Document:

Exhibit 4.1

 

 

EXECUTION
VERSION

 

 

 

MORGAN STANLEY CAPITAL I INC.,

as Depositor

 

KEYBANK NATIONAL ASSOCIATION,

as Master Servicer

 

CWCapital
Asset Management LLC,

as Special Servicer

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator and Trustee

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

as Operating Advisor and Asset Representations Reviewer

 

 

 

POOLING AND SERVICING AGREEMENT

 

Dated as of March 1, 2016

 

 

 

Morgan Stanley Capital I Trust 2016-UBS9,

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9

 

 

 

    	 

    	 

    

 

	 	 	 	 	 
	TABLE OF CONTENTS
	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I
	 	 	 	 	 
	DEFINITIONS
	 
	Section 1.01	 	Defined Terms	 	6
	Section 1.02	 	Certain Calculations	 	120
	 	 	 	 	 
	ARTICLE II
	 	 	 	 	 
	CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
	 
	Section 2.01	 	Conveyance of Mortgage Loans	 	121
	Section 2.02	 	Acceptance by Trustee	 	127
	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	 	133
	Section 2.04	 	Execution of Certificates; Issuance of Lower-Tier Regular Interests	 	148
	Section 2.05	 	Creation of the Grantor Trust	 	148
	 	 	 	 	 
	ARTICLE III
	 	 	 	 	 
	ADMINISTRATION AND SERVICING OF THE TRUST FUND
	 
	Section 3.01	 	The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans, the Serviced Companion Loans, and REO Properties	 	149
	Section 3.02	 	Collection of Mortgage Loan Payments	 	157
	Section 3.03	 	Collection of Taxes, Assessments and Similar Items; Servicing Accounts	 	163
	Section 3.04	 	The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, and the Gain-on-Sale Reserve Account	 	166
	Section 3.05	 	Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account	 	173
	Section 3.06	 	Investment of Funds in the Collection Account and the REO Account	 	182
	Section 3.07	 	Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage	 	184
	Section 3.08	 	Enforcement of Due-on-Sale Clauses; Assumption Agreements	 	190
	Section 3.09	 	Realization Upon Defaulted Loans and Companion Loans	 	194

 

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	Section 3.10	 	Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files	 	198
	Section 3.11	 	Servicing Compensation	 	199
	Section 3.12	 	Inspections; Collection of Financial Statements	 	207
	Section 3.13	 	Access to Certain Information	 	212
	Section 3.14	 	Title to REO Property; REO Account	 	224
	Section 3.15	 	Management of REO Property	 	226
	Section 3.16	 	Sale of Defaulted Loans and REO Properties	 	228
	Section 3.17	 	Additional Obligations of Master Servicer and Special Servicer	 	235
	Section 3.18	 	Modifications, Waivers, Amendments and Consents	 	237
	Section 3.19	 	Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status Report	 	247
	Section 3.20	 	Sub-Servicing Agreements	 	253
	Section 3.21	 	Interest Reserve Account	 	256
	Section 3.22	 	Directing Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer	 	257
	Section 3.23	 	Controlling Class Certificateholders and Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder	 	257
	Section 3.24	 	Intercreditor Agreements	 	261
	Section 3.25	 	Rating Agency Confirmation	 	264
	Section 3.26	 	The Operating Advisor	 	265
	Section 3.27	 	Companion Paying Agent	 	273
	Section 3.28	 	Companion Register	 	274
	Section 3.29	 	Certain Matters Relating to the Non-Serviced Mortgage Loans and the Serviced Pari Passu Companion Loans	 	274
	Section 3.30	 	[RESERVED]	 	276
	Section 3.31	 	[RESERVED]	 	276
	Section 3.32	 	[RESERVED]	 	276
	Section 3.33	 	Delivery of Excluded Information to the Certificate Administrator	 	276
	 	 	 	 	 
	ARTICLE IV
	 	 	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 	 	 
	Section 4.01	 	Distributions	 	277
	Section 4.02	 	Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney	 	288
	Section 4.03	 	P&I Advances	 	294
	Section 4.04	 	Allocation of Realized Losses	 	296
	Section 4.05	 	Appraisal Reduction Amounts	 	297
	Section 4.06	 	Grantor Trust Reporting	 	300
	Section 4.07	 	Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool	 	301
	Section 4.08	 	Secure Data Room	 	304

 

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	ARTICLE V
	 	 	 	 	 
	THE CERTIFICATES
	 	 	 	 	 
	Section 5.01	 	The Certificates	 	306
	Section 5.02	 	Form and Registration	 	306
	Section 5.03	 	Registration of Transfer and Exchange of Certificates	 	308
	Section 5.04	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	316
	Section 5.05	 	Persons Deemed Owners	 	316
	Section 5.06	 	Access to List of Certificateholders’ Names and Addresses; Special Notices	 	317
	Section 5.07	 	Maintenance of Office or Agency	 	318
	Section 5.08	 	Appointment of Certificate Administrator	 	318
	Section 5.09	 	[RESERVED]	 	319
	Section 5.10	 	Voting Procedures	 	319
	 	 	 	 	 
	ARTICLE VI
	 	 	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE DIRECTING CERTIFICATEHOLDER
	 	 	 	 	 
	Section 6.01	 	Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer	 	321
	Section 6.02	 	Liability of the Depositor, the Master Servicer, the Operating
    Advisor, the Special Servicer and the Asset Representations Reviewer	 	327
	Section 6.03	 	Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations Reviewer	 	327
	Section 6.04	 	Limitation on Liability of the Depositor, the Master Servicer, the
    Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	 	329
	Section 6.05	 	Depositor, Master Servicer and Special Servicer Not to Resign	 	334
	Section 6.06	 	Rights of the Depositor in Respect of the Master Servicer and the Special Servicer	 	335
	Section 6.07	 	The Master Servicer and the Special Servicer as Certificate Owner	 	335
	Section 6.08	 	The Directing Certificateholder	 	335
	 	 	 	 	 
	ARTICLE VII
	 	 	 	 	 
	SERVICER TERMINATION EVENTS
	 	 	 	 	 
	Section 7.01	 	Servicer Termination Events; Master Servicer and Special Servicer Termination	 	341
	Section 7.02	 	Trustee to Act; Appointment of Successor	 	349

 

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	Section 7.03	 	Notification to Certificateholders	 	351
	Section 7.04	 	Waiver of Servicer Termination Events	 	351
	Section 7.05	 	Trustee as Maker of Advances	 	352
	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 	 
	CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 	 	 	 	 
	Section 8.01	 	Duties of the Trustee and the Certificate Administrator	 	352
	Section 8.02	 	Certain Matters Affecting the Trustee and the Certificate Administrator	 	354
	Section 8.03	 	Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans	 	356
	Section 8.04	 	Trustee or Certificate Administrator May Own Certificates	 	357
	Section 8.05	 	Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator	 	357
	Section 8.06	 	Eligibility Requirements for Trustee and Certificate Administrator	 	358
	Section 8.07	 	Resignation and Removal of the Trustee and Certificate Administrator	 	359
	Section 8.08	 	Successor Trustee or Certificate Administrator	 	362
	Section 8.09	 	Merger or Consolidation of Trustee or Certificate Administrator	 	362
	Section 8.10	 	Appointment of Co-Trustee or Separate Trustee	 	363
	Section 8.11	 	Appointment of Custodians	 	364
	Section 8.12	 	Representations and Warranties of the Trustee	 	364
	Section 8.13	 	Provision of Information to Certificate Administrator, Master Servicer and Special Servicer	 	365
	Section 8.14	 	Representations and Warranties of the Certificate Administrator	 	366
	Section 8.15	 	Compliance with the PATRIOT Act	 	367
	 	 	 	 	 
	ARTICLE IX
	 	 	 	 	 
	TERMINATION
	 	 	 	 	 
	Section 9.01	 	Termination upon Repurchase or Liquidation of All Mortgage Loans	 	367
	Section 9.02	 	Additional Termination Requirements	 	371
	 	 	 	 	 
	ARTICLE X
	 	 	 	 	 
	ADDITIONAL REMIC PROVISIONS
	 	 	 	 	 
	Section 10.01	 	REMIC Administration	 	371
	Section 10.02	 	Use of Agents	 	375
	Section 10.03	 	Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator	 	375
	Section 10.04	 	Appointment of REMIC Administrators	 	375

 

 

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	ARTICLE XI
	 	 	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 	 	 
	Section 11.01	 	Intent of the Parties; Reasonableness	 	376
	Section 11.02	 	Succession; Subcontractors	 	377
	Section 11.03	 	Filing Obligations	 	379
	Section 11.04	 	Form10-D Filings	 	380
	Section 11.05	 	Form10-K Filings	 	384
	Section 11.06	 	Sarbanes-Oxley Certification	 	386
	Section 11.07	 	Form8-K Filings	 	388
	Section 11.08	 	Form15 Filing	 	390
	Section 11.09	 	Annual Compliance Statements	 	390
	Section 11.10	 	Annual Reports on Assessment of Compliance with Servicing Criteria	 	392
	Section 11.11	 	Annual Independent Public Accountants’ Attestation Report	 	394
	Section 11.12	 	Indemnification	 	395
	Section 11.13	 	Amendments	 	398
	Section 11.14	 	Regulation AB Notices	 	398
	Section 11.15	 	Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans	 	398
	Section 11.16	 	[RESERVED]	 	403
	Section 11.17	 	Impact of Cure Period	 	403
	 	 	 	 	 
	ARTICLE XII
	 	 	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER
	 	 	 	 	 
	Section 12.01	 	Asset Review	 	404
	Section 12.02	 	Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	 	410
	Section 12.03	 	Resignation of the Asset Representations Reviewer	 	411
	Section 12.04	 	Restrictions of the Asset Representations Reviewer	 	411
	Section 12.05	 	Termination of the Asset Representations Reviewer	 	412
	 	 	 	 	 
	ARTICLE XIII
	 	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 	 
	Section 13.01	 	Amendment	 	415
	Section 13.02	 	Recordation of Agreement; Counterparts	 	418
	Section 13.03	 	Limitation on Rights of Certificateholders	 	419
	Section 13.04	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	420
	Section 13.05	 	Notices	 	420
	Section 13.06	 	Severability of Provisions	 	424
	Section 13.07	 	Grant of a Security Interest	 	425
	Section 13.08	 	Successors and Assigns; Third Party Beneficiaries	 	425

 

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	Section 13.09	 	Article and Section Headings	 	426
	Section 13.10	 	Notices to the Rating Agencies	 	426

 

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

 

    	-vi-

    	 

    

 

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

 

    	-vii-

    	 

    

  

This Pooling and Servicing
Agreement is dated and effective as of March 1, 2016, between Morgan Stanley Capital I Inc., as Depositor, KeyBank National Association,
as Master Servicer, CWCapital Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator and Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer.

 

PRELIMINARY STATEMENT:

 

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

 

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

 

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

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LASB, Class LA3, Class
LA4, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated Interests (the “Lower-Tier
Regular Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder.
The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole Class of “residual interests”
in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

 

    	 

    	 

    

 

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

 

	
        Class Designation

        
	 	
        Pass-Through 

Rate

        
	 	Original Lower-Tier
 Principal Amount

	Class LA1	 	(1)	 	$	29,800,000	 
	Class LA2	 	(1)	 	$	73,500,000	 
	Class LASB	 	(1)	 	$	46,100,000	 
	Class LA3	 	(1)	 	$	125,000,000	 
	Class LA4	 	(1)	 	$	192,226,000	 
	Class LAS	 	(1)	 	$	47,496,000	 
	Class LB	 	(1)	 	$	39,997,000	 
	Class LC	 	(1)	 	$	29,997,000	 
	Class LD	 	(1)	 	$	34,164,000	 
	Class LE	 	(1)	 	$	14,999,000	 
	Class LF	 	(1)	 	$	6,666,000	 
	Class LG	 	(1)	 	$	6,666,000	 
	Class LH	 	(1)	 	$	19,998,197	 
	Class LR	 	N/A(2)	 	N/A

 

 

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

		 	 

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

 

UPPER-TIER REMIC

 

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

 

THE GRANTOR TRUST

 

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

 

    	-2-

    	 

    

 

THE CERTIFICATES

 

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

 

	
        Corresponding 

Certificates

        
	 	
        Initial Pass-

Through 

Rate

        
	 	Original
 Certificate
 Balance or
 Notional Amount

	Class A-1 Certificates	 	1.711%	 	$	29,800,000	 
	Class A-2 Certificates	 	2.982%	 	$	73,500,000	 
	Class A-SB Certificates	 	3.340%	 	$	46,100,000	 
	Class A-3 Certificates	 	3.329%	 	$	125,000,000	 
	Class A-4 Certificates	 	3.594%	 	$	192,226,000	 
	Class X-A Certificates	 	1.417%	 	$	466,626,000	(1)
	Class X-B Certificates	 	0.439%	 	$	87,493,000	(1)
	Class A-S Certificates	 	3.903%	 	$	47,496,000	 
	Class B Certificates	 	4.682%	 	$	39,997,000	 
	Class C Certificates	 	4.698%	 	$	29,997,000	 
	Class X-D Certificates	 	1.698%	 	$	34,164,000	(1)
	Class X-E Certificates	 	1.250%	 	$	14,999,000	(1)
	Class X-FG Certificates	 	1.250%	 	$	13,332,000	(1)
	Class X-H Certificates	 	1.250%	 	$	19,998,197	(1)
	Class D Certificates	 	3.000%	 	$	34,164,000	 
	Class E Certificates	 	3.448%	 	$	 14,999,000	 
	Class F Certificates	 	3.448%	 	$	6,666,000	 
	Class G Certificates	 	3.448%	 	$	6,666,000	 
	Class H Certificates	 	3.448%	 	$	19,998,197	 
	Class V Certificates	 	N/A(2)	 	N/A
	Class R Certificates	 	N/A(2)	 	N/A

 

 

		(1)	None of the Class X-A, Class X-B, Class X-D, Class X-E,
Class X-FG and Class X-H Certificates will have a Certificate Balance; rather, each such Class will accrue interest as provided
herein on the related Notional Amount.

		 	 

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

 

As of the close of business
on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all payments of principal due
on or before such date, whether or not received, equal to $666,609,197.

 

The 525 Seventh Avenue
Non-Serviced Pari Passu Companion Loans, the 2100 Ross Serviced Pari Passu Companion Loans, the GLP Industrial Portfolio B Non-Serviced
Pari Passu Companion Loans, the GLP Industrial Portfolio B Non-Serviced Subordinate Companion

 

    	-3-

    	 

    

 

Loans, Princeton Pike Corporate Center
Non-Serviced Pari Passu Companion Loans, the Twenty Ninth Street Retail Pari Passu Companion Loans, the Ellenton Premium Outlets
Non-Serviced Pari Passu Companion Loans, the Gateway Plaza Serviced Pari Passu Companion Loans, the Grove City Premium Outlets
Non-Serviced Pari Passu Companion Loans and the Gulfport Premium Outlets Non-Serviced Pari Passu Companion Loans and any Serviced
Subordinate Companion Loan (each a “Companion Loan” and collectively, the “Companion Loans”)
are not part of the Trust Fund, but are each secured by the applicable Mortgage that secures the related Mortgage Loan that is
part of the Trust Fund. As and to the extent provided herein, any Companion Loan (other than any Non-Serviced Companion Loan) will
be serviced and administered in accordance with this Agreement. Amounts attributable to any Companion Loan will not be part of
the Trust Fund, and (except to the extent that such amounts are payable or reimbursable to any party to this Agreement) will be
owned by the related Companion Holders.

 

The 525 Seventh Avenue
Whole Loan consists of the 525 Seventh Avenue Mortgage Loan and the 525 Seventh Avenue Non-Serviced Pari Passu Companion Loans.
The 525 Seventh Avenue Mortgage Loan and the 525 Seventh Avenue Non-Serviced Pari Passu Companion Loans are pari passu with
each other. The 525 Seventh Avenue Mortgage Loan is part of the Trust Fund. The 525 Seventh Avenue Non-Serviced Pari Passu Companion
Loans are not part of the Trust Fund. The 525 Seventh Avenue Mortgage Loan and the 525 Seventh Avenue Non-Serviced Pari Passu Companion
Loans will be serviced and administered in accordance with the MSCI 2015-UBS8 PSA and the 525 Seventh Avenue Intercreditor Agreement.

 

The 2100 Ross Whole Loan
consists of the 2100 Ross Mortgage Loan and the 2100 Ross Serviced Pari Passu Companion Loans. The 2100 Ross Mortgage Loan and
the 2100 Ross Serviced Pari Passu Companion Loans are pari passu with each other. The 2100 Ross Mortgage Loan is part of
the Trust Fund. The 2100 Ross Serviced Pari Passu Companion Loans are not part of the Trust Fund. The 2100 Ross Mortgage Loan and
the 2100 Ross Serviced Pari Passu Companion Loans will be serviced and administered in accordance with this Agreement and the 2100
Ross Intercreditor Agreement.

 

The GLP Industrial Portfolio
B Whole Loan consists of the GLP Industrial Portfolio B Mortgage Loan, the GLP Industrial Portfolio B Non-Serviced Pari Passu Companion
Loans and the GLP Industrial Portfolio B Non-Serviced Subordinate Companion Loans. The GLP Industrial Portfolio B Mortgage Loan
and the GLP Industrial Portfolio B Non-Serviced Pari Passu Companion Loans are pari passu with each other. The GLP Industrial
Portfolio B Non-Serviced Subordinate Companion Loans are generally subordinate to the GLP Industrial Portfolio B Mortgage Loan
and the GLP Industrial Portfolio B Non-Serviced Pari Passu Companion Loans. The GLP Industrial Portfolio B Mortgage Loan is part
of the Trust Fund. The GLP Industrial Portfolio B Non-Serviced Pari Passu Companion Loans and the GLP Industrial Portfolio B Non-Serviced
Subordinate Companion Loans are not part of the Trust Fund. The GLP Industrial Portfolio B Mortgage Loan, the GLP Industrial Portfolio
B Non-Serviced Pari Passu Companion Loans and the GLP Industrial Portfolio B Non-Serviced Subordinate Companion Loans will be serviced
and administered in accordance with the CSMC 2015-GLPB Trust and Servicing Agreement and the GLP Industrial Portfolio B Intercreditor
Agreement.

 

    	-4-

    	 

    

 

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

 

The Princeton Pike Corporate
Center Whole Loan consists of the Princeton Pike Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Non-Serviced
Pari Passu Companion Loans. The Princeton Pike Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Non-Serviced
Pari Passu Companion Loans are pari passu with each other. The Princeton Pike Corporate Center Mortgage Loan is part of
the Trust Fund. The Princeton Pike Corporate Center Non-Serviced Pari Passu Companion Loans are not part of the Trust Fund. The
Princeton Pike Corporate Center Mortgage Loan and the Princeton Pike Corporate Center Non-Serviced Pari Passu Companion Loans will
be serviced and administered in accordance with the MSBAM 2016-C28 PSA and the Princeton Pike Corporate Center Intercreditor Agreement.

 

The Ellenton Premium
Outlets Whole Loan consists of the Ellenton Premium Outlets Mortgage Loan and the Ellenton Premium Outlets Non-Serviced Pari Passu
Companion Loans. The Ellenton Premium Outlets Mortgage Loan and the Ellenton Premium Outlets Non-Serviced Pari Passu Companion
Loans are pari passu with each other. The Ellenton Premium Outlets Mortgage Loan is part of the Trust Fund. The Ellenton
Premium Outlets Non-Serviced Pari Passu Companion Loans are not part of the Trust Fund. The Ellenton Premium Outlets Mortgage Loan
and the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans will be serviced and administered in accordance with the
MSCI 2015-UBS8 PSA and the Ellenton Premium Outlets Intercreditor Agreement.

 

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

 

The Grove City Premium
Outlets Whole Loan consists of the Grove City Premium Outlets Mortgage Loan and the Grove City Premium Outlets Non-Serviced Pari
Passu Companion Loans. The Grove City Premium Outlets Mortgage Loan and the Grove City Premium Outlets Non-Serviced Pari Passu
Companion Loans are pari passu with each other. The Grove City Premium Outlets Mortgage Loan is part of the Trust Fund.
The Grove City 

    	-5-

    	 

    

 

Premium Outlets Non-Serviced Pari Passu Companion Loans are not part of the Trust Fund. The Grove City Premium Outlets
Mortgage Loan and the Grove City Premium Outlets Non-Serviced Pari Passu Companion Loans will initially be serviced and administered
in accordance with the MSCI 2015-UBS8 PSA and the Grove City Premium Outlets Intercreditor Agreement. From and after the Grove
City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets Whole Loan will be serviced pursuant to
the Grove City Premium Outlets PSA and the Grove City Premium Outlets Intercreditor Agreement.

 

The Gulfport Premium
Outlets Whole Loan consists of the Gulfport Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Non-Serviced Pari Passu
Companion Loans. The Gulfport Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Non-Serviced Pari Passu Companion
Loans are pari passu with each other. The Gulfport Premium Outlets Mortgage Loan is part of the Trust Fund. The Gulfport
Premium Outlets Non-Serviced Pari Passu Companion Loans are not part of the Trust Fund. The Gulfport Premium Outlets Mortgage Loan
and the Gulfport Premium Outlets Non-Serviced Pari Passu Companion Loans will initially be serviced and administered in accordance
with the MSCI 2015-UBS8 PSA and the Gulfport Premium Outlets Intercreditor Agreement. From and after the Gulfport Premium Outlets
Companion Loan Securitization Date, the Gulfport Premium Outlets Whole Loan will be serviced pursuant to the Gulfport Premium Outlets
PSA and the Gulfport Premium Outlets Intercreditor Agreement.

 

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

 

ARTICLE
I

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

“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 Basis”:
Interest accrual on the basis of a 360-day year consisting of twelve (12) 30-day months.

 

    	-6-

    	 

    

 

“525 Seventh
Avenue Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of December 15, 2015, by and between
the holders of the 525 Seventh Avenue Non-Serviced Pari Passu Companion Loans and the holder of the 525 Seventh Avenue Mortgage
Loan, relating to the relative rights of such holders of the 525 Seventh Avenue Whole Loan, as the same may be further amended
in accordance with the terms thereof.

 

“525 Seventh
Avenue Mortgage Loan”: With respect to the 525 Seventh Avenue Whole Loan, the Mortgage Loan that is included in the Trust
(identified as Mortgage Loan No. 1 on the Mortgage Loan Schedule), which is evidenced by the related promissory note A-1, and is
pari passu in right of payment with the 525 Seventh Avenue Non-Serviced Pari Passu Companion Loans to the extent set forth
in the 525 Seventh Avenue Intercreditor Agreement.

 

“525 Seventh
Avenue Mortgaged Property”: The Mortgaged Property that secures the 525 Seventh Avenue Whole Loan.

 

“525 Seventh
Avenue Non-Serviced Pari Passu Companion Loans”: With respect to the 525 Seventh Avenue Whole Loan, the Companion Loans
evidenced by the related promissory notes designated as promissory notes A-2, A-3 and A-4, made by the related Mortgagor and secured
by the Mortgage on the 525 Seventh Avenue Mortgaged Property, which are not included in the Trust and which are pari passu
in right of payment to the 525 Seventh Avenue Mortgage Loan to the extent set forth in the related Mortgage Loan documents and
as provided in the 525 Seventh Avenue Intercreditor Agreement.

 

“525 Seventh
Avenue Whole Loan”: The 525 Seventh Avenue Mortgage Loan, together with the 525 Seventh Avenue Non-Serviced Pari Passu
Companion Loans, each of which is secured by the same Mortgage on the 525 Seventh Avenue Mortgaged Property. References herein
to the 525 Seventh Avenue Whole Loan shall be construed to refer to the aggregate indebtedness under the 525 Seventh Avenue Mortgage
Loan and the 525 Seventh Avenue Non-Serviced Pari Passu Companion Loans.

 

“2100 Ross Intercreditor
Agreement”: That certain Agreement Between Note Holders, dated as of March 8, 2016, by and between the holders of the
2100 Ross Serviced Pari Passu Companion Loans and the holder of the 2100 Ross Mortgage Loan, relating to the relative rights of
such holders of the 2100 Ross Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“2100 Ross Mortgage
Loan”: With respect to the 2100 Ross Whole Loan, the Mortgage Loan that is included in the Trust (identified as Mortgage
Loan No. 3 on the Mortgage Loan Schedule), which is evidenced by the related promissory notes A-1 and A-2, and is pari passu
in right of payment with the 2100 Ross Serviced Pari Passu Companion Loans to the extent set forth in the 2100 Ross Intercreditor
Agreement.

 

“2100 Ross Mortgaged
Property”: The Mortgaged Property that secures the 2100 Ross Whole Loan.

 

“2100 Ross PSA”:
Any pooling and servicing agreement that creates a trust whose assets include a 2100 Ross Serviced Pari Passu Companion Loan.

 

    	-7-

    	 

    

 

“2100 Ross Serviced
Pari Passu Companion Loans”: With respect to the 2100 Ross Whole Loan, as of the Closing Date, the Companion Loans evidenced
by the related promissory notes designated as promissory notes A-3 and A-4, made by the related Mortgagor and secured by the Mortgage
on the 2100 Ross Mortgaged Property, which are not included in the Trust and which are pari passu in right of payment to
the 2100 Ross Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the 2100 Ross Intercreditor
Agreement.

 

“2100 Ross Whole
Loan”: The 2100 Ross Mortgage Loan, together with the 2100 Ross Serviced Pari Passu Companion Loans, each of which is
secured by the same Mortgage on the 2100 Ross Mortgaged Property. References herein to the 2100 Ross Whole Loan shall be construed
to refer to the aggregate indebtedness under the 2100 Ross Mortgage Loan and the 2100 Ross Serviced Pari Passu Companion Loans.

 

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

 

    	-8-

    	 

    

 

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

 

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

 

“Actual/360
Mortgage Loans”: The Mortgage Loans that accrue interest on an Actual/360 Basis.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, any related Pari Passu Loan Primary Servicing Fee Rate, the Certificate Administrator/Trustee
Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual
Property Royalty License Fee Rate.

 

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

 

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

 

“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

 

    	-9-

    	 

    

 

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

 

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

 

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

 

“Anticipated
Repayment Date”: With respect to each ARD Loan, the anticipated maturity date set forth in the related Mortgage Note.

 

“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 by an Independent licensed MAI appraiser having at least five (5) years experience in appraising property of the same
type as, and in the same geographic area as, the Mortgaged Property being appraised, which appraisal complies with the Uniform
Standards of Professional Appraisal Practices and states the “market value” of the subject property as defined in 12
C.F.R. § 225.62.

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole
Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated by the Special Servicer (and, prior
to the occurrence of a Consultation Termination Event, in consultation with the Directing Certificateholder (except with respect
to an Excluded Loan) and, after the occurrence and during the continuance of a Control Termination Event, in consultation with
the Directing Certificateholder (except with respect to an Excluded Loan) 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 Section 4.05 of this Agreement 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 by (x) one or more Appraisals
obtained by the Special Servicer with respect to such Mortgage Loan (together with any other Mortgage Loan cross-collateralized
with such Mortgage Loan) or Serviced Whole Loan 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 (y) an internal valuation performed by the Special Servicer
with respect to such Mortgage Loan (together with  

 

    	-10-

    	 

    

 

any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced
Whole Loan 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 Appraisals 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, of (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, (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
(which taxes, premiums, ground rents and other amounts have not been the subject of an Advance by the Master Servicer, the Special
Servicer or the Trustee, as applicable); provided, without limiting the Special Servicer’s obligation to order and
obtain such Appraisal or perform such valuation, if the Special Servicer has not obtained any required Appraisal or performed such
valuation referred to above, as applicable, 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 or performed
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.

 

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

 

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

 

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

 

    	-11-

    	 

    

 

“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,
Serviced Companion Loan or Whole Loan, as applicable, (ii) the date on which a reduction in the amount of Periodic Payments on
such Mortgage Loan or Companion Loan, as applicable, or a change in any other material economic term of such Mortgage Loan or Companion
Loan, as applicable (other than an extension of the Maturity Date), becomes effective as a result of a modification of such Mortgage
Loan or Companion Loan, as applicable, by the Special Servicer, (iii) thirty (30) days after the date on which a receiver has been
appointed for the Mortgaged Property, (iv) thirty (30) days after the date on which a Mortgagor declares bankruptcy (and the bankruptcy
petition is not otherwise dismissed within such time), (v) sixty (60) days after the date on which an involuntary petition of bankruptcy
is filed with respect to a Mortgagor if not dismissed within such time, (vi) ninety (90) days after an uncured delinquency occurs
in respect of a Balloon Payment with respect to such Mortgage Loan or Companion Loan, as applicable, except where a refinancing
is anticipated within one hundred twenty (120) days after the Maturity Date of the Mortgage Loan or Companion Loan, as applicable,
in which case one hundred twenty (120) days after such uncured delinquency, and (vii) immediately after such Mortgage Loan or Companion
Loan, as applicable, becomes an REO Loan; provided that the thirty (30) day period referenced in 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 hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-12-

    	 

    

 

“Asset Representations
Reviewer”: Park Bridge Lender Services LLC, and its successors-in-interest.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Asset Review
Trigger”: The occurrence of 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 successor REO Loans) 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 as of the end of the applicable Collection Period 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 successor REO Loans) 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 as of the end of the applicable Collection Period and the outstanding principal balance of such Delinquent Loans in the aggregate
constitutes at least 20.0% of the aggregate outstanding

 

    	-13-

    	 

    

 

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

 

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

 

“Available 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

 

    	-14-

    	 

    

 

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

 

(i)          all
Periodic Payments (other than Balloon Payments received during the related Collection Period) paid by the Mortgagors of the Mortgage
Loans 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 and, in the case of a Non-Serviced Mortgage Loan, other than the monthly remittance
thereof) allocable to the Mortgage Loans;

 

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

 

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

 

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

 

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

 

    	-15-

    	 

    

 

(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/Trustee 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 Available Funds, the amounts
so invested shall be deemed to remain on deposit in such account.

 

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

 

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

 

“BANA Lender
Successor Borrower Right”: has the meaning set forth in Section 3.18(i) hereof.

 

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

 

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

 

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

 

“Borrower Party”:
A borrower, a Mortgagor, a manager of a Mortgaged Property, the holder of a mezzanine loan that has accelerated the related mezzanine
loan (unless (i)

 

    	-16-

    	 

    

 

acceleration was automatic under such mezzanine loan, (ii) the event directly giving rise to the automatic acceleration
under such mezzanine loan was not initiated by such mezzanine lender or an affiliate of such mezzanine lender and (iii) such mezzanine
lender is stayed from exercising and has not commenced the exercise of remedies associated with foreclosure of the equity collateral
under such mezzanine loan) or commenced foreclosure or enforcement proceedings against the equity collateral pledged to secure
the related mezzanine loan, or any Borrower Party Affiliate.

 

“Borrower Party
Affiliate”: With respect to a borrower, a Mortgagor, a manager of a Mortgaged Property or a mezzanine lender that has
accelerated the related mezzanine loan (unless (i) acceleration was automatic under such mezzanine loan, (ii) the event directly
giving rise to the automatic acceleration under such mezzanine loan was not initiated by such mezzanine lender or an affiliate
of such mezzanine lender and (iii) such mezzanine lender is stayed from exercising and has not commenced the exercise of remedies
associated with foreclosure of the equity collateral under such mezzanine loan) or commenced foreclosure or enforcement proceedings
against the equity collateral pledged to secure the related mezzanine loan, (a) any other Person controlling or controlled by or
under common control with such borrower, Mortgagor, manager or mezzanine lender, as applicable, or (b) any other Person owning,
directly or indirectly, 25% or more of the beneficial interests in such borrower, Mortgagor, manager or mezzanine lender, as applicable.
For 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.

 

“Breach”:
With respect to any Mortgage Loan, a breach of any representation or warranty with respect to such Mortgage Loan set forth in Exhibit
2 to the related Mortgage Loan Purchase Agreement.

 

“Business Day”:
Any day other than a Saturday, a Sunday or a day on which banking institutions in New York or any of the jurisdictions in which
the respective primary servicing offices of either the Master Servicer or Special Servicer, the Corporate Trust Office of either
the Certificate Administrator or the Trustee or the primary corporate office of any financial institution holding the Collection
Account or other trust administration accounts are located, or the New York Stock Exchange or the Federal Reserve System of the
United States of America, are authorized or obligated by law or executive order to remain closed.

 

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

 

“Certificate”:
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, as executed and delivered by
the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator appointed
hereunder.

 

    	-17-

    	 

    

 

Wells Fargo Bank, National Association shall perform the certificate administrator role through its Corporate Trust
Services division.

 

“Certificate
Administrator/Trustee Fee”: The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s
activities under this Agreement.

 

“Certificate
Administrator/Trustee Fee Rate”: The Certificate Administrator/Trustee Fee shall be equal to the product of the rate
equal to 0.0090% per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner
as interest is calculated on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion
Loan) as of the preceding Distribution Date.

 

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

 

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

 

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

 

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

 

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

 

“Certificateholder”
or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register or any beneficial
owner thereof; provided, however, that solely for the purposes of giving any consent, approval, waiver or taking
any action pursuant to this Agreement, any Certificate registered in the name of or beneficially owned by the Master Servicer,
the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator,
the Depositor, any Mortgage Loan Seller, a Mortgagor, a Borrower Party or any Affiliate of any of such Persons shall be deemed
not to be outstanding (provided that notwithstanding the foregoing, with respect to actions relating to any Mortgage Loan,
(x) 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

 

    	-18-

    	 

    

 

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

 

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

 

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

 

“Certification
Parties”: As defined in Section 11.06.

 

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

 

“Certifying
Person”: As defined in Section 11.06.

 

    	-19-

    	 

    

 

“Certifying
Servicer”: As defined in Section 11.09.

 

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

 

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

 

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

 

“Class A-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-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-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-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-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
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 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 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.

 

    	-20-

    	 

    

 

“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 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.

 

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

 

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

 

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

 

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

 

    	-21-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class R Certificate”:
A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-3 hereto, and evidencing
the sole class of “residual interests” in each Trust REMIC for purposes of the REMIC Provisions.

 

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

 

“Class V Certificate”:
Each of the Certificates executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit
A-2 and designated as a Class V Certificate, and evidencing undivided beneficial ownership of the Class V Specific Grantor
Trust Assets.

 

    	-22-

    	 

    

 

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

 

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

 

“Class X Pass-Through
Rate”: With respect to (i) each Class of Class X Certificates (other than the Class X-E, Class X-FG and Class X-H Certificates),
for any Distribution Date, the excess, if any of (a) the Weighted Average Net Mortgage Rate for such Distribution Date, over (b)
the weighted average of the Pass-Through Rates on the Underlying Classes of Principal Balance Certificates for such Distribution
Date, weighted on the basis of their respective Certificate Balances immediately prior to such Distribution Date (or, with respect
to any Class of Class X Certificates with one Underlying Class of Principal Balance Certificates, the Pass-Through Rate of such
Underlying Class for such Distribution Date), and (ii) each Class of the Class X-E, Class X-FG and Class X-H Certificates, for
any Distribution Date, a per annum rate equal to 1.250%.

 

“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-1, Class A-2, Class
A-SB, Class A-3 and the Class A-4 Certificates.

 

“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 Certificates and
the Class B Certificates .

 

“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 Certificate Balance of the Class D Certificates.

 

“Class X-E Certificate”:
A Certificate designated as “Class X-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 X-E Notional
Amount”: As of any date of determination, the Certificate Balance of the Class E Certificates.

 

    	-23-

    	 

    

 

“Class X-FG
Certificate”: A Certificate designated as “Class X-FG” 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-FG
Notional Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class F Certificates
and the Class G Certificates.

 

“Class X-H Certificate”:
A Certificate designated as “Class X-H” 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-H Notional
Amount”: As of any date of determination, the Certificate Balance of the Class H Certificates.

 

“Class X YM
Distribution Amount”: As defined in Section 4.01(e).

 

“Class X YM
Subordinate Distribution Amount”: As defined in Section 4.01(e).

 

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

 

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

 

“Closing Date”:
March 8, 2016.

 

“CMBS”:
Commercial mortgage-backed securities.

 

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

 

“Collection
Account”: A segregated custodial account or accounts created and maintained by the Master Servicer pursuant to Section
3.04(a) on behalf of the Trustee for the benefit of the Certificateholders, which shall be entitled “KeyBank National
Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered
holders of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Collection
Account”. Any such account or accounts shall be an Eligible Account. Subject to the related Intercreditor Agreement and taking
into account that each Serviced Companion Loan is subordinate or pari passu, as applicable, to the related Serviced Pari
Passu Mortgage Loan to the extent set forth in the related Intercreditor Agreement, the subaccount described in the second paragraph
of Section 3.04(b) that is part of the Collection Account shall be for the benefit of the related Companion Holder, to the
extent funds on deposit in such subaccount are attributed to such Companion Loan and shall not be an asset of the Trust, any Trust
REMIC or the Grantor Trust.

 

“Collection
Period”: With respect to any Distribution Date and any Mortgage Loan or Companion Loan, the period beginning with the
day after the Determination Date in the month preceding the month in which such Distribution Date occurs (or, in the case of the
first

 

    	-24-

    	 

    

 

Distribution Date, commencing immediately following the Cut-off Date) and ending with the Determination Date occurring in
the month in which such Distribution Date occurs.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.06(b)(ii).

 

“Companion Distribution
Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the Companion Paying
Agent pursuant to Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled “KeyBank National
Association [or name of successor master servicer], as Companion Paying Agent, for the benefit of the Companion Holders of the
Companion Loans, relating to the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series
2016-UBS9, Companion Distribution Account”. The Companion Distribution Account shall not be an asset of the Trust, any Trust
REMIC or the Grantor Trust, but instead shall be held by the Companion Paying Agent on behalf of the Companion Holders. Any such
account shall be an Eligible Account. Notwithstanding the foregoing, if the Master Servicer and the Companion Paying Agent are
the same entity, the Companion Distribution Account may be the subaccount referenced in the second paragraph of Section 3.04(b).

 

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

 

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

 

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

 

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

 

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

 

“Compensating
Interest Payments”: An aggregate amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of
Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage
Loans (other than Non-Serviced Mortgage Loans) and any related Serviced Pari Passu Companion Loans (in each case other than any
Specially Serviced Loan or any Mortgage Loan or related Serviced Pari Passu Companion Loan on which the Special Servicer allowed
a prepayment on a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that
portion of the Master Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Mortgage Loan (other
than any Non-Serviced Mortgage Loans), Serviced Pari Passu Companion Loan and REO Loan for which Servicing Fees are being paid
for such Collection Period, calculated at a rate of 0.0025% per annum, (B) all Prepayment Interest Excesses received by
the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loans)
(and, so long as a Serviced Whole Loan is serviced hereunder, the related Serviced Pari Passu Companion Loan) subject to

 

    	-25-

    	 

    

 

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

 

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

 

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

 

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

 

“Control Termination
Event”: The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.05(a)

 

    	-26-

    	 

    

 

hereof) being reduced to less than 25% of the Original Certificate Balance of such Class or (ii) a Holder of the Class E Certificates
becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of
the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class
certificateholder pursuant to Section 3.23(l), provided, however, that a Control Termination Event shall be
deemed not continuing in the event that the Certificate Balances of the Principal Balance Certificates other than the Control Eligible
Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans.

 

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

 

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

 

“Conveyed Assets”:
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 Wells Fargo Center, Sixth
Street and Marquette Avenue, Minneapolis, Minnesota 55479 0113; (ii) with respect to the Trustee at 9062 Old Annapolis Road, Columbia,
Maryland 21045, Corporate Trust Services – Morgan Stanley Capital I Trust 2016-UBS9; and (iii) for all other purposes, to
the Certificate Administrator at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services, MSCI
2016-UBS9, telecopy number (410) 715-2380.

 

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

 

    	-27-

    	 

    

 

Special Servicer and no
other event or circumstance exists that causes such Mortgage Loan or Companion Loan, as applicable, to otherwise constitute a Specially
Serviced Loan) the servicing of which the Special Servicer has returned to the Master Servicer pursuant to Section 3.19(a).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Mortgage

 

    	-28-

    	 

    

 

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

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage Loan and REO Loan, a rate equal to 0.0005%
per annum.

 

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

 

“CREFC®
Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time as the
“CREFC® Investor Reporting Package.” As of the Closing Date, the CREFC® Investor Reporting
Package contains seven electronic files ((1) CREFC® Loan Setup File, (2) CREFC® Loan Periodic Update
File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC® Collateral
Summary File, (6) CREFC® Financial File and (7) CREFC® Special Servicer Loan File) and nine surveillance
reports ((1) CREFC® Servicer Watch List, (2) CREFC® Delinquent Loan Status Report, (3) CREFC®
REO Status Report, (4) CREFC® Comparative Financial Status Report, (5) CREFC® Historical Loan

 

    	-29-

    	 

    

 

Modification/Forbearance
and Corrected Mortgage Loan Report, (6) CREFC® Operating Statement Analysis Report, (7) CREFC® NOI
Adjustment Worksheet, (8) CREFC® Loan Level Reserve/LOC Report and (9) with respect to Mortgage Loans that have
a Companion Loan, as applicable, the CREFC® Total Loan Report). In addition, the CREFC® Investor
Reporting Package shall include the CREFC® Advance Recovery Report. In addition, the CREFC® Investor
Reporting Package shall include the following nine templates: (1) CREFC® Appraisal Reduction Template, (2) CREFC®
Servicer Realized Loss Template, (3) CREFC® Reconciliation of Funds Template, (4) CREFC® Historical
Bond/Collateral Realized Loss Reconciliation Template, (5) CREFC® Historical Liquidation Loss Template, (6) CREFC®
Interest Shortfall Reconciliation Template, (7) CREFC® Loan Modification Report, (8) CREFC® Loan
Liquidation Report and (9) CREFC® REO Liquidation Report. The CREFC® Investor Reporting Package shall
be substantially in the form of, and containing the information called for in, the downloadable forms of the “CREFC®
IRP” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such
information and containing such additional information or reports as may from time to time be approved by the CREFC®
for commercial mortgage backed securities transactions generally. For the purposes of the production of the CREFC®
Comparative Financial Status Report by the Master Servicer or the Special Servicer of any such report that is required to state
information for any period prior to the Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may conclusively
rely (without independent verification), absent manifest error, on information provided to it by the Mortgage Loan Sellers or by
the related Mortgagor or (x) in the case of such a report produced by the Master Servicer, by the Special Servicer (if other than
the Master Servicer or an Affiliate thereof) and (y) in the case of such a report produced by the Special Servicer, by the Master
Servicer (if other than the Special Servicer or an Affiliate thereof).

 

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

 

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

 

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

 

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

 

    	-30-

    	 

    

 

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 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

 

    	-31-

    	 

    

 

Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

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

 

“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 first Distribution Date as of which the Certificate Balances of the Subordinate Certificates (calculated without
giving effect to the Principal Distribution Amount on such Distribution Date) have all previously been reduced to zero as a result
of the allocation of Realized Losses to such Certificates.

 

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

 

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

 

“Crossed Underlying
Loan Repurchase Criteria”: With respect to any Crossed Mortgage Loan Group as to which one or more (but not all) of the
Crossed Underlying Loans

 

    	-32-

    	 

    

 

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
(4) most recently reported calendar quarters preceding the repurchase or substitution shall not be less than the lesser of (a)
0.10x below the debt service coverage ratio for the Crossed Mortgage Loan Group (including the affected Crossed Underlying Loan(s))
set forth in Annex A-1 to the Prospectus and (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, (ii)
the loan-to-value ratio for all the remaining Crossed Underlying Loans determined at the time of repurchase or substitution (which
may be based upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage Loan Seller) shall not be
greater than the greater of (a) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for
the entire Crossed Mortgage Loan Group, (including the affected Crossed Underlying Loan(s)) set forth in Annex A-1 to the Prospectus
plus 10% and (b) the loan-to-value ratio, expressed as a whole number percentage (taken to one decimal place), for the entire
such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s) at the time of repurchase or substitution,
(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, and (iv) the related Mortgage Loan Seller causes the affected Crossed Underlying Loan(s) to become not
cross-collateralized and cross-defaulted with the related remaining Crossed Underlying Loan(s) 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(s)
removed from the Trust).

 

“CSMC 2015-GLPB
Trust and Servicing Agreement”: The trust and servicing agreement, dated as of December 22, 2015, among Credit Suisse
First Boston Mortgage Securities Corp., as depositor, KeyBank National Association, as servicer, AEGON USA Realty Advisors, LLC,
as special servicer, and Wells Fargo Bank, National Association, as trustee and certificate administrator, as from time to time
amended, supplemented or modified relating to the issuance of the CSMC Trust 2015-GLPB, Commercial Mortgage Pass-Through Certificates,
Series 2015-GLPB.

 

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

 

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

 

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

 

    	-33-

    	 

    

 

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

 

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

 

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

 

“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 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 Master Servicer or the Special Servicer
with a written and fully executed commitment or otherwise binding application for refinancing of the related Mortgage Loan from
an acceptable lender reasonably satisfactory in form and substance to the Special Servicer (it being understood that the party
receiving such commitment shall promptly forward a copy of such commitment or application to the Special Servicer for approval
if it is not evident that a copy has been delivered to the Special Servicer); and, in either case, such delinquency is to be determined
without giving effect to any Grace Period permitted by the related Mortgage or Mortgage Note and without regard to any acceleration
of payments under the related Mortgage and Mortgage Note or (ii) as to which the Special Servicer has, by written notice to the
related Mortgagor, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note. For the avoidance of doubt,
a defaulted Companion Loan does not constitute a “Defaulted Loan”.

 

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

 

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

 

“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than an Initial Sub-Servicer), any item (x) regarding such party,

 

    	-34-

    	 

    

 

(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.

 

“Deleted Mortgage
Loan”: As defined in Section 2.03(b).

 

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

 

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

 

“Denomination”:
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face thereof, (b)
set forth on a schedule attached 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”:
Morgan Stanley Capital I Inc., a Delaware corporation, or its successor in interest.

 

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

 

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

 

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

 

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“Diligence File”:
With respect to each Mortgage Loan, 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); provided that any such Mortgage Note
may be endorsed by the applicable Mortgage Loan Seller to the order of the Trustee in accordance with the terms of the applicable
Mortgage Loan Purchase Agreement;

 

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

 

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

 

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

 

    	-36-

    	 

    

 

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

 

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

 

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

 

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

 

(xiii)      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, and its counsel
that are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the
closing of the related Mortgage Loan;

 

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

 

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

 

(h)      
   for any Mortgage Loan as to which the related Mortgaged Property 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;

 

    	-37-

    	 

    

 

(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 the escrow statements
related to the escrow account balances as of the Mortgage Loan origination date;

 

(u)          unless
already included in the environmental reports, a copy of any closure letter (environmental);

 

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

 

(w)          a
copy of the payment history with respect to such Mortgage Loan prior to the Closing Date;

 

in each case, to the extent that the related
originator received such documents in connection with the origination of such Mortgage Loan. In the event any of the items identified
above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall include a statement
to that effect. No information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or
privileged or internal communications or credit underwriting analysis 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 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.

 

“Directing Certificateholder”:
The initial Directing Certificateholder shall be Ellington Management Group, LLC, a Delaware limited liability company. Thereafter,
the

 

    	-38-

    	 

    

 

Directing Certificateholder shall be the Controlling Class Certificateholder (or a representative thereof) selected by more
than 50% of the Controlling Class Certificateholders (by Certificate Balance, as determined by the Certificate Registrar) from
time to time; provided, however, that (i) absent that selection, or (ii) until a Directing Certificateholder is so
selected or (iii) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance,
that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate
Certificate Balance of the Controlling Class (or a representative thereof) will be the Directing Certificateholder; provided,
however, that, in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate
Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance with the terms
of this Agreement. After the occurrence and during the continuance of a Control Termination Event, the Directing Certificateholder
shall only retain its consultation rights to the extent specifically provided for herein. After the occurrence and during the continuation
of a Consultation Termination Event, there will be no Directing Certificateholder. The Depositor shall promptly provide the name
and contact information for the initial Directing Certificateholder upon request of any party to this Agreement and any such requesting
party may conclusively rely on the name and contact information provided by the Depositor. In the event a Controlling Class Certificateholder
has elected to irrevocably waive its right to appoint a Directing Certificateholder or to exercise any of the rights of the Controlling
Class Certificateholder, the Controlling Class Certificateholder holding the next largest aggregate Certificate Balance (or a representative
thereof) will be the Directing Certificateholder. In the event each Controlling Class Certificateholder has elected to irrevocably
waive its right to appoint a Directing Certificateholder or to exercise any of the rights of the Controlling Class Certificateholder,
there will be no Directing Certificateholder and no party will be entitled to exercise any of the rights of the Directing Certificateholder
until such time as a Controlling Class Certificateholder is reinstated pursuant to Section 3.23(l) hereof and a new Directing
Certificateholder is appointed in accordance with the terms hereof. The Certificate Administrator and the other parties hereto
shall be entitled to assume that the identity of the Directing Certificateholder has not changed until such parties receive written
notice of a replacement of the Directing Certificateholder from a party holding the requisite interest in the Controlling Class
(as confirmed by the Certificate Registrar), or the resignation of the then-current Directing Certificateholder. Notwithstanding
anything to the contrary herein, neither the Depositor nor any Affiliate thereof may serve as Directing Certificateholder, and
solely for purposes of determining the identity of or selecting the Directing Certificateholder, any Control Eligible Certificates
held by the Depositor or any Affiliate thereof will be deemed not to be outstanding.

 

“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

 

    	-39-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Disqualified
Organization”: Any of (i) the United States, any State or political subdivision thereof, any possession of the United
States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of
its activities are subject to tax and, except for Freddie Mac, a majority of its board of directors is not selected by such governmental
unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing, (iii)
any organization which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the
Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect
to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural electric
and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) an “electing large partnership,” as
defined in Section 775

 

    	-40-

    	 

    

 

of the Code and (vi) any other Person so designated by the Trustee or the Certificate Administrator based
upon an Opinion of Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate
Administrator) that the holding of an Ownership Interest in a Class R Certificate by such Person may cause either Trust REMIC to
fail to qualify as a REMIC at any time that the Certificates are outstanding or any Person having an Ownership Interest in any
Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise
be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms “United States,”
“State” and “international organization” shall have the meanings set forth in Section 7701 of the Code
or successor provisions.

 

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

 

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

 

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

 

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

 

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

 

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

 

“EDGAR”:
As defined in Section 11.03.

 

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

 

“Eligible Account”:
Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered depository institution
or trust company (including the

 

    	-41-

    	 

    

 

Trustee or the Certificate Administrator), (A) the long-term unsecured debt obligations of which
are rated at least “A2” by Moody’s, if the deposits are to be held in such account for thirty (30) days or more,
and the short-term debt obligations of which have a short-term rating of not less than “P-1” from Moody’s, if
the deposits are to be held in such account for less than thirty (30) days, and (B) the long-term unsecured debt obligations of
which are rated at least “A” by Fitch, if the deposits are to be held in such account for thirty (30) days or more,
and the short-term debt obligations of which have a short-term rating of not less than “F1” from Fitch, if the deposits
are to be held in such account for less than thirty (30) days; (ii) an account or accounts maintained with Wells Fargo Bank, National
Association so long as Wells Fargo Bank, National Association’s long-term unsecured debt rating shall be at least “A2”
from Moody’s and “A” from Fitch (if the deposits are to be held in the account for more than thirty (30) days)
and at least a rating equivalent to either of the foregoing from KBRA (if then rated by KBRA) if the deposits are to be held in
the account for more than 30 days or Wells Fargo Bank, National Association’s commercial paper, short-term deposit or short-term
unsecured debt rating shall be at least “P-1” from Moody’s, “F2” from Fitch and at least a rating
equivalent to either of the foregoing from KBRA (if then rated by KBRA), if the deposits are to be held in the account for 30 days
or less; (iii) an account or accounts maintained with KeyBank National Association so long as KeyBank National Association’s
(a) long-term unsecured debt or deposit accounts are rated at least “A2” by Moody’s, “A-” by Fitch
and at least the equivalent by KBRA (if then rated by KBRA) if the deposits are to be held in the account for more than 30 days
or (b) short term deposit accounts or short term unsecured debt is rated at least “P-1” by Moody’s, “F1”
by Fitch and at least the equivalent by KBRA (if then rated by KBRA) if the deposits are to be held in the account for 30 days
or less; (iv) such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth
in the applicable clause, would be listed in clauses (i) – (iii) above, with respect to which a Rating Agency
Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth in the applicable clause is not
satisfied with respect to such account, which account may be an account maintained by or with the Certificate Administrator, the
Trustee, the Master Servicer or the Special Servicer; (v) any other account or accounts not listed in clauses (i) –
(iii) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency and a
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25), which account may be an account maintained by or with the Certificate Administrator,
the Trustee, the Master Servicer or the Special Servicer; or (vi) a segregated trust account or accounts maintained with the corporate
trust department of a federal or state chartered depository institution or trust company that has a long-term unsecured debt rating
of at least “A2” from Moody’s (if the deposits are to be held in the account for more than thirty (30) days)
or a short-term unsecured debt rating of at least “P-1” from Moody’s (if the deposits are to be held in the account
for thirty (30) days or less) and that, in either case, has corporate trust powers, acting in its fiduciary capacity, provided
that any state chartered depository institution or trust company is subject to regulation regarding fiduciary funds substantially
similar to 12 C.F.R. § 9.10(b). Eligible Accounts may bear interest. No Eligible Account shall be evidenced by a certificate
of deposit, passbook or other similar instrument.

 

    	-42-

    	 

    

 

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

 

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

 

“Ellenton Premium
Outlets Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of November 5, 2015, by and between
the holders of the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans and the holder of the

 

    	-43-

    	 

    

 

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

 

“Ellenton Premium
Outlets Mortgage Loan”: With respect to the Ellenton Premium Outlets Whole Loan, the Mortgage Loan that is included in
the Trust (identified as Mortgage Loan No. 8 on the Mortgage Loan Schedule), which is evidenced by the related promissory note
A-2, and is pari passu in right of payment with the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans to
the extent set forth in the Ellenton Premium Outlets Intercreditor Agreement.

 

“Ellenton Premium
Outlets Mortgaged Property”: The Mortgaged Property that secures the Ellenton Premium Outlets Whole Loan.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“ERISA
Restricted Certificate”: Any Certificate (other than a Class V or Class R Certificate) that does not meet the
rating requirements of Prohibited Transaction Exemption 90-24 or

 

    	-44-

    	 

    

 

Prohibited Transaction Exemption 93-31 (as such exemptions 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-E, Class X-FG, Class
X-H, Class E, Class F, Class G and Class H Certificates is an ERISA Restricted Certificate.

 

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

 

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

 

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

 

“Excess Interest
Distribution Account”: The trust account or accounts created and maintained as a separate account or accounts (or as
a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c), which shall be entitled
“Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wells Fargo Bank, National Association,
as Trustee, for the benefit of the registered holders of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9, Class V, Excess Interest Distribution Account”, and which must be an Eligible Account (or
a subaccount of an Eligible Account). The Excess Interest Distribution Account shall be held solely for the benefit of the Holders
of the Class V Certificates. The Excess Interest Distribution Account shall not be an asset of either Trust REMIC, but rather shall
be an asset of the Grantor Trust.

 

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

 

“Excess Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, the sum
of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment
of any of the terms of such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all unpaid or unreimbursed additional
expenses (including, without limitation, reimbursement of Advances and interest on Advances to the extent not otherwise paid or
reimbursed by the

 

    	-45-

    	 

    

 

Mortgagor but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously
incurred on behalf of the Trust with respect to the related Mortgage Loan or Serviced Whole Loan, as applicable, and reimbursed
from such Modification Fees and (B) expenses previously paid or reimbursed from Modification Fees as described in the preceding
clause (A), which expenses have been recovered from the related Mortgagor or otherwise. With respect to each of the Master
Servicer and the Special Servicer, the Excess Modification Fees collected and earned by such Person from the related Mortgagor
(taken in the aggregate with any other Excess Modification Fees collected and earned by such Person from the related Mortgagor
within the prior twelve (12) months of the collection of the current Excess Modification Fees) will be subject to a cap of 1.0%
of the outstanding principal balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, on the closing date of
the related modification, extension, waiver or amendment (after giving effect to such modification, extension, waiver or amendment)
with respect to any Mortgage Loan or Serviced Whole Loan, as applicable.

 

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

 

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

 

“Excess Servicing
Fee”: With respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect thereto),
that portion of the Servicing Fee that accrues in the same manner as the Servicing Fee at a per annum rate equal to the
Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect thereto),
a rate per annum equal to the Servicing Fee Rate minus 0.0025% (0.25 basis points); provided, that such rate shall
be subject to reduction at any time following any resignation of the Master Servicer pursuant to Section 6.05 of this Agreement
(if no successor is appointed in accordance with such Section) or any termination of the Master Servicer pursuant to Section
7.01 of this Agreement, to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint
a qualified successor Master Servicer (which successor may include the Trustee) that meets the requirements of Section 6.05
of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect thereto),
the right to receive the related Excess Servicing Fee. In the absence of any transfer of any Excess Servicing Fee Right, the Master
Servicer shall be the owner of such Excess Servicing Fee Right.

 

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

 

    	-46-

    	 

    

 

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

 

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

 

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

 

    	-47-

    	 

    

 

Administrator’s Website
shall be triggered solely by such information being delivered in the manner provided in Section 3.26 hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-48-

    	 

    

 

Asset Status Report
unless the Directing Certificateholder has either finally approved of and consented to the actions proposed to be taken in connection
therewith, or has exhausted all of its rights of approval or consent pursuant to Section 3.19, or has been deemed to have
approved or consented to such action or the Asset Status Report is otherwise implemented by the Special Servicer in accordance
with this Agreement.

 

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

 

“Final Recovery
Determination”: A reasonable determination by the Special Servicer with respect to any Defaulted Loan (and, if applicable,
any defaulted Companion Loan) or Corrected Loan or REO Property (other than a Mortgage Loan or REO Property, as the case may be,
that was purchased by (i) any of the Mortgage Loan Sellers pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement,
(ii) the Special Servicer or other person pursuant to Section 3.16(b), any Companion Holder or any mezzanine lender pursuant
to Section 3.16 or (iii) the Master Servicer, Special Servicer, the Holders of the Controlling Class, or the Holders of
the Class R Certificates pursuant to Section 9.01) that there has been a recovery of all Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenue and other payments or recoveries that, in the Special Servicer’s judgment, which judgment
was exercised without regard to any obligation of the Special Servicer to make payments from its own funds pursuant to Section
3.07(b), will ultimately be recoverable.

 

“Financial
Market Publishers”: Asset Reviewers, LLC, BlackRock Financial Management, Inc., Trepp, LLC, Bloomberg L.P.,
Thomson Reuters, CMBS.com, Inc., Intex Solutions, Inc. and Markit Group Limited, or any successor entities thereof.

 

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

 

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

 

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

 

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

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage
Loan pursuant to the related Intercreditor Agreement) over (ii) the greater of the Purchase Price for such Mortgage Loan on the
date on which Liquidation Proceeds were received and the amount that would have been received if a payment in full of principal
and all other outstanding amounts had been paid with respect to such Mortgage Loan.

 

    	-49-

    	 

    

 

“Gain-on-Sale
Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Certificateholders,
which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wells
Fargo Bank, National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Gain-on-Sale Reserve Account”. Any such account shall be
an Eligible Account or a subaccount of an Eligible Account.

 

“Gateway Plaza
Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of March 8, 2016, by and between the
holders of the Gateway Plaza Serviced Pari Passu Companion Loans and the holder of the Gateway Plaza Mortgage Loan, relating to
the relative rights of such holders of the Gateway Plaza Whole Loan, as the same may be further amended in accordance with the
terms thereof.

 

“Gateway Plaza
Mortgage Loan”: With respect to the Gateway Plaza Whole Loan, the Mortgage Loan that is included in the Trust (identified
as Mortgage Loan No. 9 on the Mortgage Loan Schedule), which is evidenced by the related promissory note A-1, and is pari passu
in right of payment with the Gateway Plaza Serviced Pari Passu Companion Loans to the extent set forth in the Gateway Plaza Intercreditor
Agreement.

 

“Gateway Plaza
Mortgaged Property”: The Mortgaged Property that secures the Gateway Plaza Whole Loan.

 

“Gateway Plaza
PSA”: Any pooling and servicing agreement that creates a trust whose assets include a Gateway Plaza Serviced Pari Passu
Companion Loan.

 

“Gateway Plaza
Serviced Pari Passu Companion Loans”: With respect to the Gateway Plaza Whole Loan, as of the Closing Date, the Companion
Loans evidenced by the related promissory notes designated as promissory notes A-2 and A-3, made by the related Mortgagor and secured
by the Mortgage on the Gateway Plaza Mortgaged Property, which are not included in the Trust and which are pari passu in
right of payment to the Gateway Plaza Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided
in the Gateway Plaza Intercreditor Agreement.

 

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

 

“GLP Industrial
Portfolio B Intercreditor Agreement”: That certain Co-Lender Agreement, dated as of December 22, 2015, by and among the
holders of the GLP Industrial Portfolio B Non-Serviced Pari Passu Companion Loans, the holders of the GLP Industrial Portfolio
B Non-Serviced Subordinate Companion Loans and the holder of the GLP Industrial Portfolio B Mortgage Loan, relating to the relative
rights of such holders of the GLP Industrial

 

    	-50-

    	 

    

 

Portfolio B Whole Loan, as the same may be further amended in accordance with the
terms thereof.

 

“GLP Industrial
Portfolio B Mortgage Loan”: With respect to the GLP Industrial Portfolio B Whole Loan, the Mortgage Loan that is included
in the Trust (identified as Mortgage Loan No. 4 on the Mortgage Loan Schedule), which is evidenced by the related promissory note
A-4, and is pari passu in right of payment with the GLP Industrial Portfolio B Non-Serviced Pari Passu Companion Loans and
senior in right of payment to the GLP Industrial Portfolio B Non-Serviced Subordinate Companion Loans to the extent set forth in
the GLP Industrial Portfolio B Intercreditor Agreement.

 

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

 

“GLP Industrial
Portfolio B Non-Serviced Pari Passu Companion Loans”: With respect to the GLP Industrial Portfolio B Whole Loan, as of
the Closing Date, the Companion Loans evidenced by the related promissory notes designated as promissory notes A-1, A-2 and A-3,
made by the related Mortgagor and secured by the Mortgage on the GLP Industrial Portfolio B Mortgaged Property, which are not included
in the Trust and which are pari passu in right of payment to the GLP Industrial Portfolio B Mortgage Loan and senior in
right of payment to the GLP Industrial Portfolio B Non-Serviced Subordinate Companion Loans to the extent set forth in the related
Mortgage Loan documents and as provided in the GLP Industrial Portfolio B Intercreditor Agreement.

 

“GLP Industrial
Portfolio B Non-Serviced Subordinate Companion Loans”: With respect to the GLP Industrial Portfolio B Whole Loan, as
of the Closing Date, the Companion Loans evidenced by the related promissory notes designated as promissory notes B-1 and B-2,
made by the related Mortgagor and secured by the Mortgage on the GLP Industrial Portfolio B Mortgaged Property, which are not included
in the Trust and which are subordinate in right of payment to the GLP Industrial Portfolio B Mortgage Loan and the GLP Industrial
Portfolio B Non-Serviced Pari Passu Companion Loans to the extent set forth in the related Mortgage Loan documents and as provided
in the GLP Industrial Portfolio B Intercreditor Agreement.

 

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

 

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

 

    	-51-

    	 

    

 

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

 

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

 

“Grove City
Premium Outlets Companion Loan Securitization Date”: The date on which the Grove City Premium Outlets Controlling Pari
Passu Companion Loan is included in a securitization trust.

 

“Grove City
Premium Outlets Controlling Pari Passu Companion Loan”: The Grove City Premium Outlets Pari Passu Companion Loan evidenced
by the related promissory note designated as promissory note A-2.

 

“Grove City
Premium Outlets Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of November 5, 2015,
by and between the holders of the Grove City Premium Outlets Non-Serviced Pari Passu Companion Loans and the holder of the Grove
City Premium Outlets Mortgage Loan, relating to the relative rights of such holders of the Grove City Premium Outlets Whole Loan,
as the same may be further amended in accordance with the terms thereof.

 

“Grove City
Premium Outlets Mortgage Loan”: With respect to the Grove City Premium Outlets Whole Loan, the Mortgage Loan that is
included in the Trust (identified as Mortgage Loan No. 12 on the Mortgage Loan Schedule), which is evidenced by the related promissory
notes A-3 and A-4, and is pari passu in right of payment with the Grove City Premium Outlets Non-Serviced Pari Passu Companion
Loans to the extent set forth in the Grove City Premium Outlets Intercreditor Agreement.

 

“Grove City
Premium Outlets Mortgaged Property”: The Mortgaged Property that secures the Grove City Premium Outlets Whole Loan.

 

“Grove City
Premium Outlets Non-Serviced Pari Passu Companion Loans”: With respect to the Grove City Premium Outlets Whole Loan,
the Companion Loans evidenced by the related promissory notes designated as promissory notes A-1, A-2 and A-5, made by the related
Mortgagor and secured by the Mortgage on the Grove City Premium Outlets Mortgaged Property, which are not included in the Trust
and which are pari passu in right of payment to the Grove City Premium Outlets Mortgage Loan to the extent set forth in
the related Mortgage Loan documents and as provided in the Grove City Premium Outlets Intercreditor Agreement.

 

“Grove City
Premium Outlets PSA”: Any pooling and servicing agreement that creates a trust whose assets include the Grove City Premium
Outlets Controlling Pari Passu Companion Loan.

 

“Grove City
Premium Outlets Whole Loan”: The Grove City Premium Outlets Mortgage Loan, together with the Grove City Premium Outlets
Non-Serviced Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Grove City Premium

 

    	-52-

    	 

    

 

Outlets Mortgaged
Property. References herein to the Grove City Premium Outlets Whole Loan shall be construed to refer to the aggregate indebtedness
under the Grove City Premium Outlets Mortgage Loan and the Grove City Premium Outlets Non-Serviced Pari Passu Companion Loans.

 

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

 

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

 

“Gulfport Premium
Outlets Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of November 5, 2015, by and between
the holders of the Gulfport Premium Outlets Non-Serviced Pari Passu Companion Loans and the holder of the Gulfport Premium Outlets
Mortgage Loan, relating to the relative rights of such holders of the Gulfport Premium Outlets Whole Loan, as the same may be further
amended in accordance with the terms thereof.

 

“Gulfport Premium
Outlets Mortgage Loan”: With respect to the Gulfport Premium Outlets Whole Loan, the Mortgage Loan that is included in
the Trust (identified as Mortgage Loan No. 19 on the Mortgage Loan Schedule), which is evidenced by the related promissory note
A-3, and is pari passu in right of payment with the Gulfport Premium Outlets Non-Serviced Pari Passu Companion Loans to
the extent set forth in the Gulfport Premium Outlets Intercreditor Agreement.

 

“Gulfport Premium
Outlets Mortgaged Property”: The Mortgaged Property that secures the Gulfport Premium Outlets Whole Loan.

 

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

 

“Gulfport Premium
Outlets PSA”: Any pooling and servicing agreement that creates a trust whose assets include the Gulfport Premium Outlets
Controlling Pari Passu Companion Loan.

 

“Gulfport Premium
Outlets Whole Loan”: The Gulfport Premium Outlets Mortgage Loan, together with the Gulfport Premium Outlets Non-Serviced
Pari Passu Companion Loans, each of which is secured by the same Mortgage on the Gulfport Premium Outlets Mortgaged Property. References
herein to the Gulfport Premium Outlets Whole Loan

 

    	-53-

    	 

    

 

shall be construed to refer to the aggregate indebtedness under the Gulfport
Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Non-Serviced Pari Passu Companion Loans.

 

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

 

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

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust within
the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership test set
forth in that Section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of
Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion of Counsel, which shall be at no
expense to the Trustee, the Certificate Administrator, the Master Servicer, any Companion Holder or the Trust, delivered to the
Trustee, any Companion Holder, the Certificate Administrator and the Master Servicer), so long as the Trust

 

    	-54-

    	 

    

 

does not receive or
derive any income from such Person and provided that the relationship between such Person and the Trust is at arm’s
length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that neither the Master Servicer nor the Special
Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of
Counsel has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other Person (including
the Master Servicer and the Special Servicer) upon receipt by the Trustee, the Certificate Administrator, the Operating Advisor
and the Master Servicer of an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate Administrator, the
Master Servicer, the Operating Advisor or the Trust, to the effect that the taking of any action in respect of any REO Property
by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent
Contractor will not cause such REO Property to cease to qualify as “foreclosure property” within the meaning of Section
860G(a)(8) of the Code or cause any income realized in respect of such REO Property to fail to qualify as Rents from Real Property.

 

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

 

“Initial Purchasers”:
Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Drexel Hamilton, LLC
and Academy Securities, Inc.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner 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 may not be more than
one Initial Requesting Certificateholder with respect to any Mortgage Loan.

 

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

 

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

 

“Initial Sub-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.

 

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

 

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

 

“Insurance and
Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the full or partial condemnation
of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged

 

    	-55-

    	 

    

 

Property or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard
(and in the case of any Mortgage Loan with a related Companion Loan, to the extent any portion of such proceeds are received by
the Master Servicer or Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations set forth in
the related Intercreditor Agreement) and the REMIC Provisions.

 

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

 

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

 

“Intercreditor
Agreement”: Each of 525 Seventh Avenue Intercreditor Agreement, the 2100 Ross Intercreditor Agreement, the GLP Industrial
Portfolio B Intercreditor Agreement, the Princeton Pike Corporate Center Intercreditor Agreement, the Twenty Ninth Street Retail
Intercreditor Agreement, the Ellenton Premium Outlets Intercreditor Agreement, the Gateway Plaza Intercreditor Agreement, the Grove
City Premium Outlets Intercreditor Agreement, the Gulfport Premium Outlets Intercreditor Agreement and any Serviced AB Intercreditor
Agreement and any intercreditor agreement entered into in connection with the issuance to the direct or indirect equity holders
in the Mortgagor of any existing mezzanine indebtedness or any future mezzanine indebtedness permitted under the related Mortgage
Loan documents.

 

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

 

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

 

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

 

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

 

    	-56-

    	 

    

 

Distribution Date and the denominator
of which is the aggregate Interest Accrual Amounts for all Classes of Regular Certificates for such Distribution Date.

 

“Interest Reserve
Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate Administrator
pursuant to Section 3.04(b) initially in the name of “Wells Fargo Bank, National Association, as Certificate Administrator,
on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Capital
I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Interest Reserve Account”, into which
the amounts set forth in Section 3.21 shall be deposited directly and which must be an Eligible Account or subaccount of
an Eligible Account.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-57-

    	 

    

 

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

 

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

 

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

 

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

 

“Late Collections”:
With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to the related Determination
Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent late payments
or collections of principal or interest due in respect of such Mortgage

 

    	-58-

    	 

    

 

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

 

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

 

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

 

“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 Mortgage Loan) as to which the Special Servicer receives (i) a full, partial or discounted payoff
from the related Mortgagor or (ii) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including with respect to the
related Companion Loan, if applicable) and (b) each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified below),
equal to the product of the Liquidation Fee Rate and the proceeds received in connection with the applicable event described in
clause (a) or (b); provided, that the Liquidation Fee will be reduced by the amount of any Excess Modification
Fees paid by or on behalf of the related Mortgagor with respect to the related Mortgage Loan and any related Companion Loan or
REO Property and received by the Special Servicer as compensation within the prior 12 months, but only to the extent those fees
have not previously been deducted from a Workout Fee or Liquidation Fee.

 

    	-59-

    	 

    

 

No Liquidation Fee shall
be payable based upon, or out of, Liquidation Proceeds received in connection with:

 

(A)         (x)
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 or (y) a Loss of Value Payment
by a Mortgage Loan Seller if such Mortgage Loan Seller makes such Loss of Value Payment prior to the termination of the Extended
Cure Period;

 

(B)         any
event described in clause (vi) of the definition of “Liquidation Proceeds” that occurs within 90 days of the related
mezzanine holder’s purchase option first becoming exercisable during the period prior to such Mortgage Loan becoming a Corrected
Loan;

 

(C)         the
purchase of all of the Mortgage Loans and REO Properties in connection with any termination of the Trust pursuant to Section
9.01 hereof;

 

(D)         with
respect to a Serviced Pari Passu Companion Loan, (1) a repurchase of such Serviced Pari Passu Companion Loan by the applicable
mortgage loan seller for a breach of a representation or warranty or for a defective or deficient mortgage loan documentation under
an Other Pooling and Servicing Agreement within the time period (or extension thereof) provided for such repurchase if such repurchase
occurs prior to the termination of the extended resolution period provided therein or (2) a purchase of such Serviced Pari Passu
Companion Loan by any applicable party to an Other Pooling and Servicing Agreement pursuant to a clean-up call or similar liquidation
of the Other Securitization;

 

(E)         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, that if no Control Termination Event has occurred and
is continuing, and such Directing Certificateholder or Affiliate thereof purchases any Specially Serviced Loan within 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 shall not be entitled to a Liquidation Fee in connection with such purchase
by the Directing Certificateholder or its Affiliates); or

 

(F)         if
a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan solely because of a Servicing Transfer Event described
in clause (i) or (ii) of the definition of “Servicing Transfer Event” and Liquidation Proceeds are received within
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;

 

provided, that
if a Liquidation Fee is not payable due to the application of any of clauses (A) through (F) above, the Special Servicer
may still charge, 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 Mortgage Loan documents);

 

    	-60-

    	 

    

 

“Liquidation
Fee Rate”: A rate equal to 1.00% with respect to any Mortgage Loan (described in Section 3.11(c)), Specially Serviced
Loan (and each related Serviced Companion Loan) or REO Property; provided that if such rate would result in an aggregate
Liquidation Fee less than $25,000, then the Liquidation Fee Rate will be equal to such rate as would result in an aggregate Liquidation
Fee equal to $25,000; provided further that in no event will the Liquidation Fee payable in respect of any Mortgage
Loan, Specially Serviced Loan or REO Property exceed $1,000,000.

 

“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 the Mortgage Loan) 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 or guarantor; (iii) any sale of (A) a Specially Serviced Loan pursuant to Section 3.16(a) or (B) any
REO Property pursuant to Section 3.16(b); (iv) the repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller
pursuant to Section 5 of the related Mortgage Loan Purchase Agreement; (v) the purchase of a Specially Serviced Loan or REO Property
by the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class
R Certificates pursuant to Section 9.01; (vi) the purchase of a Mortgage Loan or an REO Property by (a) the applicable Serviced
Subordinate Companion Loan Holder or (b) the related mezzanine lender pursuant to Section 3.16 and the related Intercreditor
Agreement; or (vii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection Account in
accordance with Section 3.05(g) of this Agreement (provided that, for the purpose of determining the amount of the
Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full amount of such
Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any)
is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect to any Whole
Loan, as used in this Agreement, Liquidation Proceeds shall refer to such portion of Liquidation Proceeds to the extent allocable
to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4, Class LAS, Class LB, Class LC,
Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated Interests.

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising a portion of the Trust Fund, the assets of which consist of the Mortgage
Loans (exclusive of Excess Interest) and the proceeds thereof, any REO Property with respect thereto (or an allocable portion thereof,
in the case of any Serviced Pari Passu Mortgage Loan), or the Trust’s beneficial interest in the REO Property with respect
to a Non-Serviced Whole Loan, such amounts as shall from time to time be held in the Collection Account (other than with respect
to any Companion Loan), the related portion of the REO Account, if any, the Interest Reserve Account, the Gain-on-Sale Reserve
Account, the Lower-Tier REMIC Distribution Account, and all other properties included in the Trust Fund that are not in the 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, which shall initially
be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wells Fargo Bank, National
Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage
Pass-Through Certificates, Series 2016-UBS9, Lower-Tier REMIC Distribution Account”. Any such account, accounts or sub-accounts
shall be an Eligible Account.

 

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

 

“MAI”:
Member of the Appraisal Institute.

 

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

 

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

 

“Master Servicer
Consent Matters”: As defined in Section 3.01(a).

 

“Material Defect”:
Subject to Section 2.03(c), 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 any Certificateholder therein or causes such Mortgage

 

    	-62-

    	 

    

 

Loan to be other than 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”.

“Material
Dispute Resolution Actions”: Any of the following: (i) to the extent sought by any party to the applicable mediation
or arbitration, any consent to the applicable Mortgage Loan Seller's selection of the related mediator or arbitrator; (ii) an agreement
to settle any claims or agree to or consent to any specific finding by a mediator or arbitrator; and (iii) an agreement requiring
the payment by, or an assessment against, the Trust or any party hereto (to the extent such party would be entitled to reimbursement
by the Trust) of any fees, costs or expenses.

 

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

 

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

 

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

 

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

 

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

 

“Money Term”:
With respect to any Mortgage Loan or Serviced Companion Loan, the stated Maturity Date, Mortgage Rate, principal balance, amortization
term or payment frequency or any provision of such Mortgage Loan or Serviced Companion Loan requiring the payment of a Prepayment
Premium or Yield Maintenance Charge (but does not include late fee or default interest provisions).

 

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

 

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

 

    	-63-

    	 

    

 

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

 

“Mortgage File”:
The mortgage documents listed below (provided, that references to the Mortgage File for any Serviced Subordinate Companion
Loan shall refer to the Mortgage File for the related Serviced AB Mortgage Loan and the Mortgage Note evidencing such Serviced
Subordinate Companion Loan):

 

(i)         the
original Mortgage Note bearing, or accompanied by, all prior or intervening endorsements, endorsed either in blank or to the order
of the Trustee in the following form: “Pay to the order of Wells Fargo Bank, National Association, as Trustee for Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, without recourse, representation
or warranty” or, if the original Mortgage Note is not included therein, then a lost note affidavit and indemnity with a copy
of the Mortgage Note attached thereto;

 

(ii)        the
original Mortgage, with evidence of recording thereon, and, if the Mortgage was executed pursuant to a power of attorney, a certified
true copy of the power of attorney certified by the public recorder’s office, with evidence of recording thereon (if recording
is customary in the jurisdiction in which such power of attorney was executed) or certified by a title insurance company or escrow
company to be a true copy thereof;

 

(iii)       the originals of all agreements modifying a Money Term or other material modification, consolidation and extension
agreements, if any, with evidence of recording thereon;

 

    	-64-

    	 

    

 

(iv)       an
original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording, signed by the holder of
record in blank or in favor of Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9” (or, in the case of a Serviced AB Whole Loan, substantially
similar language notating an assignment in favor of the Trustee (in such capacity and on behalf of the holders of any related Serviced
Subordinate Companion Loan or Serviced Companion Loan));

 

(v)        originals of all intervening assignments of Mortgage, if any, with evidence of recording thereon;

 

(vi)       if
the related Assignment of Leases is separate from the Mortgage, the original of such Assignment of Leases with evidence of recording
thereon, together with (A) an original of each assignment of such Assignment of Leases with evidence of recording thereon
and showing a complete recorded chain of assignment from the named assignee to the holder of record, and if any such assignment
of such Assignment of Leases has not been returned from the applicable public recording office, a copy of such assignment certified
by the applicable Mortgage Loan Seller to be a true and complete copy of the original assignment submitted for recording, and
(B) an original assignment of such Assignment of Leases, in recordable form, signed by the holder of record in favor of Wells
Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates,
Series 2016-UBS9” (or, in the case of a Serviced Whole Loan, substantially similar language notating an assignment in favor
of the Trustee (in such capacity and on behalf of the holders of any related Serviced Subordinate Companion Loan or Serviced Companion
Loan)), which assignment may be effected in the related Assignment of Mortgage;

 

    	-65-

    	 

    

 

(vii)     the
original or a copy of each guaranty, if any, constituting additional security for the repayment of such Mortgage Loan;

 

(viii)    an
original (which may be electronic) or a copy (which may be electronic) of the title insurance policy or, if such title insurance
policy has not been issued, an original binder or actual title commitment or a copy (which may be electronic) thereof certified
by the title company with the original (which may be electronic) or a copy (which may be electronic) title insurance policy to
follow within 180 days of the Closing Date or a preliminary title report binding on the title company with an original (which may
be electronic) or a copy (which may be electronic) title insurance policy to follow within 180 days of the Closing Date;

 

(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)       copies
of the related ground lease(s), space lease(s) or air rights lease(s) (and, in each case, any related lessor estoppels), if any,
related to any Mortgage Loan where the Mortgagor is the lessee under any such lease and there is a lien in favor of the mortgagee
in such lease;

 

(xi)      copies
of any loan agreements, lock-box agreements, co-lender agreements and intercreditor agreements (including, without limitation,
any Intercreditor Agreement or Non-Serviced Mortgage Loan Intercreditor Agreement;

 

(xii)     either
(A) the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan, which shall be assigned
to the Trustee and delivered to the Custodian on behalf of the Trustee on behalf of the Trust with a copy to be held by the Master
Servicer, and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable Mortgage Loan,
this Agreement or (B) the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan,
which shall be held by the Master Servicer on behalf of the Trustee, with a copy to be held by the Custodian on behalf of the Trustee,
and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable Mortgage Loan, this
Agreement (it being understood that each Mortgage Loan Seller has agreed (a) that the proceeds of such letter of credit belong
to the Trust, (b) to notify, on or before the Closing Date, the bank issuing the letter of credit that the letter of credit and
the proceeds thereof belong to the Trust, and to use reasonable efforts to obtain within thirty (30) days (but in any event to
obtain within ninety (90) days) following the Closing Date, an acknowledgement thereof by the bank (with a copy of such acknowledgement
to be sent to the Master Servicer (who shall forward a copy of such acknowledgement to the Custodian and the Trustee)) or a reissued
letter of credit and (c) to indemnify the Trust for any liabilities, charges, costs, fees or other expenses accruing from the failure
of the Mortgage Loan Seller to assign all rights in and to the letter of credit hereunder including

 

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the right and power to draw
on the letter of credit). In the case of clause (B) above, the Master Servicer acknowledges that any letter of credit held
by it shall be held in its capacity as agent of the Trust, and if the Master Servicer sells its rights to service the applicable
Mortgage Loan, the Master Servicer shall assign the applicable letter of credit to the Trust or (with respect to any Specially
Serviced Loan) at the direction of the Special Servicer to such party as the Special Servicer may instruct, in each case, at the
expense of the Master Servicer. The Master Servicer shall indemnify the Trust for any loss caused by the ineffectiveness of such
assignment;

 

(xiii)     the
original or a copy of the environmental indemnity agreement, if any, related to any Mortgage Loan;

 

(xiv)     third-party
management agreements, if any, with respect to any Mortgaged Property;

 

(xv)      copies
of any environmental insurance policy;

 

(xvi)     copies
of any affidavit and indemnification agreement;

 

(xvii)    if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement provided to the applicable Mortgage Loan Seller in connection
with such Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan; (b) a copy of any related estoppel certificate
or any comfort letter delivered by the franchisor for the benefit of the holder of the Mortgage Loan in connection with the applicable
Mortgage Loan Seller’s origination or acquisition of the Mortgage Loan; and (c) if the related Mortgage Loan is a franchise
Mortgage Loan, a copy of the notice (to the extent such a notice is required under the terms of the related franchise, management
or similar agreement) to the related franchisor stating that the franchise Mortgage Loan has been transferred to the Trust and
requesting a replacement comfort letter in favor of the Trust (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders; and

 

(xviii)   with
respect to any Non-Serviced Mortgage Loan, a copy of the related Non-Serviced PSA;

 

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

 

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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), and (d) with respect
to any Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation of any Assignment in the name of the
Trustee shall not be construed to limit the beneficial interest of the related Companion Holder(s) in such instrument and the benefits
intended to be provided to them by such instrument, it being acknowledged that (I) the Trustee shall hold such record title for
the benefit of the Trust as the holder of the related Mortgage Loan and the related Companion Holder(s) collectively and (II) any
efforts undertaken by the Trustee, the Master Servicer, or the Special Servicer on its behalf to enforce or obtain the benefits
of such instrument shall be construed to be so undertaken by the Trustee, the Master Servicer or the Special Servicer for the benefit
of the Trust as the holder of the applicable Mortgage Loan and the related Companion Holder(s) collectively.

 

Notwithstanding any of
the foregoing to the contrary, with respect to any Non-Serviced Mortgage Loan: (A) if the Custodian is not also the related Non-Serviced
Custodian, the preceding document delivery requirements shall be met by the delivery by the applicable Mortgage Loan Seller of
copies of the documents specified above (other than the Mortgage Notes (and all intervening endorsements) respectively evidencing
such Non-Serviced Mortgage Loan with respect to which the originals shall be required), including a copy of the Mortgage securing
the Non-Serviced Mortgage Loan, and the requirement to deliver any of the preceding documents in the name of the Trustee shall
be met by the delivery of such documents in the name of the Non-Serviced Trustee for the benefit of, among others, the Trustee,
as holder of such Non-Serviced Mortgage Loan; or (B) if (and only for so long as) the Custodian is also the related Non-Serviced
Custodian, the preceding document delivery requirements shall be met by (1) the delivery by the applicable Mortgage Loan Seller
of originals of the documents described in clause (i) and (2) custody of the documents specified in clauses (ii) through (xviii)
above by the related Non-Serviced Custodian pursuant to the related Non-Serviced PSA, provided, that if any document specified
in clauses (ii) through (xviii) above was not or was not required to be delivered to the related Non-Serviced Custodian in connection
with the related Non-Serviced PSA, the applicable Mortgage Loan Seller shall deliver such document to the Custodian, provided,
further, that (a) the Custodian represents and warrants to each other party hereto and for the benefit of the Certificateholders
that, as of the Closing Date, it is the related Non-Serviced Custodian for such Non-Serviced Mortgage Loan, (b) 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 the 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,
(c) 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 (d) 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 (xviii) above in the Mortgage
File for such Non-Serviced Whole Loan (to the extent such documents were delivered

 

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in connection with the related Other Securitization)
that shall be maintained by it or any successor custodian hereunder.

 

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

 

“Mortgage Loan”:
Each of the mortgage loans (which, for the avoidance of doubt, includes each Crossed Mortgage Loan Group, each of which, for the
purposes of this Agreement, shall be treated as one Mortgage Loan, provided that each individual Crossed Underlying Loan within
any such Crossed Mortgage Loan Group shall not be included in this definition of Mortgage Loan) transferred and assigned to the
Trustee pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage Loan” includes
the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related agreements. The
term “Mortgage Loan” shall, as of any date of determination, include any Qualified Substitute Mortgage Loan that has
replaced a Mortgage Loan pursuant to Section 2.03 and exclude any such replaced Mortgage Loan. For the avoidance of doubt,
no MSMCH Seller Defeasance Rights and Obligations, BANA Lender Successor Borrower Right or UBSRES Seller Defeasance Rights and
Obligations is part of a “Mortgage Loan”.

 

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

 

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

 

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“Mortgage
Loan Schedule”: The list or lists 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
lists sets forth the following information with respect to each Mortgage Loan so transferred:

 

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

 

(ii)        the
loan identification number;

 

(iii)       the
name of the related Mortgaged Property;

 

(iv)      
the Cut-off Date Balance;

 

(v)        the
street address, city and state of the related Mortgaged Property;

 

(vi)       the
date of the related Mortgage Note;

 

(vii)      the
Maturity Date;

 

(viii)     the
Mortgage Rate;

 

(ix)       the
original term to stated maturity or anticipated repayment date;

 

(x)        the
remaining term to stated maturity or anticipated repayment date;

 

(xi)       the
original amortization term;

 

(xii)      whether
the Mortgage Loan is an ARD Loan;

 

(xiii)     the
Primary Servicing Fee Rate; and

 

(xiv)     the
Pari Passu Loan Primary Servicing Fee Rate.

 

“Mortgage Loan
Seller”: Each of (i) Morgan Stanley Mortgage Capital Holdings LLC, a New York limited liability company, or its successor
in interest, (ii) Bank of America, National Association, a national banking association, or its successor in interest, and (iii)
UBS Real Estate Securities Inc., a Delaware corporation, or its successor in interest.

 

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

 

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

 

    	-70-

    	 

    

 

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.

 

“MSBAM 2016-C28
PSA”: The pooling and servicing agreement, dated as of February 1, 2016, among Banc of America Merrill Lynch Commercial
Mortgage Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, C-III Asset Management LLC, as special
servicer, U.S. Bank National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, certificate
registrar, authenticating agent and custodian, and Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer, as from time to time amended, supplemented or modified relating to the issuance of the Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C28, Commercial Mortgage Pass-Through Certificates, Series 2016-C28.

 

“MSCI 2015-UBS8
PSA”: The pooling and servicing agreement, dated as of December 1, 2015, among Morgan Stanley Capital I Inc., as depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special
servicer, Situs Holdings, LLC, as trust advisor, and Wells Fargo Bank, National Association, as trustee, certificate administrator,
certificate registrar, authenticating agent and custodian, as from time to time amended, supplemented or modified relating to the
issuance of the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8.

 

“MSMCH Seller
Defeasance Rights and Obligations”: has the meaning set forth in Section 3.18(i) hereof.

 

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

 

“Net Investment
Loss”: With respect to the Collection Account, the Servicing Accounts or the REO Account or Companion Distribution Account
for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the amount by which the aggregate
of all losses, if any, incurred during such period in connection with the investment of

 

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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) as of any date of determination, a
rate per annum equal to the related Mortgage Rate then in effect (without regard to any increase in the interest rate of
any ARD Loan after its respective Anticipated Repayment Date), minus the related Administrative Cost Rate; provided,
however, that for purposes of calculating Pass-Through Rates and Withheld Amounts, the Net Mortgage Rate for any Mortgage
Loan will be determined without regard to any modification, waiver or amendment of the terms of the related Mortgage Loan, whether
agreed to by the Master Servicer, the Special Servicer, a related Non-Serviced Master Servicer or a related Non-Servicd Special
Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related Mortgagor or otherwise; provided,
further, that for any Mortgage Loan that does not accrue interest on the basis of a 360-day year consisting of twelve 30-day
months, then, solely for purposes of calculating Pass-Through Rates and the Weighted Average Net Mortgage Rate, the Net Mortgage
Rate of such Mortgage Loan or for any one-month accrual period preceding a related Due Date will be the annualized rate at which
interest would have to accrue in respect of such Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months
in order to produce the aggregate amount of interest actually accrued in respect of such Mortgage Loan during such one-month accrual
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) (commencing in 2017), shall
be determined inclusive of the amounts withheld in the immediately preceding January and February, if applicable. With respect
to any REO Loan that is a successor to a Mortgage Loan, the Net Mortgage Rate shall be calculated as described above, determined
as if the predecessor Mortgage Loan had remained outstanding.

 

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

 

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

 

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

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. For the avoidance of doubt, Workout-Delayed
Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination in accordance with
the procedures specified herein, and taking into account factors such as all other outstanding Advances, either (a) has determined
that such

 

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Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from Late Collections, Default Interest, Insurance
and Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage Loan or the related REO
Property (without giving effect to potential recoveries on deficiency judgments or recoveries from guarantors), or (b) has determined
that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement Amounts (that have not been
reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately recoverable from
the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which the Trustee
determines in its good faith business judgment, or the Master Servicer or Special Servicer determines in accordance with the Servicing
Standard, as the case may be, will not be ultimately recoverable, together with any accrued and unpaid interest thereon at the
Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan or REO Loan; provided,
however, that the Special Servicer may, at its option (with respect to any Specially Serviced Loan and, prior to the occurrence
of a Consultation Termination Event (other than with respect to any Excluded Loan), in consultation with the Directing Certificateholder),
make a determination in accordance with the Servicing 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 Pari Passu 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. If the Special Servicer makes a determination that only a portion, and not all, of any previously
made or proposed P&I Advance is a Nonrecoverable P&I Advance, the Master Servicer and the Trustee shall have the right
to make its own subsequent determination that any remaining portion of any such previously made or proposed P&I Advance is
a Nonrecoverable P&I Advance. With respect to any Non-Serviced Whole Loan, if any Non-Serviced Master Servicer or Non-Serviced
Special Servicer, as applicable, in connection with a securitization
of the related Non-Serviced Companion Loan determines that a principal and interest advance with respect to the related Non-Serviced
Companion Loan, if made, would be nonrecoverable, such determination shall not be binding on the Master Servicer, the Special Servicer
or the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage Loan. Similarly,
with respect to the related Non-Serviced Mortgage Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable,
determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be a Nonrecoverable P&I
Advance, such determination shall not be binding on the related Non-Serviced Master Servicer and related Non-Serviced Trustee as
it relates to any proposed P&I Advance with respect to the related Non-Serviced Companion Loan (unless the related Non-Serviced
PSA provides otherwise). In making such recoverability determination, the Master Servicer, Special Servicer or Trustee, as applicable,
will be entitled (a) to consider (among other things) (i) the obligations of the Mortgagor under the terms of the related Mortgage
Loan or Companion Loan, as applicable, as it may have been modified and (ii) the related Mortgaged Properties in their “as-is”
or then-current conditions and occupancies, as modified by such

 

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

 

    	-74-

    	 

    

 

Loan or the related Mortgaged Property). The Trustee shall be entitled to conclusively rely on
the Master Servicer’s or Special Servicer’s determination that a P&I Advance is or would be nonrecoverable, and
the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination that a P&I Advance
is or would be nonrecoverable. In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination
shall take into account the cross-collateralization of the related cross-collateralized Mortgage Loan.

 

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

 

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on the Certificateholders. The determination by the Master Servicer, the Special Servicer or the Trustee, as the case
may be, that a Nonrecoverable Servicing Advance has been made or that any proposed Servicing Advance, if made, would constitute
a Nonrecoverable Servicing Advance, or any updated or changed recoverability determination, shall be evidenced by an Officer’s
Certificate delivered by either of the Special Servicer or Master Servicer to the other and to the Trustee, the Certificate Administrator,
the Directing Certificateholder (but only prior to the occurrence of a Consultation Termination Event and only with respect to
any Mortgage Loan other than an Excluded Loan) (and in the case of a Serviced Pari Passu 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 Pari Passu
Mortgage Loan, any Other Servicer); provided, that the Special Servicer may, at its option (with respect to any Specially
Serviced Loan and, prior to the occurrence of a Consultation Termination Event (other than with respect to any Excluded Loan),
in consultation with the Directing Certificateholder) make a determination in accordance with the Servicing Standard, that any
Servicing Advance previously made or proposed to be made is a Nonrecoverable Servicing Advance and shall deliver to the Master
Servicer (and with respect to a Serviced Pari Passu Mortgage Loan, to any Other Servicer), the Certificate Administrator, the Trustee,
the Operating Advisor and the 17g-5 Information Provider notice of such determination. If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the
Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion of
any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance. The Officer’s Certificate shall
set forth such determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or the Trustee,
as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available, related income
and expense statements, rent rolls, occupancy status, property inspections and any other information used by the Master Servicer,
the Special Servicer or the Trustee, as applicable, to make such determination and shall include any existing Appraisal with respect
to the related Mortgage Loan, Serviced Companion Loan or related Mortgaged Property). The Special Servicer shall promptly furnish
any party required to make Servicing Advances hereunder with any information in its possession regarding the Specially Serviced
Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes of making recoverability
determinations. The Trustee shall be entitled to conclusively rely on the Master Servicer’s or Special Servicer’s determination
that a Servicing Advance is or would be nonrecoverable, and the Master Servicer shall be entitled to conclusively rely on the Special
Servicer’s determination that a Servicing Advance is or would be nonrecoverable. Notwithstanding anything herein to the contrary,
if the Special Servicer requests that the Master Servicer make a Servicing Advance, the Master Servicer may conclusively rely on
such request as evidence that such advance is not a Nonrecoverable Servicing Advance; provided, that other than for Servicing
Advances to be made on an emergency or urgent basis, the Special Servicer shall not be entitled to make such a request more frequently
than once per calendar month with respect to Servicing 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

 

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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-E, Class X-FG, Class X-H,
Class D, Class E, Class F, Class G, Class H, Class V or Class R Certificate.

 

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

 

“Non-Serviced
Companion Loan”: Each Non-Serviced Pari Passu Companion Loan and each Non-Serviced Subordinate Companion Loan.

 

“Non-Serviced
Controlling Holder”: The “directing holder”, “controlling class certificateholder” or similarly
defined party under a Non-Serviced PSA.

 

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

 

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

 

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

 

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

 

“Non-Serviced
Intercreditor Agreement”: Each of the 525 Seventh Avenue Intercreditor Agreement, the GLP Industrial Portfolio B Intercreditor
Agreement, the Princeton Pike Corporate Center Intercreditor Agreement, the Twenty Ninth Street Retail Intercreditor Agreement
(after the Twenty Ninth Street Retail Companion Loan Securitization Date), the Ellenton Premium Outlets Intercreditor Agreement,
the Grove City Premium Outlets Intercreditor Agreement, and the Gulfport Premium Outlets Intercreditor Agreement.

 

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

 

“Non-Serviced
Mortgage Loan”: Each of the 525 Seventh Avenue Mortgage Loan, the GLP Industrial Portfolio B Mortgage Loan, the Princeton
Pike Corporate Center Mortgage Loan, the Twenty Ninth Street Retail Mortgage Loan (after the Twenty Ninth Street Retail Companion
Loan Securitization Date), the Ellenton Premium Outlets Mortgage Loan, the Grove City Premium Outlets Mortgage Loan, and the Gulfport
Premium Outlets Mortgage Loan.

 

“Non-Serviced
Mortgaged Property”: Each of the 525 Seventh Avenue Mortgaged Property, the GLP Industrial Portfolio B Mortgaged Property,
the Princeton Pike Corporate Center Mortgaged Property, the Twenty Ninth Street Retail Mortgaged Property (after the Twenty Ninth
Street Retail Companion Loan Securitization Date), the Ellenton Premium

 

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Outlets Mortgaged Property, the Grove City Premium Outlets
Mortgaged Property, and the Gulfport Premium Outlets Mortgaged Property.

 

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

 

“Non-Serviced
Pari Passu Companion Loan”: Each of the 525 Seventh Avenue Non-Serviced Pari Passu Companion Loans, the GLP Industrial
Portfolio B Non-Serviced Pari Passu Companion Loans, the Princeton Pike Corporate Center Non-Serviced Pari Passu Companion Loans,
the Twenty Ninth Street Retail Non-Serviced Pari Passu Companion Loans (after the Twenty Ninth Street Retail Companion Loan Securitization
Date), the Ellenton Premium Outlets Non-Serviced Pari Passu Companion Loans, the Grove City Premium Outlets Non-Serviced Pari Passu
Companion Loans, and the Gulfport Premium Outlets Non-Serviced Pari Passu Companion Loans.

 

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

 

“Non-Serviced
PSA”: A pooling and servicing agreement or trust and servicing agreement, as applicable, under which a Non-Serviced Whole
Loan is serviced. The only Non-Serviced PSAs related to the Trust as of the Closing Date are (i) with respect to the 525 Seventh
Avenue Whole Loan, the Ellenton Premium Outlets Whole Loan, the Grove City Premium Outlets Whole Loan and the Gulfport Premium
Outlets Whole Loan, the MSCI 2015-UBS8 PSA, (ii) with respect to the GLP Industrial Portfolio B Whole Loan, the CSMC 2015-GLPB
Trust and Servicing Agreement and (iii) with respect to the Princeton Pike Corporate Center Whole Loan, the MSBAM 2016-C28 PSA.
On and after the Twenty Ninth Street Retail Companion Loan Securitization Date, the Twenty Ninth Street Retail PSA shall be a Non-Serviced
PSA. On and after the Grove City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets PSA shall be
a Non-Serviced PSA. On and after the Gulfport Premium Outlets Companion Loan Securitization Date, the Gulfport Premium Outlets
PSA shall be a Non-Serviced PSA.

 

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

 

“Non-Serviced
Subordinate Companion Loan”: With respect to any Non-Serviced Pari-Passu AB Whole Loan, the related subordinate companion
loan evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage on the related Non-Serviced
Mortgaged Property, which is not included in the Trust and which is subordinate in right of payment to the related Non-Serviced
Mortgage Loan and the Non-Serviced Pari-Passu Companion Loans to the extent set forth in the related Mortgage Loan documents and
as provided in the related Intercreditor Agreement. The only Non-Serviced Subordinate Companion Loans related to the Trust as of
the Closing Date are the GLP Industrial Portfolio B Non-Serviced Subordinate Companion Loans.

 

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

 

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

 

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“Non-Serviced
Whole Loan”: Each of the 525 Seventh Avenue Whole Loan, the GLP Industrial Portfolio B Whole Loan, the Princeton Pike
Corporate Center Whole Loan, the Twenty Ninth Street Retail Whole Loan (after the Twenty Ninth Street Retail Companion Loan Securitization
Date), the Ellenton Premium Outlets Whole Loan, the Grove City Premium Outlets Whole Loan, and the Gulfport Premium Outlets Whole
Loan.

 

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

 

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

 

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

 

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

 

“Notional Amount”:
With respect to the Class X-A, Class X-B, Class X-D, Class X-E, Class X-FG and Class X-H Certificates, the Class X-A Notional Amount,
the Class X-B Notional Amount, the Class X-D Notional Amount, the Class X-E Notional Amount, the Class X-FG Notional Amount and
the Class X-H Notional Amount, respectively.

 

“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.

 

“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”:
Park Bridge Lender Services LLC, a New York 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).

 

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“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and performed
its duties with respect to such Major Decision equal to $10,000 (or such lesser amount as the related Mortgagor agrees to pay)
with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans), payable pursuant to Section 3.05 of this
Agreement; provided, 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, that the Master Servicer or Special Servicer,
as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines
that such full or partial waiver is in accordance with the Servicing Standard (provided that the Master Servicer or the
Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or
reduction).

 

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

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan (but excluding each Non-Serviced Mortgage Loan and the Twenty Ninth Street Retail
Whole Loan) and each successor REO 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 rate with respect
to each Mortgage Loan (excluding each Non-Serviced Mortgage Loan and the Twenty Ninth Street Retail Whole Loan) and each successor
REO Loan equal to (i) 0.0038% per annum with respect to each such Mortgage Loan (other than the 2100 Ross Mortgage Loan
and the Gateway Plaza Mortgage Loan) and any successor REO Loan, (ii) 0.0088% per annum with respect to the 2100 Ross Mortgage
Loan, and (iii) 0.0145% per annum with respect to the Gateway Plaza Mortgage Loan.

 

“Operating Advisor
Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best interest
of and for the benefit of the Certificateholders and, with respect to any Serviced Whole Loan, for the benefit of the holders of
the related Companion Loan (as a collective whole as if such Certificateholders and Companion Holders constituted a single lender)
and not for the benefit of any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of
its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the
Operating Advisor or any of its Affiliates may have with any of the underlying Mortgagors, any Sponsor, any Mortgage Loan Seller,
the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Certificateholder or
any of their Affiliates.

 

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

 

    	-80-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and delivered to
the Trustee and the Certificate Administrator, except that any opinion of counsel relating to

 

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(a) the qualification of any Trust
REMIC as a REMIC, (b) compliance with the REMIC Provisions, (c) the qualification of the Grantor Trust as a grantor trust, or (d)
the resignation of the Master Servicer, the Special Servicer or the Depositor pursuant to Section 6.05, must be an opinion
of counsel who is in fact Independent of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the
Asset Representations Reviewer.

 

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

 

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

 

“Original Notional
Amount”: As defined in the Preliminary Statement.

 

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

 

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

 

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

 

“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the Other Servicer, Other Trustee, Other Certificate Administrator or Other Depositor under the related Other
Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and Form 10-K with
respect to such Other Securitization Trust, as identified in writing to the parties to this Agreement; and, with respect to any
Other Securitization Trust that is not subject to the reporting requirements of the Exchange Act, the trustee, certificate administrator,
master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for
the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified in writing to the
parties to this Agreement.

 

“Other Pooling
and Servicing Agreement”: Any pooling and servicing agreement that creates a trust whose assets include any Serviced
Companion Loan. For the avoidance of doubt, each of the 2100 Ross PSA(s) and the Gateway Plaza PSA(s) shall be an Other Pooling
and Servicing Agreement.

 

“Other Securitization”:
As defined in Section 11.06.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Pari Passu
Loan Primary Servicing Fee Rate”: With respect to (i) each of the 525 Seventh Avenue Mortgage Loan, the Twenty Ninth
Street Retail Mortgage Loan (after the Twenty Ninth Street Retail Companion Loan Securitization Date), the Ellenton Premium Outlets
Mortgage Loan, the Grove City Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Mortgage Loan, 0.0025% per annum,
(ii) the GLP Industrial Portfolio B Mortgage Loan, 0.00125% per annum, and (iii) the Princeton Pike Corporate Center Mortgage
Loan, 0.00500% per annum.

 

“Pass-Through
Rate”: For any Distribution Date: (a) with respect to any Lower-Tier Regular Interest, the Weighted Average Net Mortgage
Rate for such Distribution Date; and (b) with respect to each Class of Certificates, the rate set forth next to such Class in the
table below:

 

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        Class
	 	
        Pass-Through Rate

	Class A-1	 	1.711% per annum
	Class A-2	 	2.982% per annum
	Class A-SB	 	3.340% per annum
	Class A-3	 	3.329% per annum
	Class A-4	 	3.594% per annum
	Class X-A	 	The related Class X Pass-Through Rate
	Class X-B	 	The related Class X Pass-Through Rate
	Class A-S	 	3.903% per annum
	Class B	 	The Weighted Average Net Mortgage Rate for the related Distribution Date minus 0.016%
	Class C	 	The Weighted Average Net Mortgage Rate for the related Distribution Date
	Class X-D	 	The related Class X Pass-Through Rate
	Class X-E	 	The related Class X Pass-Through Rate
	Class X-FG	 	The related Class X Pass-Through Rate
	Class X-H	 	The related Class X Pass-Through Rate
	Class D	 	3.000% per annum
	Class E	 	The Weighted Average Net Mortgage Rate for the related Distribution Date minus 1.250%
	Class F	 	The Weighted Average Net Mortgage Rate for the related Distribution Date minus 1.250%
	Class G	 	The Weighted Average Net Mortgage Rate for the related Distribution Date minus 1.250%
	Class H	 	The Weighted Average Net Mortgage Rate for the related Distribution Date minus 1.250%

 

“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 V and Class R 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 V and Class R 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 the Class to which such Certificate
belongs. With respect to a Class V Certificate or a Class R Certificate, the percentage interest is set forth on the face thereof.

 

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“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

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

 

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

 

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

 

(ii)        time
deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the date of
issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or organized
under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state
banking authorities (A) in the case of such investments with maturities of thirty (30) days or less, the short-term debt obligations
of which are rated in the highest short-term rating category by Moody’s or the long-term debt obligations of which are rated
at least “A2” by Moody’s, (B) in the case of such investments with maturities of three (3) months or less, but
more than thirty (30) days, the short-term obligations of which are rated in the highest short-term rating category by Moody’s
and the long-term obligations of which are rated at least “A1” by

 

    	-85-

    	 

    

 

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

 

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

 

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

 

(v)       commercial
paper (including both non-interest bearing discount obligations and interest bearing obligations) of any corporation or other entity
organized under the laws of the United States or any state thereof payable on demand or on a specified date maturing in one (1)
year or less from the date of acquisition thereof and which is rated in the highest rating category of each

 

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

 

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

 

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

 

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

 

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

 

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adversely affect the status of any Trust REMIC. Permitted Investments that are subject
to prepayment or call may not be purchased at a price in excess of par.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Prepayment
Interest Shortfall”: For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection Period,
which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related Determination
Date (or, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable,
with a Due Date occurring after the related Determination Date, the related Due Date) and prior to the following Due Date, the
amount of interest (net of the related Servicing Fees and any Excess Interest), to the extent not collected from the related Mortgagor
(without regard to any Prepayment Premium or Yield Maintenance Charge actually collected), that would have accrued at a rate per
annum equal to (x) in the case of any Mortgage Loan other than a Serviced Pari Passu Mortgage Loan, the sum of (i) the related
Net Mortgage Rate for such Mortgage Loan, and (ii) the Certificate Administrator/Trustee 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 Serviced Subordinate Companion Loan.

 

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

 

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

 

“Primary Servicing
Fee”: With respect to each Mortgage Loan, the monthly fee payable by the Master Servicer to the related primary servicer
(which may be the Master Servicer) in respect of primary servicing of such Mortgage Loan.

 

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“Primary Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate set forth on the Mortgage Loan Schedule representing the rate
at which the Primary Servicing Fee accrues on such Mortgage Loan.

 

“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.

 

“Princeton Pike
Corporate Center Intercreditor Agreement”: That certain Agreement Between Note Holders, dated as of February 19, 2016,
by and between the holders of the Princeton Pike Corporate Center Non-Serviced Pari Passu Companion Loans and the holder of the
Princeton Pike Corporate Center Mortgage Loan, relating to the relative rights of such holders of the Princeton Pike Corporate
Center Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Princeton Pike
Corporate Center Mortgage Loan”: With respect to the Princeton Pike Corporate Center Whole Loan, the Mortgage Loan that
is included in the Trust (identified as Mortgage Loan No. 6 on the Mortgage Loan Schedule), which is evidenced by the related promissory
note A-2, and is pari passu in right of payment with the Princeton Pike Corporate Center Non-Serviced Pari Passu Companion
Loans to the extent set forth in the Princeton Pike Corporate Center Intercreditor Agreement.

 

“Princeton Pike
Corporate Center Mortgaged Property”: The Mortgaged Property that secures the Princeton Pike Corporate Center Whole Loan.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Private Placement
Memorandum”: The private placement memorandum relating to the offer and sale of the Class X-D, Class X-E, Class X-FG,
Class X-H, Class D, Class E, Class F, Class G, Class H, Class V and Class R Certificaticates, dated February 23, 2016.

 

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

 

“Privileged
Information”: Any (i) correspondence between the Directing Certificateholder and the Special Servicer related to any
Specially Serviced Loan (other than with respect to any Excluded Loan) or the exercise of the Directing Certificateholder’s
consent or consultation rights under this Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably
determined could compromise the Trust’s position in any

 

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ongoing or future negotiations with the related Mortgagor or other
interested party and that is labeled or otherwise identified as Privileged Information by the Special Servicer, (iii) information
subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report. 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 and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other
governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to
a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as evidenced by an opinion
of counsel (which will be an additional expense of the Trust) delivered to each of the Master Servicer, the Special Servicer, the
Directing Certificateholder, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee),
required by law, rule, regulation, order, judgment or decree to disclose such information.

 

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

 

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Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is 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 Affiliate involved in the management of any investment in the related Borrower
Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership
interest in the related Borrower Party, and (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 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 any Excluded
Controlling Class Holder shall be permitted to obtain from the Master Servicer in accordance with Section 4.02(f) of this
Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling
Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class
Holder via the Certificate Administrator’s Website).

 

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

 

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

 

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

 

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

 

“Prospectus”:
The prospectus relating to the offer and sale of the Registered Certificates, dated February 23, 2016.

 

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

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

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

 

(i)         the
outstanding principal balance of such Mortgage Loan (or any successor REO Loan) as of the date of purchase; plus

 

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

 

(iii)       all
related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement Rate, Special
Servicing Fees (whether paid or unpaid) and any other additional trust fund expenses (except for Liquidation Fees) in respect of
such Mortgage Loan (or related successor REO Loan), if any; plus

 

(iv)       if
such Mortgage Loan (or successor REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller, pursuant to
Section 5 of the applicable Mortgage Loan Purchase Agreement, the Asset Representations Reviewer Asset Review Fee (to the extent
not previously paid by the related Mortgage Loan Seller), all reasonable out-of-pocket expenses reasonably incurred or to be incurred
by the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer, 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 successor REO Loan); provided,
that such out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting
an Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate
Owner’s, as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(l) hereof; plus

 

(v)        Liquidation
Fees, if any, payable with respect to such Mortgage Loan (or successor REO Loan) (which will not include any Liquidation Fees if
such repurchase occurs prior to the expiration of the Extended Cure Period).

 

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

 

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“Purchase Price” shall
not include any amounts payable in respect of any related Companion Loan. Notwithstanding anything to the contrary in this
definition of “Purchase Price,” the Mortgage Loan Seller shall nevertheless be obligated to pay any amounts due
and owing under Section 3.08(e).

 

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

  

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

 

“Qualified Mortgage
Material Defect”: As defined in Section 2.03(b).

 

“Qualified Replacement
Special Servicer”: A replacement special servicer (i) that satisfies all of the eligibility requirements applicable to
special servicers contained in this Agreement, (ii) that is not the Operating Advisor, the Asset Representations Reviewer or an
Affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) that 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, or (y) for the appointment
of the successor special servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become
the Special Servicer, (iv) that 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) that is not entitled to receive any fee from the Operating Advisor for its appointment as successor special
servicer, in each case, unless such fee is expressly approved by 100% of the Certificateholders, (vi)(A) that confirms in writing
that it was appointed to act as, and currently serves as, special servicer on a transaction level basis on the closing date of
a commercial mortgage loan securitization with respect to which Moody’s rated one or more classes of certificates and one
or more of such classes of certificates are still outstanding and rated by Moody’s and (B) with respect to which Moody’s
has not cited servicing concerns of such replacement 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 rated by Moody’s in any other commercial mortgage-backed securities transaction serviced by the replacement
special servicer prior to the

 

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time of determination, (vii) that currently has a special servicer rating of at least “CSS3”
from Fitch, and (viii) that (a) if acting as special servicer in a commercial mortgage loan securitization that was rated by KBRA
within the twelve (12) month period prior to the date of determination, has not been downgraded or had withdrawn the then current
rating on any class of commercial mortgage securities or had placed any class of commercial mortgage securities on watch citing
the continuation of such special servicer, as special servicer of such commercial mortgage securities, as the sole or a material
reason for such downgrade or withdrawal (or placement on watch) or (b) if not acting as special servicer in a commercial mortgage
loan securitization that was rated by KBRA in such twelve (12) month period, receives a Rating Agency Confirmation from such Rating
Agency.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan replacing a removed Mortgage Loan that must, on the date of substitution:
(i) have an outstanding principal balance, after deduction of the principal portion of the Periodic Payment due in the month of
substitution, not in excess of the Stated Principal Balance of the removed Mortgage Loan; provided, that, to the extent
that the principal balance of such Mortgage Loan is less than the Stated Principal Balance of the removed Mortgage Loan, then such
differential in principal amount, together with interest thereon at the Mortgage Rate on the related Mortgage Loan from the date
as to which interest was last paid through the last day of the month in which such substitution occurs, shall be paid by the party
effecting such substitution to the Master Servicer for deposit into the Collection Account, and shall be treated as a Principal
Prepayment hereunder; (ii) accrue interest at a rate of interest at least equal to that of the removed Mortgage Loan; (iii) have
a remaining term to stated maturity not greater than, and not more than two (2) years less than, that of the removed Mortgage Loan;
(iv) have an original loan-to-value ratio not higher than that of the removed Mortgage Loan and a current loan-to-value ratio (equal
to the outstanding principal balance on the date of substitution divided by its current Appraised Value) not higher than the current
loan-to-value ratio of the removed Mortgage Loan; (v) have a current debt service coverage ratio equal to or greater than the current
debt service coverage ratio of the removed Mortgage Loan; (vi) comply with all of the representations and warranties relating to
Mortgage Loans set forth in the applicable Mortgage Loan Purchase Agreement, as of the date of substitution; (vii) have an environmental
assessment relating to the related Mortgaged Property in its Mortgage File that does not, in the good faith reasonable judgment
of the Special Servicer, consistent with the Servicing Standard, raise material issues that have not been adequately addressed;
(viii) have an engineering report relating to the related Mortgaged Property in its Mortgage File that does not, in the good faith
reasonable judgment of the Special Servicer, consistent with the Servicing Standard raise material issues that have not been adequately
addressed; and (ix) have been the subject of an Opinion of Counsel, delivered to the Trustee and the Certificate Administrator
at the related Seller’s expense, that such Mortgage Loan is a “qualified replacement mortgage” within the meaning
of Section 860G(a)(4) of the Code; provided that no substitute mortgage loan may have a Maturity Date after the date three
(3) years prior to the Rated Final Distribution Date; provided, further, that no substitute mortgage loan shall be
substituted for a removed Mortgage Loan unless a Rating Agency Confirmation has been obtained from each Rating Agency (at the expense
of the related Mortgage Loan Seller); provided, further, that, so long as a Control Termination Event has not occurred
and is not continuing and the affected Mortgage Loan is not an Excluded Loan, any such substitution will require the consent of
the Directing Certificateholder (not to be unreasonably

 

    	-96-

    	 

    

 

withheld); provided, further, that no Mortgage Loan may be
replaced by more than one substituted mortgage loan.

 

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

 

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

 

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

 

“Rated Final
Distribution Date”: As to each Class of Certificates, the Distribution Date in March 2049.

 

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

 

“Rating Agency
Communication”: With respect to any action, any written communication intended for a Rating Agency relating to such action,
which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document format suitable
for website posting to the 17g-5 Information Provider (which will be required to post such request on the 17g-5 Information Provider’s
Website in accordance with this Agreement).

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in any format that is consistent with
the policies, procedures or guidelines of the applicable Rating Agency at the time such Rating Agency Confirmation is sought, including,
without limitation, by way of electronic communication, press release or any other written communication and need not be directed
or addressed to any party to this Agreement) 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).

 

    	-97-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	-98-

    	 

    

 

	Related
                                         Certificates 
		Related
                                         Lower-Tier Regular Interest 

	Class
    A-1 Certificates	 	Class
    LA1 Uncertificated Interest
	Class
    A-2 Certificates	 	Class
    LA2 Uncertificated Interest
	Class
    A-SB Certificates	 	Class
    LASB Uncertificated Interest
	Class
    A-3 Certificates	 	Class
    LA3 Uncertificated Interest
	Class
    A-4 Certificates	 	Class
    LA4 Uncertificated Interest
	Class
    A-S Certificates	 	Class
    LAS Uncertificated Interest
	Class
    B Certificates	 	Class
    LB Uncertificated Interest
	Class
    C Certificates	 	Class
    LC Uncertificated Interest
	Class
    D Certificates	 	Class
    LD Uncertificated Interest
	Class
    E Certificates	 	Class
    LE Uncertificated Interest
	Class
    F Certificates	 	Class
    LF Uncertificated Interest
	Class
    G Certificates	 	Class
    LG Uncertificated Interest
	Class
    H Certificates	 	Class
    LH Uncertificated Interest

 

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

 

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

 

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

 

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

 

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

 

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

 

“REO
Account”: A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to Section
3.14(b) on behalf of the Trustee for the benefit of the Certificateholders and with respect to any Serviced Whole Loan, for
the benefit of the related Serviced Companion Noteholder, which shall initially be entitled “CWCapital Asset

 

    	-99-

    	 

    

 

Management
LLC, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered holders
of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, 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, each 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 a REO Loan. All amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of the predecessor Mortgage
Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, any unpaid
Special Servicing Fees and Servicing Fees, additional trust fund expenses and any unreimbursed Advances, together with any interest
accrued and payable to the Master Servicer or the Trustee, as applicable, in respect of such Advances in accordance with Section
3.03(d) or Section 4.03(d), shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect
of an REO Loan. In addition, Unliquidated Advances and Nonrecoverable Advances with respect to such REO Loan, in each case, that
were paid from collections on the related Mortgage Loans and resulted in principal distributed to the Certificateholders being
reduced as a result of the first proviso in the definition of “Principal Distribution Amount” shall be deemed outstanding
until recovered. Notwithstanding anything to the contrary, with respect to each Serviced Whole Loan, no amounts relating to the
related REO Property or REO Loan allocable to the related Serviced Pari Passu Companion Loan, as applicable, will be available
for amounts due to the Certificateholders or to reimburse the Trust, other than in the limited circumstances related to Servicing
Advances, indemnification payments, Special Servicing Fees and other

 

    	-100-

    	 

    

 

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 a Serviced Subordinate Companion Loan, as set forth in the related Intercreditor Agreement.

 

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

 

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

 

“Reportable
Event”: As defined in Section 11.07.

 

“Reporting
Requirements”: As defined in Section 11.12.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Requesting
Investors”: As defined in Section 5.06(b)(ii).

 

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

 

    	-101-

    	 

    

 

“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 is 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
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
Defeasance Rights and Obligations”: Any of the MSMCH Seller Defeasance Rights and Obligations, the BANA Lender Successor
Borrower Right or the UBSRES Seller Defeasance Rights and Obligations, each as defined in Section 3.18(i).

 

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

 

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

 

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

 

“Rule
144A”: Rule 144A under the Act.

 

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

 

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

 

    	-102-

    	 

    

 

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

 

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

 

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

 

“Scheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal
portions of the following: (a) all 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 paid by the Mortgagor
as of the related Determination Date or, if applicable, as of such later date as would permit inclusion in the Available Funds
for such Distribution Date (or (i) 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 (ii) with respect to a Non-Serviced
Mortgage Loan, received by the Master Servicer as of such date as would permit inclusion in the Available Funds for such Distribution
Date) or 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, if applicable, as of such later date as would permit inclusion in the Available Funds for such Distribution Date (or
(i) 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 (ii) with respect to a Non-Serviced Mortgage Loan, received by the
Master Servicer as of such date as would permit inclusion in the Available Funds for such Distribution Date), and to the extent
not included in clause (a) above for the subject Distribution Date or in the Scheduled Principal Distribution Amount for
any preceding Distribution Date.

 

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

 

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

 

    	-103-

    	 

    

 

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

 

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

 

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

 

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

 

“Serviced
AB Mortgage Loan”: A senior “A note” that is part of a Serviced AB Whole Loan and which is a Mortgage Loan
that is part of the Trust Fund and that is senior in right of payment to the related Serviced Subordinate Companion Loan to the
extent set forth in the related Intercreditor Agreement. For the avoidance of doubt, there is no Serviced AB Mortgage Loan under
this Agreement.

 

“Serviced
AB Mortgaged Property”: The Mortgaged Property which secures the related Serviced AB Whole Loan. For the avoidance of
doubt, there is no Serviced AB Mortgaged Property under this Agreement.

 

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

 

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

 

    	-104-

    	 

    

 

“Serviced
Companion Loan”: Each of (a) the 2100 Ross Serviced Pari Passu Companion Loans, (b) the Twenty Ninth Street Retail Pari
Passu Companion Loans (prior to the Twenty Ninth Street Retail Companion Loan Securitization Date), (c) the Gateway Plaza Serviced
Pari Passu Companion Loans and (d) any Serviced Subordinate Companion Loan related to a Serviced AB Whole Loan, as applicable.

 

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

 

“Serviced
Companion Noteholder”: Each of the holders of (a) the 2100 Ross Serviced Pari Passu Companion Loans, (b) the Twenty
Ninth Street Retail Pari Passu Companion Loans (prior to the Twenty Ninth Street Retail Companion Loan Securitization Date), (c)
the Gateway Plaza Serviced Pari Passu Companion Loans and (d) any Serviced Subordinate Companion Loan related to a Serviced AB
Whole Loan, as applicable.

 

“Serviced
Mortgage Loan”: Each of (a) the 2100 Ross Mortgage Loan, (b) the Twenty Ninth Street Retail Mortgage Loan (prior to
the Twenty Ninth Street Retail Companion Loan Securitization Date), (c) the Gateway Plaza Mortgage Loan and (d) any Serviced Subordinate
Companion Loan related to a Serviced AB Whole Loan, as applicable.

 

“Serviced
Pari Passu Companion Loan”: Each of (a) the 2100 Ross Serviced Pari Passu Companion Loans, (b) the Twenty Ninth Street
Retail Pari Passu Companion Loans (prior to the Twenty Ninth Street Retail Companion Loan Securitization Date) and (c) the Gateway
Plaza Serviced Pari Passu Companion Loan(s).

 

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

 

“Serviced
Pari Passu Mortgage Loan”: Each of (a) the 2100 Ross Mortgage Loan, (b) the Twenty Ninth Street Retail Mortgage Loan
(prior to the Twenty Ninth Street Retail Companion Loan Securitization Date) and (c) the Gateway Plaza Mortgage Loan.

 

“Serviced
Pari Passu Whole Loan”: Each of (a) the 2100 Ross Whole Loan, (b) the Twenty Ninth Street Retail Whole Loan (prior to
the Twenty Ninth Street Retail Companion Loan Securitization Date) and (c) the Gateway Plaza Whole Loan.

 

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

 

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

 

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

 

    	-105-

    	 

    

 

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

 

“Serviced
Whole Loan”: Each of (a) the 2100 Ross Whole Loan, (b) the Twenty Ninth Street Retail Whole Loan (prior to the Twenty
Ninth Street Retail Companion Loan Securitization Date) and (c) the Gateway Plaza 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: (a) the applicable date set forth in the related
Intercreditor Agreement for remittances by the Master Servicer to the holder of such Serviced Companion Loan; or (b) if no such
date described in clause (a) is set forth in the related Intercreditor Agremeent, the applicable remittance date, which shall
be (i) prior to contribution of such Serviced Companion Loan to an Other Securitization, the Master Servicer Remittance Date and
(ii) following contribution of such Serviced Companion Loan to an Other Securitization, the earlier of (A) Master Servicer Remittance
Date or (B) the Business Day immediately succeeding the “determination date” set forth in the related Other Pooling
and Servicing Agreement, provided, such Serviced Whole Loan Remittance Date shall not be earlier than the sixth (6th)
day of any month.

 

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

 

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

 

“Servicing
Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses (including
attorneys’ fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer,
Certificate Administrator, or the Trustee, as applicable, in connection with the servicing and administering of (a) a
Mortgage Loan (and in the case of a Serviced Pari Passu 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

 

    	-106-

    	 

    

 

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.

