agent shall not incur any liability to the Borrower as a result of acting upon any notice referred to
in Section 2.4(a) or (b), which the Agent believes in good faith to have been given by an officer or other person duly authorized
by the Borrower to request Loans on its behalf. The crediting of Loans to the Designated Account conclusively establishes the obligation
of the Borrower to repay such Loans as provided herein.

 

    -69-

     

    

 

(d)               
Borrower’s Election. Promptly after receipt of a Notice of Borrowing for a Revolving Base Rate Loan, the Borrower
shall elect to have the terms of Section 2.4(e) or the terms of Section 2.4(f) apply to such requested Borrowing. If the
condition in Section 2.4(f)(i)(C) is not satisfied, the terms of Section 2.4(e) shall apply to the requested Borrowing.

 

(e)                
Making of Revolving Loans. If the Borrower elects to have the terms of this Section 2.4(e) apply to a requested Revolving
Credit Borrowing of a Base Rate Loan or if the Agent receives a Notice of Borrowing for a LIBOR Term
SOFR Loan, then, promptly after receipt of the Notice of Borrowing with respect to such Revolving Base Rate Loan or Revolving
LIBOR Term SOFR Loan,
the Agent shall notify the Revolving Credit Lenders by telecopy, telephone or e-mail of the requested Borrowing. Each Revolving Credit
Lender shall transfer its Pro Rata Share of the requested Borrowing to the Agent in immediately available funds, to the account from time
to time designated by the Agent, not later than 12:00 noon (New York City time) on the applicable Funding Date;
provided that on the Closing Date, such funds may be made available at such earlier time as may
be agreed among the relevant Lenders, the Borrower and the Agent for the purpose of consummating the Transactions. After
the Agent’s receipt of all such amounts from the Lenders, the Agent shall make the aggregate of such amounts available to the Borrower
on the applicable Funding Date by transferring same day funds to the account(s) designated by the Borrower; provided, however,
that the amount of Revolving Loans so made on any date shall not exceed the then-current Availability on such date.

 

(f)                 
Making of Swingline Loans.

 

(i)            If
the Borrower elects to have the terms of this Section 2.4(f) apply to a requested Revolving Credit Borrowing of a Base Rate Loan,
the Swingline Lender shall make a Revolving Loan in the amount of that Borrowing available to the Borrower on the applicable Funding Date
by transferring same day funds to the Designated Account or such other account(s) as may be designated by the Borrower in writing. Each
Revolving Loan made solely by the Swingline Lender pursuant to this Section 2.4(f) is herein referred to as a “Swingline
Loan,” and such Revolving Loans are collectively referred to as the “Swingline Loans.” Each Swingline Loan
shall be subject to all the terms and conditions applicable to other Revolving Loans except that all payments thereon (including interest)
shall be payable to the Swingline Lender solely for its own account. The Agent shall not request the Swingline Lender to make any Swingline
Loan if (A) the Agent has received written notice from any Lender that one or more of the applicable conditions precedent set forth in
Article IX will not be satisfied on the requested Funding Date for the applicable Borrowing, (B) the requested Borrowing would
exceed then-current Availability on that Funding Date (as reasonably determined by the Agent), or (C) such Swingline Loan would cause
the aggregate outstanding principal balance of all Swingline Loans to exceed $15,000,000 (the “Swingline Sublimit”).

 

(ii)            The
Swingline Loans shall be secured by the Collateral Agent’s Liens in and to the Collateral and shall constitute Base Rate Loans and
Obligations hereunder.

 

(g)               
Agent Advances.

 

(i)            Subject
to the limitations set forth below, the Agent is authorized by the Borrower and the Revolving Credit Lenders, from time to time in the
Agent’s sole discretion, upon notice to the Revolving Credit Lenders, (A) after the occurrence of a Default or an Event of Default,
or (B) at any time that any of the other conditions precedent set forth in Article IX have not been satisfied, to make Base Rate
Loans to the Borrower on behalf of the Lenders in an aggregate principal amount outstanding at any time not to exceed 10% of the Borrowing
Base (provided that the making of any such Loan does not cause the Aggregate Revolver Outstandings to exceed the Maximum Revolver
Amount) which the Agent, in its good faith judgment, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion
thereof, (2) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations (including through
Base Rate Loans for the purpose of enabling the Borrower and its Subsidiaries to meet their payroll and associated Tax obligations), and/or
(3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement, including costs, fees and expenses as
described in Section 14.7 (any of such advances are herein referred to as “Agent Advances”); provided,
that the Required Lenders may at any time revoke the Agent’s authorization to make Agent Advances. Any such revocation must be in
writing and shall become effective prospectively upon the Agent’s receipt thereof.

 

    -70-

     

    

 

(ii)            The
Agent Advances shall be secured by the Collateral Agent’s Liens in and to the Collateral and shall constitute Base Rate Loans and
Obligations hereunder.

 

(h)               
Notice Irrevocable. Other than any Notice of Borrowing for a Base Rate Loan made on or
prior to the Closing Date, any Any Notice of Borrowing
made pursuant to Section 2.4(a) shall be irrevocable. The Borrower shall be bound to borrow the funds requested therein in
accordance therewith.

 

2.5               
Reserves. The Agent may establish Reserves or
change (including by decreasing the amount of) any of the Reserves, in the exercise of its Reasonable Credit Judgment; provided that
such Reserves shall not be established or changed except upon not less than five (5) Business Days’ written
notice to the Borrower (unless an Event of Default exists and is continuing in which event such notice (which ,
in such event, may be oral) may be given at any time prior to the establishment or change and shall not be subject to the five
(5) Business Day notice requirement); provided, further, that no such prior notice shall be required for any changes to
any Reserves resulting solely by virtue of mathematical calculations of the amount of the Reserves in accordance with the methodology
of calculation previously utilized; provided, further,
that, the Borrower may not obtain any new Loans hereunder during the period after receipt of such notice and prior to the expiration of
such five (5) Business Day notice period to the extent such new Loans would cause the aggregate amount of all outstanding Loans
to exceed the then-current Availability after giving effect to such proposed Reserve. The Agent will be available during such
period to discuss any such proposed Reserve or change with the Borrower and without limiting the right of the Agent to establish or change
such Reserves in the Agent’s Reasonable Credit Judgment, the Borrower may take such action as may be required so that the event,
condition or matter that is the basis for such Reserve no longer exists, in a manner and to the extent reasonably satisfactory to the
Agent. The amount of any Reserve established by the Agent pursuant to the first sentence of this Section 2.5 shall have a reasonable
relationship as determined by the Agent in its Reasonable Credit Judgment to the event, condition or other matter that is the basis for
the Reserve. In the event that the Agent has determined to establish or change a Reserve pursuant to the first sentence of this Section
2.5 and the Reserve amount to be so established or as modified is inconsistent with the Reserve amount determined by the Agent, then
the greater Reserve amount so determined shall apply. Notwithstanding anything herein to the contrary, a Reserve shall not be established
to the extent that such Reserve would be duplicative of any specific item excluded as ineligible in the definition of “Eligible
Account” or of any then-existing Reserve. The establishment of any Reserve with respect to any obligation, charge, liability, debt
or otherwise shall in no event grant any rights or be deemed to have granted any rights in such reserved amount to the holder of such
obligation, charge, liability or debt or any other Person (except as explicitly set forth hereunder), but shall solely be viewed as amounts
reserved to protect the interests of the Secured Parties hereunder and under the other Loan Documents.

 

2.6               
Incremental Credit Extension.

 

(a)                
The Borrower may at any time or from time to time after the Closing Restatement
Effective Date, by written notice delivered to the Agent, request one or more increases in the amount under any Class of Revolving
Credit Commitments (each such increase, a “Revolving Credit Commitment Increase”).

 

(b)               
Each Revolving Credit Commitment Increase shall be in an aggregate principal amount that is not less than $5,000,000 (provided
that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth below) (and
in minimum increments of $5,000,000 in excess thereof), and the aggregate amount of Revolving Credit Commitment Increases (after giving
Pro Forma Effect thereto and the use of the proceeds thereof) incurred pursuant to this Section 2.6(b) plus the aggregate principal
amount of Revolving Credit Commitments hereunder shall not exceed $400,000,000250,000,000.

 

(c)                
(i) The Revolving Credit Commitment Increases shall be treated the same as the Revolving Credit Commitments (except that the maturity
date thereof shall be no earlier than the initial Stated Termination Date for the Revolving Credit Facility) and shall be considered to
be part of the Revolving Credit Commitments (it being understood that, if required to consummate a Revolving Credit Commitment Increase,
the interest rate margins, rate floors and undrawn commitment fees on the Revolving Credit Commitments may be increased and additional
upfront or similar fees may be payable to the lenders providing the Revolving Credit Commitment Increase without any requirement to pay
such fees to any then-existing Lenders).

 

    -71-

     

    

 

 

(ii)          The
Revolving Credit Commitment Increases may be in the form of a separate “first-in, last-out” or “last-out” tranche
(the “FILO Tranche”) with interest rate margins, rate floors, upfront fees, funding discounts, advance rates, premiums,
unused fees and original issue discounts to be agreed between the Borrower and the applicable Lenders providing such Revolving Credit
Commitment Increases, and with other terms reasonably satisfactory to the Agent (it being understood to the extent that any financial
maintenance covenant is added for the benefit of any FILO Tranche, no consent shall be required from the Agent or any Lender to the extent
that such financial maintenance covenant is also added for the benefit of the Revolving Credit Facility) and to be agreed upon (which,
for the avoidance of doubt, shall not require any adjustment to the Applicable Margin of other Loans pursuant to clause (i) above)
among the Borrower and the Lenders providing the FILO Tranche so long as (1) any loans and related obligations in respect of the FILO
Tranche shall not be guaranteed by any Person other than the Guarantors and shall rank equal (or, at the option of the Borrower, junior)
in right of priority to the Collateral Agent’s Liens; (2) as between (x) the Revolving Credit Facility (other than the FILO Tranche)
and (y) the FILO Tranche, all proceeds from the liquidation or other realization of the Collateral shall be applied, first to obligations
owing under, or with respect to, the Revolving Credit Facility (other than the FILO Tranche) and second to the FILO Tranche; (3) no Borrower
may prepay Loans under the FILO Tranche or terminate or reduce the commitments in respect thereof at any time that other Revolving Loans
(including Swingline Loans) and/or Unpaid Drawings (unless cash collateralized or otherwise provided for in a manner reasonably satisfactory
to the Agent) are outstanding; (4) the Required Lenders (calculated as including the FILO Tranche) shall, subject to the terms of the
Intercreditor Agreement, control exercise of remedies in respect of the Collateral; and (5) no changes affecting the priority status
of the Revolving Credit Facility (other than the FILO Tranche) vis-à-vis the FILO Tranche may be made without the consent of each
of the Lenders under the Revolving Credit Facility (other than the FILO Tranche).

 

(d)               
Each notice from the Borrower pursuant to this Section 2.6 shall be given in writing and shall set forth the requested
amount and proposed terms of the relevant Revolving Credit Commitment Increase. Revolving Credit Commitment Increases may be provided
subject to the prior written consent of the Borrower, by any existing Lender (it being understood that no existing Lender will have an
obligation to make a portion of any Revolving Credit Commitment Increase) or by any other bank, financial institution, other institutional
lender or other investor (any such other bank, financial institution or other investor being called an “Additional Lender”);
provided that (i) each existing Lender shall be offered the opportunity to participate in the relevant Revolving Credit Commitment
Increase (other than in the case of a FILO Tranche) on a pro rata basis based on such Lender’s Revolving Credit Commitment prior
to such Revolving Credit Commitment Increase and (ii) the Agent, the Swingline Lender and each Letter of Credit Issuer shall have consented
(in each case, not to be unreasonably withheld or delayed) to such Lender’s or Additional Lender’s providing such Revolving
Credit Commitment Increase if such consent would be required under Section 12.2 for an assignment of Loans and/or Commitments
to such Lender or Additional Lender.

 

(e)                
Commitments in respect of a Revolving Credit Commitment Increase, including under a FILO Tranche, shall become Commitments under
this Agreement pursuant to an amendment (an “Incremental Agreement”) to this Agreement and, as appropriate, the other
Loan Documents, executed the Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and the
Agent. The Incremental Agreement may, subject to Section 2.6(c), without the consent of any other Lenders, effect such amendments
to this Agreement and the other Loan Documents as may be necessary or advisable in the reasonable opinion of the Borrower and the Agent
to effect the provisions of this Section 2.6. The effectiveness of any Incremental Agreement shall be subject to the satisfaction
on the date thereof (each, an “Incremental Facility Closing Date”) and the occurrence of any extension of credit thereunder
shall be subject to the satisfaction of the conditions set forth in Section 9.2(a9.3(a)
(provided that, in connection with a Permitted Acquisition or other similar Investment permitted hereunder, compliance with clause
(ii) thereof shall instead be limited to compliance with no Event of Default under Section 10.1(a), (c), (e),
(f) and (g) having occurred and being in continuance), and such other conditions as the parties thereto shall agree. The
Borrower will use the proceeds of the loans under any Revolving Credit Commitment Increase for any purpose not prohibited by this Agreement.

 

    -72-

     

    

 

(f)                 
(i) Except as set forth under clause (d) above, the Borrower shall not be obligated to offer any existing Lender the opportunity
to provide any Revolving Credit Commitment Increase.

 

(ii)          Upon
each increase in the Revolving Credit Commitments pursuant to this Section 2.6, other than in connection with a FILO Tranche, each
Revolving Credit Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each
Lender providing a portion of the Revolving Credit Commitment Increase (each, an “Incremental Revolving Credit Commitment Increase
Lender”) in respect of such increase, and each such Incremental Revolving Credit Commitment Increase Lender will automatically
and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding Letters of
Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage
of the aggregate outstanding (A) participations hereunder in Letters of Credit and (B) participations hereunder in Swingline
Loans held by each Revolving Credit Lender (including each such Incremental Revolving Credit Commitment Increase Lender) will equal the
percentage of the aggregate Revolving Credit Commitments represented by such Lender’s Revolving Credit Commitment. If, on the date
of such increase, there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness of such Revolving
Credit Commitment Increase be prepaid from the proceeds of additional Revolving Loans made hereunder (reflecting such increase in Revolving
Credit Commitments), which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any costs incurred
by any Lender in accordance with Section 5.4. The Agent and the Lenders hereby agree that the minimum borrowing, pro rata
borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected
pursuant to the immediately preceding sentence or pursuant to a FILO Tranche.

 

(g)               
This Section 2.6 shall supersede any provisions in Section 2.4(e) or 12.1 to the contrary. For the
avoidance of doubt, any provisions of this Section 2.6 may be amended with the consent of the Required Lenders; provided
no such amendment shall require any Lender to provide any Revolving Credit Commitment Increase without such Lender’s consent.

 

2.7               
Extensions of Revolving Loans and Revolving Credit Commitments.

 

(a)                
The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of any Class
and/or the Extended Revolving Credit Commitments of any Class (and, in each case, including any previously extended Revolving Credit Commitments),
existing at the time of such request (each, an “Existing Revolving Credit Commitment” and any related revolving credit
loans under any such facility, “Existing Revolving Loans”; each Existing Revolving Credit Commitment and related Existing
Revolving Loans together being referred to as an “Existing Revolving Credit Class”) be converted or exchanged to extend
the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal
amount of Existing Revolving Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments
which have been so extended, “Extended Revolving Credit Commitments” and any related revolving credit loans, “Extended
Revolving Loans”) and to provide for other terms consistent with this Section 2.7. Prior to entering into any Extension
Agreement with respect to any Extended Revolving Credit Commitments, the Borrower shall provide written notice to the Agent (who shall
provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments, with such request
offered equally to all Lenders of such Class) (an “Extension Request”) setting forth the proposed terms of the Extended
Revolving Credit Commitments to be established thereunder, which terms shall be similar to those applicable to the Existing Revolving
Credit Commitments from which they are to be extended (the “Specified Existing Revolving Credit Commitment Class”)
except that (w) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be delayed to later dates than
the final maturity dates of the Existing Revolving Credit Commitments of the Specified Existing Revolving Credit Commitment Class, (x)(A)
the interest rates, interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment premiums with
respect to the Extended Revolving Credit Commitments may be different than those for the Existing Revolving Credit Commitments of the
Specified Existing Revolving Credit Commitment Class and/or (B) additional fees and/or premiums may be payable to the Lenders providing
such Extended Revolving Credit Commitments in addition to or in lieu of any of the items contemplated by the preceding clause (A)
and (y)(1) the undrawn revolving credit commitment fee rates with respect to the Extended Revolving Credit Commitments may be different
than those for the Specified Existing Revolving Credit Commitment Class and (2) the Extension Agreement may provide for other covenants
and terms that apply to any period after the Termination Date; provided that notwithstanding anything to the contrary in this Section 2.7,
or otherwise, (I) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of
the Extended Revolving Loans under any Extended Revolving Credit Commitments shall be made on a pro rata basis with any borrowings
and repayments of the Existing Revolving Loans of the Specified Existing Revolving Credit Commitment Class (the mechanics for which may
be implemented through the applicable Extension Agreement and may include technical changes related to the borrowing and repayment procedures
of the Specified Existing Revolving Credit Commitment Class), (II) assignments and participations of Extended Revolving Credit Commitments
and Extended Revolving Loans shall be governed by the assignment and participation provisions set forth in Section 12.2 and
(III) subject to the applicable limitations set forth in Section 4.4(a) and (b), permanent repayments of Extended Revolving
Loans (and corresponding permanent reduction in the related Extended Revolving Credit Commitments) shall be permitted as may be agreed
between the Borrower and the Lenders thereof. No Lender shall have any obligation to agree to have any of its Loans or Revolving Credit
Commitments of any Existing Revolving Credit Class converted or exchanged into Extended Revolving Loans or Extended Revolving Credit Commitments
pursuant to any Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class
of revolving credit commitments from Existing Revolving Credit Commitments of the Specified Existing Revolving Credit Commitment Class
and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established
on such date).

 

    -73-

     

    

 

(b)               
The Borrower shall provide the applicable Extension Request to the Agent at least ten (10) Business Days (or such shorter period
as the Agent may determine in its sole discretion) prior to the date on which Lenders under the Existing Revolving Credit Class are requested
to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Agent, in each case acting reasonably,
to accomplish the purpose of this Section 2.7. Any Lender (an “Extending Lender”) wishing to have all or a portion
of its Revolving Credit Commitments (or any earlier Extended Revolving Credit Commitments) of an Existing Revolving Credit Class subject
to such Extension Request converted or exchanged into Extended Revolving Credit Commitments shall notify the Agent (an “Extension
Election”) on or prior to the date specified in such Extension Request of the amount of its Revolving Credit Commitments (and/or
any earlier-extended Extended Revolving Credit Commitments) which it has elected to convert or exchange into Extended Revolving Credit
Commitments (subject to any minimum denomination requirements imposed by the Agent). In the event that the aggregate amount of Revolving
Credit Commitments (and any earlier-extended Extended Revolving Credit Commitments) subject to Extension Elections exceeds the amount
of Extended Revolving Credit Commitments requested pursuant to the Extension Request, Revolving Credit Commitments, or earlier-extended
Extended Revolving Credit Commitments, as applicable, subject to Extension Elections shall be converted to or exchanged to Extended Revolving
Credit Commitments on a pro rata basis (subject to such rounding requirements as may be established by the Agent) based on the amount
of Revolving Credit Commitments and earlier-extended Extended Revolving Credit Commitments included in each such Extension Election or
as may be otherwise agreed to in the applicable Extension Agreement. Notwithstanding the conversion of any Existing Revolving Credit Commitment
into an Extended Revolving Credit Commitment, unless expressly agreed by the holders of each affected Existing Revolving Credit Commitment
of the Specified Existing Revolving Credit Commitment Class, such Extended Revolving Credit Commitment shall not be treated more favorably
than all Existing Revolving Credit Commitments of the Specified Existing Revolving Credit Commitment Class for purposes of the obligations
of a Revolving Credit Lender in respect of Swingline Loans under Section 2.4 and Letters of Credit under Section 2.3, except
that the applicable Extension Agreement may provide that the maturity date for the Swingline Loans and/or the last day for issuing Letters
of Credit may be extended and the related obligations to make Swingline Loans and issue Letters of Credit may be continued (pursuant to
mechanics to be specified in the applicable Extension Agreement) so long as the applicable Swingline Lender and/or the applicable Letter
of Credit Issuer have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection
with any such extension).

 

(c)                
Extended Revolving Credit Commitments shall be established pursuant to an amendment (an “Extension Agreement”)
to this Agreement (which, except to the extent expressly contemplated by the second sentence of this Section 2.7(c) and notwithstanding
anything to the contrary set forth in Section 12.1, shall not require the consent of any Lender other than the Extending Lenders
with respect to the Extended Revolving Credit Commitments established thereby) executed by Holdings, the Obligors, the Agent and the Extending
Lenders. In connection with any Extension Agreement, the Borrower shall deliver an opinion of counsel reasonably acceptable to the Agent
(i) as to the enforceability of such Extension Agreement, this Agreement as amended thereby, and such of the other Loan Documents (if
any) as may be amended thereby (in the case of such other Loan Documents as contemplated by the immediately preceding sentence) and covering
customary matters and (ii) to the effect that such Extension Agreement, including the Extended Revolving Credit Commitments provided for
therein, does not breach or result in a default under the provisions of Section 12.1 of this Agreement.

 

    -74-

     

    

 

(d)               
Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Class of Existing Revolving Credit
Commitments is converted or exchanged to extend the related scheduled maturity date(s) in accordance with Section 2.7(a) above
(an “Extension Date”), in the case of the Existing Revolving Credit Commitments of each Extending Lender under any
Specified Existing Revolving Credit Commitment Class, the aggregate principal amount of such Existing Revolving Credit Commitments shall
be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted or exchanged
by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit
commitments from the Specified Existing Revolving Credit Commitment Class and from any other Existing Revolving Credit Commitments (together
with any other Extended Revolving Credit Commitments so established on such date) and if, on any Extension Date, any Existing Revolving
Loans of any Extending Lender are outstanding under the Specified Existing Revolving Credit Commitment Class, such Existing Revolving
Loans (and any related participations) shall be deemed to be converted or exchanged to Extended Revolving Loans (and related participations)
of the applicable Class in the same proportion as such Extending Lender’s Specified Existing Revolving Credit Commitments Class
to Extended Revolving Credit Commitments of such Class.

 

(e)                
In the event that the Agent determines in its sole discretion that the allocation of the Extended Revolving Credit Commitments
of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error in
the receipt and processing of an Extension Election timely submitted by such Lender in accordance with the procedures set forth in the
applicable Extension Agreement, then the Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole
discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Loan Documents (each,
a “Corrective Extension Agreement”) within 30 days following the effective date of such Extension Agreement, as the
case may be, which Corrective Extension Agreement shall (i) provide for the conversion or exchange and extension of Existing Revolving
Credit Commitments (and related exposure) in such amount as is required to cause such Lender to hold Extended Revolving Credit Commitments
(and related exposure) of the applicable Extension Series into which such other Loans or commitments were initially converted or exchanged,
as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received
the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Agreement, in
the absence of such error, (ii) be subject to the satisfaction of such conditions as the Agent, the Borrower and such Lender may agree
(including conditions of the type required to be satisfied for the effectiveness of an Extension Agreement described in Section 2.7(c)),
and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the second sentence
of Section 2.7(c).

 

(f)                 
No conversion or exchange of Loans or Commitments pursuant to any Extension Agreement in accordance with this Section 2.7
shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement.

 

(g)               
This Section 2.7 shall supersede any provisions in Section 2.4(e) or Section 12.1 to the contrary. For the
avoidance of doubt, any of the provisions of this Section 2.7 may be amended with the consent of the Required Lenders; provided
that no such amendment shall require any Lender to provide any Extended Revolving Credit Commitments without such Lender’s consent.

 

2.8               
Defaulting Lenders. Notwithstanding any provision
of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then for so long as such Lender is a Defaulting Lender:

 

(a)          the Unused
Line Fee shall cease to accrue on any of the Revolving Credit Commitments of such Defaulting Lender pursuant to Section 3.5;

 

    -75-

     

    

 

(b)          the
Commitments and Loans of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have
taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 12.1);
provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects
such Defaulting Lender disproportionately when compared to the other affected Lenders, or increases or extends the Commitment of such
Defaulting Lender, shall require the consent of such Defaulting Lender;

 

(c)          any
payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary
or mandatory, at maturity, pursuant to Section 10.2 or Section 10.3 or otherwise), shall be applied at such time or times
as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent
hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in
respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent;
third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained
by any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;
fourth, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Obligor as a result of any
judgment of a court of competent jurisdiction obtained by any Obligor against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; and fifth, to that Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that, if such payment is a payment of the principal amount of any Loans, such payment shall be applied solely
to pay the relevant Loans of the relevant non-Defaulting Lenders on a pro rata basis prior to being applied in the manner set forth in
this clause (c);

 

(d)          if
any Swingline Loans are outstanding or Letters of Credit issued at the time such Lender becomes a Defaulting Lender then:

 

               (i)          all
or any part of such Defaulting Lender’s participations in such Swingline Loans and/or Letters of Credit shall be reallocated among
the non-Defaulting Lenders in accordance with their respective Pro Rata Shares but only to the extent (x) the sum of all non-Defaulting
Lenders’ Aggregate Revolver Outstandings does not exceed the lesser of the total of all non-Defaulting Lenders’ Revolving
Credit Commitments and the Borrowing Base as of such date and (y) no such non-Defaulting Lender’s Aggregate Revolver Outstandings
shall exceed such Lender’s Revolving Credit Commitment at such time;

 

               (ii)          if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within three (3)
Business Days following notice by the Agent (x) first, prepay such Swingline Loans and (y) second, cash collateralize for
the benefit of the Letter of Credit Issuer only the Borrower’s obligations corresponding to such Defaulting Lender’s participations
in Letters of Credit (after giving effect to any partial reallocation pursuant to clause (i) above) for so long as such participations
in Letters of Credit are outstanding;

 

               (iii)          if
the Borrower cash collateralizes any portion of such Defaulting Lender’s Obligations pursuant to clause (ii) above, the Borrower
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.6 with respect to such Defaulting Lender’s
participations in Letters of Credit during the period such participations in Letters of Credit are cash collateralized;

 

               (iv)          if
the participations in Letters of Credit of the non-Defaulting Lenders are reallocated pursuant to clause (i) above, then the fees payable
to the Lenders pursuant to Sections 3.5 and 3.6 shall be adjusted in accordance with such non-Defaulting Lenders’
Pro Rata Shares; and

 

               (v)          if
all or any portion of such Defaulting Lender’s participations in Letters of Credit is neither reallocated nor cash collateralized
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Letter of Credit Issuers
or any other Lender hereunder, all letter of credit fees payable under Section 3.6 with respect to such Defaulting Lender’s
participations in Letters of Credit shall be payable to the applicable Letter of Credit Issuer until and to the extent that such participations
in Letters of Credit are reallocated and/or cash collateralized;

 

    -76-

     

    

 

(e)          so
long as (i) such Lender is a Defaulting Lender and (ii) a reallocation pursuant to clauses (d)(i) or (d)(ii) above cannot
be effectuated, the Swingline Lender shall not be required to fund any Swingline Loan and the Letter of Credit Issuers shall not be required
to issue, amend or increase any Letter of Credit, unless it has received assurances reasonably satisfactory to it that non-Defaulting
Lenders will cover the related exposure and/or cash collateral will be provided by the Borrower in accordance with this Section 2.8,
and participating interests in any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among
non-Defaulting Lenders in a manner consistent with this Section 2.8 (and such Defaulting Lender shall not participate therein);
and

 

(f)          in
the event that the Agent, the Borrower, the Swingline Lender and the Letter of Credit Issuers each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the obligations and participations of the Revolving
Credit Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Credit Commitment and on such date such Lender
shall purchase at par such of the Loans of the other Revolving Credit Lenders (other than Swingline Loans) as the Agent shall determine
may be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata Share; provided that no adjustments will
be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; provided, further, that, except to the extent otherwise expressly agreed by the affected parties and subject to
Section 14.21, no change hereunder from Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender’s having been a Defaulting Lender.

 

ARTICLE
III

INTEREST AND FEES

 

3.1               
Interest.

 

(a)                
Interest Rates. All outstanding Loans to the Borrower shall bear interest on the unpaid principal amount thereof (including,
to the extent permitted by law, on interest thereon not paid when due) from the date made until paid in full in cash at a rate determined
by reference to the Base Rate or the LIBOR Rate (x)
Base Rate, (y) prior to the occurrence of a Benchmark Replacement Date, Term SOFR or (z) if a Benchmark Transition Event has occurred
with respect to Term SOFR or the then-current Benchmark, the applicable Benchmark Replacement, in each case, plus the
Applicable Margin, but not to exceed the Maximum Rate. If at any time Loans are outstanding with respect to which the Borrower has not
delivered to the Agent a notice specifying the basis for determining the interest rate applicable thereto in accordance herewith, those
Loans shall be treated as Base Rate Loans until notice to the contrary has been given to the Agent in accordance with this Agreement and
such notice has become effective. Except as otherwise provided herein, the Loans shall bear interest as follows:

 

(i)              For all Base Rate Loans, at a fluctuating per
annum rate equal to the Base Rate plus the Applicable Margin; and

 

(ii)               For all LIBOR
Term SOFR Loans, at a fluctuating per annum rate
equal to the LIBOR Rate Term
SOFR plus the Applicable Margin.

 

    -77-

     

    

 

Each
change in the Base Rate (or any component thereof) shall be reflected in the interest rate applicable to Base Rate Loans as of the effective
date of such change. All computations of interest for Base Rate Loans when the Base Rate is determined by the “prime rate”
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and
interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year). On the last Business Day of each calendar quarter hereafter and on the Termination
Date, the Borrower shall pay to the Agent, for the ratable benefit of the Lenders (provided that all interest on applicable Swingline
Loans shall be for the benefit of the Swingline Lender and all interest on Agent Advances shall be for the benefit of the Agent), interest
accrued to the first day of such calendar quarter (or accrued to the Termination Date in the case of a payment on the Termination Date)
on all Base Rate Loans in arrears. The Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest on all LIBOR
(x) Term SOFR Loans in arrears on each LIBOR
Term SOFR Interest Payment Date and (y) Daily Simple SOFR Loans
in arrears on each Daily Simple SOFR Interest Payment Date.

 

(b)               
Default Rate. During the continuance of any Specified Event of Default, if the Borrower shall default in the payment of
the principal of or interest on any Loan or any other amount becoming due hereunder, by acceleration or otherwise, or under any other
Loan Document, the Borrower shall on demand from time to time pay interest, to the extent permitted by Law, on such defaulted amount to
but excluding the date of actual payment (after as well as before judgment) (A) in the case of overdue principal, at the Default Rate,
and (B) in all other cases, at a rate per annum equal to the rate that would be applicable to a Base Rate Loan plus 2.00%.

 

3.2               
Continuation and Conversion Elections.

 

(a)                
The Borrower may (provided that the Borrowing of LIBOR Term
SOFR Loans is then permitted under Section 2.4(a)(ii)):

 

(i)              elect, as of any Business Day, to convert any
Base Rate Loans other than Agent Advances and Swingline Loans (or any part thereof in an amount not less than $1,000,000 or an integral
multiple of $1,000,000 in excess thereof) into LIBOR Term
SOFR Loans; and

 

(ii)               elect, as of the last day of the applicable
Interest Period, to continue any LIBOR Term
SOFR Loans having Interest Periods expiring on such day (or any part thereof in an amount not less than $1,000,000, or that
is in an integral multiple of $1,000,000 in excess thereof);

 

provided,
that if at any time the aggregate amount of LIBOR Term
SOFR Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof to be less than $1,000,000,
such LIBOR Term SOFR Loans
shall automatically convert into Base Rate Loans; provided further that if the Notice of Continuation/Conversion shall fail to
specify the duration of the Interest Period, such Interest Period shall be one month.

 

(b)               
The Borrower shall deliver a notice of continuation/conversion substantially in the form of Exhibit C (a “Notice
of Continuation/Conversion”) to the Agent not later than, (x) 1:00 p.m. (New York City time) at least three (3) Business Days
in advance of the Continuation/Conversion Date if the Loans are to be converted into or continued as LIBOR
Term SOFR Loans and specifying:

 

(i)              the proposed Continuation/Conversion Date;

 

(ii)               the aggregate principal amount of Loans
to be converted or continued;

 

(iii)               the Type of Loans resulting from the
proposed conversion or continuation; and

 

(iv)               the duration of the requested Interest
Period, provided, however, the Borrower may not select an Interest Period that ends after the Stated Termination Date.