 

“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, Serviced Companion Loan and 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 (i) each Mortgage Loan and REO Loan, a per annum rate equal to 0.0025% plus the rate
set forth on the Mortgage Loan Schedule under the heading “Primary Servicing Fee Rate”, 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 loan, and (ii) each Serviced Pari Passu Companion Loan, 0.0025% per annum, in each case computed on
the basis of the Stated Principal Balance of the related Serviced Pari Passu Companion Loan in the same manner in which interest
is calculated in respect of such loan; provided, that with respect to the Twenty Ninth Street Retail Mortgage Loan, on
and after the Twenty Ninth Street Retail Companion Loan Securitization Date, the related Servicing Fee Rate shall be 0.0025% per
annum.

 

“Servicing
File”: With respect to any Mortgage Loan, a photocopy of all items required to be included in the Mortgage File, together
with, without duplication, to the extent required to be (and actually) delivered to the applicable Mortgage Loan Seller or other
originator pursuant to the applicable Mortgage Loan documents, copies of the following items: the Mortgage Note, any Mortgage,
the Assignment of Leases and the Assignment of Mortgage, any guaranty/indemnity agreement, any loan agreement, any insurance policies
or certificates (as applicable), any property inspection reports, any financial statements on the property, any escrow analysis,
any tax bills, any Appraisal, any environmental report, any engineering report, third-party management agreements, any asset summary,
financial information on the Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor agreement and any
environmental insurance policies.

 

“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, the Asset Representations Reviewer and the Certificate Administrator,
that is performing activities that address the Servicing Criteria, unless (i) such Person’s activities relate only to 5%
or less of the Mortgage Loans by unpaid principal balance as of any date of determination in accordance with ARTICLE XI
or (ii) the Depositor reasonably determines that a Master Servicer or the Special Servicer may, for the purposes of the Exchange
Act reporting requirements pursuant to applicable Commission guidance, take responsibility for

 

    	-107-

    	 

    

 

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.

 

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

 

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

 

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

 

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

 

    	-108-

    	 

    

 

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

 

(iv)        the
Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with respect to any Mortgage Loan other than
an Excluded Loan and unless a Control Termination Event has occurred and is continuing, with the consent of the Directing Certificateholder)
makes a judgment that a payment default is imminent or reasonably foreseeable and is not likely to be cured by the related Mortgagor
within sixty (60) days; or

 

(v)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up
or liquidation of its affairs, is entered against the related Mortgagor; provided that if such decree or order was involuntary
and is discharged or stayed within sixty (60) days of being entered, or if, as to a bankruptcy, the automatic stay is lifted within
sixty (60) days of a filing for relief or the case is dismissed, upon such discharge, stay, lifting or dismissal such Mortgage
Loan (and any related Serviced Companion Loan, as applicable), shall no longer be a Specially Serviced Loan (and no Special Servicing
Fees, Workout Fees or Liquidation Fees will be payable with respect thereto and any such fees actually paid shall be reimbursed
to the Trust Fund by the Special Servicer); or

 

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

 

(vii)       the
related Mortgagor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or

 

(viii)      a
default of which the Master Servicer or the Special Servicer, as applicable, has notice (other than a failure by such Mortgagor
to pay principal or interest) and which the Master Servicer or Special Servicer (in the case of the Special Servicer, with respect
to any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with
the consent of the Directing Certificateholder) determines in its good faith reasonable judgment may materially and adversely
affect the interests of the Certificateholders (and, with respect to any Serviced Whole Loan, the interests of the related Serviced
Companion Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Serviced

 

    	-109-

    	 

    

 

Companion
Loans, as the case may be), if applicable, has occurred and remained unremedied for the applicable Grace Period specified in the
related Mortgage Loan or related Companion Loan documents, other than the failure to maintain terrorism insurance if such failure
constitutes an Acceptable Insurance Default (or if no Grace Period is specified for those defaults which are capable of cure,
sixty (60) days); or

 

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

 

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

 

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

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Distribution Date occurring on or immediately following the
date on

 

    	-110-

    	 

    

 

which
financial statements for such calendar quarter are required to be delivered to the related lender under the related Mortgage Loan
documents. The Depositor, the Master Servicer and the Certificate Administrator acknowledge that in the event the Mortgaged Property
securing the related Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation
AB) with respect to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial
statements are required to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net
operating income information, thirty (30) days following the end of each fiscal quarter, subject to the terms of the related loan
agreement.

 

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

 

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

 

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

 

“Special
Notice”: As defined in Section 5.06.

 

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

 

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

 

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

 

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

 

“Sponsors”:
The Mortgage Loan Sellers.

 

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

 

    	-111-

    	 

    

 

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

 

(i)          the
principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, due after the Due Date in the related month of substitution), to the extent received from the Mortgagor on or prior
to the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination or advanced
by the Master Servicer as of the most recent Distribution Date coinciding with or preceding such date of determination;

 

(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) and on or prior to the Determination Date for the most
recent Distribution Date coinciding with or preceding such date of determination;

 

(iii)       the
principal portion of all Insurance and Condemnation Proceeds 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 on or prior to the Determination Date for the most recent Distribution Date coinciding with or preceding such date of determination;
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 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 on or prior to the Determination
Date for the most recent Distribution Date coinciding with or preceding such date of determination.

 

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

 

(i)         the
principal portion of any P&I Advance made with respect to such REO Loan as of the most recent Distribution Date coinciding
with or preceding such date of determination; and

 

(ii)        the
principal portion of all Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues received with respect to such
REO Loan on or prior to the Determination Date for the most recent Distribution Date coinciding with or preceding such date of
determination.

 

    	-112-

    	 

    

 

Notwithstanding
anything herein to the contrary, if a Mortgage Loan or REO Loan is paid in full or the Mortgage Loan or REO Loan (or any REO Property)
is otherwise liquidated, then as of the first Distribution Date that relates to the first Determination Date coinciding with or
following to the date of such event, and notwithstanding that a loss may have occurred in connection with any liquidation, the
Stated Principal Balance of the Mortgage Loan or REO Loan will be zero.

 

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

 

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

 

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

 

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

 

“Subject
Loans”: As defined in Section 12.02(a).

 

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

 

“Sub-Servicer”:
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the
material servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under
this Agreement, with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

    	-113-

    	 

    

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, as the case may be, and any Sub-Servicer
relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Substitution
Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b) hereof, an amount equal to the
excess, if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the Stated
Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal and
interest due during or prior to the month of substitution.

 

“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 filed with the Internal Revenue Service or any other governmental
taxing authority under any applicable provisions of federal tax law or Applicable State and Local Tax Law.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Trust”:
The trust created hereby and to be administered hereunder. The Trust shall be named: “Morgan Stanley Capital I Trust 2016-UBS9”.

 

    	-114-

    	 

    

 

“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 Lower-Tier REMIC Distribution
Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Interest Reserve Account, the
Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such Gain-on-Sale Reserve Account) and any REO Account
(to the extent of the Trust’s interest in such REO Account), including any reinvestment income, as applicable; (ix) any
Environmental Indemnity Agreements (to the extent of the Trust’s interest therein); (x) the rights and remedies of the Depositor
under each Mortgage Loan Purchase Agreement (to the extent transferred to the Trustee); (xi) the Lower-Tier Regular Interests;
and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the lock-box accounts, cash collateral
accounts, escrow accounts and any reserve accounts, to the extent such interest belongs to the related Mortgagor). For the avoidance
of doubt, no MSMCH Seller Defeasance Rights and Obligations, BANA Lender Successor Borrower Right or UBSRES Seller Defeasance
Rights and Obligations is an asset of the Trust Fund.

 

“Trust
REMIC”: As defined in the Preliminary Statement.

 

“Trustee”:
Wells Fargo Bank, National Association, or its successor in interest, in its capacity as trustee and its successors in interest,
or any successor trustee appointed as herein provided.

 

“Trustee
Fee”: The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which
fee is included as part of the Certificate Administrator/Trustee 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.

 

“Twenty
Ninth Street Retail Companion Loan Securitization Date”: The date on which the Twenty Ninth Street Retail Controlling
Pari Passu Companion Loan is included in a securitization trust.

 

    	-115-

    	 

    

 

“Twenty
Ninth Street Retail Controlling Pari Passu Companion Loan”: The Twenty Ninth Street Retail Pari Passu Companion Loan
evidenced by the related promissory note designated as promissory note A-1.

 

“Twenty
Ninth Street Retail Intercreditor Agreement”: That certain Co-Lender Agreement, dated March 8, 2016, by and between
each holder of the Twenty Ninth Street Retail Pari Passu Companion Loans and the holder of the Twenty Ninth Street Retail Mortgage
Loan, relating to the relative rights of such holders of the Twenty Ninth Street Retail Whole Loan, as the same may be further
amended in accordance with the terms thereof.

 

“Twenty
Ninth Street Retail Mortgage Loan”: With respect to the Twenty Ninth Street Retail Whole Loan, the Mortgage Loan that
is included in the Trust (identified as Mortgage Loan No. 7 on the Mortgage Loan Schedule), which is evidenced by the related
promissory note A-2, and is pari passu in right of payment with the Twenty Ninth Street Retail Pari Passu Companion Loans
to the extent set forth in the Twenty Ninth Street Retail Intercreditor Agreement.

 

“Twenty
Ninth Street Retail Mortgaged Property”: The Mortgaged Property that secures the Twenty Ninth Street Retail Whole Loan.

 

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

 

“Twenty
Ninth Street Retail PSA”: Any pooling and servicing agreement that creates a trust whose assets include the Twenty Ninth
Street Retail Controlling Pari Passu Companion Loan.

 

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

 

“UBSRES
Seller Defeasance Rights and Obligations” has the meaning set forth in Section 3.18(i) hereof.

 

“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.

 

    	-116-

    	 

    

 

“Underwriters”:
Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Drexel Hamilston, LLC
and Academy Securities, Inc.

 

“Underlying
Class(es)”: With respect to each Class of Class X Certificates, the Class(es) of Principal Balance Certificates set
forth in the table below next to such Class of Class X Certificates whose Certificate Balance(s) comprise the Notional Amount
of such Class of Class X Certificates.

 

	Class 
	 	Underlying
                                         Class(es) 

	Class
    X-A	 	Class
    A-1, Class A-2, Class A-SB, Class A-3 and Class A-4
	Class
    X-B	 	Class
    A-S and Class B
	Class
    X-D	 	Class
    D
	Class
    X-E	 	Class
    E
	Class
    X-FG	 	Class
    F and Class G
	Class
    X-H	 	Class
    H

 

“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 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, the aggregate of the following to the extent
not included in the Unscheduled Principal Distribution Amount for any prior Distribution Date: (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 and Workout Fees payable in respect of the related
Mortgage Loan as of the date of receipt of such proceeds, 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 payable as of the date of receipt
of such proceeds) 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).

 

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“Upper-Tier
REMIC”: One of the two separate REMICs comprising a portion of 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 “Wells Fargo Bank, National Association, as Certificate Administrator,
on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the registered holders of Morgan Stanley Capital
I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Upper-Tier REMIC Distribution Account”.
Any such account or accounts shall be an Eligible Account.

 

“U.S.
Dollars” or “$”: Lawful money of the United States of America.

 

“U.S.
Tax Person”: A citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons
have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations,
certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At all times
during the term of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows:
(i) 2% in the case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as of
the date of determination) and (ii) in the case of the Principal Balance Certificates, a percentage equal to the product of 98%
and a fraction, the numerator of which is equal to the Certificate Balance of such Class, and the denominator of which is equal
to the aggregate Certificate Balance of all Classes of the Principal Balance Certificates, in each case determined as of the prior
Distribution Date (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), such numerator and denominator shall take
into account any notional reduction in the Certificate Balance of any Class of Principal Balance Certificates for Appraisal Reduction
Amounts allocated to such Class). The Voting Rights of any Class of Certificates are required to be allocated among Certificateholders
of such Class in proportion to their respective Percentage Interests. Neither the Class V nor Class R Certificates will be entitled
to any Voting Rights.

 

“Weighted
Average Net Mortgage Rate”: With respect to any Distribution Date, the weighted average of the applicable Net Mortgage
Rates of the Mortgage Loans (including any Non-Serviced Mortgage Loans) as of the first day of the related Collection Period,
weighted

 

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on
the basis of their respective Stated Principal Balances immediately following the preceding Distribution Date (or, in the case
of the initial Distribution Date, as of the Closing Date).

 

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

 

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

 

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

 

“Whole
Loan”: Any of (i) the 525 Seventh Avenue Whole Loan, (ii) the GLP Industrial Portfolio B Whole Loan, (iii) the 2100
Ross Whole Loan, (iv) the Princeton Pike Corporate Center Whole Loan, (v) the Twenty Ninth Street Retail Whole Loan, (vi) the
Ellenton Premium Outlets Whole Loan, (vii) the Gateway Plaza Whole Loan, (viii) the Grove City Premium Outlets Whole Loan, and
(ix) the Gulfport Premium Outlets Whole Loan.

 

“Withheld
Amounts”: As defined in Section 3.21(a).

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage
Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic Payments under its modified terms,
would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent
that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance on or before
the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance (and accrued and unpaid
interest thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified loan documents.
That any 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) at a rate of equal to the Workout Fee Rate, applied to each collection of interest and principal (including
scheduled payments, prepayments (provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due
to a Material Defect or a Material Breach shall not be considered a prepayment for purposes of this definition), Balloon
Payments and payments at maturity, but excluding any amount for which a Liquidation Fee would be paid, late payment charges,
Default Interest and Excess Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage Loan for so
long as it remains a Corrected Mortgage Loan, pursuant to Section 3.11(c) of this Agreement; provided, that in
no event shall the Workout Fee exceed $1,000,000, in the aggregate with respect to any particular workout of a Mortgage Loan
that is a Specially Serviced Loan; provided, further, that after receipt by the Special Servicer of Workout
Fees with respect to a 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, that in the event the Workout Fee collected
over the

 

    	-119-

    	 

    

 

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.

 

“Workout
Fee Rate”: With respect to each Corrected Loan and in accordance with Section 3.11(c), a rate equal to 1.00%.

 

“Yield
Maintenance Charge”: With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable,
as the context requires, by a borrower in connection with a principal prepayment on, or other early collection of principal of,
a Mortgage Loan, calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that
reflects the lost interest, including any specified amount or specified percentage of the amount prepaid which constitutes the
minimum amount that such Yield Maintenance Charge may be.

 

Section
1.02     Certain Calculations. Unless otherwise specified herein, for purposes of determining amounts
with respect to the Certificates and the rights and obligations of the parties hereto, the following provisions shall apply:

 

(i)          All
calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on
the basis of a 360-day year consisting of twelve 30-day months.

 

(ii)        Any
Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer
or the Special Servicer; provided, however, that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with
the Servicing Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding principal
balance of such Mortgage Loan, on which interest accrues.

 

(iii)       Any
reference to the Certificate Balance of any Class of Principal Balance Certificates on or as of a Distribution Date shall refer
to the Certificate Balance of such Class of Principal Balance Certificates on such Distribution Date after giving effect to (a)
any distributions made on such Distribution Date pursuant to Section 4.01(a) and (c), (b) any Realized Losses allocated
to such Class of Principal Balance Certificates on that Distribution Date pursuant to Section 4.04, and (c) any recoveries
on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously reimbursed from principal
collections on the related Mortgage Loans, that resulted in a reduction of the Principal Distribution Amount, which recoveries
are allocated to such Class of Principal Balance Certificates, and added to the Certificate Balance pursuant to Section 4.04(a).

 

(iv)       Unless
otherwise specifically provided for herein, all net present value calculations and determinations made with respect to a Mortgage
Loan, Serviced

 

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Companion
Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”)
shall be made, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal and interest payments
on a Mortgage Loan, Serviced Companion Loan, as applicable, or sale by the Special Servicer of a Defaulted Loan, the highest of
(x) the rate determined by the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would
be obtainable by the related Mortgagor on similar non-defaulted debt of such Mortgagor as of such date of determination, (y) the
Mortgage Rate on the applicable Mortgage Loan or Serviced Companion Loan based on its outstanding principal balance and (z) the
yield on 10-year U.S. treasuries as of such date of determination, and (b) for all other cash flows, including property cash flow,
the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal) of the related Mortgaged
Property.

 

(v)        Any
reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall
be construed to mean, for any Serviced Pari Passu Mortgage Loan, an expense that shall be applied in accordance with the related
Intercreditor Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor
Agreement refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit
the following application of trust fund expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari
passu, to the Trust and to the 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 Loan or (ii) with respect to any Serviced
AB Whole Loan, first, to the related Serviced Subordinate Companion Loan and then, to the Trust.

 

ARTICLE
II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF 

CERTIFICATES

 

Section
2.01     Conveyance of Mortgage Loans. (a) The Depositor, concurrently
with the execution and delivery hereof, does hereby establish a trust, appoint the Trustee as trustee of the trust, assign, sell,
transfer and convey to the Trustee, in trust, without recourse, for the benefit of the Certificateholders and the Trustee (as
holder of the Lower-Tier Regular Interests) all the right, title and interest of the Depositor, including any security interest
therein for the benefit of the Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule,
(ii) the Depositor’s rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Trustee
pursuant to Section 14 thereof (and are so assigned hereunder); (iii) the Depositor’s rights under any Intercreditor
Agreement and, if applicable, the related Non-Serviced Mortgage Loan PSA or Other Pooling and Servicing Agreement with respect
to any Mortgage Loan that is part of a Whole Loan; and (v) all other assets included or to be included in the Lower-Tier REMIC
or the Grantor Trust (in each case, other than (w) payments of principal and interest due and payable on the Mortgage Loans
on or before the Cut-off Date; (x) prepayments of principal collected on or before the Cut-off Date; (y) with respect
to those Mortgage Loans that were closed in March 2016 but have their first Due Date in April 2016, any interest amounts relating
to the period prior to the Cut-off Date; and (z) any Retained Defeasance Rights and Obligations with respect to the Mortgage
Loans) (collectively, the “Conveyed Assets”). 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 the Depositor’s rights under each Mortgage Loan Purchase Agreement
that are permitted to be assigned to the Trustee pursuant to Section 14 thereof it is intended that the Trustee get the benefit
of Sections 1, 2, 4.1 (other than clause 4.1.7 and clause 4.1.14), 5, 9, 10, 11, 12, 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 such sections in connection therewith.

 

 

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(b)          In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and
hereby represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan
Purchase Agreement to deliver and deposit with, or cause to be delivered to and deposited with, the Custodian, (A) on or
before the Closing Date, the documents 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 Sections
2.01(b) or (c) hereof with respect to any item), the remainder of the Mortgage File for each Mortgage Loan and,
except in the case of a Mortgage Loan that is a Non-Serviced Whole Loan as of the Closing Date (which delivery shall be
subject to the penultimate paragraph of the definition of “Mortgage File”), any other items required to be
delivered or deposited by the Mortgage Loan Seller pursuant to this Section 2.01(b) or Section 2.01(c) of this
Agreement (other than amounts from reserve accounts (which shall be delivered in accordance with Section 2.01(f) of
this Agreement) and originals of letters of credit, which shall be transferred to the Master Servicer) for each Mortgage
Loan, and to take such other actions and pay such costs with respect to the Mortgage Loans as may be contemplated to be taken
or paid by the applicable Mortgage Loan Seller under Sections 2.01(b) and (c) hereof. 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), (iii), (v), (vi) and/or (ix) of the definition of
“Mortgage File” with evidence of filing or recording thereon, 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 the
forty-five (45) day period following 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 within such forty-five (45) day period, and such delivery requirements
shall be deemed satisfied in full if 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, which consent shall not be

 

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unreasonably
withheld 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 one hundred eighty (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), (iii), (v), (vi) and/or (ix) 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 (iv) or clause (vi) 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 the penultimate paragraph
of the definition of “Mortgage File” herein. As to any Mortgage Loan, the related Mortgage Loan Seller or its agent
is responsible for recording or filing, as applicable, any one of the assignments in favor of the Trustee referred to in clause
(iv) or clause (vi) 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

 

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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 within ten (10) Business
Days following the Closing Date (which letter of credit shall be titled in the name of, or assigned to, “KeyBank
National Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of
registered holders of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass Through Certificates, Series
2016-UBS9”), 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 a copy of an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s) of
credit pursuant to this Section 2.01(b), one of which shall be delivered to the Custodian within forty-five (45) days
after the Closing Date. If a letter of credit referred to in the previous sentence is not in a form that would allow the
Master Servicer to draw on such letter of credit on behalf of the Trust in accordance with the applicable terms thereof
and/or of the related Mortgage Loan documents, the applicable Mortgage Loan Seller shall deliver the appropriate assignment
or amendment documents (or copies of such assignment or amendment documents if the related Mortgage Loan Seller has submitted
the originals to the related issuer of such letter of credit for processing) to the Custodian within forty-five (45) days of
the Closing Date; provided that with respect to the Twenty Ninth Street Retail Mortgage Loan, no such assignments
shall be made until the earliest of (i) the Twenty Ninth Street Retail Companion Loan Securitization Date, in which case such
assignments shall be made in accordance with the related Non-Serviced PSA, (ii) the earlier of (A) 180 days after the Closing
Date and (B) such time as any such letter of credit is required to be drawn upon by the Master Servicer, in which case such
assignments shall be made in favor of the Trustee for the benefit of the Certificateholders and for the benefit of the
holders of the Twenty Ninth Street Retail Pari Passu Companion Loans, until the occurrence of the Twenty Ninth Street Retail
Companion Loan Securitization Date, and (iii) in the event the Twenty Ninth Street Retail Mortgage Loan becomes a Specially
Serviced Loan prior to the securitization of the Twenty Ninth Street Retail Controlling Pari Passu Companion Loan, in which
case such assignments shall be made in favor of the Trustee for the benefit of the Certificateholders and for the benefit of
the holders of the Twenty Ninth Street Retail Pari Passu Companion Loans, until the occurrence of the Twenty Ninth Street
Retail Companion Loan Securitization Date. Contemporaneous with the securitization of the Twenty Ninth Street Retail
Controlling Pari Passu Companion Loan, any such related letter of credit shall be assigned to the related Non-Serviced Master
Servicer or related Non-Serviced Trustee, as applicable, as provided in the related Non-Serviced PSA. If not otherwise paid
by the related Mortgagor, the applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such
letter(s) of credit required in order for the Master Servicer to draw on such letter(s) of credit on behalf of the
Trust

 

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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 shall, at its sole cost and expense, cause each
Assignment of Mortgage, each assignment of Assignment of Leases and each assignment of each UCC Financing Statement (collectively,
the “Assignments” and each, individually, an “Assignment”) relating to the Mortgage Loans
conveyed by it under the applicable Mortgage Loan Purchase Agreement to be prepared in proper form for filing or recording, as
applicable, and promptly (and in any event within one hundred twenty (120) days after the later of the Closing Date and Seller’s
actual receipt of the related documents and the necessary recording and filing information) 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 applicable Mortgage
Loan Seller may deliver one (1) omnibus assignment for all such Mortgage Loans substantially in the form of Exhibit H hereto
to the Custodian as provided in Section 2.01(b). Each such Assignment submitted for recording shall reflect that it (or
a certified copy thereof) 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 cause (and pay the expenses for) the preparation of, and execute,
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 fact that such Assignments of Mortgages,
assignments of Assignments of Leases (to the extent separate from

 

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the
Assignments of Mortgages) and assignments of UCC financing statements shall name the Trustee, on behalf of the Certificateholders,
as the assignee, the parties hereto acknowledge and agree that for all purposes the MSMCH Loans shall be deemed to have been transferred
from MSMCH to the Depositor, the BANA Loans shall be deemed to have been transferred from BANA to the Depositor, and the UBSRES
Loans shall be deemed to have been transferred from UBSRES to the Depositor, and all Mortgage Loans shall be deemed to have been
transferred from the Depositor to the Trustee on behalf of the Certificateholders.

 

(d)          All
documents and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession relating to the Mortgage
Loans (including, in each case, financial statements, operating statements and any other information provided by the respective
Mortgagor from time to time, but excluding the applicable Mortgage Loan Seller’s internal communications (including such
communications between such Mortgage Loan Seller and its Affiliates) and underwriting analysis (including documents prepared by
the applicable Mortgage Loan Seller or any of its Affiliates for such purposes), draft documents, attorney-client communications
that are privileged communications or constitute legal or other due diligence analyses and credit underwriting or due diligence
analyses or data) that (i) are not required to be a part of a Mortgage File in accordance with the definition thereof and (ii)
are reasonably necessary for the servicing of each such Mortgage Loan, shall be delivered by the Depositor or the applicable Mortgage
Loan Seller to the Master Servicer within five (5) Business Days after the Closing Date and shall be held by the Master Servicer
on behalf of the Trustee in trust for the benefit of the Certificateholders (and as holder of the Lower-Tier Regular Interests)
and, if applicable, on behalf of the related Companion Holder. Such documents and records shall be any documents and records (with
the exception of any items excluded under the immediately preceding sentence) that would otherwise be a part of the Servicing
File.

 

(e)          In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver to the Trustee
and the Master Servicer, on or before two (2) Business Days after the Closing Date, a fully executed original counterpart of each
of the Mortgage Loan Purchase Agreements, as in full force and effect, without amendment or modification, on the Closing Date.

 

(f)          The
Depositor shall use its reasonable best efforts to require that, promptly after the Closing Date, but in all events within three
(3) Business Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all funds on deposit in escrow accounts
maintained with respect to the Mortgage Loans transferred by such Mortgage Loan Seller, whether such accounts are held in the
name of the applicable Mortgage Loan Seller or any other name to be transferred to the Master Servicer (or a Sub-Servicer) for
deposit into Servicing Accounts.

 

(g)          With respect to the Mortgage Loans secured by the Mortgaged Properties identified as “Hilton Garden Inn - Oxnard,
CA,” “Hilton Garden Inn Tupelo” and “Best Western Oakland” on the Mortgage Loan Schedule, which
are each subject to a franchise agreement with a related comfort letter in favor of the respective Mortgage Loan Seller that requires
notice to or request of the related franchisor to transfer or assign any related comfort letter to the Trustee for the benefit
of the Certificateholders or otherwise have a new comfort letter (or any such new document or acknowledgement as may be contemplated
under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders, the related Mortgage
Loan Seller or its designee shall provide any such required notice or make any such required request to the related franchisor
(with a copy of such notice or request to the Master Servicer) within forty-five (45) days of the Closing Date (or any shorter
period if required by the applicable comfort letter), and the Master Servicer shall use reasonable efforts in accordance with
the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter).

 

 

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(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 File for each of its Mortgage Loans to the Depositor by uploading such Diligence
File to the IntraLinks Site. Promptly upon completion of such delivery of the Diligence Files (but in no event later than sixty
(60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide to each of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Directing Certificateholder, the Asset Representations
Reviewer and the Operating Advisor an officer’s certificate signed by an authorized officer of the applicable Mortgage Loan
Seller certifying that the electronic copies of the documents uploaded to the IntraLinks Site constitute all documents 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 Mortgage Loan Seller (the “Diligence File Certification”).

 

Section
2.02      Acceptance by Trustee. (a) The Trustee, by the execution and delivery of this
Agreement (1) acknowledges receipt by it or the Custodian on its behalf, subject to the provisions of Section 2.01, in
good faith and without notice of any adverse claim, of the applicable documents specified in clause (i) of the definition
of “Mortgage File” with respect to each Mortgage Loan and of all other assets included in the Trust Fund and (2) declares
(a) that it or the Custodian on its behalf holds and will hold such documents and the other documents delivered or caused to be
delivered by the Mortgage Loan Sellers that constitute the Mortgage Files in the name of the Trust for the benefit of all present
and future Certificateholders and Serviced Companion Noteholders, as applicable, and (b) that it holds and will hold such other
assets included in the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders (and
for the benefit of the Trustee as holder of the Lower-Tier Regular Interests), as applicable. If any Mortgage Loan Seller is unable
to deliver or cause the delivery of any original Mortgage Note, such Mortgage Loan Seller may deliver a copy of such Mortgage
Note, together with a signed lost note affidavit and appropriate indemnity and shall thereby be deemed to have satisfied the document
delivery requirements of Section 2.01 and of this Section 2.02.

 

(b)          Within
sixty (60) days after the Closing Date (or with respect to a Qualified Substitute Mortgage Loan within sixty (60) days after the
Due Date in the month of substitution), the Custodian, shall review the Mortgage Loan documents delivered or caused to be delivered
by the Mortgage Loan Sellers constituting the Mortgage Files; and, promptly following such review (but in no event later than
sixty (60) days after the Closing Date), the Custodian shall, in the form attached as Exhibit Q, certify in writing to
the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder (so long as no Consultation Termination
Event shall have occurred and be continuing and only with respect to Mortgage

 

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Loans
other than any Excluded Loan), the Trustee, the Certificate Administrator, the Asset Representations Reviewer, the Operating Advisor
and the applicable Mortgage Loan Seller (as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full)) that, except as specifically identified in any exception report annexed to such writing (the “Custodial
Exception Report”), (i) subject to the final proviso of the definition of “Mortgage File” herein and Section
2.01 hereof, all documents specified in clauses (i), (ii), (iv), (v), (vi), (vii),
(viii), (x) and (xii), 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, (iii) based on such
examination and only as to the Mortgage Note and Mortgage, the related Mortgage Rate and stated maturity date, the street address
(excluding zip code) of the Mortgaged Property set forth in the Mortgage Loan Schedule respecting such Mortgage Loan accurately
reflects the information contained in the documents in the Mortgage File, and (iv) each Mortgage Note has been endorsed as provided
in clause (i) of the definition of “Mortgage File”. With respect to each Mortgage Loan listed on the Custodial
Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the nature of such exception (in
the form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating items required to be in the
Mortgage File but never delivered from items which were delivered by the related Mortgage Loan Seller but are out for filing or
recording and have not been returned by the filing office or the recorder’s office).

 

(c)           The
Custodian shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about the first anniversary
of the Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing to each of the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Directing Certificateholder and the
applicable Mortgage Loan Seller (as to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any related Mortgage
Loan as to which a Liquidation Event has occurred) or any related Mortgage Loan specifically identified in any exception report
annexed to such writing) that, (i) subject to the final proviso of the definition of “Mortgage File” herein and Section
2.01 hereof, all documents specified in clauses (i), (ii), (iv), (v), (vi), (vii),
(viii), (x) and (xii), 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, (iii) based on such
examination and only as to the Mortgage Note and Mortgage, the related Mortgage Rate and stated maturity date, the street address
(excluding zip code) of the Mortgaged Property set forth in the Mortgage Loan Schedule respecting such Mortgage Loan accurately
reflects the information contained in the documents in the Mortgage File, and (iv) each Mortgage Note has been endorsed as provided
in clause (i) of the definition of “Mortgage File”.

 

(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 (vi) 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

 

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(other
than with respect to any Excluded Loan and, with respect to any other Mortgage Loan, only prior to the occurrence and continuance
of a Control Termination Event), and the Special Servicer may, in accordance with the Servicing Standard, after the occurrence
and during the continuance of a Control Termination Event, permit the related Mortgage Loan Seller in lieu of repurchasing or
substituting for the related Mortgage Loan, to deposit with the Master Servicer an amount, to be held in trust in a segregated
Eligible Account (which may be a sub-account of the Collection Account), equal to 25% of the Stated Principal Balance of the related
Mortgage Loan (in the alternative, the related Mortgage Loan Seller may deliver to the Master Servicer a letter of credit in such
amount, with a copy to the Custodian). Such funds or letter of credit, as applicable, shall be held by the Master Servicer (i)
until the date on which the Custodian determines and notifies the Master Servicer that such Material Defect has been cured or
the related Mortgage Loan is no longer part of the Trust Fund, at which time the Master Servicer shall return such funds (or letter
of credit) to the related Mortgage Loan Seller, or (ii) until same are applied to the Purchase Price (or the Substitution Shortfall
Amount, if applicable) as set forth below in this Section 2.02(d) in the event of a repurchase or substitution by the related
Mortgage Loan Seller. Notwithstanding the two immediately preceding sentences, if the Master Servicer or the Special Servicer
certifies to the Trustee, the Certificate Administrator and the Custodian that it has determined in the exercise of its reasonable
judgment that the document with respect to which such Material Defect exists is required in connection with an imminent enforcement
of the mortgagee’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or
third party with respect to the related Mortgage Loan, establishing the validity or priority of any lien on collateral securing
the related Mortgage Loan or for any immediate significant servicing obligation, the related Mortgage Loan Seller shall be required
to repurchase or substitute for the related Mortgage Loan in accordance with, and to the extent required by, the terms and conditions
of Section 2.03(b) and Section 5 of the related Mortgage Loan Purchase Agreement; provided, however, that
such Mortgage Loan Seller shall not be required to repurchase the Mortgage Loan for a period of ninety (90) days after receipt
of a notice to repurchase (together with any applicable extension period) if it is attempting to recover the document from the
applicable filing or recording office and provides an officer’s certificate setting forth what actions such Mortgage Loan
Seller is pursuing in connection with such recovery. In the event of a repurchase or substitution, upon the date of such repurchase
or substitution, and in the event that the related Mortgage Loan Seller has delivered a letter of credit to the Master Servicer
in accordance with this Section 2.02(d), the Master Servicer shall, to the extent necessary, draw on the letter of credit
and deposit the proceeds of such draw, into the Collection Account to be applied to the Purchase Price (or the Substitution Shortfall
Amount, if applicable, in which event, the amount of such funds or proceeds that exceed the Substitution Shortfall Amount shall
be returned to the related Mortgage Loan Seller) in accordance with Section 2.03(b). All such funds deposited in the Collection
Account shall be invested in Permitted Investments, at the direction and for the benefit of the related Mortgage Loan Seller.
Such funds shall be treated as an “outside reserve fund” under the REMIC Provisions, which, together with any reimbursement
from the Lower-Tier REMIC, is beneficially owned by the related Mortgage Loan Seller for federal income tax purposes, which Mortgage
Loan Seller shall remain liable for any taxes payable on income or gain with respect thereto.

 

(e)          It
is herein acknowledged that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine whether
any of the documents specified in clauses (iii), (x), (xi), (xii), (xiv), (xv)
and (xvii) of the definition of “Mortgage File” exist or are

 

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required
to be delivered by the Depositor, the Mortgage Loan Sellers or any other Person 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 (and in no event later than ninety (90) days after the Closing Date and every calendar
quarter thereafter until all Defects are corrected) by providing a Custodial Exception Report setting forth for each affected
Mortgage Loan, with particularity, the nature of such Defect (in a form reasonably acceptable to the Custodian and such
Mortgage Loan Seller and separating items required to be in the Mortgage File but never delivered from items which were
delivered by such Mortgage Loan Seller but are out for recording or filing and have not been returned by the recorder’s
office or filing office).

 

(g)          If
the Master Servicer or the Special Servicer (i) receives a Repurchase Request or any other request or demand from any Person for
a Mortgage Loan Seller to repurchase or replace a Mortgage Loan because of an alleged Defect or Breach (together with a

 

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Repurchase
Request, a “15Ga-1 Repurchase Request”) (the Master Servicer or the Special Servicer, as applicable, to the
extent it receives such 15Ga-1 Repurchase Request, the “Repurchase Request Recipient” with respect to such
15Ga-1 Repurchase Request); or (ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such 15Ga-1 Repurchase
Request or any rejection of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the Master Servicer
or Special Servicer by another party hereto), then the Repurchase Request Recipient shall deliver notice (which may be by electronic
format so long as a “backup” hard copy of such notice is also delivered on or prior to the next Business Day) of such
15Ga-1 Repurchase Request or withdrawal or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1 Notice”)
to the applicable Mortgage Loan Seller (other than in the case of a rejection by such Mortgage Loan Seller) and the Depositor,
in each case within ten (10) Business Days from such Repurchase Request Recipient’s receipt thereof.

 

Each
15Ga-1 Notice shall include (i) the identity of the related Mortgage Loan, (ii) the date the 15Ga-1 Repurchase Request is received
by the Repurchase Request Recipient or the date any withdrawal of the 15Ga-1 Repurchase Request is received by the Repurchase
Request Recipient, as applicable, (iii) if known, the basis for the 15Ga-1 Repurchase Request (as asserted in the 15Ga-1 Repurchase
Request), (iv) the identity of the Person making such 15Ga-1 Repurchase Request, and (v) a statement from the Repurchase Request
Recipient as to whether it currently plans to pursue such 15Ga-1 Repurchase Request.

 

A
Repurchase Request Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. The Mortgage Loan Purchase Agreements will provide that (i) any 15Ga-1 Notice provided
pursuant to this Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers and Depositor or their respective
Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of
law or regulation and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no information provided
pursuant to this Section 2.02(g) by a Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to
the exercise of any legal right the Repurchase Request Recipient may have with respect to the related Mortgage Loan Purchase Agreement,
including with respect to any 15Ga-1 Repurchase Request that is the subject of a 15Ga-1 Notice.

 

In
the event that the Depositor, the Trustee, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer or the Custodian receives a 15Ga-1 Repurchase Request, such party shall promptly forward or otherwise
provide written notice of such 15Ga-1 Repurchase Request to the Master Servicer, if relating to a Non-Specially Serviced Loan,
or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the
related correspondence: “This is a ‘15Ga-1 Repurchase Request’ under Section 2.02 of the Pooling and
Servicing Agreement relating to the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series
2016-UBS9 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

 

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than
as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

If
the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives notice or has knowledge of a withdrawal or a rejection of a 15Ga-1 Repurchase Request of which notice has been previously
received or given, and such notice was not received from or copied to the Master Servicer or the Special Servicer, then such party
shall give notice of such withdrawal or rejection to the Master Servicer or the Special Servicer, as applicable. Any such notice
received by the Trustee, the Certificate Administrator, the Certificate Registrar, Operating Advisor, Asset Representations Reviewer
or the Custodian shall also be provided to the Depositor and, in the case of a withdrawal notice, to the applicable Mortgage Loan
Seller.

 

In
the event that a Mortgage Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the Master Servicer
(with respect to Non-Specially Serviced Loans) or Special Servicer (with respect to Specially Serviced Loans) shall promptly notify
the Depositor of such repurchase or replacement.

 

(h)          The parties hereto acknowledge the obligation of each Mortgage Loan Seller pursuant to Section 2 of the related Mortgage
Loan Purchase Agreement to deliver, on or prior to the fifth (5th) Business Day after the Closing Date, at its expense, to the
Custodian five (5) limited powers of attorney substantially in the form attached as Exhibit 4 thereto in favor of the Custodian
(on behalf of the Trustee), the Master Servicer and the Special Servicer to empower the Custodian (on behalf of the Trustee) and,
in the event of the failure or incapacity of the Custodian (on behalf of the Trustee), the Master Servicer or the Special Servicer,
to sign and/or submit, or to cause the Custodian to sign and/or submit for recording, at the expense of Seller, any mortgage loan
documents required to be recorded as described in Section 2.01 of the Pooling and Servicing Agreement and any intervening assignments
with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have
previously been delivered to the Trustee (or the Custodian on its behalf)). Each Mortgage Loan Seller has agreed to reasonably
cooperate with the Custodian, the Trustee, the Master Servicer and the Special Servicer in connection with any additional powers
of attorney or revisions thereto that are requested by such parties for purposes of such recordation. The parties hereto agree
that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except
to the extent that the absence of a document described in the second preceding sentence with respect to such Mortgage Loan remains
unremedied as of the earlier of (i) the date that is one hundred eighty (180) days following the delivery of notice of such absence
to the Mortgage Loan Seller, but in no event earlier than eighteen (18) months from the Closing Date, and (ii) the date (if any)
on which such Mortgage Loan becomes a Specially Serviced Loan. The Custodian, the Master Servicer or the Special Servicer, as
applicable, shall submit such documents for recording, at the related Mortgage Loan Seller’s expense, after the periods
set forth above, provided, the Custodian, the Master Servicer or the Special Servicer, as applicable, shall not submit such assignments
for recording if the related Mortgage Loan Seller produces evidence that it or a third-party on its behalf has sent any such assignment
for recording and certifies that such Mortgage Loan Seller is awaiting its return from the applicable recording office.

 

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Section
2.03     Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of
Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties. (a) The Depositor hereby
represents and warrants that:

 

(i)         The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of North Carolina,
and the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement
by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby,
including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this
Agreement;

 

(ii)        Assuming
the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations
of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in
accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)       The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute
a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor
or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable
to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which
would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;
the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required
for the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)       There
is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any court
or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of the
Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement; and

 

(v)        The
Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the Mortgage
Loans have been validly transferred to the Trust.

 

(b)          After
receipt of a Repurchase Request, the Master Servicer or the Special Servicer, as applicable, shall request in writing that the
applicable Mortgage Loan Seller cure the

 

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Material
Defect on or before the end of the Initial Cure Period or, if applicable, the Extended Cure Period or repurchase the
Mortgage Loan within such period in the event the Material Defect cannot be cured or is not cured. The Mortgage Loan Seller
is obligated under the related Mortgage Loan Purchase Agreement, (i) in the case of a Material Defect other than a Material
Defect relating to a Mortgage Loan not being a “qualified mortgage” within the meaning of Section 860G(a)(3) of
the Code, but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective obligation to
be treated as a qualified mortgage (a “Qualified Mortgage Material Defect”), not later than ninety (90)
days after the applicable Mortgage Loan Seller’s receipt of notice of or, if earlier, such Mortgage Loan Seller’s
discovery of such Material Defect or receipt of notice of such Material Defect from any party to this Agreement or (ii) in
the case of a Qualified Mortgage Material Defect, not later than eighty-five (85) days after the earlier of (x) the discovery
by the related Mortgage Loan Seller or any party to this Agreement of such Material Defect and (y) receipt of notice of such
Material Defect from any party to this Agreement (such ninety (90) or eighty-five (85) day period, as applicable, 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 successor REO Loan 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 for such affected Mortgage Loan or successor REO Loan (provided that (x) such
affected Mortgage Loan or successor REO Loan was not itself a Qualified Substitute Mortgage Loan and (y) in no event shall
any such substitution occur on or after the second (2nd) 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, 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, and except with respect to a Qualified
Mortgage Material Defect, 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 successor
REO Loan or substitute a Qualified Substitute Mortgage Loan) and provided, further, that with respect to such
Extended Cure Period the applicable Mortgage Loan Seller is required to deliver a copy of an officer’s certificate to
the Trustee, the Certificate Administrator (who shall promptly deliver a copy of such officer’s certificate to the
17g-5 Information Provider), the Master Servicer, the Special Servicer, the Operating Advisor and (with respect to any
Mortgage Loan other than an Excluded Loan, prior to the occurrence of a Consultation Termination Event) the Directing
Certificateholder, setting forth the reason such Material Defect is not capable of being cured within the Initial Cure Period
and what actions the applicable Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the
applicable Mortgage Loan Seller anticipates that such Material Defect will be cured within the Extended Cure Period; provided, further,
that, if any such Material Defect is not cured after

 

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the
Initial Cure Period and any such Extended Cure Period solely due to the failure of the applicable 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 so long as such Mortgage Loan Seller certifies to the Trustee, the
Master Servicer, the Special Servicer and the Certificate Administrator every thirty (30) days thereafter that the Material Defect
is still in effect solely because of its failure to have received the recorded document and that the Mortgage Loan Seller is diligently
pursuing the cure of such Material Defect (specifying the actions being taken). If the affected Mortgage Loan is to be repurchased,
funds in the amount of the Purchase Price remitted by the applicable Mortgage Loan Seller, together with the portion of the Asset
Representations Reviewer Asset Review Fees attributable to the Asset Review with respect to such Mortgage Loan, shall be remitted
by such Mortgage Loan Seller by wire transfer to the Master Servicer for deposit into the Collection Account. In the event the
Special Servicer is required to enforce the Repurchase Request related to a Non-Specially Serviced Loan under this Section
2.03(b), within five (5) days of request by the Special Servicer, the Master Servicer shall deliver a copy of the Servicing
File with respect to any such Non-Specially Serviced Loan.

 

If
a Mortgage Loan Seller, in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage
Loan, agrees to a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special
Servicer on behalf of the Trust (and, with respect to any Mortgage Loan other than an Excluded Loan, with the consent of the Directing
Certificateholder if no Control Termination Event has occurred 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 remitted by wire transfer
to the Special Servicer for deposit 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 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. If such Loss of Value Payment is made, the Loss of Value Payment
shall serve as the sole remedy available to the Certificateholders and the Trust regarding the related Material Defect in lieu
of any obligation of the Mortgage Loan Seller to otherwise cure such Material Defect or repurchase or substitute for the affected
Mortgage Loan based on such Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement
or settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the Trust, provided that
(i) prior to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Master
Servicer or the Special Servicer, as applicable, from exercising any of its rights related to a Material Defect in the manner
and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph)

 

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(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 Qualified Mortgage Material Defect may not be cured by a Loss of
Value Payment.

 

If
any Breach that constitutes a Material Defect pertains to a representation or warranty that the related Mortgage Loan documents
or any particular Mortgage Loan document requires the related Mortgagor to bear the costs and expenses associated with any particular
action or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable
cure period (as the same may be extended) by reimbursing the Trust (by wire transfer of immediately available funds) for (i) the
reasonable amount of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee or the Trust that are incurred as a result of such Breach and have not been reimbursed by the related Mortgagor and
(ii) the amount of any fees payable pursuant to Section 12.02(b) to the extent not previously paid by the Mortgage Loan
Seller to the Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan. Upon such remittance, the
related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To the extent any fees or expenses that
are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the related Mortgagor, the portion
of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses obtained from the related Mortgagor
shall promptly be returned to the related Mortgage Loan Seller. Periodic Payments due with respect to a Qualified Substitute Mortgage
Loan after the related Due Date in the month of substitution, and Periodic Payments due with respect to the corresponding replaced
Mortgage Loan (a “Deleted Mortgage Loan”) on or prior to the related Due Date in the month of substitution
(but after the related Cut-off date), shall be part of the Trust Fund. Periodic Payments due with respect to a Qualified Substitute
Mortgage Loan on or prior to the Due Date in the month of substitution, and Periodic Payments due with respect to the related
Deleted Mortgage Loan after the related Due Date in the month of substitution, shall not be part of the Trust Fund and are to
be remitted by the Master Servicer to the applicable Mortgage Loan Seller effecting the related repurchase or substitution promptly
following receipt. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole
or in part, a hotel, restaurant (operated by a borrower), healthcare facility, nursing home, assisted living facility, self-storage
facility, theater or fitness center (operated by a borrower), then the failure to deliver copies of the UCC Financing Statements
with respect to such Mortgage Loan shall not be a Material Defect.

 

Pursuant
to each Mortgage Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties securing
a Mortgage Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan if (i) the affected Mortgaged
Property may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such
Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth
in the Mortgage Loan documents and the related Mortgage Loan Seller provides an opinion of counsel to the effect that such release
would not cause an Adverse REMIC Event and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

Upon
any substitution of a Qualified Substitute Mortgage Loan related to the repurchase or substitution of the affected Mortgage Loan
pursuant to the related Mortgage Loan

 

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Purchase
Agreement, such Qualified Substitute Mortgage Loan will become part of the Trust Fund and be subject to the terms of the related
Mortgage Loan Purchase Agreement in all respects.

 

The
repurchase or substitution of any Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement will be on a whole-loan,
servicing released basis.

 

(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 Defects shall be deemed to
constitute a “Material Defect” to the extent the absence of the related document results from the applicable
Mortgage Loan Seller’s failure to deliver such document: (a) the absence from the Mortgage File of the original signed
Mortgage Note, unless the Mortgage File contains a signed lost note affidavit and indemnity with a copy of the Mortgage Note
that appears to be regular on its face; (b) the absence from the Mortgage File of the original signed Mortgage (or, with
respect to any Non-Serviced Mortgage Loan, a copy thereof) that appears to be regular on its face, unless there is included
in the Mortgage File either a copy of the Mortgage with evidence of recording thereon or a copy of the Mortgage and a
certificate from the related Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation; (c) the
absence from the Mortgage File of the item called for by clause (viii) of the definition of Mortgage File; (d) the
absence from the Mortgage File of any required letter of credit; or (e) the absence from the related Mortgage File of a copy
(or an original, if available) of the related Ground Lease, if the Mortgage Loan is secured solely by the related Ground
Lease. No Defect relating to any Non-Serviced Mortgage Loan previously described in subclauses (b) through (e)
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 Certificateholders unless the related Mortgage Loan Seller,
after receipt of notice of such Defect, is unable to produce a copy of the document with respect to which the Defect exists
within a reasonable period after receiving such notice or otherwise establish that the original or copy, as applicable, of
such document has been delivered, in compliance with the terms of the related Non-Serviced PSA, to the custodian under the
related Non-Serviced PSA. Notwithstanding the foregoing, the delivery of executed escrow instructions or a binding commitment
to issue a lender’s title insurance policy, as provided in clause (viii) of the definition of Mortgage File
herein, in lieu of the delivery of the actual policy of lender’s title insurance, shall not be considered a Material
Defect with respect to any Mortgage File if such actual policy is delivered to the Custodian not later than eighteen (18)
months following the Closing Date. Notwithstanding the foregoing, to the extent a Mortgage Loan Seller has otherwise complied
with its document delivery requirements under this Agreement and the related Mortgage Loan Purchase Agreement, in the event
that the Custodian has acknowledged receipt pursuant to Section 2.02 above of a document that is part of the Mortgage
File or a Mortgage Loan Seller can otherwise prove delivery of the document, and the Custodian subsequently loses a document,
the fact that such document is lost may not be utilized as the basis for a claim of a Material Defect against a Mortgage
Loan Seller pursuant to Section 5(a) of the related Mortgage Loan Purchase Agreement and/or this Section 2.03 and
the Custodian shall be liable for any such loss to the extent provided for in Section 8.01 hereof. This Section
2.03(c) shall have no impact on any determination as to whether a Breach with respect to any Mortgage Loan constitutes
a Material Defect.

 

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(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, upon (i) deposit of the full amount of the Purchase Price or
Substitution Shortfall Amount (as the case may be) for such Mortgage Loan in the account designated therefor by the Certificate
Administrator on behalf of the Trustee as the assignee of Depositor (or the Master Servicer on behalf of the Trustee), (ii) if
applicable, receipt by the Trustee as the assignee of Depositor (or the Custodian) of the Mortgage File for any Qualified Substitute
Mortgage Loan to be substituted for a Deleted Mortgage Loan, together with any certifications and/or opinions required pursuant
to Section 2.03(b) to be delivered by the related Mortgage Loan Seller, and (iii) delivery by the related Mortgage Loan
Seller to each of the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer of a
receipt executed by the related Mortgage Loan Seller evidencing such repurchase or substitution, the related Mortgage Loan Seller
shall be entitled to (x) a release of the Mortgage File and any other items previously required to be delivered by the related
Mortgage Loan Seller under Sections 2.01(b) and (c) for the repurchased or replaced Mortgage Loan to the related Mortgage
Loan Seller or its designee, (y) the execution and delivery of such instruments of release, transfer and/or assignment, in each
case without recourse, as shall be prepared by the related Mortgage Loan Seller and are reasonably necessary to vest in the related
Mortgage Loan Seller or its designee the legal and beneficial ownership of such repurchased or replaced Mortgage Loan (including
property acquired in respect thereof and proceeds of any insurance policy with respect thereto) and the related Mortgage Loan
documents, any portion of the related Servicing File and any Escrow Payments, reserve funds and any other items previously required
to be delivered by the related Mortgage Loan Seller under Sections 2.01(b) and (c), held by or on behalf of the Master
Servicer or the Special Servicer, as the case may be, with respect to the repurchased or replaced Mortgage Loan, in each case
at the expense of the related Mortgage Loan Seller, and (z) the execution and delivery of notice to the affected Mortgagor of
such transfer of such repurchased or replaced Mortgage Loan.

 

(e)          Section
5 of each of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders (subject to the
limitations on the rights of the Certificateholders under this Agreement), or the Trustee on behalf of the Certificateholders,
the Master Servicer or the Special Servicer, with respect to any Material Defect.

 

(f)          The
Master Servicer (in the case of Non-Specially Serviced Loans) or the Special Servicer (in the case of Specially Serviced Loans)
shall, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests), enforce the
obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement. Such enforcement, including,
without limitation, the legal prosecution of claims, if any, shall be carried out in such form, to such extent and at such time
as the Master Servicer or the Special Servicer, as applicable, would require were it, in its individual capacity, the owner of
the affected Mortgage Loan(s). Any costs incurred by the Master Servicer or the Special Servicer, as applicable, with respect
to the enforcement of the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement
shall, to the extent not recovered from the applicable Mortgage Loan Seller, be deemed to be Servicing Advances to the extent
not otherwise provided for herein. The Master Servicer or the Special Servicer 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

 

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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, that such Mortgage Loan Seller’s rights pursuant to this Section
2.03(g) shall be junior, subject and subordinate to the rights of the Trustee, the Certificate Administrator, the Trust, the
Master Servicer and the Special Servicer to recover amounts owed by the related Mortgagor under the terms of such Mortgage Loan
including, without limitation, the rights to recover unreimbursed Advances, accrued and unpaid interest on Advances at the Reimbursement
Rate, fees owed to the Special Servicer, and unpaid or unreimbursed expenses of the Trustee, the Certificate Administrator, the
Trust, the Master Servicer or the Special Servicer, as applicable, allocable to such Mortgage Loan. The Master Servicer or, with
respect to any Specially Serviced Loan, the Special Servicer, shall use reasonable efforts to recover such expenses for such Mortgage
Loan Seller to the extent consistent with the Servicing Standard, but taking into account the subordinate nature of the reimbursement
to the related Mortgage Loan Seller; provided, that the Master Servicer or Special Servicer, as applicable, determines
in the exercise of its sole discretion consistent with the Servicing Standard that such actions by it will not impair its collection
or recovery of principal, interest and other sums due with respect to the related Mortgage Loan that would otherwise be payable
to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Certificateholders pursuant to
the terms of this Agreement; provided, further, that the Special Servicer may waive the collection of amounts due
on behalf of such Mortgage Loan Seller in its sole discretion in accordance with the Servicing Standard.

 

(h)          If
(i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in this Section
2.03 and (ii) the applicable Material Defect does not constitute a Material Defect as to any other Crossed Underlying
Loan in the related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect shall
be deemed to constitute a Material Defect as to any other Crossed Underlying Loan in the related Crossed Mortgage Loan Group
for purposes of this paragraph, and the related Mortgage Loan Seller shall repurchase or substitute for such other Crossed
Underlying Loan(s) in the related Crossed Mortgage Loan Group as provided in Section 2.03(b) unless such other Crossed
Underlying Loans satisfy the Crossed Underlying Loan Repurchase Criteria. In the event that the remaining Crossed Underlying
Loans in such Crossed Mortgage Loan Group satisfy the Crossed Underlying Loan Repurchase Criteria, the applicable Mortgage
Loan Seller may elect either to repurchase or substitute for only the affected Crossed Underlying Loan(s) as to which the
related Material Defect exists or to repurchase or substitute for all of the Crossed Underlying Loans in the related Crossed
Mortgage Loan Group. Any reserve or other cash collateral or letters of credit securing the Crossed Underlying Loans shall be
allocated

 

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among
the related Crossed Underlying Loans in accordance with the related Mortgage Loan documents or otherwise on a pro rata
basis based upon their outstanding Stated Principal Balances. Except as provided in this Section 2.03(h) and Section
2.03(i), all other terms of the related Mortgage Loans shall remain in full force and effect without any modification thereof.

 

(i)          Notwithstanding
the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying Loans, the Depositor
may cause the related Mortgage Loan Seller to repurchase only that Crossed Underlying Loan required to be repurchased pursuant
to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however,
that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the related Mortgage,
this Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase Criteria, (ii)
in connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at such Mortgage Loan
Seller’s expense) to the effect that the contemplated action will not cause an Adverse REMIC Event and (iii) in connection
with such partial release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications
to the Mortgage prepared and executed in connection with such partial release.

 

(j)          With
respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase or substitute
for such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) or (i) while the Trustee continues
to hold any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage Loan Seller and
the Master Servicer or, with respect to a Specially Serviced Loan, the Special Servicer, on behalf of the Trustee, as assignee
of the Depositor, will, as set forth in the related Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against
the other’s Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral securing its
respective related Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing the Mortgage Loans still
held by the Trustee, so long as such exercise does not materially impair the ability of the other party to exercise its remedies
against its Primary Collateral. If the exercise of the remedies by one party would materially impair the ability of the other
party to exercise its remedies with respect to the Primary Collateral securing the Crossed Underlying Loans held by such party,
then both parties have agreed in the related Mortgage Loan Purchase Agreement to forbear from exercising such remedies until the
Mortgage Loan documents evidencing and securing the relevant Mortgage Loan can be modified in a manner that complies with the
related Mortgage Loan Purchase Agreement to remove the threat of material impairment as a result of the exercise of remedies.

 

(k)          (i)
In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage Loan
be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage
Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party
shall promptly forward that Certificateholder Repurchase Request to the Master Servicer or the Special Servicer, as applicable,
and such party shall promptly forward the Certificateholder Repurchase Request to the related Mortgage Loan Seller and each other
party to this Agreement. Subject to Section 2.03(l), the Master Servicer (in the case of Non-Specially Serviced Loans)
or the Special Servicer (in the case of Specially Serviced Loans) (the “Enforcing Servicer”) shall be the Enforcing
Party with respect to a Certificateholder Repurchase Request.

 

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(ii)        In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder identifies a Material Defect with respect
to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that party shall
deliver prompt written notice of such Material Defect to each other party to this Agreement and the related Mortgage Loan Seller
identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase Request”
and each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, the “Repurchase Request”).
The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the Trust against the related Mortgage Loan
Seller with respect to a PSA Party Repurchase Request. However, if a Resolution Failure occurs with respect to the Repurchase
Request, the provisions described in Section 2.03(l)(i) below shall apply.

 

(iii)       In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described in Section 2.03(l) below shall apply. Receipt
of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage
Loan Seller. A Resolved Repurchase Request shall not preclude the Master Servicer (in the case of Non-Specially Serviced Loans)
or the Special Servicer (in the case of Specially Serviced Loans) from exercising any of their respective rights related to a
Material Defect in the manner and timing otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement
or as provided by law.

 

(l)          (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a
notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator (which
shall be delivered via electronic mail to trustadministrationgroup@wellsfargo.com) who shall make such notice available
to all other Certificateholders and Certificate Owners by posting such notice on the Certificate Administrator’s Website
indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (the “Proposed
Course of Action”). Such 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 within thirty (30) days of 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 in the event any Certificateholder
disagrees with the Proposed Course of Action Notice, the Enforcing Servicer will be compelled to follow the course of action agreed
to and/or proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration,
as the case may be, (c) a statement that 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 responding Certificateholders to send their
responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall tabulate
within three (3) Business Days after the expiration of the 30-day response period the responses received from the Certificateholders

 

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and
share the results with the Enforcing Servicer. The Certificate Administrator may only count responses timely received and clearly
indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language may
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 Certificateholders
regarding such Proposed Course of Action. The Certificate Administrator’s obligations in connection with this approval process
shall be limited to tabulating Certificateholder 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 majority
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 Notice”) within 30 days from the date the Proposed Course
of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution Cut-off Date”)
indicating its intent to exercise its right to refer the matter to either mediation or arbitration. In the event any Certificateholder
or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing Servicer has also received responses
from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s initial Proposed Course of Action,
such responses will be considered Preliminary Dispute Resolution Election Notices supporting the Proposed Course of Action for
purposes of determining the course of action approved by the majority of Certificateholders.

 

(ii)        If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer, 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”), the Enforcing Servicer shall consult with each Requesting
Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding
arbitration)

 

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or
arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than ten (10) Business Days
following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing
Servicer deems in good faith to be appropriate relating to the timing and extent of such consultations. No later than five (5)
Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice
to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration
(“Final Dispute Resolution Election Notice”).

 

(iv)        If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)          If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there are more than one Requesting Certificateholder that timely deliver a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing
Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder
or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed
Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request,
then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect to a Requesting
Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material
change in the facts and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to
the Enforcing Servicer, and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course
of action under clause (ii), then the 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.

 

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(vi)        Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)       In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)      For
the avoidance of doubt, none of the Depositor, any Mortgage Loan Seller nor any of their respective affiliates shall be entitled
to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(ix)        Subject
to the other provisions of this Section 2.03, the Requesting Certificateholder is entitled to elect either mediation or
arbitration in its sole discretion; however, the Requesting Certificateholder shall not be entitled to then utilize the alternative
method in the event that the initial method is unsuccessful.

 

(m)        If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)          The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
(such provider, the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation
Rules”) promulgated by the Mediation Services Provider.

 

(ii)         The
mediator shall be impartial, an attorney admitted to practice in the state of New York and have at least fifteen (15) years of
experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization
matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon being supplied a
list of at least ten potential qualified 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.

 

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(v)         The
expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)        Out
of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by the
Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case
of arbitration) shall be reimbursable as a Servicing Advance.

 

(n)         If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

 (i)          The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures
(the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)          The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list
of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider
will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.

 

(iii)         Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)        After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of
Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post
hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)          Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to

 

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be
relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding Rule 30b-6 witnesses),
and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant the parties, or either
of them, additional discovery to the extent that the arbitrator determines good cause is shown that such additional discovery
is reasonable and necessary.

 

(vi)        The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the
arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final
determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted
under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)       By
selecting arbitration, the Enforcing Party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)      No
person may bring a putative or certificated class action to arbitration.

 

(o)          The
following provisions will apply to both mediation and third-party arbitration:

 

(i)          Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(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

 

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the
course of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible
for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)        In the event a Requesting Certificateholder is the Enforcing Party, the agreement with the
arbitrator or mediator, as the case may be, shall contain an acknowledgment that the Enforcing Servicer on behalf of the Trust
shall be a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor
of the Enforcing Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates
in such proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder (provided
that a Consultation Termination Event has not occurred and is continuing and subject to the time periods for such consultation
set forth in this Agreement) and in accordance with the Servicing Standard; provided, further, that Material Dispute
Resolution Actions of the Enforcing Servicer in representing the Trust in such arbitration or mediation shall be subject to the
consent of the Directing Certificateholder (provided that no Control Termination Event has occurred and is continuing and
subject to the provisions relating to Major Decisions in Section 6.08). The Directing Certificateholder’s consent
shall be deemed given (unless earlier consented to or objected to) within ten (10) Business Days of the Directing Certificateholder's
receipt of the Enforcing Servicer's recommendation; provided, that if the Directing Certificateholder objects within such
ten (10) Business Day period and the Directing Certificateholder and the Enforcing Servicer cannot agree within fifteen (15) Business
Days of the Directing Certificateholder's receipt of the initial recommendation, the Enforcing Servicer shall take such action
as directed by the Directing Certificateholder (or, if such direction is not in accordance with the Servicing Standard, the Enforcing
Servicer may take such action as provided in its most recently submitted recommendation). 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 Party, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation
or arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the

 

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Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)       For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a 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, 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.

 

(ix)       Any
expenses required to be borne by or allocated to the Enforcing Servicer in mediation or arbitration or related responsibilities
pursuant to this Agreement shall be reimbursable as additional trust fund expenses.

 

Section
2.04     Execution of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee
hereby acknowledges the assignment to it of the Mortgage Loans and, subject to Section 2.01 and Section 2.02, the
delivery to the Custodian of the Mortgage Files and a fully executed original counterpart of each of the Mortgage Loan Purchase
Agreements, together with the assignment to it of all of the other assets included in the Lower-Tier REMIC and the Grantor Trust.
Concurrently with such assignment and delivery, and in exchange for the Mortgage Loans (other than Excess Interest) and the other
assets comprising the Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee (i) acknowledges the issuance of
the Lower-Tier Regular Interests and the Class LR Interest to the Depositor; (ii) the Trustee acknowledges the creation of the
Grantor Trust (as described in Section 2.05 below); (iii) the Trustee acknowledges the contribution by the Depositor of
the Lower-Tier Regular Interests to the Upper-Tier REMIC; and (iv) immediately thereafter, in exchange for the Lower-Tier Regular
Interests, the Trustee acknowledges that it has caused the Certificate Administrator to issue the Class UR Interest and has caused
the Certificate Registrar to execute and caused the Authenticating Agent to authenticate and to deliver to or upon the order of
the Depositor, the Regular Certificates, and the Class R Certificates, and the Depositor hereby acknowledges the receipt by it
or its designees, of such Certificates in authorized Denominations evidencing the entire beneficial ownership of the Upper-Tier
REMIC (and in the case of the Class R Certificates, the Class LR Interest and the Class UR Interest); and (v) the Trustee acknowledges
that it has caused the Certificate Administrator to issue the Class V Certificates in exchange for the related assets of the Grantor
Trust and has caused the Certificate Registrar to execute and cause the Authenticating Agent to deliver to or upon the order of
the Depositor such Certificates, and the Depositor hereby acknowledges the receipt by it, or its designees, of such Certificates
in authorized denominations, evidencing beneficial ownership of their respective portions of the Grantor Trust.

 

Section
2.05     Creation of the Grantor Trust. The Class V Certificates are hereby designated as undivided beneficial interests
in the portion of the Trust Fund consisting of the

 

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Class
V Specific Grantor Trust Assets, which portion shall be treated as a grantor trust within the meaning of subpart E, part I of
subchapter J of the Code.

 

ARTICLE
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section
3.01      The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage
Loans, the Serviced Companion Loans, and REO Properties. (a) Each of the Master Servicer and Special Servicer shall diligently
service and administer the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loans and
the REO Properties (other than any REO Property related to a Non-Serviced Mortgage Loan) it
is obligated to service in accordance with applicable law, this Agreement and the Mortgage Loan documents on behalf of the Trust
and in the best interests of and for the benefit of the Certificateholders and, in the case of the Serviced Companion Loans, the
Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests), as a collective whole, taking into account
the subordinate or pari passu nature of such Companion Loans (as determined by the Master Servicer or Special Servicer,
as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement (and, with respect
to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related Intercreditor Agreement) and the terms
of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking into account the subordinate or pari
passu nature of the Companion Loan. With respect to each Serviced Whole Loan, in the event of a conflict between this Agreement
and the related Intercreditor Agreement, the related Intercreditor Agreement shall control; provided that in no event shall
the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance with
the terms of any Intercreditor Agreement that would cause the Master Servicer or the Special Servicer, as the case may be, to
violate the Servicing Standard or the REMIC Provisions. To the extent consistent with the foregoing, the Master Servicer and the
Special Servicer shall service the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the Serviced Companion Loans
in accordance with the higher of the following standards of care: (1) in the same manner in which, and with the same care, skill,
prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar
mortgage loans for other third party portfolios and (2) the same care, skill, prudence and diligence with which the Master Servicer
or the Special Servicer, as the case may be, services and administers similar mortgage loans owned by the Master Servicer or the
Special Servicer, as the case may be, with a view to the (A) the timely recovery of all payments of principal and interest under
the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an REO Property, maximization of
recovery of principal and interest on a net present value basis on such Mortgage Loans and any related Serviced Companion Loans,
and the best interests of the Trust and the Certificateholders (as a collective whole as if such Certificateholders constituted
a single lender) (and in the case of any Whole Loan, the best interests of the Trust, the Certificateholders and any related Companion
Holder (as a collective whole as if such Certificateholders and the holder or holders of the related Companion Loan constituted
a single lender), taking into account the subordinate or pari passu nature of the related Companion Loan), as determined
by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment, in either

 

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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.

 

To
the extent consistent with and subject to any express limitations and provisions set forth in this Agreement (and, in the case
of any Serviced Whole Loan, subject to the applicable Intercreditor Agreement), the Master Servicer shall have the right to perform
the following actions with respect to a Mortgage Loan (or related Whole Loan) (and, in the case of a Non-Serviced Mortgage Loan,
subject to the servicing thereof by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer): (A) to execute
and deliver, on behalf of the Certificateholders (and in connection with any Whole Loan, the holder of any related Serviced Pari
Passu Companion Loan) and the Trustee, customary consents or waivers and other instruments and documents (including, without limitation,
estoppel certificates, financing statements, continuation statements, title endorsements and reports and other documents and instruments
necessary to preserve and maintain the lien on the related Mortgaged Property and related collateral), (B) to consent to assignments
and assumptions or substitutions, and transfers of interest of any Mortgagor, in each case subject to and in accordance with the
terms of the related Mortgage Loan and the terms described in Section 3.08, (C) to collect any insurance proceeds, (D) subject
to the terms described in Section 3.08, to consent to any subordinate financings to be secured by any related Mortgaged Property
to the extent that such consent is required pursuant to the terms of the related Mortgage or which otherwise is required, and
subject to the terms described in Section 3.08, to consent to any mezzanine debt to the extent

 

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such
consent is required pursuant to the terms of the related Mortgage, (E) to consent to the application of any proceeds of insurance
policies or condemnation awards to the restoration of the related Mortgaged Property or otherwise and to administer and monitor
the application of such proceeds and awards in accordance with the terms of the Mortgage Loan as the Master Servicer deems reasonable
under the circumstances, (F) to execute and deliver, on behalf of the Certificateholders (and the holders of any Serviced Pari
Passu Companion Loan) and the Trustee, documents relating to the management, operation, maintenance, repair, leasing and marketing
of the related Mortgaged Properties, including agreements and requests by the Mortgagor with respect to modifications of the standards
of operation and management of the Mortgaged Properties or the replacement of asset managers, (G) to consent to any operation
or action under a Mortgage Loan that is contemplated or permitted under a Mortgage or other documents evidencing or securing the
applicable Mortgage Loan (either as a matter of right or upon satisfaction of specified conditions), (H) to obtain, release, waive
or modify any term other than a Money Term of a Mortgage Loan and related documents subject to and to the extent permitted by
the terms described in Section 3.18, (I) to exercise all rights, powers and privileges granted or provided to the holder of the
Mortgage Notes and any Serviced Pari Passu Companion Loan under the terms of the Mortgage, including all rights of consent or
approval thereunder, subject to the terms described in Section 3.08 and Section 3.18, (J) to enter into lease subordination agreements,
non-disturbance and attornment agreements or other leasing or rental arrangements which may be requested by the Mortgagor or the
Mortgagor’s tenants, (K) to join the Mortgagor in granting, modifying or releasing any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties to the extent
such does not adversely affect the value of the related Mortgage Loan or Mortgaged Property, (L) to execute and deliver, on behalf
of itself, the Trustee, the Trust (and the holders of any Serviced Pari Passu Companion Loan) or any of them, any and all instruments
of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, with respect
to the Mortgage Loans and with respect to the Mortgaged Properties, and (M) to hold in accordance with the terms of any Mortgage
Loan and this Agreement any defeasance collateral. The foregoing clauses (A) through (M) are referred to collectively as “Master
Servicer Consent Matters”). Notwithstanding anything to the contrary herein, any action of the Master Servicer in respect
of a Mortgage Loan (or related Whole Loan) that does not constitute a Master Servicer Consent Matter will require the consent
of the Special Servicer (subject to the process and timing set forth in Sections 3.08 and 3.18 of this Agreement).

 

Without
limiting the foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer (i)
any Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing
Transfer Event has occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise provided
herein with respect to Non-Specially Serviced Loans in connection with any Major Decision and (ii) any REO Properties (other than
the Non-Serviced Mortgaged Properties); provided that the Master Servicer shall continue to receive payments and make all
calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans,
except for the reports specified herein as prepared by the Special Servicer, as if no Servicing Transfer Event had occurred and
with respect to the REO Properties (and the related REO Loans) as if no REO Acquisition had occurred, and to render such services
with respect to such Specially Serviced Loans and REO Properties as are specifically provided for herein; provided, further,
however, that the Master Servicer shall not be liable for failure to

 

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comply
with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information to the
Master Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder.
The Master Servicer, in its capacity as Master Servicer, shall not have any responsibility for the performance by the Special
Servicer, in its capacity as Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as Special
Servicer, shall not have any responsibility for the performance by the Master Servicer, in its capacity as Master Servicer, of
its duties under this Agreement. Each Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Loan
shall continue as such until satisfaction of the conditions specified in Section 3.19(a). Without limiting the foregoing,
subject to Section 3.19 and in accordance with the terms of this Agreement, the Master Servicer shall be obligated to service
and administer any Non-Specially Serviced Loan or any related Serviced Companion Loan. The Special Servicer shall make the property
inspections, use its reasonable efforts to collect the financial statements, budgets, operating statements and rent rolls and
forward to the Master Servicer the reports in respect of the related Mortgaged Properties with respect to Specially Serviced Loans
in accordance with Section 3.12. After notification to the Master Servicer, the Special Servicer may contact the Mortgagor
of any Non-Specially Serviced Loan if efforts by the Master Servicer to collect required financial information have been unsuccessful
or any other issues remain unresolved. Such contact shall be coordinated through and with the cooperation of the Master Servicer.
No provision herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer
of the collectability or recoverability of payments on the Mortgage Loans or any related Serviced Companion Loan or be construed
to impair or adversely affect any rights or benefits provided by this Agreement to the Master Servicer or the Special Servicer
(including with respect to Servicing Fees, Special Servicing Fees or the right to be reimbursed for Advances and interest accrued
thereon). Any provision in this Agreement for any Advance by the Master Servicer or the Trustee is intended solely to provide
liquidity for the benefit of the Certificateholders and not as credit support or otherwise to impose on any such Person the risk
of loss with respect to one or more of the Mortgage Loans or any related Serviced Companion Loans. No provision hereof shall be
construed to impose liability on the Master Servicer or the Special Servicer for the reason that any recovery to the Certificateholders
in respect of a Mortgage Loan at any time after a determination of present value recovery is less than the amount reflected in
such determination.

 

(b)          Subject
only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08) and of the
respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable, and applicable
law, the Master Servicer and the Special Servicer each shall have full power and authority, acting alone or, subject to Section
3.20, through one or more Sub-Servicers, to do or cause to be done any and all things in connection with such servicing and
administration for which it is responsible which it may deem necessary or desirable. Without limiting the generality of the foregoing,
each of the Master Servicer and the Special Servicer, in its own name (or in the name of the Trustee and, if applicable, the related
Serviced Companion Noteholder), is hereby authorized and empowered by the Trustee to execute and deliver, on behalf of the Certificateholders
(and, with respect to a Serviced Companion Loan, the related Serviced Companion Noteholder) and the Trustee or any of them, with
respect to each Mortgage Loan and any related Serviced Companion Loan it is obligated to service under this Agreement: (i) any
and all financing statements, continuation statements and other documents or instruments

 

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necessary
to maintain the lien created by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged
Property and related collateral, and shall, from time to time, execute and/or deliver such financing statements, continuation
statements and other documents or instruments as necessary to maintain the lien created by the related Mortgage or other security
document in the related Mortgage File on the related Mortgaged Property and related collateral; (ii) subject to Sections 3.08,
3.18 and 6.08, any and all modifications, waivers, amendments or consents to, under or with respect to any documents
contained in the related Mortgage File; (iii) any and all instruments of satisfaction or cancellation, pledge agreements and other
documents in connection with a defeasance, or of partial or full release or discharge, and all other comparable instruments; and
(iv) any or all complaints or other pleadings to initiate and/or to terminate any action, suit or proceeding on behalf of the
Trust (in their representative capacities (except as set forth below in this paragraph). The Master Servicer (with respect to
Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall provide to the Mortgagor
related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related Mortgage
Loan documents. Subject to Section 3.10, the Trustee shall (i) on the Closing Date, furnish to the Master Servicer and
the Special Servicer original powers of attorney in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable
(or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and (ii)
upon request, furnish, or cause to be furnished, to the Master Servicer or the Special Servicer any powers of attorney substantially
in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed
to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents necessary or appropriate
to enable the Master Servicer or the Special Servicer, as the case may be, to carry out its servicing and administrative duties
hereunder; provided, however, that the Trustee shall not be held responsible or liable for any acts of the Master
Servicer or the Special Servicer, or for any negligence with respect to, or misuse of, any such power of attorney by the Master
Servicer or the Special Servicer. Notwithstanding anything contained herein to the contrary, the Master Servicer or the Special
Servicer, as the case may be, shall not, without the Trustee’s written consent: (i) initiate any action, suit or proceeding
solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s, as the case
may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any such action,
suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the Master
Servicer or Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the Trustee of
the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment of the
Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing such action,
suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s or
Special Servicer’s, as applicable, representative capacity)) or (ii) take any action with the intent to cause, and that
actually causes, the Trustee to be required to be registered to do business in any state.

 

(c)          To
the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion Loan documents
(including any related Intercreditor Agreement) to exercise its discretion with respect to any action which requires 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

 

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its
then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25), the Master Servicer shall require the costs of such Rating Agency Confirmation
to be borne by the related Mortgagor. To the extent the terms of the related Mortgage Loan documents or Companion Loan documents
(including any related Intercreditor Agreement) require the Mortgagor to bear the costs of any Rating Agency Confirmation or confirmation
of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25), the Master Servicer shall not waive the requirement that such costs and expenses be borne by
the related Mortgagor. To the extent that the terms of the related Mortgage Loan documents or Companion Loan documents (including
any related Intercreditor Agreement) are silent as to who bears the costs of any Rating Agency Confirmation or confirmation of
any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates
pursuant to Section 3.25), the Master Servicer shall use reasonable efforts to have the Mortgagor bear such costs and expenses.
The Master Servicer shall not be responsible for the payment of such costs and expenses out of pocket other than as a Servicing
Advance.

 

(d)          The
relationship of each of the Master Servicer and the Special Servicer to the Trustee under this Agreement is intended by the parties
to be that of an independent contractor and not that of a joint venturer, partner or agent.

 

(e)          The
Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan documents,
and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)          Within
sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents) after the
later of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable Mortgage Loan Seller pursuant
to the Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit for each Mortgage Loan identified as
having a letter of credit on the Mortgage Loan Schedule, that the Master Servicer (in care of the Trustee, as titled in Section
2.01(b)) for the benefit of the Certificateholders and any related Companion Holders shall be the beneficiary under each such
letter of credit and (y) the Master Servicer shall notify each lessor under a Ground Lease for each Mortgage Loan identified as
subject to a leasehold interest on Annex A-1 to the Prospectus, that the Trust is the leasehold mortgagee and that the Master
Servicer or the Special Servicer shall service the related Mortgage Loan for the benefit of the Certificateholders. If a letter
of credit is required to be drawn upon earlier than the date the applicable Mortgage Loan Seller has notified the provider of
such letter of credit pursuant to clause (x) of the immediately preceding sentence, such Mortgage Loan Seller shall cooperate
with the reasonable requests of the Master Servicer or Special Servicer in connection with making a draw under such letter of
credit. If the Mortgage

 

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Loan
documents do not require the related Mortgagor to pay any costs and expenses relating to any modifications to or assignment of
the related letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses as and to the extent
required under the applicable Mortgage Loan Purchase Agreement. If the Mortgage Loan documents require the related Mortgagor to
pay any costs and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails to pay such
costs and expenses after the Master Servicer has exercised reasonable efforts to collect such costs and expenses from such Mortgagor,
then the Master Servicer shall give the applicable Mortgage Loan Seller notice of such failure and the amount of costs and expenses,
and such Mortgage Loan Seller shall pay such costs and expenses as and to the extent required under the applicable Mortgage Loan
Purchase Agreement. The costs and expenses of any modifications to Ground Leases shall be paid by the related Mortgagor. Neither
the Master Servicer nor the Special Servicer shall have any liability for the failure of any Mortgage Loan Seller to perform its
obligations under the related Mortgage Loan Purchase Agreement.

 

(g)          Notwithstanding
anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make an Advance with respect
to any Serviced Companion Loan to the extent the related Serviced Pari Passu 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 Pari Passu Mortgage Loan or any related REO Property is part of the Trust Fund or for
such longer period as is contemplated by the related Intercreditor Agreement and, to the extent consistent with the related Intercreditor
Agreement, as any amounts payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance
with the related Intercreditor Agreement remain due and owing.

 

(i)           The
Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or Serviced Whole
Loan that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section 3.19,
use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the extent the
Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant to
any such Intercreditor Agreement. The costs and expenses incurred by the Special Servicer in connection with such enforcement
shall be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, with respect to any
Serviced Pari Passu Whole Loan, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in
accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu
Companion Loan or (ii) with respect to any Serviced AB Whole Loan, first, by the related Serviced Subordinate Companion
Loan and then, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in accordance
with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan.

 

(j)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under the related Intercreditor
Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not with

 

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respect
to making Advances) even if the related Serviced Pari Passu Mortgage Loan is no longer part of the Trust Fund, until such time
as a separate servicing agreement is entered into in accordance with the related Intercreditor Agreement (it being acknowledged
that neither the Master Servicer nor the Special Servicer shall be obligated under a separate agreement to which it is not a party);
provided that, other than pursuant to Section 6.04 (and, with respect to Section 6.04, solely with respect
to claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses incurred in connection with a legal claim or action resulting from an action or inaction taken or not taken
while the related Serviced Pari Passu 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 Pari Passu 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 Pari Passu Mortgage Loan ceases to be part of the Trust Fund; provided, that if, in the case of
any Serviced Pari Passu Whole Loan, the related Serviced Companion Loan continues to be included in an Other Securitization, then
for so long as a separate servicing agreement (pursuant to the related Intercreditor Agreement) has not been entered into, the
Master Servicer shall inform the related Other Servicer of any need to make Servicing Advances with respect to a Serviced Whole
Loan within three (3) Business Days of determining that such an Advance is necessary or being notified that such an Advance is
necessary, or in the case of a Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business
Day. With respect to Servicing Advances made by any Other Servicer as contemplated in the proviso to the preceding sentence, the
Master Servicer shall, from collections on the related Serviced Whole Loan (but never out of general collections on the Mortgage
Loans and REO Properties) received by the Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same
manner and on the same level of priority as if such Servicing Advances had been made by the Master Servicer hereunder.

 

(k)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to a Non-Serviced Mortgage Loan are limited by and subject to the terms of the related Non-Serviced Intercreditor Agreement and
the rights of the related Non-Serviced Master Servicer and Non-Serviced Special Servicer with respect thereto under the related
Non-Serviced PSA. The Master Servicer (or, with respect to any Specially Serviced Loan, the Special Servicer) shall use reasonable
efforts consistent with the Servicing Standards to enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan)
under the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA.

 

(l)           The
parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related Non-Serviced
Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement, (i) the related
Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced Special
Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the related Non-Serviced Companion Loan
is no longer part of the Trust Fund created by the related Non-Serviced PSA and (B) the related 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

 

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be
serviced in accordance with the related Non-Serviced PSA, until such time as a new servicing agreement has been agreed to by the
parties to the related Non-Serviced Intercreditor Agreement in accordance with the provisions of such agreement and confirmation
has been obtained from the Rating Agencies that such new servicing agreement would not result in a downgrade, qualification or
withdrawal of the then current ratings of any Class of Certificates then outstanding.

 

(m)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to a Serviced Whole Loan are limited by, and subject to, the terms of the related Intercreditor Agreement. The Master Servicer
(or, if a Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer) shall use reasonable efforts consistent
with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced Pari Passu Mortgage
Loan) under the related Intercreditor Agreement. In the event of any conflict between this Agreement and the related Intercreditor
Agreement, the provisions of the related Intercreditor Agreement shall control.

 

(n)          In
connection with the securitization of the Twenty Ninth Street Retail Controlling Pari Passu Companion Loan, while it is a Serviced
Companion Loan, upon the request of (and at the expense of) a related Serviced Companion Noteholder (or its designee), each of
the Master Servicer, the Special Servicer (if such Serviced Companion Loan is a Specially Serviced Loan) and the Trustee, as applicable,
shall use reasonable efforts to cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor
to provide information relating to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary
or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

(o)          For
the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee have
any obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced
Certificate Administrator or Non-Serviced Trustee or (b) make Servicing Advances with respect to any Non-Serviced Whole Loan.
The obligation of the Master Servicer to provide information and collections and make P&I Advances to the Certificate Administrator
for the benefit of the Certificateholders with respect to each Non-Serviced Mortgage Loan is dependent on its receipt of the corresponding
information and/or collections from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer.

 

Section
3.02     Collection of Mortgage Loan Payments. (a) Each of the Master Servicer and the Special
Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans
(other than the Non-Serviced Mortgage Loans) and the Serviced Companion Loans it is obligated to service hereunder, and shall
follow such collection procedures as are consistent with this Agreement (including, without limitation, the Servicing Standard);
provided that with respect to each Mortgage Loan that has an Anticipated Repayment Date, so long as the related Mortgagor
is in compliance with each 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

 

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any
payment of Excess Interest, other than requests for collection, until the Maturity Date of the related Mortgage Loan or until
the outstanding principal balance of such Mortgage Loan (exclusive of any portion representing accrued Excess Interest) has been
paid in full); provided, further, that the Master Servicer or Special Servicer, as the case may be, may take action
to enforce the Trust’s right to apply excess cash flow to principal in accordance with the terms of the Mortgage Loan documents.
The Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with
any delinquent payment on a Mortgage Loan or Companion Loan that it is obligated to service hereunder three (3) times during any
period of twenty-four (24) consecutive months with respect to any Mortgage Loan or Serviced Companion Loan; provided that
the Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with
any delinquent payment on a Mortgage Loan or Companion Loan one additional time in such 24-month period so long as with respect
to any of the foregoing waivers, no Advance or additional expense of the Trust has been incurred and remains unreimbursed to the
Trust with respect to such Mortgage Loan or Companion Loan. Any additional waivers during such 24-month period with respect to
such Mortgage Loan may be made, subject to the Servicing Standard, only after the Master Servicer or Special Servicer, as applicable,
has, prior to the occurrence of a Consultation Termination Event, given notice of a proposed waiver to the Directing Certificateholder
and, prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder has consented to
such additional waiver (provided that if the Master Servicer or Special Servicer, as applicable, fails to receive a response
to such notice from the Directing Certificateholder in writing within five (5) days of giving such notice, then the Directing
Certificateholder shall be deemed to have consented to such proposed waiver); provided, further, that after the
occurrence and during the continuance of a Control Termination Event, the Master Servicer or Special Servicer, as applicable,
may waive any Penalty Charge in accordance with the Servicing Standard without the consent of the Directing Certificateholder;
provided, further, that the Directing Certificateholder shall have no consent rights with respect to any Excluded
Loan with respect to the foregoing waivers.

 

(b)          (i)
All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts due and owing under
the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the express provisions
of the Mortgage Loan documents; provided, however, that absent express provisions in the related Mortgage Loan documents
(including any related Intercreditor Agreement) or to the extent otherwise agreed to by the related Mortgagor in connection with
a workout of a Mortgage Loan, all amounts collected by or on behalf of the Trust in respect of a Mortgage Loan in the form of
payments from the related Mortgagor, Liquidation Proceeds or Insurance and Condemnation Proceeds under the Mortgage Loan (in the
case of each Serviced Whole Loan, exclusive of amounts payable to any applicable Companion Loan pursuant to the terms of the related
Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the
Trust;

 

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second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the other Mortgage Loans (as described in the first proviso in the
definition of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on
such Mortgage Loan (exclusive of default interest and Excess Interest) to the extent of the excess of (i) accrued and unpaid interest
on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been allocated
as recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates;

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan
then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction
Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause
fifth on earlier dates);

 

sixth,
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

seventh,
as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth,
as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

tenth,
as a recovery of any assumption fees, assumption application 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);

 

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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 loan to value ratio of the related Mortgage Loan or Serviced Whole Loan, as applicable, exceeds 125%, or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any, unless otherwise permitted under the applicable REMIC Provisions as evidenced by an Opinion of Counsel to
the Trustee) must be collected and allocated to reduce the principal balance of the Mortgage Loan or Serviced Whole Loan in the
manner required by the REMIC Provisions; provided, further, that if a Non-Serviced Mortgage Loan and any related
Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become REO Loans, the treatment of the foregoing amounts with
respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced Intercreditor Agreement and Non-Serviced
PSA, in that order; provided, further, that with respect to each Serviced Pari Passu Mortgage Loan that is part of
a Serviced Whole Loan, amounts collected with respect to such 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 Pari Passu Mortgage Loan shall be
subject to application as described above.

 

(ii)          Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of each Serviced
Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s), as applicable, pursuant to the related
Intercreditor Agreement) shall be applied in the following order of priority:

 

first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust with
respect to such Mortgage Loan;

 

second,
as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent
previously paid or reimbursed from principal collections on the other Mortgage Loans (as described in the first proviso in the
definition of Principal Distribution Amount);

 

third,
to the extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on
such Mortgage Loan (exclusive of default interest and Excess Interest) to the extent of the excess of (i) accrued and unpaid interest
on such Mortgage Loan at the applicable Mortgage Rate in effect from time to time through the end of the applicable mortgage interest
accrual period, over (ii) the cumulative amount of

 

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the reductions (if any) in the amount of related P&I Advances for such Mortgage
Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been allocated
as a recovery of accrued and unpaid interest pursuant to clause fifth below or clause fifth of subsection
(b)(i) above on earlier dates);

 

fourth,
to the extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan
to the extent of its entire unpaid principal balance;

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction
Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause
fifth or clause fifth of subsection (b)(i) above 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, assumption application 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, 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 Serviced
Pari Passu Mortgage Loan that is part of a Serviced Whole Loan, amounts collected with respect to such 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 Pari Passu 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

 

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Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the Mortgage Loan or Companion Loan, as
applicable, or in accordance with Section 3.02(b)(ii) above.

 

(c)          To
the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related Serviced
Companion Loan, as applicable, and the related Intercreditor Agreement) and applicable law, the Master Servicer shall apply all
Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related Mortgage
Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding the
month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii) above.

 

(d)          In
the event that the Master Servicer or Special Servicer receives Excess Interest prior to the Determination Date for any Collection
Period, or receives notice from the related Mortgagor that the Master Servicer or Special Servicer will be receiving Excess Interest
prior to the Determination Date for any Collection Period, the Master Servicer or Special Servicer, as the case may be, shall notify
the Trustee and Certificate Administrator two (2) Business Days prior to the related Distribution Date. None of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor
to pay any such Excess Interest or prepayment penalty. The preceding statements shall not, however, be construed to limit the provisions
of Section 3.02(a).

 

(e)          With
respect to any Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter of credit
related to obtaining certain performance objectives described in the applicable Mortgage Loan documents, the Master Servicer shall,
to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional collateral
and not apply such items to reduce the principal balance of such Mortgage Loan or Serviced Companion Loan, unless otherwise required
to do so pursuant to the applicable Mortgage Loan documents, applicable law or court order.

 

(f)           (i)
Promptly following the Closing Date, in the case of any Non-Serviced Whole Loan, and (ii) promptly following the Certificate Administrator’s
receipt of notice of the Twenty Ninth Street Retail Companion Loan Securitization Date (which notice shall contain such Non-Serviced
Master Servicer’s address), in the case of the Twenty Ninth Street Retail Whole Loan, the Certificate Administrator shall
send written notice (in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer (with a copy
to any other applicable party set forth on the schedule of addresses to Exhibit T) stating that, as of such date, the Trust
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.

 

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Section
3.03     Collection of Taxes, Assessments and Similar Items; Servicing Accounts. (a) The
Master Servicer shall establish and maintain one or more accounts (the “Servicing Accounts”), into which
all Escrow Payments shall be deposited and retained, and shall administer such Servicing Accounts in accordance with the
Mortgage Loan documents and, if applicable, the Companion Loan documents. Any Servicing Account related to a Serviced Whole
Loan shall be held for the benefit of the Certificateholders and the related Serviced Companion Noteholder collectively, but
this shall not be construed to modify respective interests of either noteholder therein as set forth in the related
Intercreditor Agreement. Amounts on deposit in Servicing Accounts may only be invested in accordance with the terms of the
related Mortgage Loan documents and Companion Loan documents, or in Permitted Investments in accordance with the provisions
of Section 3.06. Servicing Accounts shall be Eligible Accounts to the extent permitted by the terms of the related
Mortgage Loan documents. Withdrawals of amounts so deposited from a Servicing Account may be made only to: (i) effect payment
of items for which Escrow Payments were collected and comparable items; (ii) reimburse the Trustee and then the Master
Servicer, if applicable, for any Servicing Advances; (iii) refund to Mortgagors any sums as may be determined to be overages;
(iv) pay interest to Mortgagors on balances in the Servicing Account, if required by applicable law or the terms of the
related Mortgage Loan or Companion Loan and as described below or, if not so required, to the Master Servicer; (v) after the
occurrence of an event of default under the related Mortgage Loan or Companion Loan, apply amounts to the indebtedness
under the applicable Mortgage Loan or Companion Loan; (vi) withdraw amounts deposited in error; (vii) pay Penalty Charges to
the extent permitted by the related Mortgage Loan documents; or (viii) clear and terminate the Servicing Account at the
termination of this Agreement in accordance with Section 9.01. As part of its servicing duties, the Master Servicer
shall pay or cause to be paid to the Mortgagors interest on funds in Servicing Accounts, to the extent required by law or the
terms of the related Mortgage Loan or Companion Loan; provided, however, that in no event shall the Master
Servicer be required to remit to any Mortgagor any amounts in excess of actual net investment income or funds in the related
Servicing Account. If allowed by the related Mortgage Loan documents and applicable law, the Master Servicer may charge the
related Mortgagor an administrative fee for maintenance of the Servicing Accounts.

 

(b)          The
Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the Master Servicer,
in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced Companion Loan, shall maintain
accurate records with respect to each related Mortgaged Property reflecting the status of real estate taxes, assessments and other
similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect
thereof. The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and
the Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced Companion
Loan, shall use reasonable efforts consistent with the Servicing Standard to obtain, from time to time, all bills for the payment
of such items (including renewal premiums) and shall effect payment thereof from the REO Account or by the Master Servicer as Servicing
Advances prior to the applicable penalty or termination date and, in any event, prior to the institution of foreclosure or similar
proceedings with respect to the related Mortgaged Property for nonpayment of such items, employing for such purpose Escrow Payments
(which shall be so applied by the Master Servicer at the written direction of the Special Servicer in the case of REO Loans) as
allowed under the

 

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terms
of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) and Companion Loan. Other than with respect to any Non-Serviced
Mortgage Loan, the Master Servicer shall service and administer any reserve accounts (including monitoring, maintaining or changing
the amounts of required escrows) in accordance with the terms of such Mortgage Loan and the related Serviced Companion Loan, as
applicable, and the Servicing Standard. To the extent that a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related
Companion Loan, as applicable, does not require a Mortgagor to escrow for the payment of real estate taxes, assessments, insurance
premiums, ground rents (if applicable) and similar items, the Special Servicer, in the case of REO Loans, and the Master Servicer,
in the case of all other such Mortgage Loans or Companion Loan, as applicable, that it is responsible for servicing hereunder,
shall use reasonable efforts consistent with the Servicing Standard to cause the Mortgagor to comply with its obligation to make
payments in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure
or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items.

 

(c)          In
accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each Serviced
Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of effecting the payment
of (i) real estate taxes, assessments and other similar items that are or may become a lien thereon, (ii) ground rents (if applicable)
and (iii) premiums on Insurance Policies, in each instance if and to the extent Escrow Payments collected from the related Mortgagor
(or related REO Revenues, if applicable) are insufficient to pay such item when due and the related Mortgagor has failed to pay
such item on a timely basis, and provided, however, that the particular advance would not, if made, constitute a
Nonrecoverable Servicing Advance and provided, further, however, that with respect to the payment of taxes
and assessments, the Master Servicer shall not be required to make such advance until the later of (i) five (5) Business Days after
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, has received confirmation
that such item has not been paid and (ii) the date prior to the date after which any penalty or interest would accrue in respect
of such taxes or assessments. The Special Servicer shall give the Master Servicer and the Trustee no less than five (5) Business
Days’ written (facsimile or electronic) notice before the date on which the Master Servicer is requested to make any Servicing
Advance with respect to a given Specially Serviced Loan or REO Property; provided, 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, other than for Servicing Advances to be made on an emergency or urgent
basis, the Special Servicer shall not be entitled to make such a request 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.

 

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

 

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Date
for the related Distribution Date, the Special Servicer shall report to the Master Servicer if the Special Servicer determines
any Servicing Advance previously made by the Master Servicer with respect to a Specially Serviced Loan or REO Loan is a Nonrecoverable
Servicing Advance. The Master Servicer shall be entitled to conclusively rely on such a determination, but such determination
shall not be binding upon the Master Servicer, and shall in no way limit the ability of the Master Servicer in the absence of
such determination to make its own determination that any Advance is a Nonrecoverable Advance. If the Special Servicer makes a
determination that only a portion of, and not all of, any previously made or proposed Servicing Advance is a Nonrecoverable Advance,
the Master Servicer shall have the right to make its own subsequent determination that any remaining portion of any such previously
made or proposed Servicing Advance is a Nonrecoverable Advance. All such Advances shall be reimbursable in the first instance
from related collections from the Mortgagors and further as provided in Section 3.05(a). No costs incurred by the Master
Servicer or the Special Servicer in effecting the payment of real estate taxes, assessments and, if applicable, ground rents on
or in respect of the Mortgaged Properties shall, for purposes hereof, including, without limitation, the Certificate Administrator’s
calculation of monthly distributions to Certificateholders, be added to the unpaid principal balances of the related Mortgage
Loans, any related Serviced Companion Loan, if applicable, notwithstanding that the terms of such Mortgage Loans, related Serviced
Companion Loan, if applicable, so permit. If the Master Servicer fails to make any required Servicing Advance as and when due
(including any applicable cure periods), to the extent the Trustee has actual knowledge of such failure, the Trustee shall make
such Servicing Advance pursuant to Section 7.05. Notwithstanding anything herein to the contrary, no Servicing Advance
shall be required hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition,
the Master Servicer shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability
determinations. The Special Servicer shall have no obligation to make any Servicing Advances under this Agreement.

 

Notwithstanding anything
to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect (but shall not
be required unless directed by the Special Servicer with respect to Specially Serviced Loans and REO Loans) to make a payment from
amounts on deposit in the Collection Account (or any Companion Distribution Account maintained as a subaccount thereof by a Companion
Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal and then from
all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding that the Master Servicer
(or Special Servicer, as applicable) has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable
Servicing Advance (unless, with respect to Specially Serviced Loans or REO Loans, the Special Servicer has notified the Master
Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being
uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage,
or the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that in each instance, the
Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (as evidenced by an
Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best interest of the Certificateholders
(and, if applicable, the Companion Holders), all as a collective whole (taking into account the subordinate or pari passu
nature of any Companion Loans). The Master Servicer or Trustee may elect to obtain reimbursement of Nonrecoverable Servicing Advances
from the Trust pursuant to

 

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the terms
of Section 3.17(c). The parties acknowledge that pursuant to the applicable Non-Serviced PSA, the applicable Non-Serviced
Master Servicer is obligated to make servicing advances with respect to the related Non-Serviced Whole Loan. The applicable Non-Serviced
Master Servicer shall be entitled to reimbursement for Nonrecoverable Servicing Advances with respect to such Non-Serviced Whole
Loan (with, in each case, any accrued and unpaid interest thereon provided for under the applicable Non-Serviced PSA) in the manner
set forth in the applicable Non-Serviced PSA and the applicable Non-Serviced Intercreditor Agreement.

 

(d)          In
connection with its recovery of any Servicing Advance out of the Collection Account (or any Companion Distribution Account maintained
as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the Trustee, the Special
Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive, out of any amounts then
on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such
Servicing Advance from the date made to, but not including, the date of reimbursement. Subject to Section 3.17(c), the Master
Servicer shall reimburse itself, the Special Servicer or the Trustee, as the case may be, for any outstanding Servicing Advance
as soon as practically possible after funds available for such purpose are deposited in the Collection Account (or any Companion
Distribution Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the Master Servicer’s
or the Trustee’s options and rights to defer recovery of such amounts as provided herein; provided, however,
that such Master Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall not alter the Master
Servicer’s obligation to reimburse the Special Servicer for any outstanding Servicing Advance as provided for in this sentence.
To the extent amounts on deposit in the Companion Distribution Account with respect to the related Companion Loan are insufficient
for any such reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard to enforce the rights
of the holder of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement available from
the holder of the related Companion Loan.

 

(e)          To
the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan
(other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof within
a reasonable time after the later of the Closing Date and the date as of which plan is required to be established or completed.
To the extent any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant
to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor
written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date and the date
as of which action or remediations are required to be or to have been taken or completed. To the extent a Mortgagor shall fail
to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report any such failure
to the Special Servicer within a reasonable time after the date as of which actions or remediations are required to be or to have
been taken or completed.

 

Section 3.04     The
Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion
Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, and the Gain-on-Sale Reserve
Account. (a) The Master Servicer shall establish and maintain, or cause to be

 

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established
and maintained, a Collection Account in which the Master Servicer shall deposit or cause to be deposited on a daily basis and
in no event later than the second Business Day following receipt of available and properly identified funds (in the case of payments
by Mortgagors or other collections on the Mortgage Loans or Companion Loans), except as otherwise specifically provided herein,
the following payments and collections received or made by or on behalf of it subsequent to the Cut-off Date (other than in respect
of principal and interest on the Mortgage Loans or Companion Loans due and payable on or before the Cut-off Date, which payments
shall be delivered promptly to the appropriate Mortgage Loan Seller or its respective designee and other than any amounts received
from Mortgagors which are received in connection with the purchase of defeasance collateral), or payments (other than Principal
Prepayments) received by it on or prior to the Cut-off Date but allocable to a period subsequent thereto:

 

(i)           all
payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on Serviced Companion
Loans;

 

(ii)          all
payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment Premiums,
Yield Maintenance Charges and Default Interest;

 

(iii)         late
payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of the
Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

(iv)         all
Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale Proceeds)
received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds that are
received in connection with the purchase by the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling
Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the Trust Fund and that are
to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any proceeds that are received
in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization by the related mortgage
loan seller, which shall be paid directly to the servicer of such securitization) together with any recovery of Unliquidated Advances
in respect of the related Mortgage Loans;

 

(v)          any
amounts required to be transferred from the REO Account pursuant to Section 3.14(c);

 

(vi)         any
amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses incurred with
respect to Permitted Investments of funds held in the Collection Account; and

 

(vii)        any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b) in connection
with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

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Notwithstanding the foregoing
requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer would be authorized
to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be entitled to instead
immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts shall be applied in accordance
with the terms hereof and shall be reported as if deposited in such Collection Account and then withdrawn.

 

The foregoing requirements
for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for beneficiary statements or demands,
assumption fees, modification fees, extension fees, defeasance fees, amounts collected for Mortgagor checks returned for insufficient
funds or other amounts the Master Servicer or the Special Servicer would be entitled to retain as additional servicing compensation
need not be deposited by the Master Servicer in the Collection Account. If the Master Servicer shall deposit in the Collection
Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any
provision herein to the contrary notwithstanding. Assumption, extension and modification fees actually received from Mortgagors
on Specially Serviced Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon receipt of any of
the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced Loans, the Special
Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Collection Account, in
accordance with this Section 3.04(a). Any such amounts received by the Special Servicer with respect to an REO Property
shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection
Account, pursuant to Section 3.14(c). With respect to any such amounts paid by check to the order of the Special Servicer,
the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly
deliver any such check to the Master Servicer by overnight courier. Funds in the Collection Account may only be invested in Permitted
Investments in accordance with the provisions of Section 3.06. As of the Closing Date, the Collection Account for the Master
Servicer shall be located at the offices of KeyBank National Association. The Master Servicer shall give notice to the Trustee,
the Special Servicer, the Certificate Administrator and the Depositor of the new location of the Collection Account prior to any
change thereof.

 

(b)          The
Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution Account,
the Interest Reserve Account and the Gain-on-Sale Reserve Account in trust for the benefit of the Certificateholders (other than
Holders of the Class V Certificates and the Trustee as Holder of the Lower-Tier Regular Interests), (ii) the Upper-Tier REMIC Distribution
Account for the benefit of the Certificateholders (other than the Holders of the Class V Certificates), and (iii) the Excess Interest
Distribution Account for the benefit of the Holders of the Class V Certificates. The Master Servicer shall deliver to the Certificate
Administrator each month on or before the P&I Advance Date therein, for deposit (x) in the Lower-Tier REMIC Distribution Account,
that portion of the Available Funds attributable to the Mortgage Loans (in each case, calculated without regard to clauses (a)(iii)(B),
(a)(iv), (c) and (d) of the definition of Available Funds) for the related Distribution Date and (y) in the
Excess Interest Distribution Account all Excess

 

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Interest
for the related Distribution Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant
to Section 3.05(a)(ii). For the avoidance of doubt, so long as Wells Fargo Bank, National Association is the Certificate
Administrator, all funds held in the Distribution Account, the Interest Reserve Account and the Excess Interest Distribution Account
shall remain uninvested.

 

With respect to each
Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain the Companion
Distribution Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder, to be held
for the benefit of the related Companion Holder and shall, within two (2) Business Days following receipt of properly identified
funds (to the extent consistent with the related Intercreditor Agreement), deposit in the Companion Distribution Account any and
all amounts received by the Companion Paying Agent that are required by the terms of this Agreement or the applicable Intercreditor
Agreement to be deposited therein; provided, however, that the Companion Paying Agent shall separately track for
each Serviced Companion Loan all amounts deposited with respect to such Serviced Companion Loan. The Master Servicer shall deliver
to the Companion Paying Agent each month, on or before the P&I Advance Date therein, for deposit in the Companion Distribution
Account, an aggregate amount of immediately available funds, to the extent received with respect to the related Serviced Whole
Loan, to the extent of available funds, equal to the amount to be distributed to the related Companion Holder pursuant to the terms
of this Agreement and the related Intercreditor Agreement. Notwithstanding the preceding, the following provisions shall apply
to remittances relating to the Serviced Companion Loans that have been deposited into an Other Securitization: (1) on each Serviced
Whole Loan Remittance Date, the Master Servicer shall withdraw from the Collection Account (or applicable portion thereof) an aggregate
amount equal to all payments and/or collections actually received on, and payable to, such Serviced Companion Loans prior to such
dates; provided, however, that in no event shall the Master Servicer be required to transfer to the Companion Distribution
Account any portion thereof that is payable or reimbursable to or at the direction of any party to this Agreement under the other
provisions of this Agreement and/or the related Intercreditor Agreement; (2) on each Serviced Whole Loan Remittance Date, the Companion
Paying Agent shall make the payments and remittance described in Section 4.01(k), which payments and remittance shall be
made, in each case, on the Serviced Whole Loan Remittance Date.

 

The Lower-Tier REMIC
Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the Gain-on-Sale Reserve
Account and the Interest Reserve Account, may be subaccounts of a single Eligible Account, which shall be maintained as a segregated
account separate from other accounts.

 

In addition to the amounts
required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04, the Master Servicer
shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution
Account:

 

(i)           any
amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments (other
than the portion of any

 

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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) hereof), the Master Servicer shall pay the Certificate
Administrator interest on such late payment at the Prime Rate from and including the date such payment was required to be made
(without regard to any Grace Period set forth in Section 7.01(a)(i)) until (but not including) the date such late payment
is received by the Certificate Administrator.

 

The Certificate Administrator
shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account, as applicable,
any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement to be deposited
therein.

 

Promptly on each Distribution
Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account and deposit in the
Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier Distribution Amount
and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated in payment of the
Lower-Tier Regular Interests as specified in Section 4.01(c) and Section 4.01(e), respectively.

 

Funds on deposit in the
Gain-on-Sale Reserve Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution
Account, or the Lower-Tier REMIC Distribution Account shall not be invested for so long as Wells Fargo Bank, National Association
is the Certificate Administrator; provided, however, that such funds may be invested and, if invested, shall be invested
by, and at the risk of, the Certificate

 

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Administrator
(but only if the Certificate Administrator is not Wells Fargo Bank, National Association) in Permitted Investments selected by
the party hereunder that maintains such account which shall mature, unless payable on demand, not later than such time on the
Distribution Date which will allow the Certificate Administrator to make withdrawals from the Distribution Account, and any such
Permitted Investment shall not be sold or disposed of prior to its maturity unless payable on demand. All such Permitted Investments
to be administered by the Certificate Administrator, shall be made in the name of “Wells Fargo Bank, National Association
[or name of successor certificate administrator], as Certificate Administrator, for the benefit of Wells Fargo Bank, National
Association, as Trustee for the Holders of the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass Through Certificates,
Series 2016-UBS9 as their interests may appear”, or in the name of any successor trustee, as Trustee for the Holders of
the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass Through Certificates, Series 2016-UBS9 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.

 

As of the Closing Date,
the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, and the Lower-Tier
REMIC Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate Administrator shall
give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest Reserve Account, the
Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, and,
if established, the Gain-on-Sale Reserve Account prior to any change thereof.

 

For the avoidance of
doubt, the Collection Account (other than (i) any portion holding Excess Interest and (ii) the Companion Distribution Account,
if it is a sub-account of the Collection Account, the Lower-Tier REMIC Distribution Account, the Gain-on-Sale Reserve Account,
any Servicing Account, the REO Account, and the Interest Reserve Account (including interest, if any, earned on the investment
of funds in such accounts) will be owned by the Lower-Tier REMIC; the Excess Interest Distribution Account (and any portion of
the Collection Account holding Excess Interest) (including interest, if any, earned on the investment of funds in such accounts)
will be owned by the Grantor Trust for the benefit of the Holders of the Class V Certificates; the Companion Distribution Account
(including interest, if any, earned on the investment of funds in such account) will be owned by the Companion Holders; and the
Upper-Tier REMIC Distribution Account (including interest, if any, earned on the investment of

 

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funds
such account) will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

(c)          Prior
to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage Loan, and upon
notification from the Master Servicer or Special Servicer pursuant to Section 3.02(d), the Certificate Administrator, on
behalf of the Certificateholders, shall establish and maintain the Excess Interest Distribution Account in its own name on behalf
of the Trustee in trust for the benefit of the Holders of the Class V Certificates. The Excess Interest Distribution Account shall
be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account). Prior to the applicable Distribution
Date, the Master Servicer shall remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account
an amount equal to the Excess Interest received prior to the Determination Date for the applicable Collection Period.

 

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

 

(e)          The
Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates Gain-on-Sale
Proceeds) and maintain the Gain-on-Sale Reserve Account for the benefit of the Certificateholders. The Gain-on-Sale Reserve Account
shall be maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from trust funds for
mortgage pass-through certificates of other series administered by the Certificate Administrator.

 

Upon the disposition
of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special Servicer will calculate the Gain-on-Sale
Proceeds, if any, realized that are allocable to the Mortgage Loan in connection with such sale and remit such funds to the Master
Servicer, which shall remit such funds to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account. Any
gain on such disposition that is allocable to any related Companion Loan in accordance with the terms of the related Intercreditor
Agreement shall be remitted to the Companion Paying Agent for deposit into the Companion Distribution Account.

 

(f)          Any
Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced
PSA shall be remitted to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account.

 

(g)          [RESERVED].

 

(h)          [RESERVED].

 

(i)           If
any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(g)
of this Agreement, the Master Servicer shall establish and maintain one or more non-interest bearing accounts (collectively, the
“Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes of holding
such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund

 

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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, remit such Loss of Value Payments to the Master Servicer, which shall
deposit such Loss of Value Payments promptly upon receipt in the Loss of Value Reserve Fund. The Certificate Administrator shall
account for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h)
and not an asset of any Trust REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator
shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as
paid to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the
Collection Account to a Mortgage Loan Seller as distributions by the Trust to such Mortgage Loan Seller as beneficial owner of
the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller shall be the beneficial owner of the Loss of Value Reserve
Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

Section
3.05     Permitted Withdrawals from the Collection Account, the Distribution Accounts and the
Companion Distribution Account. (a) The Master Servicer may, from time to time, make withdrawals from the Collection
Account (or the applicable subaccount of the Collection Account exclusive of the Companion Distribution Account) for any of
the following purposes (the following not being an order of priority and without duplication of the same payment or
reimbursement):

 

(i)           (A)
no later than 4:00 p.m., New York City time, on each P&I Advance Date, to remit to the Certificate Administrator for deposit
in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts required to be remitted pursuant
to the first paragraph of Section 3.04(b) or that may be applied to make P&I Advances pursuant to Section
4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b), to remit to the Companion Paying Agent for deposit
in the 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 KeyBank National Association if KeyBank 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

 

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and Condemnation Proceeds and collections in respect
of the related Specially Serviced Loan (provided that, in the case of such payment relating to a Serviced Whole Loan, such
payment shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole
Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion
Loan, in accordance with their respective Stated Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first,
from the related Serviced Subordinate Companion Loan, as applicable, and then, from the Serviced AB Mortgage Loan) and then
out of general collections on the Mortgage Loans and REO Properties, (C) to pay the Operating Advisor (or the Master Servicer,
if applicable) any unpaid Operating Advisor Fees or Operating Advisor Consulting Fees in respect of each Mortgage Loan, Specially
Serviced Loan or REO Loan (other than any related Companion Loan), as applicable, the Operating Advisor’s right to payment
of the Operating Advisor Fee or Operating Advisor Consulting Fee pursuant to this clause (ii)(C) with respect to any Mortgage
Loan, Specially Serviced Loan or REO Loan (other than any related Companion Loan), as applicable, being limited to amounts received
on or in respect of such Mortgage Loan (whether in the form of payments, P&I Advances (solely with respect to the Operating
Advisor Fee), Liquidation Proceeds or Insurance and Condemnation Proceeds), such REO Loan (whether in the form of REO Revenues,
Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, and (D) to pay
the Asset Representations Reviewer, any unpaid Asset Representations Reviewer Fee and (subject to Section 12.02(b)) Asset
Representations Reviewer Asset Review Fee, if any, payable in connection with any Asset Review performed as a result of an Affirmative
Asset Review Vote;

 

(iii)         to
reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Master Servicer’s
or the Trustee’s right to 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 Pari Passu Mortgage Loan and
not from any amounts collected with respect to any related Serviced Companion Loan prior to reimbursement from other funds unrelated
to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that if such P&I Advance
with respect to a Mortgage Loan becomes a Workout-Delayed Reimbursement Amount, then the maker of such P&I Advance shall additionally,
but without duplication, thereafter be entitled to reimbursement for such P&I Advance from the portion of general collections
and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time
that represent collections or recoveries of principal to the extent provided in clause (v) below; and provided, further,
that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(iv)         to
reimburse the Trustee and itself, as applicable (in that order), for unreimbursed Servicing Advances, the Master Servicer’s
or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan

 

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(other than a Non-Serviced Mortgage Loan) or any related Companion Loan or any REO Property being limited to, as applicable, related
payments, Liquidation Proceeds, Insurance and Condemnation Proceeds and REO Revenues (provided that, in the case of such
reimbursement relating to a Serviced Whole Loan, such reimbursements shall be made, subject to the terms of the related Intercreditor
Agreement with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances), prior
to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage
Loan); provided, 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 and itself, as applicable (in that order) (1) for Nonrecoverable Advances first, out of REO Revenues,
Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related Mortgage Loan and any related Companion
Loan (with respect to such Companion Loan, only for Nonrecoverable Servicing Advances made with respect thereto), then,
out of the principal portion of general collections on the Mortgage Loans and REO Properties, then, to the extent the principal
portion of general collections is insufficient and with respect to such excess only, subject to any exercise of the sole option
to defer reimbursement thereof pursuant to Section 3.17(c), out of general collections on the Mortgage Loans and REO Properties,
(2) for Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and
REO Properties net of such amounts being reimbursed pursuant to (1) above; (provided that, in case of such reimbursement
of a Nonrecoverable Servicing Advance relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms
of the related Intercreditor Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu,
from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated
Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first,
from the related Serviced Subordinate Companion Loan (if any) and then from the Serviced AB Mortgage Loan and provided,
further, that, in case of such reimbursement with respect to Nonrecoverable Servicing Advances relating to a Serviced Whole
Loan, such reimbursement shall be made as described above in this clause (v)(1) and (v)(2), prior to reimbursement
from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that
with respect to a Serviced Pari Passu 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 Pari Passu Mortgage Loan
(and not from any amounts collected with respect to the related Serviced Companion Loan), in accordance with the terms of the related
Intercreditor Agreement (provided that, with respect to any Serviced Companion Loan,

 

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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
Pari Passu Mortgage Loan and Serviced Subordinate Companion Loan), prior to reimbursement from other funds unrelated to such Serviced
Whole Loan on deposit in the Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage
Loan, any related Companion Loan, if applicable, or REO Property any related earned Servicing Fee that remained unpaid in accordance
with clause (ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or REO Property
and the deposit into the Collection Account of all amounts received in connection therewith;

 

(vi)         at
such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for a related
securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance (including any
such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii) or clause (v)
above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest accrued and payable thereon
in accordance with Sections 4.03(d) and 3.11(d), (b) any unreimbursed Servicing Advances (including any such Servicing
Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) or clause (v) above, to
pay itself or the Trustee, or Other Trustee or Other Servicer as the case may be, any interest accrued and payable thereon in accordance
with Section 3.03(d) and 3.11(d) or (c) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself
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 Pari Passu Mortgage
Loan shall not be paid from funds actually distributable to any related Serviced Companion Loan;

 

(vii)        to
reimburse itself, the Special Servicer or the Trustee, as the case may be, for any unreimbursed expenses reasonably incurred by
such Person in the performance of its duties under Section 2.02 or Section 2.03 of this Agreement, as applicable,
in respect of any Material Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage Loan Seller
or any other obligation of the Mortgage Loan Seller under Section 4 of the applicable Mortgage Loan Purchase Agreement, including,
without limitation, any expenses arising out of the enforcement of the repurchase or substitution obligation or any other obligation
of the Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this clause (vii) with respect
to any Mortgage Loan being limited to that portion of the Purchase Price, the Loss of Value Payment or Substitution Shortfall Amount
paid with respect to such Mortgage Loan, that represents such expense in accordance with clause (iv) of the definition of
Purchase Price;

 

(viii)       in
accordance with Section 2.03(f), to reimburse itself or the Special Servicer, as the case may be, first, out of Liquidation
Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan, and then out
of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred by such Person
in the performance of its

 

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duties under Section 2.02 or Section 2.03 of this Agreement, as applicable, in connection
with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 4 of the applicable Mortgage Loan
Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to clause (vii) above or otherwise;
provided that, in case of such reimbursement out of Liquidation Proceeds, and Insurance and Condemnation Proceeds described
above relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage
Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, 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 Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage
Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, in each case, prior
to being payable out of general collections with respect to the Mortgage Loan;

 

(x)           to
pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and investment income
earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Companion Distribution Account as
provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Collection Account
and the Companion Distribution Account for the period from and including the prior Distribution Date to and including the P&I
Advance Date related to such Distribution Date) and (2) Penalty Charges (other than Penalty Charges collected while the related
Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only to the extent collected from the
related Mortgagor and to the extent that all amounts then due and payable with respect to the related Mortgage Loan and any related
Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses
incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d);
and (b) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.11(c), Penalty Charges
collected on Specially Serviced Loans (but only to the extent collected from the related Mortgagor and to the extent that all amounts
then due and payable with respect to the related Specially Serviced Loan have been paid and such Penalty Charges are not needed
to pay interest on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and
Workout Fees) in accordance with Section 3.11(d));

 

(xi)          to
recoup any amounts deposited in the Collection Account in error;

 

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(xii)         to
pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of their respective
directors, officers, members, managers, employees and agents, or CREFC®, as the case may be, out of general collections,
any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a) or Section 6.04(b); provided
that, in case of such reimbursement (other than a reimbursement of any amounts payable to CREFC®) relating to a
Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement with respect
to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, in each case, prior to being
payable out of general collections with respect to the Mortgage Loans;

 

(xiii)        to
pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b), 3.18(b),
3.18(d), 3.18(i) and Section 10.01(g) to the extent payable out of the Trust Fund, (b) the cost of any Opinion
of Counsel contemplated by Sections 13.01(a) or 13.01(c) in connection with an amendment to this Agreement requested by
the Trustee or the Master Servicer, which amendment is in furtherance of the rights and interests of Certificateholders and (c)
the cost of obtaining the REO Extension contemplated by Section 3.14(a); provided that, in case of such reimbursement
relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement
with respect to the related Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari
Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, in each
case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiv)       to
pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes imposed
on any Trust REMIC, or any of their assets or transactions, together with all incidental costs and expenses, to the extent that
none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is liable therefor pursuant to
Section 10.01(h);

 

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

 

(xvi)       to
pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously purchased by
such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after
the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated by Section
2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received thereon subsequent
to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan, all Periodic Payments due thereon
during or prior to the month of substitution, in accordance with Section 2.03(b);

 

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(xvii)      to
remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in the
Interest Reserve Account pursuant to Section 3.21;

 

(xviii)     to
reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to
Section 3.26(i);

 

(xix)        to
remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be deposited pursuant
to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i) above;

 

(xx)         to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxi)        to
pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

The Master Servicer shall
also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement
of amounts required to be paid to the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer, the
applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator, the applicable Non-Serviced Paying Agent
or any other applicable party to the applicable Non-Serviced PSA by the holder of a Non-Serviced Mortgage Loan pursuant to the
applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced PSA.

 

The Master Servicer shall
keep and maintain separate accounting records, on a loan-by-loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from the Collection Account.

 

The Master Servicer shall
pay to the Special Servicer, the Trustee or the Certificate Administrator from the Collection Account amounts permitted to be paid
to it therefrom monthly upon receipt of a certificate of a Servicing Officer of the Special Servicer or a Responsible Officer of
the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer, the Trustee or the Certificate
Administrator is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate
the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and
REO Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection
Account.

 

Notwithstanding anything
to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor out of general collections that do not
specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be payable to the related Companion
Loan, as applicable.

 

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(b)          The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the
following purposes (the following not being an order of priority):

 

(i)            to
be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount of any Prepayment
Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(e) in the Upper-Tier REMIC Distribution Account,
and to make distributions on the Class R Certificates in respect of the Class LR Interest pursuant to Section 4.01(c);

 

(ii)          to
pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may
be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)         to
pay the Certificate Administrator, the Certificate Administrator/Trustee Fee, as applicable, as contemplated by Section 8.05(a)
hereof with respect to the Mortgage Loans;

 

(iv)         to
pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator as
provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer as contemplated by Section 3.18(d), (C) the Trustee or the Certificate Administrator
as contemplated by Section 5.08(c) or Section 8.02(ii) to the extent payable out of the Trust Fund, (D) the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 10.01(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, in each case, to the extent not paid pursuant to Section 13.01(g);

 

(v)          to
pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets or transactions
of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate Administrator,
the REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(h);

 

(vi)         to
pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the Lower-Tier REMIC
or the Upper-Tier REMIC;

 

(vii)        to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to be deposited
therein; and

 

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

 

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

 

(d)          The
Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account for any
of the following purposes:

 

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

 

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

 

(e)          Pursuant
to each Mortgage Loan Purchase Agreement, if there is a breach of the representations and warranties set forth in paragraph 30
or paragraph 32 in Exhibit 2 thereto, and as a result the payments, by a Mortgagor, of reasonable costs and expenses associated
with securing the consent or approval of the holder of the Mortgage for a waiver of a “due-on-sale” or “due-on-encumbrance”
clause or the defeasance of a Mortgage Loan are insufficient such that the Trust incurs an additional trust fund expense in an
amount equal to such reasonable costs and expenses not paid by such Mortgagor, the related Mortgage Loan Seller shall reimburse
the Trust within ninety (90) days of the receipt of notice of such breach in an amount sufficient to avoid such additional trust
fund expense (and, if applicable, to pay the amount of any fees and expenses of the Asset Representations Reviewer related to
the Asset Review of such Mortgage Loan not previously paid by the related Mortgage Loan Seller).

 

(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/Trustee Fee listed in Section
3.05(b)(ii) and (b)(iii), then the Certificate Administrator/Trustee 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/Trustee Fee, the Certificate
Administrator shall be paid based on the amount of such fees and (ii) if amounts on deposit in the Collection Account are not sufficient
to reimburse the full amount of Advances and interest thereon listed in Sections 3.05(a)(iii), (a)(iv), (a)(v)
and (a)(vi), then reimbursements shall be paid first to the Certificate Administrator and to the Trustee, pro
rata, second to the Special Servicer, third to the Master Servicer and then to the Operating Advisor.

 

(g)          If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced
REO Property, then the Master Servicer shall (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 (5) Business
Days’ prior notice of such final Distribution Date) promptly transfer such Loss of Value Payments (up to the remaining portion
thereof) from the Loss of Value Reserve Fund to the Collection Account for the following purposes:

 

(i)           to
reimburse the Master Servicer or the Trustee, in accordance with Section 3.05(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with any interest
on such Advances);

 

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(ii)          to
pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of
such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)         to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as
calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any
related successor REO Loan;

 

(iv)         following
the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any
other Mortgage Loan or Serviced REO Loan; and

 

(v)          On
the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above, to each
Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such
Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable
to such Mortgage Loan or related REO Property, as the case may be, additional trust fund expenses or any Nonrecoverable Advances
incurred with respect to the Mortgage Loan related to such contribution.

 

(h)          Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (g)(i)-(g)(iii) of the prior paragraph
shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan
with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection
Account pursuant to clause (g)(iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust
in respect of the related Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection
Account to cover an item contemplated by clauses (g)(i)–(g)(iv) of the prior paragraph.

 

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

 

Section
3.06     Investment of Funds in the Collection Account and the REO Account. (a) The Master
Servicer may direct any depository institution maintaining the Collection Account, the Companion Distribution Account, the
Loss of Value Reserve Fund or any other Servicing Account, escrow account or reserve account held by the Master Servicer (for
purposes of this Section 3.06, an “Investment Account”), the Special Servicer may direct any
depository institution maintaining the REO Account (also for purposes of this Section 3.06, an “Investment
Account”) to invest or if it is such depository institution, may itself invest, the funds held therein, only in one
or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later
than the Business Day immediately

 

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preceding
the next succeeding date on which funds are required to be withdrawn from such account pursuant to this Agreement, if a Person
other than the depository institution maintaining such account is the obligor thereon and (ii) no later than the date on which
funds are required to be withdrawn from such account pursuant to this Agreement, if the depository institution maintaining such
account is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any funds
held in an Investment Account shall be held in the name of the Master Servicer or the Special Servicer, as applicable, on behalf
of the Trustee (in its capacity as such) for the benefit of the Certificateholders. The Master Servicer (in the case of the Collection
Account, the Companion Distribution Account, the Loss of Value Reserve Fund or any other Servicing Account, escrow account or
reserve account maintained by or for the Master Servicer), the Special Servicer (in the case of the REO Account or any Servicing
Account maintained by or for the Special Servicer) on behalf of the Trustee, shall maintain continuous physical possession of
any Permitted Investment of amounts in the Collection Account, the Companion Distribution Account, the Servicing Accounts, the
Loss of Value Reserve Fund, the REO Account or any other escrow accounts or reserve accounts, as applicable, that is either (i)
a “certificated security,” as such term is defined in the UCC (such that the Trustee shall have control pursuant to
Section 8-106 of the UCC) or (ii) other property in which a secured party may perfect its security interest by physical possession
under the UCC or any other applicable law. In the case of any Permitted Investment held in the form of a “security entitlement”
(within the meaning of Section 8-102(a)(17) of the UCC), the Master Servicer or the Special Servicer, as applicable, shall take
or cause to be taken such action as the Trustee deems reasonably necessary to cause the Trustee to have control over such security
entitlement. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable
on demand, the Master Servicer (in the case of the Collection Account, the Companion Distribution Account, the Loss of Value Reserve
Fund or any other Servicing Account, escrow account or reserve account maintained by or for the Master Servicer) or the Special
Servicer (in the case of the REO Account or any Servicing Account maintained by or for the Special Servicer) shall:

 

(i)           consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (a) all amounts then payable thereunder and (b) the amount required
to be withdrawn on such date; and

 

(ii)          demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, that such Permitted Investment would not constitute a Permitted Investment in
respect of funds thereafter on deposit in the Investment Account.

 

(b)          Interest
and investment income realized on funds deposited in the Collection Account, the Companion Distribution Account the Loss of Value
Reserve Fund, or any other Servicing Account, escrow account or reserve account maintained by or for the Master Servicer to the
extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution
Date to and including the P&I Advance Date related to the current Distribution Date, shall be for the sole and exclusive benefit
of the Master Servicer to the extent (with respect to Servicing Accounts) not required to be paid to the related Mortgagor and
shall be subject to its withdrawal, or withdrawal at its direction, in accordance

 

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with
Section 3.03 or Section 3.05(a), as the case may be. Interest and investment income realized on funds deposited
in the REO Account or any Servicing Account maintained by or for the Special Servicer, to the extent of the Net Investment Earnings,
if any, with respect to such account for each period from and including any Distribution Date to and including the immediately
succeeding P&I Advance Date, shall be for the sole and exclusive benefit of the Special Servicer and shall be subject to its
withdrawal in accordance with Section 3.14(c). In the event that any loss shall be incurred in respect of any Permitted
Investment (as to which the Master Servicer or Special Servicer, as applicable, would have been entitled to any Net Investment
Earnings hereunder) directed to be made by the Master Servicer or Special Servicer, as applicable, and on deposit in any of the
Collection Account, the Companion Distribution Account, the Servicing Account, Loss of Value Reserve Fund or the REO Account,
the Master Servicer (in the case of the Collection Account, the Companion Distribution Account, the Loss of Value Reserve Fund,
or any other Servicing Account, escrow account or reserve account maintained by or for the Master Servicer), the Special Servicer
(in the case of the REO Account or any Servicing Account maintained by or for the Special Servicer) shall deposit therein, no
later than the P&I Advance Date, without right of reimbursement, the amount of Net Investment Loss, if any, with respect to
such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to
the current Distribution Date; provided that neither the Master Servicer nor the Special Servicer shall be required to
deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency
of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such
depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time
such investment was made (and, with respect to the Master Servicer, such federal or state chartered depository institution or
trust company is not an Affiliate of the Master Servicer unless such depository institution or trust company satisfied the qualification
set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) thirty (30) days prior to
such insolvency).

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer may and, upon the
request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as
may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

 

Section
3.07     Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage. (a)
The Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced
Companion Loan) shall use its efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (other than
with respect to a Non-Serviced Mortgage Loan), and the Special Servicer (with respect to REO Properties other than any
Non-Serviced Mortgaged Properties) shall maintain, to the extent required by the terms of the related Mortgage Loan
documents, all insurance coverage as is required under the related Mortgage Loan documents except to the extent that the
failure of the related Mortgagor to do so is an Acceptable Insurance Default (and except as provided in the next sentence
with respect to the Master Servicer or Special Servicer, as applicable). If the Mortgagor does not so maintain such insurance
coverage, subject to its recoverability

 

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determination
with respect to any required Servicing Advance, the Master Servicer (with respect to the Mortgage Loans (other than a
Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties
other than a Non-Serviced Mortgaged Property) shall maintain all insurance coverage as is required under the related
Mortgage, but only in the event the Trustee has an insurable interest therein and such insurance is available to the Master
Servicer or the Special Servicer, as applicable, and, if available, can be obtained at commercially reasonable rates, as
determined ((i) prior to the occurrence and continuance of any Control Termination Event and (ii) other than with respect to
any Excluded Loan, any determination that such insurance coverage is not available or not available at commercially
reasonable rates to be made with the consent of the Directing Certificateholder (or, with respect to any Serviced AB Whole
Loan, prior to the occurrence and continuance of a related Serviced AB Control Appraisal Period, with the consent of the
holder of the related Serviced Subordinate Companion Loan)) by the Master Servicer (with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO
Properties other than any Non-Serviced Mortgaged Property) except to the extent that the failure of the related Mortgagor to
do so is an Acceptable Insurance Default as determined by the Special Servicer; provided, however, that if any
Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such
Mortgaged Property, the Master Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose
or maintain, as applicable, such insurance requirements as are consistent with the Servicing Standard taking into account the
insurance in place at the closing of the Mortgage Loan, provided that, with respect to the immediately preceding
proviso, the Master Servicer will be obligated to use efforts consistent with the Servicing Standard to cause the Mortgagor
to maintain (or to itself maintain) insurance against property damage resulting from terrorist or similar acts unless the
Mortgagor’s failure is an Acceptable Insurance Default (as determined by the Special Servicer with ((i) unless a
Control Termination Event has occurred and is continuing and (ii) other than with respect to any Excluded Loan) the consent
of the Directing Certificateholder) and only in the event the Trustee has an insurable interest therein and such insurance is
available to the Master Servicer or the Special Servicer, as applicable, and, if available, can be obtained at commercially
reasonable rates. The Master Servicer and Special Servicer shall be entitled to rely on insurance consultants (at the
applicable servicer’s expense) in determining whether any insurance is available at commercially reasonable rates.
Subject to Section 3.15(a) and the costs of such insurance being reimbursed or paid to the Special Servicer as
provided in the third-to-last sentence of this paragraph, the Special Servicer shall maintain for each REO Property (other
than any Non-Serviced Mortgaged Property) no less insurance coverage than was previously required of the Mortgagor under the
related Mortgage Loan documents unless the Special Servicer determines ((i) prior to the occurrence and continuance of a
Control Termination Event and (ii) other than with respect to any Excluded Loan, with the consent of the Directing
Certificateholder) that such insurance is not available at commercially reasonable rates or that the Trustee does not have an
insurable interest, in which case the Master Servicer shall be 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

 

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than REO Properties)
or to the Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties), (ii) be
in the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage in an amount
not less than the lesser of (x) the full replacement cost of the improvements securing Mortgaged Property or the REO Property,
as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan (including any related Serviced Companion
Loan) or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions,
(iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted
under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days prior written notice to the insured
party (except in the case of nonpayment, in which case such policy shall not be cancelled without ten (10) days prior notice)
and (vi) subject to the first proviso in the second sentence of this Section 3.07(a), be issued by a Qualified Insurer
authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Master Servicer or Special Servicer
under any such Insurance Policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property
or REO Property or amounts to be released to the related Mortgagor, in each case in accordance with the Servicing Standard and
the provisions of the related Mortgage Loan documents) shall be deposited in the Collection Account, subject to withdrawal pursuant
to Section 3.05(a). Any costs incurred by the Master Servicer in maintaining any such Insurance Policies in respect of
Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and other than any Non-Serviced Mortgage
Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance
(so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such
cost shall instead be paid out of the Collection Account) and will be charged to the related Mortgagor and (ii) shall not, for
purposes of calculating monthly distributions to Certificateholders, be added to the unpaid principal balance of the related Mortgage
Loan and Serviced Companion Loan (if any), notwithstanding that the terms of such Mortgage Loan or Serviced Companion Loan so
permit. Any cost incurred by the Special Servicer in maintaining any such Insurance Policies with respect to REO Properties shall
be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit
therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (so long as such Advance would not be
a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the
Collection Account). The foregoing provisions of this Section 3.07 shall apply to any Serviced Whole Loan as if it were
a single “Mortgage Loan”. Notwithstanding any provision to the contrary, the Master Servicer will not be required
to maintain, and will not be in default for failing to obtain, any earthquake or environmental insurance on any Mortgaged Property
unless such insurance was required at the time of origination of the related Mortgage Loan (other than a Non-Serviced Mortgage
Loan) and is currently available at commercially reasonable rates.

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that either
(x) require 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

 

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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) notify the Special Servicer if it has knowledge that any insurance policy contains Additional Exclusions or if it has knowledge
(such knowledge to be based upon the Master Servicer’s compliance with the immediately preceding clauses (A) and
(B) above) that any Mortgagor fails to purchase the insurance requested to be purchased by the Master Servicer pursuant
to clause (B) above. If the Special Servicer determines in accordance with the Servicing Standard that such failure is
not an Acceptable Insurance Default, the Special Servicer shall notify the Master Servicer and the Master Servicer shall use efforts
consistent with the Servicing Standard to cause such insurance to be maintained. The Special Servicer (at the expense of the Trust)
shall be entitled to rely on insurance consultants in making such determinations. The Master Servicer shall be entitled to rely
on insurance consultants (at the expense of such Master Servicer) in determining whether Additional Exclusions exist. Furthermore,
the Special Servicer shall promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal
Balances of all of the Mortgage Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated Principal
Balance of the Mortgage Loans then included in the Trust. During the period that the Special Servicer is evaluating the availability
of such insurance or waiting for a response from the Directing Certificateholder, neither the Master Servicer nor the Special
Servicer will be liable for any loss related to its failure to require the Mortgagor to maintain (or its failure to maintain)
such insurance and will not be in default of its obligations as a result of such failure and the Master Servicer will not itself
maintain such insurance or cause such insurance to be maintained.

 

(b)          (i)
If the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified Insurer insuring
against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but excluding any Non-Serviced
Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as the case may be, required to
be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection equivalent to the individual
policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation
to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO Properties. Such Insurance Policy
may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, if there shall not have been
maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying with the requirements
of Section 3.07(a), and there shall have been one or more losses which would have been covered by such Insurance Policy,
promptly deposit into the Collection Account from its own funds the amount of such loss or losses that would have been 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

 

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which
is consistent with the Servicing Standard. In connection with its activities as administrator and Master Servicer of the Mortgage
Loans or any Serviced Companion Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee and
Certificateholders, claims under any such blanket Insurance Policy in a timely fashion in accordance with the terms of such policy.
The Special Servicer, to the extent consistent with the Servicing Standard, may maintain, earthquake insurance on REO Properties
(other than with respect to a Non-Serviced Mortgaged Property), provided coverage is available at commercially reasonable
rates, the cost of which shall be a Servicing Advance.

 

(ii)          If
the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single
interest or force-placed insurance policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on behalf
of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual policies
otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to
cause such insurance to be maintained on the related Mortgaged Properties and REO Properties. In the event the Master Servicer
or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed
insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than
any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby)
shall be paid by the Master Servicer as a Servicing Advance. Such master single interest or force-placed policy may contain a deductible
clause, in which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been maintained
on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a), and
there shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into the
Collection Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy
because of such deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to the
related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation, the
deductible limitation which is consistent with the Servicing Standard.

 

(c)          Each
of the Master Servicer and the Special Servicer shall obtain and maintain at its own expense and keep in full force and effect
throughout the term of this Agreement a blanket fidelity bond and an “errors and omissions” Insurance Policy with a
Qualified Insurer covering the Master Servicer’s and the Special Servicer’s, as applicable, officers and employees
acting on behalf of the Master Servicer and the Special Servicer in connection with its activities under this Agreement. Such amount
of coverage shall be in such form and amount as are consistent with the Servicing Standard. Coverage of the Master Servicer or
the Special Servicer under a policy or bond obtained by an Affiliate of the Master Servicer or the Special Servicer and providing
the coverage required by this Section 3.07(c) shall satisfy the requirements of this Section 3.07(c). The Special
Servicer and the Master Servicer will promptly report in writing to the Trustee any material changes that may occur in their respective
fidelity bonds, if any, and/or their respective errors and omissions Insurance Policies, as the case may be,

 

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and will
furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds, if any, and insurance policies
are in full force and effect.

 

(d)          At
the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other than a Non-Serviced
Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been made available),
the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in accordance with
applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain, and, if the related
Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent such insurance is available at commercially
reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standard and to the extent the Trustee,
as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only to the extent the related Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits the mortgagee to require such coverage
and the maintenance of such coverage is consistent with the Servicing Standard. Such flood insurance shall be in an amount equal
to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced Companion Loan, if applicable),
and (ii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, plus such
additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing Standard.
If the cost of any insurance described above is not borne by the Mortgagor, the Master Servicer shall promptly make a Servicing
Advance for such costs.

 

(e)          During
all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a federally
designated special flood hazard area, the Special Servicer will cause to be maintained, to the extent available at commercially
reasonable rates (as determined by the Special Servicer (with respect to any Mortgage Loan other than an Excluded Loan or prior
to the occurrence and continuance of a Control Termination Event, with the consent of the Directing Certificateholder) in accordance
with the Servicing Standard), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance
Administration in an amount representing coverage not less than the maximum amount of insurance which is available under the National
Flood Insurance Act of 1968, as amended. The cost of any such flood insurance with respect to an REO Property shall be an expense
of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is
insufficient therefor, paid by the Master Servicer as a Servicing Advance.

 

(f)           Notwithstanding
the foregoing, so long as the long-term debt obligations or the deposit account or claims-paying ability of the Master Servicer
(or its immediate or remote parent) or the Special Servicer (or its immediate or remote parent), as applicable, is rated at least
“A3” by Moody’s, “A-” by KBRA (if rated by KBRA) and “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 obligation under this Section 3.07.

 

(g)          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

 

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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.

 

Section
3.08     Enforcement of Due-on-Sale Clauses; Assumption Agreements. (a) As to each Mortgage
Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision in the
nature of a “due-on-sale” clause, which by its terms:

 

(i)           provides
that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon
the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor or principals
of the Mortgagor; or

 

(ii)          provides
that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee in connection with
any such sale or other transfer;

 

then, for so long as
such Mortgage Loan (and any related Serviced Companion Loan, if applicable) is being serviced under this Agreement, the Master
Servicer (with respect to any Mortgage Loan that is not a Specially Serviced Loan) or the Special Servicer (with respect to any
Specially Serviced Loan and REO Properties), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right
it may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold
its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive its right to exercise such rights, provided
that (i) with respect to such waiver of rights, if such waiver is by the Master Servicer, the Master Servicer shall obtain the
prior written consent (or deemed consent) of the Special Servicer (it being understood that, if the Master Servicer is recommending
approval of such action, the Master Servicer shall promptly provide the Special Servicer with notice of any request for such action,
the Master Servicer’s written recommendation and analysis and all information reasonably available to the Master Servicer
that may be reasonably requested by the Special Servicer in order to grant or withhold such consent) (provided that such
consent will be deemed given fifteen (15) Business Days (or five (5) Business Days after the time period provided for in any related
Intercreditor Agreement) after the Special Servicer’s receipt of the Master Servicer’s written recommendation and analysis
with respect to such waiver and all information reasonably requested by the Special Servicer, and reasonably available to the Master
Servicer, in order to grant or withhold such consent) and prior to the occurrence and continuance of any Control Termination Event
and other than with respect to an Excluded Loan, the Special Servicer has obtained the prior written consent (or deemed consent)
of the Directing Certificateholder (or after the occurrence and continuance of a Control Termination Event, but prior to a Consultation
Termination Event and other than with respect to an Excluded Loan, the Special Servicer has consulted with the Directing Certificateholder),
which consent will be deemed given ten (10) Business Days after the Directing Certificateholder’s receipt of the Special
Servicer’s written recommendation and analysis with respect to such waiver and all information reasonably requested by the
Directing Certificateholder, and reasonably available to the Special Servicer, with respect to such proposed waiver or proposed
granting of consent and (ii) with respect to any Mortgage Loan that (A) represents at least 5% of the aggregate Certificate Balance
of the Principal Balance Certificates, (B) has an unpaid principal balance that exceeds

 

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$35 million or (C) is one of the then current
ten (10) largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on principal balance, a Rating Agency Confirmation
is received by the Master Servicer or the Special Servicer, as the case may be, with respect to each Rating Agency and any applicable
rating agency rating any class of Serviced Companion Loan Securities (provided that no such Rating Agency Confirmation will
be required if such Mortgage Loan has an unpaid principal balance less than $5,000,000). 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 each
such Rating Agency Confirmation, the Master Servicer or the Special Servicer, as applicable, shall prepare and deliver to the 17g-5
Information Provider (who shall post such documents on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c)) a memorandum outlining its analysis and recommendation in accordance with the Servicing Standard, together with copies
of all relevant documentation, and the Master Servicer or the Special Servicer, as applicable, shall promptly forward copies of
the assignment and assumption documents relating to such Mortgage Loan to the Master Servicer or the Special Servicer, as applicable,
the Certificate Administrator, the Custodian, the 17g-5 Information Provider (who shall post such documents on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)), the Trustee, and the Master Servicer or the Special Servicer,
as applicable.

 

If any Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage Loan or related Serviced
Companion Loan may be assumed or transferred without the consent of the mortgagee; provided that certain conditions are
satisfied, then for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the
Special Servicer, with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan), related Serviced Companion
Loans, on behalf of the Trustee as the mortgagee of record, shall determine in accordance with the Servicing Standard whether such
conditions have been satisfied, or, with respect to any Non-Specially Serviced Loan which does not allow the mortgagee discretion
in approving a transfer or assumption or does not allow for discretion in determining whether conditions to a transfer or assumption
have been satisfied, the Master Servicer, on behalf of the Trustee as mortgagee of record, shall make such determination with respect
to whether such conditions have been satisfied.

 

(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, 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 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

 

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(ii)          requires
the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property
or equity interests in the Mortgagor or principals of the Mortgagor;

 

then, for so long as
such Mortgage Loan (and any related Serviced Companion Loan, if applicable) is being serviced under this Agreement, the Master
Servicer (with respect to any Mortgage Loan that is not a Specially Serviced Loan or a Non-Serviced Mortgage Loan) or the Special
Servicer (with respect to any Specially Serviced Loan and REO Properties), on behalf of the Trustee as the mortgagee of record,
shall (a) exercise any right it may have with respect to a Mortgage Loan containing a “due-on-encumbrance” clause (1)
to accelerate the payments thereon, or (2) to withhold its consent to the creation of any additional lien or other encumbrance,
consistent with the Servicing Standard or (b) to waive its right to exercise such rights, provided, that the Master Servicer,
prior to itself taking such an action, has obtained the consent (or deemed consent) of the Special Servicer (it being understood
that, if the Master Servicer is recommending approval of such action, the Master Servicer shall promptly provide the Special Servicer
with notice of any request for such action, the Master Servicer’s written recommendation and analysis and all information
reasonably available to the Master Servicer that may be reasonably requested by the Special Servicer in order to grant or withhold
such consent) (provided that such consent shall be deemed given 15 Business Days (or 5 Business Days after the time period
provided for in any related Intercreditor Agreement) after the Special Servicer’s receipt of the Master Servicer’s
written recommendation and analysis with respect to such waiver and all information reasonably requested by the Special Servicer,
and reasonably available to the Master Servicer, in order to grant or withhold such consent), (i) prior to the occurrence and continuance
of any Control Termination Event and other than with respect to an Excluded Loan, the Special Servicer has obtained the prior written
consent (or deemed consent) of the Directing Certificateholder (or after the occurrence and continuance of a Control Termination
Event, but prior to a Consultation Termination Event and other than with respect to an Excluded Loan, the Special Servicer has
consulted with the Directing Certificateholder), which consent shall be deemed given 10 Business Days after the Directing Certificateholder’s
receipt of the Special Servicer’s written recommendation and analysis with respect to such waiver and all information reasonably
requested by the Directing Certificateholder, and reasonably available to the Special Servicer, with respect to such proposed waiver
or proposed granting of consent, and (ii) the Master Servicer or the Special Servicer has received 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 such Mortgage Loan (A) has an
outstanding principal balance that is greater than or equal to 2% of the Stated Principal Balance of the outstanding Mortgage Loans
or (B) has an LTV Ratio greater than 85% (including any existing and proposed debt) or (C) has a debt service coverage ratio less
than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the Mortgage Loan and related
Companion Loan, if any, and the principal amount of the proposed additional lien) or (D) is one of the ten largest Mortgage Loans
(by Stated Principal Balance) or (E) has a Stated Principal Balance greater than $20,000,000; provided, that with respect
to subclauses (A), (B), (C) and (D) of this subclause (ii), such Mortgage Loan shall also have a Stated Principal Balance of at
least $10,000,000 for such Rating Agency Confirmation requirement to apply. Notwithstanding anything herein to the contrary, with
respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is

 

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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 each
such Rating Agency Confirmation, the Master Servicer or the Special Servicer, as applicable, shall prepare and deliver to the 17g-5
Information Provider (who shall post such documents on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c)) a memorandum outlining its analysis and recommendation in accordance with the Servicing Standard, together with copies
of all relevant documentation, and the Master Servicer or the Special Servicer, as applicable, shall promptly forward copies of
the documents relating to such additional lien or other encumbrance with respect to such Mortgage Loan to the Master Servicer or
the Special Servicer, as applicable, the Certificate Administrator, the Custodian, the 17g-5 Information Provider (who shall post
such documents on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)), the Trustee, and the
Master Servicer or the Special Servicer, as applicable.

 

To the extent permitted
by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding paragraph or in Section
3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage Loan documents are silent as to
who bears the costs of obtaining any such Rating Agency Confirmation, the Master Servicer (with respect to Non-Specially Serviced
Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to make the related Mortgagor
bear such costs and expenses. Unless determined to be a Nonrecoverable Advance such costs not collected from the related Mortgagor
shall be advanced as a Servicing Advance.

 

If any Mortgage Loan
or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered without the consent
of the mortgagee provided that certain conditions are satisfied and there is no lender discretion with respect to the satisfaction
of such conditions, then for so long as such Mortgage Loan or related Companion Loan is being serviced under this Agreement, the
Special Servicer, with respect to all Specially Serviced Loans (other than a Non-Serviced Mortgage Loan), on behalf of the Trustee
as the mortgagee of record, shall determine whether such conditions have been satisfied, or, with respect to all Non-Specially
Serviced Loans which do not allow the mortgagee discretion in determining whether conditions are satisfied, the Master Servicer,
on behalf of the Trustee as the mortgagee of record, shall make such determination with respect to whether such conditions have
been satisfied.

 

(c)          Nothing
in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any additional
lien or other encumbrance with respect to such Mortgaged Property.

 

(d)          Except
as otherwise permitted by Section 3.08(a) and (b) and/or Section 3.18, neither the Master Servicer nor the
Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan, as applicable,
in

 

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connection
with the taking of, or the failure to take, any action pursuant to this Section 3.08. The Master Servicer and the Special
Servicer, as applicable, shall provide copies of any final waivers (except with respect to provision of any such waivers to the
17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to Section 3.08(a) or (b)
to each other and to the 17g-5 Information Provider with respect to each Mortgage Loan, and shall notify the Trustee, the Certificate
Administrator, each other and, subject to the terms of this Agreement, the 17g-5 Information Provider (who shall post such documents
on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) and, with respect to a Whole Loan,
the related Serviced Companion Noteholder, of any assumption or substitution agreement executed pursuant to Section 3.08(a)
or (b) and shall forward thereto a copy of such agreement.

 

(e)          [RESERVED].

 

(f)           Notwithstanding
any other provision of this Agreement, the Master Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause without the consent of the Special Servicer and the Special Servicer may not waive its
rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Non-Specially
Serviced Loan or relating to any Specially Serviced Loan without ((i) prior to the occurrence and continuance of a Control Termination
Event and (ii) other than with respect to any Excluded Loan) the consent of the Directing Certificateholder (or (i) after the occurrence
and during the continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan), but prior to
a Consultation Termination Event, upon consultation with the Directing Certificateholder pursuant to Section 6.08 hereof).
The Directing Certificateholder shall have ten (10) Business Days after receipt of notice along with the Master Servicer’s
or Special Servicer’s recommendation and analysis with respect to such proposed waiver or proposed granting of consent and
any additional information the Directing Certificateholder may reasonably request from the Special Servicer of a proposed waiver
or consent under any “due on sale” or “due-on-encumbrance” clause in which to grant or withhold its consent
(provided that if the Special Servicer fails to receive a response to such notice from the Directing Certificateholder in
writing within such period, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver or consent).

 

(g)          Notwithstanding
the foregoing provisions of this Section 3.08, if the Master Servicer or Special Servicer, as applicable, makes a determination
under Sections 3.08(a) or 3.08(b) hereof that the applicable conditions in the related Mortgage Loan or Companion
Loan documents, as applicable, with respect to assumptions or encumbrances permitted without the consent of the mortgagee have
been satisfied, the applicable assumptions and transfers may be subject to an assumption or other fee, unless such fees are otherwise
prohibited pursuant to the Mortgage Loan documents; provided that any such fee not provided for in the Mortgage 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)

 

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through
(d) of this Section 3.09, Section 3.24, subject to the Directing Certificateholders’ rights pursuant
to Section 6.08, and any Companion Holder or mezzanine lender’s rights under the related Intercreditor Agreement
(in the case of a Serviced Whole Loan, on behalf of the holders of the beneficial interest of the related Companion Loan) or this
Agreement, exercise reasonable efforts, consistent with the Servicing Standard, to foreclose upon or otherwise comparably convert
(which may include an REO Acquisition) the ownership of property securing any such Mortgage Loan (other than any Non-Serviced
Mortgage Loan) and related Companion Loan, if any, as come into and continue in default as to which no satisfactory arrangements
(including by way of a discounted pay-off) can be made for collection of delinquent payments, and which are not released from
the Trust Fund pursuant to any other provision hereof. The foregoing is subject to the provision that, in any case in which a
Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer or Special Servicer shall not be required
to make a Servicing Advance and expend funds toward the restoration of such property unless the Special Servicer has determined
in its reasonable discretion that such restoration will increase the net proceeds of liquidation of such Mortgaged Property to
Certificateholders after reimbursement to the Master Servicer for such Servicing Advance, and the Master Servicer or Special Servicer
has not determined that such Servicing Advance together with accrued and unpaid interest thereon would constitute a Nonrecoverable
Advance. The costs and expenses incurred by the Special Servicer in any such proceedings shall be advanced by the Master Servicer;
provided that, in each case, such cost or expense would not, if incurred, constitute a Nonrecoverable Servicing Advance.
Nothing contained in this Section 3.09 shall be construed so as to require the Master Servicer or the Special Servicer,
on behalf of the Trust, to make an offer 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 making an offer 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

 

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title
to a Mortgaged Property in lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property,
if, as a result of any such action, the Trustee, on behalf of the Certificateholders and/or any related Companion Holder, would
be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless (as evidenced by an Officer’s Certificate
to such effect delivered to the Trustee) the Special Servicer has previously determined in accordance with the Servicing Standard,
based on an Environmental Assessment of such Mortgaged Property performed by an Independent Person who regularly conducts Environmental
Assessments and performed within six (6) months prior to any such acquisition of title or other action, that:

 

(i)           such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the related
Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted a single
lender, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

 

(ii)          there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any hazardous materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such hazardous materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Companion Holders), as a collective whole as if such Certificateholders and,
if applicable, Companion Holders constituted a single lender, to take such actions with respect to the affected Mortgaged Property.

 

The cost of any such
Environmental Assessment shall be paid by the Master Servicer as a Servicing Advance and the cost of any remedial, corrective or
other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence shall be paid by the
Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance (in which case it shall be an expense of
the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related Intercreditor Agreement
by the Master Servicer from the Collection Account, including from the Companion Distribution Account (such withdrawal to be made
from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole Loan)); and if any such Environmental
Assessment so warrants, the Special Servicer shall, except with respect to any Companion Loan and any Environmental Assessment
ordered after such Mortgage Loan has been paid in full, perform such additional environmental testing at the expense of the Trust
as it deems necessary and prudent to determine whether the conditions described in clauses (i) and (ii) of the preceding
sentence have been satisfied. With respect to Non-Specially Serviced Loans, the Master Servicer and, with respect to Specially
Serviced Loans, the Special Servicer (other than any Non-Serviced Mortgage Loan) shall review and be familiar with the terms and
conditions relating to enforcing claims and shall monitor the dates by which any claim or action must be taken (including delivering
any notices to the insurer and using reasonable efforts to perform any actions required under such policy) under each

 

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environmental
insurance policy in effect and obtained on behalf of the mortgagee to receive the maximum proceeds available under such policy
for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests).

 

(d)          If
(i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions set forth in
clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not been satisfied with respect
to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Pari Passu Mortgage Loan, any related Serviced
Companion Loan, and (ii) there has been no breach of any of the representations and warranties set forth in or required to be made
pursuant to Section 4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage Loan Seller could be required
to repurchase such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement, then the Special Servicer
shall take such action as it deems to be in the best economic interest of the Trust (other than proceeding to acquire title to
the Mortgaged Property) and is hereby authorized ((A) prior to the occurrence and continuance of a Control Termination Event (or
with respect to any Serviced AB Mortgage Loan, after the occurrence and during the continuation of a Serviced AB Control Appraisal
Period, but prior to the occurrence and continuance of a Control Termination Event) and (B) other than with respect to any Excluded
Loan), with the consent of the Directing Certificateholder at such time as it deems appropriate to release such Mortgaged Property
from the lien of the related Mortgage, provided that, if such Mortgage Loan has a then-outstanding principal balance of
greater than $1,000,000, then prior to the release of the related Mortgaged Property from the lien of the related Mortgage, (i)
the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator, the Master Servicer and
((A) prior to the occurrence of a Consultation Termination Event and (B) other than with respect to any Excluded Loan) the Directing
Certificateholder, in writing of its intention to so release such Mortgaged Property and the bases for such intention, (ii) the
Certificate Administrator shall have posted such notice of the Special Servicer’s intention to so release such Mortgaged
Property to the Certificate Administrator’s Website pursuant to Section 3.13(b) and (iii) in addition to the prior
written consent of the Directing Certificateholder as required above, the Holders of Certificates entitled to a majority of the
Voting Rights shall have consented or have been deemed to have consented to such release within thirty (30) days of the Certificate
Administrator’s posting such notice to the Certificate Administrator’s Website (failure to respond by the end of such
30-day period being deemed consent of the Holders of the Certificates). To the extent any fee charged by any Rating Agency in connection
with rendering such written confirmation is not paid by the related Mortgagor, such fee is to be an expense of the Trust; provided
that the Special Servicer shall use commercially reasonable efforts to collect such fee from the Mortgagor to the extent permitted
under the related Mortgage Loan documents.

 

(e)          The
Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing
Certificateholder (other than with respect to any Excluded Loan), the Master Servicer and the 17g-5 Information Provider monthly
regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan, or defaulted
Companion Loan as to which the environmental testing contemplated in subsection (c) above has revealed that either of the
conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in each case until
the earlier to occur of satisfaction of both such conditions, repurchase of the

 

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related
Mortgage Loan by the applicable Mortgage Loan Seller or release of the lien of the related Mortgage on such Mortgaged Property.

 

(f)           The
Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the
Internal Revenue Service and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required
to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and the Master Servicer
shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law, such information
and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness of indebtedness and
abandonment and foreclosure to the extent such information has been provided to the Master Servicer by the Special Servicer. Upon
request, the Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(g)          The
Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance
of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage
Loan (and if applicable, the related Companion Loan) permit such an action.

 

(h)          The
Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination
in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any REO
Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall be evidenced
by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing Certificateholder
(other than with respect to any Excluded Loan) and the Master Servicer and in no event later than the next succeeding P&I Advance
Determination Date.

 

Section
3.10     Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files. (a)
Upon the payment in full of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or the receipt by the Master
Servicer or the Special Servicer, as the case may be, of a notification that payment in full shall be escrowed in a manner
customary for such purposes, the Master Servicer or Special Servicer, as the case may be, will promptly notify the Trustee
and the Custodian and request delivery of the related Mortgage File. Any such notice and request shall be in the form of a
Request for Release signed by a Servicing Officer and shall include a statement to the effect that all amounts received or to
be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section
3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be so deposited. Within seven (7)
Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the Special
Servicer notifies the Custodian of an exigency) of receipt of such notice and request, the Custodian shall release the
related Mortgage File to the Master Servicer or Special Servicer, as the case may be; provided that in the case of the
payment in full of a Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall not be released by
the Custodian unless the related Serviced Whole Loan is paid in full. No expenses incurred in connection with any instrument
of satisfaction or deed of reconveyance shall be chargeable to the Collection Account.

 

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(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 and Serviced Companion Loan (and
any successor REO Loan) (including Specially Serviced Loans and any Non-Serviced Mortgage Loan constituting a
“specially serviced loan” under any related Non-Serviced PSA). As to each such Mortgage Loan, Serviced 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

 

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Mortgage
Loan, Serviced Companion Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on such Mortgage
Loan, Serviced 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 Serviced Companion Loan or deemed to
be due on such REO Loan is computed. The Servicing Fee with respect to any such Mortgage Loan, Serviced 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 such
Mortgage Loan, Serviced Companion Loan and REO Revenues allocable as interest on each such 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 such Mortgage
Loan, Serviced 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
or as provided in the following paragraph with respect to the Excess Servicing Fee). 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 and
any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell,
pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional
Buyer or Institutional Accredited Investor (other than a Plan); provided, that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements
of the Securities Act and any applicable state securities laws and is otherwise made in accordance with the Securities Act and
such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in
the form of Exhibit TT-1 attached hereto, and (iii) the prospective transferee shall
have delivered to the Master Servicer and the Depositor a certificate substantially in the form of Exhibit TT-2
attached hereto. None of the Depositor, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Asset
Representations Reviewer or the Certificate Registrar shall have any obligation to register or qualify an Excess Servicing Fee
Right under the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to
permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master
Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such
Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right
by its acceptance of such

 

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Excess
Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected
by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Initial Purchasers, the Certificate
Administrator, the Custodian, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Securities Act or other applicable federal and state securities laws or is not made in accordance with
such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing
Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could
result in a violation of any provision of the Securities Act or other applicable securities laws or that would require registration
of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From time to time following any transfer,
sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related Mortgage Loan, Serviced
Companion Loan or any successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out
of the Servicing Fee paid to the Master Servicer with respect to such Mortgage Loan, Serviced Companion Loan or any successor
REO Loan, as the case may be, the related Excess Servicing Fee to the holder of such Excess Servicing Fee Right within one Business
Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance with payment instructions provided
by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not have any rights under
this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate Administrator, the Custodian,
the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special Servicer or the
Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the
Excess Servicing Fee Right.

 

The Master Servicer shall
be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.04(a), additional
servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following amounts to the extent
collected from the related Mortgagor: (i) 100% of Excess Modification Fees related to any modifications, waivers, extensions or
amendments of any Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by
the related Intercreditor Agreement); provided that with respect to such transactions, the consent of the Special Servicer
is not required to take such action and, in the event that the Special Servicer’s consent is required, then the Master Servicer
shall be entitled to 50% of such fees, (ii) 100% of all assumption application fees and other similar fees received on Non-Specially
Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement)
(whether or not the consent of the Special Servicer is required) and 100% of all defeasance fees (provided that, for the
avoidance of doubt, any such defeasance fee will not include any Modification Fees or waiver fees in connection with a defeasance
to which the Special Servicer is entitled hereunder); (iii) 100% of assumption, waiver, consent and earnout fees, and other processing
fees (other than assumption application and defeasance fees) pursuant to Section 3.08 and Section 3.18 or other actions
performed in connection with this Agreement on the Non-Specially Serviced Loans (including any related Serviced Companion Loan,
to the extent not prohibited by the related Intercreditor Agreement), provided the consent of the Special Servicer is not
required to take such actions and only to the extent that all amounts then due and

 

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payable
with respect to the related Mortgage Loan have been paid; and (iv) 50% of all assumption, waiver, consent and earnout fees, and
other processing fees (other than assumption application fees and defeasance fees), pursuant to Section 3.08 and Section
3.18 on any Non-Specially Serviced Loan (including any related Serviced Companion Loan, to the extent not prohibited by the
related Intercreditor Agreement) for which the Special Servicer’s consent or approval is required and only to the extent
that all amounts then due and payable with respect to the related Mortgage Loan or related Serviced Pari Passu Companion Loan
have been paid. In addition, the Master Servicer shall be entitled to retain as additional servicing compensation (other than
with respect to any Non-Serviced Mortgage Loan or Specially Serviced Loan) any charges for beneficiary statements or demands and
other customary charges, amounts collected for checks returned for insufficient funds and reasonable review fees in connection
with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents, in each
case only to the extent actually paid by the related Mortgagor and shall not be required to deposit such amounts in the Collection
Account or the Companion Distribution Account pursuant to Section 3.04(a) or Section 3.04(b), respectively. Subject
to Section 3.11(d), the Master Servicer shall also be entitled to additional servicing compensation in the form of: (i)
Penalty Charges to the extent provided in Section 3.11(d), (ii) interest or other income earned on deposits relating to
the Trust Fund in the Collection Account or the Companion Distribution Account in accordance with Section 3.06(b) (but
only to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the
prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date), (iii) interest or
other income earned on deposits in the Servicing Accounts which are not required by applicable law or the related Mortgage Loan
to be paid to the Mortgagor, and (iv) the difference, if positive, between Prepayment Interest Excesses (to the extent not payable
by the Master Servicer as a Compensating Interest Payment) and Prepayment Interest Shortfalls collected on the Mortgage Loans
and any Serviced Pari Passu Companion Loan, during the related Collection Period to the extent not required to be paid as Compensating
Interest Payments. The Master Servicer shall be required to pay out of its own funds all expenses incurred by it in connection
with its servicing activities hereunder (including, without limitation, payment of any amounts due and owing to any of its Sub-Servicers
and the premiums for any blanket Insurance Policy insuring against hazard losses pursuant to Section 3.07), if and to the
extent such expenses are not payable directly out of the Collection Account and the Master Servicer shall not be entitled to reimbursement
therefor except as expressly provided in this Agreement.

 

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, the
Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its
respective portion of such fee; provided, that (A) neither the Master Servicer nor the Special Servicer will 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 its respective portion in any such fee, the party
that reduced or elected not to charge its respective portion of such fee will 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, 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 will not be entitled to any of such fee charged by the Special Servicer.

 

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Notwithstanding anything
herein to the contrary, KeyBank National Association may, at its option, assign or pledge to any third party or retain for itself
the Transferable Servicing Interest; provided, however, that in the event of any resignation or termination of such
Master Servicer, all or any portion of the Transferable Servicing Interest may be reduced by the Trustee to the extent reasonably
necessary (in the sole discretion of the Trustee) for the Trustee to obtain a qualified successor master servicer that meets the
requirements of Section 6.05 and who requires market-rate servicing compensation that accrues at a per annum rate
in excess of the Retained Fee Rate, and any such assignment of the Transferable Servicing Interest shall, by its terms be expressly
subject to the terms of this Agreement and such reduction. The Master Servicer shall pay the Transferable Servicing Interest to
the holder of the Transferable Servicing Interest at such time and to the extent the Master Servicer is entitled to receive payment
of its Servicing Fees hereunder, notwithstanding any resignation or termination of KeyBank National Association as Master Servicer
hereunder (subject to reduction pursuant to the preceding sentence).

 

Notwithstanding anything
to the contrary, the Master Servicer shall be entitled to charge and retain reasonable review fees in connection with any borrower
request to the extent such fees are not prohibited under the related Mortgage Loan documents and are actually paid by or on behalf
of the related borrower.

 

(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)          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 processing fees, in each case received
on any Specially Serviced Loans, (iii) 100% of assumption, waiver, consent and earnout fees, pursuant to Section 3.08 and
Section 3.18 or other actions performed in connection with this Agreement on the Specially Serviced Loans or certain other
similar fees paid by the related Mortgagor (other than assumption application fees), and (iv) 50% of all Excess Modification Fees
and assumption and consent fees pursuant to Section 3.08 or Section 3.18 and 50% of all waiver, consent and earnout
fees received with respect to all Non-Specially Serviced Loans

 

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(including
any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement), and, in all cases,
for which the Special Servicer’s consent or approval is required, shall be promptly paid to the Special Servicer by the
Master Servicer (or directly from the related Mortgagor) to the extent such fees are paid by the Mortgagor and shall not be required
to be deposited in the Collection Account pursuant to Section 3.04(a). Subject to Section 3.11(d), the Special Servicer
shall also be entitled to additional servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section
3.11(d) and (ii) interest or other income earned on deposits relating to the Trust Fund in the REO Account in accordance with
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period
from and including the prior Distribution Date to and including the P&I Advance Date related to such Distribution Date). In
addition, the Special Servicer shall be entitled to retain as additional servicing compensation (other than with respect to any
Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor request to the extent such review fees are
not prohibited under the related Mortgage Loan documents, and only to the extent actually paid by the related Mortgagor. The Special
Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected
Loan at the Workout Fee Rate on such Corrected Loan for so long as it remains a Corrected Loan; provided, however,
that after receipt by the Special Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to $25,000,
any Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount; provided, further,
however, that in the event the Workout Fee collected over the course of such Workout calculated at the Workout Fee Rate
is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected
Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special Servicer
in respect of that Corrected Loan (including any related Serviced Companion Loan) equal to $25,000. The Workout Fee shall be reduced
(but not below zero) with respect to each collection on such Corrected Loan from which fee would otherwise be payable until an
amount equal to the Excess Modification Fee Amount has been deducted in full. The Workout Fee with respect to any Corrected Loan
will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new Workout Fee will become
payable if and when such Specially Serviced Loan again becomes a Corrected Loan. The Special Servicer shall not be entitled to
any Workout Fee with respect to a Non-Serviced Mortgage Loan. If the Special Servicer is terminated (other than for cause) or
resigns, it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans or any related Companion
Loan that became Corrected Loans prior to the time of that termination or resignation except the Workout Fees will no longer be
payable if the Corrected Loan subsequently becomes a Specially Serviced Loan. If the Special Servicer resigns or is terminated
(other than for cause), it will receive any Workout Fees payable on Specially Serviced Loans for which the resigning or terminated
Special Servicer had determined to grant a forbearance or cured the event of default through a modification, restructuring or
Workout negotiated by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer
resigned or was terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive
timely Periodic Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive
timely Periodic Payments. The successor special servicer will not be entitled to any portion of such Workout Fees. The Special
Servicer will not be entitled to receive any Workout Fees after termination for cause. A

 

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Liquidation Fee will 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
and (b) each Mortgaged Loan repurchased by a Mortgage Loan Seller, 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, Insurance and Condemnation Proceeds). If,
however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received with respect to any Corrected Loan and the Special
Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation
Proceeds and Insurance and Condemnation Proceeds that constitute principal and/or interest on such Mortgage Loan. Notwithstanding
anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but
not both, with respect to proceeds on any Mortgage Loan. Notwithstanding the foregoing, with respect to any Companion Loan, the
Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be computed as provided in the related Intercreditor Agreement
or to the extent such Intercreditor Agreement is silent or refers to this Agreement or indicates such fees are paid in accordance
with this Agreement, as provided herein as though such Companion Loan were a Mortgage Loan. Subject to Section 3.11(d),
the Special Servicer will also be entitled to additional fees in the form of Penalty Charges. The Special Servicer shall be required
to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without
limitation, payment of any amounts, other than management fees in respect of REO Properties, due and owing to any of its Sub-Servicers
and the premiums for any blanket Insurance Policy obtained by it insuring against hazard losses pursuant to Section 3.07),
if and to the extent such expenses are not expressly payable directly out of the Collection Account or the REO Account, and the
Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

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, the
Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its
respective portion of such fee; provided, that (A) neither the Master Servicer nor the Special Servicer will 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 its respective portion in any such fee, the party
that reduced or elected not to charge its respective portion of such fee will 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, 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 will not be entitled to any of such fee charged by the Special Servicer.

 

Notwithstanding anything
to the contrary, the Special Servicer shall be entitled to charge and retain reasonable review fees in connection with any borrower
request to the extent such fees are not prohibited under the related Mortgage Loan documents and are actually paid by or on behalf
of the related borrower.

 

(d)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate

 

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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) hereof (and, in connection with a Non-Serviced Mortgage Loan, the related trust for all interest
on Servicing Advances reimbursed by such trust to any party under the applicable Non-Serviced PSA, which resulted in an additional
expense for the Trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) with respect to such
Mortgage Loan or related Companion Loan, if applicable and (iii) the Trust for all additional expenses of the Trust (other than
Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections by the Special Servicer
and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan. Penalty Charges (other than with respect
to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation under the related Non-Serviced PSA)
remaining thereafter shall be distributed to the Master Servicer, if and to the extent accrued while such Mortgage Loan and any
related Companion Loan was a Non-Specially Serviced Loan, and to the Special Servicer, if and to the extent accrued on such Mortgage
Loan during the period such Mortgage Loan was a Specially Serviced Loan or REO Loan. Any Penalty Charges paid or payable as additional
servicing compensation to the Master Servicer and the Special Servicer shall be distributed between the Master Servicer and the
Special Servicer, on a pro rata basis, based on the Master Servicer’s and the Special Servicer’s respective
entitlements to such compensation described in the previous sentence. Notwithstanding the foregoing, Penalty Charges with respect
to any Companion Loan will be allocated pursuant to the applicable Intercreditor Agreement after payment of all related Advances
and interest thereon and additional expenses of the Trust in accordance with this Section 3.11(d).

 

(e)          With
respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within 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

 

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property
manager, any guarantor or indemnitor in respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in
connection with the disposition, Workout or foreclosure of any Mortgage Loan, the management or disposition of any REO Property,
or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section
3.11; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(g)          Pursuant
to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set
forth on Exhibit JJ hereto or such other payment instructions as CREFC® may provide to the Master Servicer
in writing at least two Business Days prior to the Remittance Date) the CREFC® Intellectual Property Royalty License
Fee on a monthly basis. The Master Servicer shall withdraw from the Collection Account and, to the extent sufficient funds are
on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance
with Section 3.05(a)(xii) on a monthly basis, from funds on deposit in the Collection Account.

 

(h)          If
the Twenty Ninth Street Retail Mortgage Loan becomes a Specially Serviced Loan prior to the Twenty Ninth Street Retail Companion
Loan Securitization Date, the Special Servicer shall service and administer the related Whole Loan and any related REO Property
in the same manner as any other Specially Serviced Loan or REO Property and shall be entitled to all rights and compensation earned
with respect to such Serviced Whole Loan during the period for which it acts as Special Servicer of such Serviced Whole Loan. With
respect to the Twenty Ninth Street Retail Mortgage Loan, prior to the Twenty Ninth Street Retail Companion Loan Securitization
Date, no other special servicer will be entitled to any such compensation or have such rights and obligations. If the Twenty Ninth
Street Retail Whole Loan is still a Specially Serviced Loan on the Twenty Ninth Street Retail Companion Loan Securitization Date,
the related Non-Serviced Special Servicer and the Special Servicer shall be entitled to compensation with respect to the related
Whole Loan as if the Special Servicer were being terminated as Special Servicer and the related Non-Serviced Special Servicer were
replacing it as the successor special servicer. Upon receipt of notice of its termination as Special Servicer with respect to the
Twenty Ninth Street Retail Whole Loan, the Special Servicer shall reasonably cooperate with the related Non-Serviced Special Servicer
in connection with the servicing transition of the Twenty Ninth Street Retail Whole Loan on and after the Twenty Ninth Street Retail
Companion Loan Securitization Date.

 

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Section
3.12          
Inspections; Collection of Financial Statements. (a)  The Master Servicer
shall perform (at its own expense), or shall cause to be performed (at its own expense), a physical inspection of each Mortgaged
Property relating to a Mortgage Loan (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) with a Stated Principal
Balance of (i) $2,000,000 or more at least once every twelve (12) months and (ii) less than $2,000,000 at least once
every twenty-four (24) months, in each case, commencing in the calendar year 2017 (and as of the second anniversary of the Closing
Date, all the Mortgaged Properties must have been inspected); provided, that if a physical inspection has been performed
by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material change in the
Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform, or cause to be performed,
such physical inspection; provided, further, that if any scheduled payment becomes more than sixty (60) days delinquent
on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon
as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as such Mortgage
Loan remains a Specially Serviced Loan. The cost of such inspection by the Special Servicer pursuant to the second proviso of
the immediately preceding sentence shall be an expense of the Trust, and, to the extent not paid by the related Mortgagor, reimbursed
first from Penalty Charges actually received from the related Mortgagor and then from the Collection Account pursuant to
Section 3.05(a)(ii), provided that, with respect to a Serviced Whole Loan, such cost shall be payable, subject to
the terms of the related Intercreditor Agreement with respect to a Serviced Pari Passu Whole Loan, pro rata and pari
passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their
respective Stated Principal Balances, in each case, prior to being payable out of general collections. The Special Servicer or
the Master Servicer, as applicable, shall prepare or cause to be prepared a written report of each such inspection detailing the
condition of and any damage to the Mortgaged Property to the extent evident from the inspection and specifying the existence of
(i) any vacancy at the Mortgaged Property that the preparer of such report has knowledge of and the Master Servicer or Special
Servicer, as applicable, deems material, (ii) any sale, transfer or abandonment of the Mortgaged Property of which the preparer
of such report has knowledge or that is evident from the inspection, (iii) any adverse change in the condition of the Mortgaged
Property of which the preparer of such report has knowledge or that is evident from the inspection, and that the Master Servicer
or Special Servicer, as applicable, deems material, (iv) any visible material waste committed on the Mortgaged Property of
which the preparer of such report has knowledge or that is evident from the inspection and (v) photographs of each inspected
Mortgaged Property. The Special Servicer and the Master Servicer shall promptly following preparation deliver or make available
a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer, respectively, to the
other party, to the Directing Certificateholder ((i) prior to the occurrence and continuance of a Control Termination Event
and (ii) other than with respect to any Excluded Loan that is a Specially Serviced Loan). Within five (5) Business Days after
request for copies of such reports by the Rating Agencies, the Special Servicer or the Master Servicer, as applicable, shall deliver
or make available a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer,
as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website for review by Privileged
Persons. In respect of any Mortgage Loan other than an Excluded Loan that is a Specially Serviced Loan and prior to the occurrence
of a Consultation Termination Event, the Master Servicer shall deliver or make available a copy of each such report to the Directing
Certificateholder and upon request to each Controlling Class Certificateholder (which request may state that such items may be
delivered until further notice).

 

(b)          The
Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced
Loan, shall use efforts consistent with the Servicing Standard to collect promptly and review from each related Mortgagor quarterly
and annual operating statements, financial statements, budgets and rent rolls of the related Mortgaged Property, and the quarterly
and annual financial statements of such Mortgagor, whether or not delivery of such items is required pursuant to the terms of the
related Mortgage Loan documents and any other reports or documents required to be delivered under the terms of the Mortgage Loans
(and each Serviced Companion Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan (and
each Serviced Companion

 

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Loan)
documents. The Master Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls
more than once if the related Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan
documents. In addition, the Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to
be regularly prepared in respect of each REO Property and shall collect all such items promptly following their preparation. The
Special Servicer shall deliver all such items to the Master Servicer within five (5) Business Days of receipt, and the Master
Servicer and the Special Servicer, as applicable, shall deliver copies of all the foregoing items so collected to the Trustee,
the Certificate Administrator, the Directing Certificateholder 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
2017. Upon the request of any Privileged Person (other than the NRSROs) to receive copies of such items, the Master Servicer or
the Special Servicer, as applicable, shall deliver electronic copies of such items to the Certificate Administrator to be posted
on the Certificate Administrator’s Website. The Master Servicer or Special Servicer, as applicable, shall deliver copies
of all the foregoing items so collected thereby to the 17g-5 Information Provider pursuant to Section 3.13(c).

 

In addition, the Master
Servicer (with respect to each Mortgage Loan) or the Special Servicer (with respect to 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 with the quarter ending June 30, 2016,
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, that any analysis or report with respect
to the first calendar quarter of each year will not be required to the extent provided in the then current applicable CREFC®
guidelines (it being understood that as of the Closing Date, the applicable CREFC® guidelines provide that such
analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property unless such
Mortgaged Property is analyzed on a trailing 12 month basis, or if the related Serviced Pari Passu Mortgage Loan is on the CREFC®
Servicer Watch List). The Master Servicer (with respect to each Mortgage Loan) or Special Servicer (with respect to REO Properties),
as applicable, shall deliver or make available copies (in electronic format) of each CREFC® Operating Statement
Analysis Report and the related operating statements (in each case, promptly following the initial preparation and each material
revision thereof) to the Certificate Administrator, the Directing Certificateholder, the related Companion Holder (with respect
to any Serviced Companion Loan), the Special Servicer, and the 17g-5 Information Provider, and the 17g-5 Information Provider shall
post all such items to the 17g-5 Information Provider’s Website.

 

(ii)          Within
forty-five (45) days after receipt of an annual operating statement (if and to the extent any such information is in the form of
normalized year-end financial statements that have been based on a minimum number of months of operating results as

 

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recommended
by CREFC® in the instructions to the CREFC® guidelines) for each calendar year commencing within
forty-five (45) days of receipt of such annual operating statement for the calendar year ending December 31, 2016, a CREFC®
NOI Adjustment 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 each Mortgage Loan) or Special Servicer (with respect
to REO Properties), as applicable, shall deliver or make available copies (in electronic format) of each CREFC® NOI Adjustment
Worksheet and the related operating statements or rent rolls (in each case, promptly following the initial preparation and each
material revision thereof) to the Certificate Administrator, the Directing Certificateholder, the related Companion Holder (with
respect to any Serviced Companion Loan), the Special Servicer, and the 17g-5 Information Provider, and the 17g-5 Information Provider
shall post all such items to the 17g-5 Information Provider’s Website.

 

(c)          At
or before 2:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause to
be delivered to the Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder,
the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC®
Loan Modification Reports and CREFC® REO Liquidation Reports with respect to the Specially Serviced Loans (excluding,
for the Directing Certificateholder, any Excluded Loans) and any REO Properties (other than a Non-Serviced Mortgaged Property),
providing the information required of the Special Servicer in an electronic format, reasonably acceptable to the Master Servicer
as of the Business Day preceding such Determination Date, which CREFC® Special Servicer Loan File shall include
data, to enable the Master Servicer to produce the following supplemental CREFC® reports: (i) a CREFC®
Delinquent Loan Status Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan
Report, (iii) a CREFC® REO Status Report, (iv) a CREFC® Comparative Financial Status Report and (v)
a CREFC® NOI Adjustment Worksheet and a CREFC® Operating Statement Analysis Report, in each case
with the supporting financial statements, budgets, operating statements and rent rolls submitted by the Mortgagor.

 

(d)          Not
later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning April 2016, the Master Servicer shall prepare
(if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the
following reports and data files: (A) to the extent the Master Servicer has received the CREFC® Special Servicer
Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical
Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) CREFC®
Loan Setup File (only with respect to the first Distribution Date), (C) the most recent CREFC® Property File, and
CREFC® Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC®
Special Servicer Loan File pursuant to Section 3.12(c) by the Special Servicer and Master Servicer), (D) a CREFC®
Servicer Watch List with information that is current as of such Determination Date, (E) CREFC® Financial File, (F)
CREFC® Loan Level Reserve/LOC Report, (G) the CREFC® Advance Recovery Report, (H) CREFC®
Total Loan Report and (I) the

 

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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 April 2016, the Master
Servicer shall deliver or cause to be delivered in electronic format to the Certificate Administrator any applicable CREFC®
Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports
received from the Special Servicer. Not later than 2:00 p.m. (New York City time) two (2) Business Days prior to the Distribution
Date beginning April 2016, the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator via electronic
format the CREFC® Loan Periodic Update File. In no event shall any report described in this subsection be required
to reflect information that has not been collected by or delivered to the Master Servicer, or any payments or collections not
received by the Master Servicer, as of the close of business on the Business Day prior to the Business Day on which the report
is due.

 

(e)          The
Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to
Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver or make available to the Certificate Administrator
the reports and data files set forth in Section 3.12(d). The Master Servicer may, absent manifest error, conclusively rely
on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.12(b) and Section 3.12(c).
The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Master
Servicer pursuant to Section 3.12(d). In the case of information or reports to be furnished by the Master Servicer to the
Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are, in turn, based
on information or reports to be provided by the Special Servicer pursuant to Section 3.12(b) or Section 3.12(c) and
to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(b) or
Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports to the Certificate
Administrator until it has received the requisite information or reports from the Special Servicer, and the Master Servicer shall
not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the Special Servicer’s
failure to timely provide any information or report required under Section 3.12(b) or Section 3.12(c) of this Agreement.

 

(f)           Notwithstanding
the foregoing, however, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to
be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent the Master Servicer
or Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer or the Special Servicer,
as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting disclosure of information
with respect to the Mortgage Loans or Mortgaged Properties. The Master Servicer and Special Servicer may disclose any such information
or any additional information to any Person so long as such disclosure is consistent with applicable law and the Servicing Standard.
The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in
its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(g)          Unless
otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver any statement, report
or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may satisfy
such obligation by (x) physically delivering a paper copy of such statement, report or

 

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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 that is a federally insured financial institution, the
OCC, the FDIC, the Board of Governors of the Federal Reserve System of the United States of America and the supervisory
agents and examiners of such boards and such corporations, and any other federal or state banking or insurance regulatory
authority that may exercise authority over any such Certificateholder, and to each Holder of a Non-Registered Certificate,
access to any documentation or information regarding the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and, in
the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related Companion Loan, and the Trust within its
control which may be required by applicable law. At the election of the Master Servicer, the Special Servicer or the
Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of
information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall
be permitted to require payment (other than from the Directing Certificateholder and the Trustee and the Certificate
Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the
reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the preceding
sentence) be afforded without charge but only upon reasonable prior written request and during normal business hours at the
offices of the Certificate Administrator or the Custodian.

 

The failure of the Master
Servicer or Special Servicer to provide access as provided in this Section 3.13 as a result of a confidentiality obligation
shall not constitute a breach of this Section 3.13. In connection with providing information pursuant to this Section
3.13, the Master Servicer and Special Servicer may each (i) affix a reasonable disclaimer to any information provided by it
for which it is not the original source (without suggesting liability on the part of any other party hereto); (ii) affix to any
information provided by it a reasonable statement regarding securities law restrictions on such information and/or condition access
to information on (x) the execution of a confidentiality agreement substantially in the form of Exhibit X, or (y) execution
of a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s
or Special Servicer’s website; (iii) withhold access to confidential information or any intellectual property; and/or (iv)
withhold access to

 

    	-212-

    	 

    

 

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 Special Servicer may refrain from disclosing
information that it reasonably determines would prejudice the interest of the Certificateholders with respect to a workout or
exercise of remedies as to any particular Mortgage Loan.

 

Notwithstanding the limitation
set forth in the next succeeding paragraph, upon the reasonable request of any Certificateholder (or with respect to any Serviced
Subordinate Companion Loan, the holder of such Serviced Subordinate Companion Loan) that has delivered an Investor Certification
to the Master Servicer or the Special Servicer, as applicable, the Master Servicer may provide (or forward electronically) or make
available at the expense of such Certificateholder or holder of such Serviced 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 a Serviced Subordinate Companion Loan, as the case may be)
obtained by the Master Servicer; provided that, in connection with such request, the Master Servicer may require a written
confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer
generally to the effect that such Person will keep such information confidential and shall use such information only for the purpose
of analyzing asset performance and evaluating any continuing rights the Certificateholder or holder of such Serviced Subordinate
Companion Loan, as applicable, may have under this Agreement.

 

Notwithstanding anything
to the contrary herein (other than as permitted in the preceding paragraph with respect to any Certificateholder or as specifically
provided for herein with respect to the Directing Certificateholder), unless required by applicable law or court order, no Certificateholder
or beneficial owner shall be given access to, or be provided copies of, the Mortgage Files or Diligence Files.

 

(b)          The
Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements,
Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available to the general
public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items were prepared
by or delivered to the Certificate Administrator in electronic format:

 

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

 

(A)          the
Prospectus and any other disclosure document relating to the 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;

 

(ii)            the
following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

(A)         any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

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

 

(A)         all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

(B)          the
CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral
Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance
reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including,
without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment
Worksheets), the CREFC® Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this
Agreement from time to time; and

 

(C)          all
Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

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

 

(A)          summaries
of Final Asset Status Reports or, prior to a Serviced AB Control Appraisal Period, summaries of Asset Status Reports approved by
the

 

    	-214-

    	 

    

 

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);
and

 

(C)          any
Appraisals delivered to the Certificate Administrator pursuant to Section 3.19;

 

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

 

(A)         any
notice with respect to a release pursuant to Section 3.09(d);

 

(B)          any
notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

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

 

(D)          any
notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered
pursuant to Section 7.01;

 

(E)          any
notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required
to be delivered to the Certificateholders pursuant to Section 12.01;

 

(F)          any
Asset Review Report Summary received by the Certificate Administrator;

 

(G)          any
notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

 

(H)          any
notice of resignation of the Trustee or the Certificate Administrator, and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

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

 

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

 

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

 

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(L)          any
notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance
of appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26
or Section 12.03, respectively;

 

(M)         any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section
7.01(d), the Operating Advisor pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section
12.05(b);

 

(N)          any
notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related report prepared by the
Operating Advisor in connection with such recommendation;

 

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

 

(P)          any
notice of the occurrence of an Operating Advisor Termination Event;

 

(Q)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

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

 

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

 

(T)          any
“special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant
to Section 5.06;

 

(U)          any
Proposed Course of Action Notice;

 

(vi)          the
“Investor Q&A Forum” pursuant to Section 4.07(a); and

 

(vii)         solely
to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section
4.07(b).

 

The Certificate Administrator
shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A) and (B)
above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator, and on terms acceptable
to the Certificate Administrator, the Certificate Administrator shall make certain other information and reports related to the
Mortgage Loans available through its Internet website.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through
(vii) above) and made available to Privileged Persons other than any Excluded

 

    	-216-

    	 

    

 

Controlling
Class Holder that is a Borrower Party (unless a loan-by-loan segregation is later performed by the Certificate Administrator in
which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate
Administrator’s Website, and (b) in the case of the Directing Certificateholder or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form (or, solely with respect to the Master Servicer,
in electronic form) of an investor certification substantially in the forms of Exhibit P-1D and Exhibit P-1B and
upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit
P-1F, which shall include each of the CTSLink User ID associated with such Excluded Controlling Class Holder, all information
(other than the Excluded Information with respect to any Excluded Controlling Class Loans (unless a loan-by-loan segregation is
later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Controlling Class Loans)) available on the Certificate Administrator’s Website.

 

In the case of the
Directing Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon
delivery of an investor certification substantially in the form of Exhibit P-1B hereto, such Directing
Certificateholder or Controlling Class Certificateholder shall be entitled to access all information on the Certificate
Administrator’s Website. The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee may each rely on (i) an investor certification in the form of Exhibit P-1B hereto from
the Directing Certificateholder or a Controlling Class Certificateholder to the effect that such Person is not an Excluded
Controlling Class Holder and (ii) an investor certification in the form of Exhibit P-1D hereto from the Directing
Certificateholder or a Controlling Class Certificateholder to the effect that such Person is an Excluded Controlling Class
Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Directing Certificateholder or a
Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly notify each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in writing
substantially in the form of Exhibit P-1D that such party has become an Excluded Controlling Class Holder with respect
to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate Administrator a notice
substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such Excluded
Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class
Holder’s access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon
confirmation from the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder
shall submit a new investor certification substantially in the form of Exhibit P-1E to access the information on the
Certificate Administrator’s Website, except that such Excluded Controlling Class Holder shall not be entitled to access
any Excluded Information related to any Excluded Controlling Class Loan(s) (unless a loan-by-loan segregation is later
performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Controlling Class

 

    	-217-

    	 

    

 

 Loan(s)) made available on the Certificate Administrator’s
Website. With respect to any Excluded Information sent for posting on the Certificate Administrator’s Website, each of the
Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as “Excluded Information”
prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s
Website such Excluded Information (and, if possible at a later time, on loan-by-loan basis) from information relating to other
Mortgage Loans or Whole Loans, as applicable.

 

Notwithstanding anything
herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator
shall be entitled to conclusively assume that the Directing Certificateholder and all beneficial owners of the Certificates of
the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator, as applicable, has received a notice substantially in the form of Exhibit
P-1D from the Directing Certificateholder or a Controlling Class Certificateholder that it has become an Excluded Controlling
Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be
liable for any communication to the Directing Certificateholder or a Controlling Class Certificateholder that is an Excluded Controlling
Class Holder or disclosure of any information relating to an Excluded Controlling Class Loan (including any related Excluded Information
delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website) if the Master Servicer,
the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice
that the related Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to any related Excluded Information posted
on the Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator in accordance
with Section 3.33.

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on delivery
from the Directing Certificateholder or a Controlling Class Certificateholder of an investor certification substantially in the
form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder. To the extent the Directing Certificateholder
or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate
Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Certificateholder or Controlling
Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information
to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of such Directing
Certificateholder or Controlling Class Certificateholder or any of its Affiliate involved in the management of any investment in
the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

The Certificate Administrator
makes no representation or warranty as to the accuracy or completeness of any report, document or other information made available
on its Internet website and assumes no responsibility therefor, other than with respect to such reports,

 

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documents
or other information prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim responsibility
for any information distributed by it for which it is not the original source. Notwithstanding anything herein to the contrary,
the Certificate Administrator shall not be liable for any disclosure of information relating to any Excluded Controlling Class
Loan to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered to the
Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as relating
to any Excluded Controlling Class Loan.

 

In connection with providing
access to the Certificate Administrator’s Website (other than with respect to access provided to the general public in accordance
with Section 3.13(b), the Certificate Administrator may require registration and the acceptance of a disclaimer. The Certificate
Administrator shall not be liable for the dissemination of information in accordance herewith. Questions regarding the Certificate
Administrator’s Website can be directed to the Certificate Administrator’s CMBS customer service desk at (866) 846-4526.

 

(c)           The
17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such items
are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “MSCI 2016-UBS9” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any
other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)            any
notices of waivers under Section 3.08(d);

 

(ii)           any
Asset Status Report delivered by the Special Servicer under Section 3.19(d);

 

(iii)          any
notice of final payment on the Certificates;

 

(iv)          any
environmental reports delivered by the Special Servicer under Section 3.09(e);

 

(v)           any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)          any
annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or 11.10;

 

(vii)         any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)        any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving Rating Agency
Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

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(ix)           copies
of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)            any
requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

 

(xi)           any
notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

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

 

(xiii)         any
notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.01;

 

(xiv)        any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)         any
notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section 13.01(a)(viii);

 

(xvi)        any
Operating Advisor Annual Report pursuant to Section 3.26;

 

(xvii)       any
summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward
the Master Servicer, Special Servicer, Certificate Administrator or Trustee regarding any of the information delivered to the 17g-5
Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency Confirmation or regarding
any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related Companion Loan, the related
Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any applicable Intercreditor Agreement;
provided that the summary of such oral communication shall not identify the Rating Agency with whom the communication was
held pursuant to Section 3.13(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(c), Section 3.18(g); Section 11.09
or Section 11.10; and

 

(xix)       any
other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section 13.10.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. Information will be
posted on the same Business Day of receipt provided that such information is received by 2:00 p.m., New York City time,
or, if received after 2:00 p.m., New York City time, on the next Business Day by 12:00 p.m., New York City time; provided,
further, that an information delivered pursuant

 

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to Section
3.13(e) shall be posted in accordance with Section 3.13(e). The 17g-5 Information Provider shall have
no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate,
complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event
that any information is delivered or posted in error, each of the Certificate Administrator and the 17g-5 Information
Provider may remove such information from the 17g-5 Information Provider’s Website. The Certificate Administrator and
the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information
merely by posting such information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s
Website to the extent such information was not produced by the Certificate Administrator or the 17g-5 Information Provider,
as applicable. Access will be provided by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification
in the form of Exhibit P-2 hereto (which certification may be submitted electronically via the 17g-5 Information
Provider’s Website). If a Rating Agency requests access to the 17g-5 Information Provider’s Website, access shall
be granted by the 17g-5 Information Provider on the same Business Day, provided that such request is made prior to
2:00 p.m., New York City time, on such Business Day or, if received after 2:00 p.m., New York City time, on the following
Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to (866) 846-4526
or 17g5informationprovider@wellsfargo.com (specifically referencing “MSCI 2016-UBS9” in the subject
line).

 

Upon request of the Depositor
or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional
information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5 Information
Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information Provider disclose
on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

The 17g-5 Information
Provider shall 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. Except as provided in
Section 3.13(e), the Master Servicer or Special Servicer, as applicable, may, but shall not be obligated to send such information,
report, notice or document to the applicable Rating Agency following the earlier of (a) receipt of notification from the 17g-5
Information Provider that such information, report or other document has been posted to the 17g-5 Information Provider’s
Website and (b) after 2:00 p.m. (New York City time) on the first Business Day following the date the Master Servicer or the Special
Servicer, as applicable, has provided such information, report, notice or other document to the 17g-5 Information Provider (other
than in accordance with Section 3.13(e)). The 17g-5 Information Provider shall notify each Person that has signed-up for
access to the 17g-5 Information Provider’s Website in respect of the transaction governed by this Agreement each time an
additional document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such
document in the subject line or otherwise in the body of the email notice. The 17g-5 Information Provider shall send such notice
to such Person’s email address provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s
Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in
connection with a completed NRSRO Certification in the form of Exhibit P-2 hereto.

 

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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 “MSCI 2016-UBS9” 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
Depositor hereby authorizes the Certificate Administrator to make available to the Financial Market Publishers or such other vendor
chosen by the Depositor upon delivery by such vendor to the Certificate Administrator of a certification in the form of Exhibit
P-3 hereto (which certification may be submitted electronically via the Certificate Administrator’s Website), all the
Distribution Date Statements, CREFC® Reports and supplemental notices with respect to such Distribution Date Statements
and CREFC® Reports to Privileged Persons.

 

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

 

(f)            The
Master 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, subject to the conditions set forth in the penultimate paragraph 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. The Master 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, and (B) acknowledge that the Master 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, the Master Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.13(e) to current or prospective

 

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Certificateholders
the form of confidentiality agreement used by the Master Servicer shall be: (i) in the case of a Certificateholder, an Investor
Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information
confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators
and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided
that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information
confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein or an investment advisor
related thereto, an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest
therein or an investment advisor related thereto and is requesting the information for use in evaluating a possible investment
in Certificates and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder
may provide such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment
advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered
by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.13 unless such information was produced by the Master Servicer or Special Servicer, as applicable.

 

(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)          The
Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Operating Advisor such
reports and other information produced or otherwise available to the Directing Certificateholder (other than, prior to the occurrence
and continuance of a Control Termination Event, any Asset Status Reports that are not Final Asset Status Reports), or Certificateholders
generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic
format.

 

(i)            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,

 

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between
the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, on the one hand, and any
Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings
it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable,
(ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating Advisor, the Asset Representations
Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer, or (iii) such Rating
Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating Advisor, the Asset Representations Reviewer’s
or the Special Servicer’s, as applicable, servicing operations in general; provided that the Master Servicer, the
Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall not provide any information
relating to the Certificates or the Mortgage Loans, to any Rating Agency or NRSRO in connection with such review and evaluation
by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific identifiers are redacted; (y) such information
has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s
Website or (z) the Rating Agency confirms that it does not intend to use such information in undertaking credit rating surveillance
with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under
this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of
this Agreement) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s
Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section
3.13(i).

 

(j)            The
costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto shall
not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

Section
3.14     Title to REO Property; REO Account. (a) If title to any Mortgaged Property is
acquired (directly or through a single member limited liability company established for that purpose) and thus becomes REO
Property, the deed or certificate of sale shall be issued in the name of the Trust where permitted by applicable law or
regulation and consistent with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on
behalf of the Certificateholders and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced
Companion Loan. REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section
3.14. The Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder, shall
sell any REO Property prior to the close of the third calendar year following the year in which the Trust acquires ownership
of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of
the Code, unless the Special Servicer either (i) applies for a qualifying extension of time no later than sixty (60) days
prior to the close of the third calendar year in which it acquired ownership (or the period provided in the then applicable
REMIC Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal
Revenue Service to sell such REO Property or (ii) obtains for the Trustee and the Certificate Administrator an Opinion of
Counsel, addressed to the Trustee and the Certificate Administrator, to the effect that the holding by the Trust of such REO
Property subsequent to the close of the third calendar year following the year in which

 

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acquisition
occurred will not cause an Adverse REMIC Event. If the Special Servicer is granted or not denied the REO Extension contemplated
by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii)
of the immediately preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted
by such REO Extension or such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection
with its being granted the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the
Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall be an expense of the Trust payable
out of the Collection Account pursuant to Section 3.05(a).

 

(b)          The
Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur, the Special Servicer shall establish and maintain one
or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and, if applicable, on behalf of
any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder of the Lower-Tier Regular
Interests), for the retention of revenues and other proceeds derived from each REO Property. The REO Account shall be an Eligible
Account. The Special Servicer shall deposit, or cause to be deposited, in the REO Account, within two (2) Business Days after receipt
of properly identified and available 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 Collection Period ending on such
Determination Date, 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, 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 within two (2) Business Days of the Master Servicer’s receipt of the written accounting as provided
in the previous sentence.

 

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(d)          The
Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for all
deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c).

 

Section
3.15     Management of REO Property. (a) If title to any REO Property is acquired, the
Special Servicer shall manage, consent, protect, operate and lease such REO Property (other than any Non-Serviced Mortgaged
Property) for the benefit of the Certificateholders and the related Companion Holders and the Trustee (as holder of the
Lower-Tier Regular Interests) solely for the purpose of its timely disposition and sale in a manner that does not cause such
REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
result in the receipt by the Trust or any Serviced Companion Noteholder of any “income from non-permitted assets”
within the meaning of Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event. Subject to the foregoing,
however, the Special Servicer shall have full power and authority to do any and all things in connection therewith as are in
the best interests of and for the benefit of the Certificateholders (and, in the case of each Serviced Whole Loan, the
related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests) all as a collective whole
(taking into account the subordinate or pari passu nature of any Companion Loan, as the case may be) (as determined by
the Special Servicer in its reasonable judgment in accordance with the Servicing Standard). Notwithstanding anything to the
contrary herein, REO Property 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 the net-after tax benefit to Certificateholders and,
if applicable, any related Companion Holder(s), as a collective whole, could reasonably be expected to be greater than
another method of operating or net leasing the Mortgaged Property. 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 and available funds) in the applicable REO Account all revenues received by it with respect to each REO
Property and the related REO Loan, and shall withdraw from the REO Account, to the extent of amounts on deposit therein with
respect to such REO Property, funds necessary for the proper operation, management, leasing and maintenance of such REO
Property, including, without limitation:

 

(i)            all
insurance premiums due and payable in respect of such REO Property;

 

(ii)           all
real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)          any
ground rents in respect of such REO Property, if applicable; and

 

(iv)          all
costs and expenses necessary to maintain and lease such REO Property.

 

To the extent that amounts
on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth in clauses (i)
through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving notice from the Special
Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its

 

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own funds
such amount as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee,
the Special Servicer, the Depositor, the Certificate Administrator and (in respect of any Mortgage Loan other than an Excluded
Loan, and prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder) such advances would, if
made, constitute Nonrecoverable Servicing Advances.

 

(b)          Without
limiting the generality of the foregoing, the Special Servicer shall not:

 

(i)            permit
the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the New Lease by its terms will give
rise to any income that does not constitute Rents from Real Property;

 

(ii)           permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)          authorize
or permit any construction on any REO Property, other than the completion of a building or other improvement thereon, and then
only if more than 10% of the construction of such building or other improvement was completed before default on the related Mortgage
Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)          Directly
Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more
than ninety (90) days after its acquisition date;

 

unless, in any such case, the Special Servicer
has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance) to the effect
that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of
Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust, in which case the Special Servicer may
take such actions as are specified in such Opinion of Counsel.

 

(c)           The
Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety
(90) days of the acquisition date thereof, provided that:

 

(i)            the
terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s
length;

 

(ii)           the
fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light of the
nature and locality of the Mortgaged Property;

 

(iii)          any
such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses
incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in subsection
(a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses) to the Special Servicer
upon receipt;

 

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(iv)          none
of the provisions of this Section 3.15(c) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations hereunder with respect to the operation
and management of any such REO Property; and

 

(v)           the
Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(d)          When
and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer a statement
prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes,
resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to
the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property in
accordance with Sections 3.15(a) and 3.15(b).

 

Section
3.16     Sale of Defaulted Loans and REO Properties. (a) (i) Within thirty (30) days after
a Defaulted Loan has become a Specially Serviced Loan, the Special Servicer shall order (but shall not be required to
have received) an Appraisal and within thirty (30) days of receipt of the Appraisal shall determine the fair value of
such Defaulted Loan in accordance with the Servicing Standard; provided, however, that if the Special Servicer
is then in the process of obtaining an Appraisal with respect to the related Mortgaged Property, the Special Servicer shall
make its fair value determination as soon as reasonably practicable (but in any event within thirty (30) days) after its
receipt of such an Appraisal. The Special Servicer may, from time to time, adjust its fair value determination based upon
changed circumstances, new information and other relevant factors, in each instance in accordance with a review of such
circumstances and new information in accordance with the Servicing Standard including, without limitation, the period and
amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy; provided
that the Special Servicer shall promptly notify the Master Servicer in writing of the initial fair value determination and
any adjustment to its fair value determination.

 

(ii)           If
any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to the extent
otherwise required pursuant to the terms of the related Intercreditor Agreement, then the Special Servicer (with respect to a Specially
Serviced Loan) or the Master Servicer (with respect to a Non-Specially Serviced Loan) shall promptly notify in writing the other,
any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice under the Intercreditor
Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related mezzanine lender, as applicable,
will, notwithstanding anything in this Section 3.16 to the contrary, have the option to

 

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purchase the related Mortgage Loan
and cure defaults relating thereto as and to the extent set forth in the related Intercreditor Agreement.

 

(iii)          If
any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion Holder
or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously
exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable
efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders and the holder of any related Serviced Companion
Loan in such manner as will be reasonably likely to realize a fair price, if and when the Special Servicer determines, consistent
with the Servicing Standard, that no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection
of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and, if applicable, the related
Companion Holder. In the case of the Non-Serviced Mortgage Loan, under certain limited circumstances permitted under the related
Intercreditor Agreement, to the extent that such Non-Serviced Mortgage Loan is not sold together with the Non-Serviced Companion
Loan by the Non-Serviced Special Servicer, the Special Servicer will be entitled to sell (with the consent of the Directing Certificateholder
if no Control Termination Event has occurred and is continuing and such Non-Serviced Mortgage Loan is not an Excluded Loan) such
Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests
of the Certificateholders. The Special Servicer is required to give the Trustee, the Certificate Administrator, the Master Servicer,
the Operating Advisor and (other than in respect of any Excluded Loan) the Directing Certificateholder not less than ten (10) days’
prior written notice of its intention to sell any Defaulted Loan. In the absence of a cash offer at least equal to the Purchase
Price, the Special Servicer may purchase the Defaulted Loan for the Purchase Price or may accept the highest cash offer received
from any Person that constitutes a fair price for the Defaulted Loan.

 

(iv)          (A)
In the case of a Specially Serviced Loan which is a continuing Defaulted Loan, 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
may solicit offers and, subject to subclause (B) below, accept the highest offer received from any Person that is determined
by the Special Servicer to be a fair price for such Specially Serviced Loan, if the offeror is a Person other than an Interested
Person. In determining whether any first or highest 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 nine (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 first or highest offeror is an Interested Person (provided that the Trustee or its Affiliates may not be
an offerors), 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

 

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fair price unless (x) it is the highest offer
received and (y) at least one other offer is received from an independent third party. In determining whether any offer received
from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal
(or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding
nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph,
the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer.

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Interested Person) designate
an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience
in valuing loans similar to the subject Mortgage Loan or Serviced Whole Loan, that has been selected with reasonable care by the
Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the Trustee
designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred
by any such third party shall be covered by, and shall be reimbursable by, the Interested Person, and to the extent not collected
from such Interested Person within thirty (30) days of request therefor, by the applicable master servicer as a Servicing Advance;
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.

 

(B)          The
Special Servicer will not be obligated to accept the first or highest offer if the Special Servicer determines (with respect to
any Mortgage Loan other than an Excluded Loan, in consultation with the Directing Certificateholder (unless a Consultation Termination
Event shall have occurred and be continuing) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced
Whole Loan, the related Companion Holder), in accordance with the Servicing Standard (and subject to the requirements of any related
Intercreditor Agreement), that the rejection of such offer would be in the best interests of the Holders of Certificates and, in
the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as
a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender
and, with respect to a Whole Loan with a Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan). In addition, the

 

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Special Servicer may accept a lower offer from any Person other than the Special Servicer or
an Affiliate if it determines, in its reasonable and good faith judgment (but in all cases in accordance with the Servicing Standard),
that the acceptance of such offer would be in the best interests of the Holders of Certificates and, in the case of a sale of a
Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as a collective whole, as
if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender and, with respect to a
Whole Loan with a Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) (for
example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered by the
prospective buyer making the lower offer are more favorable); 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 Companion Holder, the Certificate Administrator
and, in respect of any Mortgage Loan other than an Excluded Loan and prior to the occurrence of a Consultation Termination Event,
the Directing Certificateholder, not less than ten (10) days’ prior written notice of the Purchase Price and its intention
to (i) purchase any REO Property at the Purchase Price therefor or (ii) sell any REO Property, in which case the Special Servicer
shall accept the highest offer received from any Person for any REO Property in an amount at least equal to the Purchase Price
therefor. To the extent permitted by applicable law, and subject to the Servicing Standard, the Master Servicer, an Affiliate of
the Master Servicer, the Special Servicer or an Affiliate of the Special Servicer, or an employee of either of them may act as
broker in connection with the sale of any REO Property and may retain from the proceeds of such sale a brokerage commission that
does not exceed the commission that would have been earned by an independent broker pursuant to a brokerage agreement entered into
at arm’s length.

 

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(B)          In
the absence of any such offer as set forth in subclause (A) above, the Special Servicer shall, subject to subclause (C)
below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1) by the
Special Servicer, if the highest offeror is a Person other than an Interested Person (provided that the Trustee or its Affiliates
may not be offerors), or (2) by the Trustee, if the highest bidder is an Interested Person unless such offer by an Interested Person
(i) is equal to or greater than the applicable Purchase Price and (ii) is the highest offer received; provided, however,
that absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless
(A) it is the highest offer received and (B) at least two other offers are received from independent third parties. Notwithstanding
anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for
or purchase any REO Property pursuant hereto.

 

(C)          The
Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if the Special
Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of
the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective
whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans). In addition, the Special
Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that acceptance of such offer would
be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder,
and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion
Loans) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered
by the prospective buyer making the lower offer are more favorable); provided that the offeror is not the Special Servicer
or a Person that is an Affiliate of the Special Servicer.

 

(D)          In
determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall
obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other
Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable,
from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect
payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of
demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special
Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the

 

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applicable Interested
Person. In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the Trustee (or,
if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall be instructed
to take into account, as applicable, among other factors, the physical condition of such REO Property, the state of the local economy
and the Trust’s obligation to comply with REMIC Provisions.

 

(ii)           Subject
to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders in negotiating
and taking any other action necessary or appropriate in connection with the sale of any REO Property, including the collection
of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation or warranty
by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary warranties of title,
so long as the only recourse for breach thereof is to the Trust) and, if consummated in accordance with the terms of this Agreement,
none of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor nor the
Trustee shall have any liability to the Trust or any Certificateholder or related Companion Holder (if applicable) with respect
to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(c)          Any
sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations
thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)          With
respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this Agreement,
if the related Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the Special Servicer determines to sell the related
Mortgage Loan that has become a Defaulted Loan in accordance with this Section 3.16, then the Special Servicer shall sell
the related Serviced Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and shall require that all offers
be submitted to the Special Servicer in writing. To the extent a determination is required to be made hereunder as to whether any
cash offer constitutes a fair price for a Serviced Whole Loan, such determination shall be made by the Trustee if the offeror is
an Interested Person. Notwithstanding the foregoing, the Special Servicer will not be permitted to sell the related Mortgage Loan
together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written consent
of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not required if the holder
of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the Special Servicer has delivered
to the holder of the related Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business Days prior written notice of
any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (10) days prior to the permitted sale date, a copy of
each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with
any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such
Serviced Pari Passu Whole Loan, and any documents in the servicing file reasonably requested by the holder of the related Serviced
Pari

 

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Passu
Companion Loan that are material to the sale price of the Serviced Pari Passu Whole Loan; and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Certificateholder) prior
to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale. The holder of the related
Serviced Pari Passu Companion Loan (or its representative) will be permitted to submit an offer at any sale of such Whole Loan;
however, the related Mortgagor and its agents and Affiliates shall not be permitted to submit an offer at such sale. Notwithstanding
the foregoing, with respect to each Serviced Whole Loan, the holder of the related Companion Loan may waive any of the delivery
or timing requirements set forth in this paragraph with respect to the related Whole Loan. If the Trustee is required to determine
whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the
offering Interested Person purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters
with at least five (5) years’ experience in valuing loans similar to the subject Mortgage Loan, that has been selected with
reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan. The Trustee shall
act in a commercially reasonable manner in making such determination. If the Trustee designates such a third party to make such
determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable
fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall
be covered by, and shall be reimbursable, from the offering Interested Person and the Special Servicer shall use efforts consistent
with the Servicing Standard to collect payment from such Interested Person. If such expense is not paid by the applicable Interested
Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer
as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect
such amounts from the applicable Interested Person.

 

(e)           (i)
Notwithstanding anything in this Section 3.16 to the contrary, pursuant to the terms of the related Intercreditor Agreement,
the holder of the related Serviced Subordinate Companion Loan for each applicable Serviced Whole Loan will have the right to purchase
the related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the Serviced Subordinate Companion
Loan shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related
Intercreditor Agreement. If the related Mortgage Loan or related REO Property is purchased by the holder of such Serviced Subordinate
Companion Loan, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related
Serviced 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.

 

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(g)          In
the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust pursuant
to the related Intercreditor Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

 

Section
3.17     Additional Obligations of Master Servicer and Special Servicer. (a) The Master
Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment
allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC
Distribution Account on each P&I Advance Date, without any right of reimbursement therefor. The Master Servicer shall
deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the Companion
Paying Agent for deposit in the Companion Distribution Account on each P&I Advance Date, without any right of
reimbursement therefor.

 

(b)          The
Master Servicer or the Special Servicer, as applicable, shall provide to each Companion Holder any reports or notices required
to be delivered to such Companion Holder pursuant to the related Intercreditor Agreement.

 

(c)          Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account
and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in
its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance
pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to defer such reimbursement for such portion of
the Nonrecoverable Advance during the Collection Period, 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 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 defer the reimbursement of a particular Nonrecoverable
Advance or portion thereof during the Collection Period 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 defer the reimbursement of a particular Nonrecoverable Advance or portion thereof); provided,
that if, at any time the Master Servicer or the Trustee, as applicable, elects, in its sole discretion, not to defer such reimbursement
or otherwise determines that the reimbursement of a Nonrecoverable Advance during a 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

 

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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 defer
such reimbursement or right to obtain such reimbursement as described in this Section 3.17(c). Nothing herein shall give
the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal
collections then available in the Collection Account pursuant to Section 3.05(a)(v). The Master Servicer or the Trustee,
as applicable, shall have no liability for any loss, liability or expenses resulting from any notice provided to the Rating Agencies
contemplated by this Section 3.17(c).

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this section or to comply with the terms of this section and the other provisions
of this Agreement that apply once such an election, if any, has been made; provided, that the fact that a decision to recover
such Nonrecoverable Advances over time, or not to do so, benefits some classes of Certificateholders to the detriment of other
classes shall not, with respect to the Master Servicer or the Special Servicer, as applicable, constitute a violation of the Servicing
Standard and/or with respect to the Trustee (solely in its capacity as Trustee), constitute a violation of any fiduciary duty to
Certificateholders or any contractual obligation hereunder. If the Master Servicer or the Trustee, as applicable, determines, in
its sole discretion, to fully recover the Nonrecoverable Advances immediately instead of deferring such reimbursement, then the
Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest
thereon at the Reimbursement Rate from all amounts in the Collection Account for such Distribution Date (deemed first from
principal and then interest). Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement
for any Nonrecoverable Advance or portion thereof with respect to any one or more collection periods shall not limit the accrual
of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable
Advance. The Master Servicer’s or the Trustee’s, as applicable, agreement to defer reimbursement of such Nonrecoverable
Advances as set forth above is an accommodation to the Certificateholders and shall not be construed as an obligation on the part
of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders. Nothing herein shall be deemed to create
in the Certificateholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as
applicable, right to

 

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reimbursement
for Advances (deferred or otherwise) and accrued interest thereon. In all events, the decision to defer reimbursement or to seek
immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and none of
the Master Servicer, the Trustee or the other parties to this Agreement shall have any liability to one another or to any of the
Certificateholders or any of the Companion Holders for any such election that such party makes as contemplated by this section
or for any losses, damages or other adverse economic or other effects that may arise from such an election, nor shall such election
constitute a violation of the Servicing Standard or any duty under this Agreement. Neither the Master Servicer nor the Trustee
shall have any liability whatsoever for making an election, or refraining from making an election, that is authorized under this
Section 3.17(c).

 

No determination by the
Master Servicer (or the Trustee, as applicable) to exercise its sole option to defer the reimbursement of Advances and/or interest
thereon under this section shall be construed as an agreement by the Master Servicer (or the Trustee, as applicable) to subordinate
(in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement during such period
of deferral.

 

With respect to any modification
or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received), the Master Servicer or the
Special Servicer, as applicable, shall provide to the 17g-5 Information Provider a copy of any such modification or amendment,
which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s Website in accordance with Section
3.13(c).

 

(d)          With
respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require the
lender to), at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts
held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or Special Servicer,
as applicable, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the applicable reserve
account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard. Such amount may be used,
if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan (or Serviced Whole Loan),
or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

 

(e)           Within
one (1) Business Day after the execution of any amendment or modification of any Intercreditor Agreement, the Master Servicer or
the Special Servicer, as applicable, shall provide to the Certificate Administrator a copy of any such modification or amendment
of any Intercreditor Agreement, and such amendment or modification shall be a Reportable Event.

 

 

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Section
3.18          
Modifications, Waivers, Amendments and Consents. (a)  Except as set forth
in Section 3.01(a), 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) and Section 6.08, but subject to any other conditions set forth thereunder
(including, without limitation, the Special Servicer’s consent rights pursuant to this subsection (a) with respect
to any modification, waiver, amendment or other action that constitutes a Major Decision or does not constitute a Master Servicer
Consent Matter) and, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan,
(and with respect to any Serviced Whole Loan, subject to the rights of the related Companion Holder, as applicable, to advise or
consult with the Master Servicer or Special Servicer, as applicable, with respect to, or to consent to, a modification, waiver,
amendment or other action, in each case, pursuant to the terms of the related Intercreditor Agreement), the Master Servicer shall
not modify, waive or amend the terms of a Non-Specially Serviced Loan and/or Companion Loan or take any other action in respect
thereof (if any such action constitutes a Major Decision or does not constitute a Master Servicer Consent Matter) without the prior
written consent of the Special Servicer (it being understood that if the Master Servicer is recommending such modification, waiver,
amendment or other action, the Master Servicer shall promptly provide the Special Servicer with notice of any request for such
modification, waiver, amendment or other action, the Master Servicer’s written recommendation and analysis, and all information
reasonably available to the Master Servicer that may be reasonably requested by the Special Servicer in order to grant or withhold
such consent); provided that such consent shall be deemed given (unless earlier objected to by the Special Servicer) fifteen
(15) Business Days (or such longer period provided under a related Intercreditor Agreement) after the Special Servicer’s
receipt of the Master Servicer’s written recommendation and analysis with respect to such modification, waiver, amendment
or other action and all information reasonably requested by the Special Servicer, and reasonably available to the Master Servicer,
in order to grant or withhold such consent; and provided, further, that no extension entered into pursuant to this
Section 3.18(a) shall extend the Maturity Date beyond the earlier of (i) five (5) years prior to the Rated Final Distribution
Date and (ii) in the case of a Mortgage Loan secured solely or primarily by a leasehold estate and not also the related fee
interest, the date twenty (20) years or, to the extent consistent with the Servicing Standard giving due consideration to the remaining
term of the Ground Lease, ten (10) years, prior to the expiration of such leasehold estate. If such extension would extend the
Maturity Date of such Mortgage Loan and/or related Companion Loan for more than twelve (12) months from and after the original
Maturity Date of such Mortgage Loan and/or related Companion Loan and such Mortgage Loan and/or related Companion Loan is not in
default or default with respect thereto is not reasonably foreseeable, prior to any such extension, the Master Servicer shall (1) provide
the Trustee, the Certificate Administrator, the Special Servicer, the Operating Advisor and ((i) prior to the occurrence of
a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder, with
an Opinion of Counsel (at the expense of the related Mortgagor to the extent permitted under the Mortgage Loan documents and, if
not required or permitted to be paid by the Mortgagor, to be paid as an expense of the Trust in accordance with Section 3.11(d))
that such extension would not constitute a “significant modification” of the Mortgage Loan and/or Serviced Companion
Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (2) subject to the Servicing Standard, ((i) prior
to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to an Excluded Loan) obtain
the consent of the Directing Certificateholder (or (i) after the occurrence and during the continuance of a Control Termination
Event, but prior to a Consultation Termination Event and (ii) other than with respect to any Excluded Loan, upon consultation
with the Directing Certificateholder pursuant to Section 6.08 hereof) (which consent or consultation shall be coordinated
through the Special Servicer). 

 

The Master Servicer may
amend any term (other than a Money Term) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan
that is not a Specially Serviced Loan and may extend the Maturity Date of any Balloon Loan, other than a Specially Serviced Loan
or a Non-Serviced Mortgage Loan, to a date not more than sixty (60)

 

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days
beyond the original maturity date, if in the Master Servicer’s sole judgment exercised in good faith, a default in the payment
of the Balloon Payment is reasonably foreseeable and such extension is reasonably likely to produce a greater recovery to the
Certificateholders and the holder of any related Companion Loans, as applicable (as a collective whole), on a net present value
basis than liquidation of such Mortgage Loan, and the Borrower has obtained an executed written commitment (acceptable to the
Special Servicer) for refinancing of the Mortgage Loan or purchase of the related Mortgaged Property (subject only to satisfaction
of conditions set forth therein).

 

Subject to Section
6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the Master Servicer nor
the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for one or more other parcels
of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of
the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto is not reasonably foreseeable
unless (i) the Master Servicer or the Special Servicer, as applicable, obtains Rating Agency Confirmation from each Rating Agency
(and delivers such Rating Agency Confirmation to the Directing Certificateholder, if permitted by the applicable Rating Agency)
and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25)) and (ii) such substitution would not be a “significant modification”
of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise
cause an Adverse REMIC Event (and the Master Servicer or Special Servicer, as applicable, may obtain and rely upon an Opinion of
Counsel (at the expense of the related Mortgagor if not prohibited by the terms of the related Mortgage Loan documents, and if
so prohibited, at the expense of the Trust) with respect thereto).

 

In connection with (i)
the release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property
from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property),
or any portion of such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan
documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the
related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value
of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification
of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions, exclude the value of
personal property and going concern value, if any, as determined by an appropriate third party.

 

If, following any such
release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable,
shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor
provisions, unless the related Borrower provides an Opinion of Counsel that if such

 

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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.

 

(b)          If
the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness or deferral
of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than any Non-Serviced
Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge of additional collateral)
of the terms of a Specially Serviced Loan with respect to which a payment default or other material default has occurred or a payment
default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable (as evidenced by an Officer’s
Certificate of the Special Servicer), is reasonably likely to produce a greater recovery on a net present value basis (the relevant
discounting to be performed at the related Mortgage Rate) to the Trust and, if applicable, the Companion Holders, as the holders
of the related Serviced Companion Loan, than liquidation of such Specially Serviced Loan, then the Special Servicer may agree to
a modification, waiver or amendment of such Specially Serviced Loan, subject to (x) the provisions of this Section 3.18(b)
and Section 3.18(c), (y) with respect to any Mortgage Loan other than any Excluded Loan, prior to the occurrence and continuance
of a Control Termination Event, the approval of the Directing Certificateholder (or after the occurrence and during the continuance
of a Control Termination Event, but prior to a Consultation Termination Event, upon consultation with the Directing Certificateholder)
as provided in Section 6.08; provided that with respect to any Serviced AB Whole Loan, prior to the occurrence and
continuance of a related Serviced AB Control Appraisal Period, the approval of the holder of the related Serviced Subordinate Companion
Loan will be required to the extent set forth in the related Intercreditor Agreement and the Directing Certificateholder shall
have no consent or consultation rights regarding the matter; and (z) additionally, with respect to a Serviced Whole Loan, the rights
of the related Serviced Companion Noteholder or with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) with
mezzanine debt, the rights of the related mezzanine lender, to advise or consult with the Special Servicer with respect to, or
consent to, such modification, waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement
or mezzanine intercreditor agreement, as applicable; provided that in the case of any release or substitution of
collateral (other than a defeasance), the Special Servicer shall have obtained an Opinion of Counsel that such release or substitution
would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)
or otherwise cause an Adverse REMIC Event. Notwithstanding anything herein to the contrary, with respect to any Excluded Loan (regardless
of whether a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor,
on a non-binding basis, in connection with the related transactions involving proposed Major Decisions and consider alternative
actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08
for consulting with the Operating Advisor.

 

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

 

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primarily
by a leasehold estate and not also the related fee interest, the date occurring twenty (20) years or, to the extent consistent
with the Servicing Standard giving due consideration to the remaining term of the ground lease and, ((i) prior to the occurrence
and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan) with the consent of the
Directing Certificateholder, ten (10) years prior to the expiration of such leasehold estate (including any options to extend
such leasehold estate exercisable unilaterally by the related Mortgagor), or (2) provide for the deferral of interest unless interest
accrues on the related Mortgage Loan or the related Serviced Whole Loan at the related Mortgage Rate.

 

(c)          Any
provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion Loan is in
default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18 shall be collected
by any Master Servicer or Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction with any consent or
any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount thereof is specified
in the related Mortgage Note) if the collection of such fee would cause such consent, modification, waiver or amendment to be a
“significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(d)          To
the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a) and Section
6.08), the Master Servicer (as provided in Section 3.01(a), Section 3.08(a), Section 3.08(b) and Section
3.18 and subject to the Special Servicer’s consent rights pursuant to Section 3.18(a) if any such
waiver, modification or amendment constitutes a Major Decision) or the Special Servicer may, consistent with the Servicing
Standard, agree to any waiver, modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in
default or as to which default is not reasonably foreseeable only if the contemplated waiver, modification or amendment (i)
will not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section
1.860G-2(b) and (ii) will not cause an Adverse REMIC Event. In making this determination, the Master Servicer or Special
Servicer may obtain and rely upon (and shall provide to the Trustee and the Certificate Administrator if obtained) an Opinion
of Counsel (at the expense of the related Mortgagor or such other Person requesting such modification or, if such expense
cannot be collected from the related Mortgagor or such other Person, to be paid out of the Collection Account pursuant to Section
3.05(a); provided that the Master Servicer or Special Servicer, as the case may be, shall use its
reasonable efforts to collect such fee from the Mortgagor or such other Person to the extent permitted under the related
Mortgage Loan documents). Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer may waive the
payment of any Prepayment Premium or Yield Maintenance Charge or the requirement that any prepayment of a Mortgage Loan be
made on a Due Date, or if not made on a Due Date, be accompanied by all interest that would be due on the next Due Date with
respect to any Mortgage Loan or Serviced Companion Loan that is not a Specially Serviced Loan.

 

(e)          Subject
to Section 3.18(c), the Master Servicer and the Special Servicer each may, as a condition to its granting any request by
a Mortgagor for consent, modification (including extensions), waiver or indulgence or any other matter or thing, the granting of
which is within the Master Servicer’s or the Special Servicer’s, as the case may be, discretion pursuant to the terms
of the instruments evidencing or securing the related Mortgage Loan or Companion

 

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Loan
and is permitted by the terms of this Agreement, require that such Mortgagor pay to the Master Servicer or the Special Servicer,
as the case may be, as additional servicing compensation, a reasonable or customary fee, for the additional services performed
in connection with such request; provided that the charging of such fee is not a “significant modification”
of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(f)           All
modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered into pursuant
to this Section 3.18 shall be in writing, signed by the Master Servicer or the Special Servicer, as the case may be, and
the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such guarantor’s signature is required by the
Special Servicer in accordance with the Servicing Standard).

 

(g)          With
respect to any modification, waiver or amendment with respect to a Specially Serviced Loan, the Special Servicer shall notify the
Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor (after the occurrence and during the continuance
of a Control Termination Event), the Directing Certificateholder (other than (i) following the occurrence of a Consultation Termination
Event and (ii) with respect to any Excluded Loan), the applicable Companion Holder (unless, with respect to a holder of a Serviced
Subordinate Companion Loan, a Serviced AB Control Appraisal Period has occurred, if applicable), the related Mortgage Loan Seller
(if such Mortgage Loan Seller is not a Master Servicer or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder)
and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in
accordance with Section 3.13(c)) in writing of any modification, waiver or amendment (in each case, after it is finalized
and executed) of any term of any Mortgage Loan or Companion Loan that is modified, waived or amended and the date thereof. With
respect to any modification, waiver or amendment (in each case, after it is finalized and executed) for which it is responsible,
the Master Servicer shall provide written notice of any such modification, waiver or amendment to the Trustee, the Certificate
Administrator, the Special Servicer (and the Special Servicer shall, prior to the occurrence of a Consultation Termination Event
and other than with respect to an Excluded Loan, forward such notice to the Directing Certificateholder), the applicable Companion
Holder (unless, with respect to a holder of a Serviced Subordinate Companion Loan, a Serviced AB Control Appraisal Period has occurred,
if applicable) and the related Mortgage Loan Seller (so long as such Mortgage Loan Seller is not a Master Servicer or Sub-Servicer
of such Mortgage Loan or the Directing Certificateholder) and the 17g-5 Information Provider (which shall promptly post such notice
on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)). The party responsible for delivering
notice shall deliver to the Custodian with a copy to the Master Servicer (if such notice is being delivered by the Special Servicer)
for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver or amendment,
promptly (and in any event within ten (10) Business Days) following the execution thereof, with a copy to the applicable Companion
Holder, if any. Following receipt of the Master Servicer’s or the Special Servicer’s, as applicable, delivery of the
aforesaid modification, waiver or amendment to the Certificate Administrator, the Certificate Administrator shall forward a copy
thereof to each Holder of a Certificate (other than the Class V or Class R Certificates). With respect to the processing of any
modification, waiver or consent related to any Mortgagor incurring additional debt or mezzanine debt, the Special Servicer (if
the Special Servicer agrees to such modification, waiver or consent pursuant to Section 3.18(a)) or the Master Servicer
(if the Master Servicer processes such

 

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modification,
waiver or consent pursuant to Section 3.18(a)) shall, on or before the later of (i) 3:00 p.m. on the related P&I Advance
Date and (ii) five (5) Business Days immediately following the Master Servicer or Special Servicer, as applicable, obtaining actual
knowledge of the incurrence of such additional debt or mezzanine debt, deliver notice of the Mortgagor’s incurrence of such
debt, substantially in the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com and an Additional Disclosure
Notification in the form attached hereto as Exhibit EE. The notice contemplated in the preceding sentence shall set forth,
to the extent the Special Servicer or Master Servicer, as applicable, has the requisite information or can reasonably obtain such
information, (1) the amount of additional debt that was incurred in the related Collection Period, (2) the total debt service
coverage ratio calculated on the basis of such Mortgage Loan and additional debt, and (3) the aggregate LTV Ratio calculated on
the basis of such Mortgage Loan and additional debt. In the event that either (i) the CREFC® Investor Reporting
Package is amended to include such information set forth above, in a manner reasonably acceptable to the Master Servicer, Special
Servicer and Certificate Administrator, as applicable, and the Master Servicer confirms with the Certificate Administrator that
such amended CREFC® Investor Reporting Package enables the Certificate Administrator to include such information
on Form 10-D in a manner reasonably acceptable to the Certificate Administrator, or (ii) the Trust is no longer subject to the
Exchange Act, the additional report in the form of Exhibit KK shall no longer be required hereunder. From time to time,
the Master Servicer, Special Servicer and Certificate Administrator may agree on a different delivery time and format for the
information set forth in this paragraph.

 

(h)          Subject
to the consent rights and process set forth in Section 3.18 and 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 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 opinion as a condition to granting such defeasance, (iv) to
the extent consistent with the related Mortgage Loan documents and, if applicable, Companion Loan

 

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documents,
the Mortgagor shall establish a single purpose entity to act as a successor mortgagor, if so required by the Rating Agencies,
(v) to the extent permissible under the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Master
Servicer shall use its reasonable efforts to require the related Mortgagor to pay all costs of such defeasance, including but
not limited to the cost of maintaining any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan documents
and, if applicable, Companion Loan documents, the Master Servicer shall obtain, at the expense of the related Mortgagor, Rating
Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if
any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25); provided, further,
however, that no such confirmation from any Rating Agency shall be required to the extent that the Master Servicer has
delivered a defeasance certificate substantially in the form of Exhibit U hereto for any Mortgage Loan that (together with
any Mortgage Loans cross-collateralized with such Mortgage Loans) is: (i) a Mortgage Loan with a Cut-off Date Balance less than
$20,000,000, (ii) a Mortgage Loan that represents less than 5% of the aggregate Cut-off Date Balance of all Mortgage Loans, 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 (subject to the Special Servicer’s consent
rights pursuant to Section 6.08 with respect to any such action that constitutes a Major Decision) reasonably determines
that allowing their use would not cause a default or event of default to become reasonably foreseeable and the Master Servicer
receives an Opinion of Counsel (at the expense of the Mortgagor to the extent permitted under the Mortgage Loan documents and,
if applicable 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 any Trust REMIC; and provided,
further, that the requirements set forth in Section 3.18(h) (including receipt of any Rating Agency Confirmation)
are satisfied; and provided, further, that such securities are backed by the full faith and credit of the United
States government, or the Master Servicer shall obtain Rating Agency Confirmation from each Rating Agency and a confirmation of
any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any class of Serviced Companion Loan Securities (if any) (provided that

 

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such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25).

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans originated or acquired by Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”)
and subject to defeasance, MSMCH has retained the right to receive a percentage of the economic benefit associated with the ownership
of the successor borrower, to designate and establish the successor borrower and to purchase (or cause the purchase on behalf of
the related borrower of) the related defeasance collateral (“MSMCH Seller Defeasance Rights and Obligations”).
If the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan originated or acquired by MSMCH
and subject to defeasance, the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written
notice of such defeasance request to MSMCH or its assignee. Until such time as MSMCH provides written notice to the contrary, notice
of a defeasance of a Mortgage Loan with MSMCH Defeasance Rights and Obligations shall be delivered to MSMCH pursuant to the notice
provisions of this Agreement. In addition, to the extent that the Master Servicer receives any amount in respect of a MSMCH Defeasance
Rights and Obligations that is required to be remitted to MSMCH pursuant to the related defeasance documents, the Master Servicer
shall remit such amounts to MSMCH pursuant to the terms of the defeasance documents.

 

Notwithstanding the foregoing,
Bank of America, National Association (“BANA”) has retained the right of the lender under the Mortgage Loan
documents with respect to all Mortgage Loans contributed by BANA (the “BANA Loans”) to receive a percentage
of the economic benefit associated with the ownership of the successor borrower, and the right to designate and establish the successor
borrower and to purchase or cause the purchase on behalf of the related borrower of the related defeasance collateral, if there
is a defeasance of a BANA Loan (“BANA Lender Successor Borrower Right”). If the Master Servicer receives notice
of a defeasance request with respect to a BANA Loan subject to defeasance, the Master shall provide, within five (5) Business Days
of receipt of such notice, written notice of such defeasance request to BANA or its assignee. Until such time as BANA provides
written notice to the contrary, notice of a defeasance of a BANA Loan with a BANA Lender Successor Borrower Right shall be delivered
to BANA pursuant to the notice provisions of this Agreement. In addition, to the extent that the Master Servicer receives any amount
in respect of a BANA Lender Successor Borrower Right that is required to be remitted to BANA pursuant to the related defeasance
documents, the Master Servicer shall remit such amounts to BANA pursuant to the terms of the defeasance documents.

 

Notwithstanding the foregoing,
UBS Real Estate Securities Inc. (“UBSRES”) has retained the right of the lender under the Mortgage Loan documents
to receive a percentage of the economic benefit associated with the ownership of the successor borrower, the right to establish
or designate or approve the successor borrower and the right to purchase or cause the purchase on behalf of the related borrower
of the related defeasance collateral (collectively, the “UBSRES Seller Defeasance Rights and Obligations”) for
all Mortgage Loans contributed by UBSRES (the “UBSRES Loans”) that are subject to defeasance. If the Master
Servicer receives notice of a defeasance request with respect to a UBSRES Loan subject to defeasance, then the Master Servicer
shall provide, within five (5) Business Days of receipt of such notice, written

 

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notice
of such defeasance request to UBSRES or its assignee. Until such time as UBSRES provides written notice to the contrary, notice
of a defeasance of a UBSRES Loan with UBSRES Seller Defeasance Rights and Obligations shall be delivered to UBSRES pursuant to
the notice provisions of this Agreement. In addition, to the extent that the Master Servicer receives any amount in respect of
UBSRES Seller Defeasance Rights and Obligations that is required to be remitted to UBSRES pursuant to the related defeasance documents,
the Master Servicer shall remit such amounts to UBSRES pursuant to the terms of the defeasance documents.

 

(j)            If
required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard, the
Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”), which shall be
Eligible Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged
Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage Loan or
Companion Loan documents. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained
in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the Master Servicer
in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to be placed in a separate account,
the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property
into the Collection Account and treat any such payments as payments made on the Mortgage Loan or Companion Loan in advance of its
Due Date in accordance with clause (a)(i) of the definition of “Available Funds” and not as a prepayment of
the related Mortgage Loan or Companion Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer
permit such amounts to be maintained in the Collection Account for a period in excess of 365 days (or 366 days in the case of a
leap year).

 

(k)           Notwithstanding
anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as applicable, shall, unless
it has received Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) (the
cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related loan documents and otherwise paid
out of general collections) grant or accept any consent, approval or direction regarding the termination of the related property
manager or the designation of any replacement property manager, with respect to any Mortgaged Property that secures a Mortgage
Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or (ii) has an unpaid principal balance that
is at least equal to five percent (5%) of the then-aggregate principal balance of all Mortgage Loans or $35,000,000.

 

(l)            Notwithstanding
anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment in connection with
any defeasance transaction contemplated in clause (i)(E) in the definition of “Major Decision”, the Special
Servicer shall not approve any such modification, waiver or amendment or consent thereto

 

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without
first having received a copy of an Opinion of Counsel addressed to the Special Servicer and the Master Servicer that such modification,
waiver, consent or amendment will not cause an Adverse REMIC Event.

 

Section
3.19     Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset
Status Report. (a) Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan (other
than any Non-Serviced Mortgage Loan) or Serviced Companion Loan, the Master Servicer or the Special Servicer, as applicable,
shall promptly give notice to the Master Servicer or the Special Servicer, as applicable, the Operating Advisor and ((i)
prior to the occurrence of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the
Directing Certificateholder thereof, and the Master Servicer shall deliver the related Mortgage File and Servicing File to
the Special Servicer and concurrently provide a copy of such Servicing File, exclusive of all Privileged Communications, to
the Operating Advisor. The Master Servicer shall use its reasonable efforts to provide the Special Servicer with all
information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like)
relating to such Mortgage Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s
possession or otherwise available to the Master Servicer without undue burden or expense, and reasonably requested by the
Special Servicer to enable it to assume its functions hereunder with respect thereto. The Master Servicer shall use its
reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each
related Servicing Transfer Event (or, in the case of clauses (viii), (ix) or (x) of the definition of
Servicing Transfer Event, within five (5) Business Days of receiving notice from the Special Servicer of such Servicing
Transfer Event when the Special Servicer makes the determination) and in any event shall continue to act as Master Servicer
and administrator of such Mortgage Loan and, if applicable, the related Serviced Companion Loan until the Special Servicer
has commenced the servicing of such Mortgage Loan and, if applicable, the related Serviced Companion Loan. The Master
Servicer shall deliver to the Trustee, the Certificate Administrator, the Operating Advisor, and ((i) prior to the occurrence
of a Consultation Termination Event or (ii) other than with respect to any Excluded Loan) the Directing Certificateholder, a
copy of the notice of such Servicing Transfer Event provided by the Master Servicer to the Special Servicer, or by the
Special Servicer to the Master Servicer, pursuant to this Section 3.19. Prior to the occurrence of a Consultation
Termination Event, the Certificate Administrator shall deliver to each Controlling Class Certificateholder a copy of the
notice of such Servicing Transfer Event provided by the Master Servicer pursuant to this Section 3.19.

 

Upon determining that
a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three consecutive Periodic Payments
(provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer,
and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan and, if applicable, the related
Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately
give notice thereof to the Master Servicer, the Operating Advisor, the related Serviced Companion Noteholder (unless, with respect
to a Serviced Subordinate Companion Loan, a Serviced AB Control Appraisal Period has occurred) and ((i) prior to the occurrence
of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder and
shall return the related Mortgage File and Servicing File to the

 

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Master
Servicer (or copies thereof if copies only were delivered to the Special Servicer) and upon giving such notice, and returning
such Mortgage File and Servicing File to the Master Servicer, the Special Servicer’s obligation to service such Corrected
Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan and, if applicable,
the related Companion Loan shall recommence.

 

(b)          In
servicing any Specially Serviced Loans and Serviced Companion Loans, the Special Servicer will provide to the Custodian originals
of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File to the extent
within its possession (with a copy of each such original to the Master Servicer), and provide the Master Servicer with copies of
any additional related Mortgage Loan or Serviced Companion Loan information including correspondence with the related Mortgagor.

 

(c)          Notwithstanding
the provisions of Section 3.12(c), the Master Servicer shall maintain ongoing payment records with respect to each of the
Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced Mortgage Loan)
and shall provide the Special Servicer with any information in its possession with respect to such records to enable the Special
Servicer to perform its duties under this Agreement; provided that this statement shall not be construed to require the
Master Servicer to produce any additional reports.

 

(d)          No
later than sixty (60) days after a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and,
if applicable, the related Companion Loan, the Special Servicer shall deliver in electronic format a report (the “Asset
Status Report”) with respect to such Mortgage Loan and related Companion Loan, if applicable, and the related Mortgaged
Property to the Master Servicer, the Directing Certificateholder (but only in respect of any Mortgage Loan other than (A) any Excluded
Loan or (B) any Serviced AB Whole Loan prior to the occurrence of a Serviced AB Control Appraisal Period, and in any event prior
to the occurrence of a Consultation Termination Event), the Operating Advisor (but, other than with respect to an Excluded Loan,
only after the occurrence and during the continuance of a Control Termination Event) and the 17g-5 Information Provider (which
shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) and,
with respect to any related Serviced Companion Loan, to the related Companion Holder or, to the extent the related Serviced Companion
Loan has been included in an Other Securitization, to the master servicer of such Other Securitization into which the related Serviced
Companion Loan has been sold; the Special Servicer shall also deliver a summary of each Final Asset Status Report to the Certificate
Administrator and the Certificate Administrator shall post the summary of the Final Asset Status Report to the Certificate Administrator’s
Website. In no event shall the Master Servicer post any Asset Status Report or Final Asset Status Report to 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. 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;

 

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(ii)        a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Mortgage Loan (and any related Serviced Companion Loan) and whether outside legal counsel has been retained;

 

(iii)       the
most current rent roll and income or operating statement available for the related Mortgaged Property;

 

(iv)       (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a description
of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the special
servicer in connection with the proposed or taken actions;

 

(v)        the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Whole Loan;

 

(vi)  
    a description of any amendment, modification or waiver of a material term of any ground lease (or any
space lease or air rights lease, if applicable) or franchise agreement;

 

(vii)      the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(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
and the holder of any

 

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related Companion Loan, as a collective whole, the Special Servicer shall implement the recommended action
as outlined in such Asset Status Report; provided, that the Special Servicer may not take any action that is contrary to
applicable law, the Servicing Standard or the terms of the applicable Mortgage Loan documents. If, with respect to any Mortgage
Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the Directing Certificateholder
disapproves such Asset Status Report within ten (10) Business Days of receipt and the Special Servicer has not made the affirmative
determination described above, the Special Servicer shall revise such Asset Status Report and deliver a new Asset Status Report
as soon as practicable, but in no event later than thirty (30) days after such disapproval, to the Master Servicer, the Trustee,
the Certificate Administrator, the Directing Certificateholder (prior to the occurrence of a Consultation Termination Event and,
in the case of a Serviced AB Whole Loan, only prior to the occurrence of a Consultation Termination Event and during a Serviced
AB Control Appraisal Period with respect to the related Serviced Subordinate Companion Loan), the Operating Advisor (but only after
the occurrence and during the continuance of a Control Termination Event) and the 17g-5 Information Provider (which shall promptly
post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)). With respect to
any Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the Special
Servicer shall revise such Asset Status Report as described above in this Section 3.19(d) until the Directing Certificateholder
shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset
Status Report or until the Special Servicer makes a determination, in accordance with the Servicing Standard, that the disapproval
is not in the best interests of the Certificateholders and the holder of any related Companion Loan, as a collective whole; provided
that, if the Directing Certificateholder has not approved the Asset Status Report for a period of sixty (60) Business Days following
the first submission of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status
Report, if consistent with the Servicing Standard; provided, however, that such Asset Status Report does not, and
is not intended to be, a substitute for the approvals that are specifically required pursuant to Section 6.08. The Special
Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report; provided
that such report shall have been prepared, reviewed and not rejected 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

 

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Mortgage Loan Sellers, the Trust, the Trustee, the Certificate Administrator or their
respective officers, directors, members, employees or agents to any claim, suit or liability or (d) materially expand the scope
of the Special Servicer’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement.

 

If a Control Termination
Event has occurred and is continuing (or, with respect to the Serviced AB Whole Loan, if both a Control Termination Event has occurred
and is continuing and a Serviced AB Control Appraisal Period is in effect), the Special Servicer shall promptly deliver each Asset
Status Report prepared in connection with a Specially Serviced Loan to the Operating Advisor (and if no Consultation Termination
Event has occurred and such Specially Serviced Loan is not an Excluded Loan, the Directing Certificateholder). The Operating Advisor
shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within ten (10) Business Days following
the later of (i) receipt of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the
Operating Advisor related thereto, and propose possible alternative courses of action to the extent it determines such alternatives
to be in the best interest of the Certificateholders (including any Certificateholders that are holders of the Control Eligible
Certificates), as a collective whole. The Special Servicer shall consider such alternative courses of action and any other feedback
provided by the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not
an Excluded Loan, the Directing Certificateholder) in connection with the Special Servicer’s preparation of any Asset Status
Report. The Special Servicer may revise the Asset Status Report as it deems necessary to take into account any input and/or comments
from the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially Serviced Loan is not an Excluded
Loan, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or
Directing Certificateholder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest
of the Certificateholders as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders
and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate
nature of such Companion Loan)), but the Special Servicer shall have no obligation (x) to revise such Asset Status Report based
on any such input or comments of the Operating Advisor or Directing Certificateholder, as applicable or (y) to take or refrain
from taking any action because of an objection, comment or recommendation by the Operating Advisor or Directing Certificateholder,
as applicable.

 

After the occurrence
and during the continuance of a Control Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder
shall have no right to consent to any Asset Status Report under this Section 3.19. After the occurrence and during the continuance
of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, each of the Directing Certificateholder
(except with respect to any Excluded Loan) and the Operating Advisor shall consult with the Special Servicer and propose alternative
courses of action and provide other feedback in respect of any Asset Status Report. After the occurrence of a Consultation Termination
Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder (other than in its capacity as a Certificateholder)
shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status
Reports and the Special Servicer shall only

 

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be obligated to consult with the Operating Advisor with respect to any Asset Status
Report as described above.

 

Notwithstanding the foregoing,
prior to the occurrence and continuance of a Serviced AB Control Appraisal Period with respect to a Serviced Subordinate Companion
Loan, the Special Servicer shall prepare an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced
Loan pursuant to this Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval
rights over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be
as set forth in the related Intercreditor Agreement.

 

(e)          (i)
Upon receiving notice of the occurrence of the events described in clause (iv) or (x) of the definition of Servicing
Transfer Event (without regard to the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall with
reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the Special Servicer with all information
relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special Servicer to enable it to negotiate
with the related Mortgagor. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five
(5) Business Days of the occurrence of each such event.

 

(ii)          After
the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event described
in clause (iv) or (x) of the definition of Servicing Transfer Event (without regard to the 60-day or 30-day period,
respectively, set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor at the same time such
notice is provided to the Special Servicer pursuant to clause (i) above.

 

(f)           Prior
to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following the establishment
of a Final Asset Status Report with respect to any Specially Serviced Loan (other than any Excluded Loan), the Special Servicer
shall deliver in electronic format to the Directing Certificateholder a draft notice that will include a draft summary of the Final
Asset Status Report (which briefly summarizes such 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 a Serviced 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 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

 

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the initial draft summary of the Final Asset Status Report, then the most recent
draft summary of the Final Asset Status Report delivered by the Special Servicer prior to such 20th Business Day shall be deemed
to be the final summary of the Final Asset Status Report; provided, further, however, that if at any time
the Special Servicer determines that any affirmative disapproval of such draft summary by the Directing Certificateholder is not
in the best interest of all the Certificateholders pursuant to the Servicing Standard, the Special Servicer shall deliver in electronic
format such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate
Administrator’s Website pursuant to Section 3.13(b) notwithstanding such disapproval. The Special Servicer shall promptly
deliver (but in any event no later than two (2) Business Days following its completion) a copy of each Final Asset Status Report
to the Operating Advisor. The Special Servicer shall prepare a summary of any Final Asset Status Report related to any Serviced
AB Whole Loan for which the related holder of a Serviced Subordinate Companion Loan is not subject to a Serviced AB Control Appraisal
Period, which Final Asset Status Report has been approved or deemed approved by the holder of the related Serviced Subordinate
Companion Loan in accordance with the related Intercreditor Agreement (to the extent such Intercreditor Agreement requires such
approval or deemed approval), and deliver in electronic format notice of such Final Asset Status Report and the summary of such
Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant
to Section 3.13(b).