 

(c)                
If, upon the expiration of any Interest Period applicable to any LIBOR Term
SOFR Loans, the Borrower fails to select timely a new Interest Period to be applicable to such LIBOR
Term SOFR Loans, the Borrower shall be deemed to
have elected to convert such LIBOR Term
SOFR Loans into Base Rate Loans effective as of the expiration date of such Interest Period. If any Event of Default exists,
at the election of the Agent or the Required Lenders, all LIBOR Term
SOFR Loans shall be converted into Base Rate Loans as of the expiration date of each applicable Interest Period.

 

    -78-

     

    

 

(d)               
The Agent will promptly notify each Lender of its receipt of a Notice of Continuation/Conversion. All conversions and continuations
shall be made ratably according to the respective outstanding principal amounts of the Loans with respect to which the notice was given
held by each Lender.

 

(e)                
There may not be more than 15 (fifteen) different LIBOR Term
SOFR Loans in effect hereunder at any time (which number may be increased or adjusted by agreement between the Borrower and
the Agent in connection with any Revolving Credit Commitment Increase or the creation of any Extended Revolving Credit Facility).

 

3.3               
Maximum Interest Rate. In no event shall any interest
rate provided for hereunder exceed the maximum rate legally chargeable under applicable law with respect to loans of the Type provided
for hereunder (the “Maximum Rate”). If, in any month, any interest rate, absent such limitation, would have exceeded
the Maximum Rate, then the interest rate for that month shall be the Maximum Rate, and, if in future months, that interest rate would
otherwise be less than the Maximum Rate, then that interest rate shall remain at the Maximum Rate until such time as the amount of interest
paid hereunder equals the amount of interest which would have been paid if the same had not been limited by the Maximum Rate. In the event
that, upon payment in full of the Obligations, the total amount of interest paid or accrued under the terms of this Agreement is less
than the total amount of interest which would, but for this Section 3.3, have been paid or accrued if the interest rate otherwise
set forth in this Agreement had at all times been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the
Agent, for the account of the applicable Lenders, an amount equal to the excess of (a) the lesser of (i) the amount of interest which
would have been charged if the Maximum Rate had, at all times, been in effect or (ii) the amount of interest which would have accrued
had the interest rate otherwise set forth in this Agreement, at all times, been in effect over (b) the amount of interest actually paid
or accrued under this Agreement. If a court of competent jurisdiction determines that the Agent and/or any Lender has received interest
and other charges hereunder in excess of the Maximum Rate, such excess shall be deemed received on account of, and shall automatically
be applied to reduce, the Obligations other than interest, and if there are no Obligations outstanding, the Agent and/or such Lender shall
refund to the Borrower such excess.

 

3.4               
Closing Fees and Other Fees. The Borrower agrees
to pay the Agent, the Collateral Agent and each of the Arrangers, as applicable, all fees due and payable on any date required for payment
of a fee.

 

3.5               
Unused Line Fee. On the first Business Day of
each calendar quarter (commencing with the first business day of the calendar quarter beginning July 1, 20172022),
and on the Termination Date, the Borrower agrees to pay to the Agent, for the account of the Revolving Credit Lenders, an unused line
fee (the “Unused Line Fee”) equal to the Applicable Unused Line Fee Margin per annum times the amount by which the
average daily Maximum Revolver Amount exceeded the sum of the average daily outstanding amount of Revolving Loans (other than Swingline
Loans) and the average daily undrawn face amount of outstanding Letters of Credit, during the immediately preceding calendar quarter (or
longer shorter period
if calculated for the first such payment after the Closing Restatement
Effective Date or shorter period if calculated on the Termination Date). All
principal payments received by the Agent shall be deemed to be credited immediately upon receipt for purposes of calculating the Unused
Line Fee pursuant to this Section 3.5. Upon receipt thereof, the Agent shall distribute the Unused Line Fee to the Revolving Credit
Lenders ratably based on their Pro Rata Shares of the Revolving Credit Commitments.

 

3.6               
Letter of Credit Fees. The Borrower agrees to
pay (i) to the Agent, for the account of the Revolving Credit Lenders, in accordance with their respective Pro Rata Shares, for each Letter
of Credit, a fee (the “Letter of Credit Fee”) equal to, on a per annum basis, the Applicable Margin for LIBOR
Term SOFR Loans, (ii) to each Letter of Credit Issuer,
for its own account, a fronting fee of one-eighth of one percent (0.125%) per annum of the undrawn face amount of each Letter of Credit
issued by such Letter of Credit Issuer, and (iii) to each Letter of Credit Issuer, any out-of-pocket costs, fees and expenses incurred
by such Letter of Credit Issuer in connection with the application for, processing of, issuance of, or amendment to any Letter of Credit.
The Letter of Credit Fee and fronting fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter in which
a Letter of Credit is outstanding and on the Termination Date; provided that the first such payment after the Closing
Restatement Effective Date shall be paid on June
30, 20172022.

 

    -79-

     

    

 

ARTICLE
IV

PAYMENTS AND PREPAYMENTS

 

4.1               
Payments and Prepayments.

 

(a)                
The Borrower shall repay the outstanding principal balance of the Revolving Loans, plus all accrued but unpaid interest
thereon, on the Termination Date.

 

(b)               
The Borrower may, upon notice to the Agent, at any time or from time to time voluntarily prepay the Loans in whole or in part without
premium or penalty (but subject to Section 5.4); provided that (i) such notice must be received by the Agent not later than
1:00 p.m. (New York City time) (A) three (3) Business Days prior to any date of prepayment of LIBOR Term
SOFR Loans and (B) one (1) Business Day prior to any date of prepayment of Base Rate Loans; provided, further,
that, in respect of Swingline Loans, the Borrower may deliver such notice to the Agent not later than 1:00 p.m. (New York City time) on
the date of prepayment of such Swingline Loans and (ii) each prepayment shall be in a principal amount of $1,000,000 or a whole multiple
of $1,000,000 in excess thereof or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the
date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBOR Term
SOFR Loans are to be prepaid, the Interest Period(s) of such Loans. The Agent will promptly notify each Lender of its receipt
of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Pro Rata
Share).

 

4.2               
Out-of-Formula Condition. The Borrower shall immediately
pay to the Agent, for the account of the Lenders and/or to cash collateralize Letters of Credit pursuant to Section 2.3(g), upon
demand, the amount, if any, by which the amount of the Aggregate Revolver Outstandings exceeds at any time the lesser of (i) the Maximum
Revolver Amount and (ii) the then-current Borrowing Base (any such condition being an “Out-of-Formula Condition”),
except that no such payment shall be required if the Out-of-Formula Condition is created solely as a result of an Agent Advance.

 

4.3               
Mandatory Prepayments.

 

(a)                
(i) At all times after the occurrence and during the continuance of a Cash Dominion Period and notification thereof by the Agent
to the Borrower, on each Business Day, the Agent shall apply all same day funds (other than Excluded Funds) credited to the Concentration
Account and all amounts received pursuant to this Section 4.3(a) to one or more accounts maintained by the Agent or such other
account as directed by the Agent and subject to the terms of any Intercreditor Agreement then in effect, all amounts received in such
account shall be applied by Agent in accordance with Section 4.3(a)(ii) below.

 

(ii)          Except
as otherwise provided in Section 10.3, all amounts required to be paid pursuant to Section 4.3(a)(i) shall be applied
by the Agent as follows: (A) first, to the prepayment in full of Agent Advances, (B) second, to the prepayment in full of
the Swingline Loans, (C) third, to cash collateralize Letters of Credit, (D) fourth, to the prepayment in full of the Revolving
Base Rate Loans and (E) fifth, to the prepayment in full of the Revolving LIBOR Term
SOFR Loans.

 

(b)               
No payment or prepayment made pursuant to this Section 4.3 shall, or shall be deemed to, effect or reduce any Commitment
of any Lender or the aggregate Commitments of the Lenders.

 

4.4               
Termination or Reductions of Facilities.

 

(a)                
The Borrower may terminate this Agreement, upon at least three (3) Business Days’ notice to the Agent (who will distribute
such notice to the Lenders), upon Full Payment of the Obligations and payment of amounts (if any) due under Section 5.4. Such notice
may provide that such termination is contingent upon consummation of a contemplated refinancing or another transaction.

 

    -80-

     

    

 

(b)               
The Borrower may from time to time permanently reduce the Revolving Credit Commitments (and the Maximum Revolver Amount), as the
case may be, on a pro rata basis based on the applicable Lenders’ respective Pro Rata Shares, upon at least three (3) Business Days’
prior written notice to the Agent, which notice shall specify the amount of the reduction. Each reduction shall be in a minimum amount
of $5,000,000 or an increment of $1,000,000 in excess thereof. If after giving effect to any reduction of the Revolving Credit Commitments,
the Letter of Credit Subfacility or the Swingline Sublimit shall exceed the Revolving Credit Commitments at such time, each such subfacility
or sublimit, as the case may be, shall be automatically reduced by the amount of such excess and such reduction shall be accompanied by
such payment (if any) as may be required to be made such that after giving effect to such payment the relevant aggregate Letters of Credit
or Swingline Loans do not exceed the applicable subfacility or sublimit as so reduced. Each reduction in the Revolving Credit Commitments
shall be accompanied by such payment (if any) as may be required to avoid an Out-of-Formula Condition. It being understood and agreed
that the Borrower may allocate any termination or reduction of Commitments among Classes of Commitments at its direction. Notwithstanding
the foregoing, the Borrower may rescind or postpone any notice of termination of the Revolving Credit Commitments if such termination
would have resulted from a refinancing of all of the applicable Commitments, which refinancing shall not be consummated or otherwise shall
be delayed.

 

4.5               
LIBOR Term SOFR
Loan Prepayments. In connection with any prepayment,
if any LIBOR Term SOFR
Loans are prepaid prior to the expiration date of the Interest Period applicable thereto, the Borrower shall comply with Section
5.4.

 

4.6               
Payments by the Borrower.

 

(a)                
All payments to be made by the Borrower under this Agreement or the other Loan Documents shall be made without set-off, recoupment
or counterclaim. Except as otherwise expressly provided herein, all payments by the Borrower shall be made to the Agent for the account
of the Lenders entitled thereto, at the account designated by the Agent and shall be made in Dollars and in immediately available funds,
no later than 2:00 p.m. (New York City time) on the date specified herein. Any payment received by the Agent after such time shall be
deemed (for purposes of calculating interest only) to have been received on the following Business Day and any applicable interest shall
continue to accrue.

 

(b)               
Subject to the provisions set forth in the definition of “Interest Period,” whenever any payment is due on a day other
than a Business Day, such payment shall be due on the following Business Day, and such extension of time shall in such case be included
in the computation of interest or fees, as the case may be.

 

4.7               
Apportionment, Application and Reversal of Payments.
Except as otherwise expressly provided herein, principal and interest payments shall be apportioned ratably among the Lenders to which
such payment is owed (according to the unpaid principal balance of the Loans to which such payments owed are held by each such Lender)
and payments of the fees shall, as applicable, be apportioned ratably (or other applicable share as provided herein) among the Lenders
to which such payment is owed, except for fees payable solely to the Agent, any Arranger or the applicable Letter of Credit Issuer. Whenever
any payment received by the Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due
and payable to the Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment
shall be distributed by the Agent and applied by the Agent and the Lenders in the order of priority set forth in Section 10.3.
If the Agent receives funds for application to the Obligations of the Obligors under or in respect of the Loan Documents under circumstances
for which the Loan Documents do not specify the manner in which such funds are to be applied, the Agent may, but shall not be obligated
to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of the Aggregate Revolver
Outstandings at such time, in repayment or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender.
Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless an Event of Default
has occurred and is continuing, neither the Agent nor any Lender shall apply any payments which it receives to any LIBOR
Term SOFR Loan, except (a) on the expiration date
of the Interest Period applicable to any such LIBOR Term
SOFR Loan or (b) in the event, and only to the extent, that there are no outstanding Base Rate Loans and, in such event, the
Borrower shall pay LIBOR Term
SOFR breakage losses in accordance with Section 5.4.

 

    -81-

     

    

 

4.8               
Indemnity for Returned Payments. If after receipt
of any payment which is applied to the payment of all or any part of the Obligations under this Agreement or the other Loan Documents,
the Agent, any Lender, or any other Secured Party is for any reason compelled to surrender such payment or proceeds to any Person because
such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference,
impermissible setoff, or a diversion of trust funds, or for any other reason, then such Obligations or part thereof intended to be satisfied
shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by
the Agent, such Lender, or such other Secured Party, and the Borrower shall be liable to pay to the Agent, the Lenders, or such other
Secured Party and hereby do indemnify the Agent, the Lenders, or such other Secured Party and hold the Agent, the Lenders, or such other
Secured Party harmless for the amount of such payment or proceeds surrendered. The provisions of this Section 4.8 shall be and
remain effective notwithstanding any release of Collateral or guarantors, cancellation or return of Loan Documents, or other contrary
action which may have been taken by the Agent, any Lender, or such other Secured Party in reliance upon such payment or application of
proceeds, and any such contrary action so taken shall be without prejudice to the Agent’s, the Lenders’, or such other Secured
Party’s rights under this Agreement and the other Loan Documents and shall be deemed to have been conditioned upon such payment
or application of proceeds having become final and irrevocable. The provisions of this Section 4.8 shall survive the repayment
of the Obligations and termination of this Agreement.

 

4.9               
Agent’s and Lenders’ Books and Records.
The Agent shall record the principal amount of the Loans owing to each Lender, the undrawn face amount of all applicable outstanding Letters
of Credit and the aggregate amount of Unpaid Drawings obligations outstanding with respect to the Letters of Credit from time to time
on its books. In addition, each Lender may note the date and amount of each payment or prepayment of principal of such Lender’s
Loans in its books and records. Failure by the Agent or any Lender to make such notation shall not affect the obligations of the Borrower
with respect to the Loans or the Letters of Credit. The Borrower agrees that the Agent’s and each Lender’s books and records
showing the Obligations and the transactions pursuant to this Agreement and the other Loan Documents shall be admissible in any action
or proceeding arising therefrom, and shall constitute rebuttably presumptive proof thereof (absent manifest error), irrespective of whether
any Obligation is also evidenced by a promissory note or other instrument. Such statement shall be deemed correct, accurate, and binding
on the Borrower and an account stated (absent manifest error and except for reversals and reapplications of payments made as provided
in Section 4.7 and corrections of errors discovered by the Agent), unless the Borrower notifies the Agent in writing to the contrary
within 30 days after such statement is rendered. In the event a timely written notice of objections is given by the Borrower, only the
items to which exception is expressly made will be considered to be disputed by the Borrower.

 

ARTICLE
V

TAXES, YIELD PROTECTION AND ILLEGALITY

 

5.1               
Taxes.

 

(a)                
Payments Free of Taxes. Unless otherwise required by applicable Law, all payments by or on behalf of an Obligor to a Lender
or the Agent under this Agreement or any other Loan Document shall be made free and clear of, and without deduction or withholding for,
any Taxes. If any applicable Withholding Agent shall be required by any applicable Law (as determined in the good faith discretion of
such Withholding Agent) to deduct or withhold any Tax from any payment to a Recipient under this Agreement or any Loan Document, then
(i) such Withholding Agent shall make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable Law and (ii) if such Tax is an Indemnified Tax, then the sum payable by the applicable
Obligor shall be increased as necessary so that after all such required deductions and withholdings are made (including deductions and
withholdings applicable to additional sums payable under this Section 5.1) the applicable Lender (or, in the case of a payment made to
the Agent for its own account, the Agent) receives an amount equal to the sum it would have received had no such deductions or withholdings
been made. In addition, the Borrower shall pay all Other Taxes when due.

 

(b)               
Indemnification by Obligors. The Obligors agree jointly and severally to indemnify and hold harmless each Lender and the
Agent for the full amount of Indemnified Taxes (including any Indemnified Taxes imposed by any jurisdiction on amounts payable under this
Section 5.1) paid or payable by any Lender or the Agent and any reasonable and documented or invoiced out-of-pocket expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally asserted. Payment under this indemnification
shall be made within 30 days after the date such Lender or the Agent makes written demand therefor in accordance with Section 5.6.

 

    -82-

     

    

 

(c)                
Evidence of Payments. As soon as practicable after the date of any payment by an Obligor of Taxes to a Governmental Authority
pursuant to this Section 5.1, the relevant Obligor shall furnish the Agent the original or a certified copy of a receipt evidencing
payment thereof, or other evidence of payment reasonably satisfactory to the Agent.

 

(d)               
Status of Lenders. Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to any
payments made under any Loan Document shall deliver to the Borrower and Agent, at the time or times reasonably requested by the Borrower
or Agent, such properly completed and executed documentation reasonably requested by the Borrower or Agent as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or
the Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Agent as
will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Each Lender agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such documentation or promptly notify the Borrower and the Agent in writing of its legal ineligibility to do so. Without
limiting the generality of the foregoing,

 

(i)              any Lender that is a U.S. Person shall deliver
to the Borrower and the Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Agent), two duly executed originals of IRS Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding Tax;

 

(ii)               any Lender that is not a U.S. Person shall,
to the extent it is legally eligible to do so, deliver to the Borrower and the Agent on or prior to the date on which such non-U.S. Person
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), whichever
of the following is applicable:

 

(A)              
two duly executed originals of IRS Form W-8BEN or W-8BEN-E claiming the benefits of an income Tax treaty to which the United States
is a party;

 

(B)              
two duly executed originals of IRS Form W-8ECI;

 

(C)              
in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) two
duly executed copies of a certificate substantially in the form of Exhibit J-1 to the effect that (A) such foreign Lender is not
a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10-percent shareholder” of the Borrower within
the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code and (B) the interest payments in question are not effectively connected with a U.S. trade or business conducted by such Lender
(a “U.S. Tax Compliance Certificate”) and (y) two duly executed originals of IRS Form W-8BEN or W-8BEN-E; or

 

(D)              
to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership for U.S. federal income tax
purposes or a participating Lender), two duly executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit J-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided, that if the Lender is a partnership and not
a participating Lender and one or more direct or indirect partners of such Lender are claiming the portfolio interest exemption, such
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-4 on behalf of each
such direct and indirect partner(s);

 

    -83-

     

    

 

(iii)               any Lender that is not a U.S. Person
shall deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date
on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
or the Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law
to permit the applicable Withholding Agent to determine the withholding or deduction required to be made; and

 

(iv)               if any payment made to a Lender under
any Loan Document would be subject to Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower
and the Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Agent such
documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations
under FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA and to determine the amount,
if any, to deduct and withhold from such payment. Solely for purposes of this clause (iv), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement.

 

Notwithstanding
anything to the contrary in this Section 5.1(d), a Lender shall not be required to deliver any documentation pursuant to this Section
5.1(d) that it is not legally eligible to deliver. Each Lender hereby authorizes the Agent to deliver to the Obligors and to any successor
Agent any documentation provided by such Lender to the Agent pursuant to this Section 5.1(d).

 

(e)                
Treatment of Certain Refunds. If any party determines, in its reasonable discretion, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 5.1 (including by the payment of additional amounts pursuant
to this Section 5.1), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 5.1 with respect to the Taxes giving rise to such refund), net of all reasonable and documented
or invoiced out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this Section 5.1(e) (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this Section 5.1(e), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this Section 5.1(e) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving
rise to such refund had never been paid. This Section 5.1(e) shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(f)                 
The Agent shall provide the Borrower with two duly completed original copies of, if it is a U.S. Person, IRS Form W-9 certifying
that it is exempt from U.S. federal backup withholding Tax, and,
if it is not a U.S. Person, (1) IRS Form W-8ECI with respect to payments to be received by it as a beneficial owner and (2) IRS Form W-8IMY
(together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders, certifying
that, for such purpose, it is a U.S. branch that has agreed to be treated as a U.S. person for U.S. federal tax purposes. Notwithstanding
any other provision of this clause (f), the Agent shall not be required to deliver any documentation that such Agent is not legally
eligible to deliver as a result of a Change in Law after the Agreement Restatement
Effective Date.

 

    -84-

     

    

 

(g)               
Definitions. For purposes of this Section 5.1, the term “Lender” includes any Letter of Credit Issuer
and the Swingline Lender.

 

5.2               
Inability to Determine Rates; Illegality.

 

(a)
        Subject
to Section 5.5, if the Agent determines (which determination shall be conclusive and binding absent manifest error) that Term SOFR cannot
be determined in accordance with the terms of this Agreement on or prior to the first day of any Interest Period, the Agent will promptly
so notify the Borrower and each Lender. Upon notice thereof by the Agent to the Borrower, any obligation of the Lenders to make or continue
Term SOFR Loans or to convert Base Rate Loans to Term SOFR Loans shall be suspended (to the extent of the affected Term SOFR Loans or,
in the case of a Term SOFR Borrowing, the affected Interest Periods) until the Agent revokes such notice. Upon receipt of such notice,
(i) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of Term SOFR Loans (to the extent of
the affected Term SOFR Loans or, in the case of a Term SOFR Borrowing, the affected Interest Periods) or, failing that, in the case of
any request for an affected Term SOFR Borrowing, then such request shall be ineffective and (ii) any outstanding affected Term SOFR Loans
will be deemed to have been converted into Base Rate Loans. Upon any such conversion, the Borrower shall also pay any additional amounts
required pursuant to Section 5.4. If the Agent determines that Term SOFR cannot be determined in accordance with the terms of this Agreement,
in each case on any given day, the interest rate on Base Rate Loans shall be determined by the Agent without reference to clause (c)
of the definition of “Base Rate” until the Agent revokes such determination.

 

(a) 
              (a)If as a result of any Change in Law occurring after the later of the Agreement
Restatement
Effective Date or the date that a Lender became a party to this Agreement, has made it unlawful, or any central bank or other
Governmental Authority has asserted after such date that it is unlawful, for such Lender or its applicable lending office to make LIBOR
Term
SOFR Loans, then, on notice thereof by that Lender to the Borrower through the Agent, any obligation of that Lender to make
LIBOR Term
SOFR Loans shall be suspended until that Lender notifies the Agent and the Borrower that the circumstances giving rise to
such determination no longer exist.

 

(c)
                (b)If a Lender determines that, as a result of a Change in Law occurring after
the later of the Agreement Restatement
Effective Date and the date such Lender became a party hereto, it is unlawful to maintain any LIBOR
Term SOFR Loan, the Borrower shall, upon its receipt
of notice of such fact and demand from such Lender (with a copy to the Agent), prepay in full such LIBOR
Term SOFR Loans of that Lender then outstanding,
together with interest accrued thereon and amounts required under Section 5.4, either on the last day of the Interest Period, if
that Lender may lawfully continue to maintain such LIBOR Term
SOFR Loans to such day, or immediately, if that Lender may not lawfully continue to maintain such LIBOR
Term SOFR Loans. If the Borrower is required to
so prepay any LIBOR Term SOFR
Loans, then concurrently with such prepayment, the Borrower shall borrow from the affected Lender, in the amount of such repayment,
a Base Rate Loan.

 

5.3               
Increased Costs and Reduction of Return.

 

(a)                
If any Lender determines that due to any Change in Law occurring after the later of the Agreement
Restatement Effective Date or the date such Lender
became a party to this Agreement, there shall be any increase in the cost to such Lender of agreeing to make or making, funding, continuing,
converting to or maintaining any LIBOR Term
SOFR Loans (other than any increase in cost resulting from (i) Indemnified Taxes, (ii) Taxes described in clauses (b)
through (d) of the definition of “Excluded Taxes”, or (iii) Connection Income Taxes), then, subject to clause (c)
of this Section 5.3, the Borrower shall be liable for, and shall from time to time, upon demand (with a copy of such demand to
be sent to the Agent), pay to the Agent for the account of such Lender, additional amounts as are sufficient to compensate such Lender
for such increased costs.

 

(b)               
If any Lender shall have determined that due to any Change in Law in respect of any Capital Adequacy Regulation occurring after
the later of the Agreement Restatement
Effective Date or the date such Lender became a party to this Agreement that affects or would affect the amount of capital
or liquidity required or expected to be maintained by such Lender or any corporation or other entity controlling such Lender and such
Lender (taking into consideration such Lender’s or such corporation’s or other entity’s policies with respect to capital
adequacy and such Lender’s desired return on capital) determines that the amount of such capital or liquidity is required to be
increased as a consequence of its Commitments, loans, credits or obligations under this Agreement, then, upon demand of such Lender to
the Borrower through the Agent, subject to clause (c) of this Section 5.3, the Borrower shall pay to such Lender, from time
to time as specified by such Lender, additional amounts sufficient to compensate such Lender for such increase.

 

    -85-

     

    

 

(c)                
Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 5.3
shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be
required to compensate a Lender pursuant to the foregoing provisions of this Section 5.3 for any increased costs incurred or reductions
suffered more than six months prior to the date that such Lender notifies the Borrower of the event giving rise to such increased costs
or reductions and of such Lender’s intention to claim compensation therefor (except that, if the event giving rise to such increased
costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive
effect thereof). Notwithstanding any other provision herein, no Lender shall demand compensation pursuant to this Section 5.3 if
it shall not at the time be unless it certifies that it is
the general policy or practice of such Lender to demand such compensation in similar circumstances for similarly situated borrowers
under comparable provisions of other credit agreements, if any.

 

5.4               
Funding Losses. The Borrower shall reimburse each
Lender and hold each Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of:

 

(a)the
failure of the Borrower to borrow a LIBOR Term
SOFR Loan after the Borrower has given (or is deemed to have given) a Notice of Borrowing;

 

(b)the
failure of the Borrower to continue a LIBOR Term
SOFR Loan or convert a Loan into a LIBOR Term
SOFR Loan after the Borrower has given (or is deemed to have given) a Notice of Continuation/Conversion; or

 

(c)the
prepayment or other payment (including after acceleration thereof) of any LIBOR Term
SOFR Loans on a day that is not the last day of the relevant Interest Period (including, without limitation, any payment in
respect thereof pursuant to Section 2.6(f)(ii) or 5.8),

 

including
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain its LIBOR
Term SOFR Loans (but not in respect of lost profits)
or from fees payable to terminate the deposits from which such funds were obtained.

 

5.5       Inability
to Determine Rates. (a) If the Agent determines that for any reason adequate and reasonable means do not exist for
determining the LIBOR for any requested Interest Period with respect to a proposed LIBOR Loan or that the LIBOR Rate for any requested
Interest Period with respect to a proposed LIBOR Loan does not adequately and fairly reflect the cost to the Lenders of funding such LIBOR
Loan, the Agent will promptly so notify the Borrower and each Lender thereof. Thereafter, the obligation of the Lenders to make or maintain
LIBOR Loans hereunder shall be suspended until the Agent revokes such notice in writing. Upon receipt of such notice, the Borrower may
revoke any Notice of Borrowing or Notice of Continuation/Conversion then submitted by any of them. If the Borrower does not revoke such
notice, the Lenders shall make, convert or continue the Loans, as proposed by the Borrower, in the amount specified in the applicable
notice submitted by the Borrower, but such Loans shall be made, converted or continued as Base Rate Loans instead of LIBOR Loans.

 

(b)       If
at any time the Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth
in Section 5.5(a) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 5.5(a)
have not arisen but the supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Agent
has made a public statement identifying a specific date after which the LIBOR Rate shall no longer be used for determining interest rates
for syndicated loans, then the Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBOR Rate that
gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the U.S. at
such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes
to this Agreement as may be applicable; provided that, if such alternate rate of interest shall be less than zero, such rate shall
be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 12.1, such amendment shall
become effective without any further action or consent of any other party to this Agreement so long as the Agent shall not have received,
within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, written notice from the
Required Lenders stating that such Required Lenders object to such amendment.

 

    -86-

     

    

 

  

5.5
            Benchmark Replacement Setting.

 

(a)           Benchmark
Replacement. 

 

(i)
                 Notwithstanding anything to the contrary herein or in any other Loan Document, upon
the occurrence of a Benchmark Transition Event, then (A) if a Benchmark Replacement is determined in accordance with clause (a) of the
definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (B) if a Benchmark
Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any
Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Agent has posted such proposed
amendment to all affected Lenders and the Borrower so long as the Agent has not received, by such time, written notice of objection to
such amendment from Lenders comprising the Required Lenders. 

 

(ii)
               No Hedge Agreement shall be deemed not to be a “Loan Document” for purposes
of this Section 5.5).

 

(b)
               Benchmark Replacement Conforming Changes. In connection with the use, administration,
adoption or implementation of a Benchmark Replacement, the Agent will have the right to make Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will
become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

 

(c)
               Notices; Standards for Decisions and Determinations. The Agent will promptly notify
the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes
in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Agent will promptly notify the
Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 5.5(d). Any determination, decision or election
that may be made by the Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.5, including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its
or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case,
as expressly required pursuant to this Section 5.5.

 

(d)
               Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein
or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current
Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information
service that publishes such rate from time to time as selected by the Agent in its reasonable discretion or (B) the administrator of such
Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information
announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International
Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Agent may modify the definition of “Interest
Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative,
non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed
on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement
that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions
(IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Agent may modify the definition
of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate
such previously removed tenor.

 

    -87-

     

    

 

(e)       Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any pending request for a Term SOFR Borrowing of, conversion to or continuation of Term SOFR Loans to be made, converted or
continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request
into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that any
tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such
tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate. 

 

5.6               
Certificates of Agent. If the Agent or any Lender
claims reimbursement or compensation under this Article V, the Agent or the affected Lender shall determine the amount thereof
and shall deliver to the Borrower (with a copy to the Agent) a certificate setting forth in reasonable detail the amount payable to the
Agent or the affected Lender, and such certificate shall be conclusive and binding on the Borrower in the absence of manifest error; provided
that, except for compensation under Section 5.1, the Borrower shall not be obligated to pay the Agent or such Lender any compensation
attributable to any period prior to the date that is ninety (90) days prior to the date on which the Agent or such Lender first gave notice
to the Borrower of the circumstances entitling such Lender to compensation. The Borrower shall pay the Agent or such Lender the amount
shown as due on any such certificate within 10 Business Days after receipt thereof.

 

5.7               
Survival. The agreements and obligations of the
Borrower and each Recipient in this Article V shall survive the payment of all other Obligations and termination of this Agreement.

 

5.8               
Assignment of Commitments Under Certain Circumstances.
In the event (a) any Lender requests compensation pursuant to Section 5.3, (b) any Lender delivers a notice described in Section
5.2, (c) Holdings or any Obligor is required to pay additional amounts to any Lender or any Governmental Authority on account of any
Lender pursuant to Section 5.1, (d) any Lender is, or becomes an Affiliate of a Person that is, engaged in the business in which
the Borrower is engaged or (e) any Lender is a Defaulting Lender, the Borrower may, at its sole expense and effort (including with respect
to the processing fee referred to in Section 12.2(a)), upon notice to such Lender and the Agent, require such Lender to transfer
and assign, without recourse (in accordance with and subject to the restrictions contained in Section 12.2), all of its interests,
rights and obligations under the Loan Documents to an Eligible Assignee that shall assume such assigned obligations (which assignee may
be another Lender, if a Lender accepts such assignment); provided that (i) such assignment shall not conflict with any Law or order
of any court or other Governmental Authority having jurisdiction, (ii) except in the case of clause (d) or (e) above, no
Event of Default shall have occurred and be continuing, (iii) the Borrower or such assignee shall have paid to such Lender in immediately
available funds an amount equal to the sum of 100% of the principal of and interest accrued to the date of such payment on the outstanding
Loans of such Lender, plus all fees and other amounts accrued for the account of such Lender hereunder (including any amounts under
Sections 5.1, 5.2, 5.3 and 5.4), (iv) such assignment is consummated within 180 days after the date on which
the Borrower’s right under this Section 5.8 arises, and (v) if the consent of the Agent, any Letter of Credit Issuer or the
Swingline Lender is required pursuant to Section 12.2, such consents are obtained; provided, further, that if prior
to any such assignment the circumstances or event that resulted in such Lender’s request or notice under Section 5.2 or 5.3
or demand for additional amounts under Section 5.1, as the case may be, shall cease to exist or become inapplicable for any reason,
or if such Lender shall waive its rights in respect of such circumstances or event under Section 5.1, 5.2 or 5.3,
as the case may be, then such Lender shall not thereafter be required to make such assignment hereunder. In the event that a replaced
Lender does not execute an Assignment and Acceptance pursuant to Section 12.2 within two Business Days after receipt by such replaced
Lender of notice of replacement pursuant to this Section 5.8 and presentation to such replaced Lender of an Assignment and Acceptance
evidencing an assignment pursuant to this Section 5.8, the Borrower shall be entitled (but not obligated), upon receipt by the
replaced Lender of all amounts required to be paid under this Section 5.8, to execute such an Assignment and Acceptance on behalf
of such replaced Lender, and any such Assignment and Acceptance so executed by the Borrower, the replacement Lender and, to the extent
required pursuant to Section 12.2, the Agent, shall be effective for purposes of this Section 5.8 and Section 12.2.