 

(g)          No
provision of this Section 3.19 shall require the Special Servicer to take or to refrain from taking any action because of
any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section
3.20     Sub-Servicing Agreements. (a) The Master Servicer and, subject to the consent of the
Directing Certificateholder (prior to a Control Termination Event), 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 Special Servicer, as applicable, shall for any reason no longer act in such capacity hereunder (including,
without limitation, by reason of a Servicer Termination Event), the Trustee or its designee shall thereupon assume all of the
rights and, except to the extent they arose prior to the date of assumption, obligations of such party under such agreement,
or, alternatively, may act in accordance with Section 7.02 hereof under the circumstances described therein (subject
to Section 3.20(g) hereof); (iii) provides that the Trustee (for the benefit of the Certificateholders and the related
Companion Holder (if applicable) and the Trustee (as holder of the Lower-Tier Regular Interests) shall be a third party
beneficiary under such Sub-Servicing Agreement, but that (except to the extent the Trustee or its designee assumes the
obligations of such party thereunder as contemplated by the immediately preceding clause (ii)) none of the Trust, the
Trustee, the Operating Advisor, the Certificate Administrator, the Master Servicer or Special Servicer, as applicable, any
successor master servicer or special servicer or any Certificateholder (or the related Companion Holder, if applicable) shall
have any duties under such Sub-Servicing Agreement or any liabilities arising therefrom; (iv) permits any purchaser of a
Mortgage Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement with respect to such purchased Mortgage
Loan at its option and without penalty; provided, that the Initial Sub-Servicing Agreements may only be

 

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terminated by the Trustee or
its designees as contemplated by Section 3.20(g) hereof and in such additional manner and by such other Persons as
is provided in such Sub-Servicing Agreement; (v) does not permit the Sub-Servicer any direct rights of indemnification that
may be satisfied out of assets of the Trust except through the Master Servicer or Special Servicer, as the case may be, if
and only to the extent provided pursuant to Section 6.04; (vi) does not permit the Sub-Servicer to modify any
Mortgage Loan or make any other servicing decision unless and to the extent the Master Servicer or Special Servicer, as
applicable, is permitted hereunder to modify such Mortgage Loan or make such servicing decision; (vii) with respect to any
Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an
Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited
Party; and (viii) provides that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement and such
Sub-Servicing Agreement shall be terminated (following the expiration of any applicable Grace Period) if the Sub-Servicer
fails (A) to deliver by the due date any Exchange Act reporting items required to be delivered to the Master Servicer, the
Certificate Administrator or the Depositor under ARTICLE XI or under the Sub-Servicing Agreement or to the master
servicer under any other pooling and servicing agreement that the Depositor is a party to, or (B) to perform in any material
respect any of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining or
delivering any Exchange Act reporting items required for any party to this Agreement to perform its obligations under ARTICLE
XI or under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor
is a party to. The trustee or any successor master servicer or special servicer, as applicable, hereunder shall, upon
becoming successor master servicer or special servicer, as applicable, be assigned and may assume any Sub-Servicing
Agreements from the predecessor Master Servicer or Special Servicer, as applicable (subject to Section 3.20(g)
hereof). In addition, each Sub-Servicing Agreement entered into by the Master Servicer may but need not provide that the
obligations of the Sub-Servicer thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time
such Mortgage Loan becomes a Specially Serviced Loan; provided, however, that the Sub-Servicing Agreement may
provide (if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) that the
Sub-Servicer will continue to make all Advances and calculations and prepare all reports required under the Sub-Servicing
Agreement with respect to Specially Serviced Loans and continue to collect its Initial Sub-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 applicable, shall
deliver to the Trustee copies of all Sub-Servicing Agreements (and, with respect to any Sub-Servicing Agreement entered into
with a cashiering sub-servicer, 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

 

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Sub-Servicer were the Master Servicer, and, for so long as they are outstanding,
such Advances shall accrue interest in accordance with Section 3.03(d), such interest to be allocable between the
Master Servicer and such Sub-Servicer as may be provided (if at all) pursuant to the terms of the Sub-Servicing Agreement.
For purposes of this Agreement, the Master Servicer shall be deemed to have received any payment when a Sub-Servicer retained
by it receives such payment. The Master Servicer or Special Servicer, as applicable, shall notify the Master Servicer or the
Special Servicer, as applicable, the Trustee and the Depositor (and the Special Servicer shall notify the Operating Advisor)
in writing promptly of the appointment by it of any Sub-Servicer, except that the Master Servicer need not provide such
notice as to the Initial Sub-Servicing Agreements.

 

(b)          Each
Sub-Servicer shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to
service are situated, if and to the extent required by applicable law to the extent necessary to ensure the enforceability of the
related Mortgage Loans or the compliance with its obligations under the Sub-Servicing Agreement and the Master Servicer’s
obligations under this Agreement.

 

(c)          As
part of its servicing activities hereunder, the Master Servicer and the Special Servicer for the benefit of the Trustee and the
Certificateholders, shall (at no expense to the Trustee, the Certificateholders or the Trust) monitor the performance and enforce
the obligations of each of its Sub-Servicers under the related Sub-Servicing Agreement, except that the Master Servicer shall be
required only to use reasonable efforts to cause any Initial Sub-Servicer to comply with the requirements of ARTICLE XI
hereof. Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements
in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out
to such an extent and at such time as is in accordance with the Servicing Standard. The Master Servicer shall have the right to
remove a Sub-Servicer retained by it pursuant to the terms of the related Sub-Servicing Agreement.

 

(d)          In
the event the Trustee or its designee becomes successor master servicer and assumes the rights and obligations of the Master Servicer
under any Sub-Servicing Agreement, the Master Servicer, at its expense, shall deliver to the assuming party all documents and records
relating to such Sub-Servicing Agreement and the Mortgage Loans and, if applicable, the Companion Loans then being serviced thereunder
and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use reasonable efforts to effect the
orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

 

(e)          Notwithstanding
the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided in ARTICLE XI
with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the Master Servicer shall remain obligated
and responsible to the Trustee, the Special Servicer, holders of the Companion Loans serviced hereunder and the Certificateholders
for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent
and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans for which it is responsible,
and the Master Servicer shall pay the fees of any Sub-Servicer thereunder as and when due from its own funds. In no event shall
the Trust bear any termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination
under any Sub-Servicing Agreement.

 

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(f)          The
Trustee, upon the request of the Master Servicer, shall furnish to any Sub-Servicer any documents necessary or appropriate to enable
such Sub-Servicer to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)          Each
Sub-Servicing Agreement shall provide that, in the event the Trustee or any other Person becomes successor master servicer, the
Trustee or such successor master servicer shall have the right to terminate such Sub-Servicing Agreement with or without cause
and without a fee. Notwithstanding the foregoing or any other contrary provision in this Agreement, the Trustee and any successor
master servicer shall assume each Initial Sub-Servicing Agreement and (i) the Initial Sub-Servicer’s rights and obligations
under the Initial Sub-Servicing Agreement shall expressly survive a termination of the Master Servicer’s servicing rights
under this Agreement; provided that the Initial Sub-Servicing Agreement has not been terminated in accordance with its provisions;
(ii) any successor master servicer, including, without limitation, the Trustee (if it assumes the servicing obligations of the
Master Servicer) shall be deemed to automatically assume and agree to the then-current Initial Sub-Servicing Agreement without
further action upon becoming the successor master servicer and (iii) this Agreement may not be modified in any manner which would
increase the obligations or limit the rights of the Initial Sub-Servicer hereunder and/or under the Initial Sub-Servicing Agreement,
without the prior written consent of the Initial Sub-Servicer (which consent shall not be unreasonably withheld).

 

(h)          With
respect to Mortgage Loans subject to a Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall, upon request
(such request to be made reasonably in advance as appropriate to the circumstances surrounding such request) of the related Sub-Servicer,
reasonably cooperate in delivering reports and information, including remittance information, and affording access to information
to the related Sub-Servicer that would be required to be delivered or afforded, as the case may be, to the Master Servicer pursuant
to the terms hereof.

 

(i)          Notwithstanding
any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for
the performance by third parties of any or all of its obligations herein, without, with respect to any Mortgage Loan other than
an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Certificateholder,
except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

Section 3.21     Interest
Reserve Account.

 

(a)          On
the P&I Advance Date occurring in each February and in any January that occurs in a year that is not a leap year (in each case,
unless the related Distribution Date is the final Distribution Date), the Certificate Administrator, in respect of the Actual/360
Mortgage Loans, shall deposit into the Interest Reserve Account, an amount equal to one (1) day’s interest on the Stated
Principal Balance of the Actual/360 Mortgage Loans as of the Due Date occurring in the month preceding the month in which P&I
Advance Date occurs at the related Net Mortgage Rate, to the extent a full Periodic Payment or P&I Advance is made in respect
thereof (all amounts so deposited pursuant to clause (ii) and in any consecutive February and January pursuant to clause
(i), “Withheld Amounts”).

 

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(b)          On
each P&I Advance Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the
Certificate Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding
January (if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution Account.

 

Section
3.22     Directing Certificateholder and Operating Advisor Contact with Master Servicer and
Special Servicer. Within a reasonable time upon request from the Directing Certificateholder or the Operating Advisor, as
applicable, and no more often than on a monthly basis, each of the Master Servicer and the Special Servicer shall, without
charge, make a knowledgeable Servicing Officer via telephone available to verbally answer questions from (a) ((i) prior to
the occurrence of a Consultation Termination Event and (ii) other than with respect to any Excluded Loan) the Directing
Certificateholder and (b) upon the occurrence and during the continuance of any Control Termination Event, the Operating
Advisor (with respect to the Special Servicer only), regarding the performance and servicing of the Mortgage Loans and/or REO
Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section
3.23     Controlling Class Certificateholders and Directing Certificateholder; Certain Rights and
Powers of Directing Certificateholder. (a) Each Controlling Class Certificateholder is hereby deemed to have agreed by
virtue of its purchase of a Certificate to provide its name and address to the Certificate Administrator and to notify the
Master Servicer, the Certificate Administrator, the Special Servicer and the Operating Advisor of the transfer of any
Certificate of a Controlling Class by delivering a notice to each such Person substantially in the form of Exhibit NN
attached hereto, the selection of a Directing Certificateholder or the resignation or removal thereof. The Directing
Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor when such Certificateholder is
appointed Directing Certificateholder and when it is removed or resigns. To the extent there is only one Controlling Class
Certificateholder and it is also the Special Servicer, it shall be the Directing Certificateholder.

 

On the Closing Date,
the initial Directing Certificateholder shall deliver to the parties to this Agreement a certification substantially in the form
of Exhibit P-1G to this Agreement. Upon the resignation or removal of the existing Directing Certificateholder, any successor
directing certificateholder shall also deliver a certification substantially in the form of Exhibit P-1G to this Agreement
prior to being recognized as the new Directing Certificateholder.

 

(b)          Once
a Directing Certificateholder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall
be entitled to rely on such selection unless the Controlling Class Certificateholders entitled to appoint the Directing Certificateholder,
by Certificate Balance, or such Directing Certificateholder shall have notified the Master Servicer, Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Controlling Class Certificateholder, in writing, of the resignation
of such Directing Certificateholder or the

 

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selection of a new Directing Certificateholder. In the event that (i) the Master Servicer,
the Certificate Administrator, the Special Servicer, the Trustee or the Operating Advisor receives written notice from a majority
of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated and (ii) the Controlling
Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof)
becomes the Directing Certificateholder pursuant to the proviso of the definition of “Directing Certificateholder”,
then the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its
representative) shall provide its name and address to the Certificate Administrator and notify the Master Servicer, the Certificate
Administrator, the Special Servicer, the Trustee and the Operating Advisor that it is the new Directing Certificateholder; provided
that the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor shall be entitled
to rely on the written notification provided by the purported Controlling Class Certificateholder that owns the largest aggregate
Certificate Balance of the Controlling Class without independently verifying that such Controlling Class Certificateholder actually
owns the largest aggregate Certificate Balance of the Controlling Class.

 

(c)          Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor and the Trustee shall be entitled to rely on the most recent notification with respect to the identity of the Controlling
Class Certificateholder and the Directing Certificateholder.

 

(d)          In
the event that no Directing Certificateholder has been appointed or identified to the Master Servicer or the Special Servicer,
as applicable, and the Master Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Certificate
Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until
such time as the new Directing Certificateholder is identified to the Master Servicer or the Special Servicer, as applicable, the
Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval
or consent of any such Directing Certificateholder as the case may be.

 

(e)          Upon
request, the Certificate Administrator shall deliver to the Depositor, Trustee, the Special Servicer, the Operating Advisor, the
Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, a list of each
Controlling Class Certificateholder as reflected in the Certificate Registrar, including names and addresses (or Certificate Owners
of the Controlling Class, if applicable, at the expense of the requesting party). In addition to the foregoing, within five (5)
Business Days of receiving notice of the selection of a new Directing Certificateholder or the existence of a new Controlling Class
Certificateholder, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Master Servicer and the Special
Servicer. Notwithstanding the foregoing, Ellington Management Group, LLC shall be the initial Directing Certificateholder and shall
remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination Event occurs.

 

Until it receives notice
to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing Certificateholder.

 

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(f)       
   If to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the
Controlling Class, the Certificate Administrator shall notify the related Certificateholders of such Class (through the
Depository) of the Class becoming the Controlling Class.

 

(g)          Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Certificateholder may
have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Directing
Certificateholder may act solely in the interests of the Holders of the Controlling Class; (iii) the Directing Certificateholder
does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing
Certificateholder may take actions that favor interests of the Holders of one or more Classes including the Controlling Class over
the interests of the Holders of one or more other Classes of Certificates; and (v) the Directing Certificateholder shall have no
liability whatsoever (other than to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i)
through (iv) above, and no Certificateholder may take any action whatsoever against the Directing Certificateholder or any
director, officer, employee, agent or principal of the Directing Certificateholder for having so acted.

 

(h)          (i)
All requirements of the Master Servicer and the Special Servicer to provide notices, reports, statements or other information (including
the access to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply to each
Companion Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan, as applicable;
provided, however, that nothing in this subsection (h) shall in any way eliminate the obligation to deliver
any information required to be delivered under the related Intercreditor Agreement.

 

(i)       
   Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee and the Operating Advisor shall be entitled to rely on the most recent notification
with respect to the identity and contact information of the Controlling Class Certificateholder, the Directing
Certificateholder, and any 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 Controlling Holder shall exercise such rights in accordance with
the related Intercreditor Agreement.

 

(k)          The
Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business
Days of a request from the Master Servicer, Special Servicer, Certificate Administrator, Trustee, or any Certificateholder and
provide such information to the requesting party.

 

(l)       
   At any time that the Controlling Class Certificateholder is the holder of a majority of the Class E
Certificates and the Class E Certificates are the Controlling Class, it may waive its right (a) to appoint the Directing
Certificateholder and (b) to exercise any of the Directing Certificateholder’s rights under this Agreement by
irrevocable written notice delivered

 

    	-259-

    	 

    

 

to the Depositor, the Certificate Administrator (which shall be via email to trustadministrationgroup@wellsfargo.com),
the Master Servicer, the Special Servicer and the Operating Advisor. Notwithstanding anything to the contrary contained
herein, during such time as a Control Termination Event or Consultation Termination Event is in existence solely as a result
of the operation of clause (ii) of the definition of Control Termination Event and clause (ii) of the
definition of Consultation Termination Event, such Control Termination Event or Consultation Termination Event shall be
deemed to no longer be in existence and have not occurred with respect to any unaffiliated third party to whom the
Controlling Class Certificateholder that irrevocably waived its right to exercise any of the rights of the Controlling Class
Certificateholder has sold or transferred all or a portion of its interest in the Class E Certificates if such unaffiliated
third party holds the majority of the Controlling Class after giving effect to such transfer (the
“Non-Waiving Successor”). Following any such sale or transfer, the Non-Waiving Successor shall again have
the rights of the Controlling Class Certificateholder as set forth herein (including the rights to appoint a Directing
Certificateholder or cause the exercise of the rights of the Directing Certificateholder) without regard to any prior waiver
by the predecessor Controlling Class Certificateholder. The Non-Waiving Successor shall also have the right to irrevocably
waive its right to appoint the Directing Certificateholder and to exercise any of the rights of the Controlling Class
Certificateholder. The Non-Waiving Successor shall also have the right to exercise any of the rights of the Controlling Class
Certificateholder. No Non-Waiving Successor described above shall have any consent rights with respect to any Mortgage Loan
that became a Specially Serviced Loan prior to the sale or transfer of the Class E Certificates to the Non-Waiving Successor
and had not also become a Corrected Loan prior to such sale or transfer until such time as such Mortgage Loan becomes a
Corrected Loan.

 

(m)         Promptly
upon its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include on its statement made
available pursuant to Section 4.02(a) of this Agreement the identity of the new Controlling Class and (ii) provide to the
Master Servicer, the Special Servicer and the Operating Advisor notice of such event and the identity and contact information of
the new Controlling Class Certificateholder (the cost of obtaining such information from DTC being an expense of the Trust). The
Certificate Administrator shall notify the Operating Advisor, the Master Servicer and the Special Servicer within ten (10) Business
Days of the existence or cessation of (i) any Control Termination Event or (ii) any Consultation Termination Event. Upon the Certificate
Administrator’s determination that a Control Termination Event or a Consultation Termination Event has occurred or is terminated,
the Certificate Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s
Website pursuant to this provision.

 

In the event that a Control
Termination Event has occurred due to a reduction of the Certificate Balance of the Class E Certificates (taking into account the
application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section
4.05(a) hereof) to less than 25% of the Original Certificate Balance thereof, such special notice shall state “A Control
Termination Event has occurred due to the reduction of the Certificate Balance of the Class E Certificates to less than 25% of
the Original Certificate Balance thereof.”

 

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In the event that a Control
Termination Event or Consultation Termination Event has occurred due to the irrevocable waiver by a Class E Certificateholder,
who has become the Controlling Class Certificateholder, of its right to appoint a Directing Certificateholder or to exercise any
of the rights of the Controlling Class Certificateholder, such special notice shall state “A Control Termination Event and
a Consultation Termination Event has occurred due to the irrevocable waiver by the Controlling Class Certificateholder of its rights
as Controlling Class Certificateholder.”

 

In the event that a Consultation
Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates below 25% of its Original Certificate
Balance, in each case without regard to the application of any Appraisal Reduction Amounts, such special notice shall state: “A
Consultation Termination Event has occurred because no Class of Control Eligible Certificates exists where such Class’s aggregate
Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to
the application of any Appraisal Reduction Amounts.”

 

In the event of any transfer
of a Class E Certificate, and upon notice to the Certificate Administrator in the form of Exhibit NN that results in a termination
of a Control Termination Event or a Consultation Termination Event, such “special notice” shall state: “A Consultation
Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer of a majority
interest of the Controlling Class Certificates to an unaffiliated third party which has terminated any waiver by the prior Holder.”

 

Section
3.24     Intercreditor Agreements. (a) Each of the Master Servicer and Special Servicer
acknowledges and agrees that each Serviced Whole Loan being serviced under this Agreement and each Mortgage Loan with
mezzanine debt is subject to the terms and provisions of the related Intercreditor Agreement and each agrees to service each
such Serviced Whole Loan, and each Mortgage Loan with mezzanine debt in accordance with the related 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 AB Whole Loan Controlling Holder will
have the right to replace the Special Servicer solely with respect to the related Serviced AB Whole Loan, to the extent
provided for herein and in the related Intercreditor Agreement.

 

    	-261-

    	 

    

 

(b)          Neither
the Master Servicer nor the Special Servicer shall have any liability for any cost, claim or damage that arises from any entitlement
in favor of a Companion Holder or a mezzanine lender under the related Intercreditor Agreement or conflict between the terms of
this Agreement and the terms of such Intercreditor Agreement. Notwithstanding any provision of any Intercreditor Agreement that
may otherwise require the Master Servicer or the Special Servicer to abide by any instruction or direction of a Companion Holder
or a mezzanine lender, neither the Master Servicer nor the Special Servicer shall be required to comply with any instruction or
direction the compliance with which requires an Advance that constitutes or would constitute a Nonrecoverable Advance. In no event
shall any expense arising from compliance with an Intercreditor Agreement constitute an expense to be borne by the Master Servicer
or Special Servicer for its own account without reimbursement. In no event shall the Master Servicer or the Special Servicer be
required to consult with or obtain the consent of any Companion Holder or a mezzanine lender unless such Companion Holder or mezzanine
lender has delivered notice of its identity and contact information to each of the parties to this Agreement (upon which notice
each of the parties to this Agreement shall be conclusively entitled to rely). As of the Closing Date, the contact information
for the Companion Holders and mezzanine lenders is as set forth in the related Intercreditor Agreement. In no event shall the Master
Servicer or the Special Servicer, as applicable, be required to consult with or obtain the consent of a new Directing Certificateholder
or a new Controlling Class Certificateholder unless the Certificate Administrator has delivered notice to the Master Servicer or
the Special Servicer, as applicable, as required under Section 3.23(e) or the Master Servicer or Special Servicer, as applicable,
have actual knowledge of the identity and contact information of a new Directing Certificateholder or a new Controlling Class Certificateholder.

 

(c)          No
direction or disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the Master Servicer or Special
Servicer to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable law or any provision of this Agreement,
including the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing Standard and
to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, (b) result in the imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or (c) materially
expand the scope of the Special Servicer’s, Trustee’s, the Certificate Administrator’s or the Master Servicer’s
responsibilities under this Agreement.

 

(d)          With
respect to any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor or the Directing Certificateholder
hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Companion Loan,
to the extent the related Intercreditor Agreement provides that such right is exercisable by the related Companion Holder or is
exercisable in conjunction with any related Companion Holder, the Directing Certificateholder shall not be permitted to exercise
such right or, to the extent provided in the related Intercreditor Agreement, shall be required to exercise such right in conjunction
with the related Companion Holder, as applicable (except to the extent that the Directing Certificateholder is the related Serviced
Whole Loan Controlling Holder). Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or
Special Servicer, as applicable, shall consult, seek the approval or obtain the consent of the holder of any Serviced Companion
Loan with respect to any matters with respect to the servicing of such Companion Loan to the extent required under related Intercreditor
Agreement and shall

 

    	-262-

    	 

    

 

not take such actions requiring consent of the related Companion Holder without such consent. In addition,
notwithstanding anything to the contrary, the Master Servicer or Special Servicer, as applicable, shall deliver reports and notices
to the related Companion Holder as required under the Intercreditor Agreement.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall be required (i) to provide copies of any notice, information
and report that it is required to provide to the Controlling Class Certificateholder pursuant to this Agreement with respect to
any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to a Serviced
Whole Loan, to the related Companion Holder, within the same time frame it is required to provide to the Controlling Class Certificateholder
(for this purpose, without regard to whether such items are actually required to be provided to the Controlling Class Certificateholder
under this Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event) and (ii) to consult
with any related Companion Holder on a strictly non-binding basis, to the extent having received such notices, information and
reports, such related Companion Holder requests consultation with respect to any such Major Decisions or the implementation of
any recommended actions outlined in an Asset Status Report relating to a Serviced Whole Loan, and consider alternative actions
recommended by such related Companion Holder; provided that after the expiration of a period of ten (10) Business Days from
the delivery to such related Companion Holder by the Special Servicer of written notice of a proposed action, together with copies
of the notice, information and report required to be provided to the Controlling Class Certificateholder, the Special Servicer
shall no longer be obligated to consult with such related Companion Holder, whether or not such related Companion Holder has responded
within such ten (10) Business Day period (unless, the Special Servicer proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the related Companion
Holder set forth in the immediately preceding sentence, the Special Servicer may make any Major Decision or take any action set
forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Special Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the Certificateholders and the related
Companion Holder. In no event shall the Special Servicer be obligated at any time to follow or take any alternative actions recommended
by the related Companion Holder.

 

(f)          In
addition to the consultation rights of the holder of a Serviced Pari Passu Companion Loan provided in the immediately preceding
paragraph, such Companion Holder shall have the right to attend (in person or telephonically, in the discretion of the Master Servicer
or Special Servicer, as applicable) annual meetings with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or
Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

(g)          With
respect to any Serviced Whole Loan, the Special Servicer shall not modify, waive or amend the terms of the related Intercreditor
Agreement such that the monthly remittance to the holder of the related Companion Loan is required earlier than 2 Business Days

 

    	-263-

    	 

    

 

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.

 

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 also 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 applicable, confirms its original
determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation
would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special
Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i) the applicable replacement
master servicer or special servicer has been appointed and currently serves as a master servicer or special servicer on a transaction-level
basis on a transaction currently rated by Moody’s that currently has securities outstanding and for which Moody’s has
not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or a material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on

 

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“watch status” in contemplation of a
rating downgrade or withdrawal) of securities in a commercial mortgage-backed securitization transaction serviced by the applicable
replacement master servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating
Agency, (ii) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of
the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency
or (iii) KBRA has not cited servicing concerns of the applicable replacement as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities in any other commercial mortgage-backed securitization transaction rated by KBRA and serviced by the applicable replacement
master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.25(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action
taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c).

 

(b)          Notwithstanding
anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage Loan document relating to
defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral) or release or substitution
of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which the Master Servicer or Special
Servicer would have been permitted to waive obtaining or to make a determination with respect to such Rating Agency Confirmation
pursuant to Section 3.25(a) shall be deemed not to apply (as if such requirement did not exist).

 

(c)          For
all other matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting Party shall
deliver Rating Agency Confirmation from each Rating Agency.

 

Section
3.26     The Operating Advisor. (a) The Operating Advisor shall promptly review (i) all
information made available to Privileged Persons on the Certificate Administrator’s Website (A) that relates to any
Specially Serviced Loan, and (B) that is contained in the CREFC® Servicer Watch List prepared by the Master
Servicer and (ii) each Final Asset Status Report delivered to the Operating Advisor by the Special Servicer.

 

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(b)        The
Operating Advisor and its Affiliates will be obligated to keep confidential any “Privileged Information” received from
the Special Servicer or Directing Certificateholder in connection with the Directing Certificateholder’s exercise of its
rights under this Agreement (including, without limitation, in connection with the review and/or approval of any Asset Status Report),
subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information. Subject
to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use
information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its
duties and obligations hereunder.

 

(c)         (i)
After the occurrence and during the continuance of a Control Termination Event, based on the Operating Advisor’s annual meeting
with the Special Servicer and the information described in Section 3.26(a), the Operating Advisor’s review of any
assessment of compliance report, attestation report, Asset Status Report and other information (other than any communications between
the Directing Certificateholder and the Special Servicer that would be Privileged Information) delivered to the Operating Advisor
by the Special Servicer, including each Asset Status Report delivered during the prior calendar year, the Operating Advisor shall
(if any Mortgage Loans were Specially Serviced Loans during the prior calendar year) deliver to the Certificate Administrator and
the 17g-5 Information Provider within one hundred-twenty (120) days of the end of the prior calendar year for which a Control Termination
Event was continuing as of December 31, an annual report (the “Operating Advisor Annual Report”), substantially
in the form of Exhibit V (which form may be modified or altered as to either its organization or content by the Operating
Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions
herein relating to Privileged Information; provided, however, that in no event shall the information or any other
content included in the Operating Advisor Annual Report contravene any provision of this Agreement), setting forth the Operating
Advisor’s assessment of the Special Servicer’s performance of its duties under this Agreement during the prior calendar
year on a “platform-level basis” with respect to the resolution and/or liquidation of Specially Serviced Loans that
the Special Servicer is responsible for servicing under this Agreement; provided, further, however, that in
the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer that
was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date
of such Operating Advisor Annual Report. Notwithstanding the foregoing, with respect to any Serviced AB Whole Loan, no Operating
Advisor Annual Report will be permitted to include an assessment of the Special Servicer’s performance in respect of such
Serviced AB Whole Loan until after the occurrence and during the continuance of a Serviced AB Control Appraisal Period under the
related Intercreditor Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(c)
hereof, each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and
(ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially
Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other than with respect
to any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of the confidentiality requirements described
in this Agreement regarding Privileged Information (subject to any permitted exceptions). Such Operating Advisor Annual Report
shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on

 

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the Certificate
Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information Provider (which shall promptly
post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c));
provided, however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual
Report at least five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider.
The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by
the Special Servicer. Only as used in this Section 3.26 in connection with the Operating Advisor Annual Report, the term
“platform-level basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution
and/or liquidation of Specially Serviced Loans, taking into account the Special Servicer’s specific duties under this Agreement
as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration
by the Operating Advisor of any assessment of compliance report, attestation report, Asset Status Report and other information
delivered to the Operating Advisor by the Special Servicer (other than any communications between the Directing Certificateholder
and the Special Servicer that would be Privileged Information) pursuant to this Agreement. Notwithstanding the foregoing, no Operating
Advisor Annual Report shall be required from the Operating Advisor with respect to any calendar year as to which no annual meeting
was required to be held or if no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced
Loan or REO Property.

 

(ii)        In
the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating
Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions
in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such
limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of any
information it is provided without liability for any such reliance hereunder. In the event a lack of access to Privileged Information
limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor shall set forth
any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject
to any liability arising from its lack of access to Privileged Information.

 

(d)        Prior
to the occurrence and continuance of a Control Termination Event (or, with respect to a Serviced AB Whole Loan, prior to the occurrence
and continuance of both a Control Termination Event and a related Serviced AB Control Appraisal Period), the Special Servicer will
forward any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination of
what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor
after such calculations have been finalized. The Operating Advisor shall review such calculations but shall not opine on or take
any affirmative action with respect to such Appraisal Reduction Amount calculations and/or net present value calculations.

 

(e)        (i)
After the occurrence and during the continuance of a Control Termination Event, and with respect to any Serviced AB Whole Loan,
after the occurrence and

 

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during the continuance of both a Control
Termination Event and a Serviced AB Control Appraisal Period, after the calculation but prior to the utilization by the Special
Servicer of any of the calculations related to (i) Appraisal Reduction Amounts or (ii) net present value in accordance with Section
1.02(iv), the Special Servicer shall forward such calculations, together with any supporting material or additional information
necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the
mathematical accuracy of such calculations, but not including any Privileged Communications), to the Operating Advisor promptly,
but in any event no later than two (2) Business Days after preparing such calculations, and the Operating Advisor shall promptly,
but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials, recalculate
and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of
the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)         In
connection with this Section 3.26(e), in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days
of delivery of such calculations to the Operating Advisor. The Master Servicer shall cooperate with the Special Servicer and provide
any information reasonably requested by the Special Servicer necessary for the calculation of the Appraisal Reduction Amount that
is in the Master Servicer’s possession or reasonably obtainable by the Master Servicer. In the event the Operating Advisor
and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day
period, the Operating Advisor shall promptly notify the Certificate Administrator and the Certificate Administrator shall examine
the calculations and supporting materials provided by the Special Servicer and the Operating Advisor and shall determine which
calculation is to apply and shall provide such parties prompt written notice of its determination.

 

(iii)          Notwithstanding
the foregoing, the consultation duties of the Operating Advisor set forth in this Agreement shall not be permitted to be exercised
by the Operating Advisor with respect to any Serviced AB Whole Loan until after the occurrence and during the continuance of both
a Control Termination Event (except with respect to any Excluded Loan) and a related Serviced AB Control Appraisal Period.

 

(f)          After
the occurrence and during the continuance of a Control Termination Event, within sixty (60) days after the end of each calendar
year during which any Mortgage Loan was a Specially Serviced Loan or any Mortgaged Property was an REO Property, the Operating
Advisor shall meet with representatives of the Special Servicer (if it was acting as Special Servicer as of December 31 in the
prior calendar year and has continued in such capacity through the date of such meeting) to perform a review of the Special Servicer’s
operational practices in light of the Servicing Standard and the requirements of this Agreement and shall discuss the Special Servicer’s
stated policies and procedures, operational controls and protocols,

 

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risk management systems, intellectual resources, the Special
Servicer’s reasoning for believing it is in compliance with the terms of this Agreement and other pertinent information the
Operating Advisor may reasonably consider relevant, in each case, insofar as such information relates to the resolution or liquidation
of Specially Serviced Loans and REO Properties.

 

The Operating Advisor
shall provide the Special Servicer at least thirty (30) days’ prior written notice of the date proposed for any annual meeting.
The Operating Advisor and the Special Servicer shall determine a mutually acceptable date for the annual meeting, and the Operating
Advisor shall deliver, at least fourteen (14) days prior to such annual meeting, a proposed written agenda to the Special Servicer
identifying the Asset Status Reports to be discussed. The Operating Advisor and the Special Servicer may discuss any of the Asset
Status Reports produced and any Specially Serviced Loan and any REO Property as part of the Operating Advisor’s annual assessment
of the Special Servicer’s performance under this Agreement. The Special Servicer shall make available servicing officers
with relevant knowledge regarding the applicable Specially Serviced Loans and REO Properties and the related platform level information
for each annual meeting.

 

(g)        The
Operating Advisor and its Affiliates shall keep all “Privileged Information” confidential and shall not disclose such
Privileged Information to any Person (including Certificateholders other than the Directing Certificateholder), other than (1)
to the extent expressly required by this Agreement to the other parties to this Agreement with a notice indicating that such information
is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged
Information from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose
such Privileged Information to any Person without the prior written consent of the Special Servicer and, unless a Control Termination
Event has occurred, the Directing Certificateholder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and
other than any Excluded Loan) other than pursuant to a Privileged Information Exception. Notwithstanding the foregoing, the Operating
Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor
that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.

 

(h)        Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.07(a).

 

(i)         As
compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each
Remittance Date with respect to each Mortgage Loan (excluding each Non-Serviced Mortgage Loan and the Twenty Ninth Street Retail
Whole Loan) and each successor REO Loan. As to each Mortgage Loan and each REO Loan, the Operating Advisor Fee shall accrue from
time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage
Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the related Mortgage Loan or REO Loan,
as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related
interest payment due on the related Mortgage Loan or deemed to be due on such REO Loan is computed. The Operating

 

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Advisor Fee shall
be payable from funds on deposit in the Collection Account as provided in Section 3.05(a)(ii) of this Agreement

 

The Operating Advisor
shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a) and/or 6.04(b)
hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.05(a).
Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation obligations hereunder. The Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection
Account as provided in Section 3.05(a)(ii) of this Agreement, but, with respect to the period when the outstanding Certificate
Balances of the Control Eligible Certificates has not been reduced to zero as a result of the allocation of Realized Losses to
such Certificates, only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor. When
the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the Master Servicer or
the Special Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect
the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision, but only to
the extent not prohibited by the related Mortgage Loan documents. The Master Servicer or Special Servicer, as applicable, may waive
or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or
partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer
take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection;
provided that the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the
Operating Advisor prior to any such waiver or reduction. Notwithstanding the foregoing, the Operating Advisor will have no obligations
or consultation rights in its capacity as operating advisor with respect to: (i) any Non-Serviced Whole Loan or any related REO
Property, (ii) any Serviced AB Mortgage Loan, prior to the occurrence and continuance of both a Serviced AB Control Appraisal Period
and a Control Termination Event or (iii) the Twenty Ninth Street Retail Whole Loan; provided, further, that the Operating
Advisor shall not be entitled to an Operating Advisor Consulting Fee with respect to (i) any Non-Serviced Whole Loan or (ii) the
Twenty Ninth Street Retail Whole Loan.

 

(j)          After
the occurrence of a Consultation Termination Event, the Operating Advisor may be removed upon (i) the written direction of Holders
of Certificates evidencing not less than 25% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates
(taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to
which such Appraisal Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a replacement Operating
Advisor selected by such Certificateholders (provided that the proposed replacement Operating Advisor is an Eligible Operating
Advisor), (ii) payment by such requesting Holders to the Certificate Administrator of all reasonable fees and expenses to be incurred
by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and the Certificate
Administrator of Rating Agency Confirmation from each Rating Agency (which

 

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confirmations will be obtained by the Certificate Administrator
at the expense of such Holders and will not constitute an additional expense of the Trust). The Certificate Administrator shall
promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s
Website in accordance with Section 3.13(b), and concurrently by mail, and conduct the solicitation of votes of all Certificates
in such regard. Upon the vote or written direction of Holders of at least 75% of the aggregate Certificate Balance of all Classes
of Principal Balance Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the
Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable), the Trustee shall immediately replace
the Operating Advisor with the replacement Operating Advisor.

 

(k)        After
the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Certificateholders
representing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate the Operating Advisor for
cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided that no such termination
shall be effective until a successor operating advisor has been appointed and has assumed all of the 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 will, as soon as possible, be required
to give written notice of the termination and appointment to the Special Servicer, the Master Servicer, the Certificate Administrator,
the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website), the Depositor, the Directing Certificateholder
(only if no Consultation Termination Event has occurred and is continuing), any Companion Loan holder and the Certificateholders.

 

(l)          The
holders of certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder
may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Trustee of the occurrence
of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor
Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver
of an Operating Advisor Termination Event by certificateholders, the trustee and the certificate administrator will be entitled
to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor
Termination Event prior to such waiver from the Trust.

 

(m)        Prior
to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder shall have the right to consent,
such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating Advisor appointed
pursuant to this Section 3.26; provided, further, that such consent will be deemed to have been granted if
no objection is made within ten (10) Business Days following the

 

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Directing Certificateholder’s receipt of the request for
consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(n)         The
Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days prior written notice
to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer and the Directing Certificateholder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment
by, a successor operating advisor that is an Eligible Operating Advisor. 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 reasonable 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.

 

In addition, the Operating
Advisor may resign without cost or expense on or after any date on which the aggregate Stated Principal Balance of the Mortgage
Loans remaining in the issuing entity is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date. The Operating Advisor shall provide all of the parties to this Agreement and the Directing Certificateholder thirty
(30) days prior written notice of any such resignation. If the Operating Advisor resigns pursuant to the foregoing, then no replacement
Operating Advisor shall be appointed. The resigning Operating Advisor shall be entitled to, and subject, to any rights and obligations
that accrued under this Agreement prior to the date of any such resignation (including accrued and unpaid compensation) and any
indemnification rights arising out of events occurring prior to its resignation.

 

(o)        In
the event there are no Classes of Certificates outstanding other than the Control Eligible Certificates and the Class X-E, Class
X-FG, Class X-H, Class V and Class R Certificates, then all of the rights and obligations of the Operating Advisor shall terminate
without payment of any termination fee (other than any rights or obligations that accrued prior to the date of such termination
(including accrued and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such
termination). In connection with any termination pursuant to this Section 3.26(o), no successor operating advisor shall
be appointed. Upon receipt of written notice of such acts by a Responsible Officer of the Trustee, the Trustee shall provide the
Operating Advisor with prompt notice upon its termination pursuant to this Section 3.26(o).

 

(p)        In
the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and unpaid
Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor Expenses
pursuant to Section 3.26(i) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(q)        The
parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed, that
(i) subject to Section 6.04, the Operating Advisor shall have no liability to any Certificateholder for any actions taken
or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party
to the extent set forth in this Agreement, (iii) the Operating Advisor shall have

 

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no (A) fiduciary duty, or (B) other duty except
with respect to its specific obligations under this Agreement, and shall have no duty to any particular class of Certificates or
particular Certificateholders, and (iv) the Operating Advisor does not constitute an “investment adviser” within the
meaning of the Investment Advisers Act of 1940, as amended.

 

(r)          Neither
the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Operating
Advisor or (ii) investments by an Affiliate of the Operating Advisor if the Operating Advisor and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Operating Advisor under this Agreement from personnel
involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access to
information regarding the Trust and the Operating Advisor and its personnel from gaining access to such Affiliate’s information
regarding its investment activities.

 

(s)         The
Operating Advisor shall at all times be an Eligible Operating Advisor and if the Operating Advisor ceases to be an Eligible Operating
Advisor, the Operating Advisor shall immediately resign under Section 3.26(n) of this Agreement and the Trustee shall appoint
a successor operating advisor subject to and in accordance with this Section 3.26.

 

(t)          The
Operating Advisor may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such
agents or subcontractors are consistent with the provisions of this Section 3.26(t); provided that no agent or subcontractor
may (i) be affiliated with a Sponsor, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee,
the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees, compensation or other remuneration
by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing
Certificateholder or any of their respective Affiliates in connection with due diligence or other services with respect to any
Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and
primarily liable for its obligations hereunder in accordance with the provisions of this Agreement without diminution of such obligation
or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from
any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating
Advisor alone were performing its obligations under this Agreement. The Operating Advisor shall be entitled to enter into an agreement
with any agent or subcontractor providing for indemnification of the Operating Advisor by such agent or subcontractor, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section 3.27     Companion
Paying Agent.  (a) With respect to each of the Serviced Companion Loans, the Master Servicer shall be the Companion Paying
Agent hereunder. The Companion Paying Agent undertakes to perform such duties and only such duties as are specifically set forth
in this Agreement.

 

(b)        No
provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent failure to
act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the Companion
Paying

 

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Agent shall be determined solely by the express provisions of this Agreement. The Companion Paying Agent shall not be liable
except for the performance of such duties and obligations, no implied covenants or obligations shall be read into this Agreement
against the Companion Paying Agent. In the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying
Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any resolutions,
certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying Agent by any
Person and which on their face do not contradict the requirements of this Agreement.

 

(c)         In
the case of each of the Serviced Companion Loans, upon the resignation or removal of the Master Servicer pursuant to ARTICLE
VII of this Agreement, the Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously to resign or be removed.

 

(d)        This
Section 3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion Paying Agent,
as regards to rights accrued prior to such resignation or removal.

 

Section 3.28     Companion
Register. The Companion Paying Agent shall maintain a register (the “Companion Register”) with respect
to each Serviced Companion Loan on which it will record the names and address of, and wire transfer instructions for, the Companion
Holders from time to time, to the extent such information is provided in writing to it by each Companion Holder. The initial Companion
Holders, along with their respective name and address, are listed on Exhibit S hereto. In the event a Companion Holder
transfers a Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for
any misdirected payment in such Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Companion Paying
Agent shall promptly provide the name and address of the Companion Holder to any party hereto or any successor Companion Holder
upon written request and any such Person may, without further investigation, conclusively rely upon such information. The Companion
Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

For the avoidance of
doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Companion Holder
with respect to a Companion Loan that has been included in an Other Securitization shall be provided to the Other Servicer under
the Other Pooling and Servicing Agreement.

 

Section 3.29     Certain
Matters Relating to the Non-Serviced Mortgage Loans and the Serviced Pari Passu Companion Loans. (a) In the event that
any of the applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator, 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 Certificate Administrator, the applicable Non-Serviced Master Servicer or the
applicable Non-Serviced Special Servicer, as the case may be.

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(b)        If
any of the Trustee, the Certificate Administrator or the Master Servicer receives notice from a Rating Agency that the Master Servicer
is no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates, then the Trustee,
the Certificate Administrator or the Master Servicer, as applicable, shall promptly notify each Non-Serviced Master Servicer of
the same.

 

(c)        In
connection with the securitization of each Serviced Pari Passu Companion Loan, (in each case, only while it is a Serviced Companion
Loan), upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master
Servicer, the Special Servicer and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion
Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes,
and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating
to such Other Securitization.

 

(d)        Prior
to the Twenty Ninth Street Retail Companion Loan Securitization Date, the Custodian shall hold the Mortgage File with respect to
the Twenty Ninth Street Retail Whole Loan. On the Twenty Ninth Street Retail Companion Loan Securitization Date (i) the Custodian
shall, upon receipt of a Request for Release, transfer the Mortgage File (other than the promissory note evidencing the Twenty
Ninth Street Retail Mortgage Loan, the original of which shall be retained by the Custodian) for the Twenty Ninth Street Retail
Whole Loan to the related Non-Serviced Trustee and (ii) the Master Servicer shall, upon written request, if the Master Servicer
is not the related Non-Serviced Master Servicer, transfer the Servicing File for the Twenty Ninth Street Retail Whole Loan to the
related Non-Serviced Master Servicer.

 

(e)        In
connection with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices or materials
required to be furnished by the Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan pursuant
to the related Intercreditor Agreement, the Special Servicer shall, prior to the occurrence and continuance of a Control Termination
Event, forward such materials to the Directing Certificateholder for its consent, if such consent is required. The Special Servicer
may (with the consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event)
waive any timing or delivery requirements related to such sale to the extent set forth in the related Intercreditor Agreement.

 

(f)         With
respect to any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance of
a Control Termination Event, or the Master Servicer (consistent with the Servicing Standard), following the occurrence and during the
continuance of a Control Termination Event, shall be entitled to exercise any consultation rights held by the holder of such
Mortgage Loan in its capacity as a “Non-Controlling Note Holder” (or similar term identified in the
related Intercreditor Agreement) under the related Intercreditor Agreement.

 

(g)        With
respect to the servicing of each Non-Serviced Mortgage Loan, this Agreement is subject to the related Intercreditor Agreement and
incorporates by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

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(h)        With
respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous
term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations
Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such Asset Review by providing the
Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset
Representations Reviewer or such other requesting party, but only to the extent such documents are in the possession of the Master
Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be.

 

(i)          For
the avoidance of doubt, with respect to any Serviced Whole Loan, upon reasonable request, the Master Servicer and the Special Servicer
shall provide to each Other Servicer that is servicing a related Serviced Companion Loan such information in its possession as
is necessary to enable each such Other Servicer to perform its servicing duties under the related Other Pooling and Servicing Agreement.

 

(j)          If
an expense under this Agreement relates, in the reasonable judgment of the Master Servicer, the Special Servicer, the Trustee,
the Custodian or the Certificate Administrator, as applicable, primarily to the administration of the Trust or any REMIC or grantor
trust formed hereunder or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions
or provisions relating to the grantor trust or the actual payment of any REMIC tax or expense or grantor trust tax or expense with
respect to any REMIC or grantor trust formed hereunder, then such expense shall not be allocated to, deducted or reimbursed from,
or otherwise charged against the holder of any Serviced Pari Passu Companion Loan or Serviced Subordinate Companion Loan and such
holder shall not suffer any adverse consequences as a result of the payment of such expense.

 

Section 3.30     [RESERVED].

 

Section 3.31     [RESERVED].

 

Section 3.32     [RESERVED].

 

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

 

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Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling
Class Loans on the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans).
None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver
any Excluded Information in accordance with this Section 3.33 until such party has received written notice with respect
to the related Excluded Controlling Class Loan in the form of Exhibit P-1D to this Agreement. Nothing set forth in this
Agreement shall prohibit the Directing Certificateholder or any Controlling Class Certificateholder from receiving, requesting
or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Certificateholder
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate
Administrator’s Website, such Directing Certificateholder or Controlling Class Certificateholder that is not a Borrower Party
with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information in accordance with Section
4.02(f) of this Agreement, and the Master Servicer may require and rely on such certifications and other reasonable information
prior to releasing such information.

 

ARTICLE
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01     Distributions. (a)
On each Distribution Date, to the extent of the Available Funds for such Distribution Date, the Certificate Administrator shall
be deemed to transfer the Lower-Tier Distribution Amount from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC
Distribution Account in the amounts and priorities set forth in Section 4.01(c) with respect to each Class of Lower-Tier
Regular Interests, and immediately thereafter, shall make distributions thereof from the Upper-Tier REMIC Distribution Account
in the following order of priority, satisfying in full, to the extent required and possible, each priority before making any distribution
with respect to any succeeding priority:

 

(i)          first,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates, the Class A-3 Certificates,
the Class A-4 Certificates, the Class X-A Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class X-E Certificates,
the Class X-FG Certificates and the Class X-H Certificates, pro rata (based upon their respective entitlements to interest
for such Distribution Date), in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount in respect
of such Classes of Certificates for such Distribution Date;

 

(ii)        second,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates, the Class A-3 Certificates
and the Class A-4 Certificates in reduction of the Certificate Balances thereof: (I) prior to the Cross-Over Date (1) first,
to the Holders of the Class A-SB Certificates, in an amount up to the Principal Distribution Amount, until the outstanding Certificate
Balance of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal Balance for such Distribution Date;
(2) second, to the Holders of the Class A-1 Certificates, in an amount

 

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up to the Principal Distribution Amount (or the portion
thereof remaining after any distributions specified in subclause (1) above have been made on such Distribution Date), until
the outstanding Certificate Balance of the Class A-1 Certificates has been reduced to zero; (3) third, to the Holders of
the Class A-2 Certificates in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions
specified in subclauses (1) and (2) above have been made on such Distribution Date), until the outstanding Certificate
Balance of the Class A-2 Certificates has been reduced to zero; (4) fourth, to the Holders of the Class A-3 Certificates
in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses
(1), (2) and (3) above have been made on such Distribution Date), until the outstanding Certificate Balance of
the Class A-3 Certificates has been reduced to zero; (5) fifth, to the Holders of the Class A-4 Certificates, in an amount
up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses (1),
(2), (3) and (4) above have been made on such Distribution Date), until the outstanding Certificate Balances
of the Class A-4 Certificates have been reduced to zero; and (6) sixth, to the Holders of the Class A-SB Certificates, in
an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses
(1), (2), (3), (4) and (5) 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-SB, Class A-3 and Class A-4 Certificates, pro rata (based on their respective Certificate Balances)
in an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of each of the
Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates is reduced to zero;

 

(iii)       third,
to the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates, the Class A-3 Certificates
and the Class A-4 Certificates, first, up to an amount equal to, and pro rata based upon, the unreimbursed
Realized Losses previously allocated to each such Class, and second, up to an amount equal to, and pro rata based
upon, interest on such unreimbursed Realized Losses at the Pass-Through Rate for each such Class compounded monthly from the date
the related Realized Loss was allocated to such Class;

 

(iv)        fourth,
to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(v)          fifth,
after the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates have been reduced
to zero, to the Holders of the Class A-S Certificates, in reduction of the Certificate Balance thereof, an amount equal to the
Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A-1, Class A-2,
Class A-SB, Class A-3 and Class A-4 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 unreimbursed Realized Losses previously
allocated to such Class, and

 

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second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(vii)      seventh,
to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(viii)     eighth,
after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holders of the Class B Certificates,
in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion thereof remaining
after any distributions in respect of the Class A Certificates on such Distribution Date), until the outstanding Certificate Balance
of the Class B Certificates has been reduced to zero;

 

(ix)        ninth,
to the Holders of the Class B Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(x)         tenth,
to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(xi)        eleventh,
after the Certificate Balances of the Class A and Class B Certificates have been reduced to zero, to the Holders of the Class C
Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion
thereof remaining after any distributions in respect of the Class A and Class B Certificates on such Distribution Date), until
the outstanding Certificate Balance of the Class C Certificates has been reduced to zero;

 

(xii)       twelfth,
to the Holders of the Class C Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

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

 

(xiv)       fourteenth,
after the Certificate Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to the Holders of the
Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or
the portion thereof remaining after any distributions in respect of the

 

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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 unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xvi)      sixteenth,
to the Holders of the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in
respect of such Class of Certificates for such Distribution Date;

 

(xvii)    seventeenth,
after the Certificate Balances of the Class A, Class B, Class C, and Class D Certificates have been reduced to zero, to the Holders
of the Class E Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C and Class D Certificates
on such Distribution Date), until the outstanding Certificate Balance of the Class E Certificates has been reduced to zero;

 

(xviii)    eighteenth,
to the Holders of the Class E Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

(xix)      nineteenth,
to the Holders of the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
in respect of such Class of Certificates for such Distribution Date;

 

(xx)       twentieth,
after the Certificate Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to
the Holders of the Class F Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class D and Class
E Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class F Certificates has been reduced
to zero;

 

(xxi)      twenty-first,
to the Holders of the Class F Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

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(xxii)      twenty-second,
to the Holders of the Class G Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount in
respect of such Class of Certificates for such Distribution Date;

 

(xxiii)     twenty-third,
after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to
zero, to the Holders of the Class G Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal
Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class
D, Class E and Class F Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class G Certificates
has been reduced to zero;

 

(xxiv)    twenty-fourth,
to the Holders of the Class G Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class;

 

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

 

(xxvi)    twenty-sixth,
after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced
to zero, to the Holders of the Class H Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal
Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class
D, Class E, Class F and Class G Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class
H Certificates has been reduced to zero;

 

(xxvii)   twenty-seventh,
to the Holders of the Class H Certificates, first, up to an amount equal to the unreimbursed Realized Losses previously
allocated to such Class, and second, for interest on such unreimbursed Realized Losses at the Pass-Through Rate for such
Class compounded monthly from the date the related Realized Loss was allocated to such Class; 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 Available Funds remaining
in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If, in connection with
any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution to DTC based on the
receipt of payments as of the Determination Date and additional Periodic Payments, balloon payments or unscheduled principal payments
are subsequently received by the Master Servicer and required to be part of the Available Funds for such Distribution Date, the
Master Servicer shall promptly notify the Certificate Administrator and the Certificate Administrator will use commercially reasonable
efforts to cause DTC to make the revised distribution on a timely basis on such Distribution

 

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Date. None of the Master Servicer,
the Special Servicer or the Certificate Administrator shall be liable or held responsible for any resulting delay in the making
of such distribution to Certificateholders solely on the basis of the actions described in the preceding sentence.

 

(b)        [RESERVED].

 

(c)         On
each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal or reimbursement
of Realized Loss in an amount equal to the amount of principal or reimbursement of Realized Loss actually distributable to the
Holders of the respective Related Certificates as provided in Sections 4.01(a), 4.01(d), 4.01(f) and 4.01(i)
such that at all times the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests is equal to the Certificate
Balance of the Class of Related Certificates. On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive
distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of its Related Certificates
plus a pro rata portion (or, with respect to clauses (iii), (iv) and (vi) below, the entire portion) of the Interest Distribution
Amount in respect of (i) in the case of the Class LA1, Class LA2, Class LASB, Class LA3 and Class LA4 Lower-Tier Regular Interests,
the Class X-A Certificates, (ii) in the case of the Class LAS and Class LB Uncertificated Interests, the Class X-B Certificates,
(iii) in the case of the Class LD Uncertificated Interest, the Class X-D Certificates, (iv) in the case of the Class LE Uncertificated
Interest, the Class X-E Certificates, (v) in the case of the Class LF and Class LG Uncertificated Interest, the Class X-FG Certificates,
and (vi) in the case of the Class LH Uncertificated Interest, the Class X-H 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 with respect thereto,
as adjusted for the allocation of Realized Losses, as provided in Sections 4.04(b) and 4.04(c). The initial principal
balance of each Lower-Tier Regular Interest shall equal the respective Original Lower-Tier Principal Amount. The pass through rate
with respect to each Lower-Tier Regular Interest shall be the rate per annum set forth in the Preliminary Statement hereto.

 

Any amount that remains
in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount
and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(e) shall be distributed to
the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Available Funds for
such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

(d)        After
the Certificate Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further
distributions in respect of interest or

 

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principal other than reimbursement of Realized Losses and other amounts provided for in
this Section 4.01.

 

(e)         Funds
on deposit in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield Maintenance Charges
received by the Trust with respect to any Mortgage Loan or REO Loan during the related Collection Period shall be distributable
as follows: if any Yield Maintenance Charge or Prepayment Premium is collected during any Collection Period with respect to any
Mortgage Loan, then on the Distribution Date immediately succeeding the end of such Collection Period, the Certificate Administrator
shall pay to the Holders of each Class of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class
C and Class D Certificates, the product of (a) such Yield Maintenance Charge or Prepayment Premium, (b) the related Base Interest
Fraction for such Class and the applicable principal prepayment, and (c) a fraction, the numerator of which is equal to the amount
of principal distributed to such Class for that Distribution Date, and the denominator of which is the total amount of principal
distributed to all Principal Balance Certificates (other than the Control Eligible Certificates) for that Distribution Date. Any
Yield Maintenance Charge or Prepayment Premium described in the preceding sentence and remaining after the distributions in the
preceding sentence (as to the applicable Distribution Date, the “Class X YM Distribution Amount”) shall be distributed
to the holders of the Class X Certificates as follows: (1) first, to the Class X-A, Class X-B, Class X-D, Class X-E and
Class X-FG Certificates, in the case of each such Class in an amount equal to the product of (i) a fraction, the numerator of which
is equal to the amount of principal distributed on the applicable Distribution Date with respect to the Underlying Class(es) of
Principal Balance Certificates for such Class of Class X Certificates, and the denominator of which is the total amount of principal
distributed on the applicable Distribution Date with respect to the Principal Balance Certificates, multiplied by (ii) the Class
X YM Distribution Amount for the applicable Distribution Date, and (2) second, to the Class X-H Certificates, in an amount
equal to the Class X YM Distribution Amount minus the distributions to the Holders of the Class X-A, Class X-B, Class X-D, Class
X-E and Class X-FG Certificates pursuant to clause (1) of this sentence.

 

Notwithstanding any of
the foregoing to the contrary, if at any time the Certificate Balances of the Principal Balance Certificates (other than the Control
Eligible Certificates) have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, and
any Yield Maintenance Charge or Prepayment Premium is collected during any Collection Period with respect to any Mortgage Loan,
then on the Distribution Date immediately succeeding the end of such Collection Period, the Certificate Administrator shall pay
to the Holders of each Class of Principal Balance Certificates then entitled to distributions of principal on such Distribution
Date the product of (a) such Yield Maintenance Charge or Prepayment Premium, (b) the related Base Interest Fraction for such Class
and the applicable principal prepayment and (c) a fraction, the numerator of which is equal to the amount of principal distributed
to such Class 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. Any Yield Maintenance Charge or Prepayment Premium described in the preceding
sentence and remaining after the distributions in the preceding sentence (as to the applicable Distribution Date, the “Class
X YM Subordinate Distribution Amount”) shall be distributed to the Holders of the Class X Certificates as follows: (1)
first, to the Class X-E and Class X-FG Certificates, in the case of each such Class in an amount equal to the product of
(i) a fraction, the numerator of which is

 

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equal to the amount of principal distributed on the applicable Distribution Date with
respect to the Underlying Class(es) of Principal Balance Certificates for such Class of Class X Certificates, and the denominator
of which is the total amount of principal distributed on the applicable Distribution Date with respect to the Principal Balance
Certificates, multiplied by (ii) the Class X YM Subordinate Distribution Amount for the applicable Distribution Date, and (2) second,
to the Class X-H Certificates, in an amount equal to the Class X YM Subordinate Distribution Amount minus the distributions to
the Holders of the Class X-E and Class X-FG Certificates pursuant to clause (1) of this sentence.

 

For purposes of the first
and second paragraphs of this Section 4.01(e), the relevant “Base Interest Fraction” in connection with
any Principal Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium,
and with respect to any Class of Principal Balance Certificates, shall be a fraction (A) the numerator of which is the greater
of (x) zero and (y) the difference between (i) the Pass-Through Rate on such Class for the related Distribution Date, and (ii)
the applicable Discount Rate and (B) the denominator of which is the difference between (i) the Mortgage Rate on such Mortgage
Loan and (ii) the applicable Discount Rate; provided that: (a) under no circumstances will the Base Interest Fraction be
greater than 1.0; (b) if the applicable Discount Rate is greater than or equal to both the Mortgage Rate on such Mortgage Loan
and the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction will equal zero; and
(c) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through
Rate on such Class for the related Distribution Date, then the Base Interest Fraction shall be equal to 1.0. If a Mortgage Loan
provides for a step-up in the Mortgage Rate, then the Mortgage Rate used in the determination of the Base Interest Fraction will
be the Mortgage Rate in effect at the time of the prepayment.

 

For purposes of the preceding
paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance Charge
collected on any prepaid Mortgage Loan 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, such discount rate (as reported by the applicable Master Servicer), converted (if necessary)
to a monthly equivalent yield, or (ii) if a discount rate was not used in the calculation of the applicable Prepayment Premium
or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan, the yield calculated by the linear interpolation
of the yields (as reported under the heading “U.S. Government Securities/Treasury Constant Maturities” in Federal Reserve
Statistical Release H.15 (519) published by the Federal Reserve Board for the week most recently ended before the date of the relevant
prepayment (or deemed prepayment) of U.S. Treasury constant maturities with a maturity date, one longer and one shorter, most nearly
approximating the related Stated Maturity Date (in the case of a Mortgage Loan that is not related to an ARD Loan) or the related
Anticipated Repayment Date (in the case of a Mortgage Loan that is related to an ARD Loan), such interpolated yield converted to
a monthly equivalent yield. If Federal Reserve Statistical Release H.15 (519) is no longer published, the Certificate Administrator
shall select a comparable publication as the source of the applicable yields of U.S. Treasury constant maturities.

 

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No Yield Maintenance
Charge or Prepayment Premium shall be distributed to the Holders of the Class V or Class R Certificates.

 

All distributions of
Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates on each Distribution
Date pursuant to Section 4.01(e) shall first be deemed to be distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of the Lower-Tier Regular Interests, pro rata based upon the amount of principal distributed in respect
of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c) above.

 

(f)          On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (other than
amounts with respect to a Non-Serviced Mortgage Loan) and shall distribute such amounts to reimburse the Holders of the Regular
Certificates (in order of distribution priority) (first deeming such amounts to be distributed with respect to the Related Lower-Tier
Regular Interests) up to an amount equal to all Realized Losses, if any, previously deemed allocated to them and unreimbursed after
application of the Available Funds for such Distribution Date. Amounts paid from the Gain-on-Sale Reserve Account will not reduce
the Certificate Balances of the Classes of Certificates receiving such distributions. Any amounts remaining in the Gain-on-Sale
Reserve Account after such distributions shall be applied to offset future Realized Losses with respect to the Principal Balance
Certificates and related Realized Losses in each case allocable to the Regular Certificates. Upon termination of the Trust, any
amounts remaining in the Gain-on-Sale Reserve Account shall be distributed to the Holders of the Class R Certificates from the
Lower-Tier REMIC in respect of the Class LR Interest.

 

(g)        All
distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata among
the outstanding Certificates in such Class based on their respective Percentage Interests. Except as otherwise specifically provided
in Sections 4.01(h), 4.01(i) and 9.01, all such distributions with respect to each Class on each Distribution
Date shall be made to the Certificateholders of the respective Class of record at the close of business on the related Record Date
and shall be made by wire transfer of immediately available funds to the account of any such Certificateholder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate Administrator with
wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to such Certificateholder
at its address in the Certificate Register. The final distribution on each Certificate (determined without regard to any possible
future reimbursement of Realized Losses previously allocated to such Certificate) will be made in like manner, but only upon presentation
and surrender of such Certificate at the offices of the Certificate Registrar or such other location specified in the notice to
Certificateholders of such final distribution.

 

Each distribution with
respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible
for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures.
Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents
and to each indirect participating brokerage firm

 

    	-285-

    	 

    

 

(a “brokerage firm” or “indirect participating firm”)
for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents.
None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer, the Special
Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement or applicable
law.

 

(h)        Except
as otherwise provided in Section 9.01, whenever the Certificate Administrator expects that the final distribution with respect
to any Class of Certificates (determined without regard to any possible future reimbursement of any amount of Realized Losses previously
allocated to such Class of Certificates) will be made on the next Distribution Date, the Certificate Administrator shall, no later
than the related P&I Advance Determination Date, post on the Certificate Administrator’s Website pursuant to Section
3.13(b) a notice in electronic format to the effect that:

 

(i)         the
Certificate Administrator expects that the final distribution with respect to such Class of Certificates will be made on such Distribution
Date but only upon presentation and surrender of such Certificates at the offices of the Certificate Registrar or such other location
therein specified; and

 

(ii)         no
interest shall accrue on such Certificates from and after such Distribution Date.

 

Any funds not distributed to any
Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to
tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or
accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant
to this Section 4.01(h) shall not have been surrendered for cancellation within six (6) months after the time
specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect
thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering
Certificateholders concerning the surrender of their Certificates as it shall deem appropriate, 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(h).

 

(i)          Distributions
in reimbursement of Realized Losses previously allocated to the Regular Certificates shall be made in the amounts and manner specified
in Section 4.01(a) or Section 4.01(f), as applicable, to the Holders of the respective Class otherwise entitled to distributions
of interest and principal on such Class on the relevant Distribution Date; provided that all distributions in reimbursement
of Realized Losses previously allocated to a Class of Certificates which has since been retired shall be to the prior Holders that
surrendered the 

    	-286-

    	 

    

 

Certificates of such Class upon retirement thereof and shall be made by check mailed to the address of each such
prior Holder last shown in the Certificate Register. Notice of any such distribution to a prior Holder shall be made in accordance
with Section 13.05 at such last address. The amount of the distribution to each such prior Holder shall be based upon the
aggregate Percentage Interest evidenced by the Certificates surrendered thereby. If the check mailed to any such prior Holder is
returned uncashed, then the amount thereof shall be set aside and held uninvested in trust for the benefit of such prior Holder,
and the Certificate Administrator shall attempt to contact such prior Holder in the manner contemplated by Section 4.01(h)
as if such Holder had failed to surrender its Certificates.

 

(j)          On
each Distribution Date, any Excess Interest received during the related Collection Period with respect to the Mortgage Loans shall
be distributed solely to the Holders of the Class V Certificates from the Excess Interest Distribution Account. Excess Interest
will not be available to pay any other amounts except for distributions on Class V Certificates set forth in the prior sentence.

 

(k)         On
the Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall make withdrawals
and payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

(i)          to
pay to the Master Servicer any amounts deposited by the Master Servicer in the Companion Distribution Account not required to be
deposited therein;

 

(ii)         to
the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee or the
Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or
reimbursable to any such Person pursuant to Section 8.05, to the extent any such amounts relate solely to a Serviced Whole
Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related Intercreditor
Agreement;

 

(iii)          to
pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related Companion
Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)          to
clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All distributions from
the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related Companion Holder
by wire transfer in immediately available funds on the Serviced Whole Loan Remittance Date to the account of such Companion Holder
or an agent therefor appearing on the Companion Register on the related Record Date (or, if no such account so appears or information
relating thereto is not provided at least five Business Days prior to the related Record Date, by check sent by first class mail
to the address of such Companion Holder or its agent appearing on the Companion Register). Any such account shall be located at
a commercial bank in the United States.

 

    	-287-

    	 

    

 

On
the final Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator
who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing
and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Remittance
Date.

 

Section
4.02     Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of
Power of Attorney. (a) On each Distribution Date, the Certificate Administrator shall make available pursuant to Section
3.13(b) on the Certificate Administrator’s Website to any Privileged Person a statement (substantially in the form set
forth as Exhibit G hereto and based in part upon information supplied to the Certificate Administrator in the related CREFC®
Investor Reporting Package in accordance with CREFC® guidelines) as to the distributions made on such Distribution
Date (each, a “Distribution Date Statement”) which shall include:

 

(i)          the
amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the Certificate
Balance thereof;

 

(ii)         the
aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including the previous
Distribution Date to and including such Distribution Date and details of P&I Advances as of the P&I Advance Date;

 

(iii)        the
aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid to the Master
Servicer and the Special Servicer, compensation paid to the Operating Advisor, compensation paid to the Asset Representations
Reviewer and CREFC® Intellectual Property Royalty License Fees paid to CREFC®, in each case, with
respect to the Collection Period for such Determination Date together with detailed calculations of servicing compensation paid
to the Master Servicer and the Special Servicer;

 

(iv)        the
aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans, outstanding
immediately before and immediately after such Distribution Date;

 

(v)         the
aggregate amount of unscheduled payments received;

 

(vi)        the
number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage
Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period for such
Distribution Date;

 

(vii)       the
number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent
90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO Property and (E) for which the related
Mortgagor is subject to oversight by a bankruptcy court;

 

    	-288-

    	 

    

 

(viii)      the
value of any REO Property (and, with respect to any Serviced Whole Loan, the trust’s interest therein) included in the Trust
Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on the most recent
Appraisal or valuation;

 

(ix)         the
Available Funds for such Distribution Date;

 

(x)          the
Interest Accrual Amount in respect of such Class of Certificates for such Distribution Date, separately identifying any Interest
Accrual Amount for such Distribution Date allocated to such Class of Certificates;

 

(xi)         the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable (A) to Prepayment
Premiums and Yield Maintenance Charges, (B) (in the case of the Class V Certificates), Excess Interest and (C) prepayment premiums;

 

(xii)        the
Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

(xiii)       the
Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date, with respect
to the pool of Mortgage Loans;

 

(xiv)       the
Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately after
such Distribution Date, separately identifying any reduction therein as a result of the allocation of any Realized Loss on such
Distribution Date and the aggregate amount of all reductions as a result of allocations of Realized Losses in respect of the Principal
Balance Certificates to date;

 

(xv)        the
Certificate Factor for each Class of Certificates (other than the Class V and Class R Certificates) immediately following such
Distribution Date;

 

(xvi)       the
amount of any Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the amount allocable to
the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan basis and the
total Appraisal Reduction Amount effected in connection with such Distribution Date, together with a detailed worksheet showing
the calculation of each Appraisal Reduction Amount on a current and cumulative basis;

 

(xvii)      the
current Controlling Class;

 

(xviii)     the
number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination Date (or
in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)       a
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination Date
(or in the case of the first

 

    	-289-

    	 

    

 

Distribution
Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment occurring;

 

(xx)         a
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of the first
Distribution Date, as of the Cut-off Date);

 

(xxi)        all
deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

(xxii)       in
the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Sections 4.01(a),
4.01(c) and 4.01(f);

 

(xxiii)      the
amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of previously
allocated Realized Loss;

 

(xxiv)      the
aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination
Date, with respect to the pool of Mortgage Loans;

 

(xxv)      with
respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in the case of
the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment in full),
(A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such
Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount
of any Realized Loss allocated to the Principal Balance Certificates in connection with such Liquidation Event;

 

(xxvi)     with
respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein) included
in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments or recoveries
with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the loan number
of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with that
determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount
of any Realized Loss allocated to the Principal Balance Certificates in respect of the related REO Loan in connection with that
determination;

 

(xxvii)     the
aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)    [RESERVED];

 

(xxix)      the
then-current credit support levels for each Class of Certificates;

 

    	-290-

    	 

    

 

(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) and (xxxiv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates
of each applicable Class and per Definitive Certificate.

 

The
Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by
virtue of its receipt and posting of such information to the Certificate Administrator’s website.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in clauses
(i) and (x) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during
which person was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or
desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable Certificateholders to prepare their
tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements
of the Code as from time to time are in force.

 

Upon
receipt of an Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
12.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for
such distribution period in which such Asset Review Report Summary was received, 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].

 

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(c)          Each
of the Master Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media, bulletin
board service or Internet website (in addition to making information available as provided herein) any reports or other information
the Master Servicer or the Special Servicer, as applicable, is required or permitted to provide to any party to this Agreement,
the Rating Agencies or any Certificateholder or any prospective Certificateholder that has provided the Certificate Administrator,
the Master Servicer or the Special Servicer, as applicable, with an Investor Certification or has executed a “click-through”
confidentiality agreement in accordance with Section 3.13 hereof (which may be a licensed or registered investment advisor)
to the extent such action does not conflict with the terms of this Agreement (including without limitation, any requirements to
keep Privileged Information confidential), the terms of the Mortgage Loans or applicable law. Notwithstanding this 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 website, the Master Servicer shall take reasonable measures to ensure that only such parties listed above may
access such information including, without limitation, requiring registration, a confidentiality agreement and acceptance of a
disclaimer. The Master Servicer or the Special Servicer, as applicable, shall not be liable for dissemination of this information
in accordance with this Agreement, and neither the Master Servicer nor the Special Servicer shall be responsible for any information
delivered, produced, or made available pursuant to Sections 3.13 and 4.02(b), other than information produced by
the Master Servicer or Special Servicer, as applicable; provided that such information otherwise meets the requirements
set forth herein with respect to the form and substance of such information or reports. The Master Servicer shall be entitled
to attach to any report provided pursuant to this subsection, any reasonable disclaimer with respect to information provided,
or any assumptions required to be made by such report.

 

The
Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the
Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary
for the Master Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate
Administrator. None of the Certificate Administrator, the Trustee or the Depositor shall have any obligation to recompute, verify
or recalculate the information provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge
that any report or file received from the Master Servicer contains erroneous information, the Certificate Administrator is authorized
to rely thereon in calculating and making distributions to Certificateholders in accordance with Section 4.01, preparing
the Distribution Date Statement required by Section 4.02(a) and allocating Realized Losses to the Certificates in accordance
with Section 4.04.

 

Notwithstanding
the foregoing, the failure of the Master Servicer or Special Servicer to disclose any information otherwise required to be disclosed
pursuant to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c)
or of Section 4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the
reasonable belief of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any
provision of a Mortgage Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged
Properties. The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it

 

    	-292-

    	 

    

 

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 Controlling Class Loan identified to the Master Servicer’s
(in the case of a Non-Specially Serviced Loan) or the Special Servicer’s (in the case of a Specially Serviced Loan) reasonable
satisfaction (at the expense of the Directing Certificateholder or such Controlling Class Certificateholder) and if such information
is in the Master Servicer’s or Special Servicer’s possession, as applicable, the Master Servicer or Special Servicer,
shall provide or make available (or forward electronically) to the Directing Certificateholder or such Controlling Class Certificateholder,
as applicable, (at the expense of the Directing Certificateholder or such Controlling Class Certificateholder, as applicable)
any Excluded Information (available to Privileged Persons through the Certificate Administrator’s Website but not accessible
to the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, through the Certificate Administrator’s
Website because the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, is an Excluded Controlling
Class Holder with respect to another Excluded Controlling Class Loan) relating to any Excluded Controlling Class Loan with respect
to which the Directing Certificateholder or such Controlling Class Certificateholder, as applicable, is not a Borrower Party;
provided that, in connection therewith, the Master Servicer or Special Servicer may require a written confirmation executed
by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer,
generally to the effect that such Person is the Directing Certificateholder or a Controlling Class Certificateholder,
will keep such Excluded Information confidential and is not a Borrower Party, upon which the Master Servicer or Special Servicer
may conclusively rely. In addition, the Master Servicer and the Special Servicer shall be entitled to conclusively rely on delivery
from the Directing Certificateholder or a Controlling Class 

 

    	-293-

    	 

    

 

Certificateholder, as applicable, of an Investor Certification substantially
in the form of Exhibit P-1D that such Directing Certificateholder or Controlling Class Certificateholder is not an Excluded
Controlling Class Holder with respect to a particular Mortgage Loan. For the avoidance of doubt, the Special Servicer referenced
in this Section 4.02(f) shall include any applicable Excluded Special Servicer with respect to the related Excluded Special
Servicer Loan(s).

 

Section
4.03     P&I Advances. (a) On or before 4:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer
shall (i) remit to the Certificate Administrator for deposit from its own funds into the Lower-Tier REMIC Distribution Account,
an amount equal to the aggregate amount of P&I Advances, if any, with respect to the Mortgage Loans to be made in respect
of the related Distribution Date, (ii) apply amounts held in the Collection Account, for future distribution to Certificateholders
in subsequent months in discharge of any such obligation to make P&I Advances or (iii) make P&I Advances in the form of
any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection
Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s
records and replaced by the Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance
Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest
in respect of which such P&I Advances were made). The Master Servicer shall notify the Certificate Administrator of (i) the
aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such
Distribution Date, on or before two (2) Business Days prior to such Distribution Date. If the Master Servicer fails to make a
required P&I Advance by 4:00 p.m., New York City time, on any P&I Advance Date, the Trustee shall make such P&I Advance
pursuant to Section 7.05 by noon, New York City time, on the related Distribution Date, unless the Master Servicer shall
have cured such failure (and provided written notice of such cure to the Trustee and the Certificate Administrator) by 11:00 a.m.,
New York City time, on such Distribution Date. In the event that the Master Servicer fails to make a required P&I Advance
hereunder, the Certificate Administrator shall notify the Trustee of such circumstances by 4:30 p.m., New York City time, on the
related P&I Advance Date. Notwithstanding the foregoing, the portion of any P&I Advance equal to the CREFC®
Intellectual Property Royalty License Fee shall not be remitted to the Certificate Administrator for deposit into the Lower-Tier
REMIC Distribution Account but shall be deposited into the Collection Account for payment to CREFC® on such Distribution
Date.

 

(b)          Subject
to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the Master Servicer with
respect to any Distribution Date, and each Mortgage Loan, shall be equal to: (i) the Periodic Payments (net of related Servicing
Fees and, in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Pari Passu Loan Primary Servicing Fee Rate)
other than Balloon Payments, that were due on the Mortgage Loan (including any Non-Serviced Mortgage Loan) and any successor REO
Loan during the related Collection Period and were not received as of the close of business on the Business Day preceding the
related P&I Advance Date (or not advanced by any Sub-Servicer on behalf of the Master Servicer) and (ii) with respect to each
Mortgage Loan delinquent in respect of its Balloon Payment as of the P&I Advance Date (including any successor REO Loan as
to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled

 

    	-294-

    	 

    

 

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 any successor REO 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 Non-Serviced Mortgage Loan, the Master Servicer shall make its
determination (based on information provided by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer)
that it has made a P&I Advance on such Non-Serviced Mortgage Loan that is a Nonrecoverable Advance or that any proposed P&I
Advance would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently of any
determination made by the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the case
may be, under the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the Master Servicer or
Special Servicer determines that a proposed P&I Advance with respect to a Non-Serviced Mortgage Loan, if made, or any outstanding
P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance, the Master Servicer shall provide the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer written
notice of such determination within two (2) Business Days of the date of such determination. If the Master Servicer receives written
notice from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be, that either
has determined in accordance with the applicable Non-Serviced PSA with respect to a Non-Serviced Companion Loan, that any proposed
advance under the applicable Non-Serviced PSA that is similar to a P&I Advance would be, or any outstanding advance under
such Non-Serviced PSA that is similar to a P&I Advance is, a nonrecoverable advance, then the Master Servicer or the Trustee
may, based upon such determination, determine that any P&I Advance previously made or proposed to be made with respect to
the related Non-Serviced Mortgage Loan, will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer
shall not be required to make any additional P&I Advances with respect to the related Non-Serviced Mortgage Loan unless and
until the Master Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances with respect
to the related Non-Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result
of consultation with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the case may be,
or otherwise. For the avoidance of doubt, the Master Servicer or the Trustee, as the case may be, shall have the sole discretion
provided in this Agreement to determine that any future P&I Advance or outstanding P&I Advance would be, or is, as applicable,
a Nonrecoverable Advance.

 

(d)          In
connection with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a), the Master
Servicer shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any amounts then
on deposit in the Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder (unless related
thereto), except to the extent permitted pursuant to the terms of the related Intercreditor Agreement), interest at the Reimbursement
Rate in effect from time to time,

 

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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.

 

(e)          Notwithstanding
the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess Interest, Yield Maintenance Charges,
Default Interest, late payment charges, Prepayment Premiums, or Balloon Payments or make any P&I Advance with respect to any
Companion Loan and (ii) if an Appraisal Reduction Amount has been determined with respect to any Mortgage Loan (or, in the case
of a Non-Serviced Whole Loan, an “appraisal reduction amount” has been made in accordance with the related Non-Serviced
PSA and the Master Servicer has notice of such appraisal reduction amount) then in the event of subsequent delinquencies thereon,
the interest portion of the P&I Advance in respect of such Mortgage Loan for the related Distribution Date shall be reduced
(it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the
product of (x) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without
regard to this clause (ii), and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated
Principal Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount
(or, in the case of a Serviced Whole Loan, the portion of such Appraisal Reduction Amount allocated to the related Mortgage Loan),
if any, and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such
Distribution Date. For purposes of the immediately preceding sentence, the Periodic Payment due on the Maturity Date for a Balloon
Mortgage Loan will be the Assumed Scheduled Payment for the related Distribution Date.

 

(f)          In
no event shall either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion Loan.

 

Section
4.04     Allocation of Realized Losses. (a) On each Distribution Date, immediately following the distributions to be made
on such date pursuant to Section 4.01, the Certificate Administrator shall calculate the amount, if any, by which (i) the
aggregate Stated Principal Balance (for purposes of this calculation only, not giving effect to any reductions of the Stated Principal
Balance for payments of principal collected on the Mortgage Loans that were used to reimburse any Workout-Delayed Reimbursement
Amounts pursuant to Section 3.05(a)(v) to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined
to be Nonrecoverable Advances) of the Mortgage Loans and any successor REO Loans immediately following such Distribution Date,
is less than (ii) the then-aggregate Certificate Balance of the Principal Balance Certificates after giving effect to distributions
of principal on such Distribution Date (any such deficit, the “Realized Loss”). Any allocation of Realized
Losses to a Class of Regular Certificates shall be made by reducing the Certificate Balance thereof by the amount so allocated.
Any Realized Losses so allocated to a Class of Regular Certificates shall be allocated among the respective Certificates of such
Class in

 

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proportion
to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an allocation of losses and
other shortfalls experienced by the Trust. Reimbursement of previously allocated Realized Losses will not constitute distributions
of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates
in respect of which any such reimbursement is made. With respect to any Class of Principal Balance Certificates, to the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and
previously resulted in a reduction of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan,
the amount of such recovery will be added to the Certificate Balance of the Class or Classes of Principal Balance Certificates
that previously were allocated Realized Losses, in sequential order, in each case up to the amount of the unreimbursed Realized
Losses allocated to such Class of Principal Balance Certificates.

 

(b)          On
each Distribution Date, the Certificate Balances of the Principal Balance Certificates will be reduced without distribution, as
a write-off to the extent of any Realized Losses, if any, allocable to such Certificates with respect to such Distribution Date.
Any such write off shall be allocated first, to the Class H, Class G, Class F, Class E, Class D, Class C, Class B and Class
A-S Certificates, in that order, and second, pro rata (based on their respective Certificate Balances), to the Class
A-1, Class A-2, Class A-SB, Class A-3, and Class A-4 Certificates, in each case until the remaining Certificate Balances of such
Classes of Certificates have been reduced to zero.

 

(c)          With
respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates pursuant to Section
4.04(a) or Section 4.04(b), respectively, with respect to such Distribution Date shall reduce the Lower-Tier Principal
Amount of the Related Lower-Tier Regular Interest with respect thereto as a write-off.

 

Section
4.05     Appraisal Reduction Amounts. (a) For purposes of (x) determining the Controlling
Class (and whether a Control Termination Event has occurred and is continuing) and (y) determining the Voting Rights of the related
Classes for purposes of removal of the Special Servicer or the Operating Advisor, Appraisal Reduction Amounts (with respect to
a Serviced Whole Loan, to the extent allocated to the related Mortgage Loan) will be allocated to each Class of Certificates in
reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class
is reduced to zero (i.e., first, to the Class H, Class G, Class F, Class E, Class D, Class C, Class B and Class A-S Certificates,
in that order, and finally, pro rata based on their Certificate Balances, to the Class A-1, Class A-2, Class A-SB,
Class A-3 and Class A-4 Certificates). Following receipt from the Special Servicer, the Master Servicer shall notify the Certificate
Administrator of the amount of any Appraisal Reduction Amount with respect to each Mortgage Loan (which notification may be satisfied
through delivery of such information included in the CREFC® Loan Periodic Update File or the CREFC®
Appraisal Reduction Template included in the CREFC® Investor Reporting Package). Based on information in its possession,
the Certificate Administrator shall determine from time to time which Class of Certificates is the Controlling Class. The Certificate
Administrator shall provide notice of the identity of the Controlling Class as set forth in Section 3.23(m). With respect
to any Appraisal Reduction Amount calculated for purposes of determining the Controlling Class, the appraised value of the related
Mortgaged Property will be determined on an “as-is” basis.

 

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(b)          (i)
The Holders of the majority by Certificate Balance of any Class of Control Eligible Certificates that is determined at any time
of determination to no longer be the Controlling Class (any such Class, an “Appraised-Out Class”) as a result
of an Appraisal Reduction Amount in respect of such Class shall have the right, at their sole expense, to require the Special Servicer
to order a second Appraisal with respect to any Mortgage Loan (or Serviced Whole Loan) for which an Appraisal Reduction Event has
occurred (such Holders, the “Requesting Holders”). The Special Servicer shall obtain (and shall use reasonable
efforts to obtain within sixty (60) days from receipt of the Requesting Holders’ written request) an Appraisal prepared on
an “as-is” basis by an MAI appraiser (provided that such MAI appraiser may not be the same MAI appraiser that
provided the Appraisal in respect of which the Requesting Holders are requesting the Special Servicer to obtain an additional Appraisal).

 

(ii)          Upon
receipt of any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance
with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal
Reduction Amount is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based
on such supplemental Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out
Class shall be reinstated as the Controlling Class and each other Appraised-Out Class shall, if applicable, have its related Certificate
Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount. The Holders of an Appraised-Out
Class requesting any supplemental Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control,
consent and/or similar rights of the Controlling Class until such time, if any, as the Class is reinstated as the Controlling Class
(such period beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause
(i) above to but excluding the date on which either (A) the Special Servicer determines that no recalculation of the Appraisal
Reduction Amount is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental
Appraisal, the “Appraisal Review Period”). The rights of the Controlling Class during each Appraisal Review
Period shall be exercised by the most subordinate Class of Control Eligible Certificates that is not an Appraised-Out Class, if
any, during such period.

 

 

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(c)             
With respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), and each Serviced
Whole Loan as to which an Appraisal Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a
Corrected Loan (for such purposes taking into account any amendment or modification of such Mortgage Loan, any related Companion
Loan or Serviced Whole Loan)), the Special Servicer shall (1) within thirty (30) days of the occurrence or of each anniversary
of the related Appraisal Reduction Event, and (2) upon its determination that the value of the related Mortgaged Property
has materially changed, notify the Master Servicer of the occurrence of such anniversary or determination and order an Appraisal
(which may be an update of a prior Appraisal), the cost of which shall be paid by the Master Servicer as a Servicing Advance or
to the extent it would be a Nonrecoverable Advance, an expense of the Trust, or conduct an internal valuation, as applicable and,
promptly following receipt of any such Appraisal or performance of such valuation (or receipt of any Appraisal obtained in accordance
with  Section 4.05(b) above), shall deliver a copy thereof to the Master Servicer,
the Certificate Administrator, the Trustee, the Operating Advisor and ((i) prior to the occurrence of any Consultation Termination
Event and (ii) other than with respect to any Excluded Loan) the Directing Certificateholder. Based upon such Appraisal or
internal valuation (or any Appraisal obtained in accordance with  Section 4.05(b) above)
and receipt of information reasonably requested by the Special Servicer from the Master Servicer necessary to calculate the Appraisal
Reduction Amount that is either in the Master Servicer’s possession or reasonably obtainable by the Master Servicer, the
Special Servicer shall determine or redetermine, as applicable, and report to the Master Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and ((i) prior to the occurrence of any Consultation Termination Event and (ii) other
than with respect to any Excluded Loan) the Directing Certificateholder, the amount and calculation or recalculation of the Appraisal
Reduction Amount with respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable, and such report shall
be delivered in the CREFC® Appraisal Reduction Template format; provided, however,
that the Special Servicer shall not be liable for failure to comply with such duties insofar as such failure results from a failure
of the Master Servicer to provide sufficient information to the Special Servicer to comply with such duties or failure by the Master
Servicer to otherwise comply with its obligations hereunder. Such report shall also be forwarded by the Master Servicer (or the
Special Servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the related Serviced Companion Loan
has been included in an Other Securitization, to the Other Servicer of such Other Securitization into which the related Serviced
Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer (or the Special Servicer
if the related Mortgage Loan is a Specially Serviced Loan). If the Special Servicer is required to redetermine the Appraisal Reduction
Amount, such redetermined Appraisal Reduction Amount shall replace the prior Appraisal Reduction Amount with respect to such Mortgage
Loan, Companion Loan or Serviced Whole Loan, as applicable. Prior to the occurrence of a Consultation Termination Event and other
than with respect to any Excluded Loan, the Special Servicer shall consult with the Directing Certificateholder with respect to
any Appraisal, valuation or downward adjustment in connection with an Appraisal Reduction Amount. Notwithstanding the foregoing
but subject to  Section 4.05(b), the Special Servicer will not be required to obtain
an Appraisal or conduct an internal valuation, as applicable, with respect to a Mortgage Loan or related Companion Loan or Serviced
Whole Loan that is the subject of an Appraisal Reduction Event 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 the Appraisal Reduction Event. Instead, the Special
Servicer may use the prior Appraisal or valuation, as applicable, in calculating any Appraisal Reduction Amount with respect to
such Mortgage Loan or related Companion Loan or Serviced Whole Loan; provided that the Special Servicer is not aware of
any material change to the related Mortgaged Property having occurred and affecting the validity of such Appraisal or valuation.

 

The Master Servicer
shall deliver by electronic mail to the Special Servicer any information in its possession that is reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver such information, within
four (4) Business Days following the Special Servicer’s reasonable request therefor (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the Special Servicer’s receipt of the applicable Appraisal (or,
if the date of such Appraisal is prior to the date of the related Appraisal Reduction Event or anniversary thereof, as applicable,
the date of the related Appraisal Reduction Event or such anniversary, as applicable) or preparation of the applicable internal
valuation); provided, the Special Servicer’s failure to timely make such request shall not relieve the Master Servicer
of its obligation to use reasonable efforts to provide such information to the Special Servicer within four (4) Business Days
following the Special Servicer’s reasonable request. The Master Servicer shall not calculate Appraisal Reduction Amounts.

 

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(d)          Any
Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole Loan previously
subject to an Appraisal Reduction Amount, which has become a Corrected Loan (for such purposes taking into account any amendment
or modification of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable), and with
respect to which no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal Reduction
Amount. Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under
and in accordance with and pursuant to the terms of the applicable Non-Serviced PSA.

 

(e)          Each
Serviced Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount with respect
to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of
a Serviced AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified
in the related Intercreditor Agreement, then, first, to the related Serviced Subordinate Companion Loan (until its principal balance
is notionally reduced to zero by such Appraisal Reduction Amounts) and second, to the related Serviced AB Mortgage Loan. Any Appraisal
Reduction Amount in respect of any Serviced Pari Passu Whole Loan will be allocated in accordance with the related Intercreditor
Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related
Serviced Pari Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan, based upon their respective Stated Principal
Balances.

 

Section
4.06      Grantor Trust Reporting.   (a) The parties intend that the portion of the Trust
Fund constituting the Grantor Trust, shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to
qualify such portion as, a “grantor trust” under subpart E, part I of subchapter J of the Code, and the
provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, neither the
Trustee nor the Certificate Administrator shall have the power to vary the investment of the Holders of the Class V
Certificates in the Grantor Trust so as to improve their rate of return. The Certificate Administrator shall prepare or cause
to be prepared, submit to the Trustee for execution (and the Trustee shall timely execute and timely return to the
Certificate Administrator) and timely file all Tax Returns in respect of the Grantor Trust. In addition, the
Certificate Administrator shall (A) file, or cause to be filed, Internal Revenue Service Form 1041 (or, if the Grantor Trust
is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable with the Internal Revenue
Service with copies of the statements in the following clause and (B) furnish, or cause to be furnished, to the Holders of
the Class V Certificates their allocable share of income and expense with respect to the Excess Interest and Excess Interest
Distribution Account, in the time or times and in the manner required by the Code.

 

(b)          If
the Certificate Administrator receives notice that any Class V Certificate is held through a nominee, then the Grantor Trust will
be treated as a WHFIT that is a WHMT. In such event, the Certificate Administrator will report as required under the WHFIT Regulations

 

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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 shall be entitled to rely on its receipt of a notice as contemplated in the first
sentence of this Section 4.06(b) and 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 such notice is incorrect. As of the
Closing Date, no Class V Certificate will be held through a nominee.

 

(c)          The
Certificate Administrator shall report required WHFIT information using either the cash or accrual method, except to the extent
the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under no obligation to determine
whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available (via its website)
WHFIT information to Certificateholders annually. In addition, the Certificate Administrator shall not be responsible or liable
for providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(d)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each Holder
of a Class V Certificate, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the
Certificate Administrator with information regarding any sale of such securities, including the price, amount of proceeds and date
of sale. Absent receipt of information regarding any sale of a Class V Certificate, including the price, amount of proceeds and
date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary
market trading of WHFIT interests.

 

(e)          To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on an appropriate
website the CUSIP for the Class V Certificates. The CUSIP so published will represent the Rule 144A CUSIP. The Certificate Administrator
shall make reasonable good faith efforts to keep the website accurate and updated to the extent such CUSIP has been received. Absent
the receipt of such CUSIP, the Certificate Administrator will use a reasonable identifier number in lieu of a CUSIP. The Certificate
Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section
4.07       Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum
and Document Request Tool.   (a) The Certificate Administrator shall make available, only to Privileged Persons, the
Investor Q&A Forum. The “Investor Q&A Forum” shall be a service available on the Certificate
Administrator’s Website, where (i) Certificateholders and beneficial owners of Certificates that are Privileged Persons
may submit questions to (A) the Certificate Administrator relating to the Distribution Date Statement, (B) the Master
Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to Sections
3.13(b) and (d), the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties
or (C) the Operating Advisor relating to the Operating Advisor Annual Report or other reports prepared by the
Operating Advisor or actions by the

 

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Special Servicer referenced in any Operating Advisor Annual Report (each an “Inquiry”
and collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously submitted
and answered, together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer, the Special Servicer, Certificate
Administrator or the Operating Advisor, as applicable, and in the case of any Inquiry relating to a Non-Serviced Mortgage Loan,
to the related Non-Serviced Master Servicer or related Non-Serviced Special Servicer, as applicable, the Certificate Administrator
shall forward the Inquiry to the appropriate person (in the case of the Master Servicer to the following: Surveillance_Inquiries@KeyBank.com),
in each case within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Master
Servicer, the Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, unless such party determines
not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer
or the Operating Advisor, as applicable, shall be delivered to the Certificate Administrator by electronic mail. In the case of
an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer
from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable; provided that
the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.
The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such
answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate
Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion,
that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry would not be in the best interests
of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, the applicable
Mortgage Loan documents or this Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant
additional cost or expense to, the Master Servicer, the Special Servicer, the Certificate Administrator or the Operating Advisor,
as applicable, (v) answering any Inquiry would require the disclosure of Privileged Information (subject to the Privileged Information
Exception, (vi) that answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege
or the 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 as part of its response to any Inquiries. The Certificate Administrator
shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate
Administrator to the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because
the Pooling and Servicing Agreement provides that the Master Servicer, the Special Servicer, the Certificate Administrator and
the Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is
beyond the scope of the topics described in the Pooling and Servicing Agreement, (ii) answering any Inquiry would not be in the
best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law
or the applicable Mortgage Loan documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant
additional costs or expenses to the Trustee, the Master Servicer,

 

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the Special Servicer, the Certificate Administrator or Operating
Advisor, as applicable, (v) answering any Inquiry would require the disclosure of Privileged Information, or (vi) answering any
Inquiry is otherwise, for any reason, not advisable, no inference should or may be drawn from the fact that the Master Servicer,
the Special Servicer, the Certificate Administrator or the Operating Advisor has declined to answer the Inquiry.” Answers
posted on the Investor Q&A Forum will be attributable only to the respondent, and shall not be deemed to be answers from any
of the Depositor, the Underwriters or any of their respective Affiliates. None of the Underwriters, Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor or any of their respective Affiliates
will certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or
liability for the content of any such information. The Certificate Administrator shall not be required to post to the Certificate
Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion,
is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers and other communications
that are not submitted via the Certificate Administrator’s Website. Notwithstanding the foregoing, the Operating Advisor
shall not be required to respond to any Inquiries from Certificateholders for which its response would require the Operating Advisor
to provide information to such inquiring Certificateholders that they are otherwise not entitled to receive under the terms of
this Agreement.

 

(b)          The
Certificate Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged Person,
the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s
Website, where Certificateholders and Certificate Owners that are Privileged Persons can register and thereafter obtain information
with respect to any other Certificateholder or Certificate Owner that has so registered. Any person registering to use the Investor
Registry shall certify that (a) it is a Certificateholder or a Certificate Owner and a Privileged Person and (b) it grants authorization
to the Certificate Administrator to make its name and contact information available on the Investor Registry for at least forty-five
(45) days from the date of such certification to persons entitled to access to the Investor Registry. Such Person shall then be
asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain
optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies
the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within forty-five
(45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry. The Certificate
Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring
or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator may require acceptance of a waiver
and disclaimer for access to the Investor Registry.

 

(c)          The
17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The
“Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information
Provider’s Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any Distribution Date
Statements, or submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports prepared
by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view Rating Agency Inquiries that
have been

 

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previously submitted and answered, together with the responses thereto. In addition, NRSROs may use the forum to submit
requests (each such submission also, a “Rating Agency Inquiry”) to the Master Servicer for loan-level reports
and other related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special Servicer, the 17g-5
Information Provider shall forward the Rating Agency Inquiry to the appropriate person (in the case of the Master Servicer to the
following: Surveillance_Inquiries@KeyBank.com), in each case within a commercially reasonable period of time following receipt
thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Master Servicer or the Special Servicer,
as applicable, unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply by email to the Certificate
Administrator. The 17g-5 Information Provider shall post (within a commercially reasonable period of time following receipt of
such response) such Rating Agency Inquiry with the related response thereto (or such reports, as applicable) to the Rating Agency
Q&A Forum and Document Request Tool. Any reports posted by the 17g-5 Information Provider in response to an inquiry may be
posted on a separate website or web page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate
Administrator, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering any
Rating Agency Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement or any Mortgage Loan documents,
(ii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege
with, or the disclosure of attorney work product, or (iii) (A) answering any Rating Agency Inquiry would materially increase the
duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the Special
Servicer, as applicable, and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, determines
in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance
of such duties or the payment of such costs 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 on the Closing Date. Upon receipt of a Mortgage
Loan Seller’s Diligence File Certification, the Depositor shall promptly deliver to the Certificate Administrator an

 

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electronic copy of the Diligence Files for the Mortgage
Loans that have been uploaded by such Mortgage Loan Seller to the IntraLinks Site. On the 120th day after the Closing Date, to
the extent not previously delivered to the Certificate Administrator, the Depositor shall deliver to the Certificate Administrator
an electronic copy of the Diligence File for each Mortgage Loan that has been uploaded to the Intralinks Site. Upon receipt thereof,
the Certificate Administrator shall promptly upload the contents of each Diligence File actually received by it to the Secure Data
Room. Access to the Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer
and (ii) any other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review 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 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

 

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Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure Data Room. Upon deletion,
in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

ARTICLE
V

THE CERTIFICATES

 

Section 5.01      The
Certificates.  (a) The Certificates will be substantially in the respective forms annexed hereto as Exhibit A-1 through
and including Exhibit A-3, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or
convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith, be determined by
the officers executing such Certificates, as evidenced by their execution thereof. The Class X Certificates will be issuable only
in minimum Denominations of authorized initial Notional Amount of not less than $1,000,000 and in integral multiples of $1.00
in excess thereof. The Registered Certificates (other than the Class X-A Certificates and Class X-B Certificates) will be issuable
only in minimum Denominations of authorized initial Certificate Balance of not less than $10,000, and in integral multiples of
$1.00 in excess thereof. The Non-Registered Certificates (other than the Class X-D, Class X-E, Class X-FG, Class X-H, Class V
and Class R Certificates) will be issuable in minimum Denominations of authorized initial Certificate Balance of not less than
$100,000, and in integral multiples of $1.00 in excess thereof. If the Original Certificate Balance or Original Notional Amount,
as applicable, of any Class does not equal an integral multiple of $1.00, then a single additional Certificate of such Class may
be issued in a minimum denomination of authorized initial Certificate Balance or initial Notional Amount, as applicable, that
includes the excess of (i) the Original Certificate Balance or Original Notional Amount, as applicable, of such Class over (ii)
the largest integral multiple of $1.00 that does not exceed such amount. The Class V and Class R Certificates shall be issued,
maintained and transferred in minimum percentage interests of 5% of such Class V or 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.

 

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

 

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Initial
Purchasers to an affiliate of Ellington Management Group, LLC) is to be made in reliance upon an exemption from the Securities
Act, and under the applicable state securities laws, then either:

 

(a)          Each
Class of the Non-Registered Certificates sold to institutions that are non-United States Securities Persons in Offshore Transactions
in reliance on Regulation S under the Act shall initially be represented by a temporary book-entry certificate in definitive, fully
registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary
Regulation S Book-Entry Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the
Non-Registered Certificates represented thereby with the Certificate Registrar, at its principal trust office, as custodian, for
the Depository, and registered in the name of the Depository or the nominee of the Depository for the account of designated agents
holding on behalf of Euroclear and/or Clearstream. Prior to the expiration of the 40-day period commencing on the later of the
commencement of the offering and the Closing Date (the “Restricted Period”), beneficial interests in each Temporary
Regulation S Book-Entry Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period,
a beneficial interest in a Temporary Regulation S Book-Entry Certificate may be exchanged for an interest in the related Regulation
S Book-Entry Certificate in the applicable form set forth as an exhibit hereto in accordance with the procedures set forth in Section
5.03(f). During the Restricted Period, distributions due in respect of a beneficial interest in a Temporary Regulation S Book-Entry
Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S.
Beneficial Ownership Certification. After the expiration of the Restricted Period, distributions due in respect of any beneficial
interests in a Temporary Regulation S Book-Entry Certificate shall not be made to the holders of such beneficial interests unless
exchange for a beneficial interest in the Regulation S Book-Entry Certificate of the same Class is improperly withheld or refused.
The aggregate Certificate Balance of a Temporary Regulation S Book-Entry Certificate or a Regulation S Book-Entry Certificate may
from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the
Depository, as hereinafter provided.

 

On the Closing Date,
the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate Administrator shall
deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National Association is hereby
initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery
of the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo Bank, National Association is
removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as Authenticating Agent.
If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent, which may be the Trustee
or an Affiliate thereof.

 

(b)          Certificates
of each Class of Non-Registered Certificates offered and sold to Qualified Institutional Buyers in reliance on Rule 144A under
the Act (“Rule 144A”) shall be represented by Rule 144A Book-Entry Certificates, which shall be deposited with
the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository, and registered

 

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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 (the “Non-Book Entry Certificates”) shall be in the form
of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the
name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry
Certificates to the respective beneficial owners or owners. For the avoidance of doubt, the Class R Certificates shall only be
in the form of Definitive Certificates.

 

(d)          Owners
of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing or
able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within ninety
(90) days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce
the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it
is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class; provided,
however, that under no circumstances will certificated Non-Registered Certificates be issued to beneficial owners of a Temporary
Regulation S Book-Entry Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii)
above with respect to any Certificates of a Class that are in the form of Book-Entry Certificates and upon surrender by the Depository
of any Book-Entry Certificate of such Class and receipt from the Depository of instructions for re-registration, the Certificate
Registrar shall issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate
issued for a Rule 144A Book-Entry Certificate, the same legends regarding transfer restrictions borne by such Book-Entry Certificate),
and thereafter the Certificate Registrar shall recognize the Holders of such Definitive Certificates as Certificateholders under
this Agreement. Unless and until Definitive Certificates are issued in respect of a Class of Book-Entry Certificates, beneficial
ownership interests in such Class of Certificates will be maintained and transferred on the book entry records of the Depository
and Depository Participants, and all references to actions by Holders of such Class of Certificates will refer to action taken
by the Depository upon instructions received from the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures and, except as otherwise set forth herein, all references herein to payments,
notices, reports and statements to Holders of such Class of Certificates will refer to payments, notices, reports and statements
to the Depository or its nominee as the registered Holder thereof, for distribution to the related registered Holders of Certificates
through the Depository Participants in accordance with the Depository’s procedures.

 

Section 5.03      Registration
of Transfer and Exchange of Certificates.  (a) The Certificate Administrator shall keep or cause to be kept at the Corporate
Trust Office books (the

 

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“Certificate Register”) in which, subject
to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate
Registrar”). In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining
the Certificate Register and a record of the aggregate holdings of Certificates of each Class of Non-Registered Certificates represented
by a Temporary Regulation S Book-Entry Certificate, a Regulation S Book-Entry Certificate and a Rule 144A Book-Entry Certificate
and accepting Certificates for exchange and registration of transfer and (ii) transmitting to the Depositor, the Master Servicer
and the Special Servicer any notices from the Certificateholders. No fee or service charge shall be imposed by the Certificate
Registrar for its services in respect of any registration of Transfer or exchange of any Certificate (other than Definitive Certificates)
referred to in this Section 5.03.

 

(b)          Subject
to the restrictions on transfer set forth in this ARTICLE V, upon surrender for registration of transfer of any Certificate,
the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)          Rule
144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the Rule
144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time during
the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in the Temporary Regulation
S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate to a Person who
is required to take delivery thereof in the form of an interest in the Temporary Regulation S Book-Entry Certificate of the same
Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest
for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate. Upon receipt by the Certificate Registrar,
as registrar, at its office designated in Section 5.07 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial interest
in the Temporary Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information
regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account and (3) a certificate
in the form of Exhibit I hereto given by the holder of such beneficial interest stating that the transfer of such interest
has been made in compliance with the transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance
with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Rule 144A Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Temporary
Regulation S Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions (who
shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Book-Entry
Certificate equal to the reduction in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to
be debited, from the account of the

 

    	-309-

    	 

    

 

Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry
Certificate that is being exchanged or transferred.

 

(d)          Rule
144A Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the Rule 144A Book-Entry
Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time following the Restricted
Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in the Regulation S Book-Entry Certificate
of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate to a Person who is required to take delivery
thereof in the form of an interest in a Regulation S Book-Entry Certificate, such holder may, subject to the rules and procedures
of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S
Book-Entry Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07
hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing
the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation S Book-Entry Certificate in
an amount equal to the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, (2) a written order given in
accordance with the Depository’s procedures containing information regarding the participant account of the Depository to
be credited with such increase and (3) a certificate in the form of Exhibit J hereto given by the holder of such beneficial
interest stating (A) that the transfer of such interest has been made in compliance with the transfer restrictions applicable to
the Book-Entry Certificates and pursuant to and in accordance with Regulation S, or (B) that the transferee is otherwise entitled
to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Book-Entry Certificate, without
any registration of such Certificates under the Act (in which case such certificate shall enclose an Opinion of Counsel to such
effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate Registrar shall instruct
the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Book-Entry Certificate and to increase,
or cause to be increased, the Certificate Balance of the Regulation S Book-Entry Certificate by the aggregate Certificate Balance
of the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, to credit or cause to be credited to the account
of the Person specified in such instructions a beneficial interest in the Regulation S Book-Entry Certificate equal to the reduction
in the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to be debited, from the account of the
Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry Certificate that is being exchanged
or transferred.

 

(e)          Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate. If a holder
of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate deposited with
the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation
S Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate of the
same Class, or to transfer its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Book-Entry Certificate, such holder
may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause
the exchange of such interest for an equivalent beneficial interest in the

 

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Rule 144A Book-Entry Certificate of the same Class.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07 hereof, of (1) instructions
from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as registrar, to credit
or cause to be credited a beneficial interest in the Rule 144A Book-Entry Certificate equal to the beneficial interest in the Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be exchanged, such instructions to contain information
regarding the participant account with the Depository to be credited with such increase, (2) with respect to a transfer of an interest
in the Regulation S Book-Entry Certificate, information regarding the participant account of the Depository to be debited with
such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S Book-Entry Certificate for an interest
in the Rule 144A Book-Entry Certificate (i) during the Restricted Period, a certificate in the form of Exhibit K hereto
given by the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation
S Book-Entry Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Book-Entry Certificate is
a Qualified Institutional Buyer or (ii) after the Restricted Period, an Investment Representation Letter in the form of Exhibit
C attached hereto from the transferee to the effect that such transferee is a Qualified Institutional Buyer (an “Investment
Representation Letter”) and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A,
then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and to increase, or cause to be increased,
the Certificate Balance of the Rule 144A Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest
in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be exchanged, and the Certificate
Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the account of
the Person specified in such instructions, a beneficial interest in the Rule 144A Book-Entry Certificate equal to the reduction
in the Certificate Balance of the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and to debit,
or cause to be debited, from the account of the Person making such transfer the beneficial interest in the Temporary Regulation
S Book-Entry Certificate or Regulation S Book-Entry Certificate that is being transferred.

 

(f)          Temporary
Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary Regulation S Book-Entry
Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate
(a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable,
has received a certificate substantially in the form of Exhibit L hereto from the holder of a beneficial interest in such
Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation
S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering to the Depository
for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Book-Entry Certificate, representing
the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry Certificate initially exchanged for interests
in the Regulation S Book-Entry Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate
or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that
the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms
of this Agreement and the Temporary Regulation S Book-Entry Certificate. Upon any

 

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exchange of interests in the Temporary Regulation
S Book-Entry Certificate for interests in the Regulation S Book-Entry Certificate, the Certificate Registrar shall endorse the
Temporary Regulation S Book-Entry Certificate to reflect the reduction in the Certificate Balance represented thereby by the amount
so exchanged and shall endorse the Regulation S Book-Entry Certificate to reflect the corresponding increase in the amount represented
thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S Book-Entry Certificate, and the
Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation S
Book-Entry Certificate and Rule 144A Book-Entry Certificate authenticated and delivered hereunder.

 

(g)          Non-Book
Entry Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry Certificate (other than a Class R Certificate)
wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Book-Entry Certificate of the
same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof
in the form of an interest in a Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream,
if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial
interest in the appropriate Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein,
(2) instructions from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial
interest in the applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate
to be exchanged, such instructions to contain information regarding the participant account with the Depository to be credited
with such increase and (3) a certificate in the form of Exhibit M hereto (in the event that the applicable Book-Entry Certificate
is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N hereto (in the event that the applicable
Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form of Exhibit O hereto (in the event that
the applicable Book-Entry Certificate is the Rule 144A Book-Entry Certificate), then the Certificate Registrar, as registrar, shall
cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and
deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained by
such transferor and shall instruct the Depository to increase, or cause to be increased, such Book-Entry Certificate by the aggregate
Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to
the account of the Person specified in such instructions a beneficial interest in the applicable Book-Entry Certificate equal to
the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled. Upon the written direction of the Depositor
(which may be by email to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the Certificate Registrar shall execute
any instrument as may be reasonably required by the Depository to effect such exchange.

 

(h)          Non-Book
Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by Section
5.02(d), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A Book-Entry Certificate,
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate or to a transferee of a Non-Book Entry Certificate
(or any portion thereof).

 

    	-312-

    	 

    

 

(i)          Other
Exchanges. In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of subsections (c) through (f)
above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S under
the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)          Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Book-Entry Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers
made pursuant to the provisions of subsection (e) above.

 

(k)          If
Non-Registered Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend
relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver
Certificates that do not bear such legend.

 

(l)          All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)          With
respect to the ERISA Restricted Certificates, no sale, transfer, pledge or other disposition (other than any initial transfer to
the Initial Purchasers) of any such Certificate shall be made unless the Trustee and Certificate Administrator shall have received
either (i) a representation letter from the proposed purchaser or transferee of such Certificate substantially in the form of Exhibit
F-1 attached hereto, to the effect that such proposed purchaser or transferee is not (A) an employee benefit plan subject to
the fiduciary responsibility provisions of ERISA or a plan subject to Section 4975 of the Code, or a governmental plan (as defined
in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA) for which no election has been made under Section
410(d) of the Code or any other plan subject to any federal, state or local law (“Similar Law”) which is, to
a material extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (B) a person
acting on behalf of or using the assets of any such Plan (including an entity whose underlying assets include Plan assets by reason
of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101, as modified by
Section 3(42) of ERISA), other than an insurance company using the assets of its general account under circumstances whereby the
purchase and holding of such Certificates by such insurance company would be exempt from the prohibited transaction provisions
of ERISA and the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60 (or, in the case of a Plan subject
to Similar Law, would not result in a non-exempt violation of Similar Law) or (ii) if such Certificate which may be held only by
a person not described in clauses (A) or (B) above, is presented for registration in the name of a purchaser or transferee
that is any of the foregoing, an Opinion of Counsel in form and

 

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substance satisfactory to the Trustee and Certificate Administrator
and the Depositor to the effect that the acquisition and holding of such Certificate by such purchaser or transferee will not constitute
or result in a non-exempt “prohibited transaction” within the meaning of ERISA, Section 4975 of the Code or a non-exempt
violation of any Similar Law, and will not subject the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Initial Purchasers, the Underwriters, the Operating Advisor or the Depositor to any obligation or liability (including
obligations or liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth in the
Agreement. The Trustee and Certificate Administrator shall not register the sale, transfer, pledge or other disposition of any
ERISA Restricted Certificate unless the Trustee and Certificate Administrator have received either the representation letter described
in clause (i) above or the Opinion of Counsel described in clause (ii) above. The costs of any of the foregoing representation
letters or Opinions of Counsel shall not be borne by any of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Initial Purchasers, the Underwriters, the Operating Advisor or the Trust. Each Certificate Owner
of an ERISA Restricted Certificate shall be deemed to represent that it is not a Person specified in clauses (i)(A) or (i)(B)
above. Any transfer, sale, pledge or other disposition of any ERISA Restricted Certificates that would constitute or result in
a prohibited transaction under ERISA, Section 4975 of the Code or any Similar Law, or would otherwise violate the provisions of
this Section 5.03(m) shall be deemed absolutely null and void ab initio, to the extent permitted under applicable
law.

 

(n)          No
Class V or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be
a Plan, or any person acting on behalf of a Plan or using the assets of a Plan (including an entity whose underlying assets include
Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101,
as modified by Section 3(42) of ERISA) to purchase such Class V or Class R Certificate. Each prospective transferee of a Class
V or Class R Certificate shall deliver to the transferor and the Certificate Administrator a representation letter, substantially
in the form of Exhibit F-2, stating that the prospective transferee is not a Plan or a person acting on behalf of or using
the assets of a Plan. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void ab
initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.

 

Each Person who has or
acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are
expressly subject to the following provisions:

 

(i)          Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition described in
the first sentence of this Section 5.03(n) by a Person who is not a Permitted Transferee or by a Person who is acting as
an agent of a Person who is not a Permitted

 

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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(n) and (y)
other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed transferor substantially
in the form attached as Exhibit D-2 (the “Transferor Letter”), that the proposed transferor has no actual
knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the proposed
transferee’s statements in the Transferee Affidavit are false.

 

(iii)         Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than sixty (60) days after a request for information from the transferor of such Residual Ownership
Interest or such agent, the Certificate Registrar agrees to furnish to the Internal Revenue Service and the transferor of such
Residual Ownership Interest or such agent such information necessary to the

 

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application of Section 860E(e) of the Code as may be
required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions with respect
to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar,
the Certificate Registrar may charge a reasonable fee for computing and furnishing such information to the transferor or to such
agent referred to above; provided, however, that such Persons shall in no event be excused from furnishing such information.

 

(o)           The
Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(p)          Notwithstanding
any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting
payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding,
and each Certificateholder shall be deemed by the acceptance of its Certificate to agree to provide the Certificate Administrator
information relating to such Certificateholder solely to the extent necessary for the Certificate Administrator to determine any
required withholding amounts. If the Certificate Administrator does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements, the Certificate Administrator
shall indicate the amount withheld to such Person. Such amounts shall be deemed to have been distributed to such Persons for all
purposes of this Agreement.

 

Section 5.04      Mutilated,
Destroyed, Lost or Stolen Certificates.  If (a) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there
is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless, then, in the
absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and interest in the Trust. In connection with the issuance of any new Certificate
under this Section 5.04, the Certificate Registrar may require the payment of a sum sufficient to cover any expenses (including
the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section
5.04 shall constitute complete and indefeasible evidence of ownership in the Trust, as if originally issued, whether or not
the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.05       Persons
Deemed Owners.  The Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Certificate Registrar,
and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of such Certificate
for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and neither the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent of
any of them shall be affected by any notice to the contrary; provided, however, that to the extent that a party

 

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to this Agreement responsible for distributing
any report, statement or other information required to be distributed to Certificateholders has been provided an Investor Certification,
such party to this Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective
transferee) under the same circumstances, and subject to the same conditions, as such report, statement or other information as
would be provided to a Certificateholder.

 

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 (10) Business Days
after the receipt of such request, furnish such Certificateholder (at such Certificateholder’s sole cost and expense) access
during normal business hours to the most recent list of the Certificateholders. Every Certificateholder, by receiving and holding
a Certificate, agrees that the Certificate Registrar shall not be held accountable by reason of the disclosure of any such information
as to the list of the Certificateholders hereunder, regardless of the source from which information was derived. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Depositor shall be entitled to
a list of the names and addresses of Certificateholders from time to time upon request therefor.

 

(b)          (i)
The Certificate Administrator shall include in any Form 10-D any written request received in accordance with Section 11.04(a)
prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution Date preceding such Distribution
Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or Certificate Owners related
to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement. Any Form 10-D containing
such disclosure (a “Special Notice”) regarding the request to communicate shall include the following and no
more than the following: (a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the request
was received, (c) a statement to the effect that the Certificate Administrator has received such request, stating that such Certificateholder
or Certificate Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible
exercise of rights under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may
use to contact the requesting Certificateholder or Certificate Owner. 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

 

    	-317-

    	 

    

 

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)          Any
Certificateholder or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the
exercise of its rights under the terms of this Agreement (such party, a “Requesting Investor”) should deliver
a written request (a “Communication Request”) signed by an authorized representative of the Requesting Investor
to the Certificate Administrator at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Administration
Group – MSCI 2016-UBS9 (with a copy to: trustadministrationgroup@wellsfargo.com). Any Communication Request must contain
the name of the Requesting Investor and the method other Certificateholders and Certificate Owners should use to contact the Requesting
Investor.

 

(iii)         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) a trade confirmation, (B) an account statement, (C) a medallion stamp guaranteed letter from a broker
or dealer stating the requesting investor is the beneficial owner, or (D) a document acceptable to the Certificate Administrator
that is similar to any of the documents identified in clauses (A) through (C). The Certificate Administrator shall not have any
obligation to verify the information provided by any Certificateholder or Certificate Owner in any request to communicate and may
rely on such information conclusively. Additionally, any expenses the Certificate Administrator incurs in connection with any request
to communicate will be paid by the Trust.

 

Section 5.07      Maintenance
of Office or Agency.  The Certificate Registrar shall maintain or cause to be maintained an office or offices or agency or agencies
where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate
Registrar in respect of the Certificates and this Agreement may be served. The Certificate Registrar initially designates its
office at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113 as its office for such purposes. The Certificate
Registrar shall give prompt written notice to the Certificateholders and the Mortgagors of any change in the location of the Certificate
Register or any such office or agency.

 

Section 5.08      Appointment
of Certificate Administrator.  (a) Wells Fargo Bank, National Association is hereby initially appointed Certificate Administrator
in accordance with the terms of this Agreement. If the Certificate Administrator resigns or is terminated, the Trustee shall appoint
a successor certificate administrator which may be the Trustee or an Affiliate

 

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thereof to fulfill the obligations of the Certificate Administrator hereunder which must satisfy
the eligibility requirements set forth in Section 8.06.

 

(b)          The
Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s
Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent,
order, Appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties.

 

(c)          The
Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses of the
REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or
suffered or omitted by it hereunder in good faith and in accordance therewith.

 

(d)          The
Certificate Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it in good faith
and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)          The
Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or
by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys shall not
relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)          The
Certificate Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the Special Servicer
or the Depositor.

 

Section 5.09      [RESERVED].

 

Section 5.10      Voting
Procedures.  With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator shall administer
such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders by mail with respect
to Definitive Certificates. In each case, such vote shall be administered in accordance with the following procedures, unless
different procedures are otherwise described herein with respect to a specific vote:

 

(a)          Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date 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.

 

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(b)          In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted.
Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote.
Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and
the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date
such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest error,
re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)          Any
and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)          If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and
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.

 

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ARTICLE
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, the Operating Advisor, the asset representations reviewer AND THE DIRECTING
CERTIFICATEHOLDER

 

Section 6.01      Representations,
Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer.  (a)
The Master Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)          The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default (or an
event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(iii)       The
Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject to (A)
applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial 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

 

    	-321-

    	 

    

 

will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master Servicer to perform
its obligations under this Agreement;

 

(vi)        No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment,
is likely to materially and adversely affect the ability of the Master Servicer to perform its obligations under this Agreement;

 

(vii)       The
Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect to
such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)      No
consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court is
required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance by the
Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby, other
than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or notices as have been obtained,
made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or (B) where the lack
of such consent, approval, authorization, order, qualification, registration, filing or notice would not have a material adverse
effect on the performance by the Master Servicer under this Agreement.

 

(b)          The
Special Servicer hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Asset Representations
Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)          The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Delaware, and the Special Servicer is in compliance with the laws of each State in which any Mortgaged Property is located to
the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents, (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

 

    	-322-

    	 

    

 

materially and adversely affect either the ability of the Special Servicer to
perform its obligations under this Agreement or its financial condition;

 

(iii)       The
Special Servicer has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to (A)
applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law;

 

(v)          The
Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Special Servicer to
perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vi)        No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer, which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations under this
Agreement;

 

(vii)       The
Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect to such risks,
which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)      No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

(c)          The
Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion

 

    	-323-

    	 

    

 

Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, as
of the Closing Date, that:

 

(i)          The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York, and the Operating Advisor is in compliance with the laws of each State in which any Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or its financial condition;

 

(iii)       The
Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law;

 

(v)          The
Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with
the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any order
regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating Advisor’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to
perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

(vi)        The
Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof;

 

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(vii)       No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor, which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this
Agreement; and

 

(viii)      No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this Agreement
or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Operating
Advisor to perform its obligations hereunder.

 

(d)          The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)          The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)        The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to
it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C) above, is likely to materially and adversely
affect either the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial
condition;

 

(iii)       The
Asset Representations Reviewer has the full power and authority to enter into and consummate all transactions to be performed by
it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly
executed and delivered this Agreement;

 

(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

 

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accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)          The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)        No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations
Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations
Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement;

 

(vii)       The
Asset Representations Reviewer has errors and omissions coverage which is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07 hereof; and

 

(viii)      No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(ix)        The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(e)          The
representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery of this Agreement.
Upon written notice or actual knowledge by any party to this Agreement (or upon written notice thereof from any Certificateholder
or any Companion Holder) of a breach of any of the representations and warranties set forth in this Section 6.01 which materially
and adversely affects the interests of any party to this Agreement, the Certificateholders, the party discovering such breach shall
give prompt written notice to the other parties hereto, each certifying Certificateholder, and, prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder.

 

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Section
6.02     Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special
Servicer and the Asset Representations Reviewer. The Depositor, the Master Servicer, the Operating Advisor, the Special
Servicer and the Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the respective
obligations specifically imposed upon and undertaken by the Depositor, the Master Servicer, the Operating Advisor, the
Special Servicer and the Asset Representations Reviewer herein.

 

Section
6.03     Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating
Advisor, the Special Servicer or the Asset Representations Reviewer. (a) Subject to subsection (b) below, the
Depositor, the Master Servicer and the Special Servicer each will keep in full effect its existence, rights and franchises as
an entity under the laws of the jurisdiction of its incorporation or organization, and each will obtain and preserve its
qualification to do business as a foreign entity in each jurisdiction in which qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans or Companion Loans
and to perform its respective duties under this Agreement.

 

(b)          The
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each may be
merged or consolidated with or into any Person, or transfer all or substantially all of its assets (which may be limited to all
or substantially all of its assets related to commercial mortgage loan servicing or commercial mortgage surveillance, as the case
may be) to any Person, in which case any Person resulting from any merger or consolidation to which the Depositor, the Master Servicer,
the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer shall be a party, or any Person succeeding to
the business of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer,
shall be the successor of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations
Reviewer (such Person, in the case of the Master Servicer or the Special Servicer, in each of the foregoing cases, the “Surviving
Entity”), as the case may be, hereunder, without the execution or filing of any paper (other than an assumption agreement
wherein the successor shall agree to perform the obligations of and serve as the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, or the Asset Representations Reviewer, as the case may be, in accordance with the terms of this Agreement)
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided,
however, that with respect to such merger, consolidation or succession, Rating Agency Confirmation is received from each
Rating Agency with respect to the Classes of Certificates and, with respect to any class of Serviced Companion Loan Securities,
a confirmation is received from each applicable rating agency that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates as described in
Section 3.25); provided, further, that if the Master Servicer, the Special Servicer or the Operating Advisor
enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving 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

 

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not result
in the downgrade, withdrawal or qualification of its then-current ratings; provided, further, that for so long as
the Trust, and, with respect to any Serviced Companion Loan included as part of the trust in a related Other Securitization, is
subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer or the Operating Advisor
notifies the Depositor in writing (a “Merger Notice”) of any such merger, consolidation, conversion or other
change in form, and the Depositor or the depositor in such Other Securitization, as the case may be, notifies the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, in writing that the Depositor or the depositor in such Other Securitization,
as the case may be, has discovered that such successor entity has not complied with its Exchange Act reporting obligations under
any other commercial mortgage loan securitization (and specifically identifying the instance of noncompliance), then it shall be
an additional condition to such succession that the Depositor or the depositor in such Other Securitization, as the case may be,
shall have consented (which consent shall not be unreasonably withheld or delayed) to such successor entity. Notwithstanding the
foregoing, no Master Servicer, Special Servicer or Operating Advisor may remain the Master Servicer, Special Servicer or Operating
Advisor, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited
Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to
the extent (i) the Master Servicer, the Special Servicer or Operating Advisor, as applicable, is the surviving entity of such merger,
consolidation or transfer and has been and continues to be in compliance with its Regulation AB reporting obligations hereunder
or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be unreasonably withheld. If,
within sixty (60) days following the date of delivery of the Merger Notice to the Depositor or the depositor in such Other Securitization,
as the case may be, the Depositor or depositor in such Other Securitization, as the case may be, shall have failed to notify the
Master Servicer or the Special Servicer, as applicable, in writing of the Depositor’s determination, or depositor’s
determination, in the case of an Other Securitization, to grant or withhold such consent, such failure shall be deemed to constitute
a grant of such consent. If the conditions to the provisions in the second preceding sentence are not met, the Trustee may terminate,
and if the conditions set forth in the third proviso of the third preceding sentence are not met the Trustee shall terminate, the
applicable Surviving Entity’s servicing of the Mortgage Loans pursuant hereto, such termination to be effected in the manner
set forth in Section 7.01.

 

(i)         
 The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of
the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary
to perform its duties under this Agreement.

 

(ii)      
  Any Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting
from any merger or consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to
the business of the Asset Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder,
and shall be deemed to have assumed all of the 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

 

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received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

Section
6.04     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer
(including in its capacity as Companion Paying Agent), the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and their respective Affiliates or any of the partners, directors, officers, shareholders, members, managers,
employees or agents of any of the foregoing shall be under any liability to the Trust, the Certificateholders 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, that (i) this provision shall not protect the Depositor, the Master
Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer or any such Person against any breach of warranties or representations made by it 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 obligations or 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), the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer, shareholder, member, manager,
employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer, and any of the partners, directors, officers,
shareholders, members, managers, employees or agents of any of the foregoing may rely on any document of any kind which, prima
facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the
Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations
Reviewer and the Operating Advisor and their respective Affiliates and any partner, director, officer, shareholder, member,
manager, employee or agent of any of the foregoing shall be indemnified and held harmless by the Trust against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
liabilities, fees and expenses incurred in connection with any actual or threatened legal or administrative action (whether
in equity or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion Loans or the Certificates, other
than any loss, liability or expense: (i) specifically required to be borne thereby pursuant to the terms hereof; (ii)
incurred in connection with any breach of a representation or warranty made by it herein; (iii) incurred by reason of bad
faith, willful misconduct or negligence in the performance of its obligations or duties hereunder, or by reason of negligent
disregard of such obligations or duties; or (iv) in the case of the Depositor and any of its partners, directors, officers,
shareholders, members, managers, employees and agents, incurred in connection with any violation by any of them of any state
or federal securities law. Each of the Master Servicer (including in its capacity as Companion Paying Agent), 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), the Special Servicer, the 

 

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Asset Representations Reviewer or the Operating Advisor to be genuine and to have
been signed or presented by the proper party or parties and each of them may consult with counsel, in which case any written
advice of counsel or Opinion of Counsel shall be full and complete authorization and protection with respect to any action
taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel.

 

(b)          None
of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any legal or administrative
action (whether in equity or at law), proceeding, hearing or examination that is not incidental to its respective duties under
this Agreement or which in its opinion may involve it in any expense or liability not recoverable from the Trust; provided,
however, that each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer may in its discretion undertake any such action, proceeding, hearing or examination that it may deem necessary or desirable
in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders (and,
in the case of any Serviced Whole Loan, the rights of the Certificateholders and the holders of a Serviced Companion Loan (as a
collective whole) taking into account the subordinate or pari passu nature of such Serviced Companion Loan); provided,
however, that if a Serviced Whole Loan and/or the holder of any related Companion Loan are involved, such expenses, costs
and liabilities will be payable out of funds related to the applicable Serviced Whole Loan in accordance with the related Intercreditor
Agreement and will also be payable out of the other funds in the Collection Account if amounts on deposit with respect to such
Serviced Whole Loan are insufficient therefor. If any such expenses, costs or liabilities relate to a Mortgage Loan or Companion
Loan, then any subsequent recovery on that Mortgage Loan or Companion Loan, as applicable, will be used to reimburse the Trust
for any amounts advanced for the payment of such expenses, costs or liabilities. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust, and the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Asset Representations Reviewer and the Operating Advisor shall be entitled to be reimbursed therefor out of amounts attributable
to the Mortgage Loans or the Companion Loan on deposit in the Collection Account (including, without duplication, any subaccount
thereof), as provided by Section 3.05(a)(xii).

 

(c)          Each
of the Master Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the related Serviced
Companion Noteholder, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer
(including in its capacity as Companion Paying Agent) (in the case of the Special Servicer), the Special Servicer (in the case
of the Master Servicer) and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof,
and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result
of any willful misconduct, bad faith or negligence of the Master Servicer or the Special Servicer, as the case may be, in the performance
of its obligations and duties under this Agreement or by reason of negligent disregard by the Master Servicer or the Special Servicer,
as the case may be, of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein
by

 

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the Master Servicer or the Special Servicer, as applicable. The Trustee, the Certificate Administrator, the Depositor, the Asset
Representations Reviewer or the Operating Advisor, as the case may be, shall immediately notify the Master Servicer or the Special
Servicer, as applicable, if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the
Trust to indemnification hereunder, whereupon the Master Servicer or the Special Servicer, as the case may be, shall assume the
defense of such claim (with counsel reasonably satisfactory to the Trustee, the Certificate Administrator or the Depositor) and
pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Master Servicer or the Special Servicer,
as the case may be, shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or
otherwise, unless the Master Servicer’s or the Special Servicer’s, as the case may be, defense of such claim is materially
prejudiced thereby.

 

(d)          Each
of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify the Depositor,
the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Certificate Administrator
(in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating Advisor, the Asset Representations
Reviewer and the Trust and any partner, director, officer, shareholder, member, manager employee or agent thereof, and hold them
harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any
willful misconduct, bad faith or negligence of the Trustee or the Certificate Administrator, respectively, in the performance of
its obligations and duties under this Agreement or by reason of negligent disregard by the Trustee or the Certificate Administrator,
respectively, of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein;
provided that such indemnity shall not cover indirect or consequential damages. The Depositor, the Master Servicer, the
Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately notify the
Trustee and the Certificate Administrator, respectively, if a claim is made by a third party with respect to this Agreement or
the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Trustee or the Certificate Administrator shall
assume the defense of such claim (with counsel reasonably satisfactory to the Depositor, the Master Servicer (including in its
capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer or the Operating Advisor) and pay
all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which
may be entered against it or them in respect of such claim. Any failure to so notify the Trustee or the Certificate Administrator
shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless
the Trustee’s or the Certificate Administrator’s defense of such claim is materially prejudiced thereby.

 

(e)          The
Depositor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trust and any partner,
director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and

 

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expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of
the Depositor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the
Depositor of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein; provided
that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately
notify the Depositor if a claim is made by a third party with respect to this Agreement, whereupon the Depositor shall assume the
defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying
Agent) or the Special Servicer) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge
and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Depositor shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Depositor’s defense of such claim is materially prejudiced thereby.

 

(f)          The
Operating Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust and any partner, director,
officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the
Operating Advisor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by
the Operating Advisor of its duties and obligations hereunder or by reason of breach of any representations or warranties made
herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor, as the case may be,
shall immediately notify the Operating Advisor if a claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Trust to indemnification hereunder, whereupon the Operating Advisor shall assume the defense of such claim
(with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Operating Advisor shall not affect any rights any of
the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Operating Advisor’s defense
of such claim is materially prejudiced thereby.

 

(g)          Neither
the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers, employees
or agents of the Operating Advisor shall be under any liability to any Certificateholder for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that this provision shall not protect the Operating Advisor against any liability which would otherwise be imposed by reason of
willful misconduct, bad faith or

 

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negligence in the performance of duties or by reason of negligent disregard of obligations and
duties hereunder.

 

(h)          The
Asset Representations Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the Trust and any partner,
director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against any and all
claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of
the Asset Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Asset Representations Reviewer of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor, as the case may be, shall
immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect to this Agreement or the
Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer shall assume the
defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying
Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor) and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall not affect any rights
any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Asset Representations Reviewer’s
defense of such claim is materially prejudiced thereby.

 

(i)          The
applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Operating Advisor, Non-Serviced Depositor,
Non-Serviced Trustee, Non-Serviced Certificate Administrator, Non-Serviced Paying Agent and any of their respective partners, directors,
officers, shareholders, members, managers, employees or agents (collectively, the “Non-Serviced Indemnified Parties”),
shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the applicable
Non-Serviced Intercreditor Agreement) of any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of
a Non-Serviced Mortgage Loan and the related Non-Serviced Mortgaged Property under the applicable Non-Serviced PSA (as and to the
same extent the applicable Non-Serviced Trust is required to indemnify such parties in respect of other mortgage loans in the applicable
Non-Serviced Trust pursuant to the terms of the related Non-Serviced PSA).

 

The indemnification provided
herein shall survive the termination of this Agreement and the termination or resignation of the Master Servicer (including in
its capacity as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer.

 

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(j)          For
purposes of this Section 6.04 and Section 11.12, the Master Servicer or Special Servicer, as the case may be, will
be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of their respective
obligations and duties hereunder or acted in negligent disregard of such obligations and duties if the Master Servicer or Special
Servicer, as applicable, fails to follow any terms of any Mortgage Loan documents because the Master Servicer or Special Servicer,
as applicable, in accordance with the Servicing Standard, determines that compliance with such terms would or potentially would
cause any Trust REMIC to fail to qualify as a REMIC or cause a tax to be imposed on the Trust or cause the Grantor Trust to fail
to qualify as a grantor trust under the relevant provisions of the Code (for which determination the Master Servicer and Special
Servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed as an additional expense of the Trust).

 

Section
6.05     Depositor, Master Servicer and Special Servicer Not to Resign. Subject to the
provisions of Section 6.03, neither the Master Servicer nor the Special Servicer shall resign from their respective
obligations and duties hereby imposed on each of them except upon (a) determination that such party’s duties hereunder
are no longer permissible under applicable law or (b) in the case of the Master Servicer or the Special Servicer, upon the
appointment of, and the acceptance of such appointment by, a successor (which may be appointed by the resigning Master
Servicer or Special Servicer, as applicable), and receipt by the Certificate Administrator and the Trustee of Rating Agency
Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in
the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if
any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25). Any such
determination permitting the resignation of the Master Servicer or the Special Servicer pursuant to clause (a) above
shall be evidenced by an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the
Trustee and (prior to the occurrence of a Consultation Termination Event) the Directing Certificateholder. Unless applicable
law requires the resignation of the Master Servicer or the Special Servicer (as the case may be) to be effective immediately,
and the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation by the Master Servicer or
the Special Servicer under clause (a) above shall become effective until the Trustee or a successor master servicer or
successor special servicer, as applicable, shall have assumed the Master Servicer’s or Special Servicer’s, as
applicable, responsibilities and obligations in accordance with Section 7.02 and no such resignation by the Master
Servicer or the Special Servicer shall become effective until the Certificate Administrator shall have filed any required
Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed with respect to any
related Companion Loan. Upon any termination (as described in Section 7.01(c)) or resignation of the Master Servicer
or the Special Servicer, pursuant to this Section 6.05, the Master Servicer or the Special Servicer, as applicable,
shall have the right and opportunity to appoint any successor master servicer or special servicer with 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 costs and expenses (including

 

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out-of-pocket costs
and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this
Section 6.05. Except as provided in Section 7.01(c), in no event shall the Master Servicer or the Special Servicer
have the right to appoint any successor master servicer or special servicer if such Master Servicer or Special Servicer, as applicable,
is terminated or removed pursuant to Section 7.01.

 

Section
6.06     Rights of the Depositor in Respect of the Master Servicer and the Special Servicer.
The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer and the Special Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Master Servicer
and the Special Servicer hereunder or exercise the rights of the Master Servicer or Special Servicer, as applicable,
hereunder; provided, however, that the Master Servicer and the Special Servicer shall not be relieved of any of
their respective obligations hereunder by virtue of such performance by the Depositor or its designee. The Depositor shall
not have any responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer and
is not obligated to supervise the performance of the Trustee, the Master Servicer, the Operating Advisor or the Special
Servicer under this Agreement or otherwise.

 

Section
6.07     The Master Servicer and the Special Servicer as Certificate Owner. The Master
Servicer, the Special Servicer or any Affiliate thereof may become the Holder of (or, in the case of a Book-Entry
Certificate, Certificate Owner with respect to) any Certificate with (except as otherwise set forth in the definition of
“Certificateholder”) the same rights it would have if it were not the Master Servicer, the Special
Servicer or an Affiliate thereof.

 

Section 6.08     The
Directing Certificateholder. (a) Other than with respect to any Serviced AB Whole Loan for which the related holder of a
Serviced Subordinate Companion Loan is not subject to a Serviced 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 the Special
Servicer with respect to all Mortgage Loans other than any Excluded Loan as to (1) all matters for which the Master Servicer
must obtain the consent or deemed consent of the Special Servicer or (2) any extension of maturity being considered by the
Special Servicer or by the Master Servicer subject to consent or deemed consent of the Special Servicer, and notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to the second and third paragraphs of this Section
6.08, (i) with respect to a Mortgage Loan (other than a Specially Serviced Loan or a Non-Serviced Mortgage Loan), the
Master Servicer, shall not be permitted to take any of the following actions (each a “Major Decision”),
irrespective of whether any such Major Decision constitutes a “Major Decision” under, and as defined in, the
related Intercreditor Agreement, unless it has obtained the consent or deemed consent of the Special Servicer
(provided that such consent shall be deemed given (unless earlier objected to by the Special Servicer) fifteen (15)
Business Days after the Special Servicer’s receipt of the Master Servicer’s written recommendation and analysis
with respect to such Major Decision and all information reasonably requested by the Special Servicer, and reasonably
available to the Master Servicer, in order to grant or withhold such consent and (ii) with respect to any Mortgage Loan
(other than any Non-Serviced Mortgage Loan or any Excluded Loan) or any Serviced Whole Loan, for so long as no Control
Termination Event has occurred and is continuing, the Special Servicer shall not be permitted to take any of the
following actions (and shall not be permitted to consent to the Master Servicer’s taking any of

 

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the following actions
as to which the Directing Certificateholder has objected in writing within ten (10) Business Days (or thirty (30) days with
respect to clause (xi) below), after the Directing Certificateholder’s receipt of the Special Servicer’s
written recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and
reasonably available to the Special Servicer, in order to grant or withhold such consent (provided that if such
written objection has not been received by the Special Servicer within such ten (10) Business Day (or thirty (30) day)
period, then the Directing Certificateholder will be deemed to have approved such action):

 

(i)         
any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the
ownership of properties securing such of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loans as come into and continue in default;

 

(ii)          any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or
material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a
Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any extension of the maturity date of such
Mortgage Loan or Serviced Whole Loan;

 

(iii)         following a default or an event of default with respect to a Mortgage Loan or Serviced Whole Loan, any exercise of remedies,
including the acceleration of the Mortgage Loan or Serviced Whole Loan or initiation of any proceedings, judicial or
otherwise, under the related Mortgage Loan documents;

 

(iv)        any
sale of a Defaulted Loan and any related defaulted Companion Loan, or any REO Property (other than in connection with the termination
of the Trust) or a defaulted Non-Serviced Mortgage Loan that the Special Servicer is permitted to sell in accordance with this
Agreement, in each case, for less than the applicable Purchase Price;

 

(v)         any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials
located at an REO Property;

 

(vi)        any
requests for release of material collateral or any acceptance of substitute or additional collateral for a Mortgage Loan or Serviced
Whole Loan or any consent to either of the foregoing, other than (A) grants of easements or rights of way that do not materially
affect the use or value of a Mortgaged Property or the Mortgagor’s ability to make any payments with respect to a Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan, (B) releases of non-material parcels of a Mortgaged
Property, (C) releases that the related Mortgage Loan documents expressly require the mortgagee thereunder to make upon the satisfaction
of certain conditions (and the conditions to the release that are set forth in the related Mortgage Loan documents do not include
the approval of the lender or the exercise of lender discretion (other than confirming the satisfaction of the other conditions
to the release set forth in the related Mortgage Loan documents that do not include any other approval or exercise of discretion))
and such release is made as required by the related Mortgage

 

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Loan documents, (D) releases that are related to any condemnation
action that is pending, or threatened in writing, and would affect a non-material portion of the Mortgaged Property, or (E) releases
of collateral securing any Mortgage Loan in connection with a defeasance of such collateral;

 

(vii)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other than a
Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any consent to such a waiver or consent to a transfer of the Mortgaged
Property or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence
of debt as may be effected without the consent of the lender under the related loan agreement;

 

(viii)      any
property management company changes (with respect to a Mortgage Loan with a Stated Principal Balance greater than $2,500,000) or
franchise changes (with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan for which the
lender is required to consent or approve under the Mortgage Loan documents);

 

(ix)        
releases of any amounts from escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves,
other than those required pursuant to the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or a Serviced Whole Loan and for which there is no lender discretion;

 

(x)          any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Mortgagor or guarantor releasing
a Mortgagor or guarantor from liability under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
other than pursuant to the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(xi)        
any determination of an Acceptable Insurance Default;

 

(xii)      
 any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination
and non-disturbance or attornment agreement in connection with any lease, at a Mortgaged Property if (A) the lease involves a
ground lease or lease of an outparcel or affects an area greater than or equal to the lesser of (I) 30% of the net rentable
area of the improvements at the Mortgaged Property and (II) 30,000 square feet of the improvements at the Mortgaged Property
and (B) such transaction either is not a routine leasing matter or such transaction relates to a Specially Serviced Loan; provided
that if lender consent is not required for such transaction pursuant to the Mortgage Loan documents, such transaction will
not constitute a Major Decision;

 

(xiii)      
any modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar
agreement related to a Mortgage Loan, or any action to enforce rights (or decision not to enforce rights) with respect
thereto; and

 

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(xiv)       any
consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor, to the
extent the mortgagee’s approval is required under the related Mortgage Loan documents;

 

provided, that, in the event that
the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by this Agreement to take such
action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter requiring
consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event in this Agreement
(or any matter requiring consultation with the Directing Certificateholder or the Operating Advisor), is necessary to protect the
interests of the Certificateholders (or, with respect to any Serviced Whole Loan, the interest of the Certificateholders and the
holders of any related Serviced Companion Loan) (as a collective whole (taking into account the subordinate or pari passu
nature of any Companion Loans)), the Special Servicer or Master Servicer, as applicable, may take any such action without waiting
for the Special Servicer’s (in the case of the Master Servicer) or the Directing Certificateholder’s response (or without
waiting to consult with the Directing Certificateholder or the Operating Advisor, as the case may be), provided that the
Special Servicer or Master Servicer, as applicable, provides the Special Servicer (in the case of the Master Servicer) or the Directing
Certificateholder (or the Operating Advisor, if applicable) with prompt written notice following such action including a reasonably
detailed explanation of the basis therefor. The Special Servicer is not required to obtain the consent of the Directing Certificateholder
for any of the foregoing actions after the occurrence and during the continuance of a Control Termination Event; provided,
however, that, after the occurrence and during the continuance of a Control Termination Event but, with respect to the Directing
Certificateholder only, prior to the occurrence of a Consultation Termination Event, the Special Servicer shall consult with the
Directing Certificateholder in connection with any Major Decision not relating to any Excluded Loan (and any other actions which
otherwise require consultation with the Directing Certificateholder prior to a Consultation Termination Event hereunder) and consider
alternative actions recommended by the Directing Certificateholder, in respect thereof. In the event the Special Servicer receives
no response from the Directing Certificateholder within ten (10) Business Days following its written request for input on any required
consultation, the Special Servicer shall not be obligated to consult with the Directing Certificateholder on the specific matter;
provided, that the failure of the Directing Certificateholder to respond shall not relieve the Special Servicer from consulting
with the Directing Certificateholder on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan.
In addition, after a Control Termination Event, the Special Servicer will also be required to consult with the Operating Advisor
in connection with any proposed Major Decision (and any other actions which otherwise require consultation with the Operating Advisor
after the occurrence and during the continuance of a Control Termination Event hereunder) and consider alternative actions recommended
by the Operating Advisor, in 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 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

 

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Advisor
on any future matter with respect to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to
the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred and is continuing),
the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in
accordance with the procedures set forth in this Section 6.08 for consulting with the Operating Advisor.

 

In addition, with respect
to any Mortgage Loan other than an Excluded Loan, for so long as no Control Termination Event has occurred and is continuing, the
Directing Certificateholder subject to any rights, if any, of the related Companion Holder to advise the Special Servicer with
respect to the related Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement, may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan, as the Directing Certificateholder
may deem advisable or as to which provision is otherwise made herein; provided that notwithstanding anything herein to the
contrary, no such direction or objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master
Servicer or Special Servicer to violate any provision of any Mortgage Loan or related Intercreditor Agreement or mezzanine intercreditor
agreement, applicable law, this Agreement, or the REMIC Provisions (and, with respect to a Serviced Whole Loan, subject to the
rights of the holders of the related Companion Loan), including without limitation the obligation of the Master Servicer and the
Special Servicer to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trust or the Trustee to liability, or materially
expand the scope of the responsibilities of the Master Servicer or the Special Servicer, as applicable, hereunder or cause the
Master Servicer or the Special Servicer, as applicable, to act, or fail to act, in a manner which in the reasonable judgment of
the Master Servicer or the Special Servicer, as applicable, is not in the best interests of the Certificateholders.

 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder or any advice
from the Directing Certificateholder, would cause the Special Servicer or Master Servicer, as applicable, to violate the terms
of any Mortgage Loan, applicable law or this Agreement, including without limitation, the Servicing Standard, the Special Servicer
or Master Servicer, as applicable, shall disregard such refusal to consent or advise and notify the Directing Certificateholder,
the Trustee and the Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The
taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of
or approval of the Directing Certificateholder that does not violate the terms of any Mortgage Loan, applicable law or the Servicing
Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master Servicer or the
Special Servicer.

 

The Directing Certificateholder
shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action,
or for errors in judgment; provided, however, that the Directing Certificateholder shall not be protected against
any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful misconduct, bad faith
or negligence in the performance of duties owed to the

 

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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
shall be deemed to have acknowledged and agreed that the Directing Certificateholder may take actions that favor the interests
of one or more Classes of the Certificates including the Holders of the Controlling Class over other Classes of the Certificates,
and that the Directing Certificateholder may have special relationships and interests that conflict with those of Holders of some
Classes of the Certificates, that the Directing Certificateholder may act solely in the interests of the Holders of the Controlling
Class, including the Holders of the Controlling Class, that the Directing Certificateholder does not have any duties or liability
to the Holders of any Class of Certificates other than the Controlling Class, that the Directing Certificateholder shall not be
liable to any Certificateholder, by reason of its having acted solely in the interests of the Holders of the Controlling Class,
and that the Directing Certificateholder shall have no liability whatsoever for having so acted, and no Certificateholder may take
any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal thereof for
having so acted.

 

Any Non-Serviced 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 Controlling Holder, with respect to the related Non-Serviced Whole Loan, may
take actions that favor the interests of one or more classes of the certificates issued under the related Non-Serviced PSA including
the Holders of the controlling class under such Non-Serviced PSA over other Classes of the Certificates, and that such Non-Serviced
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 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 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 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 Controlling Holder, with respect to such Non-Serviced Whole Loan, or any director,
officer, employee, agent or principal thereof for having so acted.

 

(b)         Notwithstanding
anything to the contrary contained herein (i) after the occurrence and during the continuance of a Control Termination Event (and
at any time with respect to any Excluded Loan), the Directing Certificateholder shall have no right to consent to or direct any
action taken or not taken by any party to this Agreement; (ii) after the occurrence and during the continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder shall remain entitled to
receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer, Special
Servicer and any other applicable party shall consult with the Directing Certificateholder (other than with respect to any Excluded
Loan) in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) after the occurrence
of a Consultation Termination Event (and at any time with respect to any Excluded Loan), the Directing Certificateholder shall
have no direction, consultation or consent rights hereunder and

 

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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.

 

ARTICLE
VII

SERVICER TERMINATION EVENTS

 

Section
7.01     Servicer Termination Events; Master Servicer and Special Servicer Termination. (a) “Servicer Termination
Event,” wherever used herein, means any one of the following events:

 

(i)         
 (A) any failure by the Master Servicer to make any deposit required to be made by the Master Servicer to the Collection
Account, or remit to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and
by the time such deposit or remittance is first required to be made under the terms of this Agreement, which failure is not
remedied within one (1) Business Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate
Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted, which failure is
not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or

 

(ii)       
 any failure by the Special Servicer to deposit into the REO Account, within one (1) Business Day after such deposit is
required to be made or to remit to the Master Servicer for deposit into the Collection Account or any other required account
hereunder, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and at the time specified
by, the terms of this Agreement; or

 

(iii)       
any failure on the part of the Master Servicer or the Special Servicer, as the case may be, duly to observe or perform in any
material respect any of its other covenants or obligations contained in this Agreement which continues unremedied for a
period of thirty (30) days (or (A) with respect to any year that a report on Form 10-K is required to be filed, five (5)
Business Days in the case of the Master Servicer’s or Special Servicer’s obligations, as applicable, contemplated
by ARTICLE XI, (B) fifteen (15) days in the case of the Master Servicer’s failure to make a Servicing Advance or
(C) fifteen (15) days in the case of a failure to pay the premium for any property insurance policy required to be
maintained) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
(A) to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or (B) to the Master
Servicer or the Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders of
Certificates evidencing not less than 25% of all Voting Rights or, solely as it relates to the servicing of a Serviced Pari
Passu Whole Loan if affected by that failure, by the related Serviced Companion Noteholder; provided, however,
if such failure is capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing
such cure, such period will be extended an additional thirty (30) days; provided, further, however, that
such extended period will not apply to the obligations regarding Exchange Act reporting; or

 

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(iv)        any
breach on the part of the Master Servicer or the Special Servicer, as the case may be, of any representation or warranty contained
in Section 6.01(a) or Section 6.01(b), as applicable, which materially and adversely affects the interests of any
Class of Certificateholders or Companion Holders (excluding the holder of any Non-Serviced Companion Loan) and which continues
unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, shall
have been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate Administrator
or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee by
the Holders of Certificates evidencing not less than 25% of all Voting Rights or, as it relates to the servicing of a Serviced
Pari Passu Whole Loan affected by such breach, by the related Serviced Companion Noteholder; provided, however, that
if such breach is capable of being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing
such cure, such 30-day period will be extended an additional thirty (30) days; or

 

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

 

(vi)        the
Master Servicer or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar
official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or
relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its property; or

 

(vii)       the
Master Servicer or the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file
a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit
of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;
or

 

(viii)      either
of Moody’s or KBRA has (A)qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B)placed one or more Classes of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal
(and such qualification, downgrade, withdrawal or “watch status” placement shall not have been withdrawn within sixty
(60) days of such actual knowledge by the Master Servicer or the Special Servicer, as the case may be) and, in the case of either
of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or Special Servicer, as applicable,
as the sole or a material factor in such rating action; or

 

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(ix)         the
Master Servicer or the Special Servicer, as the case may be, is no longer rated at least “CMS3” or “CSS3”,
respectively, by Fitch and such Master Servicer or Special Servicer is not reinstated to at least that rating within sixty (60)
days of the delisting.

 

(b)          If
any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes of this
Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every such
case, so long as such Servicer Termination Event shall not have been remedied, the Trustee or the Depositor 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 25% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the Trustee to terminate each of the Master
Servicer or the Special Servicer, as applicable, upon five Business Days’ written notice if there is a Servicer Termination
Event under clause (iii)(A) above), by notice in writing to the Affected Party, with a copy of such notice to the Depositor
and the Operating Advisor, all of the rights (subject to Section 3.11 and Section 6.04) and obligations of the Affected
Party under this Agreement and in and to the Mortgage Loans and the proceeds thereof (other than as a Certificateholder or Companion
Holder, if applicable); provided, that the Affected Party shall be entitled to the payment of accrued and unpaid compensation
and reimbursement through the date of such termination as provided for under this Agreement for services rendered and expenses
incurred. From and after the receipt by the Affected Party of such written notice except as otherwise provided in this ARTICLE
VII, all authority and power of the Affected Party under this Agreement, whether with respect to the Certificates (other than
as a Holder of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee with respect to
a termination of the Master Servicer or the Special Servicer pursuant to and under this Section 7.01, and, without limitation,
the Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Affected Party, as
attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary
or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment
of the Mortgage Loans and related documents, or otherwise. The Master Servicer and Special Servicer each agree that if it is terminated
pursuant to this Section 7.01(b), it shall promptly (and in any event no later than twenty (20) Business Days subsequent
to its receipt of the notice of termination) provide the Trustee with all documents and records requested by it to enable it to
assume the Master Servicer’s or the Special Servicer’s, as the case may be, functions hereunder, and shall cooperate
with the Trustee in effecting the termination of the Master Servicer’s or the Special Servicer’s, as the case may be,
responsibilities and rights (subject to Section 3.11 and Section 6.04) hereunder, including, without limitation,
the transfer within five (5) Business Days to the Trustee for administration by it of all cash amounts which shall at the time
be or should have been credited by the Master Servicer to the Collection Account or any Servicing Account (if it is the Affected
Party), by the Special Servicer to the REO Account (if it is the Affected Party) or thereafter be received with respect to the
Mortgage Loans or any REO Property (provided, however, that the Master Servicer and the Special Servicer each shall,
if terminated pursuant to this Section 7.01(b) or pursuant to Section 7.01(d) (with respect to the Special Servicer),
continue to be entitled to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination,
whether in respect of Advances (in the case of the Special Servicer or the Master

 

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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). If replaced as a result of a
Servicer Termination Event, the Master Servicer or Special Servicer, as the case may be, shall be responsible for the costs and
expenses associated with the transfer of its duties.

 

(c)          If
the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination Event under
Section 7.01(a)(viii) or (ix), the Master Servicer shall have a forty-five (45) day period after such notice in which
to find a successor master servicer qualified to act as Master Servicer hereunder in accordance with Section 6.03 and Section
7.02 and to which the Master Servicer can sell its rights to service the Mortgage Loans under this Agreement. During such forty-five
(45) day period the Master Servicer may continue to serve as Master Servicer hereunder. In the event that the Master Servicer is
unable, within such forty-five (45) day period, to cause a qualified successor master servicer to assume the duties of the Master
Servicer hereunder, then and in such event, the Trustee shall assume the obligations of the Master Servicer hereunder.

 

Notwithstanding Section
7.01(b), if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing that affects
the Holder of a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated, the Holder
of such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing Agreement,
as applicable, shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related Serviced
Pari Passu Whole Loan. A replacement Special Servicer shall be selected by the Trustee or, prior to a Control Termination Event,
by the Directing Certificateholder (other than in respect of any Excluded Loan). Any Special Servicer appointed to replace the
Special Servicer with respect to a Serviced Pari Passu Mortgage Loan cannot at any time be (without the prior written consent
of the holder of such Serviced Pari Passu Companion Loan) the person (or Affiliate thereof) that was terminated at the direction
of the holder of the related Serviced Pari Passu Companion Loan. Any such Special Servicer under this paragraph shall meet the
eligibility requirements of Section 7.02 and the eligibility requirements of the related Other Pooling and Servicing Agreement,
and the appointment thereof shall comply with the provisions of Section 7.02. Any appointment of a replacement Special
Servicer in accordance with this paragraph shall be subject to the receipt of Rating Agency Confirmation and confirmation from
the applicable rating agencies that such appointment or replacement will not result in the downgrade, withdrawal or qualification
of the then-current ratings of any class of any related Serviced Companion Loan Securities (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25).

 

(d)          Subject
to the rights of the holder of a related Serviced Subordinate Companion Loan pursuant to the related Intercreditor Agreement at
any time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded Loan,
the Directing Certificateholder shall be entitled to terminate the rights (subject to Section 3.11 and Section 6.04)
and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’ notice
to the Special Servicer, the Master Servicer, the Certificate Administrator, the Trustee and the Operating Advisor; such termination

 

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to be effective upon the appointment of a successor special servicer (which must be a Qualified Replacement Special Servicer) meeting
the requirements of this Section 7.01(d). Upon a termination of such Special Servicer, the Directing Certificateholder (other
than with respect to any Excluded Loan) shall appoint a successor special servicer; provided, however, that (i) such
successor will meet the requirements set forth in Section 7.02, (ii) the Trustee has provided each Rating Agency with a
Rating Agency Communication and (iii) no replacement of the Special Servicer shall be effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed
with respect to any related Companion Loan.

 

After the occurrence
and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of Principal Balance Certificates
evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balances pursuant to Section 4.05 hereof) of the Principal Balance Certificates requesting a vote
to replace the Special Servicer with a new special servicer designated in such written direction 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 each Rating Agency (with a
copy to the Certificate Administrator and Trustee) of a Rating Agency Communication (which Rating Agency Communication shall be
provided at the expense of such Holders), the Certificate Administrator shall promptly post notice to all Certificateholders of
such request on the Certificate Administrator’s Website in accordance with Section 3.13(b) and concurrently by mail,
and conduct the solicitation of votes of all Certificates in such regard, which vote shall occur within one hundred-eighty (180)
days of the posting of such notice. Upon the written direction of Holders of Certificates evidencing at least 75% of a Certificateholder
Quorum of Certificates, the Trustee shall terminate all of the rights and obligations of the Special Servicer under this Agreement
and appoint the successor special servicer to assume the duties of such Special Servicer (which must be a Qualified Replacement
Special Servicer) designated by such Certificateholders. The Certificate Administrator shall include on each Distribution Date
Statement a statement that each Certificateholder may (i) access such notices via the Certificate Administrator’s Website
and (ii) register to receive electronic mail notifications when such notices are posted thereon. Notwithstanding the foregoing,
the Certificateholder’s direction to remove the Special Servicer shall not apply to any Serviced AB Whole Loan for which
the holder of the related Serviced Subordinate Companion Loan is not subject to a Serviced AB Control Appraisal Period.

 

A Serviced AB Whole Loan
Controlling Holder shall have the right, prior to the occurrence and continuance of a Serviced 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

 

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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)
will be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced Special Servicer solely with
respect to the related Non-Serviced Whole Loan and the Twenty Ninth Street Retail Whole Loan (prior to the Twenty Ninth Street
Retail Companion Loan Securitization Date). The appointment (or replacement) of a special servicer with respect to a Non-Serviced
Whole Loan and the Twenty Ninth Street Retail Whole Loan (prior to the Twenty Ninth Street Retail Companion Loan Securitization
Date) will in any event be subject to Rating Agency Confirmation from each Rating Agency. A replacement special servicer will be
selected by the related Non-Serviced Trustee or, prior to a consultation termination event under the related Non-Serviced PSA,
by the related Non-Serviced Controlling Holder; provided, however, that any successor special servicer appointed
to replace the special servicer with respect to such Non-Serviced Whole Loan and the Twenty Ninth Street Retail Whole Loan (prior
to the Twenty Ninth Street Retail Companion Loan Securitization Date) cannot at any time be the Person (or an Affiliate thereof)
that was terminated at the direction of the holder of such Non-Serviced Mortgage Loan, without the prior written consent of the
Directing Certificateholder.

 

Following the occurrence
of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines that
the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing
Standard, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer,
a written report, substantially 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 special servicer to assume the duties of such Special Servicer, which shall be a Qualified
Replacement Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all Certificateholders
of such recommendation and the related report on the Certificate Administrator’s Website in accordance with Section 3.13(b),
and by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i) the affirmative vote of Holders of Principal
Balance Certificates

 

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evidencing at least a majority of the aggregate Voting Rights (taking into account the application of any
Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances of such Certificates) of all Principal Balance
Certificates on an aggregate basis within 180 days of posting of the Operating Advisor’s recommendation to the Certificate
Administrator’s Website and (ii) the delivery of a Rating Agency Communication to each Rating Agency by the Certificate Administrator
following satisfaction of the foregoing clause (i), the Trustee shall (i) terminate all of the rights and obligations of
the Special Servicer under this Agreement and appoint a successor special servicer approved by the Certificateholders and (ii)
promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and
expenses (including reasonable legal fees and expenses of outside counsel) associated with providing such Rating Agency Communications
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 a Serviced AB Control Appraisal Period under the related Intercreditor Agreement.

 

No penalty or fee shall
be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d). All costs
of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders of the Controlling Class.

 

For the avoidance of
doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the limitations set forth
in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s determination under this
Section 7.01(d) (regarding removal of the Special Servicer), or the result of the vote of the Certificateholders (regarding
removal of the Special Servicer).

 

(e)          The
Master Servicer and Special Servicer shall, as the case may be, from time to time, take all such reasonable actions as are required
by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed on “watch”
status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency. In no event shall the
remedy for a breach of the foregoing covenant extend beyond termination pursuant to Section 7.01(a)(viii) and (ix)
and the resulting operation of Section 7.01(b) and (c). The operation of this subsection (e) shall not be
construed to limit the effect of Section 7.01(a)(viii) or (ix).

 

(f)           Notwithstanding
the foregoing, if a Servicer Termination Event on the part of the Master Servicer affects only a Serviced Companion Loan, the related
holder of a Serviced Companion Loan or the rating on any class of certificates backed, wholly or partially, by any Serviced Companion
Loan, then the Master Servicer may not be terminated by or at the direction of the related holder of such Serviced Companion Loan
or the holders of any certificates backed,

 

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wholly or partially, by such Serviced Companion Loan, but upon the written direction
of the related holder of such Serviced Companion Loan, the Master Servicer shall be required to appoint a sub-servicer that will
be responsible for servicing the related Serviced Whole Loan.

 

(g)          Notwithstanding
anything to the contrary contained in this Section 7.01, with respect to any Excluded Special Servicer Loan, if any, the
Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the occurrence and continuance
of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also an Excluded Loan, the Directing Certificateholder
may select (and, at any time, replace) 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, if at any time the applicable Excluded Special Servicer Loan is also an Excluded Loan or if the Directing Certificateholder
is entitled to appoint the Excluded Special Servicer but does not so appoint within thirty (30) days of notice of such resignation,
the Certificate Administrator shall promptly provide written notice of such resignation to all Certificateholders by posting such
notice on the Certificate Administrator’s Website, and the Excluded Special Servicer shall be appointed upon the written
direction of more than 50% of the Voting Rights of the Certificates that exercise their right to vote (provided, that Holders
of at least 20% of the total Voting Rights of the Certificates exercise their right to vote). If such Excluded Special Servicer
has not been appointed pursuant to the preceding sentence within 30 days after the Special Servicer has provided its written notice
of resignation, the Certificate Administrator shall provide written notice to the resigning Special Servicer that such Excluded
Special Servicer has not been appointed and such resigning Special Servicer shall use reasonable efforts to select the related
Excluded Special Servicer. The Special Servicer shall not have any liability with respect to the actions or inactions of the applicable
Excluded Special Servicer. In addition, the Special Servicer shall have no liability with respect to the identity of the applicable
Excluded Special Servicer, so long as at the time of appointment the Excluded Special Servicer selected by the resigning Special
Servicer is a Qualified Replacement Special Servicer. It shall be a condition to any such appointment that (i) the Rating Agencies
confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then current ratings
of the Certificates and the equivalent from each NRSRO hired to provide ratings with respect to any class of securities backed,
wholly or partially, by any Serviced Pari Passu Companion Loan, (ii) the applicable Excluded Special Servicer is a Qualified Replacement
Special Servicer and (iii) the applicable Excluded Special Servicer delivers to the Depositor and the Certificate Administrator
and any applicable depositor and certificate administrator of any other securitization, if applicable, that contains a Serviced
Pari Passu Companion Loan, the information, if any, required pursuant to Item 6.02 of the Form 8-K regarding itself in its role
as Excluded Special Servicer.

 

If at any time the Special
Servicer is no longer a Borrower Party with respect to an Excluded Special Servicer Loan (including, 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) the Special Servicer shall become
the Special Servicer again for such related Mortgage Loan or Serviced Whole Loan and (4) the Special Servicer shall be entitled
to all special servicing compensation with respect to such Mortgage Loan or Serviced Whole Loan earned during such time on and
after such Mortgage Loan or Serviced Whole Loan is no longer

 

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an Excluded Special Servicer Loan (provided that the Special
Servicer will 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).

 

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.

 

If a Servicing Officer
of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual knowledge that
a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer Loan, as applicable,
the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide prompt written notice
thereof to each of the other parties to this Agreement.

 

Section
7.02     Trustee to Act; Appointment of Successor. On and after the time the Master Servicer
or the Special Servicer, as the case may be, either resigns pursuant to subsection (a) of the first sentence of Section
6.05 or receives a notice of termination for cause pursuant to Section 7.01(b), and provided that no
acceptable successor has been appointed within the time period specified in Section 7.01(c), the Trustee shall be the
successor to such party, until such successor to the Master Servicer or the Special Servicer, as applicable, is appointed as
provided in this Section 7.02 or by the Directing Certificateholder as provided in Section 7.01(d), as
applicable, in all respects in its capacity as Master Servicer or Special Servicer, as applicable, under this Agreement and
the transactions set forth or provided for herein and shall be subject to, and have the benefit of, all of the rights,
(subject to Section 3.11 and Section 6.04) benefits, responsibilities, duties, liabilities and limitations on
liability relating thereto and that arise thereafter placed on or for the benefit of the Master Servicer or Special Servicer,
as applicable, by the terms and provisions hereof; provided, however, that any failure to perform such duties
or responsibilities caused by the terminated party’s failure under Section 7.01 to provide information or moneys
required hereunder shall not be considered a default by such successor hereunder. The appointment of a successor
master servicer shall not affect any liability of the predecessor Master Servicer which may have arisen prior to its
termination as Master Servicer, and the appointment of a successor special servicer shall not affect any liability of the
predecessor Special Servicer which may have arisen prior to its termination as Special Servicer. The Trustee in its capacity
as successor to the Master Servicer or the Special Servicer, as the case may be, shall not be liable for any of the
representations and warranties of the Master Servicer or the Special Servicer, respectively, herein or in any related
document or agreement, for any acts or omissions of the predecessor Master Servicer or Special Servicer or for any losses
incurred by the predecessor Master Servicer pursuant to Section 3.06 hereunder, nor shall the Trustee be required to
purchase any Mortgage Loan hereunder solely as a result of its obligations as successor master servicer or special servicer,
as the case may be. Subject to Section 3.11, as compensation therefor, the Trustee as successor master servicer shall
be entitled to the Servicing Fees and all fees relating to the Mortgage Loans or the Companion Loans which the Master
Servicer would have been entitled to if the Master Servicer had continued to act hereunder, including but not limited to any
income or other benefit from any Permitted Investment pursuant

 

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to Section 3.06, and subject to Section 3.11,
and the Trustee as successor to the Special Servicer shall be entitled to the Special Servicing Fees to which the Special
Servicer would have been entitled if the Special Servicer had continued to act hereunder. Should the Trustee succeed to the
capacity of the Master Servicer or the Special Servicer, as the case may be, the Trustee shall be afforded the same standard
of care and liability as the Master Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything in Section
8.01 to the contrary, but only with respect to actions taken by it in its role as successor master servicer or successor
special servicer, as the case may be, and not with respect to its role as Trustee hereunder. Notwithstanding the above, the
Trustee may, if it shall be unwilling to act as successor to the Master Servicer or the Special Servicer, as applicable, or
shall, if it is unable to so act, or if the Trustee is not approved as a servicer by each Rating Agency, or if the
Directing Certificateholder (solely with respect to the Special Servicer) ((i) prior to the occurrence and continuance of a
Control Termination Event and (ii) other than with respect to any Excluded Loan) or the Holders of Certificates entitled to
more than 50% of the Voting Rights so request in writing to the Trustee, promptly appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution which meets the criteria set forth in Section
6.05 and otherwise herein, as the successor to the Master Servicer or the Special Servicer, as applicable, hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer
hereunder. No appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be effective until
(i) the assumption in writing by the successor to the Master Servicer or the Special Servicer of all its responsibilities,
duties and liabilities hereunder that arise thereafter, (ii) receipt of Rating Agency Confirmation from each Rating Agency
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25), (iii) such appointment (solely with respect to
the Special Servicer) has been approved (prior to the occurrence and continuance of a Control Termination Event) by the
Directing Certificateholder, such approval not to be unreasonably withheld and (iv) the Certificate Administrator shall have
filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed
with respect to any related Companion Loan. Pending appointment of a successor to the Master Servicer or the Special Servicer
hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in such capacity as herein
above provided. In connection with such appointment and assumption of a successor to the Master Servicer or Special Servicer
as described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on the
Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation with respect
to a successor master servicer or successor special servicer, as the case may be, shall be in excess of that permitted the
terminated Master Servicer or Special Servicer, as the case may be, hereunder. The Trustee, the Master Servicer or the
Special Servicer (whichever is not the terminated party) and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Any reasonable out-of-pocket costs and expenses
associated with the transfer of the servicing function (other than with respect to a termination without cause) under this
Agreement shall be borne by the predecessor Master Servicer or Special Servicer, as applicable. If such predecessor Master
Servicer or Special Servicer (as the case may be) has not reimbursed the party requesting such

 

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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 Special Servicer in accordance
with this Agreement at the direction of any party or parties permitted to direct the Trustee to so terminate the Master
Servicer or Special Servicer pursuant to this Agreement, the Trustee shall not have any liability for such expenses pursuant
to this paragraph.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor Master Servicer would
otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning or terminated
Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Excess Servicing Fee
Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor
Master Servicer that meets the requirements of this Section 7.02.

 

Section
7.03     Notification to Certificateholders. (a) Upon any resignation of the Master Servicer or the Special Servicer
pursuant to Section 6.05, any termination of the Master Servicer or the Special Servicer pursuant to Section
7.01 or any appointment of a successor to the Master Servicer or the Special Servicer pursuant to Section 7.02,
the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register.

 

(b)          Not
later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse of time
or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate Administrator would be deemed
to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the Certificate Administrator shall
transmit by mail to the Depositor and all Certificateholders (and, if a Serviced Whole Loan is affected, the related Serviced Companion
Noteholder) notice of such occurrence, unless such default shall have been cured.

 

Section 7.04     Waiver
of Servicer Termination Events. The Holders of Certificates representing at least 66-2/3% of the Voting Rights allocated to
each Class of Certificates affected by any Servicer Termination Event hereunder may waive such Servicer Termination Event; provided,
however, that a Servicer Termination Event under clause (i), (ii) or (viii) of Section 7.01(a)
may be waived only with the consent of all of the Certificateholders of the affected Classes, and a Servicer Termination Event
under clause (iii) of Section 7.01(a) (with respect to obligations under ARTICLE XI) may be waived only with
the consent of the Depositor. Upon any such waiver of a Servicer Termination Event, such Servicer Termination

 

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Event shall cease
to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver of a Servicer Termination
Event by Certificateholders, the Trustee and the Certificate Administrator shall be entitled to recover all costs and expenses
incurred by it in connection with enforcement action taken with respect to such Servicer Termination Event prior to such waiver
from the Trust. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right consequent
thereon except to the extent expressly so waived. Notwithstanding any other provisions of this Agreement, for purposes of waiving
any Servicer Termination Event pursuant to this Section 7.04, Certificates registered in the name of the Depositor or any
Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters described above as they would
if any other Person held such Certificates.

 

Section
7.05     Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to
make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business
Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination
Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of
such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date
with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section
4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall
succeed to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation, the
Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to
determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without
regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its
obligations hereunder); provided, however, that if Advances made by the Trustee and the Master Servicer shall
at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay
such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until
such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the
Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a
Nonrecoverable Advance hereunder.

 

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

 

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in the conduct of his own affairs. Any permissive right of the Trustee and the Certificate Administrator
contained in this Agreement shall not be construed as a duty.

 

(b)          The
Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required to be furnished
pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the
terms of ARTICLE II, the Diligence Files, any CREFC® reports and any information delivered for posting to the Certificate
Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine them to determine whether they
conform to the requirements of this Agreement. If any such instrument is found not to conform to the requirements of this Agreement
in a material manner, the Trustee or the Certificate Administrator shall notify the party providing such instrument and requesting
the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor, the Master
Servicer or the Special Servicer or another 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,

 

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method and place of conducting any proceeding for any remedy available to the Trustee or the
Certificate Administrator, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator, under
this Agreement (unless a higher percentage of Voting Rights is required for such action).

 

(d)          The
Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the Serviced
Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders under this Agreement
to the extent such reports relate to the related Serviced Companion Loan and upon the submission of an Investor Certification pursuant
to this Agreement.

 

Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. Except as
otherwise provided in Section 8.01:

 

(i)           The Trustee
and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any
resolution, direction of the Depositor, Officer’s Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order, Appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)          The
Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good
faith and in accordance therewith;

 

(iii)         Neither
the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested in it
by this Agreement or the Certificates or to make any investigation of matters arising hereunder or to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as applicable, security or indemnity reasonably satisfactory to it, against the costs, expenses and liabilities which may be incurred
therein or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers, unless repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is reasonably
assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of a Servicer
Termination Event which has not been cured, to exercise such of the rights and powers vested in it by this Agreement, and to use
the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs;

 

(iv)        Neither
the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good
faith and believed by it to

 

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be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)          Prior
to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events which may have
occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to more than 50% of the Voting
Rights; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate Administrator
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee or the Certificate Administrator, respectively, not reasonably assured to the Trustee or the Certificate Administrator
by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, respectively, may
require indemnity reasonably satisfactory to it from such requesting Holders against such expense or liability as a condition to
taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting Holders;

 

(vi)        The
Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys
shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder; provided, further,
that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person
that is a Prohibited Party;

 

(vii)        For
all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed to have
actual knowledge or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act, failure
or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act unless a Responsible
Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written notice of
any event, act, failure or breach, as applicable, which is in fact such a default is received by the Trustee or the Certificate
Administrator at the respective Corporate Trust Office, and such notice references the Certificates or this Agreement;

 

(viii)      Neither
the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the Special
Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall
only be responsible for its own actions as Master Servicer or Special Servicer) or of the Depositor, the Operating Advisor or the
Asset Representations Reviewer;

 

(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

 

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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;

 

(xi)         Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, 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 Wells Fargo Bank, 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;

 

(xii)       
Other than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee
or the Certificate Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind
whatsoever (including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(xiii)       In connection with any vote or any other exercise by Certificateholders of their rights hereunder, neither the
Trustee nor the Certificate Administrator is under any obligation to advise or consult with Certificateholders about the matter
that is the subject of such vote or exercise of rights other than process-related questions regarding the administration of any
vote; and

 

(xiv)       Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

Each of the Trustee and
the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities afforded to
it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including, without
limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section
8.03     Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates, other than the acknowledgments of the Trustee or the Certificate
Administrator in Sections 2.02 and 2.04 and the signature, if any, of the Certificate Registrar and
Authenticating Agent set forth on any outstanding Certificate, shall not be taken as the statements of the Trustee or the
Certificate Administrator, and the Trustee or the Certificate Administrator assume no responsibility for their correctness.
Neither the Trustee nor the

 

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Certificate Administrator makes any representations as to the validity or sufficiency of this
Agreement or of any Certificate (other than as to the signature, if any, of the Trustee or the Certificate Administrator set
forth thereon) or of any Mortgage Loan or related document. Neither the Trustee nor the Certificate Administrator shall be
accountable for the use or application by the Depositor of any of the Certificates issued to it or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Depositor in respect of the assignment of the Mortgage
Loans to the Trust, or any funds deposited in or withdrawn from the Collection Account or any other account by or on behalf
of the Depositor, the Master Servicer, the Special Servicer or in the case of the Trustee, the Certificate Administrator. The
Trustee and the Certificate Administrator shall not be responsible for and may rely upon the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor,
the Master Servicer or the Special Servicer and accepted by the Trustee or the Certificate Administrator, in good faith,
pursuant to this Agreement.

 

Section
8.04     Trustee or Certificate Administrator May Own Certificates. The Trustee or the Certificate Administrator, each in
its individual capacity, not as Trustee or Certificate Administrator, may become the owner or pledgee of Certificates, and
may deal with the Depositor, the Master Servicer, the Special Servicer or the Underwriters in banking transactions, with the
same rights it would have if it were not Trustee or the Certificate Administrator.

 

Section
8.05     Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee
and Certificate Administrator. (a) As compensation for the performance of its duties hereunder, the Certificate
Administrator will be paid the Certificate Administrator/Trustee Fee equal to the Certificate Administrator’s portion
of one month’s interest at the Certificate Administrator/Trustee Fee Rate, which shall cover recurring and otherwise
reasonably anticipated expenses of the Certificate Administrator. The Certificate Administrator/Trustee 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/Trustee Fee, which Certificate Administrator/Trustee Fee shall accrue from time to time at the
Certificate Administrator/Trustee Fee Rate and the Certificate Administrator/Trustee 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 be payable by the Certificate Administrator to the Trustee from the Certificate
Administrator/Trustee Fee and 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/Trustee 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/Trustee 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,

 

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representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, judgments and amounts paid in
settlement, and expenses incurred in becoming successor master servicer or successor special servicer, to the extent not otherwise
paid hereunder) arising out of, or incurred in connection with, any act or omission of the Trustee or the Certificate Administrator,
respectively, relating to the exercise and performance of any of the powers, rights and duties of the Trustee or the Certificate
Administrator, respectively (including in any capacities in which they serve, such as paying agent, REMIC Administrator, Authenticating
Agent, Custodian, Certificate Registrar, and 17g-5 Information Provider) hereunder; provided, however, that none
of the Trustee or the Certificate Administrator, nor any of the other above specified Persons shall be entitled to indemnification
pursuant to this Section 8.05(b) for (i) allocable overhead, (ii) expenses or disbursements incurred or made by or on behalf
of the Trustee or the Certificate Administrator, respectively, in the normal course of the Trustee or the Certificate Administrator,
respectively, performing its duties in accordance with any of the provisions hereof, which are not “unanticipated expenses
of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically
required to be borne thereby pursuant to the terms hereof or (iv) any loss, liability or expense incurred by reason of willful
misconduct, bad faith or negligence in the performance of the Trustee’s or the Certificate Administrator’s, respectively,
obligations and duties hereunder, or by reason of negligent disregard of such obligations or duties, or as may arise from a breach
of any representation or warranty of the Trustee specified in Section 8.12 or the Certificate Administrator specified in
Section 8.14, respectively, made herein. The provisions of this Section 8.05(b) shall survive the termination of
this Agreement and any resignation or removal of the Trustee or the Certificate Administrator, respectively, and appointment of
a successor thereto. The foregoing indemnity shall also apply to the Certificate Administrator in all of its capacities hereunder,
including Custodian, Certificate Registrar and Authenticating Agent.

 

(c)          The
Certificate Administrator shall indemnify and hold harmless the Depositor and Mortgage Loan Sellers from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by the Depositor, any Mortgage Loan Seller or its Affiliates that arise out of or are based upon (i) a breach by the Certificate
Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator is
required to make available information to a Privileged Person that is an NRSRO, of its obligations under this Agreement or (ii)
negligence, bad faith or willful misconduct on the part of the Certificate Administrator, in its capacity as 17g-5 Information
Provider or in any other capacity in which the Certificate Administrator is required to make available information to a Privileged
Person that is an NRSRO, in the performance of such obligations or its negligent disregard of its obligations and duties under
this Agreement.

 

Section
8.06     Eligibility Requirements for Trustee and Certificate Administrator. Each of the
Trustee and the Certificate Administrator hereunder shall at all times be, and will be required to resign if it fails to be,
(i) a corporation, national bank, national banking association or a trust company, organized and doing business under the
laws of any state or the United States of

 

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America, authorized under such laws to exercise corporate trust powers and to
accept the trust conferred under this Agreement, having a combined capital and surplus of at least $100,000,000 and subject
to supervision or examination by federal or state authority and in the case of the Trustee, shall not be an Affiliate of the
Master Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to,
the Master Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution
insured by the Federal Deposit Insurance Corporation, (iii) an institution whose long-term senior unsecured debt is rated at
least “A2” by Moody’s, “A-” by Fitch and, if rated by KBRA, a rating by KBRA equivalent to at
least an “A2” rating by Moody’s; provided that the Trustee
will not become ineligible to serve based on a failure to satisfy such rating requirements as long as (a) it maintains a
long-term unsecured debt rating of no less than “Baa2” by Moody’s and “A-” by
Fitch and, if rated by KBRA, a rating equivalent to at least a
“Baa2” rating by Moody’s, (b) its short-term debt obligations have a short-term rating of not less than
“P-2” from Moody’s and “F1” by Fitch and, if rated
by KBRA, a rating by KBRA equivalent to either of the foregoing and (c) the Master Servicer maintains a long-term
unsecured rating of at least “A2” by Moody’s and “A+” by
Fitch and, if rated by KBRA, a rating by KBRA equivalent to at least “A2” by Moody’s; provided, further,
that if any such institution is not rated by KBRA, it maintains an equivalent (or higher) rating by any two other NRSROs
(which may include Moody’s and/or Fitch) or such other rating with respect to which the Rating Agencies have provided a
Rating Agency Confirmation and (iv) an entity that is not a Prohibited Party.

 

If such corporation,
national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and
surplus of such corporation, national bank or national banking association shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. In the event the place of business from which the Certificate
Administrator administers the Trust REMICs or 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 or the Grantor Trust, as applicable, from a state and local jurisdiction that does
not impose such a tax.

 

Section
8.07     Resignation and Removal of the Trustee and Certificate Administrator. (a) The Trustee and the Certificate
Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the
Depositor, the Master Servicer, the Special Servicer and the Trustee or the Certificate Administrator, as applicable, the
Operating Advisor, the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders. The
Certificate Administrator shall post such notice to the Certificate Administrator’s Website in accordance with Section
3.13(b) and provide notice of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5
Information Provider, which shall promptly post such notice to the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c). Upon receiving such notice of resignation, the Depositor shall use its reasonable best efforts
to promptly appoint a successor trustee or successor certificate administrator acceptable to the Master Servicer and, prior
to the occurrence and continuance of a

 

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Control Termination Event, the Directing Certificateholder by written instrument, in
duplicate, which instrument shall be delivered to the resigning Trustee or Certificate Administrator and to the successor
trustee or certificate administrator. A copy of such instrument shall be delivered to the Master Servicer, the Special
Servicer, the Certificateholders and the Trustee or Certificate Administrator, as applicable, by the Depositor. If no
successor trustee or certificate administrator shall have been so appointed and have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as the case may be, may
petition any court of competent jurisdiction for the appointment of a successor. The Trustee or the Certificate
Administrator, as applicable, shall bear all reasonable out of pocket costs and expenses of each other party hereto and each
Rating Agency in connection with its resignation.

 

(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, at such removed party’s
cost, and appoint a successor trustee or certificate administrator acceptable to the Master Servicer, by written instrument, in
duplicate, which instrument shall be delivered to the Trustee or Certificate Administrator so removed and to the successor trustee
or certificate administrator in the case of the removal of the Trustee or Certificate Administrator. A copy of such instrument
shall be delivered to the Master Servicer, the Special Servicer and the Certificateholders by the Depositor. If no successor trustee
or certificate administrator shall have been so appointed and have accepted appointment within ninety (90) days after the giving
of such notice of removal, the removed Trustee or Certificate Administrator may petition any court of competent jurisdiction for
the appointment of a successor trustee or certificate administrator, as applicable, at the expense of the Trust.

 

(c)          The
Holders of Certificates entitled to at least 75% of the Voting Rights may, upon thirty (30) days’ prior written notice, with
or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate administrator
by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee or Certificate Administrator
so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders by the Master Servicer. In the event of any such termination without cause
pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable, shall be responsible
for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

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(d)          Any
resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate administrator
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment by
the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the Certificate Administrator shall
have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed with
respect to any related Companion Loan. Further, the resigning Trustee or Certificate Administrator, as the case may be, shall pay
all reasonable 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 Morgan Stanley Capital
I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 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 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 Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates,
Series 2016-UBS9 or in blank; provided, however, that, notwithstanding anything to the contrary herein, to the extent
any such endorsement of such Mortgage Note requires the signature of the related Mortgage Loan Seller in order to comply with the
foregoing, then the Master Servicer shall use reasonable efforts to cause the related Mortgage Loan Seller to execute such endorsement;
(c) if any other assignable Mortgage Loan document was not assigned to the outgoing trustee, the Custodian shall, upon its

 

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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 of the succession of such Trustee or Certificate Administrator, as applicable, to the
Depositor and the Certificateholders. If the Master Servicer fails to deliver such notice within ten (10) days after acceptance
of appointment by the successor trustee or successor certificate administrator, as applicable, such successor trustee or successor
certificate administrator shall cause such notice to be delivered at the expense of the Master Servicer.

 

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

 

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Certificate Administrator shall be the successor of the Trustee or the Certificate Administrator, as applicable, hereunder; provided
that, in the case of the Trustee, such successor person shall be eligible under the provisions of Section 8.06,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. The Certificate Administrator shall post such notice to the Certificate Administrator’s
Website in accordance with Section 3.13(b) and shall provide notice of such event to the Master Servicer, the Special
Servicer, the Depositor and the 17g-5 Information Provider, which shall post such notice to the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c).

 

Section
8.10     Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding any other
provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of
the Trust Fund or property securing the same may at the time be located, the Master Servicer and the Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to
act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of
the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such
appointment within fifteen (15) days after the receipt by it of a request to do so, or in case a Servicer Termination Event
shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section
8.06 hereunder and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
be required under Section 8.08 hereof. All co-trustee fees shall be payable out of the Trust Fund.

 

(b)          In
the case of any appointment of a co-trustee or separate trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer or the Special Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate trustee or co-trustee at the direction of the Trustee.

 

(c)          Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then-separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this ARTICLE VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including
every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee.

 

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(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, as of the Closing Date, that:

 

(i)          The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America;

 

(ii)        The
execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement by
the Trustee, will not violate the Trustee’s charter and by-laws or constitute a default (or an event which, with notice or
lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument
to which it is a party or which is applicable to it or any of its assets;

 

(iii)       The
Trustee has the full power and authority to enter into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

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(iv)        This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law;

 

(v)          The
Trustee is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the terms
of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation
or demand of any federal, state or local governmental or regulatory authority, which violation, in the Trustee’s good faith
and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement;

 

(vi)         No
litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit the
Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially
and adversely affect the ability of the Trustee to perform its obligations under this Agreement; and

 

(vii)        No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Trustee, or compliance by the Trustee with, this Agreement or the consummation of the transactions contemplated
by this Agreement, except for any consent, approval, authorization or order which has not been obtained or cannot be obtained prior
to the actual performance by the Trustee of its obligations under this Agreement, and which, if not obtained would not have a materially
adverse effect on the ability of the Trustee to perform its obligations hereunder.

 

Section
8.13     Provision of Information to Certificate Administrator, Master Servicer and Special Servicer. The Master Servicer
shall promptly, upon request, provide the Special Servicer and the Certificate Administrator with notice of any change in the
identity and/or contact information of any Serviced Companion Noteholder (to the extent it receives written notice of such
change). The Certificate Administrator, Master Servicer and Special Servicer may each conclusively rely on the information
provided to them regarding identity and/or contact information regarding any Serviced Companion Noteholder, and the
Certificate Administrator, Master Servicer and Special Servicer, as applicable, shall have no liability for notices not sent
to the correct Serviced Companion Noteholders or any obligation to determine the identity and/or contact information of the
Serviced Companion Noteholders to the extent updated or correct information regarding the holders of any of the Serviced
Companion Noteholders or the most recent identity and/or contact information regarding any of the Serviced Companion
Noteholders has not been provided to the Certificate Administrator, Master Servicer or Special Servicer, as applicable.

 

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Section
8.14     Representations and Warranties of the Certificate Administrator. The Certificate Administrator hereby represents
and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, each Serviced Companion Noteholder, and the Trustee, for the benefit of the Certificateholders, as of the Closing
Date, that:

 

(i)          The
Certificate Administrator is a national banking association duly organized under the laws of the United States of America, duly
organized, validly existing and in good standing under the laws thereof;

 

(ii)          The
execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the terms of
this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws or
constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in
the breach of, any material agreement or other instrument to which it is a party or which is applicable to it or any of its assets;

 

(iii)       
 The Certificate Administrator has the full power and authority to enter into and consummate all transactions contemplated by
this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and
delivered this Agreement;

 

(iv)         This
Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance with the terms
hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of
creditors’ rights generally and the rights of creditors of national banking associations specifically and (b) general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          The
Certificate Administrator is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any
order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Certificate
Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either the ability of the
Certificate Administrator to perform its obligations under this Agreement or the financial condition of the Certificate Administrator;

 

(vi)         No
litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate Administrator
which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator; and

 

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(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Certificate Administrator, or compliance by the Certificate Administrator with, this Agreement or the consummation
of the transactions contemplated by this Agreement, except for any consent, approval, authorization or order which has not been
obtained or cannot be obtained prior to the actual performance by the Certificate Administrator of its obligations under this Agreement,
and which, if not obtained would not have a materially adverse effect on the ability of the Certificate Administrator to perform
its obligations hereunder.

 

Section
8.15     Compliance with the PATRIOT Act. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to
the funding of terrorist activities and money laundering (“Applicable Laws”), each of the Trustee, the
Certificate Administrator, the Special Servicer and the Master Servicer is required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Trustee, the Certificate
Administrator, the Special Servicer or the Master Servicer, as applicable, arising out of the Trust or this Agreement.
Accordingly, each of the parties to this Agreement agrees to provide to the Trustee, the Certificate Administrator, the
Special Servicer and the Master Servicer, upon its respective reasonable request from time to time such identifying
information and documentation as may be available for such party in order to enable the Trustee, the Certificate
Administrator, the Special Servicer and the Master Servicer to comply with Applicable Laws.

 

ARTICLE
IX

TERMINATION

 

Section
9.01     Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject to this Section
9.01 and Section 9.02, the Trust and the respective obligations and responsibilities under this Agreement of the
Certificate Administrator (other than the obligations of the Certificate Administrator to provide for and make payments to
Certificateholders as hereafter set forth), the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer and the Trustee, shall terminate upon payment (or provision for payment) to the
Certificateholders of all amounts held by the Certificate Administrator and required hereunder to be so paid on the
Distribution Date following the earlier to occur of (i) the final payment (or related Advance) or other liquidation of the
last Mortgage Loan and REO Property (as applicable) subject hereto, (ii) the purchase or other liquidation by the Holders of
the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates,
in that order of priority, of all the Mortgage Loans and the Trust’s portion of each REO Property remaining in the
Trust Fund at a price equal to (a) the sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO
Loans) included in the Trust Fund, (2) the Appraised Value of the Trust’s portion of each REO Property, if any,
included in the Trust Fund (such Appraisals in clause (a)(2) to be conducted by an Independent MAI-designated
appraiser selected by the Special Servicer and approved by the Master Servicer and the Controlling Class), (3) the reasonable
out-of-pocket expenses of the Master Servicer and the Special Servicer with respect

 

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to such termination, unless the Master
Servicer or the Special Servicer, as applicable, is the purchaser of such Mortgage Loans and (4) if a Mortgaged Property
secures a Non-Serviced Mortgage Loan and is an “REO property” under the terms of the related Non-Serviced PSA,
the pro rata portion of the fair market value of the related Mortgaged Property, as determined by the related
Non-Serviced Master Servicer in accordance with clauses (2) and (3) above, minus (b) solely in the case
where the Master Servicer is exercising such purchase right, the aggregate amount of unreimbursed Advances, together with any
interest accrued and payable to the Master Servicer in respect of such Advances in accordance with Sections 3.03(d)
and 4.03(d) and any unpaid Servicing Fees, remaining outstanding and payable solely to the Master Servicer (which
items shall be deemed to have been paid or reimbursed to the Master Servicer in connection with such purchase) or (iii) so
long as the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are
no longer outstanding, the voluntary exchange by the Sole Certificateholder of all the outstanding Certificates (other than
the Class V and Class R Certificates) for the remaining Mortgage Loans and REO Properties in the Trust Fund pursuant to the
terms of the immediately succeeding paragraph; provided, however, that in no event shall the trust created
hereby continue beyond the expiration of twenty-one (21) years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date hereof.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right, to exchange all
of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining
in the Trust Fund as contemplated by clause (iii) of the first paragraph of this Section 9.01 by giving written notice
to all the parties hereto no later than sixty (60) days prior to the anticipated date of exchange. In the event that the Sole Certificateholder
elects to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans and
the Trust’s portion of each REO Property remaining in the Trust in accordance with the preceding sentence, such Sole Certificateholder,
not later than the Distribution Date on which the final distribution on the Certificates is to occur, shall deposit in the Collection
Account an amount in immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer, the
Special Servicer, the Trustee and the Certificate Administrator hereunder through the date of the liquidation of the Trust that
may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties hereto, pursuant to Section
3.05(a) or that may be withdrawn from the Distribution Account pursuant to Section 3.05(a), but only to the extent that
such amounts are not already on deposit in the Collection Account. In addition, the Master Servicer shall transfer all amounts
required to be transferred to the Lower-Tier REMIC Distribution Account and Excess Interest Distribution Account on the P&I
Advance Date related to such Distribution Date in which the final distribution on the Certificates is to occur from the Collection
Account pursuant to the first paragraph of Section 3.04(b) (provided, however, that if a Serviced Whole Loan
is secured by REO Property, the portion of the above-described purchase price allocable to such Trust’s portion of REO Property
shall initially be deposited into the related REO Account). Upon confirmation that such final deposits have been made and following
the surrender of all its Certificates (other than the Class V and Class R Certificates) on the applicable Distribution Date, the
Custodian shall, upon receipt of a Request for Release from

 

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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 Serviced Companion Loan to the extent (i) its related Serviced Pari
Passu Mortgage Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts payable by the related Companion
Holder to or for the benefit of the Trust or any party hereto in accordance with the related Intercreditor Agreement remain due
and owing.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates, in that order of
priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies
in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of the first paragraph of this Section 9.01 by giving written notice to the Trustee, the Certificate
Administrator, and the other parties hereto no later than sixty (60) days prior to the anticipated date of purchase; provided,
however, that the Holders of the Controlling Class, the Special Servicer, the Master Servicer, or the Holders of the Class
R Certificates may so elect to purchase all of the Mortgage Loans and the Trust’s portion of each REO Property remaining
in the Trust Fund only on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage
Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Balance of the Mortgage
Loans (excluding the Mortgage Loan identified as “Gateway Plaza” on the Mortgage Loan Schedule from the then-aggregate
Stated Principal Balance of the pool of Mortgage Loans and from the Initial Pool Balance) as set forth in the Preliminary Statement.
This purchase shall terminate the Trust and retire the then-outstanding Certificates. In the event that the Master Servicer or
the Special Servicer purchases, or the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates
purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund in accordance
with the preceding sentence, the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or
the Holders of the Class R Certificates, as applicable, shall deposit in the Lower-Tier REMIC Distribution Account not later than
the P&I Advance Date relating to the Distribution Date on which the final distribution on the Certificates is to occur, an
amount in immediately available funds equal to the above-described purchase price (exclusive of any portion thereof payable to
any Person other than the Certificateholders pursuant to Section 3.05(a), which portion shall be deposited in the Collection
Account). In addition, the Master Servicer shall transfer to the Lower-Tier REMIC Distribution Account all amounts required to
be transferred thereto on such P&I Advance Date from the Collection Account pursuant to the first

 

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paragraph of Section 3.04(b),
together with any other amounts on deposit in the Collection Account that would otherwise be held for future distribution. Upon
confirmation that such final deposits and payments have been made, the Custodian shall release or cause to be released to the Master
Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates,
as applicable, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments
furnished to it by the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or the Holders
of the Class R Certificates, as applicable, as shall be necessary to effectuate transfer of the Mortgage Loans is an asset of the
Trust) and REO Properties remaining in the Trust Fund.

 

For purposes of this
Section 9.01, the Holders of the majority of the Controlling Class shall have the first option to terminate the Upper-Tier
REMIC and Lower-Tier REMIC, then the Special Servicer, then the Master Servicer, and then the Holders of the Class R Certificates.
For purposes of this Section 9.01, the Directing Certificateholder with the consent of the Holders of the Controlling Class,
shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust and terminating the Trust.

 

Notice of any termination
pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter to the Certificateholders,
each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions of Section 3.13(c)
(who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section 9.01, to the other parties
hereto mailed (a) in the event such notice is given in connection with the purchase of all of the Mortgage Loans is an asset of
the Trust) and each REO Property remaining in the Trust Fund, not earlier than the 15th day and not later than the 25th day of
the month next preceding the month of the final distribution on the Certificates, or (b) otherwise during the month of such final
distribution on or before the P&I Advance Determination Date in such month, in each case specifying (i) the Distribution Date
upon which the Trust will terminate and final payment of the Certificates will be made, (ii) the amount of any such final payment
and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the offices of the Certificate Registrar or such other location therein designated.

 

After transferring the
Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable to the Regular
Certificates pursuant to Section 4.01(e) to the Upper-Tier REMIC Distribution Account, in each case pursuant to Section
3.04(b) and upon presentation and surrender of the Certificates by the Certificateholders on the final Distribution Date, the
Certificate Administrator shall distribute to each Certificateholder so presenting and surrendering its Certificates (i) such Certificateholder’s
Percentage Interest of that portion of the amounts then on deposit in the Upper-Tier REMIC Distribution Account that are allocable
to payments on the Class of Certificates so presented, (ii) to Holders of the Class V Certificates so presented, any amounts remaining
on deposit in the Excess Interest Distribution Account, and (iii) any remaining amount shall be distributed to the Class R Certificates
in respect of the Class LR Interest or the Class UR Interest, as applicable. Amounts transferred from the Lower-Tier REMIC Distribution
Account to the Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall be distributed in termination 

 

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and
liquidation of the Lower-Tier Regular Interests and the Class LR Interest in accordance with Sections 4.01(a), 4.01(c),
4.01(e) and 4.01(f). Any funds not distributed on such Distribution Date shall be set aside and held uninvested in
trust for the benefit of the Certificateholders not presenting and surrendering their Certificates in the aforesaid manner and
shall be disposed of in accordance with this Section 9.01 and Section 4.01(h).

 

Section
9.02     Additional Termination Requirements. (a) In the event the Master Servicer or the Special Servicer purchases, or
the Holders of the Controlling Class or the Holders of the Class R Certificates purchase, all of the Mortgage Loans and the
Trust’s portion of each REO Property remaining in the Trust Fund as provided in Section 9.01, the Upper-Tier
REMIC and Lower-Tier REMIC, as applicable, shall be terminated in accordance with the following additional requirements,
which meet the definition of a “qualified liquidation” in Section 860F(a)(4) of the Code:

 

(i)          the
Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the date of mailing
of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’ final Tax Returns
pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)         during
the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates, the Certificate
Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs to the Master Servicer, the Special
Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates, as applicable, for cash; and

 

(iii)        within
such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular Interests and
the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed or credited, to the Holders
of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC) and in respect of the Class
UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained to meet claims), and the Trust (if
applicable) or the related Trust REMIC(s) shall terminate at that time.

 

ARTICLE
X

ADDITIONAL REMIC PROVISIONS

 

Section
10.01     REMIC Administration. (a) The Certificate Administrator shall make elections or cause elections to be made to
treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax Law. Each such
election will be made on Form 1066 or other appropriate federal tax return for the taxable year ending on the last day of the
calendar year in which the Lower-Tier Regular Interests and the Certificates are issued. For the purposes of the REMIC
election in respect of the Upper-Tier REMIC, each Class of the Regular Certificates shall be designated as the “regular
interests” and the Class UR Interest shall be designated as the sole class of “residual interests” in the
Upper-Tier REMIC. For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular
Interests shall be designated as a class of “regular interests” and the Class LR

 

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Interest shall be designated as
the sole class of “residual interests” in the Lower-Tier REMIC. None of the Special Servicer, the Master Servicer
or the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in
any Trust REMIC other than the foregoing interests.

 

(b)          The
Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust REMIC within
the meaning of Section 860G(a)(9) of the Code.

 

(c)          The
Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving either
such REMIC and shall represent each such REMIC in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’ or
accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in the Collection Account as provided by Section 3.05(a) unless such legal expenses and
costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence.

 

(d)          By
acceptance thereof, (i) the Holders of the Class R Certificates hereby agree to the irrevocable designation of the Certificate
Administrator as the “representative” of each Trust REMIC within the meaning of Section 6223 of the Code, to the extent
such provision is applicable to the Trust REMICs and (ii) the Holder of the largest Percentage Interest in the Class R Certificates
hereby agrees to the irrevocable appointment of the Certificate Administrator as its agent to perform all of the duties of the
“tax matters person” for the Trust REMICs.

 

(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.

 

(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 such information
or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount
and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service on Form 8811, within
thirty (30) days after the Closing Date, the name, title, address and telephone number of the “tax matters person”
who will serve as the representative of each of the Trust REMICs created hereunder.

 

(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

 

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scope of its duties more specifically set forth herein as shall be necessary to maintain
the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate Administrator
to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the Special Servicer
shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail to cause to be taken)
any action reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions,
if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) result in the
imposition of a tax upon any Trust REMIC or the Trust (including but not limited to the tax on “prohibited transactions”
as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code,
but not including the tax on “net income from foreclosure property”) (either such event, an “Adverse REMIC
Event”) unless the Certificate Administrator receives an Opinion of Counsel (at the expense of the party seeking to take
such action or, if such party fails to pay such expense, and the Certificate Administrator determines that taking such action is
in the best interest of the Trust and the Certificateholders, at the expense of the Trust, but in no event at the expense of the
Certificate Administrator or the Trustee) to the effect that the contemplated action will not, with respect to the Trust, any Trust
REMIC created hereunder, endanger such status or, unless the Certificate Administrator determines in its sole discretion to indemnify
the Trust against such tax, result in the imposition of such a tax (not including a tax on “net income from foreclosure property”).
The Trustee shall not take or fail to take any action (whether or not authorized hereunder) as to which the Certificate Administrator
has advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. The Certificate Administrator may consult with counsel to make such written advice, and the cost of same
shall be borne by the 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 any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the Holders
of the Certificates, except as provided in the last sentence of this Section 10.01(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 any
Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at the expense of the Trust
(other than as a consequence of a breach of its obligations under this Agreement), any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such

 

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proceedings). The Certificate Administrator is
hereby authorized to and shall segregate, into a separate non-interest bearing account, the net income from any “prohibited
transaction” under Section 860F(a) of the Code or the amount of any taxable contribution to any Trust REMIC after the Startup
Day that is subject to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such
prohibited transactions tax. To the extent that any such tax (other than any such tax paid in respect of “net income from
foreclosure property”) is paid to the Internal Revenue Service or applicable state or local tax authorities, the Certificate
Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders of Class R Certificates (as
applicable) and shall distribute such retained amounts, (x) in the case of the Lower-Tier Regular Interests, to the Upper-Tier
REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom and then to the Holders of the Class R
Certificates in respect of the Class LR Interest in the manner specified in Section 4.01(c) and (y) in the case of the Upper-Tier
REMIC, to the Holders of the Principal Balance Certificates in the manner specified in Section 4.01(a), to the extent they
are fully reimbursed for any Realized Losses arising therefrom and then to the Holders of the Class R Certificates in respect of
the Class UR Interest. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be
responsible for any taxes imposed on any Trust REMIC except to the extent such taxes arise as a consequence of a breach of their
respective obligations under this Agreement which breach constitutes willful misconduct, bad faith, or negligence by such party.

 

(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 any Trust REMIC
unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense of the party seeking
to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause an Adverse REMIC
Event.

 

(k)          Neither
the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC will receive
a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets other than “qualified
mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as defined in Section 860G(a)(5)
of the Code.

 

(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

 

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the Trust pursuant to ARTICLE IX of this
Agreement or (iv) a purchase of Mortgage Loans pursuant to ARTICLE II or ARTICLE III of this Agreement) or acquire
any assets for the Trust or any Trust REMIC or sell or dispose of any investments in the Collection Account or the REO Account
for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will not (a) affect adversely
the status of any Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, as applicable, has determined in its sole discretion to indemnify the Trust against such tax, cause the Trust or any
Trust REMIC to be subject to a tax on “prohibited transactions” pursuant to the REMIC Provisions.

 

(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 Class R
Certificateholder, past or present. Each Class R Certificateholder agrees, by acquiring such Certificate, to any such elections.

 

Section
10.02     Use of Agents. (a) The Trustee shall execute all of its obligations and duties under this ARTICLE X
through its Corporate Trust Office. The Trustee may execute any of its obligations and duties under this ARTICLE X
either directly or by or through agents or attorneys. The Trustee shall not be relieved of any of its duties or obligations
under this ARTICLE X by virtue of the appointment of any such agents or attorneys.

 

(b)          The
Certificate Administrator may execute any of its obligations and duties under this ARTICLE X either directly or by or through
agents or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations under this ARTICLE
X by virtue of the appointment of any such agents or attorneys.

 

Section
10.03     Depositor, Master Servicer and Special Servicer to Cooperate with Certificate
Administrator. (a) The Depositor shall provide or cause to be provided to the Certificate Administrator within ten (10)
days after the Depositor receives a request from the Certificate Administrator, all information or data that the Certificate
Administrator reasonably determines to be relevant for tax purposes as to the valuations and issue prices of the
Certificates, including, without limitation, the price, yield, Prepayment Assumptions and projected cash flow of the
Certificates.

 

(b)          The
Master Servicer and the Special Servicer shall each furnish such reports, certifications and information, and upon reasonable notice
and during normal business hours, access to such books and records maintained thereby, as may relate to the Certificates or the
Trust and as shall be reasonably requested by the Certificate Administrator in order to enable it to perform its duties hereunder.

 

Section
10.04     Appointment of REMIC Administrators. (a) The Certificate Administrator may appoint at the Certificate
Administrator’s expense, one or more REMIC Administrators, which shall be authorized to act on behalf of the
Certificate Administrator in

 

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performing the functions set forth in Section 10.01 herein. The Certificate Administrator
shall cause any such REMIC Administrator to execute and deliver to the Certificate Administrator an instrument in which REMIC
Administrator shall agree to act in such capacity, with the obligations and responsibilities herein. The appointment of a
REMIC Administrator shall not relieve the Certificate Administrator from any of its obligations hereunder, and the
Certificate Administrator shall remain responsible and liable for all acts and omissions of the REMIC Administrator. Each
REMIC Administrator must be acceptable to the Certificate Administrator and must be organized and doing business under the
laws of the United States of America or of any State and be subject to supervision or examination by federal or state
authorities. In the absence of any other Person appointed in accordance herewith acting as REMIC Administrator, the
Certificate Administrator hereby agrees to act in such capacity in accordance with the terms hereof. If Wells Fargo
Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be
terminated as REMIC Administrator.

 

(b)          Any
Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding to the
corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution or filing
of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)          Any
REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of resignation to
the Trustee, the Certificate Registrar, the Certificate Administrator, the Master Servicer, the Special Servicer and the Depositor.
The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by giving written notice of termination
to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor. Upon receiving a notice of resignation
or upon such a termination, or in case at any time any REMIC Administrator shall cease to be eligible in accordance with the provisions
of this Section 10.04, the Certificate Administrator may appoint a successor REMIC Administrator, in which case the Certificate
Administrator shall give written notice of such appointment to the Master Servicer, the Trustee and the Depositor and shall mail
notice of such appointment to all Certificateholders; provided, however, that no successor REMIC Administrator shall
be appointed unless eligible under the provisions of this Section 10.04. Any successor REMIC Administrator upon acceptance
of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder,
with like effect as if originally named as REMIC Administrator. No REMIC Administrator shall have responsibility or liability for
any action taken by it as such at the direction of the Certificate Administrator.

 

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

 

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a Serviced Companion Loan) with the provisions of Regulation AB and the related rules and regulations of the
Commission. The Depositor shall not exercise its rights to request delivery of information or other performance under these
provisions other than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange
Act, the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder. The parties hereto
acknowledge that interpretations of the requirements of Regulation AB may change over time, due to interpretive guidance
provided by the Commission or its staff, and agree to comply with requests made by the Depositor (or any Other Depositor or
Other Trustee of any Other Securitization that includes a Serviced Companion Loan) in good faith for delivery of information
under these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations
require compliance and are not “grandfathered”). In connection with the Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, 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 to
satisfy any related filing requirements. For purposes of this ARTICLE XI, to the extent any party has an obligation to
exercise commercially reasonable efforts to cause a third party to perform, such party hereunder shall not be required to
bring any legal action against such third party in connection with such obligation.

 

Section
11.02     Succession; Subcontractors. (a) As a condition to the succession to the Master Servicer and Special Servicer or
to any Sub-Servicer (but only if such Sub-Servicer is a Servicing Function Participant and a servicer as contemplated by Item
1108(a)(2)) as servicer or sub-servicer or succession to the Certificate Administrator under this Agreement by any Person (i)
into which the Master Servicer and Special Servicer, such Sub Servicer or Certificate Administrator may be merged or
consolidated, or (ii) which may be appointed as a successor to the Master Servicer and Special Servicer or to any such
Sub-Servicer or Certificate Administrator, the person removing and replacing the Master Servicer and Special Servicer or
Certificate Administrator shall provide to the Depositor, the Master Servicer and Special Servicer and the Certificate
Administrator, as applicable, at least fifteen (15) calendar days prior

 

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to the effective date of such succession or
appointment (or such shorter period as is agreed to by the Depositor), (x) written notice to the Depositor of such succession
or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information
relating to such successor reasonably requested by the Depositor in order to comply with its reporting obligation under Item
6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under the
Exchange Act); provided, however that if disclosing such information prior to such effective date would violate
any applicable law or confidentiality agreement, the Master Servicer, the Special Servicer, any Additional Servicer or the
Certificate Administrator, as the case may be, shall submit such disclosure to the Depositor no later than the first Business
Day after the effective date of such succession or appointment.

 

(b)          Each
of the Master Servicer, the Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
(each of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator and each
Sub-Servicer, for purposes of this Section 11.02, a “Servicer”) is permitted to utilize one or more Subcontractors
to perform certain of its obligations hereunder. If such Subcontractor will be a Servicing Function Participant, such Servicer
shall promptly upon written request provide to the Depositor or any Mortgage Loan Seller (and, subject to the reimbursement of
any applicable expenses under Section 11.15, any Other Trustee, Other Certificate Administrator and Other Depositor related
to any Other Securitization that includes a related Serviced Companion Loan) a written description (in form and substance satisfactory
to the Depositor, such Mortgage Loan Seller or such Other Trustee, Other Certificate Administrator or Other Depositor, as applicable)
of the role and function of each Subcontractor utilized by such Servicer, specifying (i) the identity of such Subcontractor and
(ii) the elements of the Servicing Criteria that will be addressed in assessments of compliance provided by each such Subcontractor.
As a condition to the utilization by such Servicer of any Subcontractor determined to be a Servicing Function Participant, such
Servicer shall (i) with respect to any such Subcontractor engaged by such Servicer that is an Initial Sub-Servicer, use commercially
reasonable efforts to cause, and (ii) with respect to any other subcontractor with which it has entered into a servicing relationship,
cause such Subcontractor used by such Servicer for the benefit of the Depositor and the Trustee (and, subject to the reimbursement
of any applicable expenses under Section 11.15, any Other Trustee, Other Certificate Administrator and Other Depositor related
to any Other Securitization that includes a related Serviced Companion Loan) to comply with the provisions of Section 11.10
and Section 11.11 of this Agreement to the same extent as if such Subcontractor were such Servicer. With respect to any
Servicing Function Participant engaged by such Servicer that is an Initial Sub-Servicer, such Servicer shall be responsible for
using commercially reasonable efforts to obtain, and with respect to each other Servicing Function Participant engaged by such
Servicer, such Servicer shall obtain from each such Servicing Function Participant and deliver to the applicable Persons any assessment
of compliance report and related accountant’s attestation required to be delivered by such Subcontractor under Section
11.10 and Section 11.11, in each case, as and when required to be delivered. For the avoidance of doubt, the Custodian
shall not be permitted to utilize any Subcontractor to perform any of its obligations hereunder.

 

(c)          Notwithstanding
the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer in connection with the performance of
any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and whether any such

 

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Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii)
or (iii) of Regulation AB. If a Servicer determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB,
then such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, the engagement of such Sub-Servicer
shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator of any such Sub-Servicer
and Sub-Servicing Agreement. Other than with respect to the Initial Sub-Servicer, no Sub-Servicing Agreement shall be effective
until fifteen (15) days after such written notice is received by the Depositor and the Certificate Administrator (or such shorter
period as is agreed to by the Depositor). Such notice shall contain all information reasonably necessary to enable the Certificate
Administrator to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports
under the Exchange Act are required to be filed under the Exchange Act).

 

(d)          In
connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may be merged or consolidated,
or (ii) which may be appointed as a successor to the Trustee, the Trustee shall deliver written notice to the Depositor, the Certificate
Administrator and the 17g-5 Information Provider, which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar days prior to the effective date of such
succession or appointment (or if such prior notice is violative of applicable law or any applicable confidentiality agreement,
no later than one (1) Business Day after such effective date of succession) and shall furnish to the Depositor and the Certificate
Administrator, in writing and in form and substance reasonably satisfactory to the Depositor and the Certificate Administrator,
all information reasonably necessary for the Certificate Administrator to accurately and timely report, pursuant to Section
11.07, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required
to be filed under the Exchange Act).

 

(e)          Notwithstanding
anything to the contrary contained in this ARTICLE XI, in connection with any Sub-Servicer and/or any Mortgage Loan that
is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation AB, the Master Servicer
shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer to comply with its obligations
under such Initial Sub-Servicing Agreement.

 

(f)          Any
information furnished pursuant to this Section 11.02 shall also be provided, and subject to the reimbursement of any applicable
expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the extent the information
relates to a party that services, specially services or is trustee for a Serviced Companion Loan) in the same time frame as set
forth in this Section 11.02.

 

Section
11.03     Filing Obligations. (a) The Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection with
the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04, 11.05, 11.06
and 11.07 of this Agreement, the Certificate Administrator shall prepare for execution by the Depositor any Forms
8-K, 10-D and 10-K required by the Exchange Act, in order to permit the timely filing thereof, and the Certificate
Administrator shall file (via

 

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the Commission’s Electronic Data Gathering, Analysis and Retrieval
(“EDGAR”) System) such Forms executed by the Depositor.

 

Each party hereto shall
be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of any “sponsor”,
credit enhancer, derivative provider or “significant obligor” as of the Closing Date other than with respect to itself
or any information required to be provided by it or indemnified for by it pursuant to any separate agreement.

 

(b)          In
the event that the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form
8-K, 10-D or 10-K required to be filed by this Agreement because required disclosure information was either not delivered to it
or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator will promptly notify
the Depositor. In the case of Forms 10-D and 10-K, the Depositor, the Master Servicer, the Certificate Administrator, the Operating
Advisor and the Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A or Form 10-K/A, as applicable,
pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will, upon receipt of all required
Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information on the
next succeeding Form 10-D to be filed for the Trust. In the event that any previously filed Form 8-K, Form 10-D or Form 10-K needs
to be amended, the Certificate Administrator will notify the Depositor, and such other parties as needed and the parties hereto
will cooperate with the Certificate Administrator to prepare any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form 15,
Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by an officer of the Depositor. The parties to
this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.03
related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is
contingent upon the parties observing all applicable deadlines in the performance of their duties under Sections 11.03,
11.04, 11.05, 11.06, 11.07, 11.08, 11.09, 11.10, 11.11 and 11.15
of this Agreement. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare, arrange for execution and/or timely file any such Form 15, Form 12b-25 or any
amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s inability
or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for execution
or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

 

Section
11.04     Form 10-D Filings. (a) Within fifteen (15) days after each Distribution Date (subject to permitted extensions
under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D required
by the Exchange Act, in form and substance as required by the Exchange Act. The Certificate Administrator shall file each
Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any disclosure in addition to the
Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D
Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit BB
to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have
no

 

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duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, absent such
reporting, direction and approval.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto, within five (5) calendar
days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit BB hereto shall be
required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant,
with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be,
has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator,
the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure, if applicable; provided
that information relating to any REO Account to be reported under “Item 8: Other Information” on Exhibit BB
shall be reported by the Special Servicer to the Master Servicer within four (4) calendar days after the related Distribution Date
on Exhibit MM; (ii) the parties listed on Exhibit BB hereto shall include with such Additional Form 10-D Disclosure,
an Additional Disclosure Notification in the form attached hereto as Exhibit EE (except with respect to the reporting of
REO Account balances which shall be delivered in the form of Exhibit MM hereto) and (iii) the Depositor shall approve, as
to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. Information
delivered to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com
(or such other e-mail address as the Certificate Administrator may instruct) or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications.
Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance by
the parties listed on Exhibit BB of their duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-D Disclosure information. The Depositor will be responsible for any reasonable expenses incurred by the
Trustee or Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to
this paragraph.

 

The Certificate Administrator
shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a) of the Exchange Act concerning all assets
of the Trust that were subject of a demand for the repurchase of, or the substitution of a Qualified Substitute Mortgage Loan for,
a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference to the most recent Form ABS-15G filed by the Depositor
and the Mortgage Loan Sellers, if applicable, and the SEC’s assigned “Central Index Key” for each such filer
and (iii) to the extent such information is provided to the Certificate Administrator by the Master Servicer in the form of Exhibit
MM hereto for inclusion therein within the time period described in this Section 11.04, the balances of the REO Account
(to the extent the related information has been received from the Special Servicer within the time period specified in this Section
11.04) and the Collection Account as of the related Distribution Date and as of the immediately preceding Distribution Date
and (iv) the balances of the Distribution Accounts, the Gain-on-Sale Reserve Account and the Interest Reserve Account, in each
case as of the related Distribution Date and as of the immediately preceding Distribution Date. The Depositor and the Mortgage
Loan Sellers, in accordance with Section 5(f) of the applicable Mortgage Loan Purchase Agreement, shall deliver such information
as described in clause (i) and clause (ii) of this paragraph.

 

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Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety (90) days.”
The Depositor hereby represents to the Certificate Administrator that the Depositor has filed all such required reports during
the preceding twelve (12) months and that it has been subject to such filing requirement for the past ninety (90) days. The Depositor
shall notify the Certificate Administrator in writing, no later than the 5th calendar day after the related Distribution Date with
respect to the filing of a report on Form 10-D if the answer to the questions should be “no.” The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any such report.

 

With respect to any Mortgage
Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall include as part of any applicable
Form 10-D filed by it (to the extent it receives such information from the applicable Servicer) the identity of such Mortgage Loan
and, to the extent such information is received by the Certificate Administrator from the Master Servicer or the Special Servicer,
as applicable, substantially in the form of Exhibit KK (A) the amount of any such Additional Debt or mezzanine debt, as
applicable, that is incurred during the related Collection Period, (B) the total debt service coverage ratio calculated on the
basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable, and (C) the aggregate LTV Ratio calculated
on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable.

 

The Depositor
hereby directs the Certificate Administrator to include the following individual’s name and phone number on the cover
of Form 10-D for each reporting period: Name: Jane Lam, Telephone: 212 761-4000. 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.

 

(b)          To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include on
the Form 10-D relating to the reporting period in which such request was received (a “Special Notice”) disclosure
regarding the request to communicate, and such disclosure is required to include the following and no more than the following:
(a) the name of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a statement
to the effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate
Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise
of rights under this

 

    	-382-

    	 

    

 

Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to
contact the requesting Certificateholder or Certificate Owner. 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].

 

(c)          After
preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for
review no later than ten (10) calendar days after the related Distribution Date or, if the 10th calendar day after the related
Distribution Date is not a Business Day, the immediately preceding Business Day. Within two (2) Business Days after receipt of
such copy, but no later than the two (2) Business Days prior to the 15th calendar day after the Distribution Date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D and, a duly authorized officer of the Depositor shall sign the Form 10-D and return an electronic or fax copy of
such signed Form 10-D (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Alternatively,
if the Certificate Administrator agrees in its sole discretion, the Depositor may deliver to the Certificate Administrator manually
signed copies of a power of attorney meeting the requirements of Item 601(b)(24) of Regulation S-K under the Securities Act, and
certified copies of a resolution of the Depositor’s board of directors authorizing such power of attorney, each to be filed
with each Form 10-D, in which case the Certificate Administrator shall sign such Forms 10-D as attorney in fact for the Depositor.
If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator will
follow the procedures set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator
will make available on its Internet website a final executed copy of each Form 10-D filed by the Certificate Administrator. The
signing party at the Depositor can be contacted at the address identified in Section 13.05. 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 10-D is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this 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, where such failure results from the Certificate Administrator’s inability or failure to
receive, on a timely basis, any information from any party to this Agreement needed to prepare, arrange for execution or file such
Form 10-D, not resulting from its own negligence, bad faith or willful misconduct.

 

    	-383-

    	 

    

 

(d)          Any
notice and/or information furnished pursuant to this Section 11.04 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee
or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.04.

 

Section 11.05     Form
10-K Filings.   (a) Within ninety (90) days after the end of each fiscal year of the Trust (it being understood that the fiscal
year for the Trust ends on December 31 of each year) or such earlier date as may be required by the Exchange Act (the “10-K
Filing Deadline”), commencing in March 2017, 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 the identified instance was
determined to have involved the servicing of the Mortgage Loans 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

 

    	-384-

    	 

    

 

identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why such
report is not included; and

 

(iv)        a
certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate as a result
of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except as described
below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any disclosure or information in addition
to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall,
pursuant to the following paragraph be reported by the parties set forth on Exhibit CC to the Depositor and the Certificate
Administrator and approved by the Depositor and the Certificate Administrator will have no duty or liability for any failure hereunder
to determine or prepare any Additional Form 10-K Disclosure, absent such reporting, direction and approval. Information delivered
to the Certificate Administrator hereunder should be delivered by email to cts.sec.notifications@wellsfargo.com or by facsimile
to (410) 715-2380, Attn: CTS SEC Notifications.

 

As set forth on Exhibit
CC hereto, no later than March 1st of each year that the Trust is subject to the Exchange Act reporting requirements, commencing
in 2017, (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 hereby represents to the Certificate Administrator that the Depositor has filed all such required reports during
the preceding twelve (12) months and that it has been subject to such filing requirement for the past ninety (90) days. The Depositor
shall notify the Certificate Administrator in writing, no later than March 1st with respect to the filing of a report

 

    	-385-

    	 

    

 

on Form 10-K,
if the answer to the questions should be “no.” The Certificate Administrator shall be entitled to rely on such representations
in preparing, executing and/or filing any such report.

 

(b)          After
preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K to the Depositor for
review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business Days after receipt of such
copy, but no later than March 25th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished
electronically) of any changes to or approval of such Form 10-K and the senior officer in charge of securitization for the Depositor
shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to
follow by overnight mail) to the Certificate Administrator at such time. If a Form 10-K cannot be filed on time or if a previously
filed Form 10-K needs to be amended, the Certificate Administrator shall follow the procedures set forth in Section 11.03(b).
Promptly after filing with the Commission, the Certificate Administrator will make available on its Internet website a final executed
copy of each Form 10-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at the address
identified in Section 13.05. 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 pursuant to this Section 11.05 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or is trustee
or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.05.

 

Section 11.06     Sarbanes-Oxley
Certification.   Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached as Exhibit Y required
to be included therewith pursuant to the Sarbanes-Oxley Act. For so long as the Trust or the trust for any Other Securitization
is subject to the reporting requirements of the Exchange Act, the Master Servicer,

 

    	-386-

    	 

    

 

the Special Servicer, the Trustee, the Certificate Administrator, the Custodian and the
Operating Advisor shall provide, and (i) with respect to each Initial Sub-Servicer engaged by the Master Servicer or the Special
Servicer, as applicable, that is a Servicing Function Participant use commercially reasonable efforts to cause such Initial Sub-Servicer
to provide, and (ii) with respect to each other Servicing Function Participant with which the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with
respect to the Mortgage Loans, shall cause such Servicing Function Participant to provide, to each Person who signs the Sarbanes-Oxley
Certification for the Trust or, subject to the reimbursement of any applicable expenses under Section 11.15, any Other Securitization
that includes a Serviced Companion Loan (individually and collectively, the “Certifying Person”), on or before
March 1st of each year commencing in March 2017, a certification in the form attached hereto as Exhibits Z-1, Z-2,
Z-3, Z-4, Z-5, Z-6 or Z-7 (each, a “Performance Certification”), as applicable,
on which each Certifying Person, the entity for which such Certifying Person acts as an officer (if the Certifying Person is an
individual), and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. In addition, in the event that any Companion Loan (other than a Non-Serviced Companion
Loan) is deposited into a commercial mortgage securitization (an “Other Securitization”) and the Reporting Servicer
is provided with timely and complete contact information for the parties to such Other Securitization, each Reporting Servicer,
upon not less than thirty (30) days prior written request, shall provide to the Person who signs the Sarbanes-Oxley Certification
with respect to such Other Securitization a certification in form and substance similar to applicable Performance Certification
(which shall address the matters contained in the applicable Performance Certification, but solely with respect to the related
Companion Loan) on which such Person, the entity for which the Person acts as an officer (if the Person is an individual), and
such entity’s officers, directors and Affiliates can reasonably rely. With respect to any Non-Serviced Companion Loan, the
Certificate Administrator will use its reasonable efforts to procure a Sarbanes-Oxley Certification from the applicable Non-Serviced
Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to a Performance Certification.
The senior officer in charge of securitization for the Depositor shall serve as the Certifying Person on behalf of the Trust. In
addition, each Reporting Servicer shall execute a reasonable reliance certificate (which may be included as part of such other
certifications being delivered by such Reporting Servicer) to enable the Certification Parties to rely upon each (i) annual compliance
statement provided pursuant to Section 11.09, if applicable, (ii) annual report on assessment of compliance with servicing
criteria provided pursuant to Section 11.10 and (iii) accountant’s report provided pursuant to Section 11.11,
and shall include a certification that each such annual compliance statement or report discloses any deficiencies or defaults described
to the registered public accountants of such Reporting Servicer to enable such accountants to render the certificates provided
for in Section 11.11. In the event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement,
or any applicable sub-servicing agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide
a certification to each affected Certifying Person pursuant to this Section 11.06 with respect to the period of time it
was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be. Each such Performance
Certification shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and such providing parties.

 

    	-387-

    	 

    

 

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, 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 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 

 

    	-388-

    	 

    

 

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 the address identified in Section 13.05. The parties to this Agreement
acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.07 related to the
timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 11.07. Neither the Trustee nor the Certificate Administrator shall have any liability
for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive,
on a timely basis, any information from the parties to this Agreement needed to prepare, arrange for execution or file such Form
8-K, not resulting from its own negligence, bad faith or willful misconduct.

 

The Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer and the Special
Servicer, as applicable, shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer engaged by such Master
Servicer or Special Servicer, as applicable, use commercially reasonable efforts to cause such Additional Servicer to promptly
notify and (ii) with respect to each other Additional Servicer with which it has entered into a servicing relationship with respect
to the Mortgage Loans (other than a party to this Agreement) cause such Additional Servicer to promptly notify) the Depositor and
the Certificate Administrator, but in no event later than noon, New York City time, on the 2nd Business Day after its occurrence,
of any Reportable Event applicable to such party to the extent a Regulation AB Servicing Officer or Responsible Officer, as the
case may be, has actual knowledge, in EDGAR-Compatible Format.

 

Notwithstanding anything
to the contrary in this Section 11.07, with respect to each year in which the Trust and the trust for each Other Securitization
is not subject to the reporting requirements of the Exchange Act, none of the parties hereto are required to deliver Form 8-K Disclosure
Information.

 

    	-389-

    	 

    

 

Any notice and/or information
furnished pursuant to this Section 11.07 shall also be provided, and subject to the reimbursement of any applicable expenses
under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information
relates to a Serviced Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion
Loan) in the same time frame as set forth in this Section 11.07.

 

Section 11.08     Form
15 Filing.   On or prior to January 30th of the first year in which the Depositor shall provide notice to the Certificate Administrator
of its ability under applicable law to suspend its Exchange Act filings, the Certificate Administrator shall prepare and file
a notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange Act (the “Form
15 Suspension Notification”) or any form necessary to be filed with the Commission to suspend such reporting obligations.
With respect to any reporting period occurring after the filing of such form, the obligations of the parties to this Agreement
under Section 11.04, Section 11.05 and Section 11.07 shall be suspended and reports or certifications due
under Section 11.09, Section 11.10 and Section 11.11 shall not be due until April 15th of each year. The
Certificate Administrator shall provide prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form
has been filed. If, after the filing of a Form 15 Suspension Notification, the Depositor shall provide notice to the Certificate
Administrator that it is required to resume its Exchange Act filings, the Certificate Administrator shall recommence preparing
and filing reports on Forms 10-K, 10-D and 8-K as required pursuant to Section 11.04, Section 11.05 and Section
11.07, and all parties’ obligations under this ARTICLE XI shall recommence.

 

Section 11.09     Annual
Compliance Statements.   The Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced
special servicing of a Mortgage Loan), the Custodian, the Trustee (provided, however, that the Trustee shall not
be required to deliver an assessment of compliance with respect to any period during which there was no Relevant Servicing Criteria
applicable to it) and the Certificate Administrator (each, a “Certifying Servicer”) shall (and each such party
shall (i) with respect to each Additional Servicer engaged by the Certifying Servicer that is an Initial Sub-Servicer, use commercially
reasonable efforts to cause such Additional Servicer to deliver to and (ii) with respect to each other Additional Servicer that
is also a Servicing Function Participant with which it has entered 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 2017, 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, 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 all material
respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material

 

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respect, specifying each such failure known to such officer
and the nature and status thereof. Such Officer’s Certificate shall be provided in EDGAR-Compatible Format, or in such other
format agreed upon by the Depositor, the Certificate Administrator and such providing parties. Each Certifying Servicer shall (i)
with respect to each Additional Servicer engaged by such Certifying Servicer that is an Initial Sub-Servicer, use commercially
reasonable efforts to cause such Additional Servicer, and (ii) with respect to each other Additional Servicer with which it has
entered into a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer to forward a copy of each
such statement (or, in the case of the Certificate Administrator, make a copy of each such statement available on its Internet
website) to the Directing Certificateholder and the 17g-5 Information Provider. With respect to any Non-Serviced Companion Loan,
the Certificate Administrator will use its reasonable efforts to procure such Officer’s Certificate from the applicable Non-Serviced
Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to the form attached hereto
as Exhibit HH. Promptly after receipt of each such Officer’s Certificate, the Depositor may review each such Officer’s
Certificate and, if applicable, consult with the Certifying Servicer as to the nature of any failures by the Certifying Servicer
or any related Additional Servicer with which the Certifying Servicer has entered into a servicing relationship with respect to
the Mortgage Loans in the fulfillment of any of the Certifying Servicer’s or Additional Servicer’s obligations hereunder
or under the applicable sub-servicing or primary servicing agreement. The obligations of the Certifying Servicer and each Additional
Servicer under this Section 11.09 apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage
Loan during the applicable period, whether or not such Certifying Servicer or Additional Servicer is acting as the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator or Additional Servicer at the time such Officer’s Certificate
is required to be delivered. None of the Master Servicer, Special Servicer or Additional Servicer shall be required to cause the
delivery of any such statement until April 15 in any given year so long as it has received written confirmation from the Depositor
(or, in the case of an Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be filed
in respect of the Trust or the trust for any Other Securitization for the preceding calendar year.

 

In the event the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant to the terms of
this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with respect to an
Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated under any applicable servicing
agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with respect to any other Additional
Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement, cause such Additional Servicer
to provide, an annual statement of compliance pursuant to this Section 11.09 with respect to the period of time that the
Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator was subject to this Agreement or the period
of time that such Additional Servicer was subject to such other servicing agreement.

 

Any certificate, statement,
report, notice and/or information furnished pursuant to this Section 11.09 shall also be provided, and subject to the reimbursement
of any applicable expenses under Section 11.15, to each Other Depositor and each Other Certificate Administrator (to the
extent such item and/or information relates to a party that services, specially services or is

 

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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 2017,
the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Mortgage
Loans), the Trustee (provided, however, that the Trustee shall be required to deliver an assessment of compliance
only if an Advance was made by the Trustee in such calendar year), the Custodian, the Operating Advisor, the Certificate Administrator
and each Additional Servicer, each at its own expense, shall furnish (and each such party shall (i) with respect to each Initial
Sub-Servicer engaged by such Master Servicer, Special Servicer, Trustee, Operating Advisor, Custodian, or Certificate Administrator
that is a Servicing Function Participant, use commercially reasonable efforts to cause such Servicing Function Participant to
furnish and (ii) with respect to each other Servicing Function Participant with which it has entered into a servicing relationship
with respect to the Mortgage Loans, cause (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, use commercially reasonable efforts to cause) such Servicing Function
Participant to furnish) to the Trustee, the Certificate Administrator, the Depositor (which copy shall be deemed furnished by
the Certificate Administrator when made available on its Internet website) (and, with respect to the Special Servicer, also to
the Operating Advisor), and the 17g-5 Information Provider, a report substantially in the form of Exhibit II or such other
form provided by such Reporting Servicer that complies in all material respects with the requirements of Item 1122 of Regulation
AB, on an assessment of compliance with the Servicing Criteria applicable to it that contains (A) a statement by such Reporting
Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting
Servicer used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the fiscal year covered
by the Form 10-K required to be filed pursuant to Section 11.05, including, if there has been any material instance of
noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D)
a statement that a registered public accounting firm has issued an attestation report on such Reporting Servicer’s assessment
of compliance with the Relevant Servicing Criteria as of and for such period. If the party’s assessment compliance or the
related attestation report identifies any material instance of noncompliance with the Relevant Servicing Criteria, such party
shall also provide a discussion of (1) whether the identified instance was determined to have involved the servicing of the Mortgage
Loans and (2) any steps taken to remedy such identified instance of non-compliance to the extent related to its activities with
respect to asset-backed securities transactions taken as a whole involving such party and that are backed by the same asset type
backing the Certificates. 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.

 

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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 Operating
Advisor, the Certificate Administrator, the Trustee or any Servicing Function Participant shall be required to cause the delivery
of any such assessments until April 15th in any given year so long as it has received written confirmation from the Depositor (or,
in the case of an Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be filed in
respect of the Trust or the trust for any Other Securitization for the preceding calendar year.

 

Notwithstanding the foregoing,
at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator and Trustee may
provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect of their combined Relevant
Servicing Criteria as set forth on Exhibit AA hereto.

 

(b)          The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge
and agree that the Relevant Servicing Criteria set forth on Exhibit AA is appropriately set forth with respect to such party
and any Servicing Function Participant with which the Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate
Administrator has entered into a servicing relationship.

 

(c)          No
later than ten (10) Business Days after the end of each fiscal year for the Trust, the Master Servicer and the Special Servicer
shall notify the Certificate Administrator, the Depositor and each Mortgage Loan Seller as to the name of each Additional Servicer
engaged by it and each Servicing Function Participant utilized by it, in each case other than with respect to any Initial Sub-Servicer,
and the Trustee, the Operating Advisor and the Certificate Administrator shall notify the Depositor and each Mortgage Loan Seller
as to the name of each Servicing Function Participant utilized by it, in each case by providing an updated Exhibit GG, and
each such notice (except to a Mortgage Loan Seller) will specify what specific Servicing Criteria will be addressed in the report
on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer, the Special Servicer, the
Trustee, the Certificate Administrator and the Operating Advisor submit their assessments pursuant to Section 11.10(a),
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, as applicable,
will also at such time include the 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

 

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Servicer shall (i) with respect to an Initial
Sub-Servicer engaged by such Master Servicer or Special Servicer that is an Additional Servicer that resigns or is terminated under
any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with respect to any other
Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional Servicer to provide)
an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation as required in Section
11.11 with respect to the period of time that the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor,
the Custodian or the Certificate Administrator was subject to this Agreement or the period of time that the Additional Servicer
was subject to such other servicing agreement.

 

(d)          The
Operating Advisor may at any time request from the Certificate Administrator confirmation of whether a Control Termination Event
or Consultation Termination Event occurred during the previous calendar year, and upon such request the Certificate Administrator
shall deliver such confirmation to the Operating Advisor within fifteen (15) days of such request.

 

(e)          Any
certificate, statement, report, assessment, attestation, notice and/or information furnished pursuant to this Section 11.10
shall also be provided, and subject to the reimbursement of any applicable expenses under Section 11.15, to each Other Depositor
and each Other Certificate Administrator (to the extent such item and/or information relates to a party that services, specially
services or is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.10.

 

Section 11.11     Annual
Independent Public Accountants’ Attestation Report.   On or before March 1st of each year, commencing in March 2017, the
Master Servicer, the Special Servicer, the Trustee (provided, however, that the Trustee shall not be required to
deliver an assessment of compliance with respect to any period during which there was no Relevant Servicing Criteria applicable
to it), the Custodian, the Operating Advisor and the Certificate Administrator, each at its own expense, shall cause (and each
such party shall (i) with respect to each Initial Sub-Servicer engaged by such Master Servicer, Special Servicer, Trustee, Operating
Advisor or Certificate Administrator that is a Servicing Function Participant use commercially reasonable efforts to cause such
Servicing Function Participant to cause and (ii) with respect to each other Servicing Function Participant with which it has entered
into a servicing relationship with respect to the Mortgage Loans, cause such Servicing Function Participant to cause) a registered
public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Custodian, the Operating Advisor or the applicable Servicing Function Participant, as the case may be) and
that is a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate
Administrator (who will promptly post such report on the Certificate Administrator’s Website pursuant to Section 3.13(b))
and the Depositor, the 17g-5 Information Provider and, prior to the occurrence of a Consultation Termination Event, the Directing
Certificateholder, and, promptly, but not earlier than the second Business Day following the delivery of such report to the 17g-5
Information Provider, to the Rating Agencies, to the effect that (i) it has obtained a representation regarding certain matters
from the management of such Reporting Servicer, which includes an assertion that such Reporting Servicer has complied with the
Relevant Servicing Criteria applicable to it and (ii) on the basis of an examination conducted

 

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by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB, it is issuing an opinion
as to whether such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria applicable to it was
fairly stated in all material respects. In the event that an overall opinion cannot be expressed, such registered public accounting
firm shall state in such report why it was unable to express such an opinion. Each such related accountant’s attestation
report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange
Act. Such report must be available for general use and not contain restricted use language. With respect to any Non-Serviced Companion
Loan, the Certificate Administrator will use its reasonable efforts to procure such report from the applicable Non-Serviced Master
Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee. Copies of such statement will be provided by the Certificate
Administrator in accordance with Section 3.13(b). Such report shall be provided in EDGAR-Compatible Format, or in such other
format agreed upon by the Depositor, the Certificate Administrator and the providing parties.

 

Promptly after receipt
of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable, consult with the
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator as to
the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian, the
Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with respect
to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to this
Section 11.11 relates to an assessment of compliance meeting the requirements of Section 11.10 and notify the Depositor
of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian nor any Additional Servicer shall be required to deliver, or shall be required to cause the delivery of
such reports until April 15th in any given year so long as it has received written confirmation from the Depositor that a Form
10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

Section 11.12     Indemnification.   Each
of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor
and the Asset Representations Reviewer shall indemnify and hold harmless each Certification Party from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and 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.

 

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The Master Servicer,
the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with respect to any Initial
Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator that is a Servicing Function
Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other
Additional Servicer and each Servicing Function Participant with which, in each case, it has entered into a servicing relationship
with respect to the Mortgage Loans, cause such party to, in each case, indemnify and hold harmless each Certification Party from
and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments
and any other costs, fees and expenses incurred by such Certification Party arising out of (a) a breach of its obligations to provide
any of the annual compliance statements or annual assessment of compliance with the servicing criteria or attestation reports pursuant
to the applicable sub-servicing or primary servicing agreement, (b) negligence, bad faith or willful misconduct on its part in
the performance of such obligations, (c) any failure by it, as a Servicer (as defined in Section 11.02(b)) to identify a
Servicing Function Participant pursuant to Section 11.02(c), or (d) delivery of any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor from the Commission or its staff regarding information (x) delivered by the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee,
a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y)
regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting
firm, attorney or other agent retained by such Affected Reporting Party to prepare such information, which information is contained
in a report filed by the Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s
filing of such report, the Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to
such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written response to the
Commission or its staff for inclusion in the Depositor’s response to the Commission or its staff, unless such Affected Reporting
Party elects, with the consent of the Depositor (which consent shall not be unreasonably denied, withheld or delayed), to directly
communicate with the Commission or its staff and negotiate a response and/or resolution with the Commission or its staff; provided,
however, if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer retained by the Master
Servicer, the Master Servicer shall receive copies of all material communications pursuant to this Section 11.12. If such
election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution
with the Commission or its staff in a timely

 

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manner; provided that (i) such Affected Reporting Party shall use reasonable
efforts to keep the Depositor informed of its progress with the Commission or its staff and copy the Depositor on all correspondence
with the Commission or its staff and provide the Depositor with the opportunity to participate (at the Depositor’s expense)
in any telephone conferences and meetings with the Commission or its staff and (ii) the Depositor shall cooperate with any Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission or its staff with respect to any comments from the Commission or its staff relating to such Affected Reporting
Party and to notify the Commission or its staff of such authorization. The Depositor and the Affected Reporting Party shall cooperate
and coordinate with one another with respect to any requests made to the Commission or its staff for extension of time for submitting
a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable
legal fees and expenses of outside counsel to the Depositor) in connection with the foregoing (other than those costs and expenses
required to be at the Depositor’s expense as set forth above) and any amendments to any reports filed with the Commission
or its staff related thereto shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice
from the Depositor. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator
and the Trustee shall (i) with respect to any Initial Sub-Servicer engaged by it that is a Servicing Function Participant or Additional
Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer and
each Servicing Function Participant with which, in each case, it has entered into a servicing relationship with respect to the
Mortgage Loans, cause such party to, comply with the foregoing by inclusion of similar provisions in the related sub-servicing
or similar agreement. Upon resolution with the Commission, and subject to the reimbursement of any applicable expenses under Section
11.15, the Affected Reporting Party shall promptly provide, to each Other Depositor the appropriate revised reports, updated
or revised information contained in any report filed by the Other Depositor under the Reporting Requirements, or any updated or
revised material communications in connection with the response and/or resolution with the Commission or its staff, if and to the
extent such reports, information and/or communications relate to information that was previously provided to the Other Depositor
and would reasonably be expected to be contained in a report filed by the Other Depositor under the Reporting Requirements of an
Other Pooling and Servicing Agreement.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing Party”)
shall contribute to the amount paid or payable to the Certification Party as a result of the losses, claims, damages or liabilities
of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification Party on the
one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations pursuant
to Sections 11.06, 11.09 (if applicable), 11.10, 11.11 (or breach of its obligations under the applicable
sub-servicing or primary servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance
reports or attestation reports) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith.
The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with
respect to any Initial Sub-Servicer engaged by the Master Servicer, Special Servicer, Trustee or Certificate Administrator that
is a Servicing Function Participant or

 

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Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii)
with respect to each other Additional Servicer or Servicing Function Participant, in each case, with which it has entered into
a servicing relationship with respect to the Mortgage Loans cause such party, in each case, to agree to the foregoing indemnification
and contribution obligations. This Section 11.12 shall survive the termination of this Agreement or the earlier resignation
or removal of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator.

 

Section 11.13     Amendments.   This
ARTICLE XI may be amended with the written consent of the parties hereto pursuant to Section 13.01 for purposes
of complying with Regulation AB and/or to conform to standards developed within the commercial mortgage-backed securities market
and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmation with respect
to the Certificates or, with respect to any Serviced Companion Loan Securities, a confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.25), or the consent of any Certificateholder, notwithstanding
anything to the contrary contained in this Agreement; provided that the reports and certificates required to be prepared
pursuant to Sections 3.13, 11.09, 11.10 and 11.11 shall not be eliminated without Rating Agency Confirmation
with respect to the Certificates or, with respect to any Serviced Companion Loan Securities, without a confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

Section 11.14     Regulation
AB Notices.   Any notice, report or certificate required to be delivered by any of the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Custodian or the Trustee, as the
case may be, to the Depositor pursuant to this ARTICLE XI may be delivered via email (and additionally delivered via phone
or telecopy), notwithstanding the provisions of Section 13.05, to cts.sec.notifications@wellsfargo.com.

 

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
commercially reasonable efforts to cause any sub-servicer appointed with respect to any Serviced Pari Passu Companion Loan to,
upon written request or notice from a Mortgage Loan Seller (or a permitted transferee of such Mortgage Loan Seller pursuant to
the related Intercreditor Agreement), reasonably cooperate with the Mortgage Loan Seller (or such permitted transferee) selling
any Serviced Pari Passu Companion Loan into a securitization that is required to comply with Regulation AB (a “Regulation
AB Companion Loan Securitization”) and, to the extent needed in order to comply with Regulation AB, provide to the Mortgage
Loan Seller (or such permitted transferee) information about itself that such Mortgage Loan Seller reasonably requires to meet
the requirements of Items 1117 and 1119 and paragraphs (b), (c)(3), (c)(4) and (c)(5) of Item 1108 of Regulation AB and shall
reasonably cooperate with such

 

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Mortgage Loan Seller to provide such other information as may be reasonably necessary to comply with the requirements
of Regulation AB. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer understands
that such information may be included in the offering material related to a Regulation AB Companion Loan Securitization and agrees
to negotiate in good faith an agreement (subject to the final sentence of this sub-section) to indemnify and hold the related depositor
and underwriters involved in the offering of the related Certificates harmless for any costs, liabilities, fees and expenses incurred
by the depositor or such underwriters as a result of any material misstatements or omissions or alleged material misstatements
or omissions in any such offering material to the extent that such material misstatement or omission was made in reliance upon
any such information provided by the Trustee (where such information pertains to the Trustee individually and not to any specific
aspect of the Trustee’s duties or obligations under this Agreement), the Certificate Administrator (where such information
pertains to the Certificate Administrator individually and not to any specific aspect of the Certificate Administrator’s
duties or obligations under this Agreement), the Master Servicer (where such information pertains to the Master Servicer individually
and not to any specific aspect of the Master Servicer’s duties or obligations under this Agreement) and the Special Servicer
(where such information pertains to the Special Servicer individually and not to any specific aspect of the Special Servicer’s
duties or obligations under this Agreement), as applicable, to such depositor, underwriters or Mortgage Loan Seller (or permitted
transferee) as required by this Section 11.15(a) and (ii) deliver such securities law opinion(s) of counsel, certifications
and/or indemnification agreement(s) (to the extent the cost thereof is paid by the related Mortgage Loan Seller) with respect to
such information that are substantially similar to those delivered with respect to the offering material for this securitization
by the Master Servicer or the Special Servicer, Trustee and Certificate Administrator, as the case may be, or their respective
counsel, in connection with the information concerning such party in the offering material related to a Regulation AB Companion
Loan Securitization. Notwithstanding the foregoing, to the extent that the information provided by the Trustee, the Certificate
Administrator the Master Servicer or the Special Servicer, as applicable, for inclusion in the offering materials related to such
Regulation AB Companion Loan Securitization is substantially and materially similar to the information provided by such party with
respect to the offering materials related to this transaction, subject to any required changes due to any amendments to Regulation
AB or any changes in the interpretation of Regulation AB, such party shall be deemed to be in compliance with this Section 11.15(a).
Any indemnification agreement executed by the Trustee, the Certificate Administrator the Master Servicer or Special Servicer in
connection with the Regulation AB Companion Loan Securitization shall be substantially similar to the related indemnification agreement
executed in connection with this Agreement. It shall be 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

 

    	-399-

    	 

    

 

respect
to a Serviced Securitized Companion Loan to, upon request or notice from such parties (which request or notice may be given once
at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is required), cooperate with the
depositor, trustee, certificate administrator, master servicer or special servicer for any Regulation AB Companion Loan Securitization
in preparing each Form 10-D and Form 10-K required to be filed by such Regulation AB Companion Loan Securitization (until January
30 of the first year in which the trustee or other applicable party for such Regulation AB Companion Loan Securitization files
a Form 15 Suspension Notification with respect to the related trust) and shall provide to such depositor, trustee, certificate
administrator or master servicer within the time period set forth in the Other Pooling and Servicing Agreement (so long as such
time period is no earlier than the time periods set forth herein) for such Regulation AB Companion Loan Securitization such information
relating to a Serviced Securitized Companion Loan as may be reasonably necessary for the depositor, trustee, certificate administrator
and master servicer of the Regulation AB Companion Loan Securitization to comply with the reporting requirements of Regulation
AB and the Exchange Act; provided, however, that any parties to any Regulation AB Companion Loan Securitization shall
consult with the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer (and Master Servicer shall
consult with any sub-servicer appointed by it with respect to the related Serviced Whole Loan), and the Trustee, the Certificate
Administrator, such Master Servicer and the Special Servicer shall cooperate with such parties in respect of establishing the time
periods for preparation of the Form 10-D reports in the documentation for such Regulation AB Companion Loan Securitization. Notwithstanding
the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case
may be, complies in all material respects with the timing, reporting and attestation requirements imposed on such party in ARTICLE
XI of this Agreement (other than this Section 11.15) with respect to the comparable timing, reporting and attestation
requirements contemplated in this Section 11.15(b) with respect to such Regulation AB Companion Loan Securitization, such
party shall be deemed to be in compliance with the provisions of this Section 11.15(b).

 

(c)          Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and
the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect
to a Serviced Securitized Companion Loan to, upon request or notice from such trustee or certificate administrator (which request
or notice may be given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is
required), provide the trustee or certificate administrator, as applicable, under a Regulation AB Companion Loan 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

 

    	-400-

    	 

    

 

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 2017) 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 Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer
shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect to a Serviced Securitized
Companion Loan to, upon request or notice from such trustee or certificate administrator (which request or notice may be given
once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is required), provide, with
respect to itself, to the trustee or certificate administrator, as applicable, under such Regulation AB Companion Loan Securitization,
to the extent required pursuant to Item 1122 of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria
to the extent required pursuant to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report
on such Person’s assessment of compliance with the applicable servicing criteria to the extent required pursuant to Item
1122(b) of Regulation AB and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation AB. Notwithstanding
the foregoing, to the extent the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in ARTICLE XI of this Agreement (other than
this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated in this Section
11.15(d) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with
the provisions of this Section 11.15(d).

 

(e)          On
or before March 1st of each year (commencing in March 2017) 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, to the extent required pursuant to Item 1123 of Regulation AB, deliver,
with respect to itself, to the trustee or certificate administrator under the such Regulation AB Companion Loan Securitization,
upon request or notice from such trustee (which request or notice may be given once at the closing of such Regulation AB Companion
Loan Securitization instead of each time a filing is required), under such Regulation AB Companion Loan Securitization a servicer
compliance statement signed by an authorized officer of such Person that satisfies the requirements of Item 1123 of Regulation
AB. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements imposed
on such party in ARTICLE XI of this Agreement (other than this Section 11.15) with respect to the comparable timing,
reporting and attestation requirements contemplated in this

 

    	-401-

    	 

    

 

Section 11.15(e) with respect to such Regulation AB Companion
Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(e).

 

(f)          Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially reasonable efforts
to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such indemnity limited to each such
parties respective failure described below) and hold the related Mortgage Loan Seller (or permitted transferee), depositor, sponsor(s),
trustee, certificate administrator or master servicer under a Regulation AB Companion Loan Securitization harmless for any costs,
liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, sponsor(s), trustee, certificate administrator
or master servicer as a result of any failure by the Servicing Function Participant to comply with the reporting requirements to
the extent applicable set forth under Sections 11.15(b), (c), (d) or (e) above.

 

Any subservicing agreement
related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer to provide to the
Master Servicer or Special Servicer, as applicable, information, reports, statements and certificates with respect to itself and
such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates required to be provided
by the Master Servicer or Special Servicer pursuant to this Section 11.15, even if such Sub-Servicer is not otherwise required
to provide such information, reports or certificates to any Person in order to comply with Regulation AB. Such information, reports
or certificates shall be provided to the Master Servicer or Special Servicer, as applicable, no later than two Business Days prior
to the date on which the Master Servicer or Special Servicer, as applicable, is required to deliver its comparable information,
reports, statements or certificates pursuant to this Section 11.15.

 

(g)          With
respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that the applicable Other Depositor has notified
the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (together
with notification of the relevant Distribution Date) with respect to an Other Securitization that includes such Serviced Companion
Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such “significant obligor”
for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Mortgagor, beginning with the first
calendar quarter following receipt of such notice from the Other Depositor, or the updated financial statements of such “significant
obligor” for any calendar year, beginning for the calendar year following such notice from the Other Depositor, as applicable,
the Master Servicer shall deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the
related 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
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

 

    	-402-

    	 

    

 

Deadline, as applicable, such financial statements of the “significant obligor”,
together with the net operating income of such “significant obligor” for the applicable period as reported by the related
Mortgagor in such financial statements.