 

    -88-

     

    

ARTICLE
VI

BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES

 

6.1           
Books and Records. Holdings shall maintain, and
shall cause the Borrower and each of its Restricted Subsidiaries to maintain, at all times, proper books and records and accounts prepared
in conformity with GAAP consistently applied in respect of all material financial transactions and matters involving all material assets,
business and activities of Holdings, the Borrower and its Restricted Subsidiaries, taken as a whole. The Borrower shall maintain, and
shall cause each of its Restricted Subsidiaries to maintain, at all times books and records pertaining to the Collateral in such detail,
form and scope as is consistent in all material respects with good business practice or consistent with past practice.

 

6.2          
Financial Information. The Borrower shall promptly
furnish to the Agent (for further distribution to each Lender):

 

(a)         As
soon as available, but in any event not later than ninety (90) days after the close of each Fiscal Year (commencing with the Fiscal Year
ending December 31, 20172022),
consolidated audited balance sheets, income statements and cash flow statements of the Consolidated Parties and, if different, Holdings,
the Borrower and its Restricted Subsidiaries, for such Fiscal Year, and the accompanying notes thereto, setting forth in each case in
comparative form figures for and as of the end of the previous Fiscal Year (or, in lieu of such audited financial statements of Holdings,
the Borrower and its Restricted Subsidiaries, a detailed reconciliation, reflecting such financial information for Holdings, the Borrower
and its Restricted Subsidiaries, on the one hand, and the Consolidated Parties, on the other hand), all in reasonable detail, fairly presenting
in all material respects the financial position and the results of operations of the Consolidated Parties (and, if applicable, Holdings,
the Borrower and its Restricted Subsidiaries) as at the date thereof and for the Fiscal Year then ended, and prepared in accordance with
GAAP in all material respects. Such consolidated statements shall be certified, reported on without a “going concern” or like
qualification (other than (x) with respect to, or resulting from, the upcoming maturity of the Loans hereunder or (y) a prospective
default under the Financial Covenant), or qualification arising out of the scope of the audit, by a firm of independent registered public
accountants of recognized national standing selected by the Borrower. During a Covenant Trigger Period, such certified statements shall
be delivered together with a certificate of such accounting firm stating that in the course of its regular audit of the business of the
Consolidated Parties, which audit was conducted in accordance with generally accepted auditing standards, such accounting firm has obtained
no knowledge of any Event of Default under Section 10.1 (solely arising from a breach of the Financial Covenant) that has occurred
and is continuing or, if in the opinion of such accounting firm such an Event of Default has occurred and is continuing, a statement as
to the nature thereof (which certificate may be limited to the extent required by accounting rules or guidelines or customary internal
policy of such accounting firm). Notwithstanding the foregoing, the obligations in this Section 6.2(a) may be satisfied with respect
to financial information of the Consolidated Parties by furnishing (A) the applicable financial statements of Holdings (or any Parent
Entity of Holdings) or (B) the Borrower’s or Holdings’ (or any Parent Entity thereof), as applicable, Form 10-K filed with
the SEC; provided that, with respect to each of clauses (A) and (B) above, (i) to the extent such information relates
to Holdings (or such Parent Entity), such information is accompanied by consolidating information that explains in reasonable detail the
differences between the information relating to Holdings (or such Parent Entity), on the one hand, and the information relating to the
Consolidated Parties on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required
to be provided under the first sentence of this Section 6.2(a), such statements shall be certified, reported on without a “going
concern” or like qualification (other than (x) with respect to, or resulting from, the upcoming maturity of the Loans hereunder
or (y) a prospective default under the Financial Covenant), or qualification arising out of the scope of the audit, by a firm of
independent registered public accountants of recognized national standing selected by Holdings (or such Parent Entity). In addition, together
with the Financial Statements required to be delivered pursuant to this Section 6.2(a) but only to the extent required under SEC
rules, the Borrower shall deliver a customary “management’s discussion and analysis of financial condition and results of
operations” with respect to the periods covered by such Financial Statements in substantially the form filed with the SEC.

 

(b)          As
soon as available, but in any event not later than forty-five (45) days after the end of each of the first three Fiscal Quarters of each
Fiscal Year, consolidated unaudited balance sheets of the Consolidated Parties and, if different, Holdings, the Borrower and its Restricted
Subsidiaries, as at the end of such Fiscal Quarter, and consolidated unaudited income statements and cash flow statements for the Consolidated
Parties, and, if different from Holdings, the Borrower and its Restricted Subsidiaries for such Fiscal Quarter and for the period from
the beginning of the Fiscal Year to the end of such Fiscal Quarter, setting forth, in each case, in reasonable detail, in comparative
form, the figures for and as of the corresponding period in the prior Fiscal Year (or, in lieu of such Financial Statements of Holdings,
the Borrower and its Restricted Subsidiaries, a detailed reconciliation, reflecting such financial information for Holdings, the Borrower
and its Restricted Subsidiaries, on the one hand, and the Consolidated Parties on the other hand), and prepared in all material respects
in conformity with GAAP consistently applied, subject to changes resulting from normal year-end audit adjustments and to the absence of
footnotes and certified by a Responsible Officer of the Borrower as being complete and correct in all material respects in conformity
with GAAP, prepared in reasonable detail in accordance with GAAP in all material respects consistently applied and fairly presenting in
all material respects the Consolidated Parties’ (and, if applicable, Holdings, the Borrower and its Restricted Subsidiaries’)
financial position as at the dates thereof and their results of operations for the periods then ended, subject to changes resulting from
normal year-end audit adjustments and to the absence of footnotes. Notwithstanding the foregoing, the obligations in this Section 6.2(b)
may be satisfied with respect to financial information of the Consolidated Parties by furnishing (A) the applicable Financial Statements
of Holdings (or any Parent Entity thereof) or (B) the Borrower’s or Holdings’ (or any Parent Entity thereof), as applicable,
Form 10-Q filed with the SEC; provided that, with respect to each of clauses (A) and (B), to the extent such information
relates to Holdings (or any such Parent Entity), such information is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to Holdings (or such Parent Entity), on the one hand, and the information relating
to the Consolidated Parties on a standalone basis, on the other hand. In addition, together with the Financial Statements required to
be delivered pursuant to this Section 6.2(b) but only to the extent required under SEC rules, the Borrower shall deliver a customary
“management’s discussion and analysis of financial condition and results of operations” with respect to the periods
covered by such Financial Statements in substantially the form filed with the SEC.

    -89-

     

    

 

(c)          Concurrently
with the delivery of the annual audited Financial Statements pursuant to Section 6.2(a) (commencing with the Fiscal Year ending
December 31, 20172022)
and the quarterly Financial Statements pursuant to Section 6.2(b) (commencing with the Fiscal Quarter ending March 31, 20172022),
a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower and, if a Covenant Trigger Period is then in
effect, demonstrate compliance with Section 8.20.

 

(d)          As
soon as available, but in any event not later than the date of delivery of the annual audited Financial Statements pursuant to Section
6.2(a) (commencing with the date of delivery of such Financial Statements for the Fiscal Year ending December 31, 20172022),
annual forecasts (to include forecasted consolidated balance sheets, income statements and cash flow statements, Borrowing Base and Availability)
for Holdings, the Borrower and its Restricted Subsidiaries as at the end of and for each Fiscal Quarter of such Fiscal Year.

 

(e)          Subject
to applicable Laws and confidentiality restrictions, promptly upon the filing thereof, copies of all reports, if any, to or other documents
filed by the Borrower or any of its Restricted Subsidiaries with the SEC under the Exchange Act or any other similar regulatory or Governmental
Authority of any jurisdiction, and all material reports, notices, or statements sent or received by the Borrower or any of its Restricted
Subsidiaries to or from the holders of any Debt of the Borrower or any of its Restricted Subsidiaries registered under the Securities
Act of 1933 or any other similar Laws in any jurisdiction (other than, in each such case, amendments to any registration statement (to
the extent such registration statement, in the form it becomes effective, is delivered to the Agent for further delivery to the Lenders),
exhibits to any registration statement and, if applicable, any registration statements on Form S-8 and other than any filing filed confidentially
with the SEC or any analogous Governmental Authority in any relevant jurisdiction).

 

    -90-

     

    

 

(f)Subject
to applicable Laws and confidentiality restrictions set forth in this Agreement, (x)
such additional information as the Agent may from time to time reasonably request regarding the financial condition of the
Borrower and its Restricted Subsidiaries taken as a whole and (y) such information
and documentation reasonably requested by any Lender for purposes of compliance with applicable “know your customer” and anti-money
laundering rules and regulations, including, without limitation, the Act and the Beneficial Ownership Regulation.

 

In addition, the Borrower
shall, annually, at a time mutually agreed with the Agent that is promptly after the delivery of the information required to be delivered
pursuant to Section 6.2(a), participate in a conference call with Lenders to discuss the financial condition and results of operations
of the Borrower and its Restricted Subsidiaries for the most recently-ended Fiscal Year.

 

Documents required to
be delivered pursuant to Section 6.2(a), (b) and (e) (to the extent any such documents are included in materials
otherwise filed with the SEC or any similar regulator or Governmental Authority of any jurisdiction) may be delivered electronically and
if so delivered, shall be deemed to have been delivered on the date on which such documents are posted on the Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website
or whether sponsored by the Agent); provided that the Borrower shall notify the Agent (by facsimile or electronic mail) of the
posting of any such documents and shall deliver paper copies of such documents to the Agent or any Lender that requests such paper copies.

 

6.3          
Notices to the Agent. The Borrower shall notify
the Agent (for further distribution to the Lenders) in writing of the following matters at the following times:

 

(a)        Promptly,
and in any event within five (5) Business Days, after a Responsible Officer becoming aware of any Default or Event of Default.

 

(b)        Promptly,
and in any event within five (5) Business Days, after a Responsible Officer becoming aware of any action, suit, or proceeding, by any
Person, or any investigation by a Governmental Authority, in each case affecting the Borrower or any of its Restricted Subsidiaries and
which would reasonably be expected to have a Material Adverse Effect.

 

(c)        Promptly,
and in any event within five (5) Business Days, after a Responsible Officer becoming aware of any violation of any Law (including any
Environmental Law), statute, regulation, or ordinance of a Governmental Authority affecting the Borrower or any of its Restricted Subsidiaries,
which, in any case, would reasonably be expected to have a Material Adverse Effect.

 

(d)        Any
change in Holdings’ or any Obligor’s state of incorporation or organization, name as it appears in the state of its incorporation
or other organization, type of entity, organizational identification number, or form of organization, each as applicable, in each case
at least no later than ten (10) Business Days (or such longer period to which the Agent may agree in its discretion) after the occurrence
of any such change.

 

(e)        Promptly,
and in any event within fifteen (15) Business Days, after a Responsible Officer of the Borrower or any ERISA Affiliate knows that an ERISA
Event has occurred or is reasonably expected to occur, that, alone or with another ERISA Event that has occurred or is reasonably expected
to occur, could reasonably be expected to have a Material Adverse Effect, and any action taken (or threatened in writing) by the IRS,
the DOL, the PBGC or the Multiemployer Plan sponsor with respect thereto.

 

(f)        Upon
reasonable request, with respect to any Multi-employer Plan, (A) any documents described in Section 101(k) of ERISA that the Borrower
or any ERISA Affiliate may request and (B) any notices described in Section 101(l) of ERISA that the Borrower or any ERISA Affiliate may
request; provided that if the Borrower or ERISA Affiliate has not requested such documents or notices from the administrator or
sponsor of the applicable Multi-employer Plan, the Borrower or ERISA Affiliate shall promptly make a request for such documents or notices
from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof.

 

    -91-

     

    

 

(g)        Within
fifteen (15) Business Days after the occurrence of the assumption or establishment of any new Pension Plan or Multi-employer Plan, or
the commencement of contributions to any Pension Plan or Multi-employer Plan, to which the Borrower or any ERISA Affiliate was not previously
contributing, which in any event could reasonably be expected to have a Material Adverse Effect.

 

(h)        Promptly,
and in any event within five (5) Business Days, after a Responsible Officer becoming aware of any event or circumstance which would reasonably
be expected to have a Material Adverse Effect.

 

(i)        Unless otherwise publicly disclosed in an annual or quarterly report filed by the Borrower or any Parent Entity with the SEC under the
Exchange Act, promptly after any material change in account-ing policies or financial reporting practices (including as a result of a
change in GAAP or the application thereof) by the Borrower or any Restricted Subsidiary thereof.

 

(j)        Promptly,
and in any event within five (5) Business Days, after a Responsible Officer becoming aware of any action, suit or proceeding pursuant
to which a holder of any Lien on any Accounts of an Obligor makes a claim for conversion with respect to any such Accounts but only if
the Accounts that are the subject of such claim have a Fair Market Value in excess of $2,500,000.

 

(k)       If
the Borrower has previously provided a Beneficial Ownership Certification to any Lender in connection with this Agreement, any change
in the information provided in such Beneficial Ownership Certification that would result in a change to the list of beneficial owners
identified in such certification.

 

Each notice given under
this Section 6.3 shall be accompanied by a statement of a Responsible Officer describing the subject matter thereof in reasonable
detail and setting forth the action that the Borrower, applicable Subsidiary, or ERISA Affiliate has taken or proposes to take with respect
thereto.

 

6.4               
Collateral Reporting.

 

(a)                
The Borrower will furnish to the Agent (for further distribution to each Lender) a Borrowing Base Certificate prepared as of the
last Business Day of each calendar month (commencing with the calendar month ending February 28March
31, 2017 2022)
and delivered to the Agent (for further distribution to the Lenders) by the close of business on the 20th calendar day of the following
calendar month. The Borrower acknowledges and agrees that while a Cash Dominion Period is in effect, the Borrower will furnish to the
Agent (for further distribution to each Lender) Borrowing Base Certificates prepared as of the last Business Day of each calendar week
during such Cash Dominion Period and delivered to the Agent (for further distribution to the Lenders) by the close of business on the
Wednesday of the following week (with any such weekly Borrowing Base Certificate to be computed according to a method reasonably specified
by the Agent after consultation with the Borrower).

 

(b)               
The Borrower will furnish to the Agent (and the Agent shall further distribute to each Lender that has made a request for such
information through the Agent), in such detail as the Agent shall reasonably request, as soon as reasonably practical following the Agent’s
request from time to time, such reports as to the Accounts of the Obligors as the Agent shall reasonably request from time to time.

 

(c)                
If any of the Borrower’s or Guarantor’s records or reports of the Accounts are prepared by an accounting service or
other agent, such Obligor hereby authorizes such service or agent to deliver such records, reports, and related documents to the Agent.

 

    -92-

     

    

 

(d)               
The Borrower will furnish to the Agent (and the Agent shall further distribute to each Lender that has made a request for such
information through the Agent) each of the reports set forth on Schedule 6.4 at the times specified therein.

 

ARTICLE
VII

GENERAL WARRANTIES AND REPRESENTATIONS

 

Holdings
and the Borrower each warrants and represents to the Agent and the Lenders on the Closing Restatement
Effective Date and on the date of each Borrowing that:

 

7.1               
Authorization, Validity, and Enforceability of this Agreement and the Loan Documents.
Holdings and each Obligor party to this Agreement and the other Loan Documents has the power and authority to execute, deliver and perform
this Agreement and the other Loan Documents to which it is a party, to incur the Obligations, and to grant the Collateral Agent’s
Liens. Holdings and each Obligor party to this Agreement and the other Loan Documents has taken all necessary corporate, limited liability
company or partnership, as applicable, action (including obtaining approval of its shareholders, if necessary) to authorize its execution,
delivery and performance of this Agreement and the other Loan Documents to which it is a party. This Agreement and the other Loan Documents
to which it is a party have been duly executed and delivered by Holdings and each Obligor party thereto, and constitute the legal, valid
and binding obligations of Holdings and each such Obligor, enforceable against it in accordance with their respective terms, subject to
the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, winding up, moratorium and other similar Laws relating to
or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at Law)
and an implied covenant of good faith and fair dealing. Holdings’ and each Obligor’s execution, delivery and performance of
this Agreement and the other Loan Documents to which it is a party, do not (x) conflict with, or constitute a violation or breach of,
the terms of (a) any contract, mortgage, lease, agreement, indenture, or instrument to which Holdings, such Obligor or any of its Restricted
Subsidiaries is a party or which is binding upon it, (b) any Requirement of Law applicable to Holdings, such Obligor or any of its Restricted
Subsidiaries, or (c) any Charter Documents of Holdings, such Obligor or any of its Restricted Subsidiaries, in each case, in any respect
that would reasonably be expected to have a Material Adverse Effect or (y) result in the imposition of any Lien (other than the Liens
created by the Security Documents) upon the property of Holdings, such Obligor or any of its Restricted Subsidiaries by reason of any
of the foregoing.

 

7.2               
Validity and Priority of Security Interest. Upon
execution and delivery thereof by the parties thereto, the applicable Security Documents will be effective to create legal and valid Liens
on all the applicable Collateral in favor of the Collateral Agent for the benefit of the Secured Parties, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, winding up, moratorium and other similar Laws relating to or affecting creditors’
rights generally, general equitable principles (whether considered in a proceeding in equity or at Law) and an implied covenant of good
faith and fair dealing and, upon the taking of such actions set forth in the Security Documents, but subject to any exceptions to the
taking of any actions as set forth therein or in the definition of “Collateral and Guarantee Requirement”, such Liens (a)
constitute perfected Liens on all of the applicable Collateral, (b) have priority over all other Liens on the Collateral, subject to Permitted
Liens and the provisions of any Intercreditor Agreement then in existence, and (c) are enforceable against each Obligor or Holdings, as
applicable, granting such Liens.

 

7.3               
Organization and Qualification. Holdings and each
Obligor (a) is duly organized and validly existing in good standing under the laws of the jurisdiction of its organization, (b) is duly
qualified as a foreign corporation, partnership or limited liability company, as applicable, and is in good standing in each jurisdiction
in which the failure to be so qualified and in good standing would reasonably be expected to have a Material Adverse Effect, and (c) has
all requisite power and authority to conduct its business and to own its property, except where the failure to have such power and authority
would not reasonably be expected to have a Material Adverse Effect.

 

7.4               
Subsidiaries. Schedule 7.4 is a correct
and complete list of each and all of Holdings’ Subsidiaries as of the Agreement Restatement
Effective Date, the jurisdiction of their organization and the direct or indirect ownership interest of Holdings therein. Each
Restricted Subsidiary (a) is duly organized and validly existing in good standing (to the extent such concept is applicable to any such
Subsidiary) under the laws of the jurisdiction of its organization, (b) is duly qualified as a foreign corporation, partnership or limited
liability company, as applicable, and is in good standing in each jurisdiction in which the failure to be so qualified and in good standing
would reasonably be expected to have a Material Adverse Effect, and (c) has all requisite power and authority to conduct its business
and to own its property, except where the failure to have such power and authority would not reasonably be expected to have a Material
Adverse Effect.

 

    -93-

     

    

 

7.5               
Financial Statements and Borrowing Base Certificate.

 

(a)                
Holdings has delivered to the Agent (for further distribution to the Lenders) the Historical Financial Statements. The Historical
Financial Statements, including the schedules and notes thereto, if any, have been prepared in reasonable detail in accordance with GAAP
consistently applied throughout the periods covered thereby (except as approved by a Responsible Officer of Holdings, and disclosed in
any such schedules and notes or otherwise disclosed to the Agent prior to the Agreement Restatement
Effective Date) and present fairly, in all material respects, the Consolidated Parties’ financial position as at the
dates thereof and their results of operations for the periods then ended, subject, in the case of such unaudited Financial Statements,
to changes resulting from normal year-end audit adjustments and to the absence of footnotes.

 

(b)               
[Reserved].

 

(c)                
The latest Borrowing Base Certificate furnished to the Agent pursuant to Section 6.4(a) presents accurately and fairly in
all material respects the Borrowing Base and the calculation thereof as at the date thereof.

 

Each
Lender and the Agent hereby acknowledges and agrees that Holdings, the Borrower and its Subsidiaries may be required to restate the Historical
Financial Statements as the result of the implementation of changes in GAAP or the interpretation thereof, and that such restatements
will not result in a Default under the Loan Documents (including any effect on any conditions required to be satisfied on the Closing
Restatement Effective Date) to the extent that the
restatements do not reveal any material omission, misstatement or other material inaccuracy in the reported information from actual results
for any relevant prior period.

 

7.6               
Solvency. On the Closing
Restatement Effective Date after giving effect to
the Transactions, Holdings and its Subsidiaries, on a consolidated basis, are Solvent.

 

7.7               
Property. Except with respect to Intellectual
Property, each Obligor and each of its Restricted Subsidiaries has good and defensible title in fee simple to, or valid leasehold interests
in, or easements or other limited property interests in, all property necessary in the ordinary conduct of its business, free and clear
of all Liens except for minor defects in title that do not materially interfere with its ability to conduct its business or to utilize
such assets for their intended purposes and Permitted Liens and except where the failure to have such title or other interest could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

7.8               
Intellectual Property. The conduct of the businesses
of Holdings, the Borrower and each of its Restricted Subsidiaries (including their use of Intellectual Property) does not infringe upon,
misappropriate or violate the Intellectual Property of any other Person, and no other Person is infringing or violating their own Intellectual
Property, in each case except as would not reasonably be expected to have a Material Adverse Effect. Holdings, the Borrower and each of
its Restricted Subsidiaries owns or is licensed or otherwise has the right to use all Intellectual Property that is used or held for use
in or is otherwise reasonably necessary for the operation of its businesses as presently conducted, except as would not reasonably be
expected to have a Material Adverse Effect.

 

7.9               
Litigation. Except as set forth on Schedule
7.9, there is no pending, or to Holdings’ or the Borrower’s knowledge, threatened, action, suit, proceeding, or counterclaim
by any Person, or to Holdings’ or the Borrower’s knowledge, investigation by any Governmental Authority, which, in any case,
has a reasonable likelihood of being adversely determined and if so adversely determined, either (a) would reasonably be expected to have
a Material Adverse Effect or (b) relates directly to any of the Loan Documents.

 

7.10            
Labor Disputes. There is no strike, work stoppage,
unfair labor practice claim, or other labor dispute pending or, to Holdings’ or the Borrower’s knowledge, reasonably expected
to be commenced against Holdings or any of its Restricted Subsidiaries, which, individually or in the aggregate, would reasonably be expected
to have a Material Adverse Effect.

 

    -94-

     

    

 

7.11            
Environmental Laws. Except as set forth on Schedule
7.11 and except for any matters that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect:

 

(a)Holdings,
the Borrower and its Restricted Subsidiaries and each of their respective facilities, locations and operations are and to the Borrower’s
knowledge within the past three (3) years have been in compliance with all Environmental Laws.

 

(b)Each
of Holdings, the Borrower and its Restricted Subsidiaries have obtained all permits under Environmental Laws necessary for their current
facilities and operations, all such permits are valid and in full force and effect, each of Holdings, the Borrower and its Restricted
Subsidiaries are in compliance with all terms and conditions of such permits and none of such permits are, since the Closing
Restatement Effective Date, subject to any pending
proceedings or other actions (or to Borrower’s knowledge, any threatened proceedings or other actions) for modification or revocation
of such permits.

 

(c)(i)
Neither Holdings, the Borrower nor any of its Restricted Subsidiaries, nor to Holdings’ or the Borrower’s knowledge any of
its predecessors in interest with respect to the Real Estate, has stored, treated or released any Contaminant at any location, and (ii)
neither Holdings nor any Restricted Subsidiary nor any of the presently owned or leased Real Estate or presently conducted operations,
nor, to any of Holdings’ or the Borrower’s knowledge, its previously owned or leased Real Estate or prior operations, is subject
to any pending proceeding or other action for, and neither Borrower nor Holdings has any knowledge of any threatened proceeding or reasonable
basis for any claim or liability arising out of or in connection with any Environmental Law (including from any Release or threatened
Release of a Contaminant).

 

(d)None
of the present or, to Holdings or the Borrower’s knowledge, former operations, and none of the real estate interests of Holdings
or any of its Restricted Subsidiaries, is subject to any investigation by any Governmental Authority against or involving Holdings or
any of its Restricted Subsidiaries evaluating whether any remedial action is needed to respond to a Release or threatened Release of a
Contaminant.

 

7.12            
No Violation of Law. Neither Holdings nor any
of its Restricted Subsidiaries is in violation of any Law, judgment, order or decree applicable to it, where such violation would reasonably
be expected to have a Material Adverse Effect.

 

7.13            
No Default. No Default or Event of Default has
occurred and is continuing.

 

7.14            
ERISA Compliance. Except as would not reasonably
be expected to result in a Material Adverse Effect:

 

(a)Each
Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state law or other applicable law. The Borrower,
each Guarantor and each ERISA Affiliate, as applicable, has made all required contributions to any Pension Plan subject to Section 412
or 430 of the Code or Section 302 or 303 of ERISA or other applicable laws when due, and no application for a funding waiver or an extension
of any amortization period (pursuant to Section 412 of the Code, or otherwise) has been made with respect to any Pension Plan.

 

(b)There
are no pending or, to the best knowledge of Holdings and the other Obligors, threatened, claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Plan.

 

(c)(i)
No ERISA Event has occurred or is reasonably expected to occur, (ii) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result
in liability) under Section 4201 or 4243 of ERISA with respect to a Multi-employer Plan and (iii) neither the Borrower nor any ERISA Affiliate
has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.

 

    -95-

     

    

 

7.15            
Taxes. Holdings, the Borrower and each of its
Restricted Subsidiaries have filed all material Tax returns required to be have
been filed by them, and have paid all Taxes and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable by them (including in their capacity as a withholding agent), other than Taxes (i) the failure
of which to pay, in the aggregate, would not have a Material Adverse Effect or (ii) that are being contested in good faith and by the
appropriate proceedings and for which adequate reserves have been established in accordance with GAAP. There are no current, pending or
proposed Tax deficiencies, assessments or other claims against Holdings or any Restricted Subsidiary that would reasonably be expected
to, in the aggregate, have a Material Adverse Effect.

 

7.16            
Investment Company Act. None of Holdings, or any
Restricted Subsidiary of Holdings, is an “Investment Company,” or a company “controlled” by an “Investment
Company” within the meaning of the Investment Company Act of 1940, as amended.

 

7.17            
Use of Proceeds. The proceeds of the Loans
are to be used solely to finance ongoing working capital needs and for other general corporate purposes (including Permitted Acquisitions
and other Permitted Investments, Permitted Distributions and the repayment or prepayment of Debt, in each case to the extent not prohibited
pursuant to the terms hereof) of the Borrower and its Restricted Subsidiaries.

 

7.18            
Margin Regulations. As of the Closing
Restatement Effective Date, none of the Collateral
is comprised of any Margin Stock. None of Holdings or any Obligor is engaged, principally or as one of its important activities, in the
business of purchasing or carrying Margin Stock (within the meaning of Regulation U issued by the Federal Reserve Board), or extending
credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings will be used for any purpose that violates
Regulation U or Regulation X of Federal Reserve Board.

 

7.19            
No Material Adverse Change. No Material Adverse
Effect has occurred since the Closing Restatement
Effective Date.

 

7.20            
Full Disclosure. (a) None of the information or
data (taken as a whole) heretofore or contemporaneously furnished by Holdings, the Borrower, any of their respective Restricted Subsidiaries
or any of their respective authorized representatives in writing to the Agent, the Collateral Agent, any Arranger or any Lender on or
before the Closing Restatement
Effective Date for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue
statement of material fact or omitted to state any material fact necessary to make such information and data (taken as a whole) not materially
misleading at such time (after giving effect to all supplements so furnished prior to such time) in light of the circumstances under which
such information or data was furnished; it being understood and agreed that for purposes of this Section 7.20, such information
and data shall not include projections (including financial estimates, forecasts and other forward-looking information), pro forma financial
information or information of a general economic or general industry nature. The projections contained in the information and data referred
to in this Section 7.20 were prepared in good faith based upon assumptions believed by Holdings and the Borrower to be reasonable
at the time made and at the time delivered; it being recognized by the Agent, the Collateral Agent and the Lenders that such projections
are as to future events and are not to be viewed as facts, the projections are subject to significant uncertainties and contingencies,
many of which are beyond the control of Holdings, the Borrower and the Restricted Subsidiaries, that no assurance can be given that any
particular projections will be realized and that actual results during the period or periods covered by any such projections may differ
from the projected results and such differences may be material.

 

(b)       If
the Borrower has provided a Beneficial Ownership Certification to any Lender in connection with this Agreement on or prior to the Amendment
No. 2 Restatement Effective Date, as of the Amendment
No. 2 Restatement Effective Date, to the best knowledge
of the Borrower, the information included in such Beneficial Ownership Certification is true and correct in all respects.

 

    -96-

     

    

 

7.21            
Government Authorization. No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or other Person is necessary or
required in connection with the execution, delivery or performance by, or enforcement against, Holdings or any of its Restricted Subsidiaries
of this Agreement or any other Loan Document, other than (i) those that have been obtained or made and are in full force and effect, (ii)
those required to perfect the Liens created pursuant to the Security Documents, and (iii) where failure to obtain, effect or make any
such approval, consent, exemption, authorization, or other action, notice or filing would not reasonably be expected to have a Material
Adverse Effect.

 

7.22            
Anti-Terrorism Laws.

 

(a)                
None of Holdings, the Borrower nor any of its Restricted Subsidiaries nor, to the knowledge of Holdings, the Borrower or any of
its Restricted Subsidiaries, any of their respective officers, directors, or employees is in violation of any applicable Anti-Terrorism
Law, or engages in any transaction that attempts to violate, or otherwise evades or avoids (or has the purpose of evading or avoiding)
any prohibitions set forth in any applicable Anti-Terrorism Law.

 

(b)               
The use of proceeds of the Loans will not violate any applicable Anti-Terrorism Laws.

 

7.23            
FCPA. No part of the proceeds of the Loans will
be used, directly, or, to the knowledge of the Borrower, indirectly, for any payments to any governmental official or employee, political
party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain,
retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as
amended, or other applicable anti-corruption laws.

 

7.24            
Sanctioned Persons.

 

(a)                
None of Holdings, the Borrower nor any Restricted Subsidiary nor, to the knowledge of Holdings, the Borrower or any of its Restricted
Subsidiaries, any officer, director or employee thereof is currently the target of any U.S. sanctions administered by the Office of Foreign
Assets Control (“OFAC”) of the U.S. Treasury Department or the U.S. Department of State.

 

(b)               
The Borrower will not to its knowledge, directly or indirectly, use the proceeds of the Loans in any manner that will result in
a violation by any Lender of any U.S. sanctions administered by OFAC or the U.S. Department of State.

 

7.25            
Designation of Senior Debt. The Obligations are
“Designated Senior Debt” (or any similar term) under the terms of the documentation governing any Subordinated Debt.

 

7.26
            Compliance with Cash Management Provisions.
As of the Restatement Effective Date, Holdings and the Borrower are in Compliance with Section 8.23 of the Original Credit Agreement.
Schedule 8.23 sets forth, as of the Restatement Effective Date, each U.S. domestic Deposit Account in which funds of any of the Obligors
from any Cash Receipts of the Obligors are deposited.

 

ARTICLE
VIII

AFFIRMATIVE AND NEGATIVE COVENANTS

 

Holdings,
the Borrower and each Guarantor (limited, in the case of Holdings, to Section 8.27) covenant to the Agent and each Lender that,
from and after the Agreement Restatement
Effective Date, so long as any of the Commitments are outstanding and until Full Payment of the Obligations:

 

8.1               
Taxes. The Borrower shall, and shall cause each
of its Restricted Subsidiaries to, (a) file when due all material Tax returns that it is required to file and (b) pay, or provide for
the payment of, when due, all material Taxes (including all Indemnified Taxes
required to be paid by it under Section 5.1) imposed upon it or upon its property, income and franchises (including in its capacity
as a withholding agent); provided, however, neither the Borrower nor any of its Restricted Subsidiaries need pay any Tax
described in this Section 8.1 as long as (i) such Tax is being contested in good faith and by the appropriate proceedings and adequate
reserves have been established for such Tax in accordance with GAAP or (ii) the failure to pay any such
Tax Taxes, in the aggregate
would not reasonably be expected to have a Material Adverse Effect.