 

If the Master Servicer
does not receive 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 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 shall
(and shall cause each applicable Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor
that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or
Form 10-K, as applicable, is required to be filed with respect to the Other Securitization, shall forward an Officer’s Certificate
evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such
Other Securitization. This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust
office, as specified in the related Other Pooling and Servicing Agreement.

 

(h)          If
any Other Securitization includes a Serviced Companion Loan and is subject to the reporting requirements of the Exchange Act, then
the obligations of the parties hereto set forth in this ARTICLE XI with respect such Other Securitization shall remain in
full force and effect notwithstanding that the Trust may cease to be subject to the reporting requirements of the Exchange Act.

 

Section 11.16     [RESERVED].

 

Section 11.17     Impact
of Cure Period.   For the avoidance of doubt, neither the Master Servicer nor the Special Servicer shall be subject to a Servicer
Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration of the Grace Period applicable
to such party’s obligations under this ARTICLE XI as provided for in such clause (iii) nor shall any such
party be deemed to not be in compliance under this Agreement, during any Grace Period provided for in this ARTICLE XI;
provided that if any such party fails to comply with the delivery requirements of this ARTICLE XI by the expiration
of any applicable Grace

 

    	-403-

    	 

    

 

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.

 

ARTICLE
XII

the asset representations reviewer

 

Section 12.01 Asset
Review.

 

(a)          On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report and/or the CREFC®
Loan Periodic Update File delivered by the Master Servicer for such Distribution Date, the Certificate Administrator shall
determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have occurred, the Certificate Administrator
shall promptly provide notice to all Certificateholders and each other party to this Agreement. Any notice required to be delivered
to the Certificateholders pursuant to this ARTICLE XII shall be delivered by the Certificate Administrator by posting such
notice on the Certificate Administrator’s Website, by mailing such notice to the Certificateholders’ addresses appearing
in the Certificate Register in the case of Definitive Certificates and by delivering such notice via the Depository in the case
of Book-Entry Certificates. The Certificate Administrator shall include in the Distribution Report in the Form 10-D relating to
the reporting period in which the Asset Review Trigger occurred the following statement describing the events that caused the Asset
Review Trigger to occur: “As of the [Date of Distribution], the following Mortgage Loans identified below are 60 or more
days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”. On each Distribution
Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on information provided
to it by the Master Servicer or the Special Servicer, as applicable, shall determine whether (1) any additional Mortgage Loan has
become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset Review Trigger has
ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1), (2)
and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit SS within
two (2) Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator shall promptly provide
written notice thereof to all Certificateholders and the Asset Representations Reviewer and conduct a solicitation of votes in
accordance with Section 

 

    	-404-

    	 

    

 

5.10 to authorize an Asset Review. Upon the affirmative vote to authorize an Asset Review by Holders
of Certificates evidencing at least a majority of those Certificateholders casting a vote within 150 days of receipt of the Asset
Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall promptly provide
written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Directing Certificateholder
and the other Certificateholders (the “Asset Review Notice”). Upon receipt of an Asset Review Notice, the Asset
Representations Reviewer shall request access to the Secure Data Room by providing the Certificate Administrator with a certification
substantially in the form attached hereto as Exhibit RR (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s Website). Upon receipt of such certification, the Certificate
Administrator shall 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.
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 shall be paid by the related Mortgage Loan Seller;
provided, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount within 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 evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable, of such insolvency or failure
to pay such amount; provided, further, that notwithstanding any payment of such fee by the Trust to the Asset Representations
Reviewer, such fee shall remain an obligation of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer,
as applicable, shall pursue remedies against such Mortgage Loan Seller in accordance with the Servicing Standard in order to seek
recovery of such amounts from such Mortgage Loan Seller. The Certificate Administrator shall be entitled to administer any vote
in connection with the foregoing through an agent.

 

(b)          (i)
Upon receipt of an Asset Review Notice, the Custodian (with respect to clauses (1) - (5) below for Non-Specially
Serviced Loans), the Master Servicer (with respect to clause (6) below for Non-Specially Serviced Loans) and the Special
Servicer (with respect to clause (6) 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 (except with respect to clause (6)) after receipt of such notice
from the Certificate Administrator, provide the following materials to the extent in their possession to the Asset Representations
Reviewer (collectively, with the Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement
and a copy of this Agreement posted by the Certificate Administrator to the

 

    	-405-

    	 

    

 

secure data room or the certificate administrator’s
website, as applicable, 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)          a
copy 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; and

 

(6)          any
other related documents or information that are reasonably requested by the Asset Representations Reviewer to be delivered by the
Master Servicer or the Special Servicer, as applicable, in the time frames and as otherwise described pursuant to clause (ii)
hereof.

 

(ii)        If the Asset Representations Reviewer determines that it is missing any document that is required
to be part of the Review Materials for such Mortgage Loan that was entered into or delivered in connection with the origination
of the related Mortgage Loan that is necessary in connection with its completion of any Asset Review, the Asset Representations
Reviewer shall promptly, but in no event later than ten (10) Business Days after receipt of the Review Materials identified in
clauses (1) - (5) above, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or
the Special Servicer (with respect to Specially Serviced Loans), as applicable, of such missing documents, and request that the
Master Servicer or the Special Servicer, as applicable, promptly, but in no event later than ten (10) Business Days after receipt
of notification from the Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing documents
in its possession. In the event any missing documents are not provided by the Master Servicer or Special Servicer, as applicable,
within such ten (10) Business Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage
Loan Seller. The related Mortgage Loan Seller shall be required under the related Mortgage Loan Purchase Agreement to deliver
such additional documents only to the extent in the possession of such Mortgage Loan Seller (and, if such documents are not in
its possession, solely with respect to any Mortgage Loan sold by such Mortgage Loan Seller that is a Non-Serviced Mortgage Loan,
Mortgage Loan Seller shall be required to make a request under the applicable Non-Serviced PSA for any such documents that are
not in its possession). In the event any missing documents with respect to a Non-Serviced Mortgage Loan are not provided by the
Mortgage Loan Seller, the Asset Representations Reviewer shall request such documents from the parties to the related Non-Serviced
PSA, to the extent that the Asset Representations Reviewer is entitled to request such documents under such Non-Serviced PSA.

 

    	-406-

    	 

    

 

(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 posted to the Secure
Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a
review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such
review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to
each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance with
the procedures set forth on Exhibit QQ (each such procedure, a “Test”). Once an Asset Review of a Mortgage
Loan is completed, no further Asset Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding
that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review
Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)           No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)          The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)         The
Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within forty-five (45) Business
Days after the date on which access to the Secure Data Room is provided. In the event that the Asset Representations Reviewer determines
that the Review Materials are insufficient to complete a Test and such missing documentation is not delivered to the Asset Representations
Reviewer by the related Mortgage Loan Seller, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special
Servicer (with respect to Specially Serviced Loans) within ten (10) Business Days following the request by the Asset Representations
Reviewer, 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

 

    	-407-

    	 

    

 

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 to the related Mortgage Loan Seller. If the preliminary report indicates that any of the representations and warranties
fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have ninety (90) days (the “Cure/Contest Period”)
to remedy or otherwise refute the failure. Any documents provided or explanations given to support a Test pass conclusion or that
any missing documents in the Review Materials are not required to complete a Test shall be promptly delivered by the related 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 the later of (x) 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 (y) within the ten (10) days after the
expiration of the Cure/Contest Period, 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 Certificate Administrator, the Master Servicer and the Special Servicer. The period
of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional thirty (30) days,
upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer
determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Mortgage
Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether
any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights it may have against the applicable
Mortgage Loan Seller, which, in each case, shall be a responsibility of the Master Servicer or the Special Servicer pursuant to
Section 2.03(f) 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

 

    	-408-

    	 

    

 

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 Master Servicer (in the case
of Non-Specially Serviced Loans) or the Special Servicer (in the case of Specially Serviced Loans) shall determine, based on the
Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If the Master Servicer or the Special
Servicer, as applicable, determines that a Material Defect exists, the Master Servicer or Special Servicer, as applicable, 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 “Privileged Information” received from
any party to this Agreement or any Sponsor (including, without limitation, in connection with the review of the Mortgage Loans)
and not disclose such Privileged Information to any Person (including Certificateholders), other than (1) to the extent expressly
required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement with a notice indicating
that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement
that receives Privileged Information from the Asset Representations Reviewer with a notice stating that such information is Privileged
Information shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer
other than pursuant to a Privileged Information Exception.

 

In addition, the Asset
Representations Reviewer shall keep all documents and information received by the Asset Representations Reviewer in connection
with an Asset Review that are provided by the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential
and shall not disclose such documents or information except (i) for purposes of complying with its duties and obligations pursuant
to this Agreement, (ii) if such documents or information become generally available and known to the public other than as a result
of a disclosure directly or indirectly by the Asset Representations Reviewer, (iii) if it is reasonable and necessary for the Asset
Representations Reviewer to disclose such documents or information in working with legal counsel, auditors, taxing authorities
or other governmental agencies, (iv) if any such document or information was already known to the Asset Representations Reviewer
and not otherwise subject to a confidentiality obligation and/or (v) if the Asset Representations Reviewer is required by law,
rule, regulation, order, judgment or decree to disclose such document or information.

 

(d)          The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided that no agent
or subcontractor may (i) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees,
compensation or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator,
the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection with due diligence or other services
with respect to any

 

    	-409-

    	 

    

 

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.

 

Section 12.02     Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)           The
Asset Representations Reviewer shall be paid a fee of $5,000 (the “Asset Representations Reviewer Upfront Fee”)
on the Closing Date. As compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid
a fee (the “Asset Representations Reviewer Fee”), payable monthly from amounts received in respect of the Mortgage
Loans and shall be equal to the product of a rate equal to 0.00038% 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 the Mortgage Loans
that are Delinquent Loans and are subject to an Asset Review (for purposes of this definition, “Subject Loans”),
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) $12,500 multiplied by the number of Subject Loans, plus (ii) $1,500 per Mortgaged
Property relating to the Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $1,000 per Mortgaged Property
relating to a Subject Loan subject to a ground lease, plus (iv) $1,000 per Mortgaged Property relating to a Subject Loan subject
to a franchise agreement, hotel management agreement or hotel license agreement, subject, in the case of each of clauses (i) through
(iv), to adjustments on the basis of the year-end Consumer Price Index for All Urban Consumers, or other similar index if the Consumer
Price Index for All Urban Consumers is no longer calculated, taking into account the Consumer Price Index for All Urban Consumers,
or other similar index if the Consumer Price Index for All Urban Consumers is no longer calculated, for the year of the Closing
Date and for the year of the occurrence of the Asset Review (the “Asset Representations Reviewer Asset Review Fee”).
The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan shall be paid by the related Mortgage
Loan Seller; provided, however, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount
within ninety (90) days of written request by the Asset Representations Reviewer, such fee shall be paid by the Trust Fund following
delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer,
as applicable, of such insolvency or failure to pay such amount; provided, however, that a statement of non-payment
by

 

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the Asset Representations Reviewer ninety (90) days after an itemized invoice is delivered by registered mail to the address
listed in this Agreement for the related Mortgage Loan Seller, or to such other address as shall be provided by such Mortgage Loan
Seller for delivery of notice in accordance with this Agreement, together with evidence of delivery or attempted delivery of such
invoice and reasonable follow up by phone or email, shall constitute satisfactory evidence delivered by the Asset Representations
Reviewer of such failure to pay such amount; and provided, further, that notwithstanding any payment of such fee
by the Trust to the Asset Representations Reviewer, such fee will remain an obligation of the related Mortgage Loan Seller and
the Master Servicer or the Special Servicer, as applicable, shall pursue remedies against such Mortgage Loan Seller in accordance
with the Servicing Standard in order to seek recovery of any such amounts from such Mortgage Loan Seller.

 

(c)           Notwithstanding
the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be included in the Purchase
Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage Loan Seller, and
such portion of the Purchase Price received shall be used to reimburse the Asset Representations Reviewer or the Trust, as the
case may be, for such fees pursuant to Section 12.02(b).

 

(d)          The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section
12.03     Resignation of the Asset Representations Reviewer.
 The Asset Representations Reviewer may resign and be
discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and each
Rating Agency. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. If no successor asset representations reviewer shall have been
so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset
Representations Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset
representations reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all
reasonable costs and expenses of each party hereto and each Rating Agency in connection with its resignation.

 

Section
12.04     Restrictions of the Asset Representations Reviewer. Neither the Asset
Representations Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the
Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset
Representations Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the
activities of the Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s
investment activities and (B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust
and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information regarding
its investment activities.

 

    	-411-

    	 

    

 

Section 12.05     Termination
of the Asset Representations Reviewer.

 

(a)          An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

(i)           any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of any of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been
given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates, provided, if
such failure is capable of being cured and the Asset Representations Reviewer is diligently pursuing such cure, such thirty (30)
day period will be extended an additional thirty (30) days;

 

(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.

 

    	-412-

    	 

    

 

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 (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
not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts), shall, terminate
all of the rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations
accrued prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and
other than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Asset
Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable costs and expenses of itself and
of each other party to this Agreement in connection with its termination due to an Asset Representations Reviewer Termination Event.
Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall have the right, but not the
obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination Event of
which it becomes aware.

 

(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application
of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed
successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to
the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection
with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations
Reviewer and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all
Certificateholders at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the
written direction of holders of Certificates evidencing more than 75% of a Certificateholder Quorum (without regard to the application
of any Appraisal Reduction Amounts), the Trustee shall terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other
than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to at least 75% of the
Voting Rights elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations
reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

    	-413-

    	 

    

 

(c)          On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2) the Trustee delivers
such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor asset representations
reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Certificateholder and each Certificateholder within one Business Day of such appointment.

 

The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify the Master Servicer, the
Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing Holder of such disqualification
and immediately resign under Section 12.03 of this Agreement and the Trustee shall appoint a successor asset representations
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, but not obligated to, to find a replacement. The Trustee shall not be liable for any failure
to identify and appoint a successor asset representations reviewer so long as the Trustee uses commercially reasonable efforts
to conduct a search for a successor asset representations reviewer and such failure is not a result of the Trustee’s negligence,
bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)          Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator
(who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Mortgage Loan
Sellers, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out
of events occurring prior to such termination).

 

    	-414-

    	 

    

 

ARTICLE
XIII

MISCELLANEOUS PROVISIONS

 

Section
13.01     Amendment. (a) This Agreement may be amended from time to time by the parties
hereto, without the consent of any of the Certificateholders or the Companion Holders:

 

(i)            to
cure any ambiguity or to correct any error;

 

(ii)           to
cause the provisions in this Agreement to conform to or be consistent with or in furtherance of the statements made with respect
to the Certificates, the Trust or this Agreement in the Prospectus or in the Private Placement Memorandum, or to correct or supplement
any provision which may be inconsistent with any other provisions;

 

(iii)          to
amend any provision of this Agreement to the extent necessary or desirable to maintain the status of each 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 comparable provisions of state income tax law);

 

(iv)          to
make any other provisions with respect to matters or questions arising under or with respect to this Agreement not inconsistent
with the provisions herein;

 

(v)          to
modify, eliminate or add to the provisions of Section 5.03(n) or any other provision hereof restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused
by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)         to
amend any provision of this Agreement to the extent necessary or desirable to list the Certificates on a stock exchange, including,
without limitation, the appointment of one or more sub-certificate administrators and the requirement that certain information
be delivered to such sub-certificate administrators;

 

(vii)        to
modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts) in order to conform them to the commercial mortgage-backed securities industry standard for such provisions
if (a) the Depositor, the Trustee and the Master Servicer 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 will not result in an Adverse
REMIC Event or cause the Grantor Trust to fail to qualify as a grantor trust, (c) each Rating Agency shall have been provided with
a Rating Agency Communication with respect to such modification, and (d) if no Control Termination Event or Consultation Termination
Event has occurred and is continuing, the Directing Certificateholder consents to such modification;

 

    	-415-

    	 

    

 

(viii)        to
modify the procedures of this Agreement relating to Rule 17g-5 of the Exchange Act; provided that if such modification materially
increases the obligations of the Trustee, the Certificate Administrator, the Custodian, the 17g-5 Information Provider, the Operating
Advisor, the Depositor, the Master Servicer or the Special Servicer, then the consent of such party will be required;

 

(ix)          to
modify, alter, amend, add or to rescind any of the provisions contained in this Agreement if and to the extent necessary to comply
with any rules or regulations promulgated, or any guidance provided with respect to Rule 15Ga-1 under the Exchange Act, by the
SEC from time to time; and

 

(x)           any
other amendment which does not adversely affect in any material respect the interests of any Certificateholder (unless such Certificateholder
consents).

 

Notwithstanding the foregoing, no such
amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any
Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as
a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller or (B) may materially and adversely affect
the holders of a Companion Loan without such Companion Holder’s consent.

 

(b)          This
Agreement may also be amended from time to time by the parties hereto with the consent of the Holders of Certificates of each Class
affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Holders of Certificates of such Class; provided, however, that no
such amendment shall:

 

(i)            reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any class without the consent of the Holder of the Certificate or which are required to be distributed to a
Companion Holder without the consent of such Companion Holder; or

 

(ii)           reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)         adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)         change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

    	-416-

    	 

    

 

(v)          amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25) and, if required under the related Intercreditor Agreement, the
consent of the holder of any Serviced Subordinate Companion Loan for each Serviced AB Whole Loan.

 

(c)           Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment hereto without having
first received (i) an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder
and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the
Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person
in accordance with such amendment will not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC,
or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under
the relevant provisions of the Code and (ii) an Officer’s Certificate from the party requesting the amendment to the effect
that such all conditions precedent to such amendment set forth herein have been satisfied. Furthermore, no amendment to this Agreement
may be made that changes any provisions specifically required to be included in this Agreement by the Non-Serviced Intercreditor
Agreement without the consent of the holder of the related Non-Serviced Pari Passu Companion Loan(s).

 

(d)          Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on
the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c), as applicable, and
thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment to each Certificateholder
and each Serviced Companion Noteholder, the Depositor, the Master Servicer, the Special Servicer, the Mortgagors, the Underwriters
and the Rating Agencies.

 

(e)           It
shall not be necessary for the consent of Certificateholders under this Section 13.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.

 

(f)           The
Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01
that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)           The
cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or (c) and the cost of any amendment
entered into hereunder shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Certificate

 

    	-417-

    	 

    

 

Administrator or the Trustee requests any amendment of this Agreement in furtherance of the rights and interests of Certificateholders,
the cost of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a) or (c) shall be
payable out of the Collection Account.

 

(h)          The
Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to any
class of Serviced Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25).

 

(i)            To
the extent the Operating Advisor, the Trustee, Certificate Administrator, Master Servicer, Special Servicer, the Asset Representations
Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection with executing any
amendment to this Agreement, such party shall be deemed not to have acted negligently in connection with entering into such amendment
for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)            Notwithstanding
any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 13.01,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights
with respect to matters described above as they would if any other Person held such Certificates, so long as neither the Depositor
nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)           This
Agreement may not be amended without the consent of any holder of a Serviced Subordinate Companion Loan if such amendment would
materially and adversely affect the rights of such Companion Holder hereunder.

 

Section
13.02     Recordation of Agreement; Counterparts. (a) To the extent permitted by applicable
law, this Agreement is subject to recordation in all appropriate public offices for real property records in all the counties
or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any
other appropriate public recording office or elsewhere, such recordation to be effected by the Certificate Administrator at
the expense of the Depositor on direction by the Special Servicer and with the consent of the Depositor (which may not be
unreasonably withheld), but only upon direction accompanied by an Opinion of Counsel (the cost of which shall be paid by the
Depositor) to the effect that such recordation materially and beneficially affects the interests of the
Certificateholders.

 

(b)          For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts
shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by

 

    	-418-

    	 

    

 

facsimile transmission shall be as effective as delivery of a manually executed original counterpart
of this Agreement.

 

(c)           The
Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue of the fact
of the location of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s expense.

 

Section
13.03     Limitation on Rights of Certificateholders. (a) The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust, nor entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or
winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of
them.

 

(b)          No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein set forth, or contained
in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the
parties to this Agreement pursuant to any provision hereof.

 

(c)          No
Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty
(60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any
such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it
hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against
the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all

 

    	-419-

    	 

    

 

Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c), each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section
13.04     Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS
AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO
IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT;
(II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH
COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS
UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

THE PARTIES HERETO HEREBY
WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
13.05     Notices. (a) Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given if personally delivered at
or couriered, sent by facsimile transmission (other than with respect to the Mortgage Loan Sellers) or mailed by registered
mail, postage prepaid (except for notices to the Mortgage Loan Sellers, the Master Servicer the Certificate Administrator and
the Trustee which shall be deemed to have been duly given only when received), to:

 

    	-420-

    	 

    

 

In the case of the Depositor:

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

with a copy to:

Morgan Stanley Capital I Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

In the case of the Master Servicer:

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip

Facsimile: (877) 379-1625

 

with a copy to:

Polsinelli PC

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: (816) 753-1536

 

In the case of the Special Servicer:

CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson

Facsimile: (202) 715-9699

 

with a copy to:

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile: (816) 412-9338

 

In the case of the Directing
Certificateholder:

 

    	-421-

    	 

    

 

Ellington Management Group, LLC

53 Forest Avenue

Old Greenwich, Connecticut 06870

Attention: Leo Huang

 

with a copy to

 

Ellington Management Group, LLC

53 Forest Avenue

Old Greenwich, Connecticut 06870

Attention: Leo Huang

 

In the case of the Certificate
Administrator or the Trustee:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – MSCI 2016-UBS9

With a copy by email to: trustadministratorgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

 

In the case of the Mortgage Loan
Sellers:

 

1.            Morgan
Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

with a copy to:

 

Morgan Stanley Mortgage Capital
Holdings LLC

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

2.            Bank
of America, National Association

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile: (646) 855-5044

 

with a copy to:

W. Todd Stillerman, Esq.

Assistant General Counsel and Director

Bank of America Corporation

214 North Tryon Street, 20th Floor, NC1-027-20-05

Charlotte, North Carolina 28255

Facsimile: (404) 736-2127

 

and with a copy to:

 

    	-422-

    	 

    

 

Cadwalader, Wickersham & Taft
LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Henry A. LaBrun, Esq.

Facsimile: (704) 348-5200

 

3.            UBS
Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

 

and with a copy to:

 

UBS Securities LLC

1285 Avenue of the Americas

New York, New York 10019

Attention: Henry Chung and Office of General Counsel

 

with a copy to:

 

UBS AG

153 West 51st Street

New York, New York 10019

Attention: Chad Eisenberger, Executive Director & Counsel

 

In the case of the Operating
Advisor:

Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: MSCI 2016-UBS9-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In the case of the Asset Representations
Reviewer:

Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: MSCI 2016-UBS9-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In the case of any mezzanine
lender:

The address set forth in the related Intercreditor Agreement.

 

To each such Person, such other address
as may hereafter be furnished by such Person to the parties hereto in writing. Any communication required or permitted to be delivered
to a Certificateholder shall be deemed to have been duly given when mailed first class, postage

 

    	-423-

    	 

    

 

prepaid, to the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(b)          Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, the Certificate Administrator,
and Trustee also shall furnish such other information regarding the Trust as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided, however,
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in
Section 3.13(c); provided, further, that the 17g-5 Information Provider shall not disclose which Rating Agency
has requested such information. Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required
hereunder shall be in writing.

 

Any notices to the Rating Agencies
shall be sent to the following addresses:

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue

New York, New York 10022

Attention: CMBS Surveillance

Email: CMBSSurveillance@krollbondratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

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.

 

    	-424-

    	 

    

 

Section
13.07     Grant of a Security Interest. The Depositor intends that the conveyance of the
Depositor’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a sale
and not a pledge of security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the
Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of
this Agreement. The Depositor hereby grants to the Trustee (in such capacity) a first priority security interest in the
Depositor’s entire right, title and interest in, to and under the Conveyed Assets and all proceeds thereof, in each
case, whether now owned or existing or hereafter acquired or arising. This Agreement shall constitute a security agreement
under applicable law. This Section 13.07 shall constitute notice to the Trustee pursuant to any of the requirements of
the applicable UCC.

 

Section
13.08     Successors and Assigns; Third Party Beneficiaries. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders. Each Mortgage Loan Seller (and its respective
agents), each Companion Holder (and its respective agents), each Underwriter, each depositor of a Regulation AB Companion
Loan Securitization and each Initial Purchaser is an intended third-party beneficiary to this Agreement in respect of the
respective rights afforded it hereunder. No other person, including, without limitation, any Mortgagor, shall be entitled to
any benefit or equitable right, remedy or claim under this Agreement.

 

(b)          Each
Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder.
Each of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions
herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer and Other Trustee, and any provisions
regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)          Each
of the applicable Non-Serviced Trustee, the applicable Non-Serviced Certificate Administrator, Non-Serviced Master Servicer, Non-Serviced
Special Servicer and any Non-Serviced Trust holding a related Non-Serviced Companion Loan, shall be a third-party beneficiary to
this Agreement in respect to its rights as specifically provided for herein and under the applicable Non-Serviced Intercreditor
Agreement.

 

(d)          Subject
to Section 2.03(k), Section 2.03(l)(iii) and Section 2.03(l)(v), any Requesting Certificateholder shall be
an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k) through Section
2.03(o).

 

    	-425-

    	 

    

 

Section
13.09     Article and Section Headings. The article and section headings herein are for
convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

 

Section
13.10     Notices to the Rating Agencies. (a) The Certificate Administrator shall use
reasonable efforts promptly to provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), (and the related 17g-5 information provider for any class of
Serviced Companion Loan Securities to the extent applicable to any Serviced Whole Loan) with respect to each of the following
of which it has actual knowledge:

 

(i)           any
material change or amendment to this Agreement;

 

(ii)           the
occurrence of a Servicer Termination Event that has not been cured;

 

(iii)          the
resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the Special
Servicer; and

 

(iv)         the
repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 5 of the related Mortgage
Loan Purchase Agreement.

 

(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.

 

    	-426-

    	 

    

 

(c)           The
Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any change in the location
of the Distribution Accounts and (ii) the final payment to any Class of Certificateholders.

 

(d)          The
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the 17g-5
Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and thereafter
to each Rating Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable to any
Serviced Whole Loan) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as any Rating
Agency shall reasonably request and which the Trustee, the Certificate Administrator, the Master Servicer or Special Servicer,
can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating to such information
or violating the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator, the Master
Servicer and Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect to such information.
Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require a party to provide duplicative
notices or copies to the Rating Agencies with respect to any of the above listed items. In connection with the delivery by the
Master Servicer or Special Servicer to the 17g-5 Information Provider of any information, report, notice or document for posting
to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master Servicer or Special Servicer
when such information, report, notice or document has been posted. The Master Servicer or Special Servicer, as applicable, may,
but shall not be obligated to send such information, report, notice or document to the applicable Rating Agency so long as such
information, report, notice or document (i) was previously provided to the 17g-5 Information Provider or (ii) is simultaneously
provided to the 17g-5 Information Provider.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

    	-427-

    	 

    

 

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.

	 	 	 
	 	MORGAN STANLEY CAPITAL I INC., 
 Depositor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, 
 Master
    Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CWCAPITAL ASSET MANAGEMENT LLC, 
 Special Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

    not in its individual capacity, but solely as Certificate Administrator and Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

		 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

Operating Advisor and Asset Representations Reviewer
	 	 
	 	By:	Park Bridge Advisors LLC

Its Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

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

 

On the ___ day of ________,
____, before me, a notary public in and for said State, personally appeared _________ known to me to be a ___________ of Morgan
Stanley Capital I Inc., that executed the within instrument, and also known to me to be the person who executed it on behalf of
such corporation, and acknowledged to me that such corporation executed the within instrument.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	Notary Public

 

[SEAL]

 

My commission expires:

 

 

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF	)
	           	)           ss.:
	COUNTY OF 	)

 

On the ___ day of ________,
____, before me, a notary public in and for said State, personally appeared ________ known to me to be a _________ of KeyBank National
Association, and also known to me to be the person who executed it on behalf of such national banking association, and acknowledged
to me that such national banking association executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	Notary Public

 

[SEAL]

 

My commission expires:

 

 

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF 	)
	           	)           ss.:
	COUNTY OF 	)

 

On the ___ day of ________,
____, before me, a notary public in and for said State, personally appeared ________ known to me to be a _________ of CWCapital
Asset Management LLC, that executed the within instrument, and also known to me to be the person who executed it on behalf of such
[___________], and acknowledged to me that such [____________] executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	Notary Public

 

[SEAL]

 

My commission expires:

 

 

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF 	)
	           	)           ss.:
	COUNTY OF 	)

 

On the ___ day of ________,
____, before me, a notary public in and for said State, personally appeared ___________ known to me to be a _________ of Wells
Fargo Bank, National Association, that executed the within instrument, and also known to me to be the person who executed it on
behalf of such national banking association, and acknowledged to me that such national banking association executed the within
instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	Notary Public

 

[SEAL]

 

My commission expires:

 

 

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

	STATE OF 	)
	           	)           ss.:
	COUNTY OF 	)

 

On the ___ day of ________,
____, before me, a notary public in and for said State, personally appeared ___________ known to me to be a _________ of Park Bridge
Lender Services LLC, that executed the within instrument, and also known to me to be the person who executed it on behalf of such
[_____________], and acknowledged to me that such [____________] executed the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	 
	 	Notary Public

 

[SEAL]

 

My commission expires:

 

 

 

MSCI
2016-UBS9 - Pooling and Servicing Agreement

 

    	 

    	 

    

 

 

EXECUTION
VERSION

 

EXHIBIT A-1

 

FORM OF REGULAR CERTIFICATE

CLASS [__]

 

 Morgan
Stanley Capital I Trust 2016-UBS9 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2016-UBS9, CLASS [__]

 

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

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CLASS X-D, CLASS X-E, CLASS X-FG, CLASS X-H, CLASS D, CLASS E, CLASS F, CLASS G AND CLASS H) OFFERED PURSUANT TO REGULATION S:
THIS CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING
AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]2

 

[TRANSFERS OF THIS BOOK-ENTRY CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE

 

 

 

1
    Legend required as long as DTC is the Depository under the Pooling and Servicing
Agreement.

 

2
    Temporary Regulation S Book-Entry Certificate legend.

 

    	A-1-1

    	 

    

 

LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE ASSET REPRESENTATIONS REVIEWER, THE OPERATING ADVISOR, THE UNDERWRITERS, THE INITIAL PURCHASERS,
THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH
BELOW.]

 

[FOR PRIVATELY OFFERED CERTIFICATES
(CLASS X-D, CLASS X-E, CLASS X-FG, CLASS X-H, CLASS D, CLASS E, CLASS F, CLASS G AND CLASS H): 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 INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND 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.]

 

 

3
     Book-Entry Certificate legend.

 

    	A-1-2

    	 

    

 

[FOR CLASS X-E, CLASS X-FG, CLASS X-H,
CLASS E, CLASS F, CLASS G AND CLASS H CERTIFICATES: THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED
TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA)
OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE
MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION
CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION
OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO
SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION
OF SIMILAR LAW.]

 

[FOR REGULAR CERTIFICATES (Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class
X-A, Class X-B, Class X-D, Class X-E, Class X-FG and Class X-H)] THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE CODE. 

 

[FOR PRINCIPAL BALANCE CERTIFICATES:
THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE.] 

 

[FOR CLASS X CERTIFICATES: THIS CERTIFICATE
HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTIONS OF PRINCIPAL. The Notional
Amount of this Certificate will be reduced in

 

    	A-1-3

    	 

    

 

connection with the reduction of the certificate balance of any Underlying Class
of Principal Balance Certificates. Accordingly, the Notional amount of this Certificate at any time may be less than the initial
Notional Amount set forth below.]

[FOR CLASS X CERTIFICATES: THE NOTIONAL
AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS OF CERTIFICATE TO WHICH THIS CERTIFICATE BELONGS 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 AND CLASS H): THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES
OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

 

    	A-1-4

    	 

    

 

	
        PASS-THROUGH RATE: [  ] [FOR CLASS X-A, CLASS
        X-B AND CLASS X-D: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)] [FOR CLASS X-E, CLASS
        X-FG AND CLASS X-H: [_]% per annum]

         

        INITIAL [CERTIFICATE BALANCE] [NOTIONAL AMOUNT] OF THIS CERTIFICATE
        AS OF THE CLOSING DATE: $[_______]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2016

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: MARCH 8, 2016

         

        FIRST DISTRIBUTION DATE:

        APRIL 15, 2016

         

        APPROXIMATE AGGREGATE

        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THE CLASS [__] CERTIFICATES

        AS OF THE CLOSING DATE: $[_________]

         
	
        MASTER SERVICER:

        KEYBANK NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:

        CWCapital Asset Management LLC

         

        TRUSTEE: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING Advisor: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES
        LLC

         

        CUSIP NO.: [__________]

         

        ISIN NO.: [__________]

         

        CERTIFICATE NO.: [_] – [_]

         

 

    	A-1-5

    	 

    

 

CLASS [__] CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

MORGAN STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES:
CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered owner of the interest evidenced by this Certificate in
the Class [__] Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2016
(the “Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Asset Representations Reviewer and the Operating Advisor. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial [Certificate Balance][Notional Amount] of the Class [__] Certificates. The Certificates are designated
as the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate
100% of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby. 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.

 

[FOR REGULAR CERTIFICATES
(Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class X-A, Class X-B, Class X-D, Class X-E, Class X-FG

 

    	A-1-6

    	 

    

 

and Class X-H):] This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined,
respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of [FOR PRINCIPAL BALANCE CERTIFICATES (CLASS
A-1, CLASS A-2, CLASS A-SB, CLASS A-3, CLASS A-4, CLASS A-S, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G AND CLASS H:
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, CLASS A-2, CLASS
A-SB, CLASS A-3, CLASS A-4, CLASS X-A, CLASS X-B, CLASS A-S, CLASS B, CLASS C, CLASS X-D, CLASS X-E, CLASS X-FG, CLASS X-H, CLASS
D, CLASS E, CLASS F, CLASS G AND CLASS H 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 thirty (30) days) during the Interest
Accrual Period relating to such Distribution Date at the applicable Pass-Through Rate specified in the Pooling and Servicing Agreement
on the [Certificate Balance][Notional Amount] of this Certificate immediately prior to each Distribution Date. 

 

Interest [FOR PRINCIPAL
BALANCE CERTIFICATES (CLASS A-1, CLASS A-2, CLASS A-SB, CLASS A-3, CLASS A-4, CLASS A-S, CLASS B, CLASS C, CLASS D, CLASS E, CLASS
F, CLASS G AND CLASS H: and principal] allocated to this Certificate on any Distribution Date will be in an amount equal to this
Certificate’s pro rata share of the Available Funds to be distributed on the Certificates of this Class as of such
Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing
Agreement.

 

Realized Losses and certain
other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner
set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates
will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the
Pooling and Servicing Agreement, and the

 

    	A-1-7

    	 

    

 

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 wiring
instructions no less than (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 of final payment has been given shall not have been surrendered for cancellation within six (6) months after the time
specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect
thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering
Certificateholders concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of
holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable
to any Certificateholder on any amount held in trust 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 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

 

    	A-1-8

    	 

    

 

authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Subject to the terms
of the Pooling and Servicing Agreement, the Class [__] Certificates will be issued in book-entry form through the facilities of
DTC in minimum denominations of $[FOR CLASS A-1, CLASS A-2, CLASS A-SB, CLASS A-3, CLASS A-4, CLASS A-S, CLASS B, CLASS C: 10,000]
[FOR CLASS D, CLASS E, CLASS F, CLASS G AND CLASS H: 100,000] [FOR CLASS X CERTIFICATES: 1,000,000 initial Notional Amount], and
in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to
the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the
Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate
Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement
also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

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

 

    	A-1-9

    	 

    

 

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, 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 (excluding the Mortgage Loan identified as “Gateway Plaza” on the Mortgage Loan Schedule
attached to the Pooling and Servicing Agreement from the then-aggregate Stated Principal Balance of the pool of Mortgage Loans
and from the Initial Pool Balance) as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right to exchange all
of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 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, 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 AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING HEREUNDER OR THEREUNDER RELATED HERETO OR THERETO,
THE RELATIONSHIP OF THE PARTIES TO THE POOLING AND SERVICING AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THE POOLING AND SERVICING 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

 

    	A-1-10

    	 

    

 

PROVISIONS OF SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND TO THE POOLING AND SERVICING AGREEMENT.

 

    	A-1-11

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

  

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

 

		Dated:	March ___, 2016

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS [__] CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

  

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating
    Agent
	 	 	 
	 	By:	 
	 		Name:

    Title:

 

    	A-1-12

    	 

    

 

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    

        TEN ENT     

        JT TEN       
	
        - 

        -

        -
	
        as tenant in common

        as tenants by the entireties

        as joint tenants with rights of

        survivorship and not as tenants in

        common
	 	
        UNIF GIFT MIN ACT _________ 

        Custodian

(Cust)

        Under Uniform Gifts to Minors

         

        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-1-13

    	 

    

 

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-1-14

    	 

    

  

[TO BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The following exchanges of a part of this
Global Certificate have been made:

 

    	A-1-15

    	 

    

 

EXHIBIT A-2

 

FORM OF CLASS V CERTIFICATE

 

CLASS V

 

Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates,

Series 2016-UBS9, CLASS
V

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE ASSET REPRESENTATIONS REVIEWER, THE OPERATING ADVISOR, THE UNDERWRITERS, THE INITIAL PURCHASERS,
THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”, WITHIN THE MEANING OF RULE 144A (A “QIB”),
OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND 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.

 

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

 

    	A-2-1

    	 

    

 

 GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS AN UNDIVIDED
beneficial INTEREST IN A PORTION OF A GRANTOR TRUST THAT HOLDS THE excess interest and
RELATED AMOUNTS IN THE excess interest distribution account.

 

EACH PURCHASER OF THIS CERTIFICATE SHALL
BE REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING
AGREEMENT.

 

    	A-2-2

    	 

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [_]%

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2016

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING
        AGREEMENT         (AS DEFINED HEREIN)

         

        CLOSING DATE: MARCH 8, 2016

         

        FIRST DISTRIBUTION DATE:

        APRIL 15, 2016

         
	 	
        MASTER SERVICER:

        KEYBANK NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:

        CWCAPITAL ASSET MANAGEMENT LLC

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL 

ASSOCIATION

         

        OPERATING Advisor: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES
        LLC

         

        CUSIP NO.: [________]

         

        ISIN NO.: [________]

         

        CERTIFICATE NO.: V-[_]

 

    	A-2-3

    	 

    

 

CLASS
V CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve, the Excess Interest Distribution Account and the REO Accounts,
formed and sold by

 

Morgan
Stanley Capital I Inc.

 

THIS CERTIFIES THAT [______________________]
is the registered owner of the interest evidenced by this Certificate in the Class V Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between
Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Asset Representations Reviewer and the Operating Advisor. A summary of certain of the pertinent provisions of the Pooling and
Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing the Percentage Interest in the Class of Certificates specified on the face
hereof. The Certificates are designated as the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates,
Series 2016-UBS9 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates
will evidence in the aggregate 100% of the beneficial ownership of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement,
as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder
is bound. In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing
Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

This Certificate represents
an undivided beneficial interest in a portion of a grantor trust that holds the Excess Interest and related amounts in the Excess
Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent
with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and
local income and franchise taxes and other taxes imposed on or measured by income.

 

    	A-2-4

    	 

    

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate
is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of the Excess Interest then distributable, if any, allocable to the Class of Certificates
of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.
All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts.

 

This Certificate is limited
in right of payment to, among other things, Excess Interest actually collected on the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee on behalf of the Holders of Certificates specified in the Pooling
and Servicing Agreement, and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with
respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may
be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid
to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust Fund.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wiring
instructions no less than five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds
to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution
on this Certificate shall be made in like manner, but only upon 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 of final payment has been given shall not have been surrendered for cancellation within six (6) months after the time
specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect
thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering
Certificateholders concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of
holding such funds in trust and of contacting

 

    	A-2-5

    	 

    

 

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 the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

The Class V Certificates
will be issued in full, registered, certificated form, in minimum percentage interests of 5% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the
Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate
Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement
also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

    	A-2-6

    	 

    

 

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 (excluding the Mortgage Loan identified as “Gateway Plaza” on the Mortgage
Loan Schedule attached to the Pooling and Servicing Agreement from the then-aggregate Stated Principal Balance of the pool of Mortgage
Loans and from the Initial Pool Balance) as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right to exchange all
of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING HEREUNDER OR THEREUNDER RELATED HERETO OR THERETO,
THE RELATIONSHIP OF THE PARTIES TO THE POOLING AND SERVICING

 

    	A-2-7

    	 

    

 

 AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THE POOLING AND SERVICING 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 PROVISIONS OF SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND TO THE POOLING AND SERVICING AGREEMENT.

 

    	A-2-8

    	 

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		Dated:	March ___, 2016

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS V CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS FARGO BANK, National Association, as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	A-2-9

    	 

    

 

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    

        TEN ENT     

        JT TEN       
	
        - 

        -

        -
	
        as tenant in common

        as tenants by the entireties

        as joint tenants with rights of

        survivorship and not as tenants in

        common
	 	
        UNIF GIFT MIN ACT _________ 

        Custodian

(Cust)

        Under Uniform Gifts to Minors

         

        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-2-10

    	 

    

 

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-2-11

    	 

    

 

EXHIBIT A-3

 

FORM OF CLASS R CERTIFICATE

 

CLASS R

 

Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates, 

Series
2016-UBS9, CLASS R

 

THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR THE LAWS OF
ANY OTHER JURISDICTION. NEITHER THIS CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.

 

THE HOLDER OF THIS CERTIFICATE BY ITS
ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE
SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (B)
FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING AGREEMENT.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE,
THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE INITIAL PURCHASERS, THE MORTGAGE
LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY

 

    	A-3-1

    	 

    

 

 ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS A “RESIDUAL
INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(2) AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF
EITHER, AS SET FORTH IN ARTICLE V 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

 

    	A-3-2

    	 

    

 

RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS
CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT
ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND
(F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER
TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS
SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE
“NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS
OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH
SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY
REGULATIONS.

 

    	A-3-3

    	 

    

  

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [_]%

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF MARCH 1, 2016

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: MARCH 8, 2016

         

        FIRST DISTRIBUTION DATE:

        APRIL 15, 2016

         
	
        MASTER SERVICER:

        KEYBANK NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:

        CWCAPITAL ASSET MANAGEMENT LLC

         

        TRUSTEE: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING Advisor: 

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES
        LLC

         

        CUSIP NO.: [________]

         

        ISIN NO.: [________]

         

        CERTIFICATE NO.: R-[_]

         

	 	 	 	 

 

    	A-3-4

    	 

    

 

CLASS R CERTIFICATE

 

evidencing a beneficial ownership interest
in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect
thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral
as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution
Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

MORGAN STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [____________________]
is the registered owner of the interest evidenced by this Certificate in the Class R Certificates issued by the Trust created pursuant
to the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), between
Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Asset Representations Reviewer and the Operating Advisor. A summary of certain of the pertinent provisions of the Pooling and
Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one
of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called
the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal
to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof,
by the aggregate initial Certificate Balance of the Class R Certificates. The Certificates are designated as the Morgan Stanley
Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 and are issued in the classes as specifically
set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the beneficial ownership
of the Trust Fund.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement,
as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder
is bound. In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing
Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

This Class R Certificate
represents a “residual interest” in two “real estate mortgage investment conduits”, as those terms are
defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate,
by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this

 

    	A-3-5

    	 

    

 

Certificate in accordance with
the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed
on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be the “tax matters
person” for each Trust REMIC pursuant to Treasury Regulations Section 1.860F-4(d) and the Certificate Administrator is hereby
irrevocably designated and shall serve as attorney-in-fact and agent for any such Person that is the “tax matters person.”
The Certificate Administrator is also hereby irrevocably designated as the “representative” of each Trust REMIC within
the meaning of Section 6223 of the Code, to the extent such provision is applicable to the Trust REMICs.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate Administrator
in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution Date to
the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of
public and private debts.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically
set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and
the Distribution Accounts will be held on behalf of the Trustee on behalf of the Holders of Certificates specified in the Pooling
and Servicing Agreement, and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with
respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may
be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid
to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration
of the Trust Fund.

 

All distributions under
the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution
on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wiring
instructions no less than 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.

 

    	A-3-6

    	 

    

 

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 of final payment has been given shall not have been surrendered for cancellation within six (6) months after the time
specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect
thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering
Certificateholders concerning the surrender of their Certificates as it shall deem appropriate. The costs and expenses of
holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable
to any Certificateholder on any amount held in trust 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 the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate
Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other
written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations
will be issued to the designated transferee or transferees.

 

Each Person who has or
who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions. The rights of each Person acquiring any Ownership Interest in
a Class R Certificate are expressly subject to the following provisions: (A) no Person holding or acquiring any Ownership Interest
in a Class R Certificate shall be a Disqualified Organization or agent thereof (including a nominee, middleman or similar person)
(an “Agent”), a Plan or a Person acting on behalf of or investing the assets of a Plan (such Plan or Person,
an “ERISA Prohibited Holder”) or a Disqualified Non-U.S. Tax Person and shall promptly notify the Certificate
Registrar of any change or impending change to such status; (B) in connection with any proposed Transfer of any Ownership Interest
in a Class R Certificate, the Certificate Registrar shall require delivery to it, and no Transfer of any Class R Certificate shall
be registered until the Certificate Registrar receives, an affidavit substantially in the form attached to the Pooling and Servicing
Agreement as Exhibit D-1 (a “Transferee Affidavit”) from the proposed Transferee, in form and substance satisfactory
to the Certificate Registrar, representing and warranting, among other things, that such Transferee is not a Disqualified Organization
or Agent thereof, an ERISA Prohibited Holder or a Disqualified Non-U.S. Tax Person, and that it has reviewed the provisions of
Section 5.03(n) of the Pooling and Servicing Agreement and agrees to be bound by them; (C) notwithstanding the delivery of a Transferee
Affidavit by a proposed Transferee under clause (B) above, if the Certificate Registrar has actual

 

    	A-3-7

    	 

    

 

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 (a “Transferor Letter”) certifying that,
among other things, it has no actual knowledge or reason to know that the proposed Transferee’s statements in such Transferee
Affidavit are false.

 

The Class R Certificates
will be issued in fully registered, certificated form, in minimum percentage interests of 5% and integral multiples of 1% in excess
thereof.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate
(other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any
transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs (including the cost of
the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent of any of them, may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected
by any notice to the contrary.

 

The Pooling and Servicing
Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations
of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the
Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate
Percentage Interests constituting the Class. Any such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement
also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

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-3-8

    	 

    

  

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, 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 (excluding the Mortgage Loan identified as “Gateway Plaza” on the Mortgage Loan Schedule
attached to the Pooling and Servicing Agreement from the then-aggregate Stated Principal Balance of the pool of Mortgage Loans
and from the Initial Pool Balance) as set forth in the Pooling and Servicing Agreement.

 

Following the date on
which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates are no longer
outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then-outstanding
Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right to exchange all
of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement.

 

The obligations created
by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator
to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction
of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from
a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event,
however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

 

Unless the certificate
of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this
Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation
or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND
THE POOLING AND SERVICING AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING HEREUNDER OR THEREUNDER RELATED HERETO OR THERETO,
THE RELATIONSHIP OF THE PARTIES TO THE POOLING AND SERVICING AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THE POOLING AND SERVICING AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE

 

    	A-3-9

    	 

    

 

WITH THE INTERNAL
LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PROVISIONS OF SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND TO THE POOLING AND SERVICING AGREEMENT.

 

    	A-3-10

    	 

    

  

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
               Registrar under the Pooling and Servicing Agreement
	 	 
	 	By:	 
			Name:

   Title:

 

		Dated:	March ___, 2016

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE
CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 
	 	By:	 
			Name:

   Title:

 

    	A-3-11

    	 

    

 

 

ABBREVIATIONS

 

The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	
        TEN COM    

        TEN ENT     

        JT TEN       
	
        - 

        -

        -
	
        as tenant in common

        as tenants by the entireties

        as joint tenants with rights of

        survivorship and not as tenants in

        common
	 	
        UNIF GIFT MIN ACT _________ 

        Custodian

(Cust)

        Under Uniform Gifts to Minors

         

        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-3-12

    	 

    

  

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions shall be made, by wire transfer
or otherwise, in immediately available funds to_____________ for the account of _____________________________ account number ______________
or, if mailed by check, to ______________________________________. Statements should be mailed to ____________________.  This
information is provided by assignee named above, or _______________________, as its agent.

 

    	A-3-13

    	 

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    	 

    	 

    

 

 

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Mortgage

    Loan

    Originator(1)	Mortgage

    Loan Seller(1)	Original

    Balance	Cut-off
    Date

    Balance	Maturity/ARD

    Balance 	Cut-off
    Date

    Balance per SF/

    Units/Rooms/Pads	Loan
    Purpose
	Loan	3	1	525
    Seventh Avenue	9.3%	UBSRES	UBSRES	$62,000,000	$62,000,000	$56,477,203	$348.33	Refinance
	Loan	4, 5	2	U
    Haul AREC RW Portfolio	9.3%	UBSRES	UBSRES	$62,000,000	$61,878,649	$45,496,915	$100.28	Refinance
	Property	 	2.01	U-Haul
    Moving & Storage at I-20 & 360	1.6%	UBSRES	UBSRES	$10,849,536	$10,828,300	$7,961,620	 	 
	Property	 	2.02	U-Haul
    Moving & Storage at N Sam Houston	1.5%	UBSRES	UBSRES	$9,804,766	$9,785,575	$7,194,945	 	 
	Property	 	2.03	U-Haul
    Moving & Storage of Anchorage	0.7%	UBSRES	UBSRES	$4,497,457	$4,488,654	$3,300,329	 	 
	Property	 	2.04	U-Haul
    Moving & Storage at Clackamas Town Center	0.7%	UBSRES	UBSRES	$4,358,361	$4,349,830	$3,198,258	 	 
	Property	 	2.05	U-Haul
    Moving & Storage of West Hartford	0.6%	UBSRES	UBSRES	$4,123,442	$4,115,371	$3,025,869	 	 
	Property	 	2.06	U-Haul
    Moving & Storage at South East St 	0.6%	UBSRES	UBSRES	$4,036,893	$4,028,992	$2,962,358	 	 
	Property	 	2.07	U-Haul
    Moving & Storage at Fall River at I-195	0.6%	UBSRES	UBSRES	$3,832,885	$3,825,383	$2,812,652	 	 
	Property	 	2.08	U-Haul
    Moving & Storage of Redwood City	0.5%	UBSRES	UBSRES	$3,109,582	$3,103,496	$2,281,877	 	 
	Property	 	2.09	U-Haul
    Moving & Storage of Levittown	0.4%	UBSRES	UBSRES	$2,843,753	$2,838,187	$2,086,806	 	 
	Property	 	2.10	U-Haul
    Moving & Storage of Lynwood	0.4%	UBSRES	UBSRES	$2,497,557	$2,492,669	$1,832,760	 	 
	Property	 	2.11	U-Haul
    Moving & Storage of Eastland	0.4%	UBSRES	UBSRES	$2,361,552	$2,356,930	$1,732,957	 	 
	Property	 	2.12	U-Haul
    Moving & Storage of Capitol Hill	0.3%	UBSRES	UBSRES	$1,730,980	$1,727,592	$1,270,230	 	 
	Property	 	2.13	U-Haul
    Moving & Storage of Newark	0.2%	UBSRES	UBSRES	$1,557,882	$1,554,833	$1,143,207	 	 
	Property	 	2.14	U-Haul
    Moving & Storage of Jacksonville 	0.2%	UBSRES	UBSRES	$1,545,518	$1,542,493	$1,134,134	 	 
	Property	 	2.15	U-Haul
    Moving & Storage of SE Seattle	0.2%	UBSRES	UBSRES	$1,384,784	$1,382,074	$1,016,184	 	 
	Property	 	2.16	U-Haul
    Moving & Storage of Rainier Valley	0.2%	UBSRES	UBSRES	$1,230,232	$1,227,824	$902,770	 	 
	Property	 	2.17	U-Haul
    Moving & Storage of Verde Valley	0.1%	UBSRES	UBSRES	$819,125	$817,522	$601,091	 	 
	Property	 	2.18	U-Haul
    Moving & Storage at Washington St	0.1%	UBSRES	UBSRES	$741,849	$740,397	$544,385	 	 
	Property	 	2.19	U-Haul
    Moving & Storage of W Columbia Schoolhouse	0.1%	UBSRES	UBSRES	$673,846	$672,527	$494,482	 	 
	Loan	6	3	2100
    Ross	9.0%	UBSRES	UBSRES	$60,000,000	$59,915,784	$48,925,522	$115.99	Acquisition
	Loan	5, 7, 8, 9, 10	4	GLP
    Industrial Portfolio B	8.4%	MSBNA	MSMCH	$56,000,000	$56,000,000	$56,000,000	$23.96	Acquisition
	Property	 	4.001	Agave
    DC	0.4%	MSBNA	MSMCH	$2,805,493	$2,805,493	$2,805,493	 	 
	Property	 	4.002	Lehigh
    Valley 13	0.2%	MSBNA	MSMCH	$1,506,966	$1,506,966	$1,506,966	 	 
	Property	 	4.003	Frontier
    Logistics BTS	0.2%	MSBNA	MSMCH	$1,422,464	$1,422,464	$1,422,464	 	 
	Property	 	4.004	Sugarland
    Interchange DC	0.2%	MSBNA	MSMCH	$1,290,076	$1,290,076	$1,290,076	 	 
	Property	 	4.005	York
    - Willow Springs	0.2%	MSBNA	MSMCH	$1,247,825	$1,247,825	$1,247,825	 	 
	Property	 	4.006	Atlanta
    - Liberty DC	0.2%	MSBNA	MSMCH	$1,171,772	$1,171,772	$1,171,772	 	 
	Property	 	4.007	South
    Bay DC	0.2%	MSBNA	MSMCH	$1,126,704	$1,126,704	$1,126,704	 	 
	Property	 	4.008	Sorensen
    Industrial	0.2%	MSBNA	MSMCH	$1,104,170	$1,104,170	$1,104,170	 	 
	Property	 	4.009	Miramar
    DC	0.2%	MSBNA	MSMCH	$1,087,269	$1,087,269	$1,087,269	 	 
	Property	 	4.010	York
    DC II	0.2%	MSBNA	MSMCH	$1,014,033	$1,014,033	$1,014,033	 	 
	Property	 	4.011	Carlisle
    DC Bldg 1	0.2%	MSBNA	MSMCH	$999,950	$999,950	$999,950	 	 
	Property	 	4.012	Portside
    Distribution Center	0.1%	MSBNA	MSMCH	$943,615	$943,615	$943,615	 	 
	Property	 	4.013	Marina
    West A	0.1%	MSBNA	MSMCH	$926,714	$926,714	$926,714	 	 
	Property	 	4.014	Fremont
    East Bay DC	0.1%	MSBNA	MSMCH	$828,127	$828,127	$828,127	 	 
	Property	 	4.015	Harbor
    Gateway DC	0.1%	MSBNA	MSMCH	$828,127	$828,127	$828,127	 	 
	Property	 	4.016	Imperial
    DC 1	0.1%	MSBNA	MSMCH	$822,494	$822,494	$822,494	 	 
	Property	 	4.017	Westport
    DC Bldg B	0.1%	MSBNA	MSMCH	$805,593	$805,593	$805,593	 	 
	Property	 	4.018	Westport
    DC Bldg A	0.1%	MSBNA	MSMCH	$780,242	$780,242	$780,242	 	 
	Property	 	4.019	Auburn
    DC	0.1%	MSBNA	MSMCH	$721,091	$721,091	$721,091	 	 
	Property	 	4.020	Southaven
    DC Bldg 2	0.1%	MSBNA	MSMCH	$692,923	$692,923	$692,923	 	 
	Property	 	4.021	Marina
    West DC II Bldg 1	0.1%	MSBNA	MSMCH	$681,656	$681,656	$681,656	 	 
	Property	 	4.022	Buckeye
    DC Bldg 1	0.1%	MSBNA	MSMCH	$670,389	$670,389	$670,389	 	 
	Property	 	4.023	York
    DC III	0.1%	MSBNA	MSMCH	$667,572	$667,572	$667,572	 	 
	Property	 	4.024	Orange
    County DC	0.1%	MSBNA	MSMCH	$650,671	$650,671	$650,671	 	 
	Property	 	4.025	Kent
    Valley DC II	0.1%	MSBNA	MSMCH	$645,038	$645,038	$645,038	 	 
	Property	 	4.026	Memphis
    IC III	0.1%	MSBNA	MSMCH	$625,321	$625,321	$625,321	 	 
	Property	 	4.027	Pinole
    Point Building #1	0.1%	MSBNA	MSMCH	$608,420	$608,420	$608,420	 	 
	Property	 	4.028	Cactus
    DC II	0.1%	MSBNA	MSMCH	$594,336	$594,336	$594,336	 	 
	Property	 	4.029	Fairburn
    DC	0.1%	MSBNA	MSMCH	$577,436	$577,436	$577,436	 	 
	Property	 	4.030	Windfern
    Distribution Center II	0.1%	MSBNA	MSMCH	$568,985	$568,985	$568,985	 	 
	Property	 	4.031	Miami
    DC	0.1%	MSBNA	MSMCH	$554,902	$554,902	$554,902	 	 
	Property	 	4.032	Southpoint
    F	0.1%	MSBNA	MSMCH	$543,635	$543,635	$543,635	 	 
	Property	 	4.033	Industrial
    Parkway DC	0.1%	MSBNA	MSMCH	$535,184	$535,184	$535,184	 	 
	Property	 	4.034	Chickasaw
    DC	0.1%	MSBNA	MSMCH	$526,734	$526,734	$526,734	 	 
	Property	 	4.035	Valley
    Crossings	0.1%	MSBNA	MSMCH	$523,917	$523,917	$523,917	 	 
	Property	 	4.036	Buckeye
    DC Bldg 2	0.1%	MSBNA	MSMCH	$518,284	$518,284	$518,284	 	 
	Property	 	4.037	Southpoint
    B	0.1%	MSBNA	MSMCH	$495,750	$495,750	$495,750	 	 
	Property	 	4.038	Hartman
    Business Center I	0.1%	MSBNA	MSMCH	$495,750	$495,750	$495,750	 	 
	Property	 	4.039	Artesia
    DC	0.1%	MSBNA	MSMCH	$481,666	$481,666	$481,666	 	 
	Property	 	4.040	Bell
    Gardens Distribution Center #3	0.1%	MSBNA	MSMCH	$439,415	$439,415	$439,415	 	 
	Property	 	4.041	Marina
    West B	0.1%	MSBNA	MSMCH	$439,415	$439,415	$439,415	 	 
	Property	 	4.042	Renton
    DC	0.1%	MSBNA	MSMCH	$436,598	$436,598	$436,598	 	 
	Property	 	4.043	Southpoint
    A	0.1%	MSBNA	MSMCH	$430,964	$430,964	$430,964	 	 
	Property	 	4.044	Westfork
    A5	0.1%	MSBNA	MSMCH	$430,964	$430,964	$430,964	 	 
	Property	 	4.045	Marina
    West DC II Bldg 2	0.1%	MSBNA	MSMCH	$430,964	$430,964	$430,964	 	 
	Property	 	4.046	Pinole
    Point Building #2	0.1%	MSBNA	MSMCH	$425,331	$425,331	$425,331	 	 
	Property	 	4.047	Salt
    Lake DC II	0.1%	MSBNA	MSMCH	$419,697	$419,697	$419,697	 	 
	Property	 	4.048	Northwest
    8 Industrial Center II	0.1%	MSBNA	MSMCH	$416,880	$416,880	$416,880	 	 
	Property	 	4.049	Salt
    Lake DC I	0.1%	MSBNA	MSMCH	$411,247	$411,247	$411,247	 	 
	Property	 	4.050	Southshore
    Commerce Center C	0.1%	MSBNA	MSMCH	$408,430	$408,430	$408,430	 	 
	Property	 	4.051	Pinole
    Point Building #3	0.1%	MSBNA	MSMCH	$402,797	$402,797	$402,797	 	 
	Property	 	4.052	Steamboat
    DC	0.1%	MSBNA	MSMCH	$402,797	$402,797	$402,797	 	 
	Property	 	4.053	Palo
    Verde DC	0.1%	MSBNA	MSMCH	$397,163	$397,163	$397,163	 	 

 

    	 	B-1	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Mortgage

    Loan

    Originator(1)	Mortgage

    Loan Seller(1)	Original

    Balance	Cut-off
    Date

    Balance	Maturity/ARD

    Balance 	Cut-off
    Date

    Balance per SF/

    Units/Rooms/Pads	Loan
    Purpose
	Property	 	4.054	South
    San Francisco DC II	0.1%	MSBNA	MSMCH	$385,896	$385,896	$385,896	 	 
	Property	 	4.055	Westfork
    C4	0.1%	MSBNA	MSMCH	$377,446	$377,446	$377,446	 	 
	Property	 	4.056	South
    San Francisco DC	0.1%	MSBNA	MSMCH	$368,996	$368,996	$368,996	 	 
	Property	 	4.057	Southshore
    Commerce Center A	0.1%	MSBNA	MSMCH	$360,545	$360,545	$360,545	 	 
	Property	 	4.058	Kent
    Valley DC IV	0.1%	MSBNA	MSMCH	$349,278	$349,278	$349,278	 	 
	Property	 	4.059	Carlisle
    DC Bldg 2	0.1%	MSBNA	MSMCH	$349,278	$349,278	$349,278	 	 
	Property	 	4.060	Bluegrass
    DC Bldg 4	0.1%	MSBNA	MSMCH	$346,461	$346,461	$346,461	 	 
	Property	 	4.061	Westfork
    A4	0.1%	MSBNA	MSMCH	$343,645	$343,645	$343,645	 	 
	Property	 	4.062	Beltway
    Crossing DC Bldg 2	0.1%	MSBNA	MSMCH	$340,828	$340,828	$340,828	 	 
	Property	 	4.063	Ritner
    DC	0.1%	MSBNA	MSMCH	$338,011	$338,011	$338,011	 	 
	Property	 	4.064	Hartman
    Business Center II	0.0%	MSBNA	MSMCH	$321,111	$321,111	$321,111	 	 
	Property	 	4.065	Hayward
    DC	0.0%	MSBNA	MSMCH	$318,294	$318,294	$318,294	 	 
	Property	 	4.066	Houston
    DC Bldg 1	0.0%	MSBNA	MSMCH	$298,577	$298,577	$298,577	 	 
	Property	 	4.067	Kent
    Valley DC	0.0%	MSBNA	MSMCH	$295,760	$295,760	$295,760	 	 
	Property	 	4.068	Lehigh
    Valley 9	0.0%	MSBNA	MSMCH	$292,943	$292,943	$292,943	 	 
	Property	 	4.069	Beltway
    Crossing DC Bldg 3	0.0%	MSBNA	MSMCH	$292,943	$292,943	$292,943	 	 
	Property	 	4.070	Southaven
    DC Bldg 1	0.0%	MSBNA	MSMCH	$290,126	$290,126	$290,126	 	 
	Property	 	4.071	Bluegrass
    DC Bldg 1	0.0%	MSBNA	MSMCH	$287,309	$287,309	$287,309	 	 
	Property	 	4.072	Suwanee
    Point Building 200	0.0%	MSBNA	MSMCH	$284,493	$284,493	$284,493	 	 
	Property	 	4.073	Tamarac
    Business Center I	0.0%	MSBNA	MSMCH	$270,409	$270,409	$270,409	 	 
	Property	 	4.074	Gwinnett
    DC Bldg 1	0.0%	MSBNA	MSMCH	$259,142	$259,142	$259,142	 	 
	Property	 	4.075	Houston
    DC Bldg 3	0.0%	MSBNA	MSMCH	$256,325	$256,325	$256,325	 	 
	Property	 	4.076	Broadway
    101 CC Bldg 9	0.0%	MSBNA	MSMCH	$253,508	$253,508	$253,508	 	 
	Property	 	4.077	Iron
    Run DC	0.0%	MSBNA	MSMCH	$253,508	$253,508	$253,508	 	 
	Property	 	4.078	Windfern
    Distribution Center I	0.0%	MSBNA	MSMCH	$242,241	$242,241	$242,241	 	 
	Property	 	4.079	Miami
    DC II	0.0%	MSBNA	MSMCH	$242,241	$242,241	$242,241	 	 
	Property	 	4.080	Southshore
    Commerce Center B	0.0%	MSBNA	MSMCH	$239,425	$239,425	$239,425	 	 
	Property	 	4.081	Suwanee
    Point Building 100	0.0%	MSBNA	MSMCH	$236,608	$236,608	$236,608	 	 
	Property	 	4.082	Beltway
    Crossing DC Bldg 1	0.0%	MSBNA	MSMCH	$228,158	$228,158	$228,158	 	 
	Property	 	4.083	Southshore
    Commerce Center D	0.0%	MSBNA	MSMCH	$228,158	$228,158	$228,158	 	 
	Property	 	4.084	Broadway
    101 CC Bldg 11	0.0%	MSBNA	MSMCH	$225,341	$225,341	$225,341	 	 
	Property	 	4.085	Lehigh
    Valley DC II	0.0%	MSBNA	MSMCH	$219,707	$219,707	$219,707	 	 
	Property	 	4.086	Memphis
    IC I	0.0%	MSBNA	MSMCH	$214,074	$214,074	$214,074	 	 
	Property	 	4.087	Broadway
    101 CC Bldg 6	0.0%	MSBNA	MSMCH	$208,440	$208,440	$208,440	 	 
	Property	 	4.088	Lehigh
    Valley 10	0.0%	MSBNA	MSMCH	$205,623	$205,623	$205,623	 	 
	Property	 	4.089	Beltway
    Crossing DC Bldg 4	0.0%	MSBNA	MSMCH	$202,807	$202,807	$202,807	 	 
	Property	 	4.090	Northwest
    8 Industrial Center I	0.0%	MSBNA	MSMCH	$194,356	$194,356	$194,356	 	 
	Property	 	4.091	Bluegrass
    DC Bldg 3	0.0%	MSBNA	MSMCH	$191,540	$191,540	$191,540	 	 
	Property	 	4.092	Andover
    DC Bldg A	0.0%	MSBNA	MSMCH	$188,723	$188,723	$188,723	 	 
	Property	 	4.093	Bluegrass
    DC Bldg 2	0.0%	MSBNA	MSMCH	$183,089	$183,089	$183,089	 	 
	Property	 	4.094	Andover
    DC Bldg B	0.0%	MSBNA	MSMCH	$180,273	$180,273	$180,273	 	 
	Property	 	4.095	Broadway
    101 CC Bldg 5	0.0%	MSBNA	MSMCH	$180,273	$180,273	$180,273	 	 
	Property	 	4.096	Broadway
    101 CC Bldg 8	0.0%	MSBNA	MSMCH	$180,273	$180,273	$180,273	 	 
	Property	 	4.097	Broadway
    101 CC Bldg 10	0.0%	MSBNA	MSMCH	$180,273	$180,273	$180,273	 	 
	Property	 	4.098	Broadway
    101 CC Bldg 4	0.0%	MSBNA	MSMCH	$177,456	$177,456	$177,456	 	 
	Property	 	4.099	Lehigh
    Valley 11	0.0%	MSBNA	MSMCH	$174,639	$174,639	$174,639	 	 
	Property	 	4.100	Tamarac
    Commerce Center	0.0%	MSBNA	MSMCH	$169,006	$169,006	$169,006	 	 
	Property	 	4.101	Houston
    DC Bldg 2	0.0%	MSBNA	MSMCH	$169,006	$169,006	$169,006	 	 
	Property	 	4.102	Marina
    West DC II Bldg 3	0.0%	MSBNA	MSMCH	$169,006	$169,006	$169,006	 	 
	Property	 	4.103	Broadway
    101 CC Bldg 3	0.0%	MSBNA	MSMCH	$166,189	$166,189	$166,189	 	 
	Property	 	4.104	Commerce
    Park Medical Center	0.0%	MSBNA	MSMCH	$154,922	$154,922	$154,922	 	 
	Property	 	4.105	Houston
    IC	0.0%	MSBNA	MSMCH	$152,105	$152,105	$152,105	 	 
	Property	 	4.106	Gwinnett
    DC Bldg 2	0.0%	MSBNA	MSMCH	$152,105	$152,105	$152,105	 	 
	Property	 	4.107	Weston
    Business Center	0.0%	MSBNA	MSMCH	$149,288	$149,288	$149,288	 	 
	Property	 	4.108	Kent
    Valley DC III	0.0%	MSBNA	MSMCH	$149,288	$149,288	$149,288	 	 
	Property	 	4.109	Commerce
    Park SW 2	0.0%	MSBNA	MSMCH	$146,471	$146,471	$146,471	 	 
	Property	 	4.110	Commerce
    Park Westchase 3	0.0%	MSBNA	MSMCH	$143,655	$143,655	$143,655	 	 
	Property	 	4.111	Lehigh
    Valley 12	0.0%	MSBNA	MSMCH	$138,021	$138,021	$138,021	 	 
	Property	 	4.112	Houston
    DC Bldg 4	0.0%	MSBNA	MSMCH	$138,021	$138,021	$138,021	 	 
	Property	 	4.113	Valley
    Forge 1	0.0%	MSBNA	MSMCH	$135,204	$135,204	$135,204	 	 
	Property	 	4.114	Valley
    Forge 2	0.0%	MSBNA	MSMCH	$135,204	$135,204	$135,204	 	 
	Property	 	4.115	Bell
    Gardens Distribution Center #1	0.0%	MSBNA	MSMCH	$132,388	$132,388	$132,388	 	 
	Property	 	4.116	Commerce
    Park SW 4	0.0%	MSBNA	MSMCH	$132,388	$132,388	$132,388	 	 
	Property	 	4.117	Broadway
    101 CC Bldg 1	0.0%	MSBNA	MSMCH	$132,388	$132,388	$132,388	 	 
	Property	 	4.118	Bell
    Gardens Distribution Center #2	0.0%	MSBNA	MSMCH	$126,754	$126,754	$126,754	 	 
	Property	 	4.119	Commerce
    Park SW 1	0.0%	MSBNA	MSMCH	$126,754	$126,754	$126,754	 	 
	Property	 	4.120	Tamarac
    Business Center II	0.0%	MSBNA	MSMCH	$118,304	$118,304	$118,304	 	 
	Property	 	4.121	Broadway
    101 CC Bldg 2	0.0%	MSBNA	MSMCH	$115,487	$115,487	$115,487	 	 
	Property	 	4.122	Commerce
    Park Westchase 2	0.0%	MSBNA	MSMCH	$112,670	$112,670	$112,670	 	 
	Property	 	4.123	Memphis
    IC II	0.0%	MSBNA	MSMCH	$109,854	$109,854	$109,854	 	 
	Property	 	4.124	Commerce
    Park NW 3	0.0%	MSBNA	MSMCH	$104,220	$104,220	$104,220	 	 
	Property	 	4.125	Commerce
    Park NW 4	0.0%	MSBNA	MSMCH	$104,220	$104,220	$104,220	 	 
	Property	 	4.126	Commerce
    Park SW 3	0.0%	MSBNA	MSMCH	$104,220	$104,220	$104,220	 	 
	Property	 	4.127	Commerce
    Park Westchase 1	0.0%	MSBNA	MSMCH	$104,220	$104,220	$104,220	 	 
	Property	 	4.128	Commerce
    Park NW 2	0.0%	MSBNA	MSMCH	$101,403	$101,403	$101,403	 	 
	Property	 	4.129	Broadway
    101 CC Bldg 7	0.0%	MSBNA	MSMCH	$101,403	$101,403	$101,403	 	 
	Property	 	4.130	Commerce
    Park NW 1	0.0%	MSBNA	MSMCH	$98,587	$98,587	$98,587	 	 

 

    	 	B-2	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Mortgage

    Loan

    Originator(1)	Mortgage

    Loan Seller(1)	Original

    Balance	Cut-off
    Date

    Balance	Maturity/ARD

    Balance 	Cut-off
    Date

    Balance per SF/

    Units/Rooms/Pads	Loan
    Purpose
	Property	 	4.131	Lakeview
    BC Bldg 1	0.0%	MSBNA	MSMCH	$98,587	$98,587	$98,587	 	 
	Property	 	4.132	Ft.
    Lauderdale Industrial II	0.0%	MSBNA	MSMCH	$87,320	$87,320	$87,320	 	 
	Property	 	4.133	Valley
    Forge 3	0.0%	MSBNA	MSMCH	$81,686	$81,686	$81,686	 	 
	Property	 	4.134	Lakeview
    BC Bldg 7	0.0%	MSBNA	MSMCH	$78,869	$78,869	$78,869	 	 
	Property	 	4.135	Lakeview
    BC Bldg 4	0.0%
      	MSBNA	MSMCH	$76,052	$76,052	$76,052	 	 
	Property	 	4.136	Lakeview
    BC Bldg 5	0.0%	MSBNA	MSMCH	$76,052	$76,052	$76,052	 	 
	Property	 	4.137	Commerce
    Park SW 5	0.0%	MSBNA	MSMCH	$73,236	$73,236	$73,236	 	 
	Property	 	4.138	Lakeview
    BC Bldg 6	0.0%	MSBNA	MSMCH	$73,236	$73,236	$73,236	 	 
	Property	 	4.139	Valley
    Forge 4	0.0%	MSBNA	MSMCH	$67,602	$67,602	$67,602	 	 
	Property	 	4.140	Lakeview
    BC Bldg 3	0.0%	MSBNA	MSMCH	$67,602	$67,602	$67,602	 	 
	Property	 	4.141	Lakeview
    BC Bldg 2	0.0%	MSBNA	MSMCH	$47,885	$47,885	$47,885	 	 
	Property	 	4.142	Ft.
    Lauderdale Industrial I	0.0%	MSBNA	MSMCH	$36,618	$36,618	$36,618	 	 
	Loan	 	5	Preferred
    Freezer - San Leandro, CA	6.8%	UBSRES	UBSRES	$45,000,000	$45,000,000	$37,446,435	$181.31	Refinance
	Loan	11	6	Princeton
    Pike Corporate Center	6.8%	MSBNA	MSMCH	$45,000,000	$45,000,000	$41,872,354	$160.60	Acquisition
	Loan	12	7	Twenty
    Ninth Street Retail	6.0%	GSMC/UBSRES	UBSRES	$40,000,000	$40,000,000	$40,000,000	$212.85	Recapitalization
	Loan	13	8	Ellenton
    Premium Outlets	5.8%	UBSRES	UBSRES	$38,800,000	$38,800,000	$38,800,000	$373.57	Refinance
	Loan	14, 15	9	Gateway
    Plaza	4.2%	UBSRES	UBSRES	$28,000,000	$28,000,000	$25,932,138	$174.08	Acquisition
	Loan	 	10	Hilton
    Garden Inn - Oxnard, CA	3.4%	BANA	BANA	$23,000,000	$22,946,097	$19,040,613	$134,977.04	Refinance
	Loan	 	11	7141
    Cleanwater Lane 	3.1%	UBSRES	UBSRES	$21,000,000	$20,961,726	$17,618,527	$141.34	Refinance
	Loan	16	12	Grove
    City Premium Outlets	3.0%	UBSRES	UBSRES	$20,000,000	$20,000,000	$20,000,000	$263.55	Refinance
	Loan	5, 10	13	Dembs
    Roth Kancov Portfolio	2.9%	UBSRES	UBSRES	$19,500,000	$19,409,822	$16,108,906	$69.98	Refinance
	Property	 	13.01	745
    Battlefield Boulevard	0.2%	UBSRES	UBSRES	$1,651,423	$1,643,786	$1,364,237	 	 
	Property	 	13.02	336
    Army Trail Road	0.2%	UBSRES	UBSRES	$1,499,492	$1,492,558	$1,238,727	 	 
	Property	 	13.03	5858
    Sue Mandy Drive	0.2%	UBSRES	UBSRES	$1,288,110	$1,282,153	$1,064,105	 	 
	Property	 	13.04	13809
    N. Dale Mabry Highway	0.2%	UBSRES	UBSRES	$1,083,333	$1,078,323	$894,939	 	 
	Property	 	13.05	5974-5990
    S. Tamiami Trail	0.2%	UBSRES	UBSRES	$1,050,305	$1,045,448	$867,655	 	 
	Property	 	13.06	#1
    Auto Row Drive	0.2%	UBSRES	UBSRES	$1,040,396	$1,035,585	$859,469	 	 
	Property	 	13.07	5137-5177
    14th Street West	0.2%	UBSRES	UBSRES	$1,010,671	$1,005,997	$834,913	 	 
	Property	 	13.08	5510
    Franklin Street	0.1%	UBSRES	UBSRES	$951,220	$946,821	$785,801	 	 
	Property	 	13.09	12579
    Felch Street	0.1%	UBSRES	UBSRES	$924,797	$920,520	$763,973	 	 
	Property	 	13.10	12740
    W. 87th Parkway	0.1%	UBSRES	UBSRES	$924,797	$920,520	$763,973	 	 
	Property	 	13.11	5018
    West Colonial Drive	0.1%	UBSRES	UBSRES	$838,923	$835,043	$693,032	 	 
	Property	 	13.12	4690
    US Highway 98 North	0.1%	UBSRES	UBSRES	$832,317	$828,468	$687,575	 	 
	Property	 	13.13	4207
    Portsmouth Boulevard	0.1%	UBSRES	UBSRES	$825,711	$821,892	$682,118	 	 
	Property	 	13.14	28365
    US Highway 19 North	0.1%	UBSRES	UBSRES	$825,711	$821,892	$682,118	 	 
	Property	 	13.15	3770
    West Haven Avenue	0.1%	UBSRES	UBSRES	$779,472	$775,867	$643,920	 	 
	Property	 	13.16	6237
    East Colonial Drive	0.1%	UBSRES	UBSRES	$759,654	$756,141	$627,548	 	 
	Property	 	13.17	2020
    Principal Row	0.1%	UBSRES	UBSRES	$759,654	$756,141	$627,548	 	 
	Property	 	13.18	2660
    SW College Road	0.1%	UBSRES	UBSRES	$686,992	$683,815	$567,523	 	 
	Property	 	13.19	2641
    Enterprise Road	0.1%	UBSRES	UBSRES	$673,780	$670,664	$556,608	 	 
	Property	 	13.20	1734
    S. Tamiami Trail	0.1%	UBSRES	UBSRES	$614,329	$611,488	$507,496	 	 
	Property	 	13.21	1150
    North Wesleyan Boulevard	0.1%	UBSRES	UBSRES	$478,913	$476,698	$395,629	 	 
	Loan	5, 10	14	Dembs
    Roth Cross Group Portfolio	2.4%	UBSRES	UBSRES	$16,220,000	$16,144,990	$13,399,306	$57.51	Refinance
	Property	 	14.01	40984
    Concept Drive (Rofin Sinar)	0.4%	UBSRES	UBSRES	$2,723,868	$2,711,271	$2,250,181	 	 
	Property	 	14.02	6905-6943
    E. State Street	0.3%	UBSRES	UBSRES	$2,064,545	$2,054,998	$1,705,516	 	 
	Property	 	14.03	14706-14740
    LaGrange Road	0.3%	UBSRES	UBSRES	$1,997,947	$1,988,707	$1,650,500	 	 
	Property	 	14.04	1101-1141
    E. Rand Road	0.2%	UBSRES	UBSRES	$1,671,616	$1,663,885	$1,380,918	 	 
	Property	 	14.05	1640
    75th Street	0.2%	UBSRES	UBSRES	$1,598,358	$1,590,966	$1,320,400	 	 
	Property	 	14.06	28188-28196
    Schoolcraft Road	0.2%	UBSRES	UBSRES	$1,411,883	$1,405,353	$1,166,353	 	 
	Property	 	14.07	310-330
    W. Roosevelt Road	0.2%	UBSRES	UBSRES	$1,398,563	$1,392,095	$1,155,350	 	 
	Property	 	14.08	4732
    N. Brandywine Road (Briar Group)	0.2%	UBSRES	UBSRES	$1,265,366	$1,259,515	$1,045,316	 	 
	Property	 	14.09	27750
    Stansbury Street	0.2%	UBSRES	UBSRES	$1,112,191	$1,107,047	$918,778	 	 
	Property	 	14.10	6933
    NW 36th Avenue 	0.1%	UBSRES	UBSRES	$672,642	$669,532	$555,668	 	 
	Property	 	14.11	34360
    Glendale Street (Christopher Mgmt Prop)	0.0%	UBSRES	UBSRES	$303,022	$301,621	$250,326	 	 
	Loan	17	15	Hilton
    Garden Inn Tupelo	2.3%	UBSRES	UBSRES	$15,500,000	$15,472,699	$11,737,052	$97,928.47	Refinance
	Loan	 	16	Parc
    Central Apartments	2.0%	UBSRES	UBSRES	$13,200,000	$13,155,073	$10,917,639	$87,119.69	Refinance
	Loan	17	17	Pine
    Haven  MHC	1.7%	BANA	BANA	$11,432,625	$11,432,625	$10,510,972	$35,726.95	Refinance
	Loan	 	18	Day
    Creek Village	1.4%	BANA	BANA	$9,400,000	$9,400,000	$9,400,000	$375.97	Acquisition
	Loan	18	19	Gulfport
    Premium Outlets	1.4%	UBSRES	UBSRES	$9,330,000	$9,330,000	$9,330,000	$166.53	Refinance
	Loan	 	20	Peachtree
    Business Park	1.4%	BANA	BANA	$9,150,000	$9,150,000	$7,872,296	$45.97	Acquisition
	Loan	 	21	Woods
    Corner	1.4%	UBSRES	UBSRES	$9,000,000	$9,000,000	$7,704,143	$57.69	Refinance
	Loan	 	22	41
    Eagle Road	1.3%	UBSRES	UBSRES	$8,500,000	$8,484,234	$6,339,573	$40.96	Refinance
	Loan	 	23	The
    Saint Anna Apartments	1.1%	BANA	BANA	$7,300,000	$7,300,000	$6,438,668	$317,391.30	Refinance
	Loan	 	24	Finksburg
    Plaza	1.1%	UBSRES	UBSRES	$7,100,000	$7,100,000	$6,158,660	$94.49	Refinance
	Loan	 	25	Best
    Western Oakland	1.0%	UBSRES	UBSRES	$6,750,000	$6,717,068	$5,075,080	$88,382.47	Refinance
	Loan	 	26	Palms
    at Chimney Rock Apartments	0.9%	BANA	BANA	$6,000,000	$6,000,000	$5,290,527	$48,000.00	Refinance
	Loan	5	27	Collis
    Portfolio	0.8%	UBSRES	UBSRES	$5,100,000	$5,091,435	$3,914,796	$58.64	Acquisition
	Property	 	27.01	Longwood	0.5%	UBSRES	UBSRES	$3,473,514	$3,467,680	$2,666,293	 	 
	Property	 	27.02	Lakeland	0.1%	UBSRES	UBSRES	$854,595	$853,159	$655,993	 	 
	Property	 	27.03	Melbourne	0.1%	UBSRES	UBSRES	$771,892	$770,596	$592,510	 	 
	Loan	 	28	Stony
    Creek Medical Center	0.7%	UBSRES	UBSRES	$4,350,000	$4,340,127	$3,620,832	$148.99	Refinance
	Loan	 	29	Walgreens
    - Glasgow, KY	0.4%	MSBNA	MSMCH	$2,900,000	$2,892,954	$2,385,751	$198.69	Refinance
	Loan	 	30	Thornapple
    Lakes Estates MHC	0.4%	BANA	BANA	$2,850,000	$2,843,066	$2,344,083	$13,223.56	Acquisition
	Loan	 	31	Valley
    View	0.4%	UBSRES	UBSRES	$2,850,000	$2,842,849	$1,825,017	$28.15	Refinance

 

    	 	B-3	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Sponsor
    
	Loan	3	1	525
    Seventh Avenue	9.3%	Samuel
    W. Rosenblatt; MSGT LLC
	Loan	4,
    5	2	U
    Haul AREC RW Portfolio	9.3%	Amerco
	Property	 	2.01	U-Haul
    Moving & Storage at I-20 & 360	1.6%	 
	Property	 	2.02	U-Haul
    Moving & Storage at N Sam Houston	1.5%	 
	Property	 	2.03	U-Haul
    Moving & Storage of Anchorage	0.7%	 
	Property	 	2.04	U-Haul
    Moving & Storage at Clackamas Town Center	0.7%	 
	Property	 	2.05	U-Haul
    Moving & Storage of West Hartford	0.6%	 
	Property	 	2.06	U-Haul
    Moving & Storage at South East St 	0.6%	 
	Property	 	2.07	U-Haul
    Moving & Storage at Fall River at I-195	0.6%	 
	Property	 	2.08	U-Haul
    Moving & Storage of Redwood City	0.5%	 
	Property	 	2.09	U-Haul
    Moving & Storage of Levittown	0.4%	 
	Property	 	2.10	U-Haul
    Moving & Storage of Lynwood	0.4%	 
	Property	 	2.11	U-Haul
    Moving & Storage of Eastland	0.4%	 
	Property	 	2.12	U-Haul
    Moving & Storage of Capitol Hill	0.3%	 
	Property	 	2.13	U-Haul
    Moving & Storage of Newark	0.2%	 
	Property	 	2.14	U-Haul
    Moving & Storage of Jacksonville 	0.2%	 
	Property	 	2.15	U-Haul
    Moving & Storage of SE Seattle	0.2%	 
	Property	 	2.16	U-Haul
    Moving & Storage of Rainier Valley	0.2%	 
	Property	 	2.17	U-Haul
    Moving & Storage of Verde Valley	0.1%	 
	Property	 	2.18	U-Haul
    Moving & Storage at Washington St	0.1%	 
	Property	 	2.19	U-Haul
    Moving & Storage of W Columbia Schoolhouse	0.1%	 
	Loan	6	3	2100
    Ross	9.0%	Thomas
    G. Dundon
	Loan	5,
    7, 8, 9, 10	4	GLP
    Industrial Portfolio B	8.4%	Global
    Logistic Properties Limited
	Property	 	4.001	Agave
    DC	0.4%	 
	Property	 	4.002	Lehigh
    Valley 13	0.2%	 
	Property	 	4.003	Frontier
    Logistics BTS	0.2%	 
	Property	 	4.004	Sugarland
    Interchange DC	0.2%	 
	Property	 	4.005	York
    - Willow Springs	0.2%	 
	Property	 	4.006	Atlanta
    - Liberty DC	0.2%	 
	Property	 	4.007	South
    Bay DC	0.2%	 
	Property	 	4.008	Sorensen
    Industrial	0.2%	 
	Property	 	4.009	Miramar
    DC	0.2%	 
	Property	 	4.010	York
    DC II	0.2%	 
	Property	 	4.011	Carlisle
    DC Bldg 1	0.2%	 
	Property	 	4.012	Portside
    Distribution Center	0.1%	 
	Property	 	4.013	Marina
    West A	0.1%	 
	Property	 	4.014	Fremont
    East Bay DC	0.1%	 
	Property	 	4.015	Harbor
    Gateway DC	0.1%	 
	Property	 	4.016	Imperial
    DC 1	0.1%	 
	Property	 	4.017	Westport
    DC Bldg B	0.1%	 
	Property	 	4.018	Westport
    DC Bldg A	0.1%	 
	Property	 	4.019	Auburn
    DC	0.1%	 
	Property	 	4.020	Southaven
    DC Bldg 2	0.1%	 
	Property	 	4.021	Marina
    West DC II Bldg 1	0.1%	 
	Property	 	4.022	Buckeye
    DC Bldg 1	0.1%	 
	Property	 	4.023	York
    DC III	0.1%	 
	Property	 	4.024	Orange
    County DC	0.1%	 
	Property	 	4.025	Kent
    Valley DC II	0.1%	 
	Property	 	4.026	Memphis
    IC III	0.1%	 
	Property	 	4.027	Pinole
    Point Building #1	0.1%	 
	Property	 	4.028	Cactus
    DC II	0.1%	 
	Property	 	4.029	Fairburn
    DC	0.1%	 
	Property	 	4.030	Windfern
    Distribution Center II	0.1%	 
	Property	 	4.031	Miami
    DC	0.1%	 
	Property	 	4.032	Southpoint
    F	0.1%	 
	Property	 	4.033	Industrial
    Parkway DC	0.1%	 
	Property	 	4.034	Chickasaw
    DC	0.1%	 
	Property	 	4.035	Valley
    Crossings	0.1%	 
	Property	 	4.036	Buckeye
    DC Bldg 2	0.1%	 
	Property	 	4.037	Southpoint
    B	0.1%	 
	Property	 	4.038	Hartman
    Business Center I	0.1%	 
	Property	 	4.039	Artesia
    DC	0.1%	 
	Property	 	4.040	Bell
    Gardens Distribution Center #3	0.1%	 
	Property	 	4.041	Marina
    West B	0.1%	 
	Property	 	4.042	Renton
    DC	0.1%	 
	Property	 	4.043	Southpoint
    A	0.1%	 
	Property	 	4.044	Westfork
    A5	0.1%	 
	Property	 	4.045	Marina
    West DC II Bldg 2	0.1%	 
	Property	 	4.046	Pinole
    Point Building #2	0.1%	 
	Property	 	4.047	Salt
    Lake DC II	0.1%	 
	Property	 	4.048	Northwest
    8 Industrial Center II	0.1%	 
	Property	 	4.049	Salt
    Lake DC I	0.1%	 
	Property	 	4.050	Southshore
    Commerce Center C	0.1%	 
	Property	 	4.051	Pinole
    Point Building #3	0.1%	 
	Property	 	4.052	Steamboat
    DC	0.1%	 
	Property	 	4.053	Palo
    Verde DC	0.1%	 

 

    	 	B-4	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Sponsor
    
	Property	 	4.054	South
    San Francisco DC II	0.1%	 
	Property	 	4.055	Westfork
    C4	0.1%	 
	Property	 	4.056	South
    San Francisco DC	0.1%	 
	Property	 	4.057	Southshore
    Commerce Center A	0.1%	 
	Property	 	4.058	Kent
    Valley DC IV	0.1%	 
	Property	 	4.059	Carlisle
    DC Bldg 2	0.1%	 
	Property	 	4.060	Bluegrass
    DC Bldg 4	0.1%	 
	Property	 	4.061	Westfork
    A4	0.1%	 
	Property	 	4.062	Beltway
    Crossing DC Bldg 2	0.1%	 
	Property	 	4.063	Ritner
    DC	0.1%	 
	Property	 	4.064	Hartman
    Business Center II	0.0%	 
	Property	 	4.065	Hayward
    DC	0.0%	 
	Property	 	4.066	Houston
    DC Bldg 1	0.0%	 
	Property	 	4.067	Kent
    Valley DC	0.0%	 
	Property	 	4.068	Lehigh
    Valley 9	0.0%	 
	Property	 	4.069	Beltway
    Crossing DC Bldg 3	0.0%	 
	Property	 	4.070	Southaven
    DC Bldg 1	0.0%	 
	Property	 	4.071	Bluegrass
    DC Bldg 1	0.0%	 
	Property	 	4.072	Suwanee
    Point Building 200	0.0%	 
	Property	 	4.073	Tamarac
    Business Center I	0.0%	 
	Property	 	4.074	Gwinnett
    DC Bldg 1	0.0%	 
	Property	 	4.075	Houston
    DC Bldg 3	0.0%	 
	Property	 	4.076	Broadway
    101 CC Bldg 9	0.0%	 
	Property	 	4.077	Iron
    Run DC	0.0%	 
	Property	 	4.078	Windfern
    Distribution Center I	0.0%	 
	Property	 	4.079	Miami
    DC II	0.0%	 
	Property	 	4.080	Southshore
    Commerce Center B	0.0%	 
	Property	 	4.081	Suwanee
    Point Building 100	0.0%	 
	Property	 	4.082	Beltway
    Crossing DC Bldg 1	0.0%	 
	Property	 	4.083	Southshore
    Commerce Center D	0.0%	 
	Property	 	4.084	Broadway
    101 CC Bldg 11	0.0%	 
	Property	 	4.085	Lehigh
    Valley DC II	0.0%	 
	Property	 	4.086	Memphis
    IC I	0.0%	 
	Property	 	4.087	Broadway
    101 CC Bldg 6	0.0%	 
	Property	 	4.088	Lehigh
    Valley 10	0.0%	 
	Property	 	4.089	Beltway
    Crossing DC Bldg 4	0.0%	 
	Property	 	4.090	Northwest
    8 Industrial Center I	0.0%	 
	Property	 	4.091	Bluegrass
    DC Bldg 3	0.0%	 
	Property	 	4.092	Andover
    DC Bldg A	0.0%	 
	Property	 	4.093	Bluegrass
    DC Bldg 2	0.0%	 
	Property	 	4.094	Andover
    DC Bldg B	0.0%	 
	Property	 	4.095	Broadway
    101 CC Bldg 5	0.0%	 
	Property	 	4.096	Broadway
    101 CC Bldg 8	0.0%	 
	Property	 	4.097	Broadway
    101 CC Bldg 10	0.0%	 
	Property	 	4.098	Broadway
    101 CC Bldg 4	0.0%	 
	Property	 	4.099	Lehigh
    Valley 11	0.0%	 
	Property	 	4.100	Tamarac
    Commerce Center	0.0%	 
	Property	 	4.101	Houston
    DC Bldg 2	0.0%	 
	Property	 	4.102	Marina
    West DC II Bldg 3	0.0%	 
	Property	 	4.103	Broadway
    101 CC Bldg 3	0.0%	 
	Property	 	4.104	Commerce
    Park Medical Center	0.0%	 
	Property	 	4.105	Houston
    IC	0.0%	 
	Property	 	4.106	Gwinnett
    DC Bldg 2	0.0%	 
	Property	 	4.107	Weston
    Business Center	0.0%	 
	Property	 	4.108	Kent
    Valley DC III	0.0%	 
	Property	 	4.109	Commerce
    Park SW 2	0.0%	 
	Property	 	4.110	Commerce
    Park Westchase 3	0.0%	 
	Property	 	4.111	Lehigh
    Valley 12	0.0%	 
	Property	 	4.112	Houston
    DC Bldg 4	0.0%	 
	Property	 	4.113	Valley
    Forge 1	0.0%	 
	Property	 	4.114	Valley
    Forge 2	0.0%	 
	Property	 	4.115	Bell
    Gardens Distribution Center #1	0.0%	 
	Property	 	4.116	Commerce
    Park SW 4	0.0%	 
	Property	 	4.117	Broadway
    101 CC Bldg 1	0.0%	 
	Property	 	4.118	Bell
    Gardens Distribution Center #2	0.0%	 
	Property	 	4.119	Commerce
    Park SW 1	0.0%	 
	Property	 	4.120	Tamarac
    Business Center II	0.0%	 
	Property	 	4.121	Broadway
    101 CC Bldg 2	0.0%	 
	Property	 	4.122	Commerce
    Park Westchase 2	0.0%	 
	Property	 	4.123	Memphis
    IC II	0.0%	 
	Property	 	4.124	Commerce
    Park NW 3	0.0%	 
	Property	 	4.125	Commerce
    Park NW 4	0.0%	 
	Property	 	4.126	Commerce
    Park SW 3	0.0%	 
	Property	 	4.127	Commerce
    Park Westchase 1	0.0%	 
	Property	 	4.128	Commerce
    Park NW 2	0.0%	 
	Property	 	4.129	Broadway
    101 CC Bldg 7	0.0%	 
	Property	 	4.130	Commerce
    Park NW 1	0.0%	 

 

    	 	B-5	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Sponsor
    
	Property	 	4.131	Lakeview
    BC Bldg 1	0.0%	 
	Property	 	4.132	Ft.
    Lauderdale Industrial II	0.0%	 
	Property	 	4.133	Valley
    Forge 3	0.0%	 
	Property	 	4.134	Lakeview
    BC Bldg 7	0.0%	 
	Property	 	4.135	Lakeview
    BC Bldg 4	0.0%	 
	Property	 	4.136	Lakeview
    BC Bldg 5	0.0%	 
	Property	 	4.137	Commerce
    Park SW 5	0.0%	 
	Property	 	4.138	Lakeview
    BC Bldg 6	0.0%	 
	Property	 	4.139	Valley
    Forge 4	0.0%	 
	Property	 	4.140	Lakeview
    BC Bldg 3	0.0%	 
	Property	 	4.141	Lakeview
    BC Bldg 2	0.0%	 
	Property	 	4.142	Ft.
    Lauderdale Industrial I	0.0%	 
	Loan	 	5	Preferred
    Freezer - San Leandro, CA	6.8%	Gary
    Edwards
	Loan	11	6	Princeton
    Pike Corporate Center	6.8%	David
    Werner
	Loan	12	7	Twenty
    Ninth Street Retail	6.0%	Macerich
    HHF Centers LLC
	Loan	13	8	Ellenton
    Premium Outlets	5.8%	Simon
    Property Group, L.P.
	Loan	14,
    15	9	Gateway
    Plaza	4.2%	Lexington
    Realty Trust
	Loan	 	10	Hilton
    Garden Inn - Oxnard, CA	3.4%	T.M.
    Mian
	Loan	 	11	7141
    Cleanwater Lane 	3.1%	Herb
    Simon; Gene Colin; James Seeley; Richard Shaw
	Loan	16	12	Grove
    City Premium Outlets	3.0%	Simon
    Property Group, L.P.
	Loan	5,
    10	13	Dembs
    Roth Kancov Portfolio	2.9%	Dennis
    Dembs; Irving Nusbaum; The Michael N. Roth Irrevocable Trust Dated October 6, 1971; The Irving Nusbaum Amended And Restated
    Revocable Trust Agreement Dated May 31, 1994; Berlin Family Real Estate Company LLC
	Property	 	13.01	745
    Battlefield Boulevard	0.2%	 
	Property	 	13.02	336
    Army Trail Road	0.2%	 
	Property	 	13.03	5858
    Sue Mandy Drive	0.2%	 
	Property	 	13.04	13809
    N. Dale Mabry Highway	0.2%	 
	Property	 	13.05	5974-5990
    S. Tamiami Trail	0.2%	 
	Property	 	13.06	#1
    Auto Row Drive	0.2%	 
	Property	 	13.07	5137-5177
    14th Street West	0.2%	 
	Property	 	13.08	5510
    Franklin Street	0.1%	 
	Property	 	13.09	12579
    Felch Street	0.1%	 
	Property	 	13.10	12740
    W. 87th Parkway	0.1%	 
	Property	 	13.11	5018
    West Colonial Drive	0.1%	 
	Property	 	13.12	4690
    US Highway 98 North	0.1%	 
	Property	 	13.13	4207
    Portsmouth Boulevard	0.1%	 
	Property	 	13.14	28365
    US Highway 19 North	0.1%	 
	Property	 	13.15	3770
    West Haven Avenue	0.1%	 
	Property	 	13.16	6237
    East Colonial Drive	0.1%	 
	Property	 	13.17	2020
    Principal Row	0.1%	 
	Property	 	13.18	2660
    SW College Road	0.1%	 
	Property	 	13.19	2641
    Enterprise Road	0.1%	 
	Property	 	13.20	1734
    S. Tamiami Trail	0.1%	 
	Property	 	13.21	1150
    North Wesleyan Boulevard	0.1%	 
	Loan	5,
    10	14	Dembs
    Roth Cross Group Portfolio	2.4%	Dennis
    Dembs; Irving Nusbaum; The Michael N. Roth Irrevocable Trust Dated October 6, 1971; The Irving Nusbaum Amended And Restated
    Revocable Trust Agreement Dated May 31, 1994; Berlin Family Real Estate Company LLC
	Property	 	14.01	40984
    Concept Drive (Rofin Sinar)	0.4%	 
	Property	 	14.02	6905-6943
    E. State Street	0.3%	 
	Property	 	14.03	14706-14740
    LaGrange Road	0.3%	 
	Property	 	14.04	1101-1141
    E. Rand Road	0.2%	 
	Property	 	14.05	1640
    75th Street	0.2%	 
	Property	 	14.06	28188-28196
    Schoolcraft Road	0.2%	 
	Property	 	14.07	310-330
    W. Roosevelt Road	0.2%	 
	Property	 	14.08	4732
    N. Brandywine Road (Briar Group)	0.2%	 
	Property	 	14.09	27750
    Stansbury Street	0.2%	 
	Property	 	14.10	6933
    NW 36th Avenue 	0.1%	 
	Property	 	14.11	34360
    Glendale Street (Christopher Mgmt Prop)	0.0%	 
	Loan	17	15	Hilton
    Garden Inn Tupelo	2.3%	Gregory
    M. Friedman; Mitul Patel; Jatin Desai
	Loan	 	16	Parc
    Central Apartments	2.0%	Sean
    T. Keys
	Loan	17	17	Pine
    Haven  MHC	1.7%	Ross
    H. Partrich
	Loan	 	18	Day
    Creek Village	1.4%	Ning
    GS Zhang
	Loan	18	19	Gulfport
    Premium Outlets	1.4%	Simon
    Property Group, L.P.
	Loan	 	20	Peachtree
    Business Park	1.4%	Avistone,
    LLC
	Loan	 	21	Woods
    Corner	1.4%	Mark
    F. Garcea
	Loan	 	22	41
    Eagle Road	1.3%	Melvyn
    J. Powers
	Loan	 	23	The
    Saint Anna Apartments	1.1%	DWF
    Winingder 2013 Trust; DWS Winingder 2013 Trust; KWS Winingder 2013 Trust; DWP Winingder 2013 Trust; JDW Winingder 2013 Trust
	Loan	 	24	Finksburg
    Plaza	1.1%	George
    Weldon Clampet; Fredric Alexander Tomarchio; Joseph Tomarchio, Jr.
	Loan	 	25	Best
    Western Oakland	1.0%	Thakor
    H. Patel; Ashok D. Patel; Dinesh D. Patel
	Loan	 	26	Palms
    at Chimney Rock Apartments	0.9%	Robert
    Martinez
	Loan	5	27	Collis
    Portfolio	0.8%	Trevor
    Gordon
	Property	 	27.01	Longwood	0.5%	 
	Property	 	27.02	Lakeland	0.1%	 
	Property	 	27.03	Melbourne	0.1%	 
	Loan	 	28	Stony
    Creek Medical Center	0.7%	Carmen
    J. Balzano; Alexander Peter Klutch
	Loan	 	29	Walgreens
    - Glasgow, KY	0.4%	Shorenstein
    Company LLC
	Loan	 	30	Thornapple
    Lakes Estates MHC	0.4%	Creekside
    Communities, LLC
	Loan	 	31	Valley
    View	0.4%	Otto
    Reidl; William Rex

 

    	 	B-6	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Non-Recourse
    Carveout Guarantor 
	Loan	3	1	525
    Seventh Avenue	9.3%	Samuel
    W. Rosenblatt; MSGT LLC
	Loan	4,
    5	2	U
    Haul AREC RW Portfolio	9.3%	Amerco
	Property	 	2.01	U-Haul
    Moving & Storage at I-20 & 360	1.6%	 
	Property	 	2.02	U-Haul
    Moving & Storage at N Sam Houston	1.5%	 
	Property	 	2.03	U-Haul
    Moving & Storage of Anchorage	0.7%	 
	Property	 	2.04	U-Haul
    Moving & Storage at Clackamas Town Center	0.7%	 
	Property	 	2.05	U-Haul
    Moving & Storage of West Hartford	0.6%	 
	Property	 	2.06	U-Haul
    Moving & Storage at South East St 	0.6%	 
	Property	 	2.07	U-Haul
    Moving & Storage at Fall River at I-195	0.6%	 
	Property	 	2.08	U-Haul
    Moving & Storage of Redwood City	0.5%	 
	Property	 	2.09	U-Haul
    Moving & Storage of Levittown	0.4%	 
	Property	 	2.10	U-Haul
    Moving & Storage of Lynwood	0.4%	 
	Property	 	2.11	U-Haul
    Moving & Storage of Eastland	0.4%	 
	Property	 	2.12	U-Haul
    Moving & Storage of Capitol Hill	0.3%	 
	Property	 	2.13	U-Haul
    Moving & Storage of Newark	0.2%	 
	Property	 	2.14	U-Haul
    Moving & Storage of Jacksonville 	0.2%	 
	Property	 	2.15	U-Haul
    Moving & Storage of SE Seattle	0.2%	 
	Property	 	2.16	U-Haul
    Moving & Storage of Rainier Valley	0.2%	 
	Property	 	2.17	U-Haul
    Moving & Storage of Verde Valley	0.1%	 
	Property	 	2.18	U-Haul
    Moving & Storage at Washington St	0.1%	 
	Property	 	2.19	U-Haul
    Moving & Storage of W Columbia Schoolhouse	0.1%	 
	Loan	6	3	2100
    Ross	9.0%	Thomas
    G. Dundon
	Loan	5,
    7, 8, 9, 10	4	GLP
    Industrial Portfolio B	8.4%	Western
    A West, LLC; Western A Midwest, LLC; Western A South, LLC; Western A East, LLC; Western B West, LLC; Western B South, LLC;
    Western B Northwest, LLC; Western B Southeast, LLC; Western B East, LLC; Western C REIT, LLC; Western C NR, LLC
	Property	 	4.001	Agave
    DC	0.4%	 
	Property	 	4.002	Lehigh
    Valley 13	0.2%	 
	Property	 	4.003	Frontier
    Logistics BTS	0.2%	 
	Property	 	4.004	Sugarland
    Interchange DC	0.2%	 
	Property	 	4.005	York
    - Willow Springs	0.2%	 
	Property	 	4.006	Atlanta
    - Liberty DC	0.2%	 
	Property	 	4.007	South
    Bay DC	0.2%	 
	Property	 	4.008	Sorensen
    Industrial	0.2%	 
	Property	 	4.009	Miramar
    DC	0.2%	 
	Property	 	4.010	York
    DC II	0.2%	 
	Property	 	4.011	Carlisle
    DC Bldg 1	0.2%	 
	Property	 	4.012	Portside
    Distribution Center	0.1%	 
	Property	 	4.013	Marina
    West A	0.1%	 
	Property	 	4.014	Fremont
    East Bay DC	0.1%	 
	Property	 	4.015	Harbor
    Gateway DC	0.1%	 
	Property	 	4.016	Imperial
    DC 1	0.1%	 
	Property	 	4.017	Westport
    DC Bldg B	0.1%	 
	Property	 	4.018	Westport
    DC Bldg A	0.1%	 
	Property	 	4.019	Auburn
    DC	0.1%	 
	Property	 	4.020	Southaven
    DC Bldg 2	0.1%	 
	Property	 	4.021	Marina
    West DC II Bldg 1	0.1%	 
	Property	 	4.022	Buckeye
    DC Bldg 1	0.1%	 
	Property	 	4.023	York
    DC III	0.1%	 
	Property	 	4.024	Orange
    County DC	0.1%	 
	Property	 	4.025	Kent
    Valley DC II	0.1%	 
	Property	 	4.026	Memphis
    IC III	0.1%	 
	Property	 	4.027	Pinole
    Point Building #1	0.1%	 
	Property	 	4.028	Cactus
    DC II	0.1%	 
	Property	 	4.029	Fairburn
    DC	0.1%	 
	Property	 	4.030	Windfern
    Distribution Center II	0.1%	 
	Property	 	4.031	Miami
    DC	0.1%	 
	Property	 	4.032	Southpoint
    F	0.1%	 
	Property	 	4.033	Industrial
    Parkway DC	0.1%	 
	Property	 	4.034	Chickasaw
    DC	0.1%	 
	Property	 	4.035	Valley
    Crossings	0.1%	 
	Property	 	4.036	Buckeye
    DC Bldg 2	0.1%	 
	Property	 	4.037	Southpoint
    B	0.1%	 
	Property	 	4.038	Hartman
    Business Center I	0.1%	 
	Property	 	4.039	Artesia
    DC	0.1%	 
	Property	 	4.040	Bell
    Gardens Distribution Center #3	0.1%	 
	Property	 	4.041	Marina
    West B	0.1%	 
	Property	 	4.042	Renton
    DC	0.1%	 
	Property	 	4.043	Southpoint
    A	0.1%	 
	Property	 	4.044	Westfork
    A5	0.1%	 
	Property	 	4.045	Marina
    West DC II Bldg 2	0.1%	 
	Property	 	4.046	Pinole
    Point Building #2	0.1%	 
	Property	 	4.047	Salt
    Lake DC II	0.1%	 
	Property	 	4.048	Northwest
    8 Industrial Center II	0.1%	 
	Property	 	4.049	Salt
    Lake DC I	0.1%	 
	Property	 	4.050	Southshore
    Commerce Center C	0.1%	 
	Property	 	4.051	Pinole
    Point Building #3	0.1%	 
	Property	 	4.052	Steamboat
    DC	0.1%	 
	Property	 	4.053	Palo
    Verde DC	0.1%	 

 

    	 	B-7	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Non-Recourse
    Carveout Guarantor 
	Property	 	4.054	South
    San Francisco DC II	0.1%	 
	Property	 	4.055	Westfork
    C4	0.1%	 
	Property	 	4.056	South
    San Francisco DC	0.1%	 
	Property	 	4.057	Southshore
    Commerce Center A	0.1%	 
	Property	 	4.058	Kent
    Valley DC IV	0.1%	 
	Property	 	4.059	Carlisle
    DC Bldg 2	0.1%	 
	Property	 	4.060	Bluegrass
    DC Bldg 4	0.1%	 
	Property	 	4.061	Westfork
    A4	0.1%	 
	Property	 	4.062	Beltway
    Crossing DC Bldg 2	0.1%	 
	Property	 	4.063	Ritner
    DC	0.1%	 
	Property	 	4.064	Hartman
    Business Center II	0.0%	 
	Property	 	4.065	Hayward
    DC	0.0%	 
	Property	 	4.066	Houston
    DC Bldg 1	0.0%	 
	Property	 	4.067	Kent
    Valley DC	0.0%	 
	Property	 	4.068	Lehigh
    Valley 9	0.0%	 
	Property	 	4.069	Beltway
    Crossing DC Bldg 3	0.0%	 
	Property	 	4.070	Southaven
    DC Bldg 1	0.0%	 
	Property	 	4.071	Bluegrass
    DC Bldg 1	0.0%	 
	Property	 	4.072	Suwanee
    Point Building 200	0.0%	 
	Property	 	4.073	Tamarac
    Business Center I	0.0%	 
	Property	 	4.074	Gwinnett
    DC Bldg 1	0.0%	 
	Property	 	4.075	Houston
    DC Bldg 3	0.0%	 
	Property	 	4.076	Broadway
    101 CC Bldg 9	0.0%	 
	Property	 	4.077	Iron
    Run DC	0.0%	 
	Property	 	4.078	Windfern
    Distribution Center I	0.0%	 
	Property	 	4.079	Miami
    DC II	0.0%	 
	Property	 	4.080	Southshore
    Commerce Center B	0.0%	 
	Property	 	4.081	Suwanee
    Point Building 100	0.0%	 
	Property	 	4.082	Beltway
    Crossing DC Bldg 1	0.0%	 
	Property	 	4.083	Southshore
    Commerce Center D	0.0%	 
	Property	 	4.084	Broadway
    101 CC Bldg 11	0.0%	 
	Property	 	4.085	Lehigh
    Valley DC II	0.0%	 
	Property	 	4.086	Memphis
    IC I	0.0%	 
	Property	 	4.087	Broadway
    101 CC Bldg 6	0.0%	 
	Property	 	4.088	Lehigh
    Valley 10	0.0%	 
	Property	 	4.089	Beltway
    Crossing DC Bldg 4	0.0%	 
	Property	 	4.090	Northwest
    8 Industrial Center I	0.0%	 
	Property	 	4.091	Bluegrass
    DC Bldg 3	0.0%	 
	Property	 	4.092	Andover
    DC Bldg A	0.0%	 
	Property	 	4.093	Bluegrass
    DC Bldg 2	0.0%	 
	Property	 	4.094	Andover
    DC Bldg B	0.0%	 
	Property	 	4.095	Broadway
    101 CC Bldg 5	0.0%	 
	Property	 	4.096	Broadway
    101 CC Bldg 8	0.0%	 
	Property	 	4.097	Broadway
    101 CC Bldg 10	0.0%	 
	Property	 	4.098	Broadway
    101 CC Bldg 4	0.0%	 
	Property	 	4.099	Lehigh
    Valley 11	0.0%	 
	Property	 	4.100	Tamarac
    Commerce Center	0.0%	 
	Property	 	4.101	Houston
    DC Bldg 2	0.0%	 
	Property	 	4.102	Marina
    West DC II Bldg 3	0.0%	 
	Property	 	4.103	Broadway
    101 CC Bldg 3	0.0%	 
	Property	 	4.104	Commerce
    Park Medical Center	0.0%	 
	Property	 	4.105	Houston
    IC	0.0%	 
	Property	 	4.106	Gwinnett
    DC Bldg 2	0.0%	 
	Property	 	4.107	Weston
    Business Center	0.0%	 
	Property	 	4.108	Kent
    Valley DC III	0.0%	 
	Property	 	4.109	Commerce
    Park SW 2	0.0%	 
	Property	 	4.110	Commerce
    Park Westchase 3	0.0%	 
	Property	 	4.111	Lehigh
    Valley 12	0.0%	 
	Property	 	4.112	Houston
    DC Bldg 4	0.0%	 
	Property	 	4.113	Valley
    Forge 1	0.0%	 
	Property	 	4.114	Valley
    Forge 2	0.0%	 
	Property	 	4.115	Bell
    Gardens Distribution Center #1	0.0%	 
	Property	 	4.116	Commerce
    Park SW 4	0.0%	 
	Property	 	4.117	Broadway
    101 CC Bldg 1	0.0%	 
	Property	 	4.118	Bell
    Gardens Distribution Center #2	0.0%	 
	Property	 	4.119	Commerce
    Park SW 1	0.0%	 
	Property	 	4.120	Tamarac
    Business Center II	0.0%	 
	Property	 	4.121	Broadway
    101 CC Bldg 2	0.0%	 
	Property	 	4.122	Commerce
    Park Westchase 2	0.0%	 
	Property	 	4.123	Memphis
    IC II	0.0%	 
	Property	 	4.124	Commerce
    Park NW 3	0.0%	 
	Property	 	4.125	Commerce
    Park NW 4	0.0%	 
	Property	 	4.126	Commerce
    Park SW 3	0.0%	 
	Property	 	4.127	Commerce
    Park Westchase 1	0.0%	 
	Property	 	4.128	Commerce
    Park NW 2	0.0%	 
	Property	 	4.129	Broadway
    101 CC Bldg 7	0.0%	 
	Property	 	4.130	Commerce
    Park NW 1	0.0%	 

 

    	 	B-8	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	Non-Recourse
    Carveout Guarantor 
	Property	 	4.131	Lakeview
    BC Bldg 1	0.0%	 
	Property	 	4.132	Ft.
    Lauderdale Industrial II	0.0%	 
	Property	 	4.133	Valley
    Forge 3	0.0%	 
	Property	 	4.134	Lakeview
    BC Bldg 7	0.0%	 
	Property	 	4.135	Lakeview
    BC Bldg 4	0.0%	 
	Property	 	4.136	Lakeview
    BC Bldg 5	0.0%	 
	Property	 	4.137	Commerce
    Park SW 5	0.0%	 
	Property	 	4.138	Lakeview
    BC Bldg 6	0.0%	 
	Property	 	4.139	Valley
    Forge 4	0.0%	 
	Property	 	4.140	Lakeview
    BC Bldg 3	0.0%	 
	Property	 	4.141	Lakeview
    BC Bldg 2	0.0%	 
	Property	 	4.142	Ft.
    Lauderdale Industrial I	0.0%	 
	Loan	 	5	Preferred
    Freezer - San Leandro, CA	6.8%	Gary
    Edwards
	Loan	11	6	Princeton
    Pike Corporate Center	6.8%	David
    Werner
	Loan	12	7	Twenty
    Ninth Street Retail	6.0%	Macerich
    HHF Centers LLC
	Loan	13	8	Ellenton
    Premium Outlets	5.8%	Simon
    Property Group, L.P.
	Loan	14,
    15	9	Gateway
    Plaza	4.2%	Lexington
    Realty Trust
	Loan	 	10	Hilton
    Garden Inn - Oxnard, CA	3.4%	T.M.
    Mian
	Loan	 	11	7141
    Cleanwater Lane 	3.1%	Herb
    Simon; Gene Colin; James Seeley; Richard Shaw
	Loan	16	12	Grove
    City Premium Outlets	3.0%	Simon
    Property Group, L.P.
	Loan	5,
    10	13	Dembs
    Roth Kancov Portfolio	2.9%	Dennis
    Dembs; Irving Nusbaum; The Michael N. Roth Irrevocable Trust Dated October 6, 1971; The Irving Nusbaum Amended And Restated
    Revocable Trust Agreement Dated May 31, 1994; Berlin Family Real Estate Company LLC
	Property	 	13.01	745
    Battlefield Boulevard	0.2%	 
	Property	 	13.02	336
    Army Trail Road	0.2%	 
	Property	 	13.03	5858
    Sue Mandy Drive	0.2%	 
	Property	 	13.04	13809
    N. Dale Mabry Highway	0.2%	 
	Property	 	13.05	5974-5990
    S. Tamiami Trail	0.2%	 
	Property	 	13.06	#1
    Auto Row Drive	0.2%	 
	Property	 	13.07	5137-5177
    14th Street West	0.2%	 
	Property	 	13.08	5510
    Franklin Street	0.1%	 
	Property	 	13.09	12579
    Felch Street	0.1%	 
	Property	 	13.10	12740
    W. 87th Parkway	0.1%	 
	Property	 	13.11	5018
    West Colonial Drive	0.1%	 
	Property	 	13.12	4690
    US Highway 98 North	0.1%	 
	Property	 	13.13	4207
    Portsmouth Boulevard	0.1%	 
	Property	 	13.14	28365
    US Highway 19 North	0.1%	 
	Property	 	13.15	3770
    West Haven Avenue	0.1%	 
	Property	 	13.16	6237
    East Colonial Drive	0.1%	 
	Property	 	13.17	2020
    Principal Row	0.1%	 
	Property	 	13.18	2660
    SW College Road	0.1%	 
	Property	 	13.19	2641
    Enterprise Road	0.1%	 
	Property	 	13.20	1734
    S. Tamiami Trail	0.1%	 
	Property	 	13.21	1150
    North Wesleyan Boulevard	0.1%	 
	Loan	5,
    10	14	Dembs
    Roth Cross Group Portfolio	2.4%	Dennis
    Dembs; Irving Nusbaum; The Michael N. Roth Irrevocable Trust Dated October 6, 1971; The Irving Nusbaum Amended And Restated
    Revocable Trust Agreement Dated May 31, 1994; Berlin Family Real Estate Company LLC
	Property	 	14.01	40984
    Concept Drive (Rofin Sinar)	0.4%	 
	Property	 	14.02	6905-6943
    E. State Street	0.3%	 
	Property	 	14.03	14706-14740
    LaGrange Road	0.3%	 
	Property	 	14.04	1101-1141
    E. Rand Road	0.2%	 
	Property	 	14.05	1640
    75th Street	0.2%	 
	Property	 	14.06	28188-28196
    Schoolcraft Road	0.2%	 
	Property	 	14.07	310-330
    W. Roosevelt Road	0.2%	 
	Property	 	14.08	4732
    N. Brandywine Road (Briar Group)	0.2%	 
	Property	 	14.09	27750
    Stansbury Street	0.2%	 
	Property	 	14.10	6933
    NW 36th Avenue 	0.1%	 
	Property	 	14.11	34360
    Glendale Street (Christopher Mgmt Prop)	0.0%	 
	Loan	17	15	Hilton
    Garden Inn Tupelo	2.3%	Gregory
    M. Friedman; Mitul Patel; Jatin Desai
	Loan	 	16	Parc
    Central Apartments	2.0%	Sean
    T. Keys
	Loan	17	17	Pine
    Haven  MHC	1.7%	Ross
    H. Partrich
	Loan	 	18	Day
    Creek Village	1.4%	Ning
    GS Zhang
	Loan	18	19	Gulfport
    Premium Outlets	1.4%	Simon
    Property Group, L.P.
	Loan	 	20	Peachtree
    Business Park	1.4%	Richard
    M. Kent; Jeffrey J. Katke; Daniel P. Culler
	Loan	 	21	Woods
    Corner	1.4%	Mark
    F. Garcea
	Loan	 	22	41
    Eagle Road	1.3%	Melvyn
    J. Powers
	Loan	 	23	The
    Saint Anna Apartments	1.1%	Thomas
    K. Winingder
	Loan	 	24	Finksburg
    Plaza	1.1%	George
    Weldon Clampet; Fredric Alexander Tomarchio; Joseph Tomarchio, Jr.
	Loan	 	25	Best
    Western Oakland	1.0%	Thakor
    H. Patel; Ashok D. Patel; Dinesh D. Patel
	Loan	 	26	Palms
    at Chimney Rock Apartments	0.9%	Robert
    Martinez
	Loan	5	27	Collis
    Portfolio	0.8%	Trevor
    Gordon
	Property	 	27.01	Longwood	0.5%	 
	Property	 	27.02	Lakeland	0.1%	 
	Property	 	27.03	Melbourne	0.1%	 
	Loan	 	28	Stony
    Creek Medical Center	0.7%	Carmen
    J. Balzano; Alexander Peter Klutch
	Loan	 	29	Walgreens
    - Glasgow, KY	0.4%	Shorenstein
    Company LLC
	Loan	 	30	Thornapple
    Lakes Estates MHC	0.4%	William
    Connell; James Palmer
	Loan	 	31	Valley
    View	0.4%	Otto
    Reidl; William Rex

 

    	 	B-9	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGED PROPERTY CHARACTERISTICS
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	 	No.
    of

    Properties 	General
    Property Type 	Detailed
    Property Type 	Title
    Type	Ground
    Lease 

    Initial Lease 

    Expiration Date	Address
    	City
    	County
    
	Loan	3	1	525
    Seventh Avenue	9.3%	 	1	Office	CBD	Fee	N/A	525
    Seventh Avenue	New
    York	New
    York
	Loan	4,
    5	2	U
    Haul AREC RW Portfolio	9.3%	 	19	 	 	 	 	 	 	 
	Property	 	2.01	U-Haul
    Moving & Storage at I-20 & 360	1.6%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	3020
    I-20 West	Grand
    Prairie	Tarrant
	Property	 	2.02	U-Haul
    Moving & Storage at N Sam Houston	1.5%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	11202
    Antoine Drive	Houston	Harris
	Property	 	2.03	U-Haul
    Moving & Storage of Anchorage	0.7%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	4751
    Old Seward Highway	Anchorage	Anchorage
	Property	 	2.04	U-Haul
    Moving & Storage at Clackamas Town Center	0.7%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	11811
    South East 82nd Avenue	Portland	Clackamas
	Property	 	2.05	U-Haul
    Moving & Storage of West Hartford	0.6%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	164
    South Street	West
    Hartford	Hartford
	Property	 	2.06	U-Haul
    Moving & Storage at South East St 	0.6%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	4011
    South East Street	Indianapolis	Marion
	Property	 	2.07	U-Haul
    Moving & Storage at Fall River at I-195	0.6%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	110
    Lewiston Street	Fall
    River	Bristol
	Property	 	2.08	U-Haul
    Moving & Storage of Redwood City	0.5%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	2200
    El Camino Real 	Redwood
    City	San
    Mateo
	Property	 	2.09	U-Haul
    Moving & Storage of Levittown	0.4%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	6250
    Bristol Pike	Levittown	Bucks
	Property	 	2.10	U-Haul
    Moving & Storage of Lynwood	0.4%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	11716
    Long Beach Boulevard	Lynwood	Los
    Angeles
	Property	 	2.11	U-Haul
    Moving & Storage of Eastland	0.4%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	2880
    South Hamilton Road	Columbus	Franklin
	Property	 	2.12	U-Haul
    Moving & Storage of Capitol Hill	0.3%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	26
    K Street Northeast	Washington	Washington
	Property	 	2.13	U-Haul
    Moving & Storage of Newark	0.2%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	1801
    North 21st Street	Newark	Licking
	Property	 	2.14	U-Haul
    Moving & Storage of Jacksonville 	0.2%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	425
    South Marine Boulevard	Jacksonville	Onslow
	Property	 	2.15	U-Haul
    Moving & Storage of SE Seattle	0.2%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	6403
    MLK Jr Way South	Seattle
    	King
	Property	 	2.16	U-Haul
    Moving & Storage of Rainier Valley	0.2%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	2515
    Rainier Avenue South	Seattle
    	King
	Property	 	2.17	U-Haul
    Moving & Storage of Verde Valley	0.1%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	1650
    East Cherry Street	Cottonwood	Yavapai
	Property	 	2.18	U-Haul
    Moving & Storage at Washington St	0.1%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	6525
    East Washington Street	Indianapolis	Marion
	Property	 	2.19	U-Haul
    Moving & Storage of W Columbia Schoolhouse	0.1%	 	1	Self
    Storage	Self
    Storage	Fee	N/A	802
    West Columbia Street	Springfield	Clark
	Loan	6	3	2100
    Ross	9.0%	 	1	Office	CBD	Fee	N/A	2100
    Ross Avenue	Dallas	Dallas
	Loan	5,
    7, 8, 9, 10	4	GLP
    Industrial Portfolio B	8.4%	 	142	 	 	 	 	 	 	 
	Property	 	4.001	Agave
    DC	0.4%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	800
    North 75th Avenue	Phoenix	Maricopa
	Property	 	4.002	Lehigh
    Valley 13	0.2%	 	1	Industrial	Warehouse	Fee	N/A	861
    Nestle Way	Allentown	Lehigh
	Property	 	4.003	Frontier
    Logistics BTS	0.2%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	3507
    Pasadena Freeway	Pasadena	Harris
	Property	 	4.004	Sugarland
    Interchange DC	0.2%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1111
    Gillingham Lane	Sugarland	Fort
    Bend
	Property	 	4.005	York
    - Willow Springs	0.2%	 	1	Industrial	Warehouse	Fee	N/A	105
    Willow Springs Lane	York	York
	Property	 	4.006	Atlanta
    - Liberty DC	0.2%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	127
    Liberty Industrial Parkway	McDonough	Henry
	Property	 	4.007	South
    Bay DC	0.2%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	588
    Crenshaw Boulevard	Torrance	Los
    Angeles
	Property	 	4.008	Sorensen
    Industrial	0.2%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	9306
    Sorensen Avenue	Santa
    Fe Springs	Los
    Angeles
	Property	 	4.009	Miramar
    DC	0.2%	 	1	Industrial	Warehouse	Fee	N/A	11500
    Miramar Parkway	Miramar	Broward
	Property	 	4.010	York
    DC II	0.2%	 	1	Industrial	Warehouse	Fee	N/A	3300
    Espresso Way	York	York
	Property	 	4.011	Carlisle
    DC Bldg 1	0.2%	 	1	Industrial	Warehouse	Fee	N/A	5
    True Temper Drive	Carlisle	Cumberland
	Property	 	4.012	Portside
    Distribution Center	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1401
    St. Paul Avenue	Tacoma	Pierce
	Property	 	4.013	Marina
    West A	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13900
    North West 2nd Street	Sunrise	Broward
	Property	 	4.014	Fremont
    East Bay DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	48350
    Fremont Boulevard	Fremont	Alameda
	Property	 	4.015	Harbor
    Gateway DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1580
    Francisco Street	Torrance	Los
    Angeles
	Property	 	4.016	Imperial
    DC 1	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	19802
    Imperial Valley Drive	Houston	Harris
	Property	 	4.017	Westport
    DC Bldg B	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6195
    West South 300 Street	Salt
    Lake City	Salt
    Lake
	Property	 	4.018	Westport
    DC Bldg A	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6075
    West 300 South	Salt
    Lake City	Salt
    Lake
	Property	 	4.019	Auburn
    DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	521
    8th Street South West	Auburn	King
	Property	 	4.020	Southaven
    DC Bldg 2	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	8474
    Market Place	Southaven	Desoto
	Property	 	4.021	Marina
    West DC II Bldg 1	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	900
    International Parkway	Sunrise	Broward
	Property	 	4.022	Buckeye
    DC Bldg 1	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6825
    West Buckeye Road	Phoenix	Maricopa
	Property	 	4.023	York
    DC III	0.1%	 	1	Industrial	Warehouse	Fee	N/A	275
    Cross Farm Lane	York	York
	Property	 	4.024	Orange
    County DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	200
    Boysenberry Lane	Placentia	Orange
	Property	 	4.025	Kent
    Valley DC II	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6111
    South 228th Street	Kent	King
	Property	 	4.026	Memphis
    IC III	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	5625
    Challenge Drive	Memphis	Shelby
	Property	 	4.027	Pinole
    Point Building #1	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	2900
    Atlas Road	Richmond	Contra
    Costa
	Property	 	4.028	Cactus
    DC II	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	4747
    West Buckeye Road	Phoenix	Maricopa
	Property	 	4.029	Fairburn
    DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	7300
    Oakley Industrial Boulevard	Atlanta	Fulton
	Property	 	4.030	Windfern
    Distribution Center II	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6323-6377
    Windfern Road	Houston	Harris
	Property	 	4.031	Miami
    DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	10733-10763
    North West 123rd Street	Medley	Miami-Dade
	Property	 	4.032	Southpoint
    F	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	4000
    South Corporate Parkway	Forest
    Park	Clayton
	Property	 	4.033	Industrial
    Parkway DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	3710
    Atlanta Industrial Parkway North West	Atlanta	Fulton
	Property	 	4.034	Chickasaw
    DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6380
    Holmes Road	Memphis	Shelby
	Property	 	4.035	Valley
    Crossings	0.1%	 	1	Industrial	Warehouse	Fee	N/A	2834
    Schoeneck Road	Lower
    Macungie	Lehigh
	Property	 	4.036	Buckeye
    DC Bldg 2	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6913
    West Buckeye Road	Phoenix	Maricopa
	Property	 	4.037	Southpoint
    B	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	2500
    Southpoint Drive	Forest
    Park	Clayton
	Property	 	4.038	Hartman
    Business Center I	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	675
    Hartman Road	Austell	Cobb
	Property	 	4.039	Artesia
    DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1200
    W Artesia Boulevard	Compton	Los
    Angeles
	Property	 	4.040	Bell
    Gardens Distribution Center #3	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	8457
    South Eastern Avenue	Bell
    Gardens	Los
    Angeles
	Property	 	4.041	Marina
    West B	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13800
    North West 2nd Street	Sunrise	Broward
	Property	 	4.042	Renton
    DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1905
    Raymond Avenue South West	Renton	King
	Property	 	4.043	Southpoint
    A	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1500
    Southpoint Drive	Forest
    Park	Clayton
	Property	 	4.044	Westfork
    A5	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	750
    Maxham Road	Lithia
    Springs	Douglas
	Property	 	4.045	Marina
    West DC II Bldg 2	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	14599
    North West 8th Street	Sunrise	Broward
	Property	 	4.046	Pinole
    Point Building #2	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	2500
    Atlas Road	Richmond	Contra
    Costa
	Property	 	4.047	Salt
    Lake DC II	0.1%	 	1	Industrial	Warehouse	Fee	N/A	1770
    South 5500 West	Salt
    Lake City	Salt
    Lake
	Property	 	4.048	Northwest
    8 Industrial Center II	0.1%	 	1	Industrial	Flex	Fee	N/A	6350
    West Sam Houston Parkway North	Houston	Harris
	Property	 	4.049	Salt
    Lake DC I	0.1%	 	1	Industrial	Warehouse	Fee	N/A	1730
    South 5500 West	Salt
    Lake City	Salt
    Lake
	Property	 	4.050	Southshore
    Commerce Center C	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	4131-4293
    North East 189th Avenue	Gresham	Multnomah
	Property	 	4.051	Pinole
    Point Building #3	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	2100
    Atlas Road	Richmond	Contra
    Costa
	Property	 	4.052	Steamboat
    DC	0.1%	 	1	Industrial	Warehouse	Fee	N/A	75
    Steamboat Boulevard	York	York
	Property	 	4.053	Palo
    Verde DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	9704
    West Roosevelt	Tolleson	Maricopa

 

 

    	 	B-10	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGED PROPERTY CHARACTERISTICS
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	 	No.
    of

    Properties 	General
    Property Type 	Detailed
    Property Type 	Title
    Type	Ground
    Lease 

    Initial Lease 

    Expiration Date	Address
    	City
    	County
    
	Property	 	4.054	South
    San Francisco DC II	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	1200-1220
    San Mateo Avenue	San
    Bruno	San
    Mateo
	Property	 	4.055	Westfork
    C4	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	850
    Maxham Road	Lithia
    Springs	Douglas
	Property	 	4.056	South
    San Francisco DC	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	155
    South Hill Drive	Brisbane	San
    Mateo
	Property	 	4.057	Southshore
    Commerce Center A	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	18550-18870
    North East Riverside Parkway	Gresham	Multnomah
	Property	 	4.058	Kent
    Valley DC IV	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6305
    South 231st Street	Kent	King
	Property	 	4.059	Carlisle
    DC Bldg 2	0.1%	 	1	Industrial	Warehouse	Fee	N/A	700
    Allen Road	Carlisle	Cumberland
	Property	 	4.060	Bluegrass
    DC Bldg 4	0.1%	 	1	Industrial	Light
    Industrial	Fee	N/A	1880
    McFarland Road	Alpharetta	Fulton
	Property	 	4.061	Westfork
    A4	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	825
    Maxham Road	Lithia
    Springs	Douglas
	Property	 	4.062	Beltway
    Crossing DC Bldg 2	0.1%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13323
    South Gessner Road	Missouri
    City	Harris
	Property	 	4.063	Ritner
    DC	0.1%	 	1	Industrial	Warehouse	Fee	N/A	1627
    Ritner Highway	Carlisle	Cumberland
	Property	 	4.064	Hartman
    Business Center II	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	555
    Hartman Road	Austell	Cobb
	Property	 	4.065	Hayward
    DC	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	3528
    Arden Road	Hayward	Alameda
	Property	 	4.066	Houston
    DC Bldg 1	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	9830-9856
    East Freeway	Houston	Harris
	Property	 	4.067	Kent
    Valley DC	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	7050
    South 216th Street	Kent	King
	Property	 	4.068	Lehigh
    Valley 9	0.0%	 	1	Industrial	Warehouse	Fee	N/A	7520
    Morris Court	Allentown	Lehigh
	Property	 	4.069	Beltway
    Crossing DC Bldg 3	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13443
    South Gessner Road	Missouri
    City	Harris
	Property	 	4.070	Southaven
    DC Bldg 1	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	481
    Airport Industrial Drive	Southaven	Desoto
	Property	 	4.071	Bluegrass
    DC Bldg 1	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	1665
    Bluegrass Lakes Parkway	Alpharetta	Fulton
	Property	 	4.072	Suwanee
    Point Building 200	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	300
    Brogdon Road	Atlanta	Fulton
	Property	 	4.073	Tamarac
    Business Center I	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	6701
    Nob Hill Road	Tamarac	Broward
	Property	 	4.074	Gwinnett
    DC Bldg 1	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	7575
    Ponce De Leon Circle	Doraville	DeKalb
	Property	 	4.075	Houston
    DC Bldg 3	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	552-598
    Garden Oaks Boulevard	Houston	Harris
	Property	 	4.076	Broadway
    101 CC Bldg 9	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2260
    West Broadway Road	Mesa	Maricopa
	Property	 	4.077	Iron
    Run DC	0.0%	 	1	Industrial	Warehouse	Fee	N/A	6755
    Snowdrift Road	Allentown	Lehigh
	Property	 	4.078	Windfern
    Distribution Center I	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6381-6399
    Windfern Road	Houston	Harris
	Property	 	4.079	Miami
    DC II	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2750
    North West 84th Avenue	Miami	Miami-Dade
	Property	 	4.080	Southshore
    Commerce Center B	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	4122-4286
    North East 185th Drive	Gresham	Multnomah
	Property	 	4.081	Suwanee
    Point Building 100	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	4103
    Tench Road	Atlanta	Fulton
	Property	 	4.082	Beltway
    Crossing DC Bldg 1	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13423
    South Gessner Road	Missouri
    City	Harris
	Property	 	4.083	Southshore
    Commerce Center D	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	18792
    Northeast Portal Way	Gresham	Multnomah
	Property	 	4.084	Broadway
    101 CC Bldg 11	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2160
    West Broadway Road	Mesa	Maricopa
	Property	 	4.085	Lehigh
    Valley DC II	0.0%	 	1	Industrial	Warehouse	Fee	N/A	7130
    Ambassador Drive	Allentown	Lehigh
	Property	 	4.086	Memphis
    IC I	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	4001
    Hickory Hills Road	Memphis	Shelby
	Property	 	4.087	Broadway
    101 CC Bldg 6	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2350
    West Broadway Road	Mesa	Maricopa
	Property	 	4.088	Lehigh
    Valley 10	0.0%	 	1	Industrial	Warehouse	Fee	N/A	7566
    Morris Court	Allentown	Lehigh
	Property	 	4.089	Beltway
    Crossing DC Bldg 4	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13513
    South Gessner Road	Missouri
    City	Harris
	Property	 	4.090	Northwest
    8 Industrial Center I	0.0%	 	1	Industrial	Flex	Fee	N/A	6360
    West Sam Houston Parkway North	Houston	Harris
	Property	 	4.091	Bluegrass
    DC Bldg 3	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	1490
    Bluegrass Lakes Parkway	Alpharetta	Fulton
	Property	 	4.092	Andover
    DC Bldg A	0.0%	 	1	Industrial	Warehouse	Fee	N/A	581
    Strander Boulevard	Tukwila	King
	Property	 	4.093	Bluegrass
    DC Bldg 2	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	1492
    Bluegrass Lakes Parkway	Alpharetta	Fulton
	Property	 	4.094	Andover
    DC Bldg B	0.0%	 	1	Industrial	Warehouse	Fee	N/A	551
    Strander Boulevard	Tukwila	King
	Property	 	4.095	Broadway
    101 CC Bldg 5	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2360
    West Broadway Road	Mesa	Maricopa
	Property	 	4.096	Broadway
    101 CC Bldg 8	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2150
    West Broadway Road	Mesa	Maricopa
	Property	 	4.097	Broadway
    101 CC Bldg 10	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2166
    West Broadway Road	Mesa	Maricopa
	Property	 	4.098	Broadway
    101 CC Bldg 4	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2250
    West Broadway Road	Mesa	Maricopa
	Property	 	4.099	Lehigh
    Valley 11	0.0%	 	1	Industrial	Warehouse	Fee	N/A	6829
    Ruppsville Road	Allentown	Lehigh
	Property	 	4.100	Tamarac
    Commerce Center	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	6501
    Nob Hill Road	Tamarac	Broward
	Property	 	4.101	Houston
    DC Bldg 2	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	6323
    Brookhill Drive	Houston	Harris
	Property	 	4.102	Marina
    West DC II Bldg 3	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	13801
    North West 4th Street	Sunrise	Broward
	Property	 	4.103	Broadway
    101 CC Bldg 3	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2340
    West Broadway Road	Mesa	Maricopa
	Property	 	4.104	Commerce
    Park Medical Center	0.0%	 	1	Industrial	Flex	Fee	N/A	9303-9349
    Kirby Drive	Houston	Harris
	Property	 	4.105	Houston
    IC	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	4601
    South Pinemont	Houston	Harris
	Property	 	4.106	Gwinnett
    DC Bldg 2	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	7585
    Ponce De Leon Circle	Doraville	DeKalb
	Property	 	4.107	Weston
    Business Center	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	3260
    Meridian Parkway	Weston	Broward
	Property	 	4.108	Kent
    Valley DC III	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	22640
    West Valley Highway	Kent	King
	Property	 	4.109	Commerce
    Park SW 2	0.0%	 	1	Industrial	Flex	Fee	N/A	13003
    Southwest Freeway	Stafford	Harris
	Property	 	4.110	Commerce
    Park Westchase 3	0.0%	 	1	Industrial	Flex	Fee	N/A	3662-3698
    Westchase Drive	Houston	Harris
	Property	 	4.111	Lehigh
    Valley 12	0.0%	 	1	Industrial	Warehouse	Fee	N/A	6831
    Ruppsville Road	Allentown	Lehigh
	Property	 	4.112	Houston
    DC Bldg 4	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	3800-3898
    West 11th Street	Houston	Harris
	Property	 	4.113	Valley
    Forge 1	0.0%	 	1	Industrial	Flex	Fee	N/A	2495
    Boulevard of the Generals	Valley
    Forge	Montgomery
	Property	 	4.114	Valley
    Forge 2	0.0%	 	1	Industrial	Flex	Fee	N/A	2562
    Boulevard of the Generals	Valley
    Forge	Montgomery
	Property	 	4.115	Bell
    Gardens Distribution Center #1	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	8429-8433
    South Eastern Avenue	Bell
    Gardens	Los
    Angeles
	Property	 	4.116	Commerce
    Park SW 4	0.0%	 	1	Industrial	Flex	Fee	N/A	4910
    Wright Road	Stafford	Harris
	Property	 	4.117	Broadway
    101 CC Bldg 1	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2330
    West Broadway Road	Mesa	Maricopa
	Property	 	4.118	Bell
    Gardens Distribution Center #2	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	8435
    South Eastern Avenue	Bell
    Gardens	Los
    Angeles
	Property	 	4.119	Commerce
    Park SW 1	0.0%	 	1	Industrial	Flex	Fee	N/A	12919
    Southwest Freeway	Stafford	Harris
	Property	 	4.120	Tamarac
    Business Center II	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	10101
    North West 67th Street	Tamarac	Broward
	Property	 	4.121	Broadway
    101 CC Bldg 2	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2240
    West Broadway Road	Mesa	Maricopa
	Property	 	4.122	Commerce
    Park Westchase 2	0.0%	 	1	Industrial	Flex	Fee	N/A	3630-3660
    Westchase Drive	Houston	Harris
	Property	 	4.123	Memphis
    IC II	0.0%	 	1	Industrial	Distribution
    Warehouse	Fee	N/A	4105
    Hickory Hills Road	Memphis	Shelby
	Property	 	4.124	Commerce
    Park NW 3	0.0%	 	1	Industrial	Flex	Fee	N/A	8801
    Jameel Street	Houston	Harris
	Property	 	4.125	Commerce
    Park NW 4	0.0%	 	1	Industrial	Flex	Fee	N/A	8901
    Jameel Street	Houston	Harris
	Property	 	4.126	Commerce
    Park SW 3	0.0%	 	1	Industrial	Flex	Fee	N/A	4850
    Wright Road	Stafford	Harris
	Property	 	4.127	Commerce
    Park Westchase 1	0.0%	 	1	Industrial	Flex	Fee	N/A	3602-3628
    Westchase Drive	Houston	Harris
	Property	 	4.128	Commerce
    Park NW 2	0.0%	 	1	Industrial	Flex	Fee	N/A	8601
    Jameel Street	Houston	Harris
	Property	 	4.129	Broadway
    101 CC Bldg 7	0.0%	 	1	Industrial	Flex,
    Light Industrial, Distribution	Fee	N/A	2140
    West Broadway Road	Mesa	Maricopa
	Property	 	4.130	Commerce
    Park NW 1	0.0%	 	1	Industrial	Flex	Fee	N/A	6001
    Stonington	Houston	Harris

 

    	 	B-11	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGED PROPERTY CHARACTERISTICS
	Property
    

    Flag 	Footnotes	Loan
    ID	Property
    Name 	%
    of Initial

    Pool Balance 	 	No.
    of

    Properties 	General
    Property Type 	Detailed
    Property Type 	Title
    Type	Ground
    Lease 

    Initial Lease 

    Expiration Date	Address
    	City
    	County
    
	Property	 	4.131	Lakeview
    BC Bldg 1	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2201
    Stirling Road	Dania
    Beach	Broward
	Property	 	4.132	Ft.
    Lauderdale Industrial II	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	3585
    North West 54th Street	Fort
    Lauderdale	Broward
	Property	 	4.133	Valley
    Forge 3	0.0%	 	1	Industrial	Flex	Fee	N/A	2564
    Boulevard of the Generals	Valley
    Forge	Montgomery
	Property	 	4.134	Lakeview
    BC Bldg 7	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2381-2385
    Stirling Road	Dania
    Beach	Broward
	Property	 	4.135	Lakeview
    BC Bldg 4	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2317-2321
    Stirling Road	Dania
    Beach	Broward
	Property	 	4.136	Lakeview
    BC Bldg 5	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2333-2345
    Stirling Road	Dania
    Beach	Broward
	Property	 	4.137	Commerce
    Park SW 5	0.0%	 	1	Industrial	Flex	Fee	N/A	5010
    Wright Road	Stafford	Harris
	Property	 	4.138	Lakeview
    BC Bldg 6	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2349-2363
    Stirling Road	Dania
    Beach	Broward
	Property	 	4.139	Valley
    Forge 4	0.0%	 	1	Industrial	Flex	Fee	N/A	603
    General Washington Ave	Valley
    Forge	Montgomery
	Property	 	4.140	Lakeview
    BC Bldg 3	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2301
    - 2315 Stirling Road	Dania
    Beach	Broward
	Property	 	4.141	Lakeview
    BC Bldg 2	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	2217
    Stirling Road	Dania
    Beach	Broward
	Property	 	4.142	Ft.
    Lauderdale Industrial I	0.0%	 	1	Industrial	Light
    Industrial	Fee	N/A	5330
    North West 35th Avenue	Fort
    Lauderdale	Broward
	Loan	 	5	Preferred
    Freezer - San Leandro, CA	6.8%	 	1	Industrial	Warehouse	Fee	N/A	400
    Polar Way	San
    Leandro	Alameda
	Loan	11	6	Princeton
    Pike Corporate Center	6.8%	 	1	Office	Suburban	Fee	N/A	100,
    989, 993, 997, 1000, 1009, 1200, and 2000 Lenox Drive	Lawrence
    Township	Mercer
	Loan	12	7	Twenty
    Ninth Street Retail	6.0%	 	1	Retail	Regional
    Lifestyle Center	Fee
    and Leasehold	6/30/2060	1710
    29th Street	Boulder	Boulder
	Loan	13	8	Ellenton
    Premium Outlets	5.8%	 	1	Retail	Outlet
    Center	Fee	N/A	5461
    Factory Shops Boulevard	Ellenton	Manatee
	Loan	14,
    15	9	Gateway
    Plaza	4.2%	 	1	Office	CBD	Fee	N/A	800
    East Canal Street	Richmond	Richmond
	Loan	 	10	Hilton
    Garden Inn - Oxnard, CA	3.4%	 	1	Hospitality	Full
    Service	Fee	N/A	2000
    Solar Drive	Oxnard	Ventura
	Loan	 	11	7141
    Cleanwater Lane 	3.1%	 	1	Office	Suburban	Leasehold	7/31/2036	7141
    Cleanwater Lane Southwest	Tumwater	Thurston
	Loan	16	12	Grove
    City Premium Outlets	3.0%	 	1	Retail	Outlet
    Center	Fee	N/A	1911
    Leesburg Grove City Road	Grove
    City	Mercer
	Loan	5,
    10	13	Dembs
    Roth Kancov Portfolio	2.9%	 	21	 	 	 	 	 	 	 
	Property	 	13.01	745
    Battlefield Boulevard	0.2%	 	1	Retail	Unanchored	Fee	N/A	745
    North Battlefield Boulevard	Chesapeake
    	Chesapeake
    
	Property	 	13.02	336
    Army Trail Road	0.2%	 	1	Retail	Single
    Tenant	Fee	N/A	336
    Army Trail Road	Bloomingdale	DuPage
	Property	 	13.03	5858
    Sue Mandy Drive	0.2%	 	1	Retail	Single
    Tenant	Fee	N/A	5858
    Suemandy Drive	St.
    Peters	St.
    Charles
	Property	 	13.04	13809
    N. Dale Mabry Highway	0.2%	 	1	Retail	Unanchored	Fee	N/A	13809
    North Dale Mabry Highway	Tampa	Hillsborough
    
	Property	 	13.05	5974-5990
    S. Tamiami Trail	0.2%	 	1	Retail	Unanchored	Fee	N/A	5974-5990
    South Tamiami Trail	Sarasota	Sarasota
	Property	 	13.06	#1
    Auto Row Drive	0.2%	 	1	Retail	Unanchored	Fee	N/A	1
    Auto Row Drive Unit 1	Bloomington	McLean
	Property	 	13.07	5137-5177
    14th Street West	0.2%	 	1	Retail	Unanchored	Fee	N/A	5137-5177
    14th Street West	Bradenton	Manatee
	Property	 	13.08	5510
    Franklin Street	0.1%	 	1	Retail	Unanchored	Fee	N/A	5510
    Franklin Street	Michigan
    City	La
    Porte
	Property	 	13.09	12579
    Felch Street	0.1%	 	1	Retail	Unanchored	Fee	N/A	12579
    Felch Street	Holland	Ottawa
	Property	 	13.10	12740
    W. 87th Parkway	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	12740
    West 87th Street Parkway	Lenexa	Johnson
    
	Property	 	13.11	5018
    West Colonial Drive	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	5018
    West Colonial Drive	Orlando	Orange
	Property	 	13.12	4690
    US Highway 98 North	0.1%	 	1	Retail	Unanchored	Fee	N/A	4690
    US Highway 98 North	Lakeland	Polk
	Property	 	13.13	4207
    Portsmouth Boulevard	0.1%	 	1	Retail	Unanchored	Fee	N/A	4207
    Portsmouth Boulevard	Chesapeake
    	Chesapeake
    
	Property	 	13.14	28365
    US Highway 19 North	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	28365
    US Highway 19 North	Clearwater	Pinellas
	Property	 	13.15	3770
    West Haven Avenue	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	3770
    West New Haven Avenue	Melbourne	Brevard
	Property	 	13.16	6237
    East Colonial Drive	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	6237
    East Colonial Drive	Orlando	Orange
	Property	 	13.17	2020
    Principal Row	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	9320
    South Orange Blossom Trail	Orlando	Orange
	Property	 	13.18	2660
    SW College Road	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	2660
    Southwest College Road	Ocala	Marion
	Property	 	13.19	2641
    Enterprise Road	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	2641
    Enterprise Road	Orange
    City	Volusia
	Property	 	13.20	1734
    S. Tamiami Trail	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	1734
    South Tamiami Trail	Venice	Sarasota
	Property	 	13.21	1150
    North Wesleyan Boulevard	0.1%	 	1	Retail	Single
    Tenant	Fee	N/A	1150
    North Wesleyan Boulevard	Rocky
    Mount	Nash
	Loan	5,
    10	14	Dembs
    Roth Cross Group Portfolio	2.4%	 	11	 	 	 	 	 	 	 
	Property	 	14.01	40984
    Concept Drive (Rofin Sinar)	0.4%	 	1	Industrial	Flex	Fee	N/A	40984
    Concept Drive	Plymouth
    	Wayne
	Property	 	14.02	6905-6943
    E. State Street	0.3%	 	1	Retail	Unanchored	Fee	N/A	6905-6943
    East State Street	Rockford	Winnebago
	Property	 	14.03	14706-14740
    LaGrange Road	0.3%	 	1	Retail	Unanchored	Fee	N/A	14706-14740
    LaGrange Road	Orland
    Park	Cook
	Property	 	14.04	1101-1141
    E. Rand Road	0.2%	 	1	Retail	Unanchored	Fee	N/A	1101-1141
    East Rand Road	Arlington
    Heights	Cook
	Property	 	14.05	1640
    75th Street	0.2%	 	1	Retail	Unanchored	Fee	N/A	1640
    75th Street	Downers
    Grove	DuPage
	Property	 	14.06	28188-28196
    Schoolcraft Road	0.2%	 	1	Industrial	Flex	Fee	N/A	28188-28196
    Schoolcraft Road	Livonia	Wayne
	Property	 	14.07	310-330
    W. Roosevelt Road	0.2%	 	1	Retail	Unanchored	Fee	N/A	310-330
    West Roosevelt Road	Lombard	DuPage
	Property	 	14.08	4732
    N. Brandywine Road (Briar Group)	0.2%	 	1	Retail	Unanchored	Fee	N/A	4732
    North Brandywine Drive	Peoria
    	Peoria
	Property	 	14.09	27750
    Stansbury Street	0.2%	 	1	Office	Suburban	Fee	N/A	27750
    Stansbury Street	Farmington
    Hills	Oakland
	Property	 	14.10	6933
    NW 36th Avenue 	0.1%	 	1	Office	Suburban	Fee	N/A	6933
    Northwest 4th Boulevard	Gainesville	Alachua
	Property	 	14.11	34360
    Glendale Street (Christopher Mgmt Prop)	0.0%	 	1	Industrial	Flex	Fee	N/A	34360
    Glendale Street	Livonia	Wayne
	Loan	17	15	Hilton
    Garden Inn Tupelo	2.3%	 	1	Hospitality	Full
    Service	Fee	N/A	363
    East Main Street	Tupelo	Lee
	Loan	 	16	Parc
    Central Apartments	2.0%	 	1	Multifamily	Garden	Fee	N/A	2600
    T Street	Vancouver	Clark
	Loan	17	17	Pine
    Haven  MHC	1.7%	 	1	Manufactured
    Housing	Manufactured
    Housing	Fee	N/A	848
    Sandtown Road Southwest	Marietta	Cobb
	Loan	 	18	Day
    Creek Village	1.4%	 	1	Retail	Shadow
    Anchored	Fee	N/A	12273
    Highland Avenue	Rancho
    Cucamonga	San
    Bernardino
	Loan	18	19	Gulfport
    Premium Outlets	1.4%	 	1	Retail	Outlet
    Center	Leasehold	12/31/2034	10000
    Factory Shops Boulevard	Gulfport	Harrison
	Loan	 	20	Peachtree
    Business Park	1.4%	 	1	Industrial	Flex	Fee	N/A	6649,
    6659, 6669, 6679, 6689 and 6699 Peachtree Industrial Boulevard	Norcross	Gwinnett
	Loan	 	21	Woods
    Corner	1.4%	 	1	Retail	Anchored	Fee	N/A	1920
    Centerville Turnpike	Virginia
    Beach	Virginia
    Beach City
	Loan	 	22	41
    Eagle Road	1.3%	 	1	Industrial	Flex	Fee	N/A	41
    Eagle Road	Danbury	Fairfield
	Loan	 	23	The
    Saint Anna Apartments	1.1%	 	1	Multifamily	Mid-Rise	Fee	N/A	1823
    Prytania Street	New
    Orleans	Orleans
    Parish
	Loan	 	24	Finksburg
    Plaza	1.1%	 	1	Retail	Anchored	Fee	N/A	3000
    Gamber Road	Finksburg	Carroll
	Loan	 	25	Best
    Western Oakland	1.0%	 	1	Hospitality	Limited
    Service	Fee	N/A	170
    Hegenberger Loop	Oakland	Alameda
    
	Loan	 	26	Palms
    at Chimney Rock Apartments	0.9%	 	1	Multifamily	Garden	Fee	N/A	6700
    Chimney Rock Road	Houston	Harris
	Loan	5	27	Collis
    Portfolio	0.8%	 	3	 	 	 	 	 	 	 
	Property	 	27.01	Longwood	0.5%	 	1	Industrial	Warehouse	Fee	N/A	485
    Commerce Way	Longwood	Seminole
	Property	 	27.02	Lakeland	0.1%	 	1	Industrial	Warehouse	Fee	N/A	2323
    Memorial Boulevard	Lakeland	Polk
	Property	 	27.03	Melbourne	0.1%	 	1	Industrial	Warehouse	Fee	N/A	3970
    Dow Road	Melbourne	Brevard
	Loan	 	28	Stony
    Creek Medical Center	0.7%	 	1	Office	Medical	Fee	N/A	6-12
    Business Park Drive	Branford	New
    Haven
	Loan	 	29	Walgreens
    - Glasgow, KY	0.4%	 	1	Retail	Single
    Tenant	Fee	N/A	1001
    West Main Street	Glasgow	Barren
	Loan	 	30	Thornapple
    Lakes Estates MHC	0.4%	 	1	Manufactured
    Housing	Manufactured
    Housing	Fee	N/A	6355
    Thornapple Lake Road	Nashville	Barry
	Loan	 	31	Valley
    View	0.4%	 	1	Industrial	Warehouse	Fee	N/A	7825
    Hub Parkway	Valley
    View	Cuyahoga

 

    	 	B-12	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY CHARACTERISTICS
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	State	Zip Code	Year Built	Year Renovated	Size	Units of

Measure	Occupancy

Rate	Occupancy Rate

As-of Date	Appraised

Value	Appraisal

As-of Date
	Loan	3	1	525 Seventh Avenue	9.3%	NY	10018	1925	N/A	505,273	SF	95.5%	1/19/2016	$390,000,000	10/1/2015
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	 	 	 	617,047	SF	86.6%	 	$130,000,000	 
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	TX	75052	2000	N/A	92,020	SF	94.7%	12/1/2015	$17,550,000	11/11/2015
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	TX	77066	2001	N/A	79,015	SF	93.8%	12/1/2015	$15,860,000	11/9/2015
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	AK	99503	1982-2001	N/A	36,804	SF	87.8%	12/1/2015	$7,275,000	11/19/2015
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	OR	97086	1970, 1975, 1978, 1984, 2001	1981	12,586	SF	99.2%	12/1/2015	$8,000,000	11/12/2015
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	CT	06110	1955	N/A	46,890	SF	86.2%	12/1/2015	$6,670,000	11/9/2015
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	IN	46227	1956, 1968 & 1991	2015	57,782	SF	48.6%	12/1/2015	$6,530,000	11/11/2015
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	MA	02721	2004	N/A	65,375	SF	92.7%	12/1/2015	$6,200,000	11/23/2015
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	CA	94063	1960	N/A	10,487	SF	87.6%	12/1/2015	$7,170,000	11/12/2015
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	PA	19057	1984	N/A	30,175	SF	95.5%	12/1/2015	$4,600,000	11/10/2015
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	CA	90262	1962	1977	14,816	SF	98.4%	12/1/2015	$4,040,000	11/9/2015
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	OH	43232	1981	N/A	36,824	SF	89.5%	12/1/2015	$3,820,000	11/23/2015
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	DC	20002	1995	N/A	10,888	SF	85.7%	12/1/2015	$18,100,000	11/17/2015
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	OH	43055	1982-1984	N/A	34,150	SF	84.6%	12/1/2015	$2,520,000	11/23/2015
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	NC	28540	1950	1963, 2002	23,575	SF	74.0%	12/1/2015	$2,500,000	11/12/2015
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	WA	98118	1955	N/A	8,935	SF	96.6%	12/1/2015	$5,250,000	11/6/2015
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	WA	98144	1981	N/A	10,027	SF	86.3%	12/1/2015	$3,500,000	11/6/2015
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	AZ	86326	1980	N/A	20,035	SF	87.5%	12/1/2015	$1,325,000	11/16/2015
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	IN	46219	1956	N/A	11,525	SF	83.1%	12/1/2015	$1,200,000	11/11/2015
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	OH	45504	1979	N/A	15,138	SF	90.4%	12/1/2015	$1,090,000	11/23/2015
	Loan	6	3	2100 Ross	9.0%	TX	75201	1982	2012-2015	843,728	SF	85.7%	12/31/2015	$167,000,000	12/9/2015
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	 	 	 	26,238,861	SF	93.8%	 	$2,081,000,000	 
	Property	 	4.001	Agave DC	0.4%	AZ	85043	2009	NAP	1,267,110	SF	100.0%	10/1/2015	$99,600,000	9/15/2015
	Property	 	4.002	Lehigh Valley 13	0.2%	PA	18031	2000	NAP	822,500	SF	100.0%	10/1/2015	$53,500,000	8/26/2015
	Property	 	4.003	Frontier Logistics BTS	0.2%	TX	77503	2015	NAP	600,004	SF	100.0%	10/1/2015	$50,500,000	10/2/2015
	Property	 	4.004	Sugarland Interchange DC	0.2%	TX	77478	1995	NAP	486,263	SF	100.0%	10/1/2015	$45,800,000	8/25/2015
	Property	 	4.005	York - Willow Springs	0.2%	PA	17406	2009	NAP	624,000	SF	100.0%	10/1/2015	$44,300,000	8/27/2015
	Property	 	4.006	Atlanta - Liberty DC	0.2%	GA	30253	2006	NAP	851,349	SF	100.0%	10/1/2015	$41,600,000	8/31/2015
	Property	 	4.007	South Bay DC	0.2%	CA	90503	2013	NAP	265,440	SF	100.0%	10/1/2015	$40,000,000	9/15/2015
	Property	 	4.008	Sorensen Industrial	0.2%	CA	90670	2012	NAP	305,422	SF	100.0%	10/1/2015	$39,200,000	9/15/2015
	Property	 	4.009	Miramar DC	0.2%	FL	33025	2002	NAP	289,300	SF	100.0%	10/1/2015	$38,600,000	8/24/2015
	Property	 	4.010	York DC II	0.2%	PA	17406	2011	NAP	603,000	SF	100.0%	10/1/2015	$36,000,000	8/27/2015
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	PA	17015	2001	NAP	511,760	SF	100.0%	10/1/2015	$35,500,000	8/27/2015
	Property	 	4.012	Portside Distribution Center	0.1%	WA	98421	2007	NAP	416,050	SF	100.0%	10/1/2015	$33,500,000	7/9/2015
	Property	 	4.013	Marina West A	0.1%	FL	33325	2002	NAP	276,175	SF	100.0%	10/1/2015	$32,900,000	8/24/2015
	Property	 	4.014	Fremont East Bay DC	0.1%	CA	94538	1990	NAP	246,450	SF	100.0%	10/1/2015	$29,400,000	8/27/2015
	Property	 	4.015	Harbor Gateway DC	0.1%	CA	90501	2000	NAP	184,815	SF	100.0%	10/1/2015	$29,400,000	9/15/2015
	Property	 	4.016	Imperial DC 1	0.1%	TX	77073	2014	NAP	328,020	SF	100.0%	10/1/2015	$29,200,000	10/2/2015
	Property	 	4.017	Westport DC Bldg B	0.1%	UT	84104	2008	NAP	409,374	SF	100.0%	10/1/2015	$28,600,000	9/1/2015
	Property	 	4.018	Westport DC Bldg A	0.1%	UT	84104	2007	NAP	350,892	SF	100.0%	10/1/2015	$27,700,000	9/1/2015
	Property	 	4.019	Auburn DC	0.1%	WA	98001	1999	NAP	283,450	SF	100.0%	10/1/2015	$25,600,000	7/9/2015
	Property	 	4.020	Southaven DC Bldg 2	0.1%	MS	38671	2004	NAP	602,500	SF	100.0%	10/1/2015	$24,600,000	8/27/2015
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	FL	33325	1994	NAP	200,000	SF	100.0%	10/1/2015	$24,200,000	8/24/2015
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	AZ	85043	2008	NAP	380,569	SF	100.0%	10/1/2015	$23,800,000	9/15/2015
	Property	 	4.023	York DC III	0.1%	PA	17406	2009	NAP	342,160	SF	100.0%	10/1/2015	$23,700,000	8/27/2015
	Property	 	4.024	Orange County DC	0.1%	CA	92870	1985	NAP	198,275	SF	100.0%	10/1/2015	$23,100,000	9/15/2015
	Property	 	4.025	Kent Valley DC II	0.1%	WA	98032	1995	NAP	228,907	SF	100.0%	10/1/2015	$22,900,000	7/9/2015
	Property	 	4.026	Memphis IC III	0.1%	TN	38115	1998	NAP	582,098	SF	100.0%	10/1/2015	$22,200,000	8/27/2015
	Property	 	4.027	Pinole Point Building #1	0.1%	CA	94806	1999	NAP	200,000	SF	100.0%	10/1/2015	$21,600,000	8/27/2015
	Property	 	4.028	Cactus DC II	0.1%	AZ	85043	2007	NAP	376,760	SF	0.0%	10/1/2015	$21,100,000	9/15/2015
	Property	 	4.029	Fairburn DC	0.1%	GA	30213	1995	NAP	346,224	SF	100.0%	10/1/2015	$20,500,000	8/31/2015
	Property	 	4.030	Windfern Distribution Center II	0.1%	TX	77040	1999	NAP	245,700	SF	100.0%	10/1/2015	$20,200,000	8/31/2015
	Property	 	4.031	Miami DC	0.1%	FL	33178	2013	NAP	185,520	SF	100.0%	10/1/2015	$19,700,000	8/24/2015
	Property	 	4.032	Southpoint F	0.1%	GA	30297	2001	NAP	358,360	SF	100.0%	10/1/2015	$19,300,000	8/31/2015
	Property	 	4.033	Industrial Parkway DC	0.1%	GA	30331	1986	NAP	443,800	SF	100.0%	10/1/2015	$19,000,000	9/1/2015
	Property	 	4.034	Chickasaw DC	0.1%	TN	38141	2004	NAP	437,940	SF	100.0%	10/1/2015	$18,700,000	8/27/2015
	Property	 	4.035	Valley Crossings	0.1%	PA	18062	1997	NAP	270,000	SF	100.0%	10/1/2015	$18,600,000	8/26/2015
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	AZ	85043	2008	NAP	303,495	SF	100.0%	10/1/2015	$18,400,000	9/15/2015
	Property	 	4.037	Southpoint B	0.1%	GA	30297	1996	NAP	297,000	SF	100.0%	10/1/2015	$17,600,000	8/31/2015
	Property	 	4.038	Hartman Business Center I	0.1%	GA	30168	2003	NAP	353,983	SF	100.0%	10/1/2015	$17,600,000	8/31/2015
	Property	 	4.039	Artesia DC	0.1%	CA	90220	1972	NAP	151,800	SF	100.0%	10/1/2015	$17,100,000	9/15/2015
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	CA	90201	1970	NAP	166,261	SF	100.0%	10/1/2015	$15,600,000	9/15/2015
	Property	 	4.041	Marina West B	0.1%	FL	33325	2002	NAP	115,680	SF	100.0%	10/1/2015	$15,600,000	8/24/2015
	Property	 	4.042	Renton DC	0.1%	WA	98057	1997	NAP	126,660	SF	100.0%	10/1/2015	$15,500,000	7/9/2015
	Property	 	4.043	Southpoint A	0.1%	GA	30297	1997	NAP	218,875	SF	100.0%	10/1/2015	$15,300,000	8/31/2015
	Property	 	4.044	Westfork A5	0.1%	GA	30122	2001	NAP	315,095	SF	63.3%	10/1/2015	$15,300,000	8/31/2015
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	FL	33325	1995	NAP	143,000	SF	100.0%	10/1/2015	$15,300,000	8/24/2015
	Property	 	4.046	Pinole Point Building #2	0.1%	CA	94806	2000	NAP	143,250	SF	100.0%	10/1/2015	$15,100,000	8/27/2015
	Property	 	4.047	Salt Lake DC II	0.1%	UT	84104	2011	NAP	190,000	SF	100.0%	10/1/2015	$14,900,000	9/1/2015
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	TX	77041	2001	NAP	99,175	SF	61.2%	10/1/2015	$14,800,000	8/31/2015
	Property	 	4.049	Salt Lake DC I	0.1%	UT	84104	2007	NAP	190,000	SF	100.0%	10/1/2015	$14,600,000	9/1/2015
	Property	 	4.050	Southshore Commerce Center C	0.1%	OR	97230	1999	NAP	179,457	SF	100.0%	10/1/2015	$14,500,000	9/2/2015
	Property	 	4.051	Pinole Point Building #3	0.1%	CA	94806	2001	NAP	131,504	SF	100.0%	10/1/2015	$14,300,000	8/27/2015
	Property	 	4.052	Steamboat DC	0.1%	PA	17345	2002	NAP	193,160	SF	100.0%	10/1/2015	$14,300,000	8/27/2015
	Property	 	4.053	Palo Verde DC	0.1%	AZ	85353	1994	NAP	302,640	SF	0.0%	10/1/2015	$14,100,000	9/15/2015

 

    	 	B-13	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY CHARACTERISTICS
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	State	Zip Code	Year Built	Year Renovated	Size	Units of

Measure	Occupancy

Rate	Occupancy Rate

As-of Date	Appraised

Value	Appraisal

As-of Date
	Property	 	4.054	South San Francisco DC II	0.1%	CA	94080	1977	NAP	86,918	SF	100.0%	10/1/2015	$13,700,000	8/28/2015
	Property	 	4.055	Westfork C4	0.1%	GA	30122	1999	NAP	292,281	SF	23.5%	10/1/2015	$13,400,000	8/31/2015
	Property	 	4.056	South San Francisco DC	0.1%	CA	94005	1972	NAP	87,000	SF	100.0%	10/1/2015	$13,100,000	8/28/2015
	Property	 	4.057	Southshore Commerce Center A	0.1%	OR	97230	1999	NAP	165,000	SF	100.0%	10/1/2015	$12,800,000	9/2/2015
	Property	 	4.058	Kent Valley DC IV	0.1%	WA	98032	1995	NAP	115,189	SF	100.0%	10/1/2015	$12,400,000	7/9/2015
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	PA	17015	2001	NAP	181,990	SF	100.0%	10/1/2015	$12,400,000	8/27/2015
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	GA	30004	2000	NAP	136,238	SF	100.0%	10/1/2015	$12,300,000	10/1/2015
	Property	 	4.061	Westfork A4	0.1%	GA	30122	1997	NAP	228,576	SF	100.0%	10/1/2015	$12,200,000	8/31/2015
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	TX	77489	2009	NAP	166,400	SF	100.0%	10/1/2015	$12,100,000	8/5/2015
	Property	 	4.063	Ritner DC	0.1%	PA	17013	1980	NAP	202,000	SF	100.0%	10/1/2015	$12,000,000	8/27/2015
	Property	 	4.064	Hartman Business Center II	0.0%	GA	30168	2006	NAP	261,799	SF	0.0%	10/1/2015	$11,400,000	8/31/2015
	Property	 	4.065	Hayward DC	0.0%	CA	94545	1999	NAP	101,805	SF	100.0%	10/1/2015	$11,300,000	8/27/2015
	Property	 	4.066	Houston DC Bldg 1	0.0%	TX	77029	1980	NAP	219,243	SF	100.0%	10/1/2015	$10,600,000	9/1/2015
	Property	 	4.067	Kent Valley DC	0.0%	WA	98032	1983	NAP	125,000	SF	100.0%	10/1/2015	$10,500,000	7/9/2015
	Property	 	4.068	Lehigh Valley 9	0.0%	PA	18106	1989	NAP	154,156	SF	100.0%	10/1/2015	$10,400,000	8/26/2015
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	TX	77489	2013	NAP	116,480	SF	100.0%	10/1/2015	$10,400,000	8/5/2015
	Property	 	4.070	Southaven DC Bldg 1	0.0%	MS	38671	2003	NAP	246,564	SF	100.0%	10/1/2015	$10,300,000	8/27/2015
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	GA	30004	1999	NAP	112,000	SF	100.0%	10/1/2015	$10,200,000	10/1/2015
	Property	 	4.072	Suwanee Point Building 200	0.0%	GA	30024	2007	NAP	105,972	SF	100.0%	10/1/2015	$10,100,000	10/1/2015
	Property	 	4.073	Tamarac Business Center I	0.0%	FL	33321	1997	NAP	90,000	SF	100.0%	10/1/2015	$9,600,000	8/24/2015
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	GA	30340	1972	NAP	201,440	SF	100.0%	10/1/2015	$9,200,000	10/1/2015
	Property	 	4.075	Houston DC Bldg 3	0.0%	TX	77018	1977	NAP	192,430	SF	100.0%	10/1/2015	$9,100,000	8/31/2015
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	AZ	85202	2007	NAP	97,554	SF	100.0%	10/1/2015	$9,000,000	9/15/2015
	Property	 	4.077	Iron Run DC	0.0%	PA	18106	1988	NAP	125,000	SF	100.0%	10/1/2015	$9,000,000	8/26/2015
	Property	 	4.078	Windfern Distribution Center I	0.0%	TX	77040	1999	NAP	128,460	SF	100.0%	10/1/2015	$8,600,000	8/31/2015
	Property	 	4.079	Miami DC II	0.0%	FL	33122	1996	NAP	70,000	SF	100.0%	10/1/2015	$8,600,000	8/24/2015
	Property	 	4.080	Southshore Commerce Center B	0.0%	OR	97230	1999	NAP	103,500	SF	100.0%	10/1/2015	$8,500,000	9/2/2015
	Property	 	4.081	Suwanee Point Building 100	0.0%	GA	30024	2007	NAP	125,725	SF	89.3%	10/1/2015	$8,400,000	10/1/2015
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	TX	77489	2009	NAP	116,480	SF	100.0%	10/1/2015	$8,100,000	8/5/2015
	Property	 	4.083	Southshore Commerce Center D	0.0%	OR	97230	2002	NAP	96,608	SF	100.0%	10/1/2015	$8,100,000	9/2/2015
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	AZ	85202	2007	NAP	106,106	SF	100.0%	10/1/2015	$8,000,000	9/15/2015
	Property	 	4.085	Lehigh Valley DC II	0.0%	PA	18106	1991	NAP	114,049	SF	100.0%	10/1/2015	$7,800,000	8/26/2015
	Property	 	4.086	Memphis IC I	0.0%	TN	38115	1996	NAP	200,000	SF	100.0%	10/1/2015	$7,600,000	8/27/2015
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	AZ	85202	2005	NAP	96,120	SF	100.0%	10/1/2015	$7,400,000	9/15/2015
	Property	 	4.088	Lehigh Valley 10	0.0%	PA	18106	1991	NAP	111,300	SF	100.0%	10/1/2015	$7,300,000	8/26/2015
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	TX	77489	2013	NAP	91,520	SF	100.0%	10/1/2015	$7,200,000	8/5/2015
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	TX	77041	2001	NAP	42,143	SF	100.0%	10/1/2015	$6,900,000	8/31/2015
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	GA	30004	1996	NAP	72,000	SF	100.0%	10/1/2015	$6,800,000	10/1/2015
	Property	 	4.092	Andover DC Bldg A	0.0%	WA	98188	1967	NAP	81,225	SF	100.0%	10/1/2015	$6,700,000	7/9/2015
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	GA	30004	1995	NAP	69,000	SF	100.0%	10/1/2015	$6,500,000	10/1/2015
	Property	 	4.094	Andover DC Bldg B	0.0%	WA	98188	1967	NAP	81,660	SF	100.0%	10/1/2015	$6,400,000	7/9/2015
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	AZ	85202	2005	NAP	85,533	SF	100.0%	10/1/2015	$6,400,000	9/15/2015
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	AZ	85202	2007	NAP	68,175	SF	70.0%	10/1/2015	$6,400,000	9/15/2015
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	AZ	85202	2007	NAP	85,533	SF	100.0%	10/1/2015	$6,400,000	9/15/2015
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	AZ	85202	2005	NAP	65,310	SF	100.0%	10/1/2015	$6,300,000	9/15/2015
	Property	 	4.099	Lehigh Valley 11	0.0%	PA	18106	1986	NAP	100,000	SF	100.0%	10/1/2015	$6,200,000	8/26/2015
	Property	 	4.100	Tamarac Commerce Center	0.0%	FL	33321	2005	NAP	49,100	SF	100.0%	10/1/2015	$6,000,000	8/24/2015
	Property	 	4.101	Houston DC Bldg 2	0.0%	TX	77087	1979	NAP	123,536	SF	60.1%	10/1/2015	$6,000,000	9/1/2015
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	FL	33325	1987	NAP	58,650	SF	0.0%	10/1/2015	$6,000,000	8/24/2015
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	AZ	85202	2005	NAP	65,310	SF	100.0%	10/1/2015	$5,900,000	9/15/2015
	Property	 	4.104	Commerce Park Medical Center	0.0%	TX	77054	1985	NAP	51,914	SF	100.0%	10/1/2015	$5,500,000	9/1/2015
	Property	 	4.105	Houston IC	0.0%	TX	77041	1980	NAP	67,180	SF	100.0%	10/1/2015	$5,400,000	8/31/2015
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	GA	30340	1972	NAP	115,228	SF	89.5%	10/1/2015	$5,400,000	10/1/2015
	Property	 	4.107	Weston Business Center	0.0%	FL	33331	1996	NAP	35,447	SF	100.0%	10/1/2015	$5,300,000	8/24/2015
	Property	 	4.108	Kent Valley DC III	0.0%	WA	98032	1979	NAP	50,450	SF	100.0%	10/1/2015	$5,300,000	7/9/2015
	Property	 	4.109	Commerce Park SW 2	0.0%	TX	77477	1981	NAP	49,900	SF	100.0%	10/1/2015	$5,200,000	8/27/2015
	Property	 	4.110	Commerce Park Westchase 3	0.0%	TX	77042	1984	NAP	61,580	SF	100.0%	10/1/2015	$5,100,000	8/27/2015
	Property	 	4.111	Lehigh Valley 12	0.0%	PA	18106	1987	NAP	80,000	SF	100.0%	10/1/2015	$4,900,000	8/26/2015
	Property	 	4.112	Houston DC Bldg 4	0.0%	TX	77055	1973	NAP	106,725	SF	100.0%	10/1/2015	$4,900,000	8/31/2015
	Property	 	4.113	Valley Forge 1	0.0%	PA	19403	1988	NAP	65,723	SF	85.1%	10/1/2015	$4,800,000	8/26/2015
	Property	 	4.114	Valley Forge 2	0.0%	PA	19403	1970	NAP	62,800	SF	100.0%	10/1/2015	$4,800,000	8/26/2015
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	CA	90201	1970	NAP	48,541	SF	100.0%	10/1/2015	$4,700,000	9/15/2015
	Property	 	4.116	Commerce Park SW 4	0.0%	TX	77477	1981	NAP	42,742	SF	100.0%	10/1/2015	$4,700,000	8/27/2015
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	AZ	85202	2005	NAP	46,879	SF	58.5%	10/1/2015	$4,700,000	9/15/2015
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	CA	90201	1970	NAP	48,600	SF	100.0%	10/1/2015	$4,500,000	9/15/2015
	Property	 	4.119	Commerce Park SW 1	0.0%	TX	77477	1981	NAP	40,813	SF	95.2%	10/1/2015	$4,500,000	8/27/2015
	Property	 	4.120	Tamarac Business Center II	0.0%	FL	33321	1997	NAP	35,000	SF	100.0%	10/1/2015	$4,200,000	8/24/2015
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	AZ	85202	2005	NAP	44,854	SF	70.0%	10/1/2015	$4,100,000	9/15/2015
	Property	 	4.122	Commerce Park Westchase 2	0.0%	TX	77042	1984	NAP	48,197	SF	100.0%	10/1/2015	$4,000,000	8/27/2015
	Property	 	4.123	Memphis IC II	0.0%	TN	38115	1996	NAP	106,844	SF	73.6%	10/1/2015	$3,900,000	8/27/2015
	Property	 	4.124	Commerce Park NW 3	0.0%	TX	77040	1980	NAP	47,450	SF	100.0%	10/1/2015	$3,700,000	8/31/2015
	Property	 	4.125	Commerce Park NW 4	0.0%	TX	77040	1980	NAP	47,510	SF	48.1%	10/1/2015	$3,700,000	8/31/2015
	Property	 	4.126	Commerce Park SW 3	0.0%	TX	77477	1981	NAP	42,695	SF	100.0%	10/1/2015	$3,700,000	8/27/2015
	Property	 	4.127	Commerce Park Westchase 1	0.0%	TX	77042	1984	NAP	48,148	SF	100.0%	10/1/2015	$3,700,000	8/27/2015
	Property	 	4.128	Commerce Park NW 2	0.0%	TX	77040	1980	NAP	45,000	SF	100.0%	10/1/2015	$3,600,000	8/31/2015
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	AZ	85202	2007	NAP	47,045	SF	16.9%	10/1/2015	$3,600,000	9/15/2015
	Property	 	4.130	Commerce Park NW 1	0.0%	TX	77040	1980	NAP	45,000	SF	100.0%	10/1/2015	$3,500,000	8/31/2015

 

    	 	B-14	 

     

    
 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY CHARACTERISTICS
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	State	Zip Code	Year Built	Year Renovated	Size	Units of

Measure	Occupancy

Rate	Occupancy Rate

As-of Date	Appraised

Value	Appraisal

As-of Date
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	FL	33312	1985	NAP	40,000	SF	100.0%	10/1/2015	$3,500,000	8/24/2015
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	FL	33309	1991	NAP	24,490	SF	100.0%	10/1/2015	$3,100,000	8/24/2015
	Property	 	4.133	Valley Forge 3	0.0%	PA	19403	1984	NAP	40,000	SF	100.0%	10/1/2015	$2,900,000	8/26/2015
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	FL	33312	1987	NAP	31,497	SF	100.0%	10/1/2015	$2,800,000	8/24/2015
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	FL	33312	1987	NAP	31,153	SF	100.0%	10/1/2015	$2,700,000	8/24/2015
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	FL	33312	1987	NAP	31,326	SF	23.4%	10/1/2015	$2,700,000	8/24/2015
	Property	 	4.137	Commerce Park SW 5	0.0%	TX	77477	1981	NAP	30,620	SF	100.0%	10/1/2015	$2,600,000	8/27/2015
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	FL	33312	1987	NAP	30,888	SF	100.0%	10/1/2015	$2,600,000	8/24/2015
	Property	 	4.139	Valley Forge 4	0.0%	PA	19403	1991	NAP	31,836	SF	100.0%	10/1/2015	$2,400,000	8/26/2015
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	FL	33312	1987	NAP	27,086	SF	100.0%	10/1/2015	$2,400,000	8/24/2015
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	FL	33312	1985	NAP	18,400	SF	100.0%	10/1/2015	$1,700,000	8/24/2015
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	FL	33309	1987	NAP	10,000	SF	100.0%	10/1/2015	$1,300,000	8/24/2015
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	CA	94577	2014	N/A	248,195	SF	100.0%	3/6/2016	$73,000,000	10/28/2015
	Loan	11	6	Princeton Pike Corporate Center	6.8%	NJ	08648	1978-2007	N/A	809,458	SF	87.5%	12/15/2015	$199,000,000	11/5/2015
	Loan	12	7	Twenty Ninth Street Retail	6.0%	CO	80301	1963	2006	704,713	SF	99.0%	12/3/2015	$350,000,000	11/30/2015
	Loan	13	8	Ellenton Premium Outlets	5.8%	FL	34222	1991	N/A	476,481	SF	99.3%	1/21/2016	$332,000,000	10/1/2015
	Loan	14, 15	9	Gateway Plaza	4.2%	VA	23219	2015	N/A	330,309	SF	84.4%	1/7/2016	$123,000,000	12/30/2015
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	CA	93036	2005	2013	170	Rooms	71.6%	12/31/2015	$33,600,000	10/28/2015
	Loan	 	11	7141 Cleanwater Lane 	3.1%	WA	98501	2005	N/A	148,311	SF	100.0%	3/6/2016	$36,400,000	10/27/2015
	Loan	16	12	Grove City Premium Outlets	3.0%	PA	16127	1994	2004	531,200	SF	97.9%	1/21/2016	$255,000,000	9/28/2015
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	 	 	 	277,367	SF	100.0%	 	$29,665,000	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	VA	23320	1991	N/A	16,865	SF	100.0%	11/1/2015	$2,500,000	8/26/2015
	Property	 	13.02	336 Army Trail Road	0.2%	IL	60108	1991	N/A	12,000	SF	100.0%	3/6/2016	$2,270,000	8/27/2015
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	MO	63376	1991	N/A	12,000	SF	100.0%	3/6/2016	$1,950,000	8/26/2015
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	FL	33624	1995	N/A	14,100	SF	100.0%	11/1/2015	$1,640,000	8/13/2015
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	FL	34231	1987	N/A	14,279	SF	100.0%	11/1/2015	$1,590,000	8/13/2015
	Property	 	13.06	#1 Auto Row Drive	0.2%	IL	61704	1995	N/A	14,000	SF	100.0%	11/1/2015	$1,575,000	8/24/2015
	Property	 	13.07	5137-5177 14th Street West	0.2%	FL	34207	1987	N/A	19,888	SF	100.0%	11/1/2015	$1,530,000	8/13/2015
	Property	 	13.08	5510 Franklin Street	0.1%	IN	46360	1996	N/A	16,950	SF	100.0%	11/1/2015	$1,440,000	8/27/2015
	Property	 	13.09	12579 Felch Street	0.1%	MI	49424	1994	N/A	17,600	SF	100.0%	11/1/2015	$1,400,000	8/25/2015
	Property	 	13.10	12740 W. 87th Parkway	0.1%	KS	66215	1991	N/A	12,000	SF	100.0%	3/6/2016	$1,400,000	8/25/2015
	Property	 	13.11	5018 West Colonial Drive	0.1%	FL	32808	1997	N/A	11,960	SF	100.0%	3/6/2016	$1,270,000	8/16/2015
	Property	 	13.12	4690 US Highway 98 North	0.1%	FL	33809	1991	N/A	12,000	SF	100.0%	11/1/2015	$1,260,000	8/17/2015
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	VA	23321	1992	N/A	12,000	SF	100.0%	11/1/2015	$1,250,000	8/26/2015
	Property	 	13.14	28365 US Highway 19 North	0.1%	FL	34683	1985	N/A	9,400	SF	100.0%	3/6/2016	$1,250,000	8/13/2015
	Property	 	13.15	3770 West Haven Avenue	0.1%	FL	32904	1992	N/A	12,000	SF	100.0%	3/6/2016	$1,180,000	8/16/2015
	Property	 	13.16	6237 East Colonial Drive	0.1%	FL	32807	1993	N/A	12,000	SF	100.0%	3/6/2016	$1,150,000	8/16/2015
	Property	 	13.17	2020 Principal Row	0.1%	FL	32837	1992	N/A	12,000	SF	100.0%	3/6/2016	$1,150,000	8/16/2015
	Property	 	13.18	2660 SW College Road	0.1%	FL	34474	1995	N/A	12,000	SF	100.0%	3/6/2016	$1,040,000	8/17/2015
	Property	 	13.19	2641 Enterprise Road	0.1%	FL	32763	1995	N/A	12,000	SF	100.0%	3/6/2016	$1,020,000	8/16/2015
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	FL	34293	1993	N/A	11,530	SF	100.0%	3/6/2016	$930,000	8/13/2015
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	NC	27804	1994	N/A	10,795	SF	100.0%	3/6/2016	$870,000	12/10/2015
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	 	 	 	280,729	SF	95.9%	 	$24,355,000	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	MI	48170	2002	N/A	54,080	SF	100.0%	3/6/2016	$4,090,000	8/26/2015
	Property	 	14.02	6905-6943 E. State Street	0.3%	IL	61108	1991	N/A	40,179	SF	71.4%	11/1/2015	$3,100,000	8/28/2015
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	IL	60462	1986	2014	21,050	SF	100.0%	11/1/2015	$3,000,000	8/26/2015
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	IL	60004	1988	N/A	29,065	SF	100.0%	11/1/2015	$2,510,000	8/27/2015
	Property	 	14.05	1640 75th Street	0.2%	IL	60516	1962	N/A	22,618	SF	100.0%	11/1/2015	$2,400,000	8/26/2015
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	MI	48150	1983	N/A	27,084	SF	100.0%	11/1/2015	$2,120,000	8/26/2015
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	IL	60148	1987	N/A	27,733	SF	100.0%	11/1/2015	$2,100,000	8/8/2015
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	IL	61614	1958	N/A	28,668	SF	100.0%	11/1/2015	$1,900,000	8/24/2015
	Property	 	14.09	27750 Stansbury Street	0.2%	MI	48334	1998	N/A	10,002	SF	100.0%	11/1/2015	$1,670,000	8/26/2015
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	FL	32607	1996	N/A	10,050	SF	100.0%	3/6/2016	$1,010,000	8/17/2015
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	MI	48150	1979	N/A	10,200	SF	100.0%	3/6/2016	$455,000	8/26/2015
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	MS	38804	2006	2014	158	Rooms	69.4%	11/30/2015	$24,500,000	12/7/2015
	Loan	 	16	Parc Central Apartments	2.0%	WA	98661	1976	2015	151	Units	92.1%	11/30/2015	$18,400,000	11/30/2015
	Loan	17	17	Pine Haven  MHC	1.7%	GA	30008	1963-1972	N/A	320	Pads	85.0%	2/1/2016	$15,660,000	11/5/2015
	Loan	 	18	Day Creek Village	1.4%	CA	91739	2004	N/A	25,002	SF	100.0%	1/6/2016	$15,500,000	9/23/2015
	Loan	18	19	Gulfport Premium Outlets	1.4%	MS	39501	1995	2006	300,249	SF	92.2%	1/21/2016	$108,000,000	9/29/2015
	Loan	 	20	Peachtree Business Park	1.4%	GA	30092	1980	N/A	199,036	SF	90.3%	11/17/2015	$12,300,000	10/9/2015
	Loan	 	21	Woods Corner	1.4%	VA	23464	1988	N/A	156,014	SF	90.3%	12/22/2015	$15,900,000	11/12/2015
	Loan	 	22	41 Eagle Road	1.3%	CT	06810	1968	2013	207,156	SF	100.0%	1/21/2016	$15,900,000	10/16/2015
	Loan	 	23	The Saint Anna Apartments	1.1%	LA	70130	1853	2015	23	Units	65.2%	10/1/2015	$10,925,000	11/13/2015
	Loan	 	24	Finksburg Plaza	1.1%	MD	21048	1987	N/A	75,143	SF	89.0%	11/13/2015	$10,730,000	11/12/2015
	Loan	 	25	Best Western Oakland	1.0%	CA	94621	2001	2013; 2015	76	Rooms	77.5%	12/31/2015	$11,300,000	9/3/2015
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	TX	77081	1963-1968	2014-2015	125	Units	97.6%	1/11/2016	$7,910,000	10/28/2015
	Loan	5	27	Collis Portfolio	0.8%	 	 	 	 	86,822	SF	100.0%	 	$9,250,000	 
	Property	 	27.01	Longwood	0.5%	FL	32750	1987	N/A	58,500	SF	100.0%	3/6/2016	$6,300,000	1/25/2016
	Property	 	27.02	Lakeland	0.1%	FL	33815	1985-1988	N/A	14,505	SF	100.0%	3/6/2016	$1,550,000	1/25/2016
	Property	 	27.03	Melbourne	0.1%	FL	32934	1990	N/A	13,817	SF	100.0%	3/6/2016	$1,400,000	1/25/2016
	Loan	 	28	Stony Creek Medical Center	0.7%	CT	06405	2004	N/A	29,130	SF	87.3%	10/22/2015	$5,800,000	10/14/2015
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	KY	42141	2003	N/A	14,560	SF	100.0%	12/1/2015	$4,700,000	11/11/2015
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	MI	49073	1973	N/A	215	Pads	75.8%	11/30/2015	$4,020,000	11/5/2015
	Loan	 	31	Valley View	0.4%	OH	44125	1989	N/A	101,000	SF	100.0%	3/6/2016	$4,900,000	1/16/2016

 

    	 	B-15	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 	 	 	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Mortgage

Rate	Administrative

Fee Rate(2)	Master Servicing

Fee Rate	Primary Servicing

Fee Rate	Pari Passu

Loan Primary Servicing

Fee Rate	Trustee

Fee Rate	Trust Advisor

Fee Rate	Asset Representation Reviewer

Fee Rate	CREFC

Fee Rate	Interest

Accrual  

Basis	Seasoning

(mos.)	ARD

(Yes/No)	Original Term

to Maturity (mos.)	Remaining Term

to Maturity (mos.)	Original

Interest-Only
Period (mos.)
	Loan	3	1	525 Seventh Avenue	9.3%	 	4.118%	0.01488%	0.00250%	0.00000%	0.00250%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	4	No	120	116	60
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	4.400%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	Yes	120	119	0
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	 	4.684%	0.02368%	0.00250%	0.00250%	0.00000%	0.00900%	0.00880%	0.00038%	0.00050%	Actual/360	1	No	120	119	0
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	3.816%	0.01363%	0.00250%	0.00000%	0.00125%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	4	No	84	80	84
	Property	 	4.001	Agave DC	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-16	 

     

    
 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 	 	 	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Mortgage

Rate	Administrative

Fee Rate(2)	Master Servicing

Fee Rate	Primary Servicing

Fee Rate	Pari Passu

Loan Primary Servicing

Fee Rate	Trustee

Fee Rate	Trust Advisor

Fee Rate	Asset Representation Reviewer

Fee Rate	CREFC

Fee Rate	Interest

Accrual  

Basis	Seasoning

(mos.)	ARD

(Yes/No)	Original Term

to Maturity (mos.)	Remaining Term

to Maturity (mos.)	Original

Interest-Only
Period (mos.)
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-17	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 	 	 	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Mortgage

Rate	Administrative

Fee Rate(2)	Master Servicing

Fee Rate	Primary Servicing

Fee Rate	Pari Passu

Loan Primary Servicing

Fee Rate	Trustee

Fee Rate	Trust Advisor

Fee Rate	Asset Representation Reviewer

Fee Rate	CREFC

Fee Rate	Interest

Accrual  

Basis	Seasoning

(mos.)	ARD

(Yes/No)	Original Term

to Maturity (mos.)	Remaining Term

to Maturity (mos.)	Original

Interest-Only
Period (mos.)
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	 	4.637%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	36
	Loan	11	6	Princeton Pike Corporate Center	6.8%	 	4.673%	0.01738%	0.00250%	0.00000%	0.00500%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	2	No	120	118	60
	Loan	12	7	Twenty Ninth Street Retail	6.0%	 	4.097%	0.01488%	0.00250%	0.00250%	0.00000%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	1	No	120	119	120
	Loan	13	8	Ellenton Premium Outlets	5.8%	 	4.299%	0.01488%	0.00250%	0.00000%	0.00250%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	3	No	120	117	120
	Loan	14, 15	9	Gateway Plaza	4.2%	 	5.191%	0.02938%	0.00250%	0.00250%	0.00000%	0.00900%	0.01450%	0.00038%	0.00050%	Actual/360	1	No	180	179	120
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	 	5.145%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	2	No	120	118	0
	Loan	 	11	7141 Cleanwater Lane 	3.1%	 	4.980%	0.04618%	0.00250%	0.03000%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	No	84	83	0
	Loan	16	12	Grove City Premium Outlets	3.0%	 	4.309%	0.01488%	0.00250%	0.00250%	0.00000%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	3	No	120	117	120
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	5.078%	0.08868%	0.00250%	0.07250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	4	No	120	116	0
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	5.078%	0.08868%	0.00250%	0.07250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	4	No	120	116	0
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	 	5.259%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	No	120	119	0
	Loan	 	16	Parc Central Apartments	2.0%	 	5.109%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	0
	Loan	17	17	Pine Haven  MHC	1.7%	 	4.688%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	60
	Loan	 	18	Day Creek Village	1.4%	 	4.853%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	No	120	119	120
	Loan	18	19	Gulfport Premium Outlets	1.4%	 	4.349%	0.01488%	0.00250%	0.00250%	0.00000%	0.00900%	0.00000%	0.00038%	0.00050%	Actual/360	3	No	120	117	120
	Loan	 	20	Peachtree Business Park	1.4%	 	4.698%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	24
	Loan	 	21	Woods Corner	1.4%	 	4.511%	0.05868%	0.00250%	0.04250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	2	No	120	118	24
	Loan	 	22	41 Eagle Road	1.3%	 	4.837%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	No	120	119	0
	Loan	 	23	The Saint Anna Apartments	1.1%	 	4.745%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	36
	Loan	 	24	Finksburg Plaza	1.1%	 	5.027%	0.07618%	0.00250%	0.06000%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	2	No	120	118	24
	Loan	 	25	Best Western Oakland	1.0%	 	5.050%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	0
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	 	4.732%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	3	No	120	117	36
	Loan	5	27	Collis Portfolio	0.8%	 	5.650%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	No	120	119	0
	Property	 	27.01	Longwood	0.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	 	5.318%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	2	No	120	118	0
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	 	4.950%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	2	No	120	118	0
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	 	4.943%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	2	No	120	118	0
	Loan	 	31	Valley View	0.4%	 	5.250%	0.01868%	0.00250%	0.00250%	0.00000%	0.00900%	0.00380%	0.00038%	0.00050%	Actual/360	1	No	120	119	0

 

    	 	B-18	 

     

    
 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Remaining

Interest-Only

Period (mos.)	Original

Amortization

Term (mos.)	Remaining

Amortization

Term (mos.)	Note Date	First

Payment

Date	First P&I Payment

Date (Partial

IO Loans)	Maturity

 Date	ARD Loan

Stated Maturity

Date	Monthly

Debt Service

(P&I)	Monthly

Debt Service

(IO)	Annual Debt

Service

(P&I)	Annual Debt

Service

(IO)	Lockbox Type
	Loan	3	1	525 Seventh Avenue	9.3%	 	56	360	360	10/8/2015	12/6/2015	12/6/2020	11/6/2025	N/A	$300,212.74	$215,692.19	$3,602,553	$2,588,306	Springing
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	0	300	299	1/26/2016	3/6/2016	N/A	2/6/2026	2/6/2041	$341,106.47	N/A	$4,093,278	N/A	Soft
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	 	0	360	359	1/20/2016	3/6/2016	N/A	2/6/2026	N/A	$310,595.12	N/A	$3,727,141	N/A	Hard
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	80	0	0	11/4/2015	12/6/2015	N/A	11/6/2022	N/A	N/A	$180,572.77	N/A	$2,166,873	Hard
	Property	 	4.001	Agave DC	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-19	 

     

    
 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Remaining

Interest-Only

Period (mos.)	Original

Amortization

Term (mos.)	Remaining

Amortization

Term (mos.)	Note Date	First

Payment

Date	First P&I Payment

Date (Partial

IO Loans)	Maturity

 Date	ARD Loan

Stated Maturity

Date	Monthly

Debt Service

(P&I)	Monthly

Debt Service

(IO)	Annual Debt

Service

(P&I)	Annual Debt

Service

(IO)	Lockbox Type
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-20	 

     

    
 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Remaining

Interest-Only

Period (mos.)	Original

Amortization

Term (mos.)	Remaining

Amortization

Term (mos.)	Note Date	First

Payment

Date	First P&I Payment

Date (Partial

IO Loans)	Maturity

 Date	ARD Loan

Stated Maturity

Date	Monthly

Debt Service

(P&I)	Monthly

Debt Service

(IO)	Annual Debt

Service

(P&I)	Annual Debt

Service

(IO)	Lockbox Type
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	 	33	300	300	12/3/2015	1/6/2016	1/6/2019	12/6/2025	N/A	$253,641.87	$176,310.21	$3,043,702	$2,115,723	Springing
	Loan	11	6	Princeton Pike Corporate Center	6.8%	 	58	360	360	12/23/2015	2/1/2016	2/1/2021	1/1/2026	N/A	$224,041.46	$177,656.73	$2,688,498	$2,131,881	Hard
	Loan	12	7	Twenty Ninth Street Retail	6.0%	 	119	0	0	1/14/2016	3/6/2016	N/A	2/6/2026	N/A	N/A	$138,463.43	N/A	$1,661,561	Hard
	Loan	13	8	Ellenton Premium Outlets	5.8%	 	117	0	0	11/3/2015	1/1/2016	N/A	12/1/2025	N/A	N/A	$140,915.18	N/A	$1,690,982	Hard
	Loan	14, 15	9	Gateway Plaza	4.2%	 	119	360	360	2/4/2016	3/6/2016	3/6/2026	2/6/2031	N/A	$153,595.41	$122,805.60	$1,843,145	$1,473,667	Hard
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	 	0	360	358	12/3/2015	2/1/2016	N/A	1/1/2026	N/A	$125,515.19	N/A	$1,506,182	N/A	Hard
	Loan	 	11	7141 Cleanwater Lane 	3.1%	 	0	300	299	1/29/2016	3/6/2016	N/A	2/6/2023	N/A	$122,519.33	N/A	$1,470,232	N/A	Hard
	Loan	16	12	Grove City Premium Outlets	3.0%	 	117	0	0	11/3/2015	1/1/2016	N/A	12/1/2025	N/A	N/A	$72,805.67	N/A	$873,668	Hard
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	0	360	356	11/10/2015	12/6/2015	N/A	11/6/2025	N/A	$105,612.95	N/A	$1,267,355	N/A	N/A
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	0	360	356	11/10/2015	12/6/2015	N/A	11/6/2025	N/A	$87,848.31	N/A	$1,054,180	N/A	N/A
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	 	0	300	299	1/25/2016	3/6/2016	N/A	2/6/2026	N/A	$92,965.71	N/A	$1,115,589	N/A	Springing
	Loan	 	16	Parc Central Apartments	2.0%	 	0	360	357	12/11/2015	1/6/2016	N/A	12/6/2025	N/A	$71,744.82	N/A	$860,938	N/A	Soft
	Loan	17	17	Pine Haven  MHC	1.7%	 	57	360	360	11/30/2015	1/1/2016	1/1/2021	12/1/2025	N/A	$59,211.48	$45,283.78	$710,538	$543,405	Springing
	Loan	 	18	Day Creek Village	1.4%	 	119	0	0	1/7/2016	3/1/2016	N/A	2/1/2026	N/A	N/A	$38,543.16	N/A	$462,518	Springing
	Loan	18	19	Gulfport Premium Outlets	1.4%	 	117	0	0	11/3/2015	1/1/2016	N/A	12/1/2025	N/A	N/A	$34,279.17	N/A	$411,350	Hard
	Loan	 	20	Peachtree Business Park	1.4%	 	21	360	360	11/24/2015	1/1/2016	1/1/2018	12/1/2025	N/A	$47,444.36	$36,319.78	$569,332	$435,837	Springing
	Loan	 	21	Woods Corner	1.4%	 	22	360	360	12/22/2015	2/6/2016	2/6/2018	1/6/2026	N/A	$45,661.06	$34,303.16	$547,933	$411,638	Springing
	Loan	 	22	41 Eagle Road	1.3%	 	0	300	299	1/21/2016	3/6/2016	N/A	2/6/2026	N/A	$48,886.28	N/A	$586,635	N/A	Springing
	Loan	 	23	The Saint Anna Apartments	1.1%	 	33	360	360	11/20/2015	1/1/2016	1/1/2019	12/1/2025	N/A	$38,058.26	$29,266.33	$456,699	$351,196	Springing
	Loan	 	24	Finksburg Plaza	1.1%	 	22	360	360	12/28/2015	2/6/2016	2/6/2018	1/6/2026	N/A	$38,231.58	$30,156.18	$458,779	$361,874	Springing
	Loan	 	25	Best Western Oakland	1.0%	 	0	300	297	11/23/2015	1/6/2016	N/A	12/6/2025	N/A	$39,657.50	N/A	$475,890	N/A	Springing
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	 	33	360	360	11/20/2015	1/1/2016	1/1/2019	12/1/2025	N/A	$31,233.78	$23,988.61	$374,805	$287,863	Springing
	Loan	5	27	Collis Portfolio	0.8%	 	0	300	299	2/1/2016	3/6/2016	N/A	2/6/2026	N/A	$31,776.95	N/A	$381,323	N/A	Hard
	Property	 	27.01	Longwood	0.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	 	0	360	358	12/15/2015	2/6/2016	N/A	1/6/2026	N/A	$24,203.05	N/A	$290,437	N/A	Hard
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	 	0	360	358	12/30/2015	2/1/2016	N/A	1/1/2026	N/A	$15,479.33	N/A	$185,752	N/A	Springing
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	 	0	360	358	12/10/2015	2/1/2016	N/A	1/1/2026	N/A	$15,200.29	N/A	$182,403	N/A	N/A
	Loan	 	31	Valley View	0.4%	 	0	240	239	1/19/2016	3/6/2016	N/A	2/6/2026	N/A	$19,204.56	N/A	$230,455	N/A	Springing

 

    	 	B-21	 

     

    
 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Cash Management Status	Crossed With

Other Loans	Related-Borrower Loans	UW NOI

DSCR (P&I)	UW NOI

DSCR (IO)	UW NCF

DSCR (P&I)	UW NCF

DSCR (IO)	Cut-Off Date

LTV Ratio	Maturity Date LTV Ratio	Grace Period to

Late Charge

(Days)	Grace Period to Default

(Days)	Due Date	Prepayment Provisions

(No. of Payments)	YM

Formula
	Loan	3	1	525 Seventh Avenue	9.3%	 	Springing	No	N/A	1.83x	2.54x	1.70x	2.36x	45.1%	41.1%	0	0	Sixth	LO(28);DEF(87);O(5)	 
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	Springing	No	N/A	1.68x	N/A	1.64x	N/A	47.6%	35.0%	0	0	Sixth	LO(25);DEF or YM1(91);O(4)	A
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	 	Springing	No	N/A	1.57x	N/A	1.36x	N/A	58.6%	47.9%	0	0	Sixth	LO(25);DEF(90);O(5)	 
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	Springing	No	N/A	N/A	4.75x	N/A	4.37x	30.2%	30.2%	0	0	Sixth	YM1(77);O(7)	B
	Property	 	4.001	Agave DC	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-22	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Cash Management Status	Crossed With

Other Loans	Related-Borrower Loans	UW NOI

DSCR (P&I)	UW NOI

DSCR (IO)	UW NCF

DSCR (P&I)	UW NCF

DSCR (IO)	Cut-Off Date

LTV Ratio	Maturity Date LTV Ratio	Grace Period to

Late Charge

(Days)	Grace Period to Default

(Days)	Due Date	Prepayment Provisions

(No. of Payments)	YM

Formula
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-23	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MORTGAGE LOAN CHARACTERISTICS	 	 	 	 	 	 	 
	Property

Flag	Footnotes	Loan ID	Property Name	% of Initial

Pool Balance	 	Cash Management Status	Crossed With

Other Loans	Related-Borrower Loans	UW NOI

DSCR (P&I)	UW NOI

DSCR (IO)	UW NCF

DSCR (P&I)	UW NCF

DSCR (IO)	Cut-Off Date

LTV Ratio	Maturity Date LTV Ratio	Grace Period to

Late Charge

(Days)	Grace Period to Default

(Days)	Due Date	Prepayment Provisions

(No. of Payments)	YM

Formula
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	 	Springing	No	N/A	1.48x	2.13x	1.41x	2.03x	61.6%	51.3%	0	0	Sixth	LO(27);DEF(89);O(4)	 
	Loan	11	6	Princeton Pike Corporate Center	6.8%	 	In Place	No	N/A	1.61x	2.03x	1.38x	1.75x	65.3%	60.8%	5	5	First	LO(26);DEF(89);O(5)	 
	Loan	12	7	Twenty Ninth Street Retail	6.0%	 	Springing	No	N/A	N/A	2.89x	N/A	2.79x	42.9%	42.9%	5	0	Sixth	LO(25);YM1(91);O(4)	C
	Loan	13	8	Ellenton Premium Outlets	5.8%	 	Springing	No	Group 1	N/A	2.53x	N/A	2.45x	53.6%	53.6%	0	5	First	LO(27);DEF(86);O(7)	 
	Loan	14, 15	9	Gateway Plaza	4.2%	 	Springing	No	N/A	2.10x	2.62x	1.98x	2.48x	46.7%	43.3%	0	0	Sixth	LO(25);DEF(130);O(25)	 
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	 	Springing	No	N/A	2.41x	N/A	2.21x	N/A	68.3%	56.7%	4	4	First	LO(26);DEF(90);O(4)	 
	Loan	 	11	7141 Cleanwater Lane 	3.1%	 	Springing	No	N/A	1.80x	N/A	1.63x	N/A	57.6%	48.4%	0	0	Sixth	LO(25);YM3(52);O(7)	D
	Loan	16	12	Grove City Premium Outlets	3.0%	 	Springing	No	Group 1	N/A	2.75x	N/A	2.66x	54.9%	54.9%	0	5	First	LO(27);DEF(86);O(7)	 
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	N/A	No	Group 2	1.99x	N/A	1.86x	N/A	65.4%	54.3%	0	0	Sixth	LO(28);DEF(85);O(7)	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	N/A	No	Group 2	2.07x	N/A	1.98x	N/A	66.3%	55.0%	0	0	Sixth	LO(28);DEF(85);O(7)	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	 	Springing	No	N/A	1.70x	N/A	1.52x	N/A	63.2%	47.9%	0	0	Sixth	LO(25);DEF(88);O(7)	 
	Loan	 	16	Parc Central Apartments	2.0%	 	Springing	No	N/A	1.33x	N/A	1.29x	N/A	71.5%	59.3%	0	0	Sixth	LO(27);DEF(89);O(4)	 
	Loan	17	17	Pine Haven  MHC	1.7%	 	Springing	No	N/A	1.45x	1.89x	1.44x	1.88x	73.0%	67.1%	5	5	First	LO(27);DEF(88);O(5)	 
	Loan	 	18	Day Creek Village	1.4%	 	Springing	No	N/A	N/A	1.68x	N/A	1.58x	60.6%	60.6%	5	4	First	LO(25);YM1(90);O(5)	E
	Loan	18	19	Gulfport Premium Outlets	1.4%	 	Springing	No	Group 1	N/A	3.01x	N/A	2.80x	46.3%	46.3%	0	5	First	LO(27);DEF(86);O(7)	 
	Loan	 	20	Peachtree Business Park	1.4%	 	Springing	No	N/A	1.90x	2.48x	1.69x	2.20x	74.4%	64.0%	5	4	First	LO(27);DEF(89);O(4)	 
	Loan	 	21	Woods Corner	1.4%	 	Springing	No	N/A	2.03x	2.71x	1.88x	2.50x	56.6%	48.5%	0	0	Sixth	LO(26);DEF(90);O(4)	 
	Loan	 	22	41 Eagle Road	1.3%	 	Springing	No	N/A	1.62x	N/A	1.46x	N/A	53.4%	39.9%	0	0	Sixth	LO(25);DEF(91);O(4)	 
	Loan	 	23	The Saint Anna Apartments	1.1%	 	Springing	No	N/A	1.28x	1.66x	1.27x	1.65x	66.8%	58.9%	5	4	First	LO(27);DEF(89);O(4)	 
	Loan	 	24	Finksburg Plaza	1.1%	 	Springing	No	N/A	1.45x	1.84x	1.34x	1.69x	66.2%	57.4%	0	0	Sixth	LO(26);DEF(90);O(4)	 
	Loan	 	25	Best Western Oakland	1.0%	 	Springing	No	N/A	2.46x	N/A	2.22x	N/A	59.4%	44.9%	0	0	Sixth	LO(27);DEF(89);O(4)	 
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	 	Springing	No	N/A	1.49x	1.94x	1.41x	1.84x	75.9%	66.9%	5	4	First	LO(27);DEF(88);O(5)	 
	Loan	5	27	Collis Portfolio	0.8%	 	In Place	No	N/A	1.66x	N/A	1.54x	N/A	55.0%	42.3%	0	0	Sixth	LO(25);DEF(91);O(4)	 
	Property	 	27.01	Longwood	0.5%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	 	Springing	No	N/A	1.53x	N/A	1.40x	N/A	74.8%	62.4%	0	0	Sixth	LO(26);DEF(87);O(7)	 
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	 	Springing	No	N/A	1.41x	N/A	1.35x	N/A	61.6%	50.8%	0	5	First	LO(26);DEF(90);O(4)	 
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	 	N/A	No	N/A	1.87x	N/A	1.81x	N/A	70.7%	58.3%	5	4	First	LO(26);DEF(90);O(4)	 
	Loan	 	31	Valley View	0.4%	 	Springing	No	N/A	1.68x	N/A	1.52x	N/A	58.0%	37.2%	0	0	Sixth	LO(25);DEF(91);O(4)	 

 

    	 	B-24	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Third Most 

Recent Revenues	Third Most 

Recent Expenses	Third Most 

Recent NOI 	Third

Most Recent

NOI Date 	Third Most

Recent NOI

Debt Yield	Second Most

 Recent Revenues	Second Most

 Recent Expenses	Second Most

 Recent NOI 	Second

Most Recent

NOI Date 	Second Most

Recent NOI

Debt Yield	Most

 Recent Revenues	Most

 Recent Expenses
	Loan	3	1	525 Seventh Avenue	9.3%	$23,963,724	$9,094,748	$14,868,976	12/31/2013	8.4%	$23,720,973	$9,440,167	$14,280,806	12/31/2014	8.1%	$25,650,366	$10,003,780
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	$8,464,448	$2,310,470	$6,153,978	3/31/2013 TTM	9.9%	$9,334,450	$2,474,960	$6,859,490	3/31/2014 TTM	11.1%	$10,127,398	$2,594,147
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	$1,340,575	$259,850	$1,080,725	3/31/2013 TTM	 	$1,355,716	$255,086	$1,100,630	3/31/2014 TTM	 	$1,430,148	$260,154
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	$1,190,077	$177,971	$1,012,106	3/31/2013 TTM	 	$1,282,034	$185,308	$1,096,726	3/31/2014 TTM	 	$1,351,641	$190,805
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	$932,762	$205,459	$727,303	3/31/2013 TTM	 	$955,610	$213,839	$741,771	3/31/2014 TTM	 	$873,224	$191,036
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	$568,568	$90,756	$477,812	3/31/2013 TTM	 	$603,001	$92,546	$510,455	3/31/2014 TTM	 	$657,609	$91,942
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	$500,649	$142,838	$357,811	3/31/2013 TTM	 	$571,793	$142,580	$429,213	3/31/2014 TTM	 	$692,854	$150,161
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	$377,108	$106,532	$270,576	3/31/2013 TTM	 	$351,017	$113,727	$237,290	3/31/2014 TTM	 	$388,276	$139,227
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	$0	$49,740	-$49,740	3/31/2013 TTM	 	$417,879	$142,446	$275,433	3/31/2014 TTM	 	$709,337	$207,473
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	$480,107	$82,784	$397,323	3/31/2013 TTM	 	$455,608	$84,523	$371,085	3/31/2014 TTM	 	$480,983	$86,012
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	$346,100	$149,978	$196,122	3/31/2013 TTM	 	$392,450	$155,126	$237,324	3/31/2014 TTM	 	$443,578	$154,734
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	$330,506	$82,094	$248,412	3/31/2013 TTM	 	$348,889	$82,899	$265,990	3/31/2014 TTM	 	$406,794	$84,634
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	$450,160	$129,159	$321,001	3/31/2013 TTM	 	$512,636	$128,235	$384,401	3/31/2014 TTM	 	$504,647	$125,506
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	$472,823	$283,720	$189,103	3/31/2013 TTM	 	$488,258	$306,899	$181,359	3/31/2014 TTM	 	$496,747	$341,753
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	$216,379	$89,714	$126,665	3/31/2013 TTM	 	$274,765	$101,375	$173,390	3/31/2014 TTM	 	$308,055	$106,422
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	$281,754	$80,984	$200,770	3/31/2013 TTM	 	$252,814	$82,609	$170,205	3/31/2014 TTM	 	$261,628	$81,212
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	$260,382	$86,650	$173,732	3/31/2013 TTM	 	$310,987	$91,740	$219,247	3/31/2014 TTM	 	$293,494	$90,006
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	$267,264	$101,375	$165,889	3/31/2013 TTM	 	$296,905	$106,906	$189,999	3/31/2014 TTM	 	$312,826	$102,690
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	$127,646	$51,508	$76,138	3/31/2013 TTM	 	$134,477	$48,208	$86,269	3/31/2014 TTM	 	$155,523	$47,679
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	$169,545	$73,719	$95,826	3/31/2013 TTM	 	$165,382	$76,466	$88,916	3/31/2014 TTM	 	$182,580	$71,723
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	$152,043	$65,639	$86,404	3/31/2013 TTM	 	$164,229	$64,442	$99,787	3/31/2014 TTM	 	$177,454	$70,976
	Loan	6	3	2100 Ross	9.0%	$11,302,781	$6,475,471	$4,827,310	12/31/2013	4.9%	$10,838,304	$8,034,145	$2,804,159	12/31/2014	2.9%	$13,806,332	$7,608,240
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	$111,269,661	$30,008,050	$81,261,611	12/31/2013	12.9%	$134,636,713	$37,531,583	$97,105,129	12/31/2014	15.4%	$138,452,968	$38,042,665
	Property	 	4.001	Agave DC	0.4%	$6,347,639	$1,747,990	$4,599,649	12/31/2013	 	$6,310,564	$1,713,039	$4,597,525	12/31/2014	 	$6,513,570	$1,803,051
	Property	 	4.002	Lehigh Valley 13	0.2%	$4,533,700	$1,005,541	$3,528,158	12/31/2013	 	$4,590,641	$1,122,524	$3,468,117	12/31/2014	 	$4,768,539	$1,249,001
	Property	 	4.003	Frontier Logistics BTS	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A
	Property	 	4.004	Sugarland Interchange DC	0.2%	$2,902,540	$892,238	$2,010,302	12/31/2013	 	$2,144,187	$808,893	$1,335,294	12/31/2014	 	$2,198,461	$717,359
	Property	 	4.005	York - Willow Springs	0.2%	$3,976,064	$687,125	$3,288,939	12/31/2013	 	$4,110,983	$765,091	$3,345,891	12/31/2014	 	$4,129,145	$744,062
	Property	 	4.006	Atlanta - Liberty DC	0.2%	$2,548,807	$202,957	$2,345,850	12/31/2013	 	$2,746,643	$388,132	$2,358,511	12/31/2014	 	$2,820,556	$470,853
	Property	 	4.007	South Bay DC	0.2%	$0	$4,400	-$4,400	12/31/2013	 	$124,516	$515,552	-$391,036	12/31/2014	 	$124,515	$535,924
	Property	 	4.008	Sorensen Industrial	0.2%	$134	$166,224	-$166,090	12/31/2013	 	$932,457	$458,704	$473,753	12/31/2014	 	$1,850,343	$477,595
	Property	 	4.009	Miramar DC	0.2%	$2,856,185	$568,003	$2,288,182	12/31/2013	 	$2,918,032	$628,878	$2,289,154	12/31/2014	 	$2,922,610	$623,922
	Property	 	4.010	York DC II	0.2%	$1,856,197	$217,020	$1,639,176	12/31/2013	 	$2,461,498	$305,152	$2,156,347	12/31/2014	 	$2,487,416	$310,083
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	$1,339,044	$283,730	$1,055,314	12/31/2013	 	$2,707,974	$607,150	$2,100,824	12/31/2014	 	$2,631,746	$551,921
	Property	 	4.012	Portside Distribution Center	0.1%	$1,391,918	$491,768	$900,150	12/31/2013	 	$2,389,812	$549,957	$1,839,856	12/31/2014	 	$2,419,558	$533,838
	Property	 	4.013	Marina West A	0.1%	$2,433,358	$501,305	$1,932,053	12/31/2013	 	$2,441,999	$448,769	$1,993,230	12/31/2014	 	$2,489,634	$464,807
	Property	 	4.014	Fremont East Bay DC	0.1%	$2,124,826	$450,825	$1,674,001	12/31/2013	 	$2,166,009	$436,456	$1,729,554	12/31/2014	 	$2,196,049	$434,508
	Property	 	4.015	Harbor Gateway DC	0.1%	$1,919,872	$403,440	$1,516,432	12/31/2013	 	$1,439,511	$407,109	$1,032,402	12/31/2014	 	$1,460,003	$396,568
	Property	 	4.016	Imperial DC 1	0.1%	N/A	N/A	N/A	N/A	 	$0	$744,071	-$744,071	12/31/2014	 	$0	$900,575
	Property	 	4.017	Westport DC Bldg B	0.1%	$2,219,560	$542,139	$1,677,422	12/31/2013	 	$2,154,286	$452,509	$1,701,777	12/31/2014	 	$2,177,576	$458,376
	Property	 	4.018	Westport DC Bldg A	0.1%	$2,429,858	$513,574	$1,916,284	12/31/2013	 	$2,407,854	$443,731	$1,964,123	12/31/2014	 	$2,435,112	$431,139
	Property	 	4.019	Auburn DC	0.1%	$403,369	$92,531	$310,839	12/31/2013	 	$1,688,322	$405,486	$1,282,836	12/31/2014	 	$1,784,386	$408,476
	Property	 	4.020	Southaven DC Bldg 2	0.1%	$2,116,019	$468,097	$1,647,923	12/31/2013	 	$2,230,551	$421,776	$1,808,775	12/31/2014	 	$2,298,200	$524,373
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	$1,342,903	$373,053	$969,850	12/31/2013	 	$1,875,262	$504,214	$1,371,048	12/31/2014	 	$1,935,573	$520,810
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	$1,119,053	$444,439	$674,614	12/31/2013	 	$1,758,425	$507,308	$1,251,117	12/31/2014	 	$1,797,968	$479,063
	Property	 	4.023	York DC III	0.1%	$768,383	$170,428	$597,954	12/31/2013	 	$1,994,631	$471,202	$1,523,430	12/31/2014	 	$2,019,153	$486,091
	Property	 	4.024	Orange County DC	0.1%	$27,626	$88,229	-$60,603	12/31/2013	 	$1,071,793	$324,799	$746,995	12/31/2014	 	$1,454,992	$341,733
	Property	 	4.025	Kent Valley DC II	0.1%	$837,048	$315,003	$522,046	12/31/2013	 	$1,225,656	$386,499	$839,157	12/31/2014	 	$1,377,411	$377,043
	Property	 	4.026	Memphis IC III	0.1%	$2,117,955	$881,833	$1,236,122	12/31/2013	 	$2,191,816	$698,120	$1,493,697	12/31/2014	 	$2,183,230	$598,240
	Property	 	4.027	Pinole Point Building #1	0.1%	$864,206	$455,915	$408,292	12/31/2013	 	$1,158,438	$400,967	$757,471	12/31/2014	 	$1,251,105	$403,101
	Property	 	4.028	Cactus DC II	0.1%	$2,312,929	$372,902	$1,940,027	12/31/2013	 	$1,732,400	$471,709	$1,260,691	12/31/2014	 	$4,995	$521,601
	Property	 	4.029	Fairburn DC	0.1%	$394,435	$74,378	$320,057	12/31/2013	 	$1,118,643	$218,713	$899,930	12/31/2014	 	$1,177,286	$233,341
	Property	 	4.030	Windfern Distribution Center II	0.1%	$1,729,131	$510,469	$1,218,662	12/31/2013	 	$1,789,659	$583,404	$1,206,254	12/31/2014	 	$1,817,857	$618,712
	Property	 	4.031	Miami DC	0.1%	$0	-$1,707	$1,707	12/31/2013	 	$970,470	$371,234	$599,236	12/31/2014	 	$1,450,763	$467,655
	Property	 	4.032	Southpoint F	0.1%	$1,219,555	$239,226	$980,329	12/31/2013	 	$1,325,227	$339,412	$985,815	12/31/2014	 	$1,562,351	$529,483
	Property	 	4.033	Industrial Parkway DC	0.1%	$1,279,920	$395,972	$883,948	12/31/2013	 	$788,308	$554,186	$234,122	12/31/2014	 	$1,383,406	$680,913
	Property	 	4.034	Chickasaw DC	0.1%	$1,922,783	$646,700	$1,276,083	12/31/2013	 	$1,892,719	$579,981	$1,312,737	12/31/2014	 	$1,942,996	$619,344
	Property	 	4.035	Valley Crossings	0.1%	$746,465	$142,609	$603,856	12/31/2013	 	$1,394,393	$267,406	$1,126,987	12/31/2014	 	$1,397,319	$256,813
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	$886,086	$432,567	$453,519	12/31/2013	 	$1,469,542	$629,389	$840,154	12/31/2014	 	$1,439,543	$626,770
	Property	 	4.037	Southpoint B	0.1%	$755,973	$311,102	$444,870	12/31/2013	 	$1,279,872	$318,626	$961,246	12/31/2014	 	$1,267,878	$287,775
	Property	 	4.038	Hartman Business Center I	0.1%	$1,386,607	$348,879	$1,037,728	12/31/2013	 	$1,234,897	$337,478	$897,419	12/31/2014	 	$1,024,639	$368,797
	Property	 	4.039	Artesia DC	0.1%	$576,411	$137,184	$439,228	12/31/2013	 	$1,119,614	$274,403	$845,211	12/31/2014	 	$1,121,856	$271,369
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	$1,045,874	$242,907	$802,967	12/31/2013	 	$1,110,381	$228,690	$881,690	12/31/2014	 	$1,161,131	$231,688
	Property	 	4.041	Marina West B	0.1%	$1,127,226	$272,599	$854,626	12/31/2013	 	$1,160,208	$271,105	$889,102	12/31/2014	 	$1,181,074	$273,347
	Property	 	4.042	Renton DC	0.1%	$1,284,051	$211,348	$1,072,703	12/31/2013	 	$1,328,347	$222,148	$1,106,199	12/31/2014	 	$1,331,234	$206,272
	Property	 	4.043	Southpoint A	0.1%	$1,246,074	$367,196	$878,878	12/31/2013	 	$1,486,287	$380,503	$1,105,784	12/31/2014	 	$1,459,705	$337,526
	Property	 	4.044	Westfork A5	0.1%	$1,269,244	$309,128	$960,115	12/31/2013	 	$1,389,842	$395,330	$994,512	12/31/2014	 	$1,278,620	$274,809
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	$765,493	$182,772	$582,721	12/31/2013	 	$1,068,478	$272,829	$795,649	12/31/2014	 	$1,097,052	$278,958
	Property	 	4.046	Pinole Point Building #2	0.1%	$1,323,073	$333,448	$989,625	12/31/2013	 	$1,279,251	$312,108	$967,144	12/31/2014	 	$1,312,021	$316,441
	Property	 	4.047	Salt Lake DC II	0.1%	$1,187,292	$259,278	$928,014	12/31/2013	 	$1,187,108	$244,943	$942,165	12/31/2014	 	$1,206,106	$251,283
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	$924,909	$308,600	$616,309	12/31/2013	 	$966,897	$307,115	$659,782	12/31/2014	 	$990,237	$321,294
	Property	 	4.049	Salt Lake DC I	0.1%	$906,396	$284,645	$621,751	12/31/2013	 	$1,076,731	$254,453	$822,278	12/31/2014	 	$1,163,387	$258,644
	Property	 	4.050	Southshore Commerce Center C	0.1%	$301,705	$64,080	$237,625	12/31/2013	 	$974,148	$226,120	$748,028	12/31/2014	 	$977,068	$236,680
	Property	 	4.051	Pinole Point Building #3	0.1%	$1,053,682	$329,520	$724,161	12/31/2013	 	$1,068,650	$332,208	$736,441	12/31/2014	 	$1,066,711	$334,499
	Property	 	4.052	Steamboat DC	0.1%	$1,039,281	$243,878	$795,403	12/31/2013	 	$1,040,235	$240,081	$800,154	12/31/2014	 	$1,029,290	$236,183
	Property	 	4.053	Palo Verde DC	0.1%	$437,797	$84,557	$353,240	12/31/2013	 	$162,879	$390,966	-$228,088	12/31/2014	 	$113,964	$350,803

 

    	 	B-25	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Third Most 

Recent Revenues	Third Most 

Recent Expenses	Third Most 

Recent NOI 	Third

Most Recent

NOI Date 	Third Most

Recent NOI

Debt Yield	Second Most

 Recent Revenues	Second Most

 Recent Expenses	Second Most

 Recent NOI 	Second

Most Recent

NOI Date 	Second Most

Recent NOI

Debt Yield	Most

 Recent Revenues	Most

 Recent Expenses
	Property	 	4.054	South San Francisco DC II	0.1%	$369,374	$139,009	$230,366	12/31/2013	 	$458,868	$189,637	$269,231	12/31/2014	 	$579,124	$175,046
	Property	 	4.055	Westfork C4	0.1%	$356,123	$278,256	$77,867	12/31/2013	 	$350,281	$262,512	$87,769	12/31/2014	 	$380,080	$234,342
	Property	 	4.056	South San Francisco DC	0.1%	$5,674	$24,954	-$19,280	12/31/2013	 	$569,078	$160,604	$408,474	12/31/2014	 	$851,376	$151,953
	Property	 	4.057	Southshore Commerce Center A	0.1%	$317,757	$67,971	$249,787	12/31/2013	 	$1,073,573	$240,308	$833,265	12/31/2014	 	$1,087,203	$246,866
	Property	 	4.058	Kent Valley DC IV	0.1%	$286,167	$73,914	$212,253	12/31/2013	 	$877,698	$249,336	$628,362	12/31/2014	 	$907,692	$251,086
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	$462,937	$85,801	$377,137	12/31/2013	 	$932,999	$171,872	$761,128	12/31/2014	 	$925,108	$154,520
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	$466,971	$83,813	$383,157	12/31/2013	 	$743,893	$128,208	$615,686	12/31/2014	 	$719,818	$131,723
	Property	 	4.061	Westfork A4	0.1%	$944,060	$226,261	$717,799	12/31/2013	 	$957,855	$195,642	$762,213	12/31/2014	 	$936,469	$188,705
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	$615,299	$187,431	$427,868	12/31/2013	 	$909,583	$256,737	$652,846	12/31/2014	 	$949,314	$277,525
	Property	 	4.063	Ritner DC	0.1%	$904,660	$165,717	$738,943	12/31/2013	 	$961,463	$169,758	$791,705	12/31/2014	 	$982,500	$162,333
	Property	 	4.064	Hartman Business Center II	0.0%	$1,145,496	$242,113	$903,383	12/31/2013	 	$1,156,129	$229,245	$926,884	12/31/2014	 	$1,161,331	$233,481
	Property	 	4.065	Hayward DC	0.0%	$610,927	$152,528	$458,399	12/31/2013	 	$720,722	$170,850	$549,872	12/31/2014	 	$721,774	$161,357
	Property	 	4.066	Houston DC Bldg 1	0.0%	$822,366	$243,403	$578,963	12/31/2013	 	$876,746	$289,581	$587,164	12/31/2014	 	$892,083	$273,113
	Property	 	4.067	Kent Valley DC	0.0%	$683,117	$130,749	$552,368	12/31/2013	 	$734,455	$145,077	$589,379	12/31/2014	 	$710,491	$146,378
	Property	 	4.068	Lehigh Valley 9	0.0%	$412,736	$290,826	$121,910	12/31/2013	 	$524,268	$322,538	$201,730	12/31/2014	 	$835,321	$296,168
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	$377,200	$130,427	$246,773	12/31/2013	 	$766,924	$184,914	$582,009	12/31/2014	 	$775,773	$188,055
	Property	 	4.070	Southaven DC Bldg 1	0.0%	$1,012,374	$230,402	$781,971	12/31/2013	 	$1,066,651	$250,665	$815,986	12/31/2014	 	$1,072,767	$271,397
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	$378,608	$62,805	$315,803	12/31/2013	 	$617,644	$101,532	$516,112	12/31/2014	 	$610,259	$88,191
	Property	 	4.072	Suwanee Point Building 200	0.0%	$778,360	$131,551	$646,808	12/31/2013	 	$675,372	$143,942	$531,430	12/31/2014	 	$703,341	$142,386
	Property	 	4.073	Tamarac Business Center I	0.0%	$897,865	$215,985	$681,880	12/31/2013	 	$719,658	$199,145	$520,513	12/31/2014	 	$722,590	$207,679
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	$377,695	$89,077	$288,619	12/31/2013	 	$609,603	$179,521	$430,082	12/31/2014	 	$671,195	$187,281
	Property	 	4.075	Houston DC Bldg 3	0.0%	$950,803	$308,310	$642,494	12/31/2013	 	$959,496	$305,497	$654,000	12/31/2014	 	$1,037,168	$329,612
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	$599,613	$102,505	$497,108	12/31/2013	 	$969,639	$171,102	$798,537	12/31/2014	 	$996,502	$185,048
	Property	 	4.077	Iron Run DC	0.0%	$424,824	$114,078	$310,746	12/31/2013	 	$790,439	$242,147	$548,292	12/31/2014	 	$804,629	$234,285
	Property	 	4.078	Windfern Distribution Center I	0.0%	$697,152	$286,814	$410,338	12/31/2013	 	$847,091	$321,259	$525,832	12/31/2014	 	$817,553	$324,010
	Property	 	4.079	Miami DC II	0.0%	$611,183	$135,779	$475,404	12/31/2013	 	$637,162	$109,320	$527,842	12/31/2014	 	$642,825	$107,566
	Property	 	4.080	Southshore Commerce Center B	0.0%	$190,995	$38,542	$152,453	12/31/2013	 	$667,766	$146,150	$521,616	12/31/2014	 	$482,509	$156,247
	Property	 	4.081	Suwanee Point Building 100	0.0%	$367,554	$146,767	$220,787	12/31/2013	 	$233,631	$141,118	$92,513	12/31/2014	 	$234,551	$156,166
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	$453,721	$131,179	$322,542	12/31/2013	 	$661,396	$188,018	$473,377	12/31/2014	 	$593,560	$202,409
	Property	 	4.083	Southshore Commerce Center D	0.0%	$0	$35,241	-$35,241	12/31/2013	 	$102,695	$125,555	-$22,860	12/31/2014	 	$411,382	$129,333
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	$450,412	$98,583	$351,829	12/31/2013	 	$715,749	$156,012	$559,737	12/31/2014	 	$732,550	$164,177
	Property	 	4.085	Lehigh Valley DC II	0.0%	$258,152	$83,420	$174,732	12/31/2013	 	$595,993	$166,703	$429,290	12/31/2014	 	$613,928	$177,949
	Property	 	4.086	Memphis IC I	0.0%	$216,364	$345,746	-$129,383	12/31/2013	 	$76,618	$286,348	-$209,730	12/31/2014	 	$411,340	$229,478
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	$478,240	$107,399	$370,841	12/31/2013	 	$719,800	$175,959	$543,841	12/31/2014	 	$730,867	$176,558
	Property	 	4.088	Lehigh Valley 10	0.0%	$776,599	$200,908	$575,691	12/31/2013	 	$773,173	$217,425	$555,747	12/31/2014	 	$687,619	$209,104
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	$237,063	$92,900	$144,164	12/31/2013	 	$638,079	$219,538	$418,542	12/31/2014	 	$580,418	$146,222
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	$616,044	$165,863	$450,180	12/31/2013	 	$558,209	$165,090	$393,120	12/31/2014	 	$571,122	$156,525
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	$170,772	$35,873	$134,900	12/31/2013	 	$308,726	$69,443	$239,283	12/31/2014	 	$309,312	$66,313
	Property	 	4.092	Andover DC Bldg A	0.0%	$375,079	$110,597	$264,482	12/31/2013	 	$548,144	$159,993	$388,151	12/31/2014	 	$468,385	$142,981
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	$164,824	$38,531	$126,293	12/31/2013	 	$295,473	$64,273	$231,200	12/31/2014	 	$298,909	$64,960
	Property	 	4.094	Andover DC Bldg B	0.0%	$321,513	$113,049	$208,464	12/31/2013	 	$505,870	$155,432	$350,439	12/31/2014	 	$505,201	$142,884
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	$410,974	$93,037	$317,937	12/31/2013	 	$661,648	$152,854	$508,793	12/31/2014	 	$677,960	$163,141
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	$276,724	$70,546	$206,178	12/31/2013	 	$430,417	$123,093	$307,324	12/31/2014	 	$440,533	$141,491
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	$338,962	$73,050	$265,912	12/31/2013	 	$444,515	$110,114	$334,401	12/31/2014	 	$507,729	$116,877
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	$247,110	$68,802	$178,308	12/31/2013	 	$555,028	$116,376	$438,653	12/31/2014	 	$570,911	$119,095
	Property	 	4.099	Lehigh Valley 11	0.0%	$424,206	$131,014	$293,192	12/31/2013	 	$464,177	$183,019	$281,159	12/31/2014	 	$405,658	$169,135
	Property	 	4.100	Tamarac Commerce Center	0.0%	$599,733	$173,285	$426,448	12/31/2013	 	$587,001	$144,317	$442,684	12/31/2014	 	$488,476	$136,130
	Property	 	4.101	Houston DC Bldg 2	0.0%	$523,099	$189,858	$333,241	12/31/2013	 	$516,889	$166,937	$349,952	12/31/2014	 	$545,521	$180,014
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	$431,456	$113,434	$318,022	12/31/2013	 	$634,058	$168,825	$465,233	12/31/2014	 	$669,716	$172,508
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	$354,139	$73,501	$280,638	12/31/2013	 	$701,781	$114,002	$587,779	12/31/2014	 	$722,186	$123,992
	Property	 	4.104	Commerce Park Medical Center	0.0%	$501,791	$186,461	$315,330	12/31/2013	 	$574,349	$174,786	$399,563	12/31/2014	 	$587,543	$182,002
	Property	 	4.105	Houston IC	0.0%	$493,052	$177,005	$316,047	12/31/2013	 	$553,017	$201,197	$351,820	12/31/2014	 	$561,767	$192,342
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	$252,149	$78,753	$173,396	12/31/2013	 	$400,389	$121,064	$279,326	12/31/2014	 	$398,270	$116,618
	Property	 	4.107	Weston Business Center	0.0%	$344,394	$84,089	$260,305	12/31/2013	 	$349,702	$81,345	$268,357	12/31/2014	 	$358,124	$80,633
	Property	 	4.108	Kent Valley DC III	0.0%	$388,862	$85,853	$303,008	12/31/2013	 	$400,651	$77,696	$322,954	12/31/2014	 	$409,450	$79,117
	Property	 	4.109	Commerce Park SW 2	0.0%	$428,355	$128,090	$300,265	12/31/2013	 	$490,149	$135,379	$354,770	12/31/2014	 	$495,913	$133,169
	Property	 	4.110	Commerce Park Westchase 3	0.0%	$344,179	$183,895	$160,284	12/31/2013	 	$508,589	$160,974	$347,615	12/31/2014	 	$516,632	$169,649
	Property	 	4.111	Lehigh Valley 12	0.0%	$463,664	$102,301	$361,363	12/31/2013	 	$478,832	$122,968	$355,864	12/31/2014	 	$475,403	$113,529
	Property	 	4.112	Houston DC Bldg 4	0.0%	$457,896	$147,873	$310,023	12/31/2013	 	$519,344	$157,955	$361,389	12/31/2014	 	$532,086	$158,211
	Property	 	4.113	Valley Forge 1	0.0%	$609,095	$211,619	$397,476	12/31/2013	 	$472,386	$245,423	$226,964	12/31/2014	 	$508,577	$233,582
	Property	 	4.114	Valley Forge 2	0.0%	$375,449	$153,507	$221,942	12/31/2013	 	$559,334	$188,685	$370,649	12/31/2014	 	$525,014	$160,596
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	$335,022	$84,773	$250,249	12/31/2013	 	$344,526	$81,281	$263,245	12/31/2014	 	$292,146	$81,507
	Property	 	4.116	Commerce Park SW 4	0.0%	$368,066	$107,798	$260,268	12/31/2013	 	$322,638	$135,124	$187,513	12/31/2014	 	$350,499	$131,035
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	$114,766	$63,492	$51,274	12/31/2013	 	$140,814	$112,206	$28,608	12/31/2014	 	$233,112	$126,641
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	$38,486	$82,000	-$43,513	12/31/2013	 	$289,887	$74,165	$215,722	12/31/2014	 	$299,865	$75,427
	Property	 	4.119	Commerce Park SW 1	0.0%	$410,767	$109,346	$301,421	12/31/2013	 	$424,508	$98,818	$325,690	12/31/2014	 	$417,145	$95,008
	Property	 	4.120	Tamarac Business Center II	0.0%	$265,701	$96,515	$169,186	12/31/2013	 	$258,711	$80,579	$178,132	12/31/2014	 	$261,913	$84,152
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	$259,603	$54,591	$205,012	12/31/2013	 	$457,159	$86,045	$371,114	12/31/2014	 	$462,211	$89,396
	Property	 	4.122	Commerce Park Westchase 2	0.0%	$397,445	$135,179	$262,267	12/31/2013	 	$450,433	$124,689	$325,745	12/31/2014	 	$456,648	$123,766
	Property	 	4.123	Memphis IC II	0.0%	$373,858	$173,893	$199,965	12/31/2013	 	$404,337	$178,078	$226,260	12/31/2014	 	$406,553	$143,836
	Property	 	4.124	Commerce Park NW 3	0.0%	$378,014	$147,663	$230,351	12/31/2013	 	$408,092	$133,278	$274,813	12/31/2014	 	$413,769	$143,982
	Property	 	4.125	Commerce Park NW 4	0.0%	$179,861	$173,271	$6,590	12/31/2013	 	$201,045	$145,964	$55,081	12/31/2014	 	$266,731	$150,084
	Property	 	4.126	Commerce Park SW 3	0.0%	$277,651	$106,313	$171,338	12/31/2013	 	$202,119	$141,285	$60,835	12/31/2014	 	$327,914	$136,591
	Property	 	4.127	Commerce Park Westchase 1	0.0%	$412,206	$137,898	$274,307	12/31/2013	 	$509,595	$147,315	$362,280	12/31/2014	 	$506,575	$135,572
	Property	 	4.128	Commerce Park NW 2	0.0%	$385,362	$129,300	$256,062	12/31/2013	 	$329,548	$138,533	$191,015	12/31/2014	 	$362,191	$134,466
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	$197,888	$49,302	$148,586	12/31/2013	 	$91,554	$70,082	$21,471	12/31/2014	 	$92,946	$74,307
	Property	 	4.130	Commerce Park NW 1	0.0%	$247,381	$132,626	$114,756	12/31/2013	 	$401,589	$131,799	$269,791	12/31/2014	 	$406,053	$140,395

 

    	 	B-26	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Third Most 

Recent Revenues	Third Most 

Recent Expenses	Third Most 

Recent NOI 	Third

Most Recent

NOI Date 	Third Most

Recent NOI

Debt Yield	Second Most

 Recent Revenues	Second Most

 Recent Expenses	Second Most

 Recent NOI 	Second

Most Recent

NOI Date 	Second Most

Recent NOI

Debt Yield	Most

 Recent Revenues	Most

 Recent Expenses
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	$98,031	$55,300	$42,731	12/31/2013	 	$88,482	$107,691	-$19,209	12/31/2014	 	$186,427	$104,464
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	$316,469	$83,169	$233,300	12/31/2013	 	$198,458	$46,653	$151,805	12/31/2014	 	$48,361	$43,696
	Property	 	4.133	Valley Forge 3	0.0%	$353,600	$90,035	$263,566	12/31/2013	 	$373,770	$111,906	$261,865	12/31/2014	 	$370,552	$102,662
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	$228,508	$64,303	$164,205	12/31/2013	 	$365,448	$96,562	$268,886	12/31/2014	 	$372,207	$101,461
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	$146,777	$46,141	$100,636	12/31/2013	 	$239,112	$70,837	$168,275	12/31/2014	 	$244,274	$73,683
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	$139,639	$41,319	$98,320	12/31/2013	 	$231,810	$68,683	$163,127	12/31/2014	 	$330,136	$72,688
	Property	 	4.137	Commerce Park SW 5	0.0%	$202,193	$77,167	$125,026	12/31/2013	 	$7,977	$121,383	-$113,406	12/31/2014	 	$50,714	$117,760
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	$157,921	$43,485	$114,436	12/31/2013	 	$257,678	$75,870	$181,808	12/31/2014	 	$264,819	$78,684
	Property	 	4.139	Valley Forge 4	0.0%	$252,907	$75,124	$177,783	12/31/2013	 	$275,370	$93,025	$182,345	12/31/2014	 	$271,890	$87,378
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	$124,326	$38,931	$85,396	12/31/2013	 	$263,365	$71,594	$191,771	12/31/2014	 	$286,628	$71,747
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	$33,024	$27,673	$5,351	12/31/2013	 	$113,589	$45,629	$67,960	12/31/2014	 	$145,696	$47,800
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	$123,568	$38,349	$85,219	12/31/2013	 	$117,186	$26,869	$90,316	12/31/2014	 	$116,246	$27,720
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
	Loan	11	6	Princeton Pike Corporate Center	6.8%	$16,624,756	$6,860,074	$9,764,682	12/31/2013 	7.5%	$18,618,962	$8,728,532	$9,890,430	12/31/2014 	7.6%	$19,936,472	$9,093,613
	Loan	12	7	Twenty Ninth Street Retail	6.0%	$22,140,809	$9,223,298	$12,917,510	12/31/2013	8.6%	$23,897,393	$8,944,187	$14,953,206	12/31/2014	10.0%	$25,854,134	$9,386,431
	Loan	13	8	Ellenton Premium Outlets	5.8%	$23,503,245	$5,917,654	$17,585,591	12/31/2013	9.9%	$25,225,880	$6,055,800	$19,170,080	12/31/2014	10.8%	$25,746,943	$5,849,702
	Loan	14, 15	9	Gateway Plaza	4.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	$5,325,309	$2,868,638	$2,456,671	12/31/2013	10.7%	$6,520,267	$3,251,110	$3,269,157	12/31/2014	14.2%	$7,409,439	$3,831,771
	Loan	 	11	7141 Cleanwater Lane 	3.1%	$3,413,593	$918,134	$2,495,459	12/31/2013	11.9%	$3,420,185	$858,916	$2,561,269	12/31/2014	12.2%	$3,408,031	$887,055
	Loan	16	12	Grove City Premium Outlets	3.0%	$21,077,276	$6,031,836	$15,045,440	12/31/2013	10.7%	$22,526,127	$6,380,355	$16,145,772	12/31/2014	11.5%	$23,061,077	$6,388,943
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	$3,035,769	$736,808	$2,298,961	12/31/2013	11.8%	$3,258,080	$794,437	$2,463,643	12/31/2014	12.7%	$3,278,804	$575,780
	Property	 	13.01	745 Battlefield Boulevard	0.2%	$262,847	$42,018	$220,829	12/31/2013	 	$249,427	$46,064	$203,363	12/31/2014	 	$293,754	$47,452
	Property	 	13.02	336 Army Trail Road	0.2%	$140,466	$57,250	$83,216	12/31/2013	 	$142,170	$67,821	$74,349	12/31/2014	 	$190,929	$57,689
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	$176,004	$35,317	$140,687	12/31/2013	 	$192,004	$34,693	$157,311	12/31/2014	 	$190,694	$6,372
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	$199,855	$43,121	$156,734	12/31/2013	 	$202,945	$44,033	$158,912	12/31/2014	 	$205,772	$15,800
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	$215,858	$48,571	$167,287	12/31/2013	 	$203,559	$48,563	$154,996	12/31/2014	 	$215,202	$32,946
	Property	 	13.06	#1 Auto Row Drive	0.2%	$182,042	$38,035	$144,007	12/31/2013	 	$187,183	$41,279	$145,904	12/31/2014	 	$180,852	$39,210
	Property	 	13.07	5137-5177 14th Street West	0.2%	$155,763	$61,772	$93,991	12/31/2013	 	$172,768	$69,983	$102,785	12/31/2014	 	$176,006	$48,432
	Property	 	13.08	5510 Franklin Street	0.1%	$172,335	$58,440	$113,895	12/31/2013	 	$208,330	$67,546	$140,784	12/31/2014	 	$155,043	$68,360
	Property	 	13.09	12579 Felch Street	0.1%	$199,584	$51,500	$148,084	12/31/2013	 	$213,407	$58,153	$155,254	12/31/2014	 	$181,338	$65,925
	Property	 	13.10	12740 W. 87th Parkway	0.1%	$147,292	$38,075	$109,217	12/31/2013	 	$151,145	$40,253	$110,892	12/31/2014	 	$153,180	$41,896
	Property	 	13.11	5018 West Colonial Drive	0.1%	$139,569	$20,618	$118,951	12/31/2013	 	$139,569	$21,319	$118,250	12/31/2014	 	$139,568	$7,410
	Property	 	13.12	4690 US Highway 98 North	0.1%	$78,845	$35,723	$43,122	12/31/2013	 	$104,091	$36,431	$67,660	12/31/2014	 	$156,125	$23,786
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	$161,608	$29,658	$131,950	12/31/2013	 	$164,425	$34,251	$130,174	12/31/2014	 	$134,721	$29,547
	Property	 	13.14	28365 US Highway 19 North	0.1%	$138,584	$22,384	$116,200	12/31/2013	 	$138,584	$23,340	$115,244	12/31/2014	 	$139,842	$6,086
	Property	 	13.15	3770 West Haven Avenue	0.1%	$133,719	$21,621	$112,098	12/31/2013	 	$133,719	$21,980	$111,739	12/31/2014	 	$133,719	$6,372
	Property	 	13.16	6237 East Colonial Drive	0.1%	$127,950	$20,384	$107,566	12/31/2013	 	$127,950	$21,592	$106,358	12/31/2014	 	$131,999	$6,372
	Property	 	13.17	2020 Principal Row	0.1%	$34,476	$21,378	$13,098	12/31/2013	 	$133,533	$23,665	$109,868	12/31/2014	 	$135,857	$13,559
	Property	 	13.18	2660 SW College Road	0.1%	$68,919	$24,910	$44,009	12/31/2013	 	$123,351	$23,502	$99,849	12/31/2014	 	$121,848	$6,372
	Property	 	13.19	2641 Enterprise Road	0.1%	$108,502	$22,945	$85,557	12/31/2013	 	$58,190	$25,519	$32,671	12/31/2014	 	$26,525	$16,869
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	$89,858	$17,398	$72,460	12/31/2013	 	$109,096	$18,015	$91,081	12/31/2014	 	$117,012	$6,947
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	$101,693	$25,690	$76,003	12/31/2013	 	$102,634	$26,435	$76,199	12/31/2014	 	$98,822	$28,382
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	$2,881,139	$971,092	$1,910,047	12/31/2013	11.8%	$2,898,076	$1,115,044	$1,783,032	12/31/2014	11.0%	$2,994,903	$1,001,707
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	$409,786	$18,972	$390,814	12/31/2013	 	$423,763	$61,183	$362,580	12/31/2014	 	$438,659	$52,015
	Property	 	14.02	6905-6943 E. State Street	0.3%	$530,493	$166,429	$364,064	12/31/2013	 	$413,155	$183,458	$229,697	12/31/2014	 	$391,445	$179,685
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	$527,609	$202,705	$324,904	12/31/2013	 	$449,022	$221,781	$227,241	12/31/2014	 	$406,098	$206,799
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	$255,993	$165,956	$90,037	12/31/2013	 	$334,600	$180,047	$154,553	12/31/2014	 	$386,622	$157,327
	Property	 	14.05	1640 75th Street	0.2%	$89,557	$77,006	$12,551	12/31/2013	 	$194,771	$79,546	$115,225	12/31/2014	 	$145,224	$71,792
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	$254,902	$60,255	$194,647	12/31/2013	 	$254,674	$62,146	$192,528	12/31/2014	 	$271,802	$46,001
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	$169,512	$115,569	$53,943	12/31/2013	 	$247,908	$136,336	$111,572	12/31/2014	 	$342,858	$122,833
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	$270,875	$79,746	$191,129	12/31/2013	 	$240,468	$85,513	$154,955	12/31/2014	 	$218,690	$85,217
	Property	 	14.09	27750 Stansbury Street	0.2%	$217,894	$45,807	$172,087	12/31/2013	 	$223,737	$52,104	$171,633	12/31/2014	 	$227,403	$56,648
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	$113,781	$25,405	$88,376	12/31/2013	 	$115,978	$25,726	$90,252	12/31/2014	 	$123,558	$5,993
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	$40,737	$13,242	$27,495	12/31/2013	 	$0	$27,204	-$27,204	12/31/2014	 	$42,546	$17,399
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	$3,481,966	$2,393,367	$1,088,599	12/31/2013	7.0%	$4,309,223	$2,926,751	$1,382,472	12/31/2014	8.9%	$4,860,065	$2,979,710
	Loan	 	16	Parc Central Apartments	2.0%	$1,078,416	$456,258	$622,158	12/31/2013	4.7%	$1,113,153	$358,447	$754,706	7/31/2014 Ann. T-7	5.7%	$987,592	$662,256
	Loan	17	17	Pine Haven  MHC	1.7%	$1,596,211	$604,844	$991,367	12/31/2013	8.7%	$1,617,216	$744,002	$873,214	12/31/2014	7.6%	$1,727,436	$823,713
	Loan	 	18	Day Creek Village	1.4%	$984,223	$289,165	$695,058	12/31/2013	7.4%	$1,128,770	$220,222	$908,548	12/31/2014	9.7%	$1,066,605	$236,196
	Loan	18	19	Gulfport Premium Outlets	1.4%	$8,613,392	$2,619,249	$5,994,143	12/31/2013	12.0%	$9,227,313	$2,713,121	$6,514,192	12/31/2014	13.0%	$9,491,427	$2,682,506
	Loan	 	20	Peachtree Business Park	1.4%	$1,168,692	$436,330	$732,362	12/31/2012	8.0%	$1,118,827	$459,339	$659,488	12/31/2013	7.2%	$1,356,060	$355,183
	Loan	 	21	Woods Corner	1.4%	$1,415,789	$376,960	$1,038,829	12/31/2013	11.5%	$1,397,523	$359,239	$1,038,283	12/31/2014	11.5%	$1,449,294	$380,944
	Loan	 	22	41 Eagle Road	1.3%	$1,309,145	$359,463	$949,682	12/31/2013	11.2%	$1,317,016	$353,054	$963,962	12/31/2014	11.4%	$1,287,524	$323,804
	Loan	 	23	The Saint Anna Apartments	1.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
	Loan	 	24	Finksburg Plaza	1.1%	$923,808	$258,345	$665,463	12/31/2013	9.4%	$868,989	$303,565	$565,424	12/31/2014	8.0%	$942,323	$288,833
	Loan	 	25	Best Western Oakland	1.0%	$2,431,236	$1,364,017	$1,067,219	12/31/2013	15.9%	$2,390,186	$1,394,095	$996,091	12/31/2014	14.8%	$2,839,690	$1,636,396
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	N/A	N/A	N/A	N/A	N/A	$899,268	$522,956	$376,312	12/31/2014	6.3%	$1,170,965	$580,671
	Loan	5	27	Collis Portfolio	0.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
	Property	 	27.01	Longwood	0.5%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A
	Property	 	27.02	Lakeland	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A
	Property	 	27.03	Melbourne	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A
	Loan	 	28	Stony Creek Medical Center	0.7%	$761,889	$247,207	$514,682	12/31/2013	11.9%	$727,024	$217,736	$509,288	12/31/2014	11.7%	$673,031	$202,841
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	$275,004	$0	$275,004	12/31/2013	9.5%	$275,004	$0	$275,004	12/31/2014	9.5%	$275,004	$0
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	$595,925	$362,379	$233,546	12/31/2013	8.2%	$606,444	$335,801	$270,643	12/31/2014	9.5%	$614,846	$332,702
	Loan	 	31	Valley View	0.4%	$555,224	$69,080	$486,144	12/31/2013	17.1%	$534,127	$70,268	$463,859	12/31/2014	16.3%	$516,197	$70,268