 

    -97-

     

    

 

8.2               
Legal Existence and Good Standing. The Borrower
shall, and shall cause each of its Restricted Subsidiaries to, maintain (a) its legal existence and good standing in its jurisdiction
of organization, and (b) its qualification and good standing in all other jurisdictions necessary or desirable in the ordinary course
of business of the Borrower or such Restricted Subsidiary except, in the case of either clause (a) (other than with respect to
the Borrower) or clause (b) of this Section 8.2, in such cases where the failure to maintain its existence, qualification
or good standing would not reasonably be expected to have a Material Adverse Effect; provided, however, that the Borrower
and the Restricted Subsidiaries may consummate any transaction permitted under any of Section 8.8, 8.9 or 8.11.

 

8.3               
Compliance with Law; Maintenance of Licenses.
The Borrower shall comply, and shall take all reasonable action to cause each of its Restricted Subsidiaries to comply, with all Requirements
of Law of any Governmental Authority having jurisdiction over it or its business (including the Federal Fair Labor Standards Act, all
Anti-Terrorism Laws, all Environmental Laws, Laws administered by OFAC and the Foreign Corrupt Practices Act of 1977, as amended, and
the rules and regulations promulgated thereunder), except where noncompliance would not reasonably be expected to have a Material Adverse
Effect. The Borrower shall, and shall cause each of its Restricted Subsidiaries to take all reasonable action to, obtain and maintain
all licenses, permits, franchises, and governmental authorizations necessary to own its property and to conduct its business, except where
the failure to so obtain and maintain such licenses, permits, franchises, and governmental authorizations would not reasonably be expected
to have a Material Adverse Effect.

 

8.4               
Maintenance of Property, Inspection; Field Examinations.

 

(a)                
The Borrower shall, and shall cause each of its Restricted Subsidiaries to, maintain all of its material property necessary and
useful in the conduct of its business, taken as a whole, in good operating condition and repair (or, in the case of Inventory, in saleable,
useable or rentable condition), ordinary wear and tear and Casualty Events excepted, except, in each case, to the extent the failure to
do so would not reasonably be expected to have a Material Adverse Effect.

 

(b)               
The Borrower shall, and shall cause each of its Restricted Subsidiaries to, permit representatives and independent contractors
of the Agent and/or the Collateral Agent (at the expense of the Borrower) to visit and inspect any of the Borrower’s or any of their
Restricted Subsidiaries’ properties (to the extent it is within such Person’s control to permit such inspection), to examine
the Borrower’s and its Restricted Subsidiaries’ corporate, financial and operating records, and make copies thereof or abstracts
therefrom, to examine and audit the Collateral (to the extent it is within such Person’s control to permit such examination and
audit and subject to the limitations otherwise set forth in this Section 8.4), and to discuss the Borrower’s and its Restricted
Subsidiaries’ affairs, finances and accounts with their respective directors, officers and independent public accountants, at such
reasonable times during normal business hours, upon reasonable advance notice to the Borrower (and subject, in the case of any such meetings
or advice from such independent public accountants, to such accountants’ customary policies and procedures); provided, however,
excluding any such visits and inspections during the continuation of an Event of Default and without in any way limiting the rights of
the Agent and/or the Collateral Agent set forth in the last sentence of this clause (b), neither the Agent nor the Collateral Agent
shall exercise such rights more often than once during any calendar year absent the existence of an Event of Default at the Borrower’s
expense; and provided, further, that when an Event of Default exists, the Agent and the Collateral Agent (or any of their
respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal
business hours and upon reasonable advance notice. The Agent and the Collateral Agent shall give the Borrower the opportunity to participate
in any discussions with the Borrower’s or any of its Restricted Subsidiaries’ independent public accountants. Notwithstanding
anything to the contrary in Article VI, none of Holdings, the Borrower or any Restricted Subsidiary will be required to disclose,
permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) that
constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Agent, the
Collateral Agent or any Lender (or their respective representatives or contractors) is prohibited by applicable Law or any binding agreement
or (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product. The Agent and the Collateral Agent
may carry out investigations and reviews of each Obligor’s property at the reasonable expense of the Borrower (including field audits
conducted by the Agent and the Collateral Agent) (each, a “Field Examination”) and, absent the continuance of an Event
of Default, during each period of twelve (12) consecutive calendar months commencing on or after the Agreement
Restatement Effective Date, the Agent and the Collateral
Agent may, collectively, carry out, at the Borrower’s expense, one (1) Field Examination (it being agreed and acknowledged
that the Field Examination delivered to the Agent on or prior to the Agreement Restatement
Effective Date shall constitute the Field Examination for the twelve (12) months ending on the anniversary of the Agreement
Restatement Effective Date); provided, however,
that notwithstanding the foregoing limitation, (i) at any time on or after the date on which Availability has been less than the
greater of (A) $22,500,000 11,250,000
and (B) 15.0% of the Maximum Credit, in either case, for five (5) consecutive Business Days, the Agent and the Collateral
Agent may, collectively, carry out, at the Borrower’s expense, two (2) Field Examinations during any such period, and (ii) at
any time during the continuation of an Event of Default, the Agent and/or the Collateral Agent may carry out, at the Borrower’s
expense, Field Examinations as frequently as determined by the Agent and/or the Collateral Agent in their respective reasonable discretion.

 

    -98-

     

    

 

8.5               
Insurance.

 

(a)                
The Borrower shall, and shall cause each of its Restricted Subsidiaries to, shall maintain with financially sound and reputable
insurance companies, insurance on (or self-insure in such amounts and against such risks) all property material to the business of the
Borrower and its Restricted Subsidiaries, taken as a whole, in at least such amounts and against at least such risks (but including, in
any event, public liability, casualty, hazard, theft, product liability and business interruption) as are customarily insured against
by companies of established reputation engaged in the same or similar business and in the same general area as the Borrower and the Restricted
Subsidiaries, all as determined in good faith by the Borrower or such Restricted Subsidiaries.

 

(b)               
For any Mortgaged Property of the Obligors which is, at any time, located within an area that has been identified by a Governmental
Authority (including, by the Federal Emergency Management Agency) as a special flood hazard area, the Borrower and its Restricted Subsidiaries
shall also (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount reasonably
satisfactory to the Agent and each Lender and otherwise
sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws, and (ii) deliver to the
Agent and each Lender evidence of such compliance in form and substance
reasonably acceptable to the Collateral Agent, including, without limitation, evidence of annual renewals of such insurance. Each such
insurance policy shall (i) indicate which Mortgaged Properties are located in a special flood hazard area and state the corresponding
flood zone designation and, for each Mortgaged Property, the number of buildings located at such Mortgaged Property, (ii) indicate the
flood insurance coverage and the deductible relating thereto, (iii) include a statement of values relating to all properties insured by
the insurance policy, and (iv) be otherwise in form and substance satisfactory to the Collateral Agent. Each flood insurance policy shall
provide that the insurer will give the Agent 45 days written notice of cancellation or non-renewal.

 

(c)                
The Borrower shall cause the Collateral Agent, for the ratable benefit of the Collateral Agent and the other Secured Parties, to
be named as secured parties or mortgagees and additional loss payees or additional insureds, as applicable, in a manner reasonably acceptable
to the Collateral Agent, under all insurance policies required to be maintained by the Obligors under clauses (a) and (b)
above. Each such policy of insurance shall contain a clause or endorsement requiring the insurer to give not less than thirty days prior
written notice to the Collateral Agent in the event of cancellation of the policy for any reason whatsoever and, if obtainable, a clause
or endorsement stating that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of any Obligor
or the owner of any Real Estate for purposes more hazardous than are permitted by such policy. If the Obligors fail to procure any such
material insurance or to pay the premium therefor when due, during the continuance of an Event of Default and after providing written
notice thereof to the Borrower, the Agent may, and at the direction of the Required Lenders shall, do so from the proceeds of Revolving
Loans on a pro rata basis.

 

8.6               
Environmental Laws. The Borrower shall, and shall
take all commercially reasonable action to cause each of its Restricted Subsidiaries to, conduct its business in compliance with all Environmental
Laws, except where such noncompliance would not reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall
take all commercially reasonable action to cause each of its Restricted Subsidiaries to, pursue commercially reasonable efforts to respond
to any material non-compliance with Environmental Laws.

 

    -99-

     

    

 

8.7               
Compliance with ERISA. The Borrower shall, and
shall cause each of its ERISA Affiliates and Subsidiaries to: (a) maintain each Plan in compliance with the applicable provisions of ERISA
and the Code; and (b) not cause an ERISA Event to occur with respect to a Pension Plan or Multi-employer Plan which the Borrower or any
ERISA Affiliate sponsors, maintains, or to which it makes, is making, or is obligated to make contributions, except in the case of each
of clauses (a) and (b), to the extent such failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

8.8               
Dispositions. The Borrower shall not, and shall
not permit any of its Restricted Subsidiaries to, Dispose of any of its property, business or assets, except for Permitted Dispositions.

 

8.9               
Mergers, Consolidations, etc. Except for Permitted
Dispositions and Permitted Investments, the Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, merge, amalgamate
or consolidate, or Dispose of all or substantially all of its business units, assets and properties, or wind up, liquidate or dissolve,
except:

 

(a)          any
Subsidiary of the Borrower or any other Person (other than Holdings) may be merged, amalgamated or consolidated with or into the Borrower
or the Borrower may Dispose of all or substantially all of its business units, assets and other properties; provided that (i) the
Borrower shall be the continuing or surviving Person or, in the case of a merger, amalgamation or consolidation where the Borrower is
not the continuing or surviving Person, the Person formed by or surviving any such merger, amalgamation or consolidation (if other than
the Borrower) or in connection with a Disposition of all or substantially all of the Borrower’s assets, the transferee of such assets
or properties, in each case shall be an entity organized or existing under the laws of the United States, any state thereof, or
the District of Columbia or any territory thereof (the Borrower or such Person,
as the case may be, being herein referred to as the “Successor Borrower”), (ii) the Successor Borrower (if other than
the Borrower) shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents pursuant to
a supplement hereto or thereto in form reasonably satisfactory to the Agent, and (iii) if such merger, amalgamation, consolidation or
Disposition involves the Borrower and a Person that, prior to the consummation of such merger, amalgamation, consolidation, or Disposition,
is not a Restricted Subsidiary of the Borrower (A) no Event of Default under any of Section 10.1(a), (e), (f) or
(g) has occurred and is continuing on the date of such merger, amalgamation, consolidation or Disposition or would result from
the consummation of such merger, amalgamation, consolidation or Disposition, (B) each Guarantor, unless it is the other party to such
merger, amalgamation, consolidation or Disposition or unless the Successor Borrower is the Borrower, shall have confirmed by a supplement
to the Guarantee Agreement that its guarantee shall apply to the Successor Borrower’s obligations under this Agreement, (C) each
Guarantor, unless it is the other party to such merger, amalgamation, consolidation or Disposition or unless the Successor Borrower is
the Borrower, shall have by a supplement to the Security Documents to which it is a party confirmed that its obligations thereunder shall
apply to the Successor Borrower’s obligations under this Agreement, (D) the Borrower shall have delivered to the Agent an officer’s
certificate stating that such merger, amalgamation, consolidation or Disposition and any supplements to the Loan Documents preserve the
enforceability of the Guarantee Agreement and the perfection of the Collateral Agent’s Liens, (E) if reasonably requested by the
Agent, the Borrower shall be required to deliver to the Agent an opinion of counsel to the effect that such merger, amalgamation, consolidation
or Disposition does not breach or result in a default under this Agreement or any other Loan Document and
, (F) such merger, amalgamation, consolidation or
Disposition shall comply with all the conditions set forth in the definition of the term “Permitted Acquisition” or otherwise
constitutes a Permitted Investment and (G) as a condition to the assumption
by the Successor Borrower of the obligations of the Borrower hereunder, the Successor Borrower shall deliver to the Agent and any applicable
Lender any information and documentation reasonably requested by the Agent or such Lender for purposes of compliance with applicable “know
your customer” and anti-money laundering rules and regulations, including, without limitation, the Act and the Beneficial Ownership
Regulation; provided, further, that, if the foregoing are satisfied, the Successor Borrower (if other than the
Borrower) will succeed to, and be substituted for, the Borrower under this Agreement and the other Loan Documents (provided, further,
that, in the event of a Disposition of all or substantially all of the Borrower’s assets or property to a Successor Borrower (which
is not the Borrower) as set forth above and notwithstanding anything to the contrary set forth in this Agreement or the other Loan Documents,
if the original Borrower retains any assets or property other than immaterial assets or property after such Disposition, such original
Borrower shall remain obligated as a co-Borrower along with the Successor Borrower hereunder);

 

    -100-

     

    

 

(b)          any
Subsidiary of the Borrower or any other Person (other than Holdings) may be merged, amalgamated or consolidated with or into any one
or more Restricted Subsidiaries of the Borrower or any Restricted Subsidiary may Dispose of all or substantially all of its business
units, assets and other properties; provided that, (i) in the case of any merger, amalgamation, consolidation or Disposition involving
one or more Restricted Subsidiaries, (A) a Restricted Subsidiary shall be the continuing or surviving corporation or the transferee
of such assets or (B) the Borrower shall take all steps necessary to cause the Person formed by or surviving any such merger, amalgamation,
consolidation or Disposition (if other than a Restricted Subsidiary) to become a Restricted Subsidiary, (ii) in the case of any merger,
amalgamation, consolidation or Disposition involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person
or the Person formed by or surviving any such merger, amalgamation, consolidation or the transferee of such assets (in each case, if
other than such Guarantor) shall execute a “Guaranty Supplement” referred to in the Guarantee Agreement and a “Security
Agreement Supplement” referred to in the Security Agreement, in order for the surviving or continuing Person or such transferee
to become a Guarantor and (iii) if such merger, amalgamation, consolidation or Disposition involves a Restricted Subsidiary and a Person
that, prior to the consummation of such merger, amalgamation, consolidation or Disposition, is not a Restricted Subsidiary of the Borrower,
(A) no Event of Default under any of Section 10.1(a), (e), (f) or (g) has occurred and is continuing on the
date of such merger, amalgamation, consolidation or Disposition or would result from the consummation of such merger, amalgamation, consolidation
or Disposition, (B) the Borrower shall have delivered to the Agent a certificate of a Responsible Officer stating that such merger,
amalgamation, consolidation or Disposition and any supplements to any Loan Document preserve the enforceability of the Guarantee Agreement
and the perfection and priority of the Collateral Agent’s Liens and (C) such merger, amalgamation, consolidation or Disposition
shall comply with all the conditions set forth in the definition of the term “Permitted Acquisition” or otherwise constitutes
a Permitted Investment;

 

(c)          any
Restricted Subsidiary that is not a Guarantor may (i) merge, amalgamate or consolidate with or into any other Restricted Subsidiary and
(ii) Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower, a Guarantor or any other Restricted
Subsidiary of the Borrower;

 

(d)          any
Guarantor may (i) merge, amalgamate or consolidate with or into any other Restricted Subsidiary that is a Guarantor, (ii) merge, amalgamate
or consolidate with or into any other Restricted Subsidiary that is not a Guarantor; provided that, if such Guarantor is not the
surviving Person, such merger, amalgamation or consolidation shall be deemed to be an “Investment” and shall be only permitted
if it constitutes a Permitted Investment and (iii) Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or any other Restricted Subsidiary that is a Guarantor;

 

(e)          any
Restricted Subsidiary may liquidate or dissolve if (x) the Borrower determines in good faith that such liquidation or dissolution is
in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (y) to the extent such Restricted Subsidiary
is a Guarantor, any assets or business not otherwise Disposed of or transferred in accordance with Section 8.8 or Section
8.11, or, in the case of any such business, discontinued, shall be transferred to, or otherwise owned or conducted by, the Borrower
or another Restricted Subsidiary that is a Guarantor after giving effect to such liquidation or dissolution; and

 

(f)          the
Borrower and the Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation or Disposition, the purpose
of which is to effect a Permitted Disposition.

 

    -101-

     

    

 

8.10         
Distributions. The Borrower shall not, and shall
not permit any of its Restricted Subsidiaries to, make any Distribution, other than the following (collectively, “Permitted Distributions”):

 

(a)           each
Restricted Subsidiary may make Distributions to the Borrower and to other Restricted Subsidiaries (and, in the case of a Distribution
by a non-Wholly Owned Restricted Subsidiary, to the Borrower and any other Restricted Subsidiary and to each other owner of Stock of
such Restricted Subsidiary on a pro rata basis based on their relative ownership interests of the relevant class of Stock);

 

(b)           (i)
the Borrower may (or may make Distributions to permit any Parent Entity to) redeem in whole or in part any of its Stock for another class
of its (or such Parent Entity’s) Stock or rights to acquire its Stock or with proceeds from substantially concurrent equity contributions
or issuances of new Stock; provided that any terms and provisions material to the interests of the Lenders, when taken as a whole,
contained in such other class of Stock are at least as advantageous to the Lenders as those contained in the Stock redeemed thereby and
(ii) the Borrower may declare and make any Distribution payable solely in the Stock (other than Disqualified Stock not otherwise permitted
by Section 8.12) of such Person;

 

(c)           [reserved];

 

(d)           to
the extent constituting Distributions, the Borrower and its Restricted Subsidiaries may enter into and consummate transactions expressly
permitted by any provision of Section 8.11 (other than pursuant to clause (p) of the definition of “Permitted Investments”
or Sections 8.14(c), (g) and (i));

 

(e)           repurchases
of Stock in the ordinary course of business in the Borrower (or any Parent Entity) or any Restricted Subsidiary deemed to occur upon exercise,
vesting and/or settlement of Stock if such Stock represents a portion of the exercise price thereof or any portion of required withholding
or similar taxes due upon the exercise, vesting and/or settlement thereof;

 

(f)           so
long as no Default or Event of Default shall be continuing, the Borrower or any Restricted Subsidiary may pay (or make Distributions
to allow any Parent Entity to pay) for the repurchase, retirement or other acquisition or retirement for value of Stock of it or any Parent
Entity (or any options or warrants or stock appreciation or similar rights issued with respect to any of such Stock) held by any future,
present or former employee, director, officer or other individual service provider (or any Affiliates, spouses, former spouses, other
immediate family members, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower
(or any Parent Entity) or any of its Restricted Subsidiaries pursuant to any employee, management or director equity plan, employee, management
or director stock option plan or any other employee, management or director benefit plan or any agreement (including any stock option
or stock appreciation or similar rights plan, any management, director and/or employee stock ownership or equity-based incentive plan,
stock subscription plan, employment termination agreement or any other employment agreements or equity holders’ agreement) with
any employee, director, officer or other individual service provider of the Borrower (or any Parent Entity) or any Restricted Subsidiary;
provided that any such payments do not exceed $25,000,000 in any Fiscal Year, plus (ii) all net proceeds obtained by any
Parent Entity (and contributed to the Borrower) or the Borrower during such calendar year from the sale or issuance of such Stock to other
present or former officers, employees, directors and other individual service provider in connection with any plans or agreements set
forth above in this clause (f) plus (iii) all net proceeds obtained from any key-man life insurance policies received by the Borrower
during such calendar year; provided that any unused portion of the preceding basket calculated pursuant to clauses (i) through
(iii) above for any Fiscal Year may be carried forward to the next two (2) succeeding Fiscal Years up to a maximum of $37,500,000
in the aggregate in any Fiscal Year; provided, further, that cancellation of Debt owing to the Borrower (or any Parent Entity)
or any of its Restricted Subsidiaries from employees, directors, officers or other individual service providers of the Borrower, any of
the Borrower’s Parent Entity or any of the Borrower’s Restricted Subsidiaries in connection with a repurchase of Stock of
any of the Borrower’s Parent Entity will not be deemed to constitute a Distribution for purposes of this covenant or any other provision
of this Agreement;

 

    -102-

     

    

 

(g)           the
Borrower and its Restricted Subsidiaries may make Distributions to any Parent Entity of the Borrower:

 

(i)           the
proceeds of which will be used to pay, for any taxable period for which the Borrower or any of its Subsidiaries is a member of a combined,
consolidated or similar tax group for U.S. federal, state, local or foreign Tax purposes of which a direct or indirect parent of the
Borrower is the common parent (a “Tax Group”), the portion of any consolidated, combined or similar Tax liability
of such Tax Group for such taxable period attributable to the income or operations of the Borrower and its Subsidiaries; provided
that (x) no such payments shall exceed the Tax liability that would have been imposed on the Borrower and/or the applicable Subsidiaries
had such entity(ies) paid such Taxes on a stand-alone basis (or as a stand-alone group)group)
and (y) any such payments attributable to an Unrestricted Subsidiary shall be limited to the amount of any cash paid by such
Unrestricted Subsidiary to the Borrower or any Restricted Subsidiary for such purpose;

 

(ii)           the
proceeds of which shall be used to pay such Parent Entity’s operating costs and expenses incurred in the ordinary course of business,
other overhead costs and expenses and fees (including administrative, legal, accounting and similar expenses provided by third parties
as well as trustee, directors and general partner fees) which are reasonable and customary and incurred in the ordinary course of business
and attributable to the ownership or operations of the Borrower and its Subsidiaries (including any reasonable and customary indemnification
claims made by directors or officers of Parent Entity attributable to the direct or indirect ownership or operations of the Borrower and
its Subsidiaries) and fees and expenses otherwise due and payable by the Borrower or any Restricted Subsidiary and permitted to be paid
by the Borrower or such Restricted Subsidiary under this Agreement not to exceed $5,000,000 in any Fiscal Year;

 

(iii)           the
proceeds of which shall be used to pay franchise and excise taxes, and other fees and expenses, required to maintain its (or any of its
direct or indirect parents’) existence;

 

(iv)           to
finance any Permitted Acquisition or similar Investment; provided that (A) such Distribution shall be made substantially concurrently
with the closing of such Investment and (B) the Borrower or such Parent Entity shall, immediately following the closing thereof, cause
all property acquired (whether assets or Stock) to be held by or contributed to the Borrower or a Restricted Subsidiary;

 

(v)           the
proceeds of which shall be used to pay customary costs, fees and expenses (other than to Affiliates) related to any unsuccessful Stock
or Debt offering, Refinancing, issuance or incurrence transaction or any Disposition, acquisition or Investment permitted by this Agreement;
and

 

(vi)           the
proceeds of which shall be used to pay customary salary, compensation, bonus and other benefits payable to officers, employees, consultants
and other service providers of any Parent Entity or partner of the Borrower to the extent such salaries, compensation, bonuses and other
benefits are attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

 

(h)           the
Borrower or any Restricted Subsidiary may pay any dividend or distribution within sixty (60) consecutive calendar days after the date
of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement;

 

(i)           the
Borrower or any Restricted Subsidiary may (a) pay cash in lieu of fractional Stock in connection with any dividend, split or combination
thereof or any Permitted Acquisition (or other similar Investment) and (b) honor any conversion request by a holder of convertible Debt
and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Debt in
accordance with its terms;

 

    -103-

     

    

 

(j)           in
addition to the foregoing Distributions (i) the Borrower or any Restricted Subsidiary may make additional Distributions so long as the
Specified Conditions shall have been satisfied with respect thereto at the time of such Distributions, (ii) the Borrower may make additional
Distributions in an aggregate amount not to exceed an amount equal to the Available Equity Amount at the time such Distributions are paid
and (iii) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may
make additional Distributions, measured at the time made, in an aggregate amount not to exceed $5,000,000; and

 

(k)           the
Borrower may pay (or may make Distributions to allow any Parent Entity to) Distributions in an amount equal to withholding or similar
taxes payable or expected to be payable by any present or former employee, director, manager, consultant or other service provider (or
its Affiliates, or any of their respective estates or immediate family members) and any repurchases of Stock in consideration of such
payments including deemed repurchases in connection with the exercise of Stock options.

 

8.11         
Investments. The Borrower shall not, and shall
not permit any of its Restricted Subsidiaries to, make any Investment, except Permitted Investments.

 

8.12         
Debt. The Borrower shall not, and shall not permit
any of its Restricted Subsidiaries to, incur or maintain any Debt, other than the following Debt (collectively, “Permitted Debt”):

 

(a)           Debt
of the Borrower and any of its Restricted Subsidiaries under the Loan Documents (including pursuant to Sections 2.6 and 2.7);

 

(b)           Debt
(i) described on Schedule 8.12 and any Refinancing Debt in respect thereof and (ii) that is intercompany Debt outstanding on the
Agreement Restatement Effective
Date;

 

(c)           (i)
Capital Leases and purchase money Debt incurred to finance the acquisition, construction, repair, replacement, lease or improvement of
any Equipment held for sale or lease or any fixed or capital assets (whether pursuant to a loan, a Capital Lease or otherwise) and (ii)
any Refinancing Debt incurred to Refinance such Debt; provided that, at the time of incurrence and after giving Pro Forma Effect
thereto and the use of the proceeds thereof, the aggregate principal amount of Debt incurred under this clause (c) and then-outstanding
of the Borrower as at the last day of the Test Period ended on or prior to the date that such Debt was incurred shall not exceed the greater
of (x) $50,000,000 and (y) 9.0% of Consolidated Total Assets (measured as of the date such Debt was incurred based upon the Section 6.2
Financials most recently delivered on or prior to such date of incurrence);

 

(d)           Debt
of (A) any Restricted Subsidiary that is not an Obligor owing to Holdings or another Restricted Subsidiary that is not an Obligor, (B)
any Restricted Subsidiary that is not an Obligor owing to Holdings or any Obligor; provided that the aggregate amount of Debt incurred
under this clause (d)(B) is permitted to be incurred as an Investment pursuant to Section 8.11 or (C) any Obligor that is
owing to Holdings or any Restricted Subsidiary that is not an Obligor; provided that the Debt incurred under this clause (d)(C)
shall be subject to the Subordinated Intercompany Note;

 

(e)           Debt
incurred under Hedge Agreements entered into by a Borrower or Restricted Subsidiary;

 

(f)           Guaranties
by the Borrower and its Restricted Subsidiaries in respect of Debt of the Borrower or any Restricted Subsidiary otherwise permitted under
this Agreement; provided that (i) if the Debt being guaranteed is Subordinated Debt, such Guaranties shall be subordinated in right
of payment to the Guaranty of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of
such Subordinated Debt and (ii) no Guaranty by any Restricted Subsidiary of any Debt of an Obligor shall be permitted unless such Restricted
Subsidiary shall have also provided a Guaranty of the Obligations;

 

(g)           (i)
Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds; provided that such Debt is extinguished within five Business Days of its incurrence and (ii) customer deposits and advance
payments received in the ordinary course of business from customers for goods and services purchased or rented in the ordinary course
of business;

 

    -104-

     

    

 

(h)           Debt
of any Obligor owing to any other Obligor;

 

(i)            Debt
of any Obligor or Restricted Subsidiary in respect of (i) performance bonds, completion guarantees, surety bonds, appeal bonds, bid bonds,
bankers’ acceptances, warehouse receipts, letters of credit or other similar bonds, instruments or obligations, in each case provided
in the ordinary course of business, including Debt evidenced by letters of credit issued in the ordinary course of business to support
the insurance or self -insurance (to the extent such self -insurance
is permitted hereunder) obligations of any Obligor or any of its Restricted Subsidiaries (including to secure workers’ compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Debt with
respect to reimbursement-type obligations), but excluding any of the foregoing issued in respect of or to secure Debt for Borrowed Money;
(ii) Debt owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty,
liability, or other insurance to any Obligor or any of its Restricted Subsidiaries, so long as the amount of such Debt is not in excess
of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Debt is
incurred and such Debt is outstanding only during such year, (iii) Cash Management Obligations and other Debt in respect of netting services,
ACH arrangements, overdraft protection and other arrangements arising under standard business terms of any bank at which any Obligor or
any Restricted Subsidiary maintains an overdraft, cash pooling or other similar facility or in connection with Deposit Accounts incurred
in the ordinary course or (iv) Debt consisting of accommodation Guaranties for the benefit of trade creditors of any Obligor or any Subsidiary
issued by such obligor or Subsidiary in the ordinary course of business;

 

(j)            other
Debt incurred under this clause (j) and then outstanding in an aggregate principal amount, measured at the time of incurrence and
after giving Pro Forma Effect thereto and the use of the proceeds thereof, not to exceed the greater of (x) $25,000,000 and (y) 4.5% of
Consolidated Total Assets as of the last day of the Test Period most recently ended on or prior to the date such Debt was incurred (measured
as of the date such Debt was incurred based upon the Section 6.2 Financials most recently delivered on or prior to such date of incurrence);

 

(k)           Debt
(x) representing deferred compensation, severance and health and welfare retirement benefits to current and former employees, directors,
consultants, partners, members, contract providers, independent contractors or other service providers of Holdings (or any Parent Entity
thereof), the Borrower and the Restricted Subsidiaries incurred in the ordinary course of business or (y) consisting of indemnities, obligations
in respect of earnouts or other purchase price adjustments, or similar obligations created, incurred or assumed in connection with Permitted
Acquisitions, other Investments and the Disposition of any business, assets or Stock permitted hereunder, other than Guaranties incurred
by any Person acquiring all or any portion of such business, assets or Stock for the purpose of financing such acquisition;

 

(l)            Debt
consisting of (x) obligations of Holdings (or any Parent Entity thereof), the Borrower or the Restricted Subsidiaries under deferred compensation
arrangements to their employees, directors, partners, members, consultants, independent contractors or other service providers, (y) other
similar arrangements incurred by such Persons in connection with Permitted Acquisitions or (z) any other Investment permitted under Section 8.11;

 

(m)          Debt
consisting of promissory notes issued by the Borrower or its Restricted Subsidiaries to their current or former officers, directors, partners,
members, and employees and their respective spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees
to finance the retirement, acquisition, repurchase, purchase or redemption of Stock of Holdings (or any Parent Entity or the Borrower)
in each case permitted by Section 8.10;

 

    -105-

     

    

 

(n)           Debt
consisting of (i) the financing of insurance premiums or (ii) take or pay obligations entered into in the ordinary course of business;

 

(o)           (i)
Debt incurred by an Obligor or any of its Restricted Subsidiaries pursuant to transactions permitted under Section 8.18 and (ii)
any Refinancing Debt incurred to Refinance such Debt; provided that the aggregate amount of Debt incurred under this clause (o)
shall not exceed the greater of (x) $25,000,000 and (y) 4.5% of Consolidated Total Assets as of the last day of the Test Period most recently
ended on or prior to the date such Debt was incurred (measured as of the date such Debt was incurred based upon the Section 6.2 Financials
most recently delivered on or prior to such date of incurrence);

 

(p)           Debt
of any Restricted Subsidiary that is not an Obligor incurred under this clause (p); provided that (i) such Debt is
not guaranteed by Holdings or any Obligor, (ii) the holder of such Debt does not have, directly or indirectly, any recourse to any Obligor,
whether by reason of representations or warranties, agreement of the parties, operation of law or otherwise, (iii) such Debt is not secured
by any assets other than assets of such Restricted Subsidiary and its Subsidiaries and (iv) the aggregate amount of Debt incurred under
this clause (p) shall not exceed the greater of (x) $10,000,000 and 2.0% of Consolidated Total Assets (measured as of the date
such Debt was incurred based upon the Section 6.2 financials most recently delivered on or prior to such date of incurrence);

 

(q)           Debt
of the Borrower or any Restricted Subsidiary; so long as (x) in the case of secured Debt, at the time of incurrence thereof and after
giving Pro Forma Effect thereto and the use of proceeds thereof, the Borrower would be in compliance with a Senior Secured Net Leverage
Ratio, calculated on a Pro Forma Basis as of the last date of the Test Period most recently ended on or prior to the incurrence of such
secured Debt, that is no greater than 4.50:1.00 2.50:1.00
and (y) in the case of unsecured Debt, at the time of incurrence thereof and after giving Pro Forma Effect thereto and the
use of proceeds thereof, the Borrower would be in compliance with a Total Net Leverage Ratio, calculated on a Pro Forma Basis as of the
last date of the Test Period most recently ended on or prior to the incurrence of such unsecured Debt, that is no greater than 6.00:1.003.50:1.00;
provided that (A) any secured Debt incurred pursuant to clause (x) hereof may only be secured by a first priority security
interest in the Fixed Asset Collateral and any fee-owned real property and/or a second priority security interest in the Current Asset
Collateral and (B) the holder of such Debt (or an agent or representative in respect thereof) shall have entered into the Intercreditor
Agreement or another customary intercreditor agreement in form and substance reasonably satisfactory to the Collateral Agent and the Borrower;

 

(r)           [reserved];

 

(s)           Guaranties
incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sublicensees
or distribution partners;

 

(t)           (i)
unsecured Debt in respect of obligations of the Borrower or any Restricted Subsidiary to pay the deferred purchase price of goods or services
or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with
open accounts extended by suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing
of money and (ii) unsecured Debt in respect of intercompany obligations of the Borrower or any Restricted Subsidiary in respect of accounts
payable incurred in connection with goods sold or services rendered in the ordinary course of business and not in connection with the
borrowing of money;

 

(u)           Debt
arising from the taking of deposits by a Restricted Subsidiary that constitutes a regulated bank; and

 

(v)           all
premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations
described in clauses (a) through (u) above.

 

For purposes of determining
compliance with this Section 8.12, in the event that an item of Debt meets the criteria of more than one of the types of Debt described
in the above clauses, the Borrower, in its sole discretion, may classify and reclassify or later divide, classify or reclassify such item
of Debt (or any portion thereof) and will only be required to include the amount and type of such Debt in one or more of the above clauses.

 

    -106-

     

    

 

The accrual of interest,
the accretion of accreted value and the payment of interest in the form of additional Debt shall not be deemed to be an incurrence of
Debt for purposes of this Section 8.12.

 

8.13         
Prepayments of Debt. The Borrower shall not, and
shall not permit any of its Restricted Subsidiaries to, voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the
scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any principal outstanding in
respect of any Junior Debt, except (i) regularly scheduled repayments, purchases or redemptions of Junior Debt and regularly scheduled
payments of interest, fees, expenses and premiums on any such Junior Debt, (ii) any prepayments, redemptions, purchases, defeasances or
other satisfactions of any Junior Debt in connection with any Refinancing thereof with any Refinancing Debt, (iii) any prepayments, redemptions,
purchases, defeasances or other satisfactions of any Junior Debt required as a result of any Disposition of any property securing such
Junior Debt to the extent that such security is permitted under this Agreement and such prepayment is permitted under the terms of any
intercreditor or subordination provisions with respect thereto, (iv) the conversion of any Junior Debt to Stock (other than Disqualified
Stock) of Holdings, the Borrower or any Parent Entity, (v) prepayments, redemptions, purchases, defeasances and other satisfactions of
any Junior Debt in an aggregate amount not to exceed the Available Equity Amount at such time, (vi) prepayments, redemptions, purchases,
defeasances and other satisfactions (including, without limitation, any payments in respect of make-whole premiums) of Junior Debt so
long as the Specified Conditions have been satisfied at the time of such prepayment, redemption, purchase, defeasances or other satisfaction
and (vii) prepayments, redemptions, purchases, defeasances and other satisfactions of Junior Debt in an aggregate amount not to exceed
$5,000,000.

 

8.14         
Transactions with Affiliates. Except as set forth
below, the Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, sell, transfer, distribute, or pay any money
or property, including, but not limited to, any fees or expenses of any nature (including, but not limited to, any fees or expenses for
management services), to any Affiliate, or lend or advance money or property to any Affiliate, or invest in (by capital contribution or
otherwise) or purchase or repurchase any Stock or Debt, or any property, of any Affiliate, or become liable on any Guaranty of the Debt,
dividends, or other obligations of any Affiliate, in each case, involving aggregate payments or consideration in excess of $1,000,000.
Notwithstanding the foregoing, the following shall be permitted:

 

(a)           transactions
between or among Holdings, the Borrower or any Restricted Subsidiary or any entity that becomes a Restricted Subsidiary as a result of
such transaction;

 

(b)           transactions
on terms substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted
Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate;

 

(c)           the
consummation of the initial public offering of Holdings (including the issuance of Stock to any officer, director, employee, consultant
or other service provider of the Borrower or any of its Subsidiaries or any Parent Entity in connection therewith) and the payment of
fees and expenses in connection therewith;

 

(d)           Permitted
Distributions;

 

(e)           loans
and other transactions by and among the Borrower and/or one or more Subsidiaries to the extent permitted under this Article VIII;

 

(f)           employment,
compensation, severance or termination arrangements between any Parent Entity, the Borrower or any of its Restricted Subsidiaries and
their respective officers, employees and consultants (including management and employee benefit plans or agreements, subscription agreements
or similar agreements pertaining to the repurchase of equity interests held by officers, employees and consultants pursuant to put/call
rights or similar rights with current or former employees, officers, directors consultants and stock option or incentive plans (including
equity-based incentive plans) and other compensation arrangements) in the ordinary course of business and transactions pursuant to management
equity plans, stock option plans and other employee benefit plans, agreements and arrangements;

 

    -107-

     

    

 

(g)           the
payment of (x) customary fees to directors, officers, managers, employees, consultants and other service providers of the Borrower and
its Restricted Subsidiaries or any Parent Entity in the ordinary course of business to the extent attributable to the ownership or operation
of the Borrower and its Restricted Subsidiaries and (y) reasonable out of pocket costs to, and indemnities provided on behalf of, directors,
officers, managers, employees, consultants, partners, members and other service providers of the Borrower and its Restricted Subsidiaries
or any Parent Entity in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its
Restricted Subsidiaries;

 

(h)           transactions
pursuant to permitted agreements in existence on the Closing Restatement
Effective Date and set forth on Schedule 8.14 or any amendment thereto to the extent such an amendment, taken as a whole,
is not adverse to the Lenders in any material respect;

 

(i)           customary
payments by the Borrower and any Restricted Subsidiaries to the Sponsor made for any financial advisory, financing, underwriting or placement
services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), which payments
are approved, as applicable pursuant to requirements of law or the relevant constituent documents of the Borrower or such Restricted Subsidiary,
by the majority of the members of the Board of Directors or a majority of the disinterested members of the Board of Directors of the Borrower
in good faith and such payments shall not exceed 1% of the transaction value for each such transaction;

 

(j)           transactions
entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation of any such Unrestricted Subsidiary as a Restricted
Subsidiary pursuant to the definition of “Unrestricted Subsidiary”;

 

(k)           the
issuance or transfer of Stock (other than Disqualified Stock) of Holdings (or any Parent Entity) to any Permitted Holder or to any former,
current or future director, manager, officer, partner, member, employee, consultant or other service provider (or any Affiliate of any
of the foregoing) of Holdings (or any Parent Entity), the Borrower, any of the Restricted Subsidiaries or any direct or indirect parent
thereof;

 

(l)           any
issuance of Stock, or other payments, awards or grants in cash, securities, Stock or otherwise pursuant to, or the funding of, employment
arrangements, compensation arrangements, stock options and stock ownership plans, and other employee benefit plans approved by the Board
of Directors of any Parent Entity of the Borrower or the Borrower, as the case may be;

 

(m)           transactions
with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course of
business in a manner consistent with prudent business practice followed by companies in the industry of the Borrower and its Subsidiaries;

 

(n)           transactions
with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business and in a
manner consistent with prudent business practice followed by companies in the industry of the Borrower and its Subsidiaries; and

 

(o)           to
the extent permitted by Section 8.10(g)(i), payments by any Parent Entity of the Borrower, the Borrower and the Restricted Subsidiaries
pursuant to Tax sharing agreements among any such Parent Entity, the Borrower and the Restricted Subsidiaries on customary terms; provided
that payments by Borrower and the Restricted Subsidiaries under any such Tax sharing agreements shall not exceed the excess (if any) of
the amount they would pay on a standalone basis over the amount they actually pay to Governmental Authorities.

 

For purposes of this Section
8.14, any transaction with any Affiliate shall be deemed to have satisfied the standard set forth in clause (b) if such transaction
is approved by a majority of the Disinterested Directors of the board of directors of the Borrower or such Subsidiary, as applicable.
“Disinterested Director” shall mean, with respect to any Person and transaction, a member of the board of directors
of such Person who does not have any material direct or indirect financial interest in or with respect to such transaction.

 

    -108-

     

    

 

8.15         
Business Conducted. The Borrower and its Restricted
Subsidiaries (taken as a whole) shall not engage at any time in any line of business other than the lines of business of the same general
type currently conducted by it and by Pioneer at the time of the Pioneer Acquisition and, in each case, businesses incidental to, reasonably
related or ancillary thereto.

 

8.16         
Liens. The Borrower shall not, and shall not permit
any of its Restricted Subsidiaries to, create, incur, assume, or permit to exist any Lien on any property now owned or hereafter acquired
by any of them, except Permitted Liens.

 

8.17         
Restrictive Agreements. The Borrower shall not,
and shall not permit any of its Restricted Subsidiaries to, enter into, incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon (i) the ability of the Borrower or any Guarantor to create, incur, assume or suffer
to exist Liens on property of such Person for the benefit of the Secured Parties with respect to the Obligations or under the Loan Documents
or (ii) the ability of any Restricted Subsidiary of the Borrower that is not a Guarantor to pay dividends or other Distributions with
respect to any of its Stock; provided that the foregoing shall not apply to:

 

(a)           restrictions
and conditions imposed by (A) Law, (B) any Loan Document, (C) with respect to clause (ii) above, the documentation governing Debt incurred
pursuant to Section 8.12(q), (D) with respect to clause (ii) above, any documentation related to any Permitted Debt, and
(E) with respect to clause (ii) above, any documentation governing any Refinancing Debt incurred to Refinance any such Debt referenced
in clauses (B) through (D) above;

 

(b)           customary
restrictions and conditions existing on the Closing Restatement
Effective Date or to any extension, renewal, amendment, modification or replacement thereof, except to the extent any such
amendment, modification or replacement expands the scope of any such restriction or condition;

 

(c)           restrictions
and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such Disposition; provided that
such restrictions and conditions apply only to the Subsidiary or assets that is or are to be Disposed and such Disposition is permitted
hereunder;

 

(d)           customary
restrictions in leases, subleases, licenses, sublicenses and other contracts so long as such restrictions relate solely to the assets
subject thereto;

 

(e)           restrictions
imposed by any agreement relating to secured Debt permitted by this Agreement to the extent such restriction applies only to specific
property securing such Debt and not all assets;

 

(f)           any
restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification
or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation
of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower
or any other Restricted Subsidiary;

 

(g)           restrictions
or conditions in any Permitted Debt that is incurred or assumed by a Subsidiary that is not a Guarantor to the extent such restrictions
or conditions are no more restrictive than the restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt,
are market terms at the time of issuance or, in the case of any such Debt of any such Person, are imposed solely on such non-Guarantor
and its Subsidiaries;

 

(h)           restrictions
on cash, Cash Equivalents or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions
on such cash, Cash Equivalents or deposits constituting Liens permitted hereunder);

 

    -109-

     

    

 

(i)            customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures constituting Permitted Investments and
applicable solely to such joint venture and entered into in the ordinary course of business;

 

(j)            negative
pledges and restrictions on Liens in favor of any holder of Debt permitted under clauses (c), (p) and (q) of Section
8.12, but solely to the extent any negative pledge relates to the property financed by or the subject of such Debt;

 

(k)           customary
provisions restricting assignment, transfer or sub-letting of any agreement entered into in the ordinary course of business;

 

(l)            customary
net worth provisions contained in Real Estate leases entered into by Subsidiaries of the Borrower, so long as the Borrower has determined
in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries
to meet their ongoing obligation;

 

(m)           provisions
restricting the granting of a security interest in Intellectual Property contained in licenses or sublicenses by the Borrower and its
Restricted Subsidiaries of such Intellectual Property, which licenses and sublicenses were entered into in the ordinary course of business
(in which case such restriction shall relate only to such Intellectual Property);

 

(n)           restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which
the Borrower or any Restricted Subsidiary is a party entered into in the ordinary course of business; provided that such agreement
prohibits the encumbrance of solely the property or assets of the Borrower or such Restricted Subsidiary that are the subject of such
agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Borrower
or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary; and

 

(o)           restrictions
and conditions imposed by any extension, renewal, amendment, restatement, modification, increase, supplement, refunding, refinancing or
replacement of the contracts, instruments or obligations referred to in clauses (a) through (n) above; provided that such
extension, renewal, amendment, restatement, modification, increase, supplement, refunding, refinancing or replacement is, in the good
faith judgment of the Borrower, not materially more restrictive with respect to such restriction or condition taken as a whole than those
prior to such extension, renewal, amendment, restatement, modification, increase, supplement, refunding, refinancing or replacement.

 

8.18         
Sale and Leaseback Transactions. The Borrower
shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any arrangement with any Person
providing for the Borrower or such Restricted Subsidiary to lease or rent property that the Borrower or such Restricted Subsidiary has
sold or will sell or otherwise transfer to such Person, unless (i) such transfers are transfers of property (real or personal), equipment
or other fixed or capital assets, (ii) such transfer occurs within ninety (90) days after the acquisition of such property by the Borrower
or any such Restricted Subsidiary, (iii) the Specified Conditions have been satisfied or (iv) such transfer would be permitted under clause
(t) of the definition of “Permitted Dispositions.”

 

8.19         
Fiscal Year. The Borrower shall not, and shall
cause its Restricted Subsidiaries not to, change their Fiscal Year end date from December 31; provided, however, that the
Borrower may, and may cause any of its Restricted Subsidiaries to, upon written notice to, and consent by, the Agent, change the Fiscal
Year end date convention specified above to any other Fiscal Year end date reporting convention reasonably acceptable to the Agent, in
which case the Borrower and the Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are
necessary in order to reflect such change.

 

    -110-

     

    

 

8.20         
Fixed Charge Coverage Ratio. The Borrower will
not permit the Fixed Charge Coverage Ratio for any Test Period to be less than 1.0 to 1.0; provided that such Fixed Charge Coverage
Ratio will only be tested on the date any Covenant Trigger Period commences (as of the last day of the Test Period ending on or immediately
prior to the date on which such Covenant Trigger Period shall have commenced) and shall continue to be tested as of the last day of each
Test Period thereafter until such Covenant Trigger Period is no longer continuing.

 

8.21         
[Reserved]. 

 

8.22         
Additional Obligors; Covenant to Give Security.
At the Borrower’s expense, the Borrower shall, and shall cause each of its Restricted Subsidiaries to, take all action necessary
or reasonably requested by the Collateral Agent to ensure that the Collateral and Guarantee Requirement (subject to the limitations set
forth therein and in the Security Documents) continues to be satisfied, including:

 

(i)            
upon the formation or acquisition of any new direct or indirect Wholly Owned Domestic Subsidiary (in each case, other than an Excluded
Subsidiary) by any Obligor, the designation in accordance with Section 8.26 of any existing direct or indirect Wholly Owned Subsidiary
as a Restricted Subsidiary (in each case, other than an Excluded Subsidiary), or any Wholly Owned Restricted Subsidiary ceasing to be
an Excluded Subsidiary, within thirty (30) days (or, in the case of Mortgages, ninety (90) days) after such formation, acquisition, designation
or occurrence or such longer period as the Collateral Agent may agree in its reasonable discretion:

 

(A)          
causing each such Restricted Subsidiary that is required to become a Guarantor under the Collateral and Guarantee Requirement to
furnish to the Collateral Agent a description of any Real Estate owned by such Restricted Subsidiary and required to become subject to
a Mortgage in detail reasonably satisfactory to the Collateral Agent;

 

(B)           
causing each such Restricted Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement
to duly execute and deliver to the Agent and the Collateral Agent (x) a “Guaranty Agreement Supplement” referred to in the
Guarantee Agreement guaranteeing the Obligations under the Loan Documents and (y) Mortgages on any Real Estate required to be mortgaged
pursuant to the Collateral and Guarantee Requirement, a “Security Agreement Supplement” referred to in the Security Agreement
and any required Intellectual Property security agreements and other security agreements and documents or joinders or supplements thereto
(consistent with the Security Agreement and other Security Documents in effect on the Closing Restatement
Effective Date), as reasonably requested by and in form and substance reasonably satisfactory to the Collateral Agent, in each
case of this clause (y), granting the Collateral Agent’s Liens required by the Collateral and Guarantee Requirement;

 

(C)           
delivering, and causing each such Restricted Subsidiary that is, or is required to become,
a Guarantor pursuant to the Collateral and Guarantee Requirement to deliver, any and all certificates representing Stock (other than Excluded
Stock and only to the extent certificated) that are required to be pledged pursuant to the Collateral and Guarantee Requirement, accompanied
by undated stock powers or other appropriate instruments of transfer executed in blank (or any other documents customary under local Law)
and instruments evidencing the Debt held by such Restricted Subsidiary and required to be pledged pursuant to the Collateral and Guarantee
Requirement (including the execution of the Subordinated Intercompany Note), indorsed in blank to the Collateral Agent;

 

(D)          
taking and causing such Restricted Subsidiary and each direct or indirect parent of such Restricted Subsidiary that is required
to become a Guarantor pursuant to the Collateral and Guarantee Requirement to take whatever action (including the recording of Mortgages
and of any Intellectual Property security agreements, the filing of financing statements and delivery of share and membership interest
certificates, if any) may be necessary in the reasonable opinion of the Collateral Agent to vest in the Collateral Agent (or in any representative
of the Collateral Agent designated by it) valid and perfected Liens required by the Collateral and Guarantee Requirement, enforceable
against all third parties in accordance with their terms; and

 

    -111-

     

    

 

(E)           
causing each such Restricted Subsidiary that is required to become a Guarantor pursuant to the Collateral and Guarantee Requirement
to duly execute and deliver to the Agent opinions, certificates and other documents, as reasonably requested by and in form and substance
reasonably satisfactory to the Agent (it being understood and agreed that any opinions, certificates and other documents that are consistent
with those delivered by the Obligors on the Closing Restatement
Effective Date shall be deemed to be in form and substance reasonably satisfactory to the Agent); and

 

(ii)          
not later than ninety (90) days after the acquisition by any Obligor of any Real Estate (or such longer period as the Collateral Agent
may agree to in writing in its discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement,
which property would not be automatically subject to another Lien pursuant to pre-existing Security Documents, causing such property
to be subject to a Lien and Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties and taking, or causing the
relevant Obligor to take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or
record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee
Requirement and otherwise complying with the requirements of the Collateral and Guarantee Requirement.

 

8.23         
Cash Management; Cash Dominion.

 

(a)           
Each Obligor shall enter into, as soon as possible after the Closing Date, an effective account control agreement (a “Deposit
Account Control Agreement”) with each account bank, in each case in form and substance reasonably satisfactory to the Agent,
with respect to (i) each U.S. domestic Deposit Account in which funds of any of the Obligors from any Cash Receipts of the Obligors are
deposited (including those existing as of the Closing Date and listed on Schedule 8.23),
and (ii) the Designated Account into which the proceeds of the Loans are deposited (but in any event, excluding all Excluded Accounts);
provided, further, that, (i) if on or prior to ninety (90) days after the Closing Date (or such longer period following
such date as the Agent may agree in its sole discretion), the Borrower shall not have entered into a Deposit Account Control Agreement
with respect to any such Deposit Account or the Designated Account, such Deposit Account shall be closed and all funds therein transferred
to a Deposit Account at the Agent or the Collateral Agent, an Affiliate of the Agent or the Collateral Agent, or another financial institution
that has executed a Deposit Account Control Agreement prior to the expiration of such 90-day period and (ii) the Borrower shall enter
into a Deposit Account Control Agreement with respect to any such Deposit Account, or any new Designated Account, which is established
after the Closing Date, substantially concurrently with such establishment (or within such longer period as the Collateral Agent may agree
in its discretion) but in any event prior to a deposit of any funds in such account. Notwithstanding anything in this section to the contrary,
the provisions of this Section 8.23(a) shall not apply to any Deposit Account acquired by an Obligor in connection with a Permitted
Acquisition (or similar Investment) prior to the date that is ninety (90) days (or such later date as the Agent may agree) following the
consummation of such Permitted Acquisition (or similar Investment).

 

(b)           
Each Obligor shall deposit, or cause to be deposited and instruct all Account Debtors to deposit, in an Approved Deposit Account
promptly upon receipt all Cash Receipts received by any Obligor from any other Person.

 

(c)           
Each Deposit Account Control Agreement shall require (without further consent of the Obligors), and the Obligors shall cause, after
the occurrence and during the continuance of a Cash Dominion Period and subject to the Intercreditor Agreement, the ACH or wire transfer
no less frequently than daily (and whether or not there are then any outstanding Obligations) to the concentration account maintained
by and in the name of the Borrower at Barclays Bank PLC, Wells Fargo Bank, National Association or another bank reasonably acceptable
to the Agent and the Collateral Agent, which concentration account is under the sole dominion and control of the Collateral Agent (the
“Concentration Account”), of all cash receipts and collections set forth below, other than amounts constituting Excluded
Funds (collectively, the “Cash Receipts”):

 

    -112-

     

    

 

(i)           
all available cash proceeds otherwise received from the Disposition of Equipment or non-ordinary course sales of Inventory of the Borrower
and the Guarantors;

 

(ii)          
all proceeds of Accounts; and

 

(iii)          the contents of each Approved Deposit
Account (in each case, net of any minimum balance as may be required to be kept therein by the institution at which such Deposit Account
is maintained).

 

(d)           
During the continuance of a Cash Dominion Period, the Concentration Account shall at all times be under the sole dominion and control
of the Collateral Agent. The Obligors hereby acknowledge and agree that, during the continuance of a Cash Dominion Period, (i) the Obligors
have no right of withdrawal from the Concentration Account, (ii) the funds on deposit in the Concentration Account shall at all times
be collateral security for all of the Obligations and (iii) the funds on deposit in the Concentration Account shall be applied as provided
in this Agreement, including pursuant to Section 4.3. In the event that, notwithstanding the provisions of this Section 8.23,
during the continuation of any Cash Dominion Period, any Obligor receives or otherwise has dominion and control of any Cash Receipts,
such Cash Receipts shall be held in trust by such Obligor for the Collateral Agent, shall not be commingled with any of such Obligor’s
other funds or deposited in any account of such Obligor and shall, not later than the Business Day after receipt thereof, be deposited
into the Concentration Account or dealt with in such other fashion as such Obligor may be instructed by the Collateral Agent.

 

(e)           
So long as no Cash Dominion Period is continuing, the Obligors may direct, and shall have sole control over, the manner of disposition
of funds in the Approved Deposit Accounts. The Agent and the other Secured Parties hereby acknowledge and agree that so long as no Cash
Dominion Period is continuing the Obligors shall have the right to withdraw all funds remaining on deposit in any Concentration Account
and the Collateral Agent shall no longer be permitted to direct any account bank under any Deposit Account Control Agreement to ACH or
wire transfer any Cash Receipts into any Concentration Account.

 

(f)            
Any amounts received in the Concentration Account at any time after the Full Payment of the Obligations shall be remitted to the
operating account of the Obligors maintained with the Agent or Collateral Agent or to an operating account otherwise designated by the
Borrower.

 

(g)           
Upon the Borrower’s request, the Collateral Agent shall promptly furnish written notice to each Approved Account Bank of
any termination of a Cash Dominion Period.

 

8.24         
Use of Proceeds. The Borrower shall use the proceeds
of the Loans in the manner set forth in Section Sections
7.17, 7.22(b), 7.23 and 7.24(b).

 

8.25         
Further Assurances. Subject to any limitations
and exceptions set forth in the Security Documents and in the definition of “Collateral and Guarantee Requirement”, Holdings
and the Borrower shall, and shall cause each of the other Obligors to, promptly execute and deliver, or cause to be promptly executed
and delivered, to the Collateral Agent, such documents and agreements, and shall promptly take or cause to be taken such actions,
as the Collateral Agent may, from time to time, reasonably request to grant, preserve, protect or perfect the Liens created or intended
to be created by the Security Documents or the validity or priority of any such Lien.

 

8.26         
Designation of Subsidiaries. The Board of Directors
of the Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a
Restricted Subsidiary by notice to the Agent; provided that, in each case, (i) no Default or Event of Default is then continuing
or would result therefrom and (ii) the Borrower and the Restricted Subsidiaries shall be in compliance on a Pro Forma Basis with a Fixed
Charge Coverage Ratio, as such ratio is calculated as of the last day of the Test Period most recently ended on or prior to the date of
such designation, as if such designation and any related transactions had occurred on the first day of such Test Period, of not less than
1.00:1.00. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary after the Closing
Restatement Effective Date shall constitute an Investment
by the Borrower therein at the date of designation in an amount equal to the Fair Market Value of the Borrower’s investment therein.
The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of
any Debt or Liens of such Subsidiary existing at such time.

 

    -113-

     

    

 

8.27         
Passive Holding Company; Etc. 

 

(a)           
Holdings will not conduct, transact or otherwise engage in any business or operations other than (i) the ownership and/or acquisition
of the Stock (other than Disqualified Stock) of the Borrower, (ii) the maintenance of its legal existence, including the ability to incur
fees, costs and expenses relating to such maintenance and to open and maintain bank accounts, (iii) to the extent applicable, participating
in tax, accounting and other administrative matters as a member of the consolidated group that includes Holdings and the Borrower, (iv)
the performance of its obligations under and in connection with the Loan Documents and any documents relating to other Permitted Debt,
(v) any public offering of its common Stock or any other issuance or registration of its Stock for sale or resale not prohibited by this
Agreement, including the costs, fees and expenses related thereto, (vi) any transaction that Holdings is permitted to enter into or consummate
under this Agreement and any transaction between Holdings and the Borrower or any Restricted Subsidiary permitted under this Agreement,
including (A) making any dividend or distribution or other transaction similar to a Distribution not prohibited by Section 8.10
(or the making of a loan to its Parent Entities in lieu of any such permitted Distribution or other distribution or other transaction
similar to a Distribution) or holding any cash received in connection with Distributions made by the Borrower in accordance with Section
8.10 pending application thereof by Holdings in the manner contemplated by Section 8.10 (including the redemption in whole
or in part of any of its Stock (other than Disqualified Stock) in exchange for another class of Stock (other than Disqualified Stock)
or rights to acquire its Stock (other than Disqualified Stock) or with proceeds from substantially concurrent equity contributions or
issuances of new shares of its Stock (other than Disqualified Stock)), (B) making any Investment to the extent (1) payment therefor is
made solely with the Stock of Holdings (other than Disqualified Stock), the proceeds of Distribution received from the Borrower and/or
proceeds of the issuance of, or contribution in respect of, the Stock (other than Disqualified Stock) of Holdings and (2) any property
(including Stock) acquired in connection therewith is contributed to the Borrower or a Guarantor (or, if otherwise constituting Permitted
Investments, a Restricted Subsidiary) or the Person formed or acquired in connection therewith is merged or consolidated with the Borrower
or a Restricted Subsidiary and (C) the (w) provision of Guaranties in the ordinary course of business in respect of obligations of the
Borrower or any of its Subsidiaries to suppliers, customers, franchisees, lessors, licensees, sublicensees or distribution partners; provided,
for the avoidance of doubt, that such Guaranty shall not be in respect of Debt for Borrowed Money, (x) incurrence of Debt of Holdings
contemplated by Section 8.12, (y) incurrence of Guaranties and the performance of its other obligations in respect of Debt incurred
pursuant to Section 8.12 and (z) granting of Liens to the extent the Debt contemplated by subclause (y) is permitted to be secured
under Section 8.16 or Liens imposed by operation of law, (vii) incurring fees, costs and expenses relating to overhead and general
operating including professional fees for legal, tax and accounting issues and paying taxes, (viii) providing indemnification to officers
and directors and as otherwise permitted in this Agreement, (ix) activities incidental to the consummation of the Transactions, (x) organizational
activities incidental to Permitted Acquisitions or similar Investments consummated by the Borrower or a Subsidiary, including the formation
of acquisition vehicle entities and intercompany loans and/or investments incidental to such Permitted Acquisitions or similar Investments
in each case consummated substantially contemporaneously with the consummation of the applicable Permitted Acquisitions or similar Investments,
(xi) the making of any loan to any officers or directors not prohibited by Section 8.11, the making of any Investment in the Borrower
or any Guarantor or, to the extent otherwise allowed under Section 8.11, a Restricted Subsidiary, (xii) the entry into customary
shareholder agreements, and (xiii) activities incidental to the businesses or activities described in clauses (i) to (xii)
of this Section 8.27.

 

(b)           
Holdings will not consummate any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution), or Dispose all or substantially all of its assets and properties, except that Holdings may merge, amalgamate
or consolidate with or into any other Person (other than the Borrower) or otherwise Dispose of all or substantially all of its assets
and property; provided that (i) Holdings shall be the continuing or surviving Person of such merger, amalgamation or consolidation
or, in the case of a merger, amalgamation or consolidation where Holdings is not the continuing or surviving Person or where Holdings
has been liquidated or in connection with a Disposition of all or substantially all of its assets, in any such case, the Person formed
by or surviving any such merger, amalgamation or consolidation or the Person into which Holdings has been liquidated or to which Holdings
has transferred such assets shall be an entity organized or existing under the laws of the United States, any state thereof, the District
of Columbia or any territory thereof (Holdings or such Person, as the case may be, being herein referred to as the “Successor
Holdings”), (ii) the Successor Holdings (if other than Holdings) shall expressly assume all the obligations of Holdings under
this Agreement and the other Loan Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Agent, (iii)
each Guarantor, unless it is the other party to such merger, amalgamation, consolidation, liquidation or Disposition or unless the Successor
Holdings is Holdings, shall have by a supplement to the Guarantee Agreement confirmed that its Guaranty shall apply to the Successor Holdings’
obligations under this Agreement, (iv) each Guarantor, unless it is the other party to such merger, amalgamation, consolidation, liquidation
or Disposition or unless the Successor Holdings is Holdings, shall have by a supplement to the Security Agreement confirmed that its obligations
thereunder shall apply to the Successor Holdings’ obligations under this Agreement, (v) Holdings shall have delivered to the Agent
an officer’s certificate stating that such merger, amalgamation, consolidation, liquidation or Disposition and any supplements to
the Loan Documents preserve the enforceability of the Guarantee Agreement and the perfection of the Collateral Agent’s Liens, (vi)
the Successor Holdings shall, immediately following such merger, amalgamation, consolidation, liquidation or Disposition, directly or
indirectly, own all Subsidiaries owned by Holdings immediately prior to such merger, amalgamation, consolidation, liquidation or Disposition
and (vii) if reasonably requested by the Agent, an opinion of counsel shall be required to be provided to the effect that such merger,
amalgamation, consolidation, liquidation, or Disposition does not breach or result in a default under this Agreement or any other Loan
Document; provided, further, that if the foregoing are satisfied, the Successor Holdings (if other than Holdings) will succeed
to, and be substituted for, Holdings under this Agreement.

 

    -114-

     

    

 

8.28         
Amendments to Certain Documents. The Borrower
shall not, and shall not permit any of its Restricted Subsidiaries to, amend, modify or change in any manner that is materially adverse
to the interests of the Lenders any term or condition of the documentation governing the Junior Debt or any Charter Document of the Borrower
or any Subsidiary that is a Guarantor, except amendments and modifications to the Charter Documents of the Borrower in connection with
the Pioneer Acquisition.

 

8.29          Certain
Post-Closing Obligations. As
promptly as practicable, and in any event within the time periods after the Closing Date specified in Schedule 8.29
or such later date as the Agent reasonably agrees to in writing, including to reasonably accommodate circumstances unforeseen
on the Closing Date, the Borrower and each other Obligor shall deliver the documents or take the actions specified in Schedule
8.29, in each case except to the extent otherwise agreed by the Agent pursuant to its authority as set forth in the
definition of the term “Collateral and Guarantee Requirement.” Notwithstanding anything to the contrary herein, the Agent
hereby acknowledges that the Liens of the collateral agent in respect of the Existing Credit Agreement will remain noted on certain certificates
of title held by the collateral agent in respect of the Existing Credit Agreement on the Closing Date, and neither the removal of such
notations nor the return of certificates of title to the Borrower, shall be a condition precedent to the Closing Date. 

 

ARTICLE
IX

CONDITIONS OF LENDING

 

9.1           
Conditions Precedent to Effectiveness of Agreement and Making of Loans on the Closing Date.
The effectiveness of this Agreement, the obligation of the Lenders to make any Loans on the Closing Date, and the obligation of the Letter
of Credit Issuers to issue any Letter of Credit on the Closing Date, are subject to the satisfaction (or waiver in writing by the Agent
and the Arrangers) of the following conditions precedent:

 

(a)           The
Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Obligor:

 

(i)             executed
counterparts of this Agreement and the Guarantee Agreement;

 

(ii)            each
Security Document set forth on Schedule 1.5 of the Original Credit Agreement
(including the delivery of documents and instruments necessary to satisfy the Collateral and Guarantee Requirement) required
to be executed on the Closing Date as indicated on such schedule, duly executed by Holdings (to the extent a party thereto) and/or each
Obligor thereto, together with (except as provided in such Security Documents):

 

    -115-

     

    

 

(A)           certificates,
if any, representing the pledged Stock referred to therein for the Borrower and Wholly Owned Restricted Subsidiaries (other than Excluded
Stock) organized under the laws of the United States and not constituting Immaterial Subsidiaries and accompanied by undated stock powers
executed in blank and instruments evidencing the pledged debt referred to therein endorsed in blank;

 

(B)           evidence
that all financing statements under the Uniform Commercial Code have been filed or are otherwise in a form appropriate for filing; and

 

(C)           arrangements
reasonably satisfactory to the Agent shall have been made for the execution, delivery and filing of such Security Documents; and

 

(D)           an
executed Perfection Certificate and lien searches reasonably satisfactory to the Agent;

 

(iii)           certificates
substantially in the form of Exhibit H for Holdings and the Borrower which attach (A) resolutions or other equivalent action documentation,
(B) incumbency certificates, (C) Organization Documents and (D) good standing certificates;

 

(iv)           an
opinion from Latham & Watkins LLP, counsel to the Obligors, addressed to the Agent and the Lenders as of the Closing Date;

 

(v)           a
certificate, in the form of Exhibit G, attesting to the Solvency of the Borrower and its Subsidiaries (on a consolidated basis)
on the Closing Date after giving effect to the Transactions, from the Chief Financial Officer of the Borrower;

 

(vi)           a
Notice of Borrowing relating to the initial Borrowing (if any); and

 

(vii)           a
copy of, or a certificate as to coverage under, the insurance policies required by Section 8.5 and the applicable provisions of
the Security Documents.

 

(b)           All
fees and expenses required to be paid hereunder or pursuant to the Engagement Letter (as
defined in the Original Credit Agreement), in the case of expenses, to the extent invoiced at least three (3) Business Days
prior to the Closing Date (except as otherwise agreed by the Borrower) shall, substantially concurrently with the initial Borrowing, have
been paid (which amounts may, at the Borrower’s option, be offset against the proceeds of the Loans borrowed on the Closing Date).

 

(c)           Prior
to or simultaneously with the initial Borrowing, the initial public offering of the common stock of Holdings shall have been consummated.

 

(d)           The
Arrangers shall have received the Historical Financial Statements (as defined
in the Original Credit Agreement).

 

(e)           Prior
to or simultaneously with the initial Borrowing, subject to Section 8.29, the Existing Debt Refinancing (as
defined in the Original Credit Agreement) shall have been consummated.

 

(f)           Availability
on the Closing Date shall not be less than $70,000,000.

 

(g)           The
Agent and the Arrangers shall have received at least three (3) Business Days prior to the Closing Date all documentation and other information
about the Borrower and the Guarantors as has been reasonably requested in writing at least ten (10) Business Days prior to the Closing
Date by the Agent and the Arrangers that they reasonably determine is required by United States regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act.

 

    -116-

     

    

 

 

(h)            Since
December 31, 2016, there has not been any fact, change, event, circumstance, effect, development or occurrence which, individually or
in the aggregate with any other facts, changes, events, circumstances, effects, developments or occurrences, has had, or would reasonably
be expected to have, a Material Adverse Effect.

 

(i)            The
Borrower shall have delivered to the Agent a Borrowing Base Certificate for the month ending February 28, 2017.

 

(j)            The
Agent shall have completed a field examination at least three (3) Business Days prior to the Closing Date.

 

(k)            The
Agent shall have received the consolidated audited balance sheet, income statement and cash flow statement of the Consolidated Parties
and, if different, Holdings, the Borrower and its Restricted Subsidiaries for the fiscal year ending December 31, 2016.

 

9.2               
Conditions Precedent to Restatement Effective Date.
The amendment and restatement of the Original Credit Agreement contemplated hereby shall not become effective until the date on which
each of the conditions set forth in Section 3 of the Restatement Agreement is satisfied (or waived in accordance with Section 12.1).

 

9.3               
Conditions Precedent to Each Loan. The obligation
of the Lenders to make each Loan (including on the Closing Date), and the obligation
of the Letter of Credit Issuers to issue any Letter of Credit shall be subject to the conditions precedent that on and as of the date
of any such extension of credit:

 

(a)            The
following statements shall be true, and the acceptance by the Borrower of any extension of credit shall be deemed to be a statement to
the effect set forth in clauses (i) and (ii) with the same effect as the delivery to the Agent and the Lenders of a certificate
signed by a Responsible Officer, dated the date of such extension of credit, stating that:

 

            (i)            the
representations and warranties contained in this Agreement and the other Loan Documents are true and correct in all material respects
(and any representation and warranty that is qualified as to materiality or Material Adverse Effect is true and correct in all respects)
on and as of the date of such extension of credit as though made on and as of such date, other than any such representation or warranty
which relates to a specified prior date, in which case such representations and warranties were true and correct in all material respects
as of such prior date, and except to the extent the Agent and the Lenders have been notified in writing by the Borrower that any representation
or warranty is not correct in all material respects (or that any representation and warranty that is qualified as to materiality or Material
Adverse Effect is not correct in all respects) and the Required Lenders have explicitly waived in writing compliance with such representation
or warranty;

 

            (ii)            no
Default or Event of Default has occurred and is continuing, or would result from such extension of credit; and

 

            (iii)            the
Borrowing or issuance of the Letter of Credit is in compliance with the provisions of Article II.

 

(b)No
such Borrowing or issuance of the Letter of Credit shall exceed the then-current Availability.

 

Notwithstanding
anything to the contrary, the foregoing conditions precedent in this Section 9.2
9.3 are not conditions to any Lender participating in or reimbursing
the Swingline Lender or the Agent for such Lender’s Pro Rata Share of any applicable Swingline Loan or Agent Advance made in accordance
with the provisions of Section 2.4(f) or Section 2.4(g), as applicable.

 

    -117-

     

    

 

ARTICLE
X

DEFAULT; REMEDIES

 

10.1            
Events of Default. It shall constitute an event
of default (“Event of Default”) if any one or more of the following shall occur for any reason:

 

(a)            any
failure by the Borrower to pay: (i) the principal of any of the Loans when due, whether upon demand or otherwise, or the reimbursement
of any Letter of Credit issued pursuant to this Agreement when the same is due and payable; or (ii) any interest, fee or other amount
owing hereunder or under any of the other Loan Documents within five (5) Business Days after the due date therefor, whether upon demand
or otherwise;

 

(b)            any
representation or warranty made or deemed made by Holdings or the Borrower in this Agreement or by any Obligor in any of the other Loan
Documents or any certificate furnished by any Obligor at any time to the Agent, the Collateral Agent or any Lender pursuant to the Loan
Documents shall prove to be untrue in any material respect as of the date on which made, deemed made, or furnished;

 

(c)            any
default shall occur in the observance or performance of any of the covenants and agreements contained in:

 

            (i)            Section
6.3(a), Section 8.2(a) (with respect to the maintenance of the Borrower’s existence only), Section 8.8, Section
8.9, Section 8.10, Section 8.11, Section 8.12, Section 8.13, Section 8.14, Section 8.16,
Section 8.17, Section 8.18, Section 8.23 (and, other than during a Cash Dominion Period, such default continues for
five (5) Business Days after receipt by the Borrower of written notice thereof by the Agent or the Required Lenders), Section 8.24,
Section 8.27 and Section 8.28;

 

            (ii)            Section
8.20; provided that an Event of Default shall not occur under this clause (ii) until the expiration of the Cure Deadline for
the applicable Test Period for which the Borrower was not in compliance with such Financial Covenant;

 

            (iii)            Section
6.4(a) and such default continues for five (5) Business Days (or two (2) Business Days during any Cash Dominion Period) after receipt
by the Borrower of written notice thereof by the Agent or the Required Lenders; or

 

            (iv)            any
other provision of this Agreement or any other Loan Document and such default shall continue for thirty (30) days after receipt by the
Borrower of written notice thereof by the Agent or the Required Lenders;

 

(d)            any
default shall occur with respect to any Debt (other than the Obligations) of any Obligor or any of its Restricted Subsidiaries in an outstanding
principal amount which constitutes Material Indebtedness, or under any agreement or instrument under or pursuant to which any such Debt
may have been issued, created, assumed, or guaranteed by any Obligor or any of its Restricted Subsidiaries, and such default shall continue
for more than the period of grace, if any, therein specified, if the effect thereof (with or without the giving of notice) is to accelerate,
or to permit the holders of any such Debt to accelerate, the maturity of any such Debt; or any such Debt shall be declared due and payable
or be required to be prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof; or any such
Debt shall not be paid in full upon the scheduled maturity thereof; provided that this clause (d) shall not apply to (x)
termination events or equivalent events not constituting events of default pursuant to the terms of any Hedge Agreement and (y) Debt that
becomes due or as to which an offer to prepay is required to be made as a result of the voluntary Disposition of the property or assets
securing such Debt, if such Disposition is permitted hereunder and under the documents providing for such Debt and (z) any Debt permitted
to exist or be incurred under the terms of this Agreement that is required to be repurchased, prepaid, defeased, redeemed or satisfied
(or as to which an offer to repurchase, prepay, defease, redeem or satisfy is required to be made) in connection with any asset sale event,
casualty or condemnation event, change of control (without limiting the rights of the Agent and the Lenders under Section 10.1(l)
below), excess cash flow or other customary provision in such Debt giving rise to such requirement to offer, prepay, redeem, defease or
satisfy in the absence of any default thereunder;

 

    -118-

     

    

 

(e)            Holdings,
the Borrower or any Significant Subsidiary shall (i) file a voluntary petition in bankruptcy or file a voluntary petition, proposal, notice
of intent to file a proposal or an answer or otherwise commence any action or proceeding seeking reorganization, arrangement or readjustment
of its debts or for any other relief under the federal Bankruptcy Code, as amended, or under any other bankruptcy or insolvency act or
Law, state, or federal, now or hereafter existing, or consent to, approve of, or acquiesce in, any such petition, action or proceeding;
(ii) apply for or acquiesce in the appointment of a receiver, assignee, liquidator, sequestrator, custodian, monitor, trustee or similar
officer for it or for all or any part of its property; or (iii) make an assignment for the benefit of creditors;

 

(f)            an
involuntary petition shall be filed or an action or proceeding otherwise commenced seeking reorganization, arrangement, consolidation
or readjustment of the debts of Holdings, the Borrower or any Significant Subsidiary for any other relief under the federal Bankruptcy
Code, as amended, or under any other bankruptcy or insolvency act or Law, state or federal, now or hereafter existing, and such petition
or proceeding shall not be dismissed within sixty (60) days after the filing or commencement thereof or an order of relief shall be entered
with respect thereto;

 

(g)            (i) a receiver, interim receiver, assignee, liquidator, sequestrator, custodian, monitor, trustee or similar officer for Holdings, the Borrower
or any Significant Subsidiary or for all or any material part of such Person’s property shall be appointed or (ii) a warrant of
attachment, execution or similar process shall be issued against any material part of the property of Holdings, the Borrower or any Significant
Subsidiary and such warrant or similar process shall not be vacated, discharged, stayed or bonded pending appeal within sixty (60) days
after the entry thereof;

 

(h)            this
Agreement, the Guarantee Agreement, any Security Document or any Intercreditor Agreement shall be terminated (other than in accordance
with its terms or the terms hereof or thereof), revoked or declared void or invalid or unenforceable or challenged by Holdings or any
Obligor;

 

(i)            one
or more monetary judgments, orders, decrees or arbitration awards is entered against any Holdings, the Borrower or any Restricted Subsidiary
involving in the aggregate for all Obligors and Restricted Subsidiaries liability as to any single or related or unrelated series of transactions,
incidents or conditions, in excess of $25,000,000 (except to the extent covered by insurance through an insurer who does not deny or dispute
coverage), and the same shall remain unsatisfied, unbonded, unvacated and unstayed pending appeal for a period of sixty (60) days after
the entry thereof;

 

(j)            for
any reason, any Lien on any Collateral having a Fair Market Value in excess of $15,000,000 ceases to be, or is not, valid, perfected and
prior to all other Liens (subject to (A) the terms of the Collateral and Guarantee Requirement and (B) Permitted Liens) or is terminated,
revoked or declared void other than (i) as a result of a release of Collateral permitted by Section 13.10 or in accordance with
the terms of the relevant Security Document, (ii) in connection with the Full Payment of the Obligations or (iii) any loss of perfection
(x) that results from the failure of the Collateral Agent to (A) maintain possession of certificates, promissory notes or other instruments
delivered to it representing securities or other assets pledged under the Security Documents or (B) file and maintain proper UCC financing
statements or similar filings (including continuation statements) or (y) as to Collateral consisting of real property, to the extent such
real property is covered by a title insurance policy and such insurer has not denied coverage;

 

(k)            (i) an ERISA Event shall occur which has resulted or could reasonably be expected to result in a Material Adverse Effect or (ii) an Obligor
or any ERISA Affiliate shall fail to pay when due, after the expiration of any applicable grace period, any installment payment with respect
to its withdrawal liability under Section 4201 of ERISA under a Multi-employer Plan which has resulted or could reasonably be expected
to result in a Material Adverse Effect; or

 

    -119-

     

    

 

(l)            there
occurs a Change of Control.

 

10.2            
Remedies.

 

(a)                
If an Event of Default has occurred and is continuing, the Agent may, in its discretion, and shall, at the direction of the Required
Lenders, do one or more of the following at any time or times and in any order, without notice to or demand on the Borrower:

 

(i)             
reduce the Maximum Revolver Amount or the advance rates against Eligible Accounts used in computing the Borrowing Base, or reduce one
or more of the other elements used in computing the Borrowing Base, in each case to the extent determined by the Agent or the Required
Lenders, as the case may be;

 

(ii)              
restrict the amount of or refuse to make Loans;

 

(iii)              
instruct the Letter of Credit Issuers to restrict or refuse to provide Letters of Credit;

 

(iv)              
terminate the Commitments;

 

(v)             
declare the Loans to be immediately due and payable; provided, however, that upon the occurrence of any Event of Default
described in Section 10.1(e), 10.1(f), or 10.1(g) with respect to the Borrower, the Commitments shall automatically
and immediately expire and terminate and all Loans shall automatically become immediately due and payable without notice or demand of
any kind;

 

(vi)              
require the Obligors to cash collateralize all outstanding Letters of Credit; and

 

(vii)              
pursue its other rights and remedies under the Loan Documents and applicable Law.

 

(b)               
If an Event of Default has occurred and is continuing: (i) the Agent shall have, for the benefit of the respective Secured Parties,
in addition to all other rights of the Agent and the Lenders, the rights and remedies of a secured party under the Loan Documents or the
UCC; (ii) the Agent may, at any time, take possession of the respective Collateral and keep it on the Obligors’ premises, at no
cost to the Agent or any Lender, or remove any part of it to such other place or places as the Agent may desire, or the Borrower shall,
and shall cause their Restricted Subsidiaries to, upon the Agent’s demand, at the Borrower’s cost, assemble the Collateral
and make it available to the Agent at a place reasonably convenient to the Agent; and (iii) the Agent may sell and deliver any Collateral
at public or private sales, for cash, upon credit or otherwise, at such prices and upon such terms as the Agent deems advisable, in its
sole discretion, and may, if the Agent deems it reasonable, postpone or adjourn any sale of any Collateral by an announcement at the time
and place of sale or of such postponed or adjourned sale without giving a new notice of sale. Without in any way requiring notice to be
given in the following manner, each Obligor agrees that any notice by the Agent of sale, disposition or other intended action hereunder
or in connection herewith, whether required by the UCC or otherwise, shall constitute reasonable notice to the Borrower if such notice
is mailed by registered or certified mail, return receipt requested, postage prepaid, or is delivered personally against receipt, at least
ten (10) days prior to such action to the Borrower at the address specified in or pursuant to Section 14.8. If any Collateral is
sold on terms other than payment in full at the time of sale, no credit shall be given against the Obligations until the Agent or the
Lenders receive payment, and if the buyer defaults in payment, the Agent may resell the Collateral without further notice to the Borrower
or any other Obligor. In the event the Agent seeks to take possession of all or any portion of the Collateral by judicial process, the
Borrower and each other Obligor irrevocably waives: (A) the posting of any bond, surety or security with respect thereto which might otherwise
be required; (B) any demand for possession prior to the commencement of any suit or action to recover the Collateral; and (C) any requirement
that the Agent retain possession and not dispose of any Collateral until after trial or final judgment. The Borrower and the other Obligors
agree that the Agent has no obligation to preserve rights to the Collateral or marshal any Collateral for the benefit of any Person.

 

    -120-

     

    

 

10.3            
Application of Funds. Subject to any Intercreditor
Agreement in effect, if the circumstances described in Section 4.7 have occurred, or after the exercise of remedies provided for
in Section 10.2 or under any other Loan Document (or after the Commitments have automatically been terminated, the Loans have automatically
become immediately due and payable as set forth in Section 10.2 and the Letters of Credit have automatically been required to be
cash collateralized, in each case as set forth in Section 10.2), including in any bankruptcy or insolvency proceeding, any amounts
received on account of the Obligations shall be applied by the Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest,
but including Attorney Costs payable under Section 14.7) payable to the Agent and/or the Collateral Agent in its capacity as such
(other than in connection with Cash Management Obligations or Obligations in respect of Secured Hedge Agreements);

 

Second,
to pay interest due in respect of all Agent Advances until paid in full;

 

Third,
to pay the principal of all Agent Advances until paid in full;

 

Fourth,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders (including Attorney Costs payable under Section 14.7), ratably among them in proportion to the amounts described
in this clause Fourth payable to them (other than in connection with Cash Management Obligations or Obligations in respect of Secured
Hedge Agreements);

 

Fifth,
to pay interest accrued in respect of the Swingline Loans until paid in full;

 

Sixth,
to pay the principal of all Swingline Loans until paid in full;

 

Seventh,
to pay interest accrued in respect of the Revolving Loans (other than Agent Advances or Swingline Loans) until paid in full;

 

Eighth,
ratably (i) to pay the principal of all Revolving Loans (other than Agent Advances and Swingline Loans) until paid in full, (ii) to the
Agent, to be held by the Agent, for the benefit of the Letter of Credit Issuers, as cash collateral in an amount up to 103% of the maximum
drawable amount of any outstanding Letters of Credit and (iii) to pay any Obligations under Noticed Hedges (in an amount not to exceed
the Bank Product Reserves);

 

Ninth,
ratably to pay (i) any amounts owing with respect to any Obligations in respect of Secured Hedge Agreements (other than Noticed Hedges),
until paid in full, (ii) any amounts owing with respect to any Obligations in respect of the unreserved portion of a Noticed Hedge, until
paid in full, and (iii) any amounts owing with respect to Cash Management Obligations, in each case, until paid in full;

 

Tenth,
to the payment of all other Obligations of the Obligors that are due and payable to the Agent and the other Secured Parties (other than
any Defaulting Lenders) on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Agent and
the other Secured Parties (other than any Defaulting Lenders) on such date, until paid in full;

 

Eleventh,
ratably to pay any amounts owing with respect to any Obligations in respect of any FILO Tranche, until paid in full;

 

Twelfth,
ratably to pay any Obligations owed to Defaulting Lenders, until paid in full; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

Amounts used to cash collateralize
the aggregate undrawn amount of Letters of Credit pursuant to clause Eighth above shall be applied to satisfy drawings under such Letters
of Credit as they occur. If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn
or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above and, if no Obligations
remain outstanding, to the Borrower. Notwithstanding the foregoing, no amounts received from any Guarantor shall be applied to any Excluded
Swap Obligations of such Guarantor.

 

    -121-

     

    

 

10.4            
Permitted Holders’ Right to Cure.

 

(a)                
Notwithstanding anything to the contrary contained in Section 10.1(c), in the event that the Borrower fails to comply with
the requirement of the Financial Covenant, any of the Permitted Holders, Holdings or any other Person designated by the Borrower shall
have the right, during the period beginning at the end of the last Fiscal Quarter of the applicable Test Period and until the later of
(i) the tenth (10th) Business Day after the date on which Financial Statements with respect to the Test Period in which such covenant
is being measured are required to be delivered pursuant to Section 6.2 and (ii) the tenth (10th) Business Day after the beginning
of a Covenant Trigger Period (such later date, the “Cure Deadline”), to make a direct or indirect equity investment
in the Borrower in cash in the form of common Stock (or other Stock reasonably acceptable to the Agent) (the “Cure Right”),
and upon the receipt by the Borrower of net proceeds pursuant to the exercise of the Cure Right (the “Cure Amount”),
the Financial Covenant shall be recalculated, giving effect to a pro forma increase to Consolidated EBITDA for such Test Period in an
amount equal to such Cure Amount; provided that such pro forma adjustment to Consolidated EBITDA shall be given solely for the
purpose of determining the existence of a Default or an Event of Default under the Financial Covenant with respect to any Test Period
that includes the Fiscal Quarter for which such Cure Right was exercised and not for any other purpose under any Loan Document.

 

(b)               
If, after the receipt of the Cure Amount and the recalculations pursuant to clause (a) above, the Borrower shall then be
in compliance with the requirements of the Financial Covenant during such Test Period, the Borrower shall be deemed to have satisfied
the requirements of the Financial Covenant as of the relevant date of determination with the same effect as though there had been no failure
to comply therewith at such date, and the applicable Default that had occurred shall be deemed cured; provided that (i) the Cure
Right may be exercised on no more than five (5) occasions, (ii) in each four Fiscal Quarter period, there shall be at least two Fiscal
Quarters in respect of which no Cure Right is exercised, (iii) with respect to any exercise of the Cure Right, the Cure Amount shall be
no greater than the amount required to cause the Borrower to be in compliance with the Financial Covenant, (iv) all Cure Amount shall
be disregarded for purposes of determining any baskets, with respect to the covenants contained in the Loan Documents or the usage of
the Available Equity Amount and (v) there shall be no pro forma reduction in Debt (by netting or otherwise) with the proceeds
of any Cure Amount for determining compliance with the Financial Covenant for the Fiscal Quarter for which such Cure Amount is deemed
applied.

 

(c)                
Prior to the Cure Deadline, neither the Agent, the Collateral Agent nor any Lender shall exercise any rights or remedies under
Article X (or under any other Loan Document available during the continuance of any Default or Event of Default) solely on the basis of
any actual or purported failure to comply with the Financial Covenant unless such failure is not cured by the Cure Deadline (it being
understood that this sentence shall not have any effect on the rights and remedies of the Lenders with respect to any other Default or
Event of Default pursuant to any other provision of any Loan Document other than breach of the Financial Covenant).

 

    -122-

     

    

 

ARTICLE
XI

TERM AND TERMINATION

 

11.1            
Term and Termination. The term of this Agreement
shall end on the Stated Termination Date unless sooner terminated in accordance with the terms hereof. The Agent upon direction from the
Required Lenders may terminate this Agreement without notice upon the occurrence and during the continuance of an Event of Default. Upon
the effective date of termination of this Agreement for any reason whatsoever, all Obligations (other than contingent obligations not
then due and payable, Obligations under Secured Hedge Agreements and Cash Management Obligations) (including all unpaid principal, accrued
and unpaid interest and any amounts due under Section 5.4) shall become immediately due and payable and the Borrower shall immediately
arrange, with respect to all Letters of Credit then outstanding, for (a) the cancellation and return thereof, or (b) the cash collateralization
thereof or issuance of Supporting Letters of Credit with respect thereto in accordance with Section 2.3(g). Notwithstanding the
termination of this Agreement, until Full Payment of all Obligations, the Borrower shall remain bound by the terms of this Agreement and
shall not be relieved of any of its Obligations hereunder or under any other Loan Document, and the Agent, the Collateral Agent and the
Lenders shall retain all their rights and remedies hereunder (including the Collateral Agent’s Liens in and all rights and remedies
with respect to all then-existing and after-arising Collateral).

 

ARTICLE
XII

AMENDMENTS; WAIVERS; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS

 

12.1            
Amendments and Waivers.

 

(a)                
(i) Except as otherwise specifically set forth in this Agreement, no amendment or waiver of any provision of this Agreement or
any other Loan Document, and no consent with respect to any departure by the Borrower or other Obligor therefrom, shall be effective unless
the same shall be in writing and signed by the Required Lenders (or by the Agent with the consent of the Required Lenders) and the Obligors
party thereto and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given;

 

(ii)Notwithstanding
the foregoing, no such waiver, amendment, or consent shall be effective to modify eligibility criteria, or sublimits contained in the
definition definitions of
“Borrowing Base” or ,
“Eligible Accounts” or “Eligible Investment Grade
Accounts” or any successor or related definition, in each case that would have the effect of increasing the Borrowing
Base unless it is consented to in writing by the Supermajority Lenders and the Borrower;

 

(iii)Notwithstanding
the foregoing, no such waiver, amendment, or consent shall be effective with respect to the following, unless consented to in writing
by all Lenders (or the Agent with the consent of all Lenders) and the Borrower:

 

(A)       increase
any of the advance rates set forth in the definition of “Borrowing Base” or add any new classes of eligible assets
to such definition;

 

(B)       amend
this Section 12.1 or any provision of this Agreement providing for consent or other action by all Lenders;

 

(C)       release
all or substantially all of the value of the Guarantors with respect to their Obligations owing under the Guarantee Agreement other than
as permitted by Section 13.10;

 

(D)       subject
to any Intercreditor Agreement then in effect, release all or substantially all of the Collateral other than as permitted by Section
13.10;

 

(E)       change
the voting percentages included in the definitions of “Required Lenders” or “Supermajority Lenders”; or

 

(F)       amend
the definition of “Pro Rata Share” or Section 4.7.

 

(iv)            Notwithstanding
the foregoing, no such waiver, amendment, or consent shall be effective with respect to the following, unless consented to in writing
by all adversely affected Lenders (or the Agent with the consent of all adversely affected Lenders) and the Borrower:

 

(A)            increase
or extend any Commitment of any Lender (other than as contemplated in Section 2.6 or 2.7);

 

(B)            postpone
or delay any date fixed by this Agreement or any other Loan Document for any (i) scheduled payment of principal, interest or fees or (ii)
other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document;

 

    -123-

     

    

 

(C)            reduce
the principal of, or the rate of interest specified herein (other than waivers of the Default Rate) on any Loan, or any fees or other
amounts payable hereunder or under any other Loan Document;

 

(D)            amend
the “default waterfall” set forth in Section 10.3; or

 

(E)            (x)
subordinate, or have the effect of subordinating, the Obligations to any other Debt, or (y) subordinate, or have the effect of subordinating,
the Liens securing the Obligations to Liens securing any other Debt; or

 

(F)(E         extend
the expiration date of any Letter of Credit beyond the Stated Termination Date.

 

It is understood that
a waiver of any condition precedent or the waiver of any Default, Event of Default or mandatory prepayment or commitment reduction under
this Agreement and the other Loan Documents shall not give rise to an all affected Lender vote pursuant to this clause (iv).

 

            (v)            Notwithstanding
the foregoing, no such waiver, amendment, or consent shall be effective to increase the obligations or adversely affect the rights of
the Agent, the Collateral Agent, the Swingline Lender, any Letter of Credit Issuer or any Arranger without the consent of the party adversely
affected thereby;

 

provided,
however, that (A) the Agent may, in its sole discretion and notwithstanding the limitations contained in clause (ii) or
(iii)(A) above and any other terms of this Agreement, make applicable Agent Advances in accordance with Section 2.4(g);
(B) Schedule 1.1 hereto (Lenders’ Commitments) may be amended from time to time by the Agent alone to reflect assignments
of Commitments in accordance herewith and changes in Commitments in accordance with Section 2.6 or 2.7; (C) no amendment
or waiver shall be made to Section 13.19 or to any other provision of any Loan Document as such provisions relate to the rights
and obligations of any Arranger without the written consent of such Arranger and (D) the Engagement Letter may be amended or waived in
a writing signed by the Borrower and Barclays. Further, notwithstanding anything to the contrary contained in Section 12.1, if
the Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature,
in each case, in any provision of the Loan Documents, then the Agent and the Borrower shall be permitted to amend such provision and such
amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected
to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. Notwithstanding the foregoing,
the L/C Commitment of any Letter of Credit Issuer listed on Schedule 1.1 hereto may be modified with the consent of the Borrower,
such Letter of Credit Issuer and the Agent (and without the consent of any Lender).

 

Notwithstanding anything
to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder,
except that (i) the Commitment of such Lender may not be increased or extended and (ii) the accrued and unpaid amount of any principal,
interest or fees payable to such Lender shall not be reduced, in either case, without the consent of such Lender.

 

(b)               
If, in connection with any proposed amendment, waiver or consent (a “Proposed Change”) requiring the consent
of the Supermajority Lenders, all Lenders or all affected Lenders, the consent of Required Lenders is obtained, but the consent of other
Lenders is not obtained (any such Lender whose consent is not obtained being referred to as a “Non-Consenting Lender”),
then, so long as the Agent is not a Non-Consenting Lender, at the Borrower’s request (and if applicable, payment by the Borrower
of the processing fee referred to in Section 12.2(a)), the Agent or an Eligible Assignee shall have the right (but not the obligation),
to purchase from the Non-Consenting Lenders, and the Non-Consenting Lenders agree that they shall sell, all of the Non-Consenting Lenders’
interests, rights and obligations under the Loan Documents, in accordance with the procedures set forth in clauses (i) through
(v) in the proviso to Section 5.8 and the last sentence in Section 5.8, as if each such Non-Consenting Lender is
an assignor Lender thereunder.

 

    -124-

     

    

 

12.2            
Assignments; Participations.

 

(a)                
Any Lender may, with the written consent of (i) the Agent, (ii) the Swingline Lender and the Letter of Credit Issuers, and (iii)
so long as no Event of Default under any of Section 10.1(a), (e), (f) or (g) has occurred and is continuing,
the Borrower (in each case, which consents shall not be unreasonably withheld or delayed), assign and delegate to one or more Eligible
Assignees (provided that (x) no such consent shall be required in connection with any assignment to a then-existing Lender
, any Affiliate of a then-existing Lender (including, for the avoidance of
doubt, any assignments between Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC) or any Approved Fund and (y) such
consent shall be deemed to have been given if the Borrower has not responded within ten (10) Business Days of receipt of a written request
for consent; provided, further,
that no such consent shall be required in connection with any assignments between Goldman Sachs Bank USA and Goldman Sachs Lending Partners
LLC) (each an “Assignee”) all, or any ratable part of all, of the Loans, the Commitments and the other
rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000, or an integral multiple of $1,000,000 in excess thereof
(provided that an amount less than the minimum amount of $5,000,000 may be assigned if agreed to by the Borrower and the Agent,
or if such amount represents all of the Loans, the Commitments and the other rights and obligations of the Lender hereunder) (provided,
further that no such minimum amount shall apply to any assignment to an Approved Fund or to a Lender or to an Affiliate of a Lender);
provided, however, that (A) written notice of such assignment, together with payment instructions, addresses and related
information with respect to the Assignee, shall be given to the Borrower and the Agent by such Lender and the Assignee; (B) such Lender
and its Assignee shall deliver to the Borrower and the Agent an Assignment and Acceptance; and (C) the assignor Lender or Assignee shall
pay to the Agent a processing fee in the amount of $3,500; provided, further, that the Agent may elect to waive such processing
fee in its sole discretion.

 

(b)               
From and after the date that the Agent has received an executed Assignment and Acceptance, the Agent has received payment of the
above-referenced processing fee and the Agent has recorded such assignment in the Register as provided in Section 13.20 herein,
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations, including, but not limited to, the
obligation to participate in Letters of Credit, have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights
and obligations of a Lender under the Loan Documents, and (ii) the assignor Lender shall, to the extent that rights and obligations hereunder
and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released
from its obligations under this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an
assignor Lender’s rights and obligations under this Agreement, such assignor Lender shall cease to be a party hereto).

 

(c)                
By executing and delivering an Assignment and Acceptance, the assignor Lender thereunder and the Assignee thereunder confirm to
and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such
assignor Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto or the attachment, perfection, or priority
of any Lien granted by any Obligor to the Agent or any Lender in the applicable Collateral; (ii) such assignor Lender makes no representation
or warranty and assumes no responsibility with respect to the financial condition of any Obligor or the performance or observance by any
Obligor of any of its obligations under this Agreement or any other Loan Document furnished pursuant hereto; (iii) such Assignee confirms
that it has received a copy of this Agreement, together with such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such Assignee will, independently and without
reliance upon the Agent, such assignor Lender or any other Lender, and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such Assignee appoints
and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated
to the Agent by the terms hereof, together with such powers, including the discretionary rights and incidental powers, as are reasonably
incidental thereto; and (vi) such Assignee agrees that it will perform in accordance with their terms all of the obligations which by
the terms of this Agreement are required to be performed by it as a Lender.

 

    -125-

     

    

 

(d)               
Immediately upon satisfaction of the requirements of Section 12.2(a), this Agreement shall be deemed to be amended to the
extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising
therefrom. Each Commitment allocated to each Assignee shall reduce the applicable Commitment of the assignor Lender pro tanto.

 

(e)                
Any Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons not Affiliates of the
Borrower (a “Participant”), in each case that is not a Disqualified Lender so long as the list of Disqualified Lenders
shall have been made available to all Lenders, participating interests in any Loans, any Commitment of that Lender and the other interests
of that Lender (the “Originating Lender”) hereunder and under the other Loan Documents; provided, however,
that (i) the Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the Originating Lender shall remain
solely responsible for the performance of such obligations, (iii) the Borrower and the Agent shall continue to deal solely and directly
with the Originating Lender in connection with the Originating Lender’s rights and obligations under this Agreement and the other
Loan Documents, and (iv) no Lender shall transfer or grant any participating interest under which the Participant has rights to approve
any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document except the matters set forth in
Sections 12.1(a)(iii)(C) and (D) and Section 12.1(a)(iv), and ,
except as expressly provided below, all amounts payable by the Borrower hereunder shall be determined as if such Lender had
not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have become due and
payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating
interest in amounts owing under this Agreement to the same extent and subject to the same limitation as if the amount of its participating
interest were owing directly to it as a Lender under this Agreement. Subject to paragraph (g) of this Section 12.2, the
Borrower agrees that each Participant shall be entitled to the benefits of Sections 5.1, 5.2 and 5.3, subject to
the requirements and limitations of such Sections (including Sections 5.1(d)) and Sections 5.6 and 5.8, to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (a) of this Section 12.2
(provided that any documentation required to be provided pursuant to Section 5.1(d) shall be provided solely to the Originating
Lender and provided further, for the avoidance of doubt, that if the Originating Lender is not a U.S. Person, such Lender shall
include a copy of such documentation as an exhibit to its IRS Form W-8IMY in accordance with Section 5.1(d)(ii)(D)).

 

(f)                 
Notwithstanding any other provision in this Agreement, any Lender may at any time create a security interest in, or pledge, all
or any portion of its rights under and interest in this Agreement (including its Note, if any) in favor of any Federal Reserve Bank or
any other central bank having jurisdiction over such Lender in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31
CFR §203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable
law.

 

(g)               
A Participant shall not be entitled to receive any greater payment under Section 5.1 or 5.3 than the Originating
Lender would have been entitled to receive with respect to the participating interest sold to such Participant, unless the sale of the
participating interest to such Participant is made with the Borrower’s prior written consent and such Participant agrees to be subject
to the provisions of Section 5.8 as though it were a Lender, or to the extent that such entitlement to a greater payment results
from a Change in Law after the Participant became a Participant.

 

    -126-

     

    

 

ARTICLE
XIII

THE APPOINTED AGENTS

 

13.1            
Appointment and Authorization. Each Lender hereby
designates and appoints the Agent and the Collateral Agent (collectively, the “Appointed Agents”) as its agents under
this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes each Appointed Agent, in its respective capacity,
to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and
perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers
as are reasonably incidental thereto. Each Appointed Agent agrees to act as such on the express conditions contained in this Article
XIII. The provisions of this Article XIII (other than Sections 13.9, 13.10(a) and 13.10(b)) are solely
for the benefit of the Appointed Agents and the Lenders, and the Borrower shall have no rights as third party beneficiaries of any of
the provisions contained herein. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan
Document, each Appointed Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall any Appointed
Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Appointed Agent.
Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to
any Appointed Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. Except as expressly otherwise provided in this Agreement, each Appointed Agent shall
have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining
from taking any actions which such Appointed Agent is expressly entitled to take or assert under this Agreement and the other Loan Documents,
including (a) the determination of the applicability of ineligibility criteria with respect to the calculation of the Borrowing Base,
(b) the making of Agent Advances pursuant to Section 2.4(g) and (c) the exercise of remedies pursuant to Section 10.2, and
any action so taken or not taken shall be deemed consented to by the Lenders.

 

13.2            
Delegation of Duties. Each Appointed Agent may
execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall
be entitled to advice of counsel concerning all matters pertaining to such duties. Each Appointed Agent shall not be responsible for the
negligence or misconduct of any agent or attorney in fact that it selects as long as such selection was made without gross negligence,
bad faith or willful misconduct.

 

13.3            
Liability of Appointed Agents. None of the Agent-Related
Persons shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any
other Loan Document or the transactions contemplated hereby (except for its own gross negligence, bad faith or willful misconduct (as
determined by a court of competent jurisdiction in a final and non-appealable decision)), (b) be responsible in any manner to any of the
Lenders for any recital, statement, representation or warranty made by any Obligor or any Subsidiary or Affiliate of any Obligor, or any
officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document
referred to or provided for in, or received by any Appointed Agent under or in connection with, this Agreement or any other Loan Document,
or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or the perfection
or priority of any Lien or security interest created or purported to be created under the Collateral Documents, or for any failure of
any Obligor or any other party to any Loan Document to perform its obligations hereunder or thereunder or (c) be responsible or have any
liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified
Lenders; further, without limiting the generality of the foregoing clause (c), no Agent-Related Person shall (x) be obligated to
ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Lender or
(y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information,
to any Disqualified Lender. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Obligor or any of their Subsidiaries or Affiliates.

 

13.4            
Reliance by Appointed Agent. Each Appointed Agent
shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit,
letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including
counsel to any Obligor), independent accountants and other experts selected by such Appointed Agent. Each Appointed Agent shall be fully
justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such
advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction
by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such
action. Each Appointed Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any
other Loan Document in accordance with a request or consent of the Required Lenders (or the Supermajority Lenders, all Lenders or all
affected Lenders if so required by Section 12.1) and such request and any action taken or failure to act pursuant thereto shall
be binding upon all of the Lenders.

 

    -127-

     

    

 

13.5            
Notice of Default. The Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default or Event of Default, unless the Agent shall have received written notice
from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is
a “notice of default.” The Agent will notify the Lenders of its receipt of any such notice. The Agent shall take such action
with respect to such Default or Event of Default as may be requested by the Required Lenders in accordance with Article X; provided,
however, that unless and until the Agent has received any such request, the Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable.

 

13.6            
Credit Decision. Each Lender acknowledges that
none of the Agent-Related Persons has made any representation or warranty to it, and that no act by any Appointed Agent hereinafter taken,
including any review of the affairs of the Borrower and its Affiliates, shall be deemed to constitute any representation or warranty by
any Agent-Related Person to any Lender. Each Lender represents to each Appointed Agent that it has, independently and without reliance
upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of, and
investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Obligors
and their Affiliates, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision
to enter into this Agreement and to extend credit to the Borrower. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents,
and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of the Obligors and their Affiliates. Except for notices, reports and other documents expressly
herein required to be furnished to the Lenders by the Agent, the Agent shall not have any duty or responsibility to provide any Lender
with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of the Obligors or any of their Affiliates which may come into the possession of any of the Agent-Related Persons.

 

13.7            
Indemnification. Whether or not the transactions
contemplated hereby are consummated, the Lenders shall indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by
or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), ratably in accordance with their respective
Pro Rata Shares, from and against any and all Losses as such term is defined in Section 14.10; provided, however,
that no Lender shall be liable for the payment to such Agent-Related Persons of any portion of such Losses to the extent resulting from
such Person’s gross negligence, bad faith or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision); provided, further, that any action taken by any Agent-Related Person at the request of the Required
Lenders shall not constitute gross negligence, bad faith or willful misconduct. Without limitation of the foregoing, each Lender shall
ratably reimburse the Agent upon demand for its share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the
Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any
other Loan Document, or any document contemplated by or referred to herein, to the extent that the Agent is not reimbursed for such expenses
by or on behalf of the Borrower. The undertaking in this Section 13.7 shall survive the payment of all Obligations hereunder and
the resignation or replacement of the Agent.

 

13.8            
Appointed Agents in Individual Capacity. Each
Appointed Agent and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire Stock
in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Obligors and their
Subsidiaries and Affiliates as though such Appointed Agent was not an Appointed Agent hereunder and without notice to or consent of the
Lenders. Each Appointed Agent and its Affiliates may receive information regarding the Obligors, their Affiliates and Account Debtors
(including information that may be subject to confidentiality obligations in favor of the Obligors or such Affiliates) and the Lenders
hereby acknowledge that each Appointed Agent shall be under no obligation to provide such information to them. With respect to its Loans,
each Appointed Agent shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though
it were not an Appointed Agent, and the terms “Lender” and “Lenders” include each Appointed Agent in its individual
capacity.

 

    -128-

     

    

 

13.9            
Successor Agents. Each Appointed Agent may resign
as an Appointed Agent upon at least 30 days’ prior notice to the Lenders and the Borrower. In the event any Appointed Agent sells
all of its Loans and/or Commitments as part of a sale, transfer or other disposition by such Appointed Agent of substantially all of its
loan portfolio, such Appointed Agent shall resign as an Appointed Agent and such purchaser or transferee shall become the successor Appointed
Agent hereunder. In the event that an Appointed Agent becomes a Defaulting Lender, such Appointed Agent may be removed at the reasonable
request of the Borrower and the Required Lenders. Subject to the foregoing, if an Appointed Agent resigns or is removed under this Agreement,
the Required Lenders (with the prior consent of the Borrower, such consent not to be unreasonably withheld and such consent not to be
required if an Event of Default under any of Section 10.1(a), (e), (f) or (g) has occurred and is continuing)
shall appoint from among the Lenders a successor agent, which successor agent shall be a Lender or a commercial bank, commercial finance
company or other asset based lender having total assets in excess of $5,000,000,000. If no successor agent is appointed prior to the effective
date of the resignation of any Appointed Agent, such Appointed Agent may appoint, after consulting with the Lenders and the Borrower (but
without the need for the consent of the Borrower), a successor agent from among the Lenders. Upon the acceptance of its appointment as
successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Appointed Agent and
the term “Appointed Agent” shall mean such successor agent and the retiring Appointed Agent’s appointment, powers and
duties as an Appointed Agent shall be terminated. After any retiring Appointed Agent’s resignation hereunder as an Appointed Agent,
the provisions of this Article XIII and Section 14.10 shall continue to inure to its benefit as to any actions taken or
omitted to be taken by it while it was an Appointed Agent under this Agreement.

 

13.10        
Collateral Matters.

 

(a)                
The Lenders (and each other Secured Party by their acceptance of the benefits of the Loan Documents shall be deemed to) hereby
irrevocably authorize the Collateral Agent (and if applicable, any subagent appointed by the Collateral Agent under Section 13.2
or otherwise) to release its Liens on the Collateral, and the Collateral Agent’s Liens upon any Collateral shall be automatically
released (i) upon Full Payment of the Obligations; (ii) upon a disposition of Collateral permitted by Section 8.8 to a Person that
is not an Obligor; (iii) if any such Collateral constitutes property in which the Obligors owned no interest at the time the Lien was
granted or at any time thereafter; (iv) if any such Collateral constitutes property leased to an Obligor under a lease which has expired
or been terminated in a transaction permitted under this Agreement; (v) to the extent the property constituting such Collateral is owned
by any Guarantor, upon the release of such Guarantor from its obligations under the Guarantee Agreement (in accordance with the second
succeeding sentence and the Guarantee Agreement); (vi) as required by the Collateral Agent to effect any sale, transfer or other Disposition
of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents and (vii) to the
extent such Collateral otherwise becomes an Excluded Stock or an Excluded Asset. Except as provided above, the Collateral Agent will not
release any of the Collateral Agent’s Liens without the prior written authorization of the Required Lenders (or such other percentage
of Lenders whose consent is required in accordance with Section 12.1); provided that, in addition to the foregoing, the
Collateral Agent may, in its discretion, release such Collateral Agent’s Liens on Collateral valued in the aggregate not in excess
of $2,500,000 during each Fiscal Year without the prior written authorization of any Lender, so long as all proceeds received in connection
with such release are applied to the Obligations in accordance with Section 4.7 and, after giving effect to the application of
such proceeds and the updating of the Borrowing Base, as the case may be, to reflect the deletion of any assets subject to such release,
Availability shall be no less than the Availability immediately prior to such release. Upon request by the Collateral Agent or the Borrower
at any time, subject to the Borrower having certified to the Collateral Agent that the disposition is made in compliance with Section
8.8 (which the Collateral Agent may rely conclusively on any such certificate, without further inquiry), the Lenders will confirm
in writing the Collateral Agent’s authority to release any applicable Collateral Agent’s Liens upon particular types or items
of Collateral pursuant to this Section 13.10. In addition, the Lenders hereby irrevocably authorize (x) the Collateral Agent to
subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such
property that is permitted by Section 8.12(c) and (y) the Agent to release automatically any Guarantor from its obligations under
the Guarantee Agreement if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted under this Agreement
or such Person otherwise becomes an Excluded Subsidiary, in each case, solely to the extent such Subsidiary ceasing to constitute a Restricted
Subsidiary or otherwise becoming an Excluded Subsidiary is not prohibited by this Agreement. Upon request by any Appointed Agent at any
time, the Required Lenders will confirm in writing such Appointed Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations pursuant to this Section 13.10(a).

 

    -129-

     

    

 

(b)               
Upon receipt by any Appointed Agent of any authorization required pursuant to Section 13.10(a) from the Lenders of such
Appointed Agent’s authority to release or subordinate the applicable Collateral Agent’s Liens upon particular types or items
of Collateral, or to release any Guarantor from its obligations under the Guarantee Agreement, and upon at least three (3) Business Days’
prior written request by the Borrower, such Appointed Agent shall (and is hereby irrevocably authorized by the Lenders and the other Secured
Parties to) execute such documents as may be necessary to evidence the release of such Collateral Agent’s Liens upon such Collateral
or to subordinate its interest therein, or to release such Guarantor from its obligations under the Guarantee Agreement; provided,
however, that (i) such Appointed Agent shall not be required to execute any such document on terms which, in such Appointed Agent’s
opinion, would expose such Appointed Agent to liability or create any obligation or entail any consequence other than the release of such
Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens
(other than those expressly being released) upon (or obligations of the Obligors in respect of) all interests retained by the Obligors,
including the proceeds of any sale, all of which shall continue to constitute part of such Collateral.

 

(c)                
The Collateral Agent shall have no obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned
by the Obligors or is cared for, protected or insured or has been encumbered, or that the applicable Collateral Agent’s Liens have
been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to
exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights,
authorities and powers granted or available to the Collateral Agent pursuant to any of the Loan Documents, it being understood and agreed
that in respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent may act in any manner it may deem
appropriate, in its sole discretion, given the Collateral Agent’s own interest in the Collateral in its capacity as one of the Lenders
and that the Collateral Agent shall have no other duty or liability whatsoever to any Lender as to any of the foregoing.

 

13.11        
Restrictions on Actions by Lenders; Sharing of Payments.

 

(a)                
Each of the Lenders agrees that it shall not, without the express consent of the Required Lenders,
and that it shall, to the extent it is lawfully entitled to do so, upon the request of the Required Lenders, set off against
the Obligations, any amounts owing by such Lender to any Obligor or any accounts of any Obligor now or hereafter maintained with such
Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so by any Appointed Agent, take or cause
to be taken any action to enforce its rights under this Agreement or against any Obligor, including the commencement of any legal or equitable
proceedings, to foreclose any Lien on, or otherwise enforce any security interest in, any of the applicable Collateral.

 

(b)               
Except as may be expressly permitted by this Agreement, if at any time or times any Lender shall receive (i) by payment, foreclosure,
setoff or otherwise, any proceeds of Collateral or any payments with respect to the Obligations of any Obligor to such Lender arising
under, or relating to, this Agreement or the other Loan Documents, except for any such proceeds or payments received by such Lender from
the Agent pursuant to the terms of this Agreement or to which such Lender is otherwise entitled to receive directly pursuant to the terms
of this Agreement, or (ii) payments from the Agent in excess of such Lender’s ratable portion of all such distributions by the Agent,
such Lender shall promptly (A) turn the same over to the Agent, in kind, and with such endorsements as may be required to negotiate the
same to the Agent, or in same day funds, as applicable, for the account of all of the Lenders and for application to the Obligations in
accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and
participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the
Lenders in accordance with their Commitments; provided, however, that (A) if all or part of such excess payment received
by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as
applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest
except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment and
(B) the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower or any other Obligor pursuant
to and in accordance with the express terms of this Agreement and the other Loan Documents, (y) any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans, Commitments or participations in a Letter of Credit or Swingline
Loans to any Assignee or Participant or (z) any disproportionate payment obtained by a Lender of any Class as a result of the extension
by Lenders of the maturity date or expiration date of some but not all Loans or Commitments of that Class or any increase in the Applicable
Margin (or other pricing term, including any fee, discount or premium) in respect of Loans or Commitments of Lenders that have consented
to any such extension to the extent such transaction is permitted hereunder. For
purposes of clause (b) of the definition of Excluded Taxes, a Lender that acquires a participation pursuant to this Section 13.11 shall
be treated as having acquired an interest in such participation on the earlier date(s) on which it acquired the interest(s) in the Loan(s)
or Commitment(s) to which such participation relates. 

 

    -130-

     

    

 

13.12        
Agency for Perfection. Each Lender hereby appoints
each other Lender as agent for the purpose of perfecting the Lenders’ security interest in assets which, in accordance with the
UCC or under other applicable law, as applicable may be perfected by possession. Should any Lender (other than the Collateral Agent) obtain
possession of any such Collateral, such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s
request therefor, shall deliver such Collateral to the Collateral Agent or in accordance with the Collateral Agent’s instructions.

 

13.13        
Payments by Agent to Lenders. All payments to
be made by the Agent to the applicable Lenders shall be made by bank wire transfer or internal transfer of immediately available funds
to each such Lender pursuant to wire transfer instructions delivered in writing to the Agent on or prior to the Agreement
Restatement Effective Date (or if such Lender is
an Assignee, on the applicable Assignment and Acceptance), or pursuant to such other wire transfer instructions as each party may designate
for itself by written notice to the Agent. Concurrently with each such payment, the Agent shall identify whether such payment (or any
portion thereof) represents principal, interest or fees on the Loans or otherwise. Unless the Agent receives notice from the Borrower
prior to the date on which any payment is due to the Lenders that the Borrower will not make such payment in full as and when required,
the Agent may assume that the Borrower have made such payment in full to the Agent on such date in immediately available funds and the
Agent may (but shall not be so required), in reliance upon such assumption, distribute to each such Lender on such due date an amount
equal to the amount then due such Lender. If and to the extent the Borrower has not made such payment in full to the Agent, each applicable
Lender shall repay to the Agent on demand such amount distributed to such Lender, together with interest thereon at the Federal Funds
Rate for each day from the date such amount is distributed to such Lender until the date repaid.

 

13.14        
Settlement.

 

(a)                
Each Lender’s funded portion of the applicable Loans is intended by the applicable Lenders to be equal at all times to such
Lender’s Pro Rata Share of the outstanding applicable Loans. Notwithstanding such agreement, the Agent, the Swingline Lender, and
the other applicable Lenders agree (which agreement shall not be for the benefit of or enforceable by the Borrower) that in order to facilitate
the administration of this Agreement and the other Loan Documents, settlement among them as to the applicable Loans (including the applicable
Swingline Loans and the applicable Agent Advances) shall take place on a periodic basis in accordance with the following provisions:

 

                                                   
(i)              The Agent shall request settlement (“Settlement”)
with the applicable Lenders at least once every week, or on a more frequent basis at the Agent’s election, (A) on behalf of the
Swingline Lender, with respect to each applicable outstanding Swingline Loan, (B) for itself, with respect to each applicable Agent Advance,
and (C) with respect to collections received, in each case, by notifying the Lenders of such requested Settlement by telecopy or other
electronic transmission, no later than 12:00 noon (New York City time) on the date of such requested Settlement (the “Settlement
Date”). Each Lender (other than the Swingline Lender, in the case of applicable Swingline Loans and the Agent in the case of
applicable Agent Advances) shall transfer the amount of such Lender’s Pro Rata Share of the outstanding principal amount of the
applicable Swingline Loans and the applicable Agent Advances with respect to each Settlement to the Agent, to the Agent’s account,
not later than 2:00 p.m. (New York City time), on the Settlement Date applicable thereto. Settlements shall occur during the continuation
of a Default or an Event of Default and whether or not the applicable conditions precedent set forth in Article IX have then been
satisfied. Such amounts made available by the applicable Lenders to the Agent shall be applied against the amounts of the applicable Swingline
Loan or Agent Advance and, together with the portion of such Swingline Loan or Agent Advance representing the Swingline Lenders’
Pro Rata Share thereof, shall cease to constitute Swingline Loans or Agent Advances, but shall constitute Revolving Loans of such Lenders.
If any such amount is not transferred to the Agent by any Lender on the Settlement Date applicable thereto, the Agent shall be entitled
to recover such amount on demand from such Lender together with interest thereon at the Federal Funds Rate, the first three (3) days from
and after the Settlement Date and thereafter at the Interest Rate then applicable to Base Rate Loans, (A) on behalf of the Swingline Lender,
with respect to each outstanding Swingline Loan, and (B) for itself, with respect to each applicable Agent Advance.

 

    -131-

     

    

 

 

(ii)              
Notwithstanding the foregoing, not more than one (1) Business Day after demand is made by the Agent (whether before or after the occurrence
of a Default or an Event of Default and regardless of whether the Agent has requested a Settlement with respect to an applicable Swingline
Loan or applicable Agent Advance), each other applicable Lender (A) shall irrevocably and unconditionally purchase and receive from the
Swingline Lender or the Agent, as applicable, without recourse or warranty, an undivided interest and participation in such Swingline
Loan or Agent Advance equal to such Lender’s Pro Rata Share of such Swingline Loan or Agent Advance and (B) if Settlement has not
previously occurred with respect to such Swingline Loans or Agent Advances, upon demand by the Agent, as applicable, shall pay to the
Swingline Lender or the Agent, as applicable, as the purchase price of such participation an amount equal to one-hundred percent (100%)
of such Lender’s Pro Rata Share of such Swingline Loans or Agent Advances. If such amount is not in fact made available to the
Agent by any applicable Lender, the Agent shall be entitled to recover such amount on demand from such Lender together with interest
thereon at the Federal Funds Rate for the first three (3) days from and after such demand and thereafter at the Interest Rate then applicable
to Base Rate Loans, (A) on behalf of the Swingline Lender, with respect to each outstanding Swingline Loan, and (B) for itself, with
respect to each applicable Agent Advance.

 

(iii)              
Notwithstanding any provisions of Section 2.4(f) to the contrary, from and after the date, if any, on which any Lender purchases
an undivided interest and participation in any applicable Swingline Loan or applicable Agent Advance pursuant to clause (ii) above,
the Agent shall promptly distribute to such Lender, such Lender’s Pro Rata Share of all payments of principal and interest and
all proceeds of Collateral received by the Agent in respect of such Swingline Loan or Agent Advance.

 

(iv)              
Between Settlement Dates, the Agent, to the extent no applicable Agent Advances are outstanding, may pay over to the Swingline Lender
any payments received by the Agent, which in accordance with the terms of this Agreement would be applied to the reduction of the applicable
Loans, for application to the Swingline Lender’s Loans including applicable Swingline Loans. If, as of any Settlement Date, collections
received since the then immediately preceding Settlement Date have been applied to the Swingline Lender’s Loans (other than to
applicable Swingline Loans or applicable Agent Advances in which such Lender has not yet funded its purchase of a participation pursuant
to clause (ii) above), as provided for in the previous sentence, the Swingline Lender shall pay to the Agent for the accounts
of the applicable Lenders, to be applied to the applicable outstanding Loans of such Lenders, an amount such that each Lender shall,
upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the applicable Loans. During the period between
Settlement Dates, the Swingline Lender with respect to applicable Swingline Loans, the Agent with respect to applicable Agent Advances,
and each Lender with respect to the applicable Loans other than applicable Swingline Loans and applicable Agent Advances, shall be entitled
to interest at the applicable rate or rates payable under this Agreement on the actual average daily amount of funds employed by the
Agent and the other Lenders, respectively.

 

 (v)              Unless the Agent has received written notice
from the Required Lenders to the contrary, the Agent may assume that the applicable conditions precedent set forth in Article IX
have been satisfied.

 

    -132-

     

    

 

(b)               
Lenders’ Failure to Perform. All Loans (other than Swingline Loans and Agent Advances) shall be made by the Lenders
simultaneously and in accordance with their Pro Rata Shares thereof. It is understood that (i) no Lender shall be responsible for any
failure by any other Lender to perform its obligation to make any applicable Loans hereunder, nor shall any applicable Commitment of any
Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans hereunder,
(ii) no failure by any Lender to perform its obligation to make any Loans hereunder shall excuse any other Lender from its obligation
to make any Loans hereunder, and (iii) the obligations of each Lender hereunder shall be several, not joint and several.

 

(c)                
Defaulting Lenders. Unless the Agent receives notice from a Lender on or prior to the Closing
Restatement Effective Date or, with respect to any
Borrowing after the Closing Restatement
Effective Date, at least one Business Day prior to the date of such Borrowing, that such Lender will not make available as
and when required hereunder to the Agent that Lender’s Pro Rata Share of a Borrowing, the Agent may assume that each such Lender
has made such amount available to the Agent in immediately available funds on the Funding Date. Furthermore, the Agent may, in reliance
upon such assumption, make available to the Borrower on such date a corresponding amount. If any Lender has not transferred its full Pro
Rata Share to the Agent in immediately available funds, and the Agent has transferred the corresponding amount to the Borrower, on the
Business Day following such Funding Date such Lender shall make such amount available to the Agent, together with interest at the Federal
Funds Rate for that day. A notice by the Agent submitted to any Lender with respect to amounts owing shall be conclusive, absent manifest
error. If each Lender’s full Pro Rata Share is transferred to the Agent as required, the amount transferred to the Agent shall constitute
that Lender’s applicable Loan for all purposes of this Agreement. If that amount is not transferred to the Agent on the Business
Day following the Funding Date, the Agent will notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower
shall pay such amount to the Agent for the Agent’s account, together with interest thereon for each day elapsed since the date of
such Borrowing, at a rate per annum equal to the Interest Rate applicable at the time to the applicable Loans comprising that particular
Borrowing. The failure of any Lender to make any applicable Loan on any Funding Date shall not relieve any other Lender of its obligation
hereunder to make an applicable Loan on that Funding Date. No Lender shall be responsible for any other Lender’s failure to advance
such other Lender’s Pro Rata Share of any Borrowing.

 

13.15        
Letters of Credit; Intra-Lender Issues.

 

(a)            
Notice of Letter of Credit Balance. On each Settlement Date, the Agent shall notify each Lender of the issuance of all Letters
of Credit since the prior Settlement Date. In addition, upon the reasonable request of a Lender from time to time, the Agent shall provide
such Lender with a list of the then-outstanding Letters of Credit.

 

(b)            
Participations in Letters of Credit.

 

(i)            
Purchase
of Participations. Immediately upon issuance of any Letter of Credit in accordance with Section 2.3(d), each Lender shall
be deemed to have irrevocably and unconditionally purchased and received without recourse or warranty, an undivided interest and participation
equal to such Lender’s Pro Rata Share of the face amount of such Letter of Credit in connection with the issuance or acceptance
of such Letter of Credit (including all obligations of the Borrower with respect thereto, and any security therefor or guaranty pertaining
thereto).

 

(ii)            
Sharing
of Reimbursement Obligation Payments. Whenever the Agent receives a payment from the Borrower on account of reimbursement obligations
in respect of a Letter of Credit as to which the Agent has previously received for the account of the applicable Letter of Credit Issuer
thereof payment from a Lender, the Agent shall promptly pay to such Lender such Lender’s applicable Pro Rata Share of such payment
from the Borrower. Each such payment shall be made by the Agent on the next Settlement Date.

 

(iii)            
Documentation.
Upon the request of any applicable Lender, the Agent shall furnish to such Lender copies of any Letter of Credit, reimbursement agreements
executed in connection therewith, applications for any Letter of Credit, and such other documentation relating to such Letter of Credit
as may reasonably be requested by such Lender.

 

(iv)            
Obligations
Irrevocable. The obligations of each applicable Lender to make payments to the Agent with respect to any applicable Letter of Credit
or with respect to their participation therein or with respect to the Revolving Loans made as a result of a drawing under a Letter of
Credit and the obligations of the Borrower for whose account the Letter of Credit was issued to make payments to the Agent, for the account
of the applicable Lenders, shall be irrevocable and shall not be subject to any qualification or exception whatsoever, including any
of the following circumstances:

 

    -133-

     

    

 

(A)            
any lack
of validity or enforceability of this Agreement or any of the other Loan Documents;

 

(B)            
the existence
of any claim, setoff, defense or other right which the Borrower may have at any time against a beneficiary named in a Letter of Credit
or any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), any Lender, the Agent, the applicable
Letter of Credit Issuer, or any other Person, whether in connection with this Agreement, any applicable Letter of Credit, the transactions
contemplated herein or any unrelated transactions (including any underlying transactions between the Borrower or any other Person and
the beneficiary named in any Letter of Credit);

 

(C)            
any draft,
certificate or any other document presented under the Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any
respect or any statement therein being untrue or inaccurate in any respect;

 

(D)            
the surrender
or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents;

 

(E)            
the occurrence
of any Default or Event of Default; or

 

(F)            
the failure
of the Borrower to satisfy the applicable conditions precedent set forth in Article IX.

 

(c)           
Recovery or Avoidance of Payments; Refund of Payments In Error. In the event any payment by or on behalf of the Borrower
received by the Agent with respect to any Letter of Credit and distributed by the Agent to the applicable Lenders on account of their
respective participations therein is thereafter set aside, avoided or recovered from the Agent or the applicable Letter of Credit Issuer
in connection with any receivership, liquidation or bankruptcy proceeding, the Lenders shall, upon demand by the Agent, pay to the Agent
their respective applicable Pro Rata Shares of such amount set aside, avoided or recovered, together with interest at the rate required
to be paid by the Agent or the applicable Letter of Credit Issuer upon the amount required to be repaid by it. Unless the Agent receives
notice from the Borrower prior to the date on which any payment is due to the applicable Lenders that the Borrower will not make such
payment in full as and when required, the Agent may assume that the Borrower have made such payment in full to the Agent on such date
in immediately available funds and the Agent may (but shall not be so required), in reliance upon such assumption, distribute to each
applicable Lender on such due date an amount equal to the amount then due such applicable Lender. If and to the extent the Borrower have
not made such payment in full to the Agent, each Lender shall repay to the Agent on demand such amount distributed to such Lender, together
with interest thereon at the Federal Funds Rate for each day from the date such amount is distributed to such Lender until the date repaid.

 

(d)           
Indemnification by Lenders. To the extent not reimbursed by the Borrower and without limiting the obligations of the Borrower
hereunder, the Lenders agree to indemnify the applicable Letter of Credit Issuer ratably in accordance with their respective Pro Rata
Shares, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including attorneys’
fees) or disbursements of any kind and nature whatsoever that may be imposed on, incurred by or asserted against such Letter of Credit
Issuer in any way relating to or arising out of any Letter of Credit or the transactions contemplated thereby or any action taken or omitted
by such Letter of Credit Issuer under any Letter of Credit or any Loan Document in connection therewith; provided that no Lender
shall be liable for any of the foregoing to the extent it arises from the gross negligence or willful misconduct of the Person to be indemnified
(as determined by a court of competent jurisdiction in a final and non-appealable decision). Without limitation of the foregoing, each
Lender agrees to reimburse the applicable Letter of Credit Issuer promptly upon demand for its Pro Rata Share of any costs or expenses
payable by the Borrower to such Letter of Credit Issuer, to the extent that such Letter of Credit Issuer is not promptly reimbursed for
such costs and expenses by the Borrower. The agreement contained in this Section 13.15(c) and (d) shall survive payment
in full of all other Obligations.

 

    -134-

     

    

 

13.16       
Concerning the Collateral and the Related Loan Documents.
Each Lender authorizes and directs each Appointed Agent to enter into the other Loan Documents, including any Intercreditor Agreement,
for the ratable benefit and obligation of the Appointed Agents and the Lenders. Each Lender agrees that any action taken by any Appointed
Agent or the Required Lenders, as applicable, in accordance with the terms of this Agreement or the other Loan Documents, and the exercise
by any Appointed Agent or the Required Lenders, as applicable, of their respective powers set forth therein or herein, together with such
other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. The Lenders acknowledge that the Loans,
applicable Agent Advances, applicable Swingline Loans, Secured Hedge Agreements and Secured Cash Management Agreements and all interest,
fees and expenses hereunder constitute one Debt, secured equally by all of the applicable Collateral, subject to the order of distribution
set forth in Section 10.2.

 

13.17        
Field Examination; Disclaimer by Lenders. By signing
this Agreement, each Lender:

 

(a)        is
deemed to have requested that an Appointed Agent furnish such Lender, promptly after it becomes available, a copy of each Field Examination
(each, a “Report” and collectively, “Reports”) prepared by or on behalf of any Appointed Agent;

 

(b)        expressly
agrees and acknowledges that each Appointed Agent (i) makes no representation or warranty as to the accuracy of any Report and (ii) shall
not be liable for any information contained in any Report;

 

(c)        expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that any Appointed Agent or other party performing
any audit or examination will inspect only specific information regarding the Obligors and will rely significantly upon the Obligors’
books and records, as well as on representations of Obligors’ personnel;

 

(d)        agrees
to keep all Reports confidential and strictly for its internal use, and not to distribute except to its participants, or use any Report
in any other manner; and

 

(e)        without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold each Appointed Agent and
any such other Person preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender
may reach or draw from any Report in connection with any loans or other credit accommodations that the indemnifying Lender has made or
may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan
or loans of the Borrower; and (ii) to pay and protect, and indemnify, defend and hold each Appointed Agent and any such other Person preparing
a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses and other amounts (including Attorney Costs)
incurred by such Appointed Agent and any such other Person preparing a Report as the direct or indirect result of any third parties who
might obtain all or part of any Report through the indemnifying Lender.

 

13.18        
Relation Among Lenders. The Lenders are not partners
or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in the case of the
Appointed Agents) authorized to act for, any other Lender.

 

    -135-

     

    

 

13.19        
Arrangers; Co-Syndication Agents; Co-Documentation Agents(a).
Each of the parties to this Agreement acknowledges that, other than any rights and duties explicitly assigned to the Arrangers under this
Agreement, the Arrangers do not have any obligations hereunder and shall not be responsible or accountable to any other party hereto for
any action or failure to act hereunder. Without limiting the foregoing, no Arranger shall have or be deemed to have any fiduciary relationship
with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on the Arrangers in deciding to enter into this Agreement
or in taking or not taking action hereunder.

 

(b)       No
Lender identified on the facing page of this Agreement as a “Co-Syndication Agent” or a “Co-Documentation Agent”
shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders
as such. Without limiting the foregoing, no Lender identified as a “Co-Syndication Agent” or a “Co-Documentation Agent”
shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will
not rely, on any of the Lenders so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

13.20        
The Register.

 

(a)    
The Agent shall maintain a register (each, a “Register”), which shall include a master account and a subsidiary
account for each applicable Lender and in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing
made hereunder, the Type of each Loan comprising such Borrowing and any Interest Period applicable thereto, (ii) the effective date and
amount of each Assignment and Acceptance delivered to and accepted by it and the parties thereto, (iii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to each Lender hereunder or under the notes payable by the Borrower
to such Lender, and (iv) the amount of any sum received by the Agent from the Borrower or any other Obligor and each Lender’s ratable
share thereof. Each Register shall be available for inspection by the Borrower or any applicable Lender (with respect to its own Loans
and Commitments only) at the office of the Agent referred to in Section 14.8 at any reasonable time and from time to time upon
reasonable prior notice. The entries in the Register shall be conclusive absent
manifest error, and the Borrower, the Administrative Agent, and the Lenders shall treat each person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
Any failure of the Agent to record in the applicable Register, or any error in doing so, shall not limit or otherwise affect the obligation
of the Borrower hereunder (or under any Loan Document) to pay any amount owing with respect to the Loans or provide the basis for any
claim against the Agent. The Loans and Letters of Credit are registered obligations and the right, title and interest of any Lender and
their assignees in and to such Loans and Letters of Credit as the case may be, shall be transferable only upon notation of such transfer
in the applicable Register. Upon the request of any Lender made through the Agent, the Borrower shall execute and deliver to such Lender
(through the Agent) a Note payable to such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and
payments with respect thereto. Solely for purposes of this Section 13.20, the Agent shall be the Borrower’s agent for purposes
of maintaining the applicable Register (but the Agent shall have no liability whatsoever to the Borrower or any other Person on account
of any inaccuracies contained in the applicable Register). The Obligors and the Agent intend that the Loans and Letters of Credit will
be treated as at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2)
of the Internal Revenue Code and any related regulations (and any other relevant or successor provisions of the Internal Revenue Code
or such regulations).

 

(b)   
In the event that any Lender sells participations in any Loan, Commitment or other interest of such Lender hereunder or under any
other Loan Document, such Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a register on
which it enters the name of all Participants in the Loans held by it and the principal amount (and related interest thereon) of the portion
of the Loans or Commitments which are the subject of the participation (the “Participant Register”). A Loan or Commitment
may be participated in whole or in part only by registration of such participation on the Participant Register (and each note shall expressly
so provide). Any participation of such Loans or Commitments may be effected only by the registration of such participation on the Participant
Register. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the
identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit
or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment,
Loan, Letter of Credit or other obligation is in registered form under Section 45.103-1(c5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error.,
and the Lenders shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as a participant
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.

 

    -136-

     

    

 

(c)Each
Register shall be maintained by the Agent as a non-fiduciary agent of the Borrower. Each Register shall be conclusive absent manifest
error.

 

13.21        
Secured Cash Management Agreements and Secured Hedge Agreements.
Except as otherwise expressly set forth herein or in the Guarantee Agreement or any Security Document, no Cash Management Bank or Hedge
Bank that obtains the benefits of any Guaranty or any Collateral by virtue of the provisions hereof or of the Guarantee Agreement or any
Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any
other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its
capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision
of this Article XIII to the contrary, the Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements unless the Agent
has received written notice of such Obligations, together with such supporting documentation as the Agent may request, from the applicable
Cash Management Bank or Hedge Bank, as the case may be.

 

13.22
        Withholding Taxes. To the extent required by any applicable Law, the Agent may deduct or withhold from any payment to any
Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other Governmental Authority asserts
a claim that the Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because
the appropriate form was not delivered or was not properly executed or because such Lender failed to notify the Agent of a change in circumstance
that rendered the exemption from, or reduction of, withholding Tax ineffective), such Lender shall indemnify and hold harmless the Agent
fully for all amounts paid, directly or indirectly, by the Agent as Tax or otherwise, including any penalties, additions to Tax or interest
and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred, whether or not
such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to
set-off and apply any and all amounts at any time owing to such Lender under this Agreement or ,
any other Loan Document or otherwise against any amount
due the Agent under this Section 13.22. The agreements in this Section 13.22 shall survive the resignation and/or replacement
of the Agent, any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the repayment, satisfaction
or discharge of all other obligations. For the avoidance of doubt, (1) the term “Lender” shall, for purposes of this Section
13.22, include any Letter of Credit Issuer and any Swingline Lender and (2) this Section 13.22 shall not limit or expand the
obligations of the Borrower or any Guarantor under Section 5.1 or any other provision of this Agreement.

 

13.23
        Erroneous
Payment.

 

(a)                
Each Lender and each Letter of Credit Issuer (and each Participant of any of the
foregoing, by its acceptance of a Participation) hereby acknowledges and agrees that if the Agent notifies such Lender or Letter of Credit
Issuer that the Agent has determined in its sole discretion that any funds (or any portion thereof) received by such Lender or Letter
of Credit Issuer (any of the foregoing, a “Payment Recipient”) from the Agent (or any of its Affiliates) were erroneously
transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient)
(whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)
and demands the return of such Payment, such Payment Recipient shall promptly, but in no event later than one Business Day thereafter,
return to the Agent the amount of any such Payment as to which such a demand was made. A notice of the Agent to any Payment Recipient
under this Section shall be conclusive, absent manifest error.

 

    -137-

     

    

 

(b)               
Without limitation of clause (a) above, each Payment Recipient further acknowledges
and agrees that if such Payment Recipient receives a Payment from the Agent (or any of its Affiliates) (x) that is in an amount, or on
a date different from the amount and/or date specified in a notice of payment sent by the Agent (or any of its Affiliates) with respect
to such Payment (a “Payment Notice”), (y) that was not preceded or accompanied by a Payment Notice, or (z) that such Payment
Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case, it understands
and agrees at the time of receipt of such Payment that an error has been made (and that it is deemed to have knowledge of such error)
with respect to such Payment. Each Payment Recipient agrees that, in each such case, it shall promptly notify the Agent of such occurrence
and, upon demand from the Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Agent the amount
of any such Payment (or portion thereof) as to which such a demand was made.

 

(c)                
Any Payment required to be returned by a Payment Recipient under this Section shall
be made in same-day funds in the currency so received, together with interest thereon in respect of each day from and including the date
such Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Agent at the greater
of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from
time to time in effect. Each Payment Recipient hereby agrees that it shall not assert and, to the fullest extent permitted by applicable
law, hereby waives, any right to retain such Payment, and any claim, counterclaim, defense or right of set-off or recoupment or similar
right to any demand by the Agent for the return of any Payment received, including without limitation any defense based on “discharge
for value” or any similar doctrine.

 

(d)               
The Borrower and each other Subsidiary hereby agrees that (x) in the event an erroneous
Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the
Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay,
repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Subsidiary except, in each case, to the extent
such erroneous Payment is, and with respect to the amount of such erroneous Payment that is, comprised of funds of the Borrower or any
other Subsidiary.

 

(e)                
Each party’s obligations, agreements and waivers under this Section 13.23 shall
survive the resignation or replacement of the Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Letter
of Credit Issuer, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion
thereof) under any Loan Document.

 

ARTICLE
XIV

MISCELLANEOUS

 

14.1            
No Waivers; Cumulative Remedies. No failure by
any Appointed Agent or any Lender to exercise any right, remedy, or option under this Agreement or any present or future supplement hereto,
or in any other Loan Documents, or delay by any Appointed Agent or any Lender in exercising the same, will operate as a waiver thereof.
No waiver by any Appointed Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically stated.
No waiver by any Appointed Agent or the Lenders on any occasion shall affect or diminish any Appointed Agent’s and each Lender’s
rights thereafter to require strict performance by the Obligors of any provision of this Agreement and the other Loan Documents. Each
Appointed Agent’s and each Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive
of any other right or remedy which the Appointed Agent or any Lender may have.

 

14.2            
Severability. The illegality or unenforceability
of any provision of this Agreement or any Loan Document or any instrument or agreement required hereunder shall not in any way affect
or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder.

 

    -138-

     

    

 

14.3            
Governing Law; Choice of Forum; Service of Process.

 

(a)                
THIS AGREEMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

 

(b)               
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT IN THE COURTS OF THE
STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA LOCATED IN NEW YORK COUNTY, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENCE,
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY
LOAN DOCUMENT. NOTWITHSTANDING THE FOREGOING: (i) THE AGENT SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER,
ANY GUARANTOR OR ANY COLLATERAL IN THE COURTS OF ANY OTHER JURISDICTION THE AGENT DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON
THE COLLATERAL OR OTHER SECURITY FOR THE OBLIGATIONS AND (ii) EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS
DESCRIBED IN THE IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE THOSE JURISDICTIONS.

 

(c)                
EACH OF THE PARTIES HERETO HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF
PROCESS MAY BE MADE BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO THE APPLICABLE ADDRESS SET FORTH IN SECTION 14.8
AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED IN THE MAILS POSTAGE PREPAID.

 

14.4            
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO
IRREVOCABLY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION
OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY
IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

14.5            
Survival of Representations and Warranties. All
of the Borrower’s and other Obligors’ representations and warranties contained in this Agreement and the other Loan Documents
shall survive the execution, delivery, and acceptance thereof by the parties, notwithstanding any investigation by the Agent or the Lenders
or their respective agents.

 

14.6            
Other Security and Guarantees. The Agent may,
without notice or demand and without affecting the Borrower’s or any Obligor’s obligations hereunder, from time to time: (a)
take from any Person and hold collateral (other than the Collateral) for the payment of all or any part of the Obligations and exchange,
enforce or release such collateral or any part thereof; and (b) accept and hold any endorsement or guaranty of payment of all or any part
of the Obligations and release or substitute any such endorser or guarantor, or any Person who has given any Lien in any other collateral
as security for the payment of all or any part of the Obligations, or any other Person in any way obligated to pay all or any part of
the Obligations.

 

    -139-

     

    

 

14.7            
Fees and Expenses. Except for the costs and expenses
relating to Field Examinations, which shall be covered by Section 8.4, the Borrower agrees (a) if the Closing
Restatement Effective Date occurs, to pay or reimburse
the Agent, the Collateral Agent and the Arrangers (without duplication) for all reasonable and documented or invoiced out-of-pocket costs
and expenses associated with the syndication of the Revolving Credit Facility and the preparation, execution and delivery, administration,
amendment, modification, waiver and/or enforcement of this the
Restatement Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions
hereof and thereof (whether or not the transactions contemplated thereby are consummated), such costs and expenses to be limited in the
case of legal costs and expenses to the Attorney Costs) and (b) to pay or reimburse the Agent and the Collateral Agent for all reasonable
and documented or invoiced out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under
this Agreement or the other Loan Documents (such costs and expenses to be limited in the case of legal costs and expenses to the Attorney
Costs). Subject to the limitations above, the foregoing costs and expenses shall include all reasonable and documented or invoiced search,
filing, recording and title insurance charges and fees related thereto, all reasonable and documented or invoiced costs and expenses in
connection with the opening and maintenance of the Concentration Account. The agreements in this Section 14.7 shall survive the
Termination Date and repayment of all other Obligations. All amounts due under this Section 14.7 shall be paid within twenty (20)
Business Days of receipt by the Borrower of an invoice relating thereto setting forth such expenses in reasonable detail.

 

14.8            
Notices. Except as otherwise provided herein,
all notices, demands and requests that any party is required or elects to give to any other shall be in writing, or by a telecommunications
device capable of creating a written record, and any such notice shall become effective (a) upon personal delivery thereof, including,
but not limited to, delivery by overnight mail and courier service, (b) four (4) days after it shall have been mailed by United States
mail, first class, certified or registered, with postage prepaid, or (c) in the case of notice by such a telecommunications device, when
properly transmitted, in each case addressed to the party to be notified as follows:

 

	 	If to the Agent:	BARCLAYS BANK PLC

745 Seventh Avenue

New York, NY 10019

Attention: Marguerite SuttonArup
Ghosh

 

	 	If to the Borrower:	PROPETRO SERVICES, INC.

1706 South Midkiff Road

Midland, TX 79701

Attention: Jeff SmithDavid
Schorlemer 

 

	 	If to a Lender or	 
	 	Letter of Credit Issuer:	To the address of such Lender or Letter of Credit Issuer set forth on the signature page hereto or on the Assignment and Acceptance for
such Lender, as applicable

 

or to such other address as each party may
designate for itself by like notice. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration
or other communication to the persons designated above to receive copies shall not adversely affect the effectiveness of such notice,
demand, request, consent, approval, declaration or other communication.

 

14.9            
Binding Effect. The provisions of this Agreement
shall be binding upon and inure to the benefit of the respective representatives, successors, and assigns of the parties hereto. The rights
and benefits of the Agent and the Lenders hereunder shall, if such Persons so agree, inure to any party acquiring any interest in the
Obligations or any part thereof.

 

    -140-

     

    

 

14.10        
Indemnity of the Agent, the Collateral Agent and the Lenders.
The Borrower agrees to defend, indemnify and hold all Agent-Related Persons, each Arranger, the
Co-Syndication Agents, the Co-Documentation Agents  and each Lender (without duplication) and each of their respective
Affiliates, officers, directors, employees, agents, controlling persons, advisors and other representatives, successors and permitted
assigns of the foregoing (each, an “Indemnified Person”) harmless from and against any and all losses, claims, costs,
damages and liabilities (collectively, “Losses”) of any kind or nature and the reasonable and documented or invoiced
out-of-pocket fees and expenses incurred in connection with investigating, responding to or defending any of the foregoing (such expenses,
in the case of legal expenses, to be limited to the reasonable fees, disbursements and other charges of a single firm of counsel for all
Indemnified Persons, taken as a whole, and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may
include a single firm of special counsel acting in multiple jurisdictions) for all Indemnified Persons taken as a whole (and, in the case
of an actual or perceived conflict of interest, where the Indemnified Person(s) affected by such conflict notifies the Borrower of the
existence of such conflict and thereafter retains its own counsel, by such other firm of counsel for such affected Indemnified Person))
of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding or any actual or
alleged Release or threat of Release of any Contaminant at any facility or location currently or formerly owned or operated by Holdings
or the Borrower or any liability under Environmental Laws relating in any way to Holdings or the Borrower (including any inquiry or investigation
of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or
proceeding was brought by the Borrower, its equity holders, affiliates or creditors or any other third Person) that relates to the Transactions,
including the financing contemplated hereby and the use of proceeds hereof; provided that no Indemnified Person will be indemnified
for any Loss or related expense to the extent it has resulted from (i) the gross negligence, bad faith or willful misconduct of such Indemnified
Person or any of its Affiliates or any of the officers, directors, employees, agents, controlling persons, advisors or other representatives,
successors or permitted assigns of any of the foregoing (as determined by a court of competent jurisdiction in a final and non-appealable
decision), (ii) a material breach of the obligations under this Agreement or the other Loan Documents of such Indemnified Person or any
of such Indemnified Person’s Affiliates or any of the officers, directors, employees, agents, controlling persons, advisors or other
representatives, successors or permitted assigns of any of the foregoing (as determined by a court of competent jurisdiction in a final
and non-appealable decision) or (iii) any claim, litigation, investigation or other proceeding that does not arise from any act or omission
by the Borrower or any of its Affiliates and that is brought by any Indemnified Person against any other Indemnified Person; provided
that the Agent, the Collateral Agent and the Arrangers to the extent fulfilling their respective roles as an agent or arranger under this
Agreement and the other Loan Documents and in their capacities as such, shall remain indemnified in respect of such proceedings to the
extent that none of the exceptions set forth in any of clauses (i) and (ii) of the immediately preceding proviso applies
to such person at such time. The agreements in this Section shall survive payment of all other Obligations. For the avoidance of doubt,
this Section 14.10 shall not apply to Taxes other than Taxes that represent liabilities, obligations, losses or damages, with respect
to a non-Tax claim.

 

14.11        
Limitation of Liability. Notwithstanding any other
provision of this Agreement to the contrary, (i) no Indemnified Person shall be liable for any damages arising from the use by others
of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems,
except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person
or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees, agents, controlling
persons, advisors or other representatives, successors or permitted assigns (as determined by a court of competent jurisdiction in a final
and non-appealable decision) and (ii) none of the Borrower, the other Obligors or any of their respective Subsidiaries or Affiliates,
or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages (including, without limitation,
any loss of profits, business or anticipated savings) in connection with this Agreement, the other Loan Documents, the Transactions (including
the use of proceeds hereof), or with respect to any activities related to this Agreement and the other Loan Documents, including the preparation
of this Agreement and the other Loan Documents; provided that nothing in this Section 14.11 shall limit the Borrower’s
indemnity and reimbursement obligations set forth in Section 14.10 to the extent that such indirect, special, punitive or consequential
damages are included in any claim by a third party unaffiliated with the applicable Indemnified Person with respect to which the applicable
Indemnified Person is entitled to indemnification as set forth in Section 14.10.

 

    -141-

     

    

 

14.12        
Final Agreement. This Agreement and the other
Loan Documents are intended by the parties hereto to be the final, complete, and exclusive expression of the agreement between them. This
Agreement supersedes any and all prior oral or written agreements relating to the subject matter hereof, except for the fee provisions
in Section 1(i) of the Engagement Letter.

 

14.13        
Counterparts; Facsimile Signatures. This Agreement
may be executed in any number of counterparts, and by the Agent, the Collateral Agent, the Letter of Credit Issuers, each Lender and the
Borrower in separate counterparts, each of which shall be an original, but all of which shall together constitute one and the same agreement;
signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are
physically attached to the same document. This Agreement and the other Loan Documents may be executed by facsimile or other electronic
communication and the effectiveness of this Agreement and the other Loan Documents and signatures thereon shall have the same force and
effect as manually signed originals and shall be binding on all parties thereto. The Agent may require that any such documents and signatures
be confirmed by a manually-signed original thereof, provided that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile signature.

 

14.14        
Captions. The captions contained in this Agreement
are for convenience of reference only, are without substantive meaning and should not be construed to modify, enlarge, or restrict any
provision.

 

14.15         Right
of Setoff. In addition to any rights and remedies of
the Lenders provided by Law, if an Event of Default is then continuing or the Loans have been accelerated prior to the Stated
Termination Date, each Lender is authorized at any time and from time to time, without prior notice to the Borrower or any
Guarantor, any such notice being waived by each Obligor to the fullest extent permitted by Law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing
by, such Lender or any Affiliate of such Lender to or for the credit or the account of the Borrower or any Guarantor against any and
all Obligations then due and owing by an Obligor under this Agreement or any other Loan Document to such Lender, now or hereafter
existing, irrespective of whether or not the Agent or such Lender shall have made demand under this Agreement or any Loan Document.
Each Lender agrees promptly to notify the Borrower and the Agent after any such set-off and application made by such Lender; provided, however,
that the failure to give such notice shall not affect the validity of such set-off and application. NOTWITHSTANDING THE FOREGOING,
NO LENDER SHALL EXERCISE ANY RIGHT OF SET-OFF, BANKER’S LIEN, OR THE LIKE AGAINST ANY DEPOSIT ACCOUNT OR PROPERTY OF THE
BORROWER OR ANY GUARANTOR HELD OR MAINTAINED BY SUCH LENDER WITHOUT THE PRIOR WRITTEN CONSENT OF THE REQUIRED LENDERS.

 

14.16        
Confidentiality. Each Lender, each Letter of Credit
Issuer and the Agent severally agrees to treat confidentially and not publish, disclose or otherwise divulge any non-public information
provided to any of them or any of their Affiliates by or on behalf of the Borrower or any of its Subsidiaries or in connection with this
Agreement, the other Loan Documents or the Transactions; provided that nothing herein shall prevent such Person from disclosing
any such information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative
proceeding, or otherwise as required by applicable law, rule or regulation, or compulsory legal process based on the reasonable advice
of counsel (in which case such Person agrees (except with respect to any audit or examination conducted by bank accountants or any self-regulatory
authority or Governmental Authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable
Law, rule or regulation, to inform you promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority
having jurisdiction or purporting to have jurisdiction over such Person or any of its Affiliates (in which case such Person agrees (except
with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory
authority), to the extent practicable and not prohibited by applicable Law, rule or regulation, to inform you promptly thereof prior to
disclosure), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Person
or any of its Affiliates or any related parties thereto (including any of the persons referred to in clause (f) below) in violation of
any confidentiality obligations owing to the Borrower or any of its Subsidiaries or Affiliates, (d) to the extent that such information
is or was received by such Person from a third party that is not, to such Person’s knowledge, subject to contractual or fiduciary
confidentiality obligations owing to the Borrower, any of its Subsidiaries or Affiliates, (e) to the extent that such information is independently
developed by such Person or its Affiliates without the use of any confidential information and without violating the terms of this Agreement,
(f) to such Person’s Affiliates and to its and their respective directors, officers, employees, legal counsel, independent auditors,
professionals and other experts or agents who need to know such information in connection with this Agreement and who are informed of
the confidential nature of such information or who are subject to customary confidentiality obligations of professional practice (with
such Person, to the extent within its control, responsible for such person’s compliance with this Section 14.16), (g) for
purposes of establishing a “due diligence” defense and (h) to potential or prospective Lenders, Participants or Assignees
and to any direct or indirect contractual counterparty to any swap or derivative transaction relating to the Borrower or any of its Subsidiaries,
in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph); provided
that, for purposes of this clause (h), (i) the disclosure of any such information to any Lenders, hedge providers, Participants
or Assignees, or prospective Lenders, hedge providers, Participants or Assignees referred to above shall be made subject to the acknowledgment
and acceptance by such Lender, hedge provider, Participant or Assignee, or prospective Lender, hedge provider, Participant or Assignee
that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise
reasonably acceptable to the Borrower and such Person) in accordance with the standard syndication processes of the Agent or customary
market standards for dissemination of such type of information, which shall in any event require “click through” or other
affirmative actions on the part of recipient to access such information and (ii) no such disclosure shall be made by such Person to any
person that is at such time a Disqualified Lender.

 

    -142-

     

    

 

14.17        
Conflicts with Other Loan Documents. Unless otherwise
expressly provided in this Agreement (or in another Loan Document by specific reference to the applicable provision contained in this
Agreement), if any provision contained in this Agreement conflicts with any provision of any other Loan Document, the provision contained
in this Agreement shall govern and control.

 

14.18        
No Fiduciary Relationship. Each Obligor acknowledges
and agrees that, (i) in connection with all aspects of each transaction contemplated by this Agreement, the Obligors, on the one hand,
and the Appointed Agents, the Arrangers, the Lenders and each of their Affiliates through which they may be acting (collectively, the
“Applicable Entities”), on the other hand, have an arms-length business relationship that creates no fiduciary duty
on the part of any Applicable Entity, and each Obligor expressly disclaims any fiduciary relationship, (ii) the Applicable Entities may
be engaged in a broad range of transactions that involve interests that differ from those of such Obligor, and no Applicable Entity has
any obligation to disclose any of such interests to such Obligor and (iii) such Obligor has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate. Each Obligor further acknowledges and agrees that such Obligor is responsible
for making its own independent judgment with respect to the transactions contemplated by this Agreement and the process leading thereto,
and agrees that it will not claim that the Applicable Entities have rendered advisory services of any nature or respect, or owe a fiduciary
or similar duty to such Obligor or its affiliates, in connection with such transactions or the process leading thereto.

 

14.19        
Judgment Currency. If for the purpose of obtaining
judgment in any court it is necessary to convert an amount due hereunder in the currency in which it is due (the “Original Currency”)
into another currency (the “Second Currency”), the rate of exchange applied shall be that at which, in accordance with
normal banking procedures, the Agent could purchase in the New York foreign exchange market, the Original Currency with the Second Currency
on the date two (2) Business Days preceding that on which judgment is given. Each Obligor agrees that its obligation in respect of any
Original Currency due from it hereunder shall, notwithstanding any judgment or payment in such other currency, be discharged only to the
extent that, on the Business Day following the date the Agent receives payment of any sum so adjudged to be due hereunder in the Second
Currency, the Agent may, in accordance with normal banking procedures, purchase, in the New York foreign exchange market, the Original
Currency with the amount of the Second Currency so paid; and if the amount of the Original Currency so purchased or could have been so
purchased is less than the amount originally due in the Original Currency, each Obligor agrees as a separate obligation and notwithstanding
any such payment or judgment to indemnify the Agent against such loss. The term “rate of exchange” in this Section 14.19
means the spot rate at which the Agent, in accordance with normal practices, is able on the relevant date to purchase the Original Currency
with the Second Currency, and includes any premium and costs of exchange payable in connection with such purchase.

 

    -143-

     

    

 

14.20        
USA PATRIOT Act. Each Lender that is subject to
the Act (as hereinafter defined) and the Agent (for itself and not on behalf of any Lender) hereby notifies each Obligor that pursuant
to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address
of each Obligor and other information that will allow such Lender or the Agent, as applicable, to identify each Obligor in accordance
with the Act. Each Obligor shall, promptly following a request by the Agent or any Lender, provide all documentation and other information
that the Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer”
an and anti-money
laundering rules and regulations, including the Act.

 

14.21        
Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

(a)            
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEA Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA the
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(i)              the application of any Write-down and Conversion
Powers by an EEA the applicable
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA
Affected Financial Institution; and

 

(ii)               the effects of any Bail-In Action on any
such liability, including, if applicable:

 

(A)              
a reduction in full or in part or cancellation of any such liability;

 

(B)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Affected Financial Institution, its parent undertaking,
or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(C)              
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any
EEA Resolution Authority.the applicable Resolution Authority.

 

[Remainder
of Page Left Blank]

 

IN
WITNESS WHEREOF, the parties have entered into this Agreement on the date first above written.

 

	 	PROPETRO HOLDING CORP., as Holdings
	 	
	 	By:	
	 		Name:
	 		Title:

 

    -144-

     

    

 

	 	PROPETRO SERVICES, INC., as the Borrower
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    -145-

     

    

 

	 	BARCLAYS BANK PLC, as the Agent, the Collateral Agent, a Letter of Credit Issuer, the Swingline Lender and a Lender
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    -146-

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,

as a Letter of Credit Issuer and a Lender
	 	 
	 	By:	 

 

    -147-

     

    

 

 

14.22        
Acknowledgement Regarding any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties
acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the
State of New York and/or of the United States or any other state of the United States):

 

(a)
       In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or
a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the
Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation
of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no
event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)       As
used in this Section 14.22, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12
U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2
or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

14.23        
Certain ERISA Matters

 

(a)             
Each Lender (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Subsidiary,
that at least one of the following is and will be true:

 

    -148-

     

    

 

(i)              such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans
with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitments or this Agreement;

 

(ii)              
the transaction
exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified
professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE
90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

(iii)                (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement; or 

 

(iv)               such
other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Lender; 

 

(b)   
In addition, unless either (1) sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or (2) such Lender has provided another representation, warranty and covenant as provided in sub-clause
(iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Subsidiary,
that the Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection
with the reservation or exercise of any rights by the Agent under this Agreement, any Loan Document or any documents related hereto or
thereto).

 

[Signature
Pages Intentionally Omitted]

 

    -149-

     

    

 

	 	Name:
	 	Title:

 

     

     

    

 

	 	ROYAL BANK OF
    CANADA., as a Lender and as an 

    Additional Lender
	 	 
	 	By:	 
	 	          Name:
	 	          Title:
	 	 
	 	GOLDMAN SACHS
    BANK USA, as a Lender and as

    an Additional Lender
	 	 
	 	By:	 
	 	          Name:
	 	          Title:
	 	 
	 	CREDIT
    SUISSE ag, cAYMAN iSLANDS bRANCH, 

    as a Lender and as an Additional Lender
	 	 
	 	By:	         
	 	          Name:
	 	          Title:
	 	 
	 	By:  	 
	 	          Name:   
	 	          Title:
	 	 
	 	SIEMENS FINANCIAL
    SERVICES, INC., 

    as a Lender and as an Additional Lender
	 	 
	 	By:	 
	 	          Name:    
	 	          Title:
	 	 
	 	By:	 
	 	          Name:   
	 	          Title:

 

     

     

    

 

Schedule 1.1

 

Lenders’ Commitments

 

	Lender	Revolving Credit Commitment	
    Applicable

    Percentage

	
    Barclays Bank PLC

    JPMorgan Chase Bank, N.A.

    Goldman Sachs Bank USA

    Royal
    Bank of CanadaBank
    of America, N.A.

    Credit Suisse AG,
    Cayman Islands Branch

    Siemens Financial
    Services, Inc.
	
    $75,000,000$38,000,000.00

    $75,000,000$37,333,333.34

    $66,000,000$37,333,333.33

    $36,000,000$37,333,333.33

     

    $28,000,000

    $20,000,000

     
	
    25%25.333333333%

    25%24.888888893%

    22%24.888888887%

    12%24.888888887%

    9.33%

    6.66%

     

	Total	$300,000,000$150,000,000.00	100%

 

L/C Commitments

 

	Lender	L/C Commitment	
    Applicable

    Percentage

	
    Barclays Bank PLC

    JPMorgan Chase Bank, N.A.
	
    $12,500,000.00

    $12,500,000.00
	
    50%

    50%

	Total	$25,000,000.00	100%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]