 

    	 	B-27	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Most

Recent NOI 	Most

Recent

NOI Date 	Most

Recent NOI

Debt Yield	UW

Occupancy	UW EGI 	UW

Expenses 	UW NOI  	UW NOI 

Debt Yield	UW

Replacement

Reserves	UW TI/LC 	UW NCF	UW NCF 

Debt Yield	 
	Loan	3	1	525 Seventh Avenue	9.3%	$15,646,586	12/31/2015 TTM	8.9%	95.0%	$28,563,322	$9,894,795	$18,668,527	10.6%	$101,055	$1,225,198	$17,342,275	9.9%	 
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	$7,533,251	12/31/2015 TTM	12.2%	84.5%	$10,127,398	$3,256,775	$6,870,623	11.1%	$153,400	$0	$6,717,223	10.9%	 
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	$1,169,993	12/31/2015 TTM	 	90.7%	$1,430,148	$331,670	$1,098,478	 	$4,340	$0	$1,094,138	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	$1,160,836	12/31/2015 TTM	 	94.6%	$1,351,641	$369,919	$981,721	 	$8,591	$0	$973,130	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	$682,187	12/31/2015 TTM	 	90.5%	$873,224	$230,279	$642,944	 	$6,431	$0	$636,513	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	$565,666	12/31/2015 TTM	 	97.9%	$657,609	$189,057	$468,551	 	$4,747	$0	$463,804	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	$542,693	12/31/2015 TTM	 	85.3%	$692,854	$185,465	$507,389	 	$13,418	$0	$493,971	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	$249,049	12/31/2015 TTM	 	39.7%	$388,276	$143,279	$244,996	 	$4,556	$0	$240,440	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	$501,864	12/31/2015 TTM	 	76.8%	$709,337	$261,483	$447,855	 	$7,600	$0	$440,255	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	$394,971	12/31/2015 TTM	 	92.2%	$480,983	$104,202	$376,781	 	$2,858	$0	$373,923	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	$288,843	12/31/2015 TTM	 	78.7%	$443,578	$184,550	$259,028	 	$19,955	$0	$239,073	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	$322,160	12/31/2015 TTM	 	95.1%	$406,794	$101,632	$305,163	 	$8,199	$0	$296,964	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	$379,141	12/31/2015 TTM	 	89.5%	$504,647	$147,579	$357,069	 	$23,487	$0	$333,582	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	$154,994	12/31/2015 TTM	 	80.2%	$496,747	$374,412	$122,335	 	$6,302	$0	$116,033	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	$201,633	12/31/2015 TTM	 	77.8%	$308,055	$110,325	$197,730	 	$14,778	$0	$182,952	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	$180,416	12/31/2015 TTM	 	70.5%	$261,628	$87,990	$173,639	 	$3,774	$0	$169,865	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	$203,488	12/31/2015 TTM	 	85.2%	$293,494	$103,822	$189,673	 	$6,296	$0	$183,377	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	$210,136	12/31/2015 TTM	 	82.8%	$312,826	$116,085	$196,741	 	$1,307	$0	$195,435	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	$107,844	12/31/2015 TTM	 	83.8%	$155,523	$56,023	$99,500	 	$927	$0	$98,573	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	$110,857	12/31/2015 TTM	 	91.9%	$182,580	$79,022	$103,558	 	$6,617	$0	$96,941	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	$106,478	12/31/2015 TTM	 	85.8%	$177,454	$79,982	$97,472	 	$9,217	$0	$88,255	 	 
	Loan	6	3	2100 Ross	9.0%	$6,198,092	11/30/2015 TTM	6.3%	83.6%	$18,626,438	$9,070,548	$9,555,890	9.8%	$219,369	$1,030,609	$8,305,911	8.5%	 
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	$100,410,302	6/30/2015 TTM	16.0%	94.0%	$157,006,433	$41,555,299	$115,451,134	18.4%	$2,623,886	$6,559,716	$106,267,532	16.9%	 
	Property	 	4.001	Agave DC	0.4%	$4,710,519	6/30/2015 TTM	 	100.0%	$7,312,727	$2,263,251	$5,049,477	 	$126,711	$316,778	$4,605,988	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	$3,519,539	6/30/2015 TTM	 	100.0%	$4,738,325	$1,108,140	$3,630,185	 	$82,250	$205,625	$3,342,310	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	N/A	N/A	 	100.0%	$3,570,019	$873,981	$2,696,038	 	$60,000	$150,001	$2,486,037	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	$1,481,102	6/30/2015 TTM	 	100.0%	$3,414,807	$738,603	$2,676,204	 	$48,626	$121,566	$2,506,012	 	 
	Property	 	4.005	York - Willow Springs	0.2%	$3,385,083	6/30/2015 TTM	 	100.0%	$4,588,687	$964,952	$3,623,735	 	$62,400	$156,000	$3,405,335	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	$2,349,703	6/30/2015 TTM	 	100.0%	$2,772,412	$411,863	$2,360,549	 	$85,135	$212,837	$2,062,577	 	 
	Property	 	4.007	South Bay DC	0.2%	-$411,409	6/30/2015 TTM	 	100.0%	$2,591,083	$543,363	$2,047,719	 	$26,544	$66,360	$1,954,815	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	$1,372,748	6/30/2015 TTM	 	100.0%	$2,660,064	$503,444	$2,156,620	 	$30,542	$76,356	$2,049,723	 	 
	Property	 	4.009	Miramar DC	0.2%	$2,298,689	6/30/2015 TTM	 	100.0%	$3,090,537	$658,900	$2,431,637	 	$28,930	$72,325	$2,330,382	 	 
	Property	 	4.010	York DC II	0.2%	$2,177,333	6/30/2015 TTM	 	100.0%	$2,838,060	$769,854	$2,068,207	 	$60,300	$150,750	$1,857,157	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	$2,079,826	6/30/2015 TTM	 	100.0%	$2,807,168	$650,609	$2,156,559	 	$51,176	$127,940	$1,977,443	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	$1,885,720	6/30/2015 TTM	 	100.0%	$2,543,844	$580,425	$1,963,419	 	$41,605	$104,013	$1,817,801	 	 
	Property	 	4.013	Marina West A	0.1%	$2,024,827	6/30/2015 TTM	 	100.0%	$2,576,008	$549,653	$2,026,355	 	$27,618	$69,044	$1,929,694	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	$1,761,541	6/30/2015 TTM	 	100.0%	$2,329,828	$456,282	$1,873,546	 	$24,645	$61,613	$1,787,289	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	$1,063,435	6/30/2015 TTM	 	100.0%	$2,071,173	$436,146	$1,635,027	 	$18,482	$46,204	$1,570,342	 	 
	Property	 	4.016	Imperial DC 1	0.1%	-$900,575	6/30/2015 TTM	 	100.0%	$2,350,764	$867,219	$1,483,545	 	$32,802	$82,005	$1,368,738	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	$1,719,200	6/30/2015 TTM	 	100.0%	$2,304,353	$566,283	$1,738,070	 	$40,937	$102,344	$1,594,790	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	$2,003,973	6/30/2015 TTM	 	100.0%	$2,604,097	$538,936	$2,065,162	 	$35,089	$87,723	$1,942,349	 	 
	Property	 	4.019	Auburn DC	0.1%	$1,375,910	6/30/2015 TTM	 	100.0%	$1,783,141	$457,102	$1,326,039	 	$28,345	$70,863	$1,226,831	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	$1,773,827	6/30/2015 TTM	 	100.0%	$2,354,320	$482,610	$1,871,711	 	$60,250	$150,625	$1,660,836	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	$1,414,763	6/30/2015 TTM	 	100.0%	$1,836,823	$540,851	$1,295,972	 	$20,000	$50,000	$1,225,972	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	$1,318,905	6/30/2015 TTM	 	100.0%	$1,996,151	$621,416	$1,374,736	 	$38,057	$95,142	$1,241,536	 	 
	Property	 	4.023	York DC III	0.1%	$1,533,062	6/30/2015 TTM	 	100.0%	$2,135,475	$649,851	$1,485,624	 	$34,216	$85,540	$1,365,868	 	 
	Property	 	4.024	Orange County DC	0.1%	$1,113,259	6/30/2015 TTM	 	100.0%	$1,523,710	$365,128	$1,158,582	 	$19,828	$49,569	$1,089,185	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	$1,000,368	6/30/2015 TTM	 	100.0%	$1,659,787	$424,165	$1,235,623	 	$22,891	$57,227	$1,155,505	 	 
	Property	 	4.026	Memphis IC III	0.1%	$1,584,990	6/30/2015 TTM	 	100.0%	$2,265,152	$859,765	$1,405,388	 	$58,210	$145,525	$1,201,653	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	$848,004	6/30/2015 TTM	 	100.0%	$1,615,470	$438,269	$1,177,201	 	$20,000	$50,000	$1,107,201	 	 
	Property	 	4.028	Cactus DC II	0.1%	-$516,606	6/30/2015 TTM	 	0.2%	-$7,500	$517,790	-$525,290	 	$37,676	$94,190	-$657,156	 	 
	Property	 	4.029	Fairburn DC	0.1%	$943,945	6/30/2015 TTM	 	100.0%	$1,512,222	$354,950	$1,157,273	 	$34,622	$86,556	$1,036,094	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	$1,199,145	6/30/2015 TTM	 	100.0%	$1,842,085	$589,366	$1,252,720	 	$24,570	$61,425	$1,166,725	 	 
	Property	 	4.031	Miami DC	0.1%	$983,108	6/30/2015 TTM	 	100.0%	$1,454,700	$347,339	$1,107,361	 	$18,552	$46,380	$1,042,429	 	 
	Property	 	4.032	Southpoint F	0.1%	$1,032,868	6/30/2015 TTM	 	100.0%	$1,417,631	$394,600	$1,023,031	 	$35,836	$89,590	$897,605	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	$702,493	6/30/2015 TTM	 	100.0%	$1,636,300	$495,853	$1,140,447	 	$44,380	$110,950	$985,117	 	 
	Property	 	4.034	Chickasaw DC	0.1%	$1,323,652	6/30/2015 TTM	 	100.0%	$1,975,095	$627,381	$1,347,714	 	$43,794	$109,485	$1,194,435	 	 
	Property	 	4.035	Valley Crossings	0.1%	$1,140,506	6/30/2015 TTM	 	100.0%	$1,459,665	$289,393	$1,170,272	 	$27,000	$67,500	$1,075,772	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	$812,773	6/30/2015 TTM	 	100.0%	$1,496,583	$571,183	$925,400	 	$30,350	$75,874	$819,176	 	 
	Property	 	4.037	Southpoint B	0.1%	$980,103	6/30/2015 TTM	 	100.0%	$1,324,407	$301,735	$1,022,672	 	$29,700	$74,250	$918,722	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	$655,842	6/30/2015 TTM	 	100.0%	$1,448,925	$351,548	$1,097,377	 	$35,398	$88,496	$973,483	 	 
	Property	 	4.039	Artesia DC	0.1%	$850,488	6/30/2015 TTM	 	100.0%	$1,121,930	$293,999	$827,931	 	$15,180	$37,950	$774,801	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	$929,443	6/30/2015 TTM	 	100.0%	$1,210,206	$259,448	$950,758	 	$16,626	$41,565	$892,567	 	 
	Property	 	4.041	Marina West B	0.1%	$907,727	6/30/2015 TTM	 	100.0%	$1,238,441	$304,762	$933,679	 	$11,568	$28,920	$893,191	 	 
	Property	 	4.042	Renton DC	0.1%	$1,124,963	6/30/2015 TTM	 	100.0%	$1,385,161	$248,427	$1,136,734	 	$12,666	$31,665	$1,092,403	 	 
	Property	 	4.043	Southpoint A	0.1%	$1,122,179	6/30/2015 TTM	 	100.0%	$1,516,055	$402,145	$1,113,910	 	$21,888	$54,719	$1,037,304	 	 
	Property	 	4.044	Westfork A5	0.1%	$1,003,811	6/30/2015 TTM	 	61.8%	$869,498	$310,488	$559,010	 	$31,510	$78,774	$448,727	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	$818,094	6/30/2015 TTM	 	100.0%	$1,132,916	$277,769	$855,147	 	$14,300	$35,750	$805,097	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	$995,581	6/30/2015 TTM	 	100.0%	$1,169,052	$318,559	$850,493	 	$14,325	$35,813	$800,356	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	$954,823	6/30/2015 TTM	 	100.0%	$1,305,449	$313,102	$992,346	 	$19,000	$47,500	$925,846	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	$668,943	6/30/2015 TTM	 	61.0%	$780,616	$333,674	$446,942	 	$9,918	$24,794	$412,231	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	$904,743	6/30/2015 TTM	 	100.0%	$1,221,792	$282,292	$939,500	 	$19,000	$47,500	$873,000	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	$740,388	6/30/2015 TTM	 	100.0%	$1,154,067	$263,769	$890,298	 	$17,946	$44,864	$827,488	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	$732,212	6/30/2015 TTM	 	100.0%	$1,286,073	$358,348	$927,725	 	$13,150	$32,876	$881,699	 	 
	Property	 	4.052	Steamboat DC	0.1%	$793,106	6/30/2015 TTM	 	100.0%	$1,092,154	$278,177	$813,977	 	$19,316	$48,290	$746,371	 	 
	Property	 	4.053	Palo Verde DC	0.1%	-$236,839	6/30/2015 TTM	 	0.0%	-$9,304	$329,590	-$338,894	 	$30,264	$75,660	-$444,818	 	 

 

    	 	B-28	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Most

Recent NOI 	Most

Recent

NOI Date 	Most

Recent NOI

Debt Yield	UW

Occupancy	UW EGI 	UW

Expenses 	UW NOI  	UW NOI 

Debt Yield	UW

Replacement

Reserves	UW TI/LC 	UW NCF	UW NCF 

Debt Yield	 
	Property	 	4.054	South San Francisco DC II	0.1%	$404,078	6/30/2015 TTM	 	100.0%	$1,000,049	$187,835	$812,214	 	$8,692	$21,730	$781,792	 	 
	Property	 	4.055	Westfork C4	0.1%	$145,738	6/30/2015 TTM	 	24.9%	$340,975	$218,336	$122,639	 	$29,228	$73,070	$20,341	 	 
	Property	 	4.056	South San Francisco DC	0.1%	$699,423	6/30/2015 TTM	 	100.0%	$879,703	$171,764	$707,939	 	$8,700	$21,750	$677,489	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	$840,337	6/30/2015 TTM	 	100.0%	$1,133,113	$274,389	$858,723	 	$16,500	$41,250	$800,973	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	$656,606	6/30/2015 TTM	 	100.0%	$968,192	$238,296	$729,896	 	$11,519	$28,797	$689,580	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	$770,588	6/30/2015 TTM	 	100.0%	$1,040,596	$207,949	$832,647	 	$18,199	$45,498	$768,951	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	$588,095	6/30/2015 TTM	 	100.0%	$836,433	$131,449	$704,984	 	$13,624	$34,060	$657,301	 	 
	Property	 	4.061	Westfork A4	0.1%	$747,764	6/30/2015 TTM	 	100.0%	$1,008,634	$225,461	$783,173	 	$22,858	$57,144	$703,172	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	$671,789	6/30/2015 TTM	 	100.0%	$1,036,380	$270,271	$766,109	 	$16,640	$41,600	$707,869	 	 
	Property	 	4.063	Ritner DC	0.1%	$820,167	6/30/2015 TTM	 	100.0%	$1,020,746	$189,853	$830,893	 	$20,200	$50,500	$760,193	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	$927,851	6/30/2015 TTM	 	0.2%	-$3,582	$244,599	-$248,181	 	$26,180	$65,450	-$339,810	 	 
	Property	 	4.065	Hayward DC	0.0%	$560,417	6/30/2015 TTM	 	100.0%	$734,740	$179,200	$555,540	 	$10,181	$25,451	$519,908	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	$618,971	6/30/2015 TTM	 	100.0%	$890,524	$274,779	$615,746	 	$21,924	$54,811	$539,010	 	 
	Property	 	4.067	Kent Valley DC	0.0%	$564,112	6/30/2015 TTM	 	100.0%	$740,846	$165,971	$574,875	 	$12,500	$31,250	$531,125	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	$539,153	6/30/2015 TTM	 	100.0%	$1,022,911	$267,429	$755,481	 	$15,416	$38,539	$701,527	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	$587,717	6/30/2015 TTM	 	100.0%	$808,951	$201,898	$607,053	 	$11,648	$29,120	$566,285	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	$801,370	6/30/2015 TTM	 	100.0%	$1,030,446	$253,764	$776,682	 	$24,656	$61,641	$690,384	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	$522,068	6/30/2015 TTM	 	100.0%	$756,244	$122,541	$633,702	 	$11,200	$28,000	$594,502	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	$560,955	6/30/2015 TTM	 	100.0%	$796,884	$145,747	$651,138	 	$10,597	$26,493	$614,047	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	$514,910	6/30/2015 TTM	 	100.0%	$753,548	$251,038	$502,510	 	$9,000	$22,500	$471,010	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	$483,914	6/30/2015 TTM	 	100.0%	$857,887	$195,370	$662,517	 	$20,144	$50,360	$592,013	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	$707,556	6/30/2015 TTM	 	100.0%	$909,388	$327,065	$582,323	 	$19,243	$48,108	$514,973	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	$811,455	6/30/2015 TTM	 	100.0%	$1,031,807	$212,480	$819,327	 	$9,755	$24,389	$785,183	 	 
	Property	 	4.077	Iron Run DC	0.0%	$570,344	6/30/2015 TTM	 	100.0%	$796,583	$214,779	$581,803	 	$12,500	$31,250	$538,053	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	$493,543	6/30/2015 TTM	 	100.0%	$895,306	$315,607	$579,699	 	$12,846	$32,115	$534,738	 	 
	Property	 	4.079	Miami DC II	0.0%	$535,259	6/30/2015 TTM	 	100.0%	$661,587	$136,530	$525,057	 	$7,000	$17,500	$500,557	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	$326,262	6/30/2015 TTM	 	100.0%	$783,327	$178,985	$604,342	 	$10,350	$25,875	$568,117	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	$78,385	6/30/2015 TTM	 	88.9%	$572,395	$157,223	$415,172	 	$12,573	$31,431	$371,169	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	$391,150	6/30/2015 TTM	 	100.0%	$618,890	$187,348	$431,542	 	$11,648	$29,120	$390,774	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	$282,049	6/30/2015 TTM	 	100.0%	$659,513	$144,744	$514,769	 	$9,661	$24,152	$480,956	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	$568,373	6/30/2015 TTM	 	100.0%	$797,985	$181,994	$615,991	 	$10,611	$26,527	$578,854	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	$435,979	6/30/2015 TTM	 	100.0%	$625,139	$165,939	$459,200	 	$11,405	$28,512	$419,283	 	 
	Property	 	4.086	Memphis IC I	0.0%	$181,862	6/30/2015 TTM	 	100.0%	$774,158	$269,478	$504,680	 	$20,000	$50,000	$434,680	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	$554,309	6/30/2015 TTM	 	100.0%	$782,263	$165,799	$616,464	 	$9,612	$24,030	$582,822	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	$478,515	6/30/2015 TTM	 	100.0%	$748,357	$187,756	$560,601	 	$11,130	$27,825	$521,646	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	$434,196	6/30/2015 TTM	 	100.0%	$604,405	$154,446	$449,959	 	$9,152	$22,880	$417,927	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	$414,596	6/30/2015 TTM	 	100.0%	$620,848	$172,271	$448,577	 	$4,214	$10,536	$433,827	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	$242,999	6/30/2015 TTM	 	100.0%	$491,570	$85,527	$406,043	 	$7,200	$18,000	$380,843	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	$325,404	6/30/2015 TTM	 	100.0%	$550,924	$145,742	$405,182	 	$8,123	$20,306	$376,753	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	$233,949	6/30/2015 TTM	 	100.0%	$474,537	$85,619	$388,918	 	$6,900	$17,250	$364,768	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	$362,316	6/30/2015 TTM	 	100.0%	$510,810	$146,848	$363,962	 	$8,166	$20,415	$335,381	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	$514,818	6/30/2015 TTM	 	100.0%	$745,386	$178,081	$567,305	 	$8,553	$21,383	$537,369	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	$299,042	6/30/2015 TTM	 	73.4%	$483,594	$120,668	$362,926	 	$6,818	$17,044	$339,065	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	$390,853	6/30/2015 TTM	 	100.0%	$616,132	$138,327	$477,805	 	$8,553	$21,383	$447,868	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	$451,817	6/30/2015 TTM	 	100.0%	$653,549	$126,933	$526,615	 	$6,531	$16,328	$503,757	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	$236,522	6/30/2015 TTM	 	100.0%	$572,244	$145,742	$426,502	 	$10,000	$25,000	$391,502	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	$352,346	6/30/2015 TTM	 	100.0%	$584,174	$180,152	$404,022	 	$4,910	$12,275	$386,837	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	$365,507	6/30/2015 TTM	 	46.2%	$206,547	$158,681	$47,865	 	$12,354	$30,884	$4,628	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	$497,208	6/30/2015 TTM	 	0.0%	-$3,021	$172,013	-$175,034	 	$5,865	$14,663	-$195,562	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	$598,194	6/30/2015 TTM	 	100.0%	$659,391	$124,585	$534,807	 	$6,531	$16,328	$511,948	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	$405,541	6/30/2015 TTM	 	100.0%	$572,586	$152,784	$419,803	 	$5,191	$12,979	$401,633	 	 
	Property	 	4.105	Houston IC	0.0%	$369,425	6/30/2015 TTM	 	100.0%	$540,129	$175,351	$364,778	 	$6,718	$16,795	$341,265	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	$281,651	6/30/2015 TTM	 	86.6%	$407,114	$118,475	$288,638	 	$11,523	$28,807	$248,308	 	 
	Property	 	4.107	Weston Business Center	0.0%	$277,491	6/30/2015 TTM	 	100.0%	$376,860	$92,245	$284,615	 	$3,545	$8,862	$272,208	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	$330,333	6/30/2015 TTM	 	100.0%	$436,314	$90,456	$345,858	 	$5,045	$12,613	$328,200	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	$362,744	6/30/2015 TTM	 	100.0%	$529,495	$120,911	$408,584	 	$4,990	$12,475	$391,119	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	$346,983	6/30/2015 TTM	 	100.0%	$534,846	$171,705	$363,140	 	$6,158	$15,395	$341,587	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	$361,874	6/30/2015 TTM	 	100.0%	$480,942	$129,070	$351,872	 	$8,000	$20,000	$323,872	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	$373,875	6/30/2015 TTM	 	100.0%	$532,619	$162,057	$370,562	 	$10,673	$26,681	$333,209	 	 
	Property	 	4.113	Valley Forge 1	0.0%	$274,995	6/30/2015 TTM	 	86.3%	$511,073	$208,537	$302,536	 	$6,572	$16,431	$279,532	 	 
	Property	 	4.114	Valley Forge 2	0.0%	$364,419	6/30/2015 TTM	 	100.0%	$580,922	$169,988	$410,934	 	$6,280	$15,700	$388,954	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	$210,639	6/30/2015 TTM	 	100.0%	$336,824	$86,481	$250,343	 	$4,854	$12,135	$233,354	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	$219,464	6/30/2015 TTM	 	100.0%	$422,198	$113,660	$308,538	 	$4,274	$10,686	$293,578	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	$106,471	6/30/2015 TTM	 	67.0%	$338,153	$99,508	$238,645	 	$4,688	$11,720	$222,238	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	$224,438	6/30/2015 TTM	 	100.0%	$307,551	$79,124	$228,427	 	$4,860	$12,150	$211,417	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	$322,137	6/30/2015 TTM	 	93.6%	$429,440	$94,469	$334,970	 	$4,081	$10,203	$320,686	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	$177,762	6/30/2015 TTM	 	100.0%	$306,351	$122,911	$183,441	 	$3,500	$8,750	$171,191	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	$372,815	6/30/2015 TTM	 	78.9%	$431,366	$96,778	$334,588	 	$4,485	$11,214	$318,889	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	$332,881	6/30/2015 TTM	 	100.0%	$441,641	$131,125	$310,516	 	$4,820	$12,049	$293,647	 	 
	Property	 	4.123	Memphis IC II	0.0%	$262,717	6/30/2015 TTM	 	75.8%	$366,759	$174,605	$192,154	 	$10,684	$26,711	$154,759	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	$269,788	6/30/2015 TTM	 	100.0%	$417,739	$137,277	$280,461	 	$4,745	$11,863	$263,854	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	$116,647	6/30/2015 TTM	 	50.7%	$206,285	$142,114	$64,171	 	$4,751	$11,878	$47,543	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	$191,322	6/30/2015 TTM	 	100.0%	$406,874	$109,183	$297,691	 	$4,270	$10,674	$282,747	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	$371,002	6/30/2015 TTM	 	100.0%	$503,709	$134,629	$369,080	 	$4,815	$12,037	$352,228	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	$227,725	6/30/2015 TTM	 	100.0%	$421,210	$123,559	$297,651	 	$4,500	$11,250	$281,901	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	$18,639	6/30/2015 TTM	 	22.6%	$95,987	$86,070	$9,917	 	$4,705	$11,761	-$6,548	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	$265,657	6/30/2015 TTM	 	100.0%	$419,056	$123,453	$295,603	 	$4,500	$11,250	$279,853	 	 

 

    	 	B-29	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGED PROPERTY UNDERWRITTEN CASH FLOWS	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Most

Recent NOI 	Most

Recent

NOI Date 	Most

Recent NOI

Debt Yield	UW

Occupancy	UW EGI 	UW

Expenses 	UW NOI  	UW NOI 

Debt Yield	UW

Replacement

Reserves	UW TI/LC 	UW NCF	UW NCF 

Debt Yield	 
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	$81,963	6/30/2015 TTM	 	100.0%	$377,613	$108,341	$269,272	 	$4,000	$10,000	$255,272	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	$4,665	6/30/2015 TTM	 	100.0%	$272,677	$86,910	$185,767	 	$2,449	$6,123	$177,196	 	 
	Property	 	4.133	Valley Forge 3	0.0%	$267,890	6/30/2015 TTM	 	100.0%	$385,675	$104,657	$281,017	 	$4,000	$10,000	$267,017	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	$270,746	6/30/2015 TTM	 	100.0%	$385,059	$103,149	$281,910	 	$3,150	$7,874	$270,886	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	$170,591	6/30/2015 TTM	 	100.0%	$269,428	$79,461	$189,967	 	$3,115	$7,788	$179,064	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	$257,448	6/30/2015 TTM	 	21.5%	$70,809	$77,121	-$6,312	 	$3,133	$7,832	-$17,277	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	-$67,046	6/30/2015 TTM	 	100.0%	$290,467	$86,290	$204,177	 	$3,062	$7,655	$193,460	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	$186,135	6/30/2015 TTM	 	100.0%	$277,471	$82,439	$195,032	 	$3,089	$7,722	$184,221	 	 
	Property	 	4.139	Valley Forge 4	0.0%	$184,512	6/30/2015 TTM	 	100.0%	$289,121	$86,174	$202,947	 	$3,184	$7,959	$191,805	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	$214,880	6/30/2015 TTM	 	100.0%	$268,402	$72,900	$195,502	 	$2,709	$6,772	$186,021	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	$97,896	6/30/2015 TTM	 	100.0%	$177,615	$48,238	$129,377	 	$1,840	$4,600	$122,937	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	$88,526	6/30/2015 TTM	 	100.0%	$137,834	$37,045	$100,789	 	$1,000	$2,500	$97,289	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	N/A	N/A	N/A	95.0%	$4,652,841	$139,585	$4,513,256	10.0%	$37,229	$188,343	$4,287,683	9.5%	 
	Loan	11	6	Princeton Pike Corporate Center	6.8%	$10,842,859	10/31/2015 TTM	8.3%	86.3%	$21,220,131	$8,718,377	$12,501,754	9.6%	$226,737	$1,521,779	$10,753,238	8.3%	 
	Loan	12	7	Twenty Ninth Street Retail	6.0%	$16,467,702	9/30/2015 TTM	11.0%	98.1%	$28,372,701	$10,387,253	$17,985,448	12.0%	$160,779	$437,240	$17,387,430	11.6%	 
	Loan	13	8	Ellenton Premium Outlets	5.8%	$19,897,241	12/31/2015 TTM	11.2%	95.0%	$25,891,211	$6,264,689	$19,626,522	11.0%	$138,179	$507,107	$18,981,235	10.7%	 
	Loan	14, 15	9	Gateway Plaza	4.2%	N/A	N/A	N/A	85.7%	$11,401,321	$3,466,063	$7,935,258	13.8%	$49,546	$388,168	$7,497,543	13.0%	 
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	$3,577,668	12/31/2015 TTM	15.6%	71.6%	$7,409,439	$3,775,322	$3,634,117	15.8%	$309,400	$0	$3,324,717	14.5%	 
	Loan	 	11	7141 Cleanwater Lane 	3.1%	$2,520,976	10/31/2015 TTM	12.0%	95.0%	$3,559,187	$918,549	$2,640,638	12.6%	$22,247	$215,570	$2,402,822	11.5%	 
	Loan	16	12	Grove City Premium Outlets	3.0%	$16,672,134	12/31/2015 TTM	11.9%	95.0%	$23,354,090	$6,524,509	$16,829,581	12.0%	$217,792	$359,436	$16,252,353	11.6%	 
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	$2,703,024	8/31/2015 Ann. T-8 	13.9%	95.0%	$3,483,865	$966,456	$2,517,409	13.0%	$56,289	$109,870	$2,351,250	12.1%	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	$246,303	8/31/2015 Ann. T-8 	 	95.0%	$279,011	$58,610	$220,401	 	$2,530	$7,698	$210,174	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	$133,241	8/31/2015 Ann. T-8 	 	95.0%	$263,069	$78,231	$184,838	 	$4,200	$5,248	$175,390	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	$184,322	8/31/2015 Ann. T-8 	 	95.0%	$182,813	$42,792	$140,022	 	$3,000	$5,970	$131,051	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	$189,972	8/31/2015 Ann. T-8 	 	95.0%	$191,768	$54,181	$137,587	 	$2,115	$6,109	$129,363	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	$182,257	8/31/2015 Ann. T-8 	 	95.0%	$197,177	$62,671	$134,506	 	$4,569	$9,981	$119,956	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	$141,642	8/31/2015 Ann. T-8 	 	95.0%	$178,049	$46,332	$131,717	 	$2,940	$5,919	$122,858	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	$127,574	8/31/2015 Ann. T-8 	 	95.0%	$221,408	$74,093	$147,315	 	$2,983	$7,076	$137,255	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	$86,684	8/31/2015 Ann. T-8 	 	95.0%	$189,625	$75,945	$113,681	 	$5,085	$4,007	$104,589	 	 
	Property	 	13.09	12579 Felch Street	0.1%	$115,414	8/31/2015 Ann. T-8 	 	95.0%	$199,892	$66,942	$132,950	 	$2,640	$5,694	$124,617	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	$111,284	8/31/2015 Ann. T-8 	 	95.0%	$149,067	$47,654	$101,413	 	$1,800	$4,715	$94,898	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	$132,158	8/31/2015 Ann. T-8 	 	95.0%	$139,738	$27,102	$112,636	 	$3,468	$4,878	$104,289	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	$132,339	8/31/2015 Ann. T-8 	 	95.0%	$156,670	$48,222	$108,448	 	$1,800	$4,679	$101,968	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	$105,174	8/31/2015 Ann. T-8 	 	95.0%	$153,574	$40,399	$113,175	 	$1,800	$3,450	$107,925	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	$133,756	8/31/2015 Ann. T-8 	 	95.0%	$134,646	$30,717	$103,929	 	$1,410	$4,515	$98,004	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	$127,347	8/31/2015 Ann. T-8 	 	95.0%	$128,354	$27,448	$100,906	 	$1,800	$4,650	$94,456	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	$125,627	8/31/2015 Ann. T-8 	 	95.0%	$124,628	$27,216	$97,411	 	$3,720	$4,535	$89,156	 	 
	Property	 	13.17	2020 Principal Row	0.1%	$122,298	8/31/2015 Ann. T-8 	 	95.0%	$133,233	$34,059	$99,174	 	$3,480	$4,535	$91,159	 	 
	Property	 	13.18	2660 SW College Road	0.1%	$115,476	8/31/2015 Ann. T-8 	 	95.0%	$117,813	$28,771	$89,043	 	$1,800	$4,266	$82,976	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	$9,656	8/31/2015 Ann. T-8 	 	95.0%	$129,904	$39,567	$90,337	 	$1,800	$4,176	$84,361	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	$110,065	8/31/2015 Ann. T-8 	 	95.0%	$103,684	$23,012	$80,671	 	$1,730	$3,927	$75,015	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	$70,440	8/31/2015 Ann. T-8 	 	95.0%	$109,743	$32,495	$77,248	 	$1,619	$3,838	$71,791	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	$1,993,197	8/31/2015 Ann. T-8 	12.3%	95.0%	$3,429,709	$1,248,288	$2,181,421	13.5%	$57,949	$38,149	$2,085,323	12.9%	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	$386,644	8/31/2015 Ann. T-8 	 	99.9%	$421,327	$79,793	$341,534	 	$16,765	$1,783	$322,986	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	$211,760	8/31/2015 Ann. T-8 	 	69.9%	$413,779	$200,942	$212,837	 	$6,027	$3,508	$203,302	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	$199,300	8/31/2015 Ann. T-8 	 	100.0%	$536,122	$239,508	$296,614	 	$5,894	$4,866	$285,854	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	$229,296	8/31/2015 Ann. T-8 	 	99.9%	$431,557	$202,225	$229,332	 	$4,360	$5,309	$219,664	 	 
	Property	 	14.05	1640 75th Street	0.2%	$73,432	8/31/2015 Ann. T-8 	 	99.9%	$313,651	$85,650	$228,001	 	$3,393	$2,725	$221,883	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	$225,801	8/31/2015 Ann. T-8 	 	99.9%	$261,134	$77,095	$184,039	 	$4,063	$2,744	$177,232	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	$220,025	8/31/2015 Ann. T-8 	 	99.9%	$332,523	$143,453	$189,070	 	$4,160	$4,404	$180,506	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	$133,473	8/31/2015 Ann. T-8 	 	99.9%	$284,619	$102,263	$182,356	 	$4,300	$5,068	$172,988	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	$170,756	8/31/2015 Ann. T-8 	 	100.0%	$239,447	$63,836	$175,611	 	$1,500	$4,589	$169,522	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	$117,566	8/31/2015 Ann. T-8 	 	99.9%	$128,874	$31,107	$97,767	 	$4,020	$2,723	$91,024	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	$25,147	8/31/2015 Ann. T-8 	 	99.9%	$66,677	$22,417	$44,260	 	$3,468	$430	$40,362	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	$1,880,355	11/30/2015 TTM	12.2%	69.4%	$4,860,065	$2,968,373	$1,891,692	12.2%	$194,403	$0	$1,697,290	11.0%	 
	Loan	 	16	Parc Central Apartments	2.0%	$325,336	12/31/2015 TTM	2.5%	94.7%	$1,840,555	$692,797	$1,147,758	8.7%	$37,750	$0	$1,110,008	8.4%	 
	Loan	17	17	Pine Haven  MHC	1.7%	$903,723	9/30/2015 TTM	7.9%	79.6%	$1,855,298	$826,165	$1,029,133	9.0%	$8,000	$0	$1,021,133	8.9%	 
	Loan	 	18	Day Creek Village	1.4%	$830,409	10/31/2015 YTD Ann.	8.8%	95.0%	$1,228,363	$452,361	$776,002	8.3%	$7,501	$37,880	$730,621	7.8%	 
	Loan	18	19	Gulfport Premium Outlets	1.4%	$6,808,921	12/31/2015 TTM	13.6%	94.1%	$9,441,029	$2,799,406	$6,641,623	13.3%	$39,032	$422,201	$6,180,390	12.4%	 
	Loan	 	20	Peachtree Business Park	1.4%	$1,000,877	8/31/2015 TTM	10.9%	89.1%	$1,472,369	$389,732	$1,082,637	11.8%	$39,807	$83,188	$959,642	10.5%	 
	Loan	 	21	Woods Corner	1.4%	$1,068,350	10/31/2015 TTM	11.9%	85.0%	$1,526,099	$412,178	$1,113,921	12.4%	$31,203	$51,785	$1,030,933	11.5%	 
	Loan	 	22	41 Eagle Road	1.3%	$963,720	9/30/2015 TTM	11.4%	95.0%	$1,247,796	$298,565	$949,231	11.2%	$31,073	$60,156	$858,002	10.1%	 
	Loan	 	23	The Saint Anna Apartments	1.1%	N/A	N/A	N/A	95.0%	$846,389	$261,817	$584,572	8.0%	$6,670	$0	$577,902	7.9%	 
	Loan	 	24	Finksburg Plaza	1.1%	$653,490	11/30/2015 TTM	9.2%	85.9%	$961,059	$295,089	$665,971	9.4%	$20,289	$32,464	$613,218	8.6%	 
	Loan	 	25	Best Western Oakland	1.0%	$1,203,295	12/31/2015 TTM	17.9%	77.5%	$2,839,690	$1,667,863	$1,171,827	17.4%	$113,588	$0	$1,058,240	15.8%	 
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	$590,294	11/30/2015 TTM	9.8%	93.0%	$1,169,574	$610,231	$559,343	9.3%	$31,000	$0	$528,343	8.8%	 
	Loan	5	27	Collis Portfolio	0.8%	N/A	N/A	N/A	93.1%	$892,218	$260,336	$631,882	12.4%	$8,035	$37,078	$586,769	11.5%	 
	Property	 	27.01	Longwood	0.5%	N/A	N/A	 	92.8%	$614,567	$183,436	$431,131	 	$7,020	$23,921	$400,190	 	 
	Property	 	27.02	Lakeland	0.1%	N/A	N/A	 	92.7%	$143,091	$39,802	$103,289	 	$1,015	$7,782	$94,492	 	 
	Property	 	27.03	Melbourne	0.1%	N/A	N/A	 	94.6%	$134,560	$37,097	$97,462	 	$0	$5,375	$92,087	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	$470,189	9/30/2015 TTM	10.8%	87.7%	$663,920	$220,513	$443,407	10.2%	$4,370	$33,119	$405,918	9.4%	 
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	$275,004	10/31/2015 T-10 Ann.	9.5%	97.9%	$269,160	$8,075	$261,085	9.0%	$2,912	$6,804	$251,369	8.7%	 
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	$282,144	10/31/2015 TTM	9.9%	75.4%	$646,912	$305,454	$341,458	12.0%	$10,750	$0	$330,708	11.6%	 
	Loan	 	31	Valley View	0.4%	$445,929	11/30/2015 TTM	15.7%	95.0%	$471,455	$84,412	$387,043	13.6%	$15,165	$21,645	$350,233	12.3%	 

 

    	 	B-30	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	LARGEST TENANT INFORMATION	 	 	 	 	2ND LARGEST TENANT INFORMATION	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Largest Tenant 	Largest

Tenant Lease

Expiration	Largest

Tenant NSF 	Largest

Tenant

% of NSF	 	2nd Largest Tenant 	2nd Largest

Tenant Lease

Expiration	2nd Largest

Tenant NSF	2nd Largest

Tenant

% of NSF	 
	Loan	3	1	525 Seventh Avenue	9.3%	Jones Apparel Group	12/31/2019	58,729	11.6%	 	Kobra International Ltd	6/30/2027	29,461	5.8%	 
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	 	 	 	 	 	 	 	 	 
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	6	3	2100 Ross	9.0%	CBRE, Inc.	3/31/2022	128,229	15.2%	 	Lockton Companies, LLC	3/31/2026	98,725	11.7%	 
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	 	 	 	 	 	 	 	 	 
	Property	 	4.001	Agave DC	0.4%	Amazon.com, LLC	7/31/2022	1,267,110	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.002	Lehigh Valley 13	0.2%	Home Depot USA Inc	6/30/2018	822,500	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	Frontier Logistics	6/30/2025	600,004	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	Fairfield Industries Inc.	1/31/2019	266,663	54.8%	 	Pro Pack	7/31/2020	171,000	35.2%	 
	Property	 	4.005	York - Willow Springs	0.2%	GSK Consumer Healthcare	12/31/2022	624,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	Phillips-Van Heusen	8/31/2030	851,349	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.007	South Bay DC	0.2%	NYX, Los Angeles, LLC	11/30/2020	265,440	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.008	Sorensen Industrial	0.2%	Phoenix	11/30/2020	305,422	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.009	Miramar DC	0.2%	Edward Don & Company	9/30/2021	160,100	55.3%	 	Firestone Building Produc	9/30/2019	65,400	22.6%	 
	Property	 	4.010	York DC II	0.2%	Ollie’s Bargain Outlet, Inc.	3/31/2028	603,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	S.C. Johnson & Son, Inc.	12/31/2019	511,760	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.012	Portside Distribution Center	0.1%	Solo Cup (Dart)	12/31/2018	297,446	71.5%	 	Chihuly, Inc.	12/31/2023	118,604	28.5%	 
	Property	 	4.013	Marina West A	0.1%	Watson Laboratories,	6/30/2016	276,175	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.014	Fremont East Bay DC	0.1%	Super Micro Computer	7/31/2020	246,450	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.015	Harbor Gateway DC	0.1%	DFS Group	6/30/2022	184,815	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.016	Imperial DC 1	0.1%	CVS	7/31/2023	328,020	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.017	Westport DC Bldg B	0.1%	The Sun Products Corporations	6/30/2016	409,374	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.018	Westport DC Bldg A	0.1%	Sephora USA Inc	8/31/2018	350,892	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.019	Auburn DC	0.1%	ULINE, INC	1/31/2018	157,414	55.5%	 	American Tire Distributors	8/31/2021	126,036	44.5%	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	Priority Fulfillment Services	4/30/2018	434,900	72.2%	 	StyleCraft Home Collectio	3/31/2023	167,600	27.8%	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	Sears Logistics Services	12/31/2020	83,833	41.9%	 	LZBFG of South Florida	9/30/2020	81,984	41.0%	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	HD Supply Facilities	10/31/2016	174,769	45.9%	 	Mor Furniture for Less, Inc	10/31/2021	106,150	27.9%	 
	Property	 	4.023	York DC III	0.1%	Crane	12/31/2017	168,510	49.2%	 	LKQ	10/31/2021	108,160	31.6%	 
	Property	 	4.024	Orange County DC	0.1%	Arlon Graphics	5/31/2024	198,275	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.025	Kent Valley DC II	0.1%	(Clarsonic) Pacific B	12/31/2018	228,907	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.026	Memphis IC III	0.1%	Daimler Trucks North America	3/31/2016	341,049	58.6%	 	Appleton Grp, LLC	8/31/2017	241,049	41.4%	 
	Property	 	4.027	Pinole Point Building #1	0.1%	Restoration Hardware	9/30/2022	200,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.028	Cactus DC II	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	4.029	Fairburn DC	0.1%	New Breed	4/30/2022	346,224	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	Core Laboratories, LP	11/30/2022	188,028	76.5%	 	Specialty Rolled Metals	4/30/2016	32,787	13.3%	 
	Property	 	4.031	Miami DC	0.1%	OHL	1/31/2019	185,520	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.032	Southpoint F	0.1%	Ozark Automotive Distributors	10/31/2024	358,360	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.033	Industrial Parkway DC	0.1%	MaschioPack North America, LLC	10/31/2024	301,500	67.9%	 	HD Supply Facilities	1/31/2022	142,300	32.1%	 
	Property	 	4.034	Chickasaw DC	0.1%	Flextronics International	MTM	437,940	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.035	Valley Crossings	0.1%	The Lehigh Group	9/30/2018	270,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	Philosophy, Inc	5/31/2016	216,845	71.4%	 	Kellogg Sales Company	11/30/2017	86,650	28.6%	 
	Property	 	4.037	Southpoint B	0.1%	Sanofi Aventis US LLC	9/30/2023	297,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.038	Hartman Business Center I	0.1%	Mars	4/30/2016	157,592	44.5%	 	Inmark, Inc.	9/30/2024	131,132	37.0%	 
	Property	 	4.039	Artesia DC	0.1%	Ralphs Grocery Co	4/30/2017	151,800	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	Konoike General, Inc.	10/31/2017	98,283	59.1%	 	Kiwi Distributing	9/30/2017	67,978	40.9%	 
	Property	 	4.041	Marina West B	0.1%	Actavis South Atlantic LL	6/30/2018	55,313	47.8%	 	Ducool USA, Inc	11/30/2019	40,367	34.9%	 
	Property	 	4.042	Renton DC	0.1%	DHL Global Forwarding	10/31/2020	126,660	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.043	Southpoint A	0.1%	Global Mail, Inc.	3/31/2018	75,375	34.4%	 	Central Shared Services, LLC	2/29/2020	62,500	28.6%	 
	Property	 	4.044	Westfork A5	0.1%	Global Experience Spe	9/30/2020	199,505	63.3%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	Owens & Minor Distribution, Inc	12/31/2017	143,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.046	Pinole Point Building #2	0.1%	BIO-RAD Laboratories, Inc.	12/31/2018	116,250	81.2%	 	Serena & Lily, Inc.	3/31/2016	27,000	18.8%	 
	Property	 	4.047	Salt Lake DC II	0.1%	Express Messenger	10/31/2017	106,893	56.3%	 	Boart Longyear	6/30/2017	83,107	43.7%	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	Schlumberger Technology Corpor	9/30/2024	60,711	61.2%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.049	Salt Lake DC I	0.1%	Bunzl Distribution	9/30/2018	83,107	43.7%	 	JW Pepper & Son, Inc.	2/28/2017	47,081	24.8%	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	Spicers Paper Inc.	12/31/2017	89,457	49.8%	 	Capsa	3/31/2020	60,000	33.4%	 
	Property	 	4.051	Pinole Point Building #3	0.1%	Serena & Lily, Inc.	3/31/2016	54,896	41.7%	 	International Delicacies	2/28/2018	43,776	33.3%	 
	Property	 	4.052	Steamboat DC	0.1%	SalonCentric, Inc.	12/31/2024	193,160	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.053	Palo Verde DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 

 

    	 	B-31	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	LARGEST TENANT INFORMATION	 	 	 	 	2ND LARGEST TENANT INFORMATION	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Largest Tenant 	Largest

Tenant Lease

Expiration	Largest

Tenant NSF 	Largest

Tenant

% of NSF	 	2nd Largest Tenant 	2nd Largest

Tenant Lease

Expiration	2nd Largest

Tenant NSF	2nd Largest

Tenant

% of NSF	 
	Property	 	4.054	South San Francisco DC II	0.1%	CORT Business Service	4/30/2022	33,833	38.9%	 	Manning Trading Co.,	5/31/2017	32,964	37.9%	 
	Property	 	4.055	Westfork C4	0.1%	GRM Information Manag	3/31/2017	68,675	23.5%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.056	South San Francisco DC	0.1%	LeeMAH	5/31/2024	87,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	Celestica Oregon LLC.	3/31/2016	165,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.058	Kent Valley DC IV	0.1%	Guardian Fall Protection	12/31/2018	79,700	69.2%	 	TMS Services Corporation	2/28/2021	35,489	30.8%	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	Schenker Logistics, Inc.	1/31/2019	181,990	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	AGS Acquisitions Corp	1/31/2022	57,808	42.4%	 	Lummus Supply Company	MTM	40,000	29.4%	 
	Property	 	4.061	Westfork A4	0.1%	Bunzl Distribution	6/30/2018	228,576	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	Charming Charlie, Inc.	4/30/2018	141,440	85.0%	 	Johnson Storage & Moving Co. H	12/31/2016	24,960	15.0%	 
	Property	 	4.063	Ritner DC	0.1%	Andersen Distribution, I	4/30/2017	202,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.064	Hartman Business Center II	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	4.065	Hayward DC	0.0%	Stanley G. Alexander, Inc.	9/30/2016	101,805	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	Adams Distribution Cente	9/30/2016	145,376	66.3%	 	Fluoro-Seal, Inc.	6/30/2019	40,067	18.3%	 
	Property	 	4.067	Kent Valley DC	0.0%	Tiger Mountain Transp	5/31/2018	125,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.068	Lehigh Valley 9	0.0%	Westport Axle	12/31/2019	66,700	43.3%	 	Supply Technologies LLC	4/30/2016	43,755	28.4%	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	American Tire Distributors	6/30/2023	116,480	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	Bound Tree Medical, LLC	8/31/2017	96,282	39.0%	 	Bunzl Distribution	7/31/2016	96,039	39.0%	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	Benchmark Technology Group, In	8/31/2019	48,665	43.5%	 	Hansgrohe, Inc.	8/31/2023	39,335	35.1%	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	Tatitlek Support Services, Inc	MTM	28,733	27.1%	 	Source Support Services, Inc.	MTM	15,199	14.3%	 
	Property	 	4.073	Tamarac Business Center I	0.0%	Richline Group, Inc.	1/31/2024	90,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	CORT Business Service	5/31/2023	80,000	39.7%	 	Global Beauty Corp.	6/30/2016	57,440	28.5%	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	McCoy Inc.	9/30/2017	124,220	64.6%	 	Wilsonart International	4/30/2022	68,210	35.4%	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	PCT Intl	3/31/2021	97,554	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.077	Iron Run DC	0.0%	Continental Automotive Systems	12/31/2017	125,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	Bayou Packaging, Inc.	5/31/2020	48,675	37.9%	 	Electrical Distributors, LLC	6/30/2018	34,763	27.1%	 
	Property	 	4.079	Miami DC II	0.0%	JAS Forwarding (USA), Inc	10/31/2017	70,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	FUJIFILM North America	3/31/2018	71,872	69.4%	 	Geary Pacific	7/31/2020	31,628	30.6%	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	GA Pack & Load	5/31/2021	53,832	42.8%	 	Rugby IPD	11/30/2018	32,380	25.8%	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	Men’s Wearhouse	6/30/2017	96,460	82.8%	 	Mission Foods	3/31/2018	20,020	17.2%	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	Kinco, LLC	12/31/2021	68,019	70.4%	 	Rose City Printing	8/31/2017	28,589	29.6%	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	Coyote Portable Storage	12/31/2017	67,949	64.0%	 	Mitel Networks	3/31/2018	38,157	36.0%	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	Dayton Superior Corporation	4/30/2020	114,049	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.086	Memphis IC I	0.0%	Anixter	3/31/2022	100,000	50.0%	 	Greatwide Distribution	8/31/2017	100,000	50.0%	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	Elliott Auto Supply	6/30/2017	34,913	36.3%	 	Superior Pool Products	10/31/2017	34,908	36.3%	 
	Property	 	4.088	Lehigh Valley 10	0.0%	Rite Pack, Inc.	8/31/2016	69,676	62.6%	 	DHL Express	5/31/2020	17,276	15.5%	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	Red Smith Sales, Inc.	6/30/2020	70,720	77.3%	 	UniFirst Corporation	1/31/2019	20,800	22.7%	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	Empirica, LLC	10/31/2019	28,250	67.0%	 	Concentra Health Services, Inc	10/31/2021	13,893	33.0%	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	Hansgrohe, Inc.	8/31/2023	72,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.092	Andover DC Bldg A	0.0%	Atkore International, Inc.	11/30/2017	41,225	50.8%	 	ISN	9/14/2020	20,000	24.6%	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	Hansgrohe, Inc.	8/31/2023	69,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.094	Andover DC Bldg B	0.0%	Macy’s	5/31/2018	61,660	75.5%	 	Pacific Insulated Panel, LLC	2/28/2017	20,000	24.5%	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	Aviall Service	11/30/2016	23,974	28.0%	 	AccuTech	4/30/2017	22,972	26.9%	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	Braun Corporation	11/30/2020	13,703	20.1%	 	Rightway Nutrition	10/31/2017	13,571	19.9%	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	World Wide Tech	12/31/2017	85,533	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	Aviall Service	11/30/2016	19,607	30.0%	 	Wasauna	7/31/2016	19,548	29.9%	 
	Property	 	4.099	Lehigh Valley 11	0.0%	Delta Industries Interna	7/31/2016	40,000	40.0%	 	K&W Tire	1/31/2022	30,000	30.0%	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	The Sun Sentinel Company	5/31/2018	37,500	76.4%	 	New Blue Aerospace, LLC	MTM	11,600	23.6%	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	Buffalo Industries, LLC	7/31/2017	31,792	25.7%	 	Universal Minerals, Inc.	MTM	21,504	17.4%	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	Aviall Service	11/30/2016	52,208	79.9%	 	Aviall Service	2/28/2021	13,102	20.1%	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	The Care Group of TX, L.P.	8/31/2020	11,911	22.9%	 	Pevco Systems	1/31/2019	7,853	15.1%	 
	Property	 	4.105	Houston IC	0.0%	Tejas Testing & Inspecti	MTM	8,700	13.0%	 	Floral Marketing Interna	4/30/2017	7,391	11.0%	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	GF Health Products, I	9/30/2025	103,162	89.5%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.107	Weston Business Center	0.0%	Louis Poulsen USA, Inc.	6/30/2022	35,447	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.108	Kent Valley DC III	0.0%	Classic Accessories, Inc	12/31/2017	50,450	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.109	Commerce Park SW 2	0.0%	Gateway Printing & Office Supp	5/31/2018	10,136	20.3%	 	Innovative Electronics	MTM	6,961	13.9%	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	Foscam Digital Technologies	11/30/2017	20,222	32.8%	 	Solofill, Inc.	8/31/2016	17,942	29.1%	 
	Property	 	4.111	Lehigh Valley 12	0.0%	Consolidated Container Company	11/30/2018	80,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	Raw Materials Corporatio	7/31/2017	39,601	37.1%	 	Wheel Mart Houston, Inc.	9/30/2017	35,640	33.4%	 
	Property	 	4.113	Valley Forge 1	0.0%	Quench USA, Inc.	9/30/2016	23,600	35.9%	 	TLC Direct +	4/30/2017	9,000	13.7%	 
	Property	 	4.114	Valley Forge 2	0.0%	Solar City	8/1/2020	20,800	33.1%	 	Compass Group	1/31/2020	19,800	31.5%	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	HBD/Thermoid	3/31/2020	35,892	73.9%	 	Carbon Supply	1/31/2020	12,649	26.1%	 
	Property	 	4.116	Commerce Park SW 4	0.0%	AI United	2/28/2017	9,050	21.2%	 	Nimbic Systems, Inc.	7/31/2018	8,812	20.6%	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	United Respiratory Services	6/30/2021	11,762	25.1%	 	Genuine Parts	3/31/2017	7,863	16.8%	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	CWH Wholesale, Inc.	5/31/2017	48,600	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.119	Commerce Park SW 1	0.0%	Complete Piano Service	1/31/2023	22,715	55.7%	 	Sign-A-Rama of Sugar Land	2/28/2018	4,373	10.7%	 
	Property	 	4.120	Tamarac Business Center II	0.0%	MSK Precision Products, I	8/31/2017	35,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	Patterson Dental	6/30/2017	13,551	30.2%	 	American Vision	1/31/2021	9,050	20.2%	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	DE Harvey Builders	10/31/2019	26,788	55.6%	 	ALCESP LLC	4/30/2018	16,764	34.8%	 
	Property	 	4.123	Memphis IC II	0.0%	Black Horse Carrier	8/31/2019	33,600	31.4%	 	JB Hunt	MTM	17,075	16.0%	 
	Property	 	4.124	Commerce Park NW 3	0.0%	TD Industries, Inc.	1/31/2017	33,516	70.6%	 	Airabella, L.L.C.	9/30/2017	13,934	29.4%	 
	Property	 	4.125	Commerce Park NW 4	0.0%	Molander Group	8/31/2019	9,266	19.5%	 	Music & Arts	3/31/2020	7,703	16.2%	 
	Property	 	4.126	Commerce Park SW 3	0.0%	Phoenix Design Group	8/31/2019	14,195	33.2%	 	SBA Network Services	11/30/2017	9,800	23.0%	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	Clean Harbors	6/30/2020	17,040	35.4%	 	Raba Kistner Consultants	12/31/2016	12,635	26.2%	 
	Property	 	4.128	Commerce Park NW 2	0.0%	Monolithic	10/31/2017	10,800	24.0%	 	Johnson & Powell Doors & Hardw	9/30/2017	9,000	20.0%	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	Handicap Vehicle Specialist	12/31/2017	7,964	16.9%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.130	Commerce Park NW 1	0.0%	SMAR International, Inc.	5/31/2016	9,606	21.3%	 	R. S. Hughes Company, Inc.	6/30/2016	7,800	17.3%	 

 

    	 	B-32	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	LARGEST TENANT INFORMATION	 	 	 	 	2ND LARGEST TENANT INFORMATION	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Largest Tenant 	Largest

Tenant Lease

Expiration	Largest

Tenant NSF 	Largest

Tenant

% of NSF	 	2nd Largest Tenant 	2nd Largest

Tenant Lease

Expiration	2nd Largest

Tenant NSF	2nd Largest

Tenant

% of NSF	 
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	Lagaci, Inc.	10/31/2017	20,000	50.0%	 	Valencia Coverings	7/31/2018	14,000	35.0%	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	MOR Printing	7/31/2025	24,490	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.133	Valley Forge 3	0.0%	TXR Global Technology Sr	MTM	40,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	Oil Spill Response (Americas)	11/30/2016	18,660	59.2%	 	Camera Service Center, Inc.	8/31/2016	12,837	40.8%	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	Ryder Integrated Logistics, In	11/30/2017	15,569	50.0%	 	Advanced Electronic Manufactur	MTM	8,491	27.3%	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	Safety Guys	9/30/2018	7,341	23.4%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.137	Commerce Park SW 5	0.0%	Truerock, LLC	12/31/2019	12,990	42.4%	 	Silk Worldwide	11/30/2020	10,150	33.1%	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	Certex USA, Inc.	9/30/2016	15,295	49.5%	 	FinishMaster, Inc.	2/28/2019	8,327	27.0%	 
	Property	 	4.139	Valley Forge 4	0.0%	Pierce-Phelps, Inc.	4/30/2018	31,836	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	OTB Architectural Elements	6/30/2018	10,786	39.8%	 	Oracle Elevator Company	3/31/2020	8,200	30.3%	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	Ferretti Group	12/31/2019	18,400	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	Sunny Morning Foods	8/31/2017	10,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	Preferred Freezer Services	7/31/2039	248,195	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	11	6	Princeton Pike Corporate Center	6.8%	Stark & Stark	12/31/2022	93,961	11.6%	 	Fox Rothschild LLP	4/30/2024	57,048	7.0%	 
	Loan	12	7	Twenty Ninth Street Retail	6.0%	Home Depot, The	1/31/2031	141,373	20.1%	 	Century Theatres	8/31/2017	48,510	6.9%	 
	Loan	13	8	Ellenton Premium Outlets	5.8%	V.F. Factory Outlet	12/30/2018	23,272	4.9%	 	Saks Fifth Avenue Off 5th	10/31/2016	19,804	4.2%	 
	Loan	14, 15	9	Gateway Plaza	4.2%	McGuireWoods LLP	8/31/2030	224,537	68.0%	 	TowneBank	3/31/2031	26,047	7.9%	 
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	 	11	7141 Cleanwater Lane 	3.1%	Office of the Attorney General for the State of Washington	11/30/2021	148,311	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	16	12	Grove City Premium Outlets	3.0%	V.F. Factory Outlet	11/30/2019	29,224	5.5%	 	Old Navy	1/31/2021	20,188	3.8%	 
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	 	 	 	 	 	 	 	 	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	Total Renal	9/7/2024	10,908	64.7%	 	Tidewater Brazilian	2/28/2017	2,953	17.5%	 
	Property	 	13.02	336 Army Trail Road	0.2%	American Mattress	10/16/2020	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	David’s Bridal	12/14/2016	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	Butler Carpet	3/31/2018	12,000	85.1%	 	Auto Solutions	12/19/2020	2,100	14.9%	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	Butler Carpet	7/31/2017	11,013	77.1%	 	Active Lifestyles	4/30/2017	2,146	15.0%	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	Mattress Firm	4/9/2017	11,334	81.0%	 	Beauty Systems	6/30/2020	2,666	19.0%	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	America’s Super Pawn	3/31/2020	11,074	55.7%	 	Florida Integrated Health SRUS	7/31/2018	3,854	19.4%	 
	Property	 	13.08	5510 Franklin Street	0.1%	Aaron’s Rental, Inc	3/31/2021	12,000	70.8%	 	Mattress World	1/31/2019	4,950	29.2%	 
	Property	 	13.09	12579 Felch Street	0.1%	Salvation Army	10/31/2018	12,000	68.2%	 	Pet Supplies Plus	4/9/2018	5,600	31.8%	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	Gomer’s Fine Wine	8/31/2018	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	Transamerican 4 Wheel	9/30/2019	11,960	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	Florida Cash America	11/22/2020	6,000	50.0%	 	Buddy’s Newco	10/31/2019	6,000	50.0%	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	Autozone	11/30/2016	8,940	74.5%	 	Ameritel	5/31/2018	3,060	25.5%	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	Butler Carpet	7/31/2019	9,400	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	K & P Capital	8/9/2019	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	Carr Boys	3/31/2022	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.17	2020 Principal Row	0.1%	SOS Furniture	12/19/2016	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.18	2660 SW College Road	0.1%	Ocala Health	6/25/2016	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.19	2641 Enterprise Road	0.1%	Dollar Floor	7/31/2020	12,000	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	Manasota Flooring	7/7/2020	11,530	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	C.C. Crossroads, Inc.	12/31/2020	10,795	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	 	 	 	 	 	 	 	 	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	Rofin Sinar	5/31/2017	54,080	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	Stateline Satellite	2/28/2017	9,531	23.7%	 	American Mattress	11/30/2017	7,790	19.4%	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	Grand Appliance & TV	5/31/2020	12,000	57.0%	 	Mattress Firm	3/31/2017	4,500	21.4%	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	Crest Furniture	2/28/2020	12,361	42.5%	 	Lucille Resale	10/31/2019	9,600	33.0%	 
	Property	 	14.05	1640 75th Street	0.2%	Harbor Freight	10/31/2025	14,458	63.9%	 	Lover’s Lane	4/6/2020	2,720	12.0%	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	Graybar Electric	12/28/2017	9,600	35.4%	 	Occucenters	11/20/2017	8,720	32.2%	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	Kentwood Office 	10/31/2019	12,000	43.3%	 	First Surplus & Supply 	8/31/2018	4,740	17.1%	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	Mattress Firm	11/13/2017	14,500	50.6%	 	Four Seasons	4/6/2017	10,600	37.0%	 
	Property	 	14.09	27750 Stansbury Street	0.2%	IBEX	3/27/2017	5,002	50.0%	 	Dembs Roth Group	9/30/2024	2,543	25.4%	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	New Horizon	2/4/2017	10,050	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	Blue Team Restoration 	4/30/2018	10,200	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	 	16	Parc Central Apartments	2.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	17	17	Pine Haven  MHC	1.7%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	 	18	Day Creek Village	1.4%	Wells Fargo	4/30/2019	4,835	19.3%	 	Orangetheory Fitness	8/31/2020	2,750	11.0%	 
	Loan	18	19	Gulfport Premium Outlets	1.4%	V.F. Factory Outlet	4/30/2021	17,495	5.8%	 	Gap Outlet	9/30/2017	14,611	4.9%	 
	Loan	 	20	Peachtree Business Park	1.4%	PC Specialists	12/31/2016	14,473	7.3%	 	Genesis Healthcare Services, Inc.	11/30/2017	11,697	5.9%	 
	Loan	 	21	Woods Corner	1.4%	Food Lion, Inc.#1333	2/28/2021	41,841	26.8%	 	RAMJ, LLC	7/31/2018	18,413	11.8%	 
	Loan	 	22	41 Eagle Road	1.3%	Branson	3/31/2021	166,072	80.2%	 	Sid Harvey’s	3/31/2023	13,000	6.3%	 
	Loan	 	23	The Saint Anna Apartments	1.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	 	24	Finksburg Plaza	1.1%	Food Lion	7/2/2030	32,014	42.6%	 	Rite Aid 	6/21/2022	9,451	12.6%	 
	Loan	 	25	Best Western Oakland	1.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	5	27	Collis Portfolio	0.8%	 	 	 	 	 	 	 	 	 	 
	Property	 	27.01	Longwood	0.5%	Collis Roofing, Inc.	1/31/2031	58,500	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	27.02	Lakeland	0.1%	Collis Roofing, Inc.	1/31/2031	14,505	100.0%	 	N/A	N/A	N/A	N/A	 
	Property	 	27.03	Melbourne	0.1%	Collis Roofing, Inc.	1/31/2031	13,817	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	 	28	Stony Creek Medical Center	0.7%	Stony Creek Urgent Care	1/31/2023	5,000	17.2%	 	Radiology Group, P.C.	12/31/2020	4,880	16.8%	 
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	Walgreens	5/31/2029	14,560	100.0%	 	N/A	N/A	N/A	N/A	 
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 
	Loan	 	31	Valley View	0.4%	Hodell-Natco	12/31/2030	101,000	100.0%	 	N/A	N/A	N/A	N/A	 

 

    	 	B-33	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	3RD LARGEST TENANT INFORMATION	 	 	 	 	4TH LARGEST TENANT INFORMATION	 	 	 	 	5TH LARGEST TENANT INFORMATION	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	3rd Largest Tenant 	3rd Largest

Tenant Lease

Expiration	3rd Largest

Tenant NSF	3rd Largest

Tenant

% of NSF	 	4th Largest Tenant 	4th Largest

Tenant Lease

Expiration	4th Largest

Tenant NSF 	4th Largest

Tenant

% of NSF	 	5th Largest Tenant 	5th Largest

Tenant Lease

Expiration	5th Largest

Tenant NSF 	5th Largest

Tenant

% of NSF
	Loan	3	1	525 Seventh Avenue	9.3%	Fashion Avenue Sweater Knits	6/30/2024	24,473	4.8%	 	Matague Co Ltd	7/31/2016	20,661	4.1%	 	NYC Knitwear	3/31/2020	19,250	3.8%
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	6	3	2100 Ross	9.0%	Netherland, Sewell & Associates, Inc.	9/30/2025	61,898	7.3%	 	Prudential Mortgage Capital Co.	4/30/2027	55,121	6.5%	 	Merrill Lynch, Pierce, Fenner & Smith, Inc.	2/28/2022	47,262	5.6%
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.001	Agave DC	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.002	Lehigh Valley 13	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.003	Frontier Logistics BTS	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.004	Sugarland Interchange DC	0.2%	Woodfield Distribution	11/30/2025	48,600	10.0%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.005	York - Willow Springs	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.006	Atlanta - Liberty DC	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.007	South Bay DC	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.008	Sorensen Industrial	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.009	Miramar DC	0.2%	Delta Apparel, Inc.	4/30/2017	63,800	22.1%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.010	York DC II	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.012	Portside Distribution Center	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.013	Marina West A	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.014	Fremont East Bay DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.015	Harbor Gateway DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.016	Imperial DC 1	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.017	Westport DC Bldg B	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.018	Westport DC Bldg A	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.019	Auburn DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.020	Southaven DC Bldg 2	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	Spohn Enterprises	10/31/2016	34,183	17.1%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	Victory Packaging, L.P.	3/31/2019	99,650	26.2%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.023	York DC III	0.1%	Crane	12/31/2017	65,490	19.1%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.024	Orange County DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.025	Kent Valley DC II	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.026	Memphis IC III	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.027	Pinole Point Building #1	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.028	Cactus DC II	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.029	Fairburn DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.030	Windfern Distribution Center II	0.1%	West Lake Foods	9/30/2019	24,885	10.1%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.031	Miami DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.032	Southpoint F	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.033	Industrial Parkway DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.034	Chickasaw DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.035	Valley Crossings	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.037	Southpoint B	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.038	Hartman Business Center I	0.1%	Graphic Dimensions, Inc.	8/31/2021	65,259	18.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.039	Artesia DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.041	Marina West B	0.1%	Schindler Elevator Corpor	8/31/2018	20,000	17.3%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.042	Renton DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.043	Southpoint A	0.1%	Qwest Communications Co. LLC (CenturyLink)	4/30/2025	40,500	18.5%	 	Atlanta Gas Light Company	12/31/2016	40,500	18.5%	 	N/A	N/A	N/A	N/A
	Property	 	4.044	Westfork A5	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.046	Pinole Point Building #2	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.047	Salt Lake DC II	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.049	Salt Lake DC I	0.1%	A and L Valve And Fitting	12/31/2016	36,031	19.0%	 	General Dynamics	6/30/2016	23,781	12.5%	 	N/A	N/A	N/A	N/A
	Property	 	4.050	Southshore Commerce Center C	0.1%	Macy’s	10/31/2019	30,000	16.7%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.051	Pinole Point Building #3	0.1%	Broadline Medical Systems	1/31/2019	32,832	25.0%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.052	Steamboat DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.053	Palo Verde DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A

 

    	 	B-34	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	3RD LARGEST TENANT INFORMATION	 	4TH LARGEST TENANT INFORMATION	 	5TH LARGEST TENANT INFORMATION
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	3rd Largest Tenant 	3rd Largest

Tenant Lease

Expiration	3rd Largest

Tenant NSF	3rd Largest

Tenant

% of NSF	 	4th Largest Tenant 	4th Largest

Tenant Lease

Expiration	4th Largest

Tenant NSF 	4th Largest

Tenant

% of NSF	 	5th Largest Tenant 	5th Largest

Tenant Lease

Expiration	5th Largest

Tenant NSF 	5th Largest

Tenant

% of NSF
	Property	 	4.054	South San Francisco DC II	0.1%	Borg Trucking	8/31/2019	20,121	23.1%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.055	Westfork C4	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.056	South San Francisco DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.057	Southshore Commerce Center A	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.058	Kent Valley DC IV	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	I-Blason	7/31/2018	25,200	18.5%	 	WESCO	7/31/2019	13,230	9.7%	 	N/A	N/A	N/A	N/A
	Property	 	4.061	Westfork A4	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.063	Ritner DC	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.064	Hartman Business Center II	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.065	Hayward DC	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.066	Houston DC Bldg 1	0.0%	Schumacher Cargo Logisti	12/31/2018	33,800	15.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.067	Kent Valley DC	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.068	Lehigh Valley 9	0.0%	Card Personalization Sol	3/31/2016	24,887	16.1%	 	Kelchner Food Products	6/30/2019	18,814	12.2%	 	N/A	N/A	N/A	N/A
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.070	Southaven DC Bldg 1	0.0%	WPG Americas, Inc.	7/31/2016	54,243	22.0%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	Summit Rigging, Inc.	MTM	24,000	21.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.072	Suwanee Point Building 200	0.0%	KGI Trading GA, Inc.	9/30/2018	14,654	13.8%	 	Greenline Express Transport	10/31/2017	13,161	12.4%	 	Score Promotions Inc.	7/31/2016	12,973	12.2%
	Property	 	4.073	Tamarac Business Center I	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	Atosa Catering	8/31/2020	40,000	19.9%	 	Aura Enterprises, Inc	4/30/2016	24,000	11.9%	 	N/A	N/A	N/A	N/A
	Property	 	4.075	Houston DC Bldg 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.077	Iron Run DC	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.078	Windfern Distribution Center I	0.0%	All-Tex	7/31/2020	29,475	22.9%	 	Sunbelt Stud Welding, Inc	11/30/2018	15,189	11.8%	 	Fire Closet	3/31/2040	358	0.3%
	Property	 	4.079	Miami DC II	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.080	Southshore Commerce Center B	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.081	Suwanee Point Building 100	0.0%	St. Charles Trading, Inc.	10/31/2018	13,021	10.4%	 	Potter Roemer	4/30/2018	13,021	10.4%	 	N/A	N/A	N/A	N/A
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.083	Southshore Commerce Center D	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.085	Lehigh Valley DC II	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.086	Memphis IC I	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	World Wide Tech	12/31/2017	26,299	27.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.088	Lehigh Valley 10	0.0%	Kloss MFG. Company, Inc.	9/30/2020	13,208	11.9%	 	Andalusia Wholesale Supp	1/31/2017	11,140	10.0%	 	N/A	N/A	N/A	N/A
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.092	Andover DC Bldg A	0.0%	The City of Tukwila	12/31/2020	10,000	12.3%	 	Best Kitchen Cabinet & Granite	5/31/2018	10,000	12.3%	 	N/A	N/A	N/A	N/A
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.094	Andover DC Bldg B	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	Siemens	7/31/2017	19,527	22.8%	 	Norwood Furniture	3/31/2016	19,060	22.3%	 	N/A	N/A	N/A	N/A
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	California Cheerleading	8/31/2020	6,815	10.0%	 	Arizona Badminton	9/30/2020	6,813	10.0%	 	Focus Climbing	5/31/2018	6,813	10.0%
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	Baker Distributing	5/31/2017	13,123	20.1%	 	Norman International	12/31/2018	6,516	10.0%	 	DND Enterprises	MTM	6,516	10.0%
	Property	 	4.099	Lehigh Valley 11	0.0%	Consolidated Container Company	11/30/2018	30,000	30.0%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.100	Tamarac Commerce Center	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.101	Houston DC Bldg 2	0.0%	Halco Lighting Corp.	3/31/2017	21,000	17.0%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.104	Commerce Park Medical Center	0.0%	Concentra Health Services, Inc	3/31/2018	6,874	13.2%	 	Accredo Therapeutics, Inc.	12/31/2016	5,725	11.0%	 	Competitive Choice	1/31/2017	5,496	10.6%
	Property	 	4.105	Houston IC	0.0%	Flow-Tech Industries, In	6/30/2018	6,000	8.9%	 	Interstor Design Associa	11/30/2017	5,840	8.7%	 	Controlled Products Syst	10/31/2016	5,490	8.2%
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.107	Weston Business Center	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.108	Kent Valley DC III	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.109	Commerce Park SW 2	0.0%	Groundwater & Environmental	4/30/2018	5,778	11.6%	 	Radley Management, LLC	6/30/2018	5,194	10.4%	 	The Design Firm, Inc.	4/30/2018	4,881	9.8%
	Property	 	4.110	Commerce Park Westchase 3	0.0%	Evans Hamilton	6/30/2020	15,228	24.7%	 	Falls Tech, Inc.	7/31/2018	8,188	13.3%	 	N/A	N/A	N/A	N/A
	Property	 	4.111	Lehigh Valley 12	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.112	Houston DC Bldg 4	0.0%	Great Southwest Events	3/31/2018	17,624	16.5%	 	Custom Manufacturing Sou	10/31/2019	13,860	13.0%	 	N/A	N/A	N/A	N/A
	Property	 	4.113	Valley Forge 1	0.0%	Fallen Cosmeceuticals	2/29/2020	8,721	13.3%	 	Window Nation	6/30/2017	6,643	10.1%	 	Tesla Motors PA, Inc.	MTM	4,180	6.4%
	Property	 	4.114	Valley Forge 2	0.0%	Construction Hardware, I	11/30/2018	13,200	21.0%	 	Flowers Baking Co. of Ly	5/31/2017	9,000	14.3%	 	N/A	N/A	N/A	N/A
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.116	Commerce Park SW 4	0.0%	Moziano Group, LLC	9/30/2018	7,590	17.8%	 	Health Connector, LLC	7/31/2020	6,310	14.8%	 	American Wires Corporation	11/30/2020	5,987	14.0%
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	Heartland Health	6/30/2022	7,792	16.6%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.119	Commerce Park SW 1	0.0%	Tradesmen International	9/30/2018	2,235	5.5%	 	Health Connector, LLC	8/31/2017	1,995	4.9%	 	Universal Dialysis	8/31/2018	1,955	4.8%
	Property	 	4.120	Tamarac Business Center II	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	Appliance Parts	12/31/2018	8,801	19.6%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.122	Commerce Park Westchase 2	0.0%	Cardno, Inc.	4/30/2016	4,645	9.6%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.123	Memphis IC II	0.0%	Piedmont Plastics	9/30/2019	16,800	15.7%	 	Floorserve MS LLC	MTM	11,147	10.4%	 	N/A	N/A	N/A	N/A
	Property	 	4.124	Commerce Park NW 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.125	Commerce Park NW 4	0.0%	Stop Hunger Now	6/30/2017	5,902	12.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.126	Commerce Park SW 3	0.0%	Sunbelt Supply	11/30/2019	8,180	19.2%	 	American Caging, Inc.	MTM	5,283	12.4%	 	Folz Vending, Inc.	4/30/2017	5,237	12.3%
	Property	 	4.127	Commerce Park Westchase 1	0.0%	Natali’s Catering LLC	2/28/2019	9,496	19.7%	 	ATC Group Services, Inc.	4/30/2016	8,977	18.6%	 	N/A	N/A	N/A	N/A
	Property	 	4.128	Commerce Park NW 2	0.0%	Willowbrook Air Conditioning	1/31/2019	7,200	16.0%	 	American Embossing, Inc.	7/31/2016	6,000	13.3%	 	Kosun Solids Control Equip.	4/30/2017	6,000	13.3%
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.130	Commerce Park NW 1	0.0%	Technifax Office Solutions	1/31/2017	6,594	14.7%	 	Icon Electric	2/28/2018	6,000	13.3%	 	Industrial Electronic Supply	1/31/2018	6,000	13.3%

 

    	 	B-35	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	3RD LARGEST TENANT INFORMATION	 	4TH LARGEST TENANT INFORMATION	 	5TH LARGEST TENANT INFORMATION
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	3rd Largest Tenant 	3rd Largest

Tenant Lease

Expiration	3rd Largest

Tenant NSF	3rd Largest

Tenant

% of NSF	 	4th Largest Tenant 	4th Largest

Tenant Lease

Expiration	4th Largest

Tenant NSF 	4th Largest

Tenant

% of NSF	 	5th Largest Tenant 	5th Largest

Tenant Lease

Expiration	5th Largest

Tenant NSF 	5th Largest

Tenant

% of NSF
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	1553 Powerline Realty LLC	5/31/2018	6,000	15.0%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.133	Valley Forge 3	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	Rosso’s International LLC	1/31/2017	7,093	22.8%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.137	Commerce Park SW 5	0.0%	HMA Consulting	6/30/2022	7,480	24.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	Dora Industries, Inc.	2/28/2017	7,266	23.5%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.139	Valley Forge 4	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	Design Appeal, Inc.	7/31/2018	8,100	29.9%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	11	6	Princeton Pike Corporate Center	6.8%	GS1 US	11/30/2018	47,215	5.8%	 	Albridge/BNY Mellon	1/1/2017	45,035	5.6%	 	Parsons Brinckerhoff	7/31/2021	43,509	5.4%
	Loan	12	7	Twenty Ninth Street Retail	6.0%	Whole Foods Market	2/28/2017	45,598	6.5%	 	Nordstrom Rack	4/30/2021	39,031	5.5%	 	ColoradoAthleticClubs	6/30/2024	36,207	5.1%
	Loan	13	8	Ellenton Premium Outlets	5.8%	Nike Factory Store	1/31/2020	15,076	3.2%	 	Gap Outlet	11/30/2016	11,429	2.4%	 	Adidas	1/31/2018	10,500	2.2%
	Loan	14, 15	9	Gateway Plaza	4.2%	CCA Industries, Inc.	9/30/2030	25,707	7.8%	 	Potbelly’s	4/30/2026	2,568	0.8%	 	N/A	N/A	N/A	N/A
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	11	7141 Cleanwater Lane 	3.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	16	12	Grove City Premium Outlets	3.0%	Nike Factory Store	6/30/2018	16,475	3.1%	 	Reebok/Rockport Outlet	4/30/2017	11,356	2.1%	 	Brooks Brothers	12/31/2019	9,584	1.8%
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	Son of Harry & Grace	12/4/2016	1,538	9.1%	 	Sky Cleaners	2/22/2019	1,466	8.7%	 	N/A	N/A	N/A	N/A
	Property	 	13.02	336 Army Trail Road	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	U.S. Coin & Jewelry	11/24/2019	1,120	7.8%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.06	#1 Auto Row Drive	0.2%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.07	5137-5177 14th Street West	0.2%	Riddhi Shiddi	1/4/2017	1,858	9.3%	 	Mr. Eliot Feliciano	3/31/2018	1,128	5.7%	 	Ace Cash Express	7/31/2016	987	5.0%
	Property	 	13.08	5510 Franklin Street	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.09	12579 Felch Street	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.10	12740 W. 87th Parkway	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.11	5018 West Colonial Drive	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.12	4690 US Highway 98 North	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.14	28365 US Highway 19 North	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.15	3770 West Haven Avenue	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.16	6237 East Colonial Drive	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.17	2020 Principal Row	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.18	2660 SW College Road	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.19	2641 Enterprise Road	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	14.02	6905-6943 E. State Street	0.3%	Swanson’s Vacuum	5/31/2018	4,083	10.2%	 	Von’s Rec Room	4/30/2016	3,000	7.5%	 	K’s Cleaners	10/14/2021	1,500	3.7%
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	For Eyes Optical	6/30/2020	2,300	10.9%	 	Maximum Body Fitness	2/13/2017	2,250	10.7%	 	N/A	N/A	N/A	N/A
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	Autoware Illinois Inc	8/31/2017	7,104	24.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	14.05	1640 75th Street	0.2%	Olson Rug	8/31/2017	2,720	12.0%	 	Millard Jewelers	8/31/2020	1,360	6.0%	 	U Style	5/31/2019	1,360	6.0%
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	Sherwin Williams	3/31/2019	4,824	17.8%	 	Hilti	2/28/2017	3,940	14.5%	 	N/A	N/A	N/A	N/A
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	Leslie Pools 	10/31/2019	3,780	13.6%	 	Lombard Moose Lodge 	5/14/2019	3,366	12.1%	 	Dr. Brand	4/30/2016	2,607	9.4%
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	D&L Pools, Inc	12/31/2018	3,568	12.4%	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	14.09	27750 Stansbury Street	0.2%	Dembs Development	9/30/2024	2,267	22.7%	 	Irving Nusbaum	9/30/2024	190	1.9%	 	N/A	N/A	N/A	N/A
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	16	Parc Central Apartments	2.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	17	17	Pine Haven  MHC	1.7%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	18	Day Creek Village	1.4%	Mr. You Chinese Restaurant	3/30/2021	2,400	9.6%	 	Clear View Optometry	4/30/2024	2,251	9.0%	 	Day Creek Cleaner	1/31/2022	1,500	6.0%
	Loan	18	19	Gulfport Premium Outlets	1.4%	Nike Factory Store	1/31/2019	13,452	4.5%	 	Polo Ralph Lauren	1/31/2021	10,534	3.5%	 	Banana Republic Factory	11/30/2017	9,977	3.3%
	Loan	 	20	Peachtree Business Park	1.4%	Atlanta Fresh Artisan Creamery, LLC	4/30/2019	9,964	5.0%	 	Image Works	12/31/2019	8,831	4.4%	 	Libco, LLC	3/31/2018	6,966	3.5%
	Loan	 	21	Woods Corner	1.4%	Centerville Bingo, Inc	12/31/2018	12,822	8.2%	 	Sushi King, LLC	12/31/2022	12,648	8.1%	 	Dollar General Corp.	6/30/2016	10,950	7.0%
	Loan	 	22	41 Eagle Road	1.3%	Dere Street	3/31/2023	12,000	5.8%	 	Alphagraphics	5/31/2020	8,084	3.9%	 	Spectral Systems	12/31/2020	8,000	3.9%
	Loan	 	23	The Saint Anna Apartments	1.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	24	Finksburg Plaza	1.1%	BB&T Bank	4/30/2017	3,990	5.3%	 	Arby’s	4/30/2017	3,521	4.7%	 	New York J&P Pizza	11/30/2020	3,490	4.6%
	Loan	 	25	Best Western Oakland	1.0%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	5	27	Collis Portfolio	0.8%	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.01	Longwood	0.5%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	27.02	Lakeland	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Property	 	27.03	Melbourne	0.1%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	28	Stony Creek Medical Center	0.7%	Eyecare Group, P.C.	3/31/2017	4,676	16.1%	 	Nutmeg Pediatric Pulmonary	3/31/2023	2,444	8.4%	 	NE Retina Associates	4/30/2018	2,440	8.4%
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A
	Loan	 	31	Valley View	0.4%	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A	 	N/A	N/A	N/A	N/A

 

    	 	B-36	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE LOAN RESERVE INFORMATION	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Upfront 

Replacement 

Reserves 	Monthly 

Replacement

Reserves	Replacement 

Reserve Cap	Upfront TI/LC

 Reserves 
	Loan	3	1	525 Seventh Avenue	9.3%	$0	$0	$0	$0
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	$76,700	$0	$76,700	$0
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	$0	$18,281	$658,108	$0
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	$0	$0	$0	$0
	Property	 	4.001	Agave DC	0.4%	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%   	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 

 

    	 	B-37	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE LOAN RESERVE INFORMATION	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Upfront 

Replacement 

Reserves 	Monthly 

Replacement

Reserves	Replacement 

Reserve Cap	Upfront TI/LC

 Reserves 
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 

 

    	 	B-38	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE LOAN RESERVE INFORMATION	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Upfront 

Replacement 

Reserves 	Monthly 

Replacement

Reserves	Replacement 

Reserve Cap	Upfront TI/LC

 Reserves 
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	$0	$0	$0	$0
	Loan	11	6	Princeton Pike Corporate Center	6.8%	$0	$18,895	$3,000,000	$11,500,000
	Loan	12	7	Twenty Ninth Street Retail	6.0%	$0	$0	$118,224	$0
	Loan	13	8	Ellenton Premium Outlets	5.8%	$0	$0	$285,892	$0
	Loan	14, 15	9	Gateway Plaza	4.2%	$0	$0	$0	$0
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	$0	$25,784	$0	$0
	Loan	 	11	7141 Cleanwater Lane 	3.1%	$0	$2,472	$0	$0
	Loan	16	12	Grove City Premium Outlets	3.0%	$0	$0	$318,727	$0
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	$0	$0	$166,420 if (i) no Event of Default Exists and (ii) Borrower is maintaining the Property at least as well as the Property is being maintained at the time of the closing date	$250,000
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	$0	$0	$168,437 if (i) no Event of Default Exists and (ii) Borrower is maintaining the Property at least as well as the Property is being maintained at the time of the closing date	$555,000
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	$0	$16,200	$0	$0
	Loan	 	16	Parc Central Apartments	2.0%	$0	$3,146	$0	$0
	Loan	17	17	Pine Haven  MHC	1.7%	$0	$856	$41,084	$0
	Loan	 	18	Day Creek Village	1.4%	$0	$417	$0	$0
	Loan	18	19	Gulfport Premium Outlets	1.4%	$0	$0	$180,143	$0
	Loan	 	20	Peachtree Business Park	1.4%	$0	$0	$0	$260,000
	Loan	 	21	Woods Corner	1.4%	$0	$0	$0	$0
	Loan	 	22	41 Eagle Road	1.3%	$0	$2,582	 	$0
	Loan	 	23	The Saint Anna Apartments	1.1%	$0	$556	$0	$0
	Loan	 	24	Finksburg Plaza	1.1%	$0	$1,691	$0	$23,100
	Loan	 	25	Best Western Oakland	1.0%	$0	$8,665	$0	$0
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	$0	$2,583	$0	$0
	Loan	5	27	Collis Portfolio	0.8%	$0	$1,085	$0	$325,000
	Property	 	27.01	Longwood	0.5%	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	$0	$607	$0	$0
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	$0	$0	$0	$0
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	$0	$896	$0	$0
	Loan	 	31	Valley View	0.4%	$0	$1,269	 	$50,000

 

    	 	B-39	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE
    LOAN RESERVE INFORMATION
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Monthly TI/LC

Reserves	TI/LC

Reserve Cap	Upfront Tax

 Reserves 	Monthly Tax

 Reserves	Upfront 

Insurance Reserves 
	Loan	3	1	525 Seventh Avenue	9.3%	$0	$0	$2,313,927	$462,785	$0
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	$0	$0	$704,362	$0	$0
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	$105,466	$3,796,776	$616,451	$237,097	$90,628
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	$0	$0	$0	$0	$0
	Property	 	4.001	Agave DC	0.4%	 	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 	 

 

    	 	B-40	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE
    LOAN RESERVE INFORMATION
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Monthly TI/LC

Reserves	TI/LC

Reserve Cap	Upfront Tax

 Reserves 	Monthly Tax

 Reserves	Upfront 

Insurance Reserves 
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 	 

 

    	 	B-41	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE
    LOAN RESERVE INFORMATION	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Monthly TI/LC

Reserves	TI/LC

Reserve Cap	Upfront Tax

 Reserves 	Monthly Tax

 Reserves	Upfront 

Insurance Reserves 
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	$0	$0	$0	$0	$0
	Loan	11	6	Princeton Pike Corporate Center	6.8%	$0	$0	$0	$227,566	$30,882
	Loan	12	7	Twenty Ninth Street Retail	6.0%	$0	$472,878	$0	$0	$0
	Loan	13	8	Ellenton Premium Outlets	5.8%	$0	$1,429,461	$0	$0	$0
	Loan	14, 15	9	Gateway Plaza	4.2%	$0	$10,250,000	$0	$0	$0
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	$0	$0	$60,968	$15,242	$64,459
	Loan	 	11	7141 Cleanwater Lane 	3.1%	$0	$0	$143,264	$25,583	$6,327
	Loan	16	12	Grove City Premium Outlets	3.0%	$0	$1,593,636	$0	$0	$0
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	$0	$250,000	$351,866	$0	$0
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	$0	$630,000	$290,098	$0	$0
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	$0	$0	$40,086	$15,418	$25,430
	Loan	 	16	Parc Central Apartments	2.0%	$0	$0	$32,380	$8,995	$8,802
	Loan	17	17	Pine Haven  MHC	1.7%	$0	$0	$31,327	$10,442	$0
	Loan	 	18	Day Creek Village	1.4%	$3,400	$122,400	$43,200	$7,200	$0
	Loan	18	19	Gulfport Premium Outlets	1.4%	$0	$900,714	$0	$0	$0
	Loan	 	20	Peachtree Business Park	1.4%	$0	$260,000	$32,568	$10,856	$0
	Loan	 	21	Woods Corner	1.4%	$0	$0	$27,289	$10,496	$27,132
	Loan	 	22	41 Eagle Road	1.3%	$10,358 up to and including the Monthly Payment Date in August 2017; $4,316 thereafter	$0	$0	$0	$0
	Loan	 	23	The Saint Anna Apartments	1.1%	$0	$0	$63,399	$5,283	$4,264
	Loan	 	24	Finksburg Plaza	1.1%	$3,757	$112,750	$33,008	$5,894	$20,622
	Loan	 	25	Best Western Oakland	1.0%	$0	$0	$24,771	$8,257	$13,975
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	$0	$0	$0	$8,186	$13,881
	Loan	5	27	Collis Portfolio	0.8%	3/6/2022 through and including 2/6/2023: $20,000; 3/6/2023 through and including 2/6/2024: $25,000; 3/6/2024 through and including 2/6/2025: $35,000; 3/6/2025 through the Maturity Date: $45,000	$0	$0	$0	$4,481
	Property	 	27.01	Longwood	0.5%	 	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	$3,639	$0	$10,508	$6,567	$3,525
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	$0	$0	$0	$0	$0
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	$0	$0	$10,038	$2,510	$7,994
	Loan	 	31	Valley View	0.4%	$2,539	$190,900	$0	$0	$0

 

    	 	B-42	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE LOAN RESERVE INFORMATION  
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Monthly 

Insurance 

Reserves	Upfront 

Deferred Maint.

Reserve 	Initial Other

Reserves	Ongoing Other

Reserves
	Loan	3	1	525 Seventh Avenue	9.3%	$0	$0	$777,924	$0
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	$0	$187,015	$0	$0
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	$10,538	$0	$7,517,759	$0
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	$0	$1,281,668	$0	$0
	Property	 	4.001	Agave DC	0.4%	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 

 

    	 	B-43	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE LOAN RESERVE INFORMATION  
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Monthly 

Insurance 

Reserves	Upfront 

Deferred Maint.

Reserve 	Initial Other

Reserves	Ongoing Other

Reserves
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 

 

    	 	B-44	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	MORTGAGE LOAN RESERVE INFORMATION  
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Monthly 

Insurance 

Reserves	Upfront 

Deferred Maint.

Reserve 	Initial Other

Reserves	Ongoing Other

Reserves
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	$0	$0	$65,000	$0
	Loan	11	6	Princeton Pike Corporate Center	6.8%	$15,441	$0	$6,828,740	$23,036
	Loan	12	7	Twenty Ninth Street Retail	6.0%	$0	$0	$0	$0
	Loan	13	8	Ellenton Premium Outlets	5.8%	$0	$0	$0	$0
	Loan	14, 15	9	Gateway Plaza	4.2%	$0	$0	$2,066,759	$0
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	$7,162	$3,125	$0	$15,833
	Loan	 	11	7141 Cleanwater Lane 	3.1%	$2,433	$0	$8,326	Ground Rent Funds: $8,326; Washington Attorney General Lease Work Funds: $15,000 through and including February 6, 2017; Condominium Common Charges Funds: 1/12 of the annual Condominium Common Charges
	Loan	16	12	Grove City Premium Outlets	3.0%	$0	$0	$0	$0
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	$0	$353,959	$94,415	$0
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	$0	$189,988	$91,594	$0
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	$2,192	$0	$0	$0
	Loan	 	16	Parc Central Apartments	2.0%	$3,385	$0	$0	$0
	Loan	17	17	Pine Haven  MHC	1.7%	$0	$0	$0	$0
	Loan	 	18	Day Creek Village	1.4%	$0	$0	$78,368	$0
	Loan	18	19	Gulfport Premium Outlets	1.4%	$0	$0	$0	$0
	Loan	 	20	Peachtree Business Park	1.4%	$0	$0	$0	$0
	Loan	 	21	Woods Corner	1.4%	$0	$439,163	$0	$0
	Loan	 	22	41 Eagle Road	1.3%	$0	$29,431	$644,600	$0
	Loan	 	23	The Saint Anna Apartments	1.1%	$2,132	$0	$0	$0
	Loan	 	24	Finksburg Plaza	1.1%	$2,148	$7,944	$12,320	$0
	Loan	 	25	Best Western Oakland	1.0%	$1,625	$0	$65,000	$0
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	$2,641	$0	$0	$0
	Loan	5	27	Collis Portfolio	0.8%	$0	$40,981	$150,000	$0
	Property	 	27.01	Longwood	0.5%	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	$766	$0	$51,022	$0
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	$0	$0	$128,400	$0
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	$999	$0	$0	$0
	Loan	 	31	Valley View	0.4%	$0	$11,921	$0	$0

 

    	 	B-45	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 MORTGAGE LOAN RESERVE INFORMATION 	 	THIRD PARTY REPORTS	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Other Reserves Description 	 	Appraisal

Report Date 	Environmental 

Phase I

Report Date 	Environmental 

Phase II 

Report Date 	Engineering 

Report Date 	Seismic 

Report Date	Seismic Zone (Y/N)	PML %
	Loan	3	1	525 Seventh Avenue	9.3%	Unfunded Obligations Funds	 	10/6/2015	9/21/2015	N/A	9/18/2015	N/A	No	N/A
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	N/A	 	 	 	 	 	 	 	 
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	1/12/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	1/7/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	1/12/2016	11/19/2015	N/A	11/19/2015	11/19/2015	Yes	16.00%
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	1/7/2016	11/19/2015	N/A	11/19/2015	11/19/2015	Yes	12.00%
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	1/8/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	12/14/2015	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	1/12/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	1/12/2016	11/19/2015	N/A	11/19/2015	11/19/2015	Yes	19.00%
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	1/7/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	1/7/2016	11/19/2015	N/A	11/19/2015	11/19/2015	Yes	25.00%
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	12/15/2015	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	1/7/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	12/15/2015	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	12/14/2015	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	1/25/2016	11/19/2015	N/A	11/19/2015	11/19/2015	Yes	16.00%
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	1/25/2016	11/19/2015	N/A	11/19/2015	11/19/2015	Yes	19.00%
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	12/14/2015	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	1/7/2016	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	12/15/2015	11/19/2015	N/A	11/19/2015	N/A	No	N/A
	Loan	6	3	2100 Ross	9.0%	Unfunded Tenant Obligation Funds ($5,297,414); Turner Construction Rent Reserve Funds ($752,445); Turner Allowance Reserve Funds ($1,467,900)	 	1/7/2016	12/10/2015	N/A	12/11/2015	N/A	No	N/A
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	N/A	 	 	 	 	 	 	 	 
	Property	 	4.001	Agave DC	0.4%	 	 	10/28/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.005	York - Willow Springs	0.2%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.007	South Bay DC	0.2%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	9.00%
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	10.00%
	Property	 	4.009	Miramar DC	0.2%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.010	York DC II	0.2%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	9.00%
	Property	 	4.013	Marina West A	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	18.00%
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	9.00%
	Property	 	4.016	Imperial DC 1	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	10/20/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	7.00%
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	10/20/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	7.00%
	Property	 	4.019	Auburn DC	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	11.00%
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.023	York DC III	0.1%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.024	Orange County DC	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	13.00%
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	12.00%
	Property	 	4.026	Memphis IC III	0.1%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	5.00%
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	14.00%
	Property	 	4.028	Cactus DC II	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.029	Fairburn DC	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.031	Miami DC	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.032	Southpoint F	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.034	Chickasaw DC	0.1%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	4.00%
	Property	 	4.035	Valley Crossings	0.1%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.037	Southpoint B	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.039	Artesia DC	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	15.00%
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/19/2015	7/9/2015	Yes	16.00%
	Property	 	4.041	Marina West B	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.042	Renton DC	0.1%	 	 	10/20/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	11.00%
	Property	 	4.043	Southpoint A	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.044	Westfork A5	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	14.00%
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	7.00%
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	7.00%
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	7.00%
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	11.00%
	Property	 	4.052	Steamboat DC	0.1%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.053	Palo Verde DC	0.1%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A

 

    	 	B-46	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 MORTGAGE LOAN RESERVE INFORMATION 	 	THIRD PARTY REPORTS	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Other Reserves Description 	 	Appraisal

Report Date 	Environmental 

Phase I

Report Date 	Environmental 

Phase II 

Report Date 	Engineering 

Report Date 	Seismic Report Date	Seismic Zone (Y/N)	PML %
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	28.00%
	Property	 	4.055	Westfork C4	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.056	South San Francisco DC	0.1%	 	 	10/28/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	15.00%
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	7.00%
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	12.00%
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.061	Westfork A4	0.1%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	9/30/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.063	Ritner DC	0.1%	 	 	10/23/2015	6/18/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.065	Hayward DC	0.0%	 	 	10/16/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	13.00%
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.067	Kent Valley DC	0.0%	 	 	10/20/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	16.00%
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	9/30/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.077	Iron Run DC	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.079	Miami DC II	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	7.00%
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	9/30/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	6.00%
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.086	Memphis IC I	0.0%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	5.00%
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	9/30/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	18.00%
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	18.00%
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.105	Houston IC	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.107	Weston Business Center	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	10/21/2015	6/22/2015	N/A	6/22/2015	7/9/2015	Yes	16.00%
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.113	Valley Forge 1	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.114	Valley Forge 2	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	10/16/2015	6/22/2015	N/A	6/19/2015	7/9/2015	Yes	16.00%
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	10/16/2015	6/22/2015	N/A	6/19/2015	7/9/2015	Yes	16.00%
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.123	Memphis IC II	0.0%	 	 	10/19/2015	6/22/2015	N/A	6/22/2015	7/8/2015	Yes	5.00%
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A

 

    	 	B-47	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 MORTGAGE LOAN RESERVE INFORMATION 	 	THIRD PARTY REPORTS	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	Other Reserves Description 	 	Appraisal

Report Date 	Environmental 

Phase I

Report Date 	Environmental 

Phase II 

Report Date 	Engineering 

Report Date 	Seismic 

Report Date	Seismic Zone (Y/N)	PML %
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.133	Valley Forge 3	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	11/5/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.139	Valley Forge 4	0.0%	 	 	10/23/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	10/27/2015	6/22/2015	N/A	6/22/2015	N/A	No	N/A
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	Environmental Funds	 	11/20/2015	11/6/2015	N/A	11/5/2015	11/6/2015	Yes	8.00%
	Loan	11	6	Princeton Pike Corporate Center	6.8%	WFB Reserve Funds ($1,668,645); Rent Concession Funds ($578,044.60); Condominium Reserve ($276,435 upfront and $23,036.25 monthly); BNY Reserve Funds ($4,305,615) 	 	1/7/2016	12/17/2015	N/A	12/17/2015	N/A	No	N/A
	Loan	12	7	Twenty Ninth Street Retail	6.0%	Ground Rent Reserve Funds	 	1/6/2016	1/12/2016	N/A	1/11/2016	N/A	No	N/A
	Loan	13	8	Ellenton Premium Outlets	5.8%	N/A	 	10/27/2015	10/5/2015	N/A	10/5/2015	N/A	No	N/A
	Loan	14, 15	9	Gateway Plaza	4.2%   	Rent Commencement Reserve ($62,898); Unfunded Obligation Funds ($2,003,861)	 	1/28/2016	1/8/2016	N/A	1/8/2016	N/A	No	N/A
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	Franchise Extension	 	11/17/2015	11/3/2015	N/A	11/4/2015	11/5/2015	Yes	13.00%
	Loan	 	11	7141 Cleanwater Lane 	3.1%	Ground Rent Funds	 	1/25/2016	11/6/2015	N/A	11/6/2015	11/20/2015	Yes	5.00%
	Loan	16	12	Grove City Premium Outlets	3.0%	N/A	 	10/26/2015	10/5/2015	N/A	10/5/2015	N/A	No	N/A
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	Unfunded Obligation Funds	 	 	 	 	 	 	 	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	11/5/2015	9/9/2015	N/A	9/14/2015	N/A	No	N/A
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	11/5/2015	9/17/2015	N/A	9/12/2015	N/A	No	N/A
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	11/5/2015	9/9/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	11/5/2015	9/15/2015	N/A	9/9/2015	N/A	No	N/A
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	11/5/2015	9/15/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	11/4/2015	9/21/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	11/5/2015	9/9/2015	N/A	9/11/2015	N/A	No	N/A
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	11/5/2015	9/8/2015	N/A	9/11/2015	N/A	No	N/A
	Property	 	13.09	12579 Felch Street	0.1%	 	 	11/5/2015	9/8/2015	N/A	9/15/2015	N/A	No	N/A
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	11/5/2015	9/9/2015	N/A	9/12/2015	N/A	No	N/A
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	11/5/2015	9/11/2015	N/A	9/14/2015	N/A	No	N/A
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	11/5/2015	9/11/2015	N/A	9/11/2015	N/A	No	N/A
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	11/5/2015	9/8/2015	N/A	9/14/2015	N/A	No	N/A
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	11/5/2015	9/9/2015	N/A	9/11/2015	N/A	No	N/A
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	11/5/2015	9/8/2015	N/A	9/9/2015	N/A	No	N/A
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	11/5/2015	9/11/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	13.17	2020 Principal Row	0.1%	 	 	11/5/2015	9/14/2015	N/A	9/14/2015	N/A	No	N/A
	Property	 	13.18	2660 SW College Road	0.1%	 	 	11/5/2015	9/11/2015	N/A	9/12/2015	N/A	No	N/A
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	11/5/2015	9/11/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	11/5/2015	9/15/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	12/10/2015	9/9/2015	N/A	9/10/2015	N/A	No	N/A
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	Unfunded Obligation Funds	 	 	 	 	 	 	 	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	11/5/2015	9/17/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	11/5/2015	9/16/2015	N/A	9/10/2015	N/A	No	N/A
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	11/6/2015	9/11/2015	N/A	9/12/2015	N/A	No	N/A
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	11/5/2015	9/11/2015	N/A	9/13/2015	N/A	No	N/A
	Property	 	14.05	1640 75th Street	0.2%	 	 	11/6/2015	9/8/2015	N/A	9/12/2015	N/A	No	N/A
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	11/5/2015	9/8/2015	N/A	9/8/2015	N/A	No	N/A
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	11/6/2015	9/17/2015	N/A	9/12/2015	N/A	No	N/A
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	11/4/2015	9/21/2015	N/A	9/11/2015	N/A	No	N/A
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	11/5/2015	9/8/2015	N/A	9/8/2015	N/A	No	N/A
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	11/5/2015	9/8/2015	N/A	9/11/2015	N/A	No	N/A
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	11/5/2015	9/8/2015	N/A	9/12/2015	N/A	No	N/A
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	PIP Reserve Funds	 	2/4/2016	12/17/2015	N/A	12/18/2015	N/A	No	N/A
	Loan	 	16	Parc Central Apartments	2.0%	N/A	 	12/8/2015	9/11/2015	N/A	9/11/2015	9/11/2015	Yes	10.00%
	Loan	17	17	Pine Haven  MHC	1.7%	N/A	 	11/23/2015	11/16/2015	N/A	11/12/2015	N/A	No	N/A
	Loan	 	18	Day Creek Village	1.4%	Existing TI/LC Obligation Reserve ($55,000); Rent Concession Reserve ($23,368)	 	10/23/2015	9/15/2015	N/A	9/15/2015	9/17/2015	Yes	9.00%
	Loan	18	19	Gulfport Premium Outlets	1.4%	Ground Rent Funds	 	11/3/2015	10/5/2015; 10/27/2015 (outparcel)	N/A	10/5/2015	N/A	No	N/A
	Loan	 	20	Peachtree Business Park	1.4%	N/A	 	10/15/2015	9/30/2015	N/A	9/30/2015	N/A	No	N/A
	Loan	 	21	Woods Corner	1.4%	N/A	 	11/25/2015	11/23/2015	N/A	11/23/2015	N/A	No	N/A
	Loan	 	22	41 Eagle Road	1.3%	Spectral Unfunded Obligation Funds ($50,000); Sid Harvey Unfunded Obligation Funds ($172,000); Branson Unfunded Obligation Funds ($422,600)	 	12/2/2015	11/4/2015	N/A	11/4/2015	N/A	No	N/A
	Loan	 	23	The Saint Anna Apartments	1.1%	N/A	 	11/2/2015	10/30/2015	N/A	10/20/2015	N/A	No	N/A
	Loan	 	24	Finksburg Plaza	1.1%	Free Rent Funds	 	12/30/2015	12/2/2015	N/A	12/1/2015	N/A	No	N/A
	Loan	 	25	Best Western Oakland	1.0%	Seasonality Reserve Funds	 	11/24/2015	9/10/2015	N/A	9/10/2015	9/10/2015	Yes	6.00%
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	N/A	 	11/12/2015	10/30/2015	N/A	11/2/2015	N/A	No	N/A
	Loan	5	27	Collis Portfolio	0.8%	Debt Service Reserve Funds	 	 	 	 	 	 	 	 
	Property	 	27.01	Longwood	0.5%	 	 	1/29/2016	8/20/2015	N/A	8/25/2015	N/A	No	N/A
	Property	 	27.02	Lakeland	0.1%	 	 	1/27/2016	8/20/2015	N/A	8/25/2015	N/A	No	N/A
	Property	 	27.03	Melbourne	0.1%	 	 	1/27/2016	8/21/2015	N/A	8/25/2015	N/A	No	N/A
	Loan	 	28	Stony Creek Medical Center	0.7%	Radiology Free Rent Reserve Funds ($25,000); Environmental Insurance Reserve ($26,022)	 	12/14/2015	10/28/2015	N/A	10/23/2015	N/A	No	N/A
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	Env Escrow	 	12/16/2015	11/30/2015	N/A	11/25/2015	N/A	No	N/A
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	N/A	 	12/1/2015	11/18/2015	N/A	11/19/2015	N/A	No	N/A
	Loan	 	31	Valley View	0.4%	Significant Tenant Renewal Funds	 	1/19/2016	8/13/2015	N/A	8/13/2015	N/A	No	N/A

 

    	 	B-48	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TOTAL MORTGAGE DEBT INFORMATION	 	 	 	 	TOTAL DEBT INFORMATION	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	 	Cut-off Date 

Pari Passu Mortgage 

Debt Balance	Cut-off Date

Subord. Mortgage

Debt Balance	Total Mortgage

Debt Cut-off

Date LTV Ratio	Total Mortgage

Debt UW

NCF DSCR	Total Mortgage

Debt UW NOI

Debt Yield	 	Cut-off Date

Mezzanine

Debt Balance	Total Debt

Cut-off Date

LTV Ratio	Total

Debt UW

NCF DSCR	Total Debt

UW NOI

Debt Yield
	Loan	3	1	525 Seventh Avenue	9.3%	 	$114,000,000	 	45.1%	1.70x	10.6%	 	 	 	 	 
	Loan	4, 5	2	U Haul AREC RW Portfolio	9.3%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.01	U-Haul Moving & Storage at I-20 & 360	1.6%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.02	U-Haul Moving & Storage at N Sam Houston	1.5%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.03	U-Haul Moving & Storage of Anchorage	0.7%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.04	U-Haul Moving & Storage at Clackamas Town Center	0.7%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.05	U-Haul Moving & Storage of West Hartford	0.6%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.06	U-Haul Moving & Storage at South East St 	0.6%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.07	U-Haul Moving & Storage at Fall River at I-195	0.6%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.08	U-Haul Moving & Storage of Redwood City	0.5%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.09	U-Haul Moving & Storage of Levittown	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.10	U-Haul Moving & Storage of Lynwood	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.11	U-Haul Moving & Storage of Eastland	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.12	U-Haul Moving & Storage of Capitol Hill	0.3%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.13	U-Haul Moving & Storage of Newark	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.14	U-Haul Moving & Storage of Jacksonville 	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.15	U-Haul Moving & Storage of SE Seattle	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.16	U-Haul Moving & Storage of Rainier Valley	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.17	U-Haul Moving & Storage of Verde Valley	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.18	U-Haul Moving & Storage at Washington St	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	2.19	U-Haul Moving & Storage of W Columbia Schoolhouse	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Loan	6	3	2100 Ross	9.0%	 	$37,946,663	 	58.6%	1.36x	9.8%	 	 	 	 	 
	Loan	5, 7, 8, 9, 10	4	GLP Industrial Portfolio B	8.4%	 	$572,700,000	$335,300,000	46.3%	2.85x	12.0%	 	$330,000,000	62.2%	1.99x	8.9%
	Property	 	4.001	Agave DC	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.002	Lehigh Valley 13	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.003	Frontier Logistics BTS	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.004	Sugarland Interchange DC	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.005	York - Willow Springs	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.006	Atlanta - Liberty DC	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.007	South Bay DC	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.008	Sorensen Industrial	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.009	Miramar DC	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.010	York DC II	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.011	Carlisle DC Bldg 1	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.012	Portside Distribution Center	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.013	Marina West A	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.014	Fremont East Bay DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.015	Harbor Gateway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.016	Imperial DC 1	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.017	Westport DC Bldg B	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.018	Westport DC Bldg A	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.019	Auburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.020	Southaven DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.021	Marina West DC II Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.022	Buckeye DC Bldg 1	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.023	York DC III	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.024	Orange County DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.025	Kent Valley DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.026	Memphis IC III	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.027	Pinole Point Building #1	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.028	Cactus DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.029	Fairburn DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.030	Windfern Distribution Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.031	Miami DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.032	Southpoint F	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.033	Industrial Parkway DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.034	Chickasaw DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.035	Valley Crossings	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.036	Buckeye DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.037	Southpoint B	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.038	Hartman Business Center I	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.039	Artesia DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.040	Bell Gardens Distribution Center #3	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.041	Marina West B	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.042	Renton DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.043	Southpoint A	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.044	Westfork A5	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.045	Marina West DC II Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.046	Pinole Point Building #2	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.047	Salt Lake DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.048	Northwest 8 Industrial Center II	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.049	Salt Lake DC I	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.050	Southshore Commerce Center C	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.051	Pinole Point Building #3	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.052	Steamboat DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.053	Palo Verde DC	0.1%	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-49	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TOTAL MORTGAGE DEBT INFORMATION	 	 	 	 	TOTAL DEBT INFORMATION	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	 	Cut-off Date 

Pari Passu Mortgage 

Debt Balance	Cut-off Date

Subord. Mortgage

Debt Balance	Total Mortgage

Debt Cut-off

Date LTV Ratio	Total Mortgage

Debt UW

NCF DSCR	Total Mortgage

Debt UW NOI

Debt Yield	 	Cut-off Date

Mezzanine

Debt Balance	Total Debt

Cut-off Date

LTV Ratio	Total

Debt UW

NCF DSCR	Total Debt

UW NOI

Debt Yield
	Property	 	4.054	South San Francisco DC II	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.055	Westfork C4	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.056	South San Francisco DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.057	Southshore Commerce Center A	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.058	Kent Valley DC IV	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.059	Carlisle DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.060	Bluegrass DC Bldg 4	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.061	Westfork A4	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.062	Beltway Crossing DC Bldg 2	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.063	Ritner DC	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.064	Hartman Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.065	Hayward DC	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.066	Houston DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.067	Kent Valley DC	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.068	Lehigh Valley 9	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.069	Beltway Crossing DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.070	Southaven DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.071	Bluegrass DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.072	Suwanee Point Building 200	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.073	Tamarac Business Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.074	Gwinnett DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.075	Houston DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.076	Broadway 101 CC Bldg 9	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.077	Iron Run DC	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.078	Windfern Distribution Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.079	Miami DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.080	Southshore Commerce Center B	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.081	Suwanee Point Building 100	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.082	Beltway Crossing DC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.083	Southshore Commerce Center D	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.084	Broadway 101 CC Bldg 11	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.085	Lehigh Valley DC II	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.086	Memphis IC I	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.087	Broadway 101 CC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.088	Lehigh Valley 10	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.089	Beltway Crossing DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.090	Northwest 8 Industrial Center I	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.091	Bluegrass DC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.092	Andover DC Bldg A	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.093	Bluegrass DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.094	Andover DC Bldg B	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.095	Broadway 101 CC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.096	Broadway 101 CC Bldg 8	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.097	Broadway 101 CC Bldg 10	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.098	Broadway 101 CC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.099	Lehigh Valley 11	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.100	Tamarac Commerce Center	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.101	Houston DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.102	Marina West DC II Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.103	Broadway 101 CC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.104	Commerce Park Medical Center	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.105	Houston IC	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.106	Gwinnett DC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.107	Weston Business Center	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.108	Kent Valley DC III	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.109	Commerce Park SW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.110	Commerce Park Westchase 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.111	Lehigh Valley 12	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.112	Houston DC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.113	Valley Forge 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.114	Valley Forge 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.115	Bell Gardens Distribution Center #1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.116	Commerce Park SW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.117	Broadway 101 CC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.118	Bell Gardens Distribution Center #2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.119	Commerce Park SW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.120	Tamarac Business Center II	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.121	Broadway 101 CC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.122	Commerce Park Westchase 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.123	Memphis IC II	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.124	Commerce Park NW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.125	Commerce Park NW 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.126	Commerce Park SW 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.127	Commerce Park Westchase 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.128	Commerce Park NW 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.129	Broadway 101 CC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.130	Commerce Park NW 1	0.0%	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-50	 

     

    

 

	EXHIBIT B - MORTGAGE LOAN SCHEDULE	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TOTAL MORTGAGE DEBT INFORMATION	 	 	 	 	TOTAL DEBT INFORMATION	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property 

Flag 	Footnotes	Loan ID	Property Name 	% of Initial

Pool Balance 	 	Cut-off Date 

Pari Passu Mortgage 

Debt Balance	Cut-off Date

Subord. Mortgage

Debt Balance	Total Mortgage

Debt Cut-off

Date LTV Ratio	Total Mortgage

Debt UW

NCF DSCR	Total Mortgage

Debt UW NOI

Debt Yield	 	Cut-off Date

Mezzanine

Debt Balance	Total Debt

Cut-off Date

LTV Ratio	Total

Debt UW

NCF DSCR	Total Debt

UW NOI

Debt Yield
	Property	 	4.131	Lakeview BC Bldg 1	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.132	Ft. Lauderdale Industrial II	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.133	Valley Forge 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.134	Lakeview BC Bldg 7	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.135	Lakeview BC Bldg 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.136	Lakeview BC Bldg 5	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.137	Commerce Park SW 5	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.138	Lakeview BC Bldg 6	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.139	Valley Forge 4	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.140	Lakeview BC Bldg 3	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.141	Lakeview BC Bldg 2	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	4.142	Ft. Lauderdale Industrial I	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	5	Preferred Freezer - San Leandro, CA	6.8%	 	 	 	 	 	 	 	 	 	 	 
	Loan	11	6	Princeton Pike Corporate Center	6.8%	 	$85,000,000	 	65.3%	1.38x	9.6%	 	$17,000,000	73.9%	1.07x	8.5%
	Loan	12	7	Twenty Ninth Street Retail	6.0%	 	$110,000,000	 	42.9%	2.79x	12.0%	 	 	 	 	 
	Loan	13	8	Ellenton Premium Outlets	5.8%	 	$139,200,000	 	53.6%	2.45x	11.0%	 	 	 	 	 
	Loan	14, 15	9	Gateway Plaza	4.2%	 	$29,500,000	 	46.7%	1.98x	13.8%	 	 	 	 	 
	Loan	 	10	Hilton Garden Inn - Oxnard, CA	3.4%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	11	7141 Cleanwater Lane 	3.1%	 	 	 	 	 	 	 	 	 	 	 
	Loan	16	12	Grove City Premium Outlets	3.0%	 	$120,000,000	 	54.9%	2.66x	12.0%	 	 	 	 	 
	Loan	5, 10	13	Dembs Roth Kancov Portfolio	2.9%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.01	745 Battlefield Boulevard	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.02	336 Army Trail Road	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.03	5858 Sue Mandy Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.04	13809 N. Dale Mabry Highway	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.05	5974-5990 S. Tamiami Trail	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.06	#1 Auto Row Drive	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.07	5137-5177 14th Street West	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.08	5510 Franklin Street	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.09	12579 Felch Street	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.10	12740 W. 87th Parkway	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.11	5018 West Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.12	4690 US Highway 98 North	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.13	4207 Portsmouth Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.14	28365 US Highway 19 North	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.15	3770 West Haven Avenue	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.16	6237 East Colonial Drive	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.17	2020 Principal Row	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.18	2660 SW College Road	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.19	2641 Enterprise Road	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.20	1734 S. Tamiami Trail	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	13.21	1150 North Wesleyan Boulevard	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Loan	5, 10	14	Dembs Roth Cross Group Portfolio	2.4%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.01	40984 Concept Drive (Rofin Sinar)	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.02	6905-6943 E. State Street	0.3%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.03	14706-14740 LaGrange Road	0.3%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.04	1101-1141 E. Rand Road	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.05	1640 75th Street	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.06	28188-28196 Schoolcraft Road	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.07	310-330 W. Roosevelt Road	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.08	4732 N. Brandywine Road (Briar Group)	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.09	27750 Stansbury Street	0.2%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.10	6933 NW 36th Avenue 	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	14.11	34360 Glendale Street (Christopher Mgmt Prop)	0.0%	 	 	 	 	 	 	 	 	 	 	 
	Loan	17	15	Hilton Garden Inn Tupelo	2.3%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	16	Parc Central Apartments	2.0%	 	 	 	 	 	 	 	 	 	 	 
	Loan	17	17	Pine Haven  MHC	1.7%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	18	Day Creek Village	1.4%	 	 	 	 	 	 	 	 	 	 	 
	Loan	18	19	Gulfport Premium Outlets	1.4%	 	$40,670,000	 	46.3%	2.80x	13.3%	 	 	 	 	 
	Loan	 	20	Peachtree Business Park	1.4%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	21	Woods Corner	1.4%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	22	41 Eagle Road	1.3%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	23	The Saint Anna Apartments	1.1%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	24	Finksburg Plaza	1.1%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	25	Best Western Oakland	1.0%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	26	Palms at Chimney Rock Apartments	0.9%	 	 	 	 	 	 	 	 	 	 	 
	Loan	5	27	Collis Portfolio	0.8%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.01	Longwood	0.5%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.02	Lakeland	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Property	 	27.03	Melbourne	0.1%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	28	Stony Creek Medical Center	0.7%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	29	Walgreens - Glasgow, KY	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	30	Thornapple Lakes Estates MHC	0.4%	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	31	Valley View	0.4%	 	 	 	 	 	 	 	 	 	 	 

 

    	 	B-51	 

     

    

 

	MSCI 2016-UBS9
	 
	Footnotes to Exhibit B
	 	 
	(1)	BANA—Bank of America, National Association; GSMC—Goldman Sachs Mortgage Company; MSBNA—Morgan Stanley Bank, N.A.; MSMCH—Morgan Stanley Mortgage Capital Holdings LLC; UBSRES—UBS Real Estate Securities Inc.
	 	 
	(2)	The Administrative Cost Rate includes the master servicing fee rate, operating advisor fee rate, certificate administrator/trustee fee rate, asset representations reviewer fee rate, primary or sub-servicing servicing fee rate, CREFC® license fee rate and, with respect to any non-serviced mortgage loan, pari passu loan primary servicing fee rate, in each case applicable to the related mortgage loan.
	 	 
	(3)	Mortgage Loan No. 1, 525 Seventh Avenue, is part of a loan combination that is evidenced by four (4) pari passu promissory notes with an aggregate Cut-off Date principal balance of $176,000,000. The 525 Seventh Avenue mortgage loan is evidenced by one such pari passu promissory note (Note A-1) with an outstanding principal balance as of the Cut-off Date of $62,000,000. Two of the pari passu promissory notes that are not included in the Issuing Entity (Notes A-3 and A-4) evidence a portion of the related non-serviced companion loan, which had an aggregate outstanding principal balance as of the Cut-off Date of $44,000,000 and are expected to be held by UBS Real Estate Securities Inc. or an affiliate thereof on the closing date of this transaction and may be contributed to one or more future securitization trusts or otherwise transferred at any time. The other pari passu promissory note not included in the Issuing Entity (Note A-2) evidences the other portion of the related non-serviced companion loan, which had an outstanding principal balance as of the Cut-off Date of $70,000,000 and was contributed to the MSCI 2015-UBS8 securitization trust. The 525 Seventh Avenue loan combination will be serviced pursuant to the pooling and servicing agreement for this transaction. Defeasance is permitted at any time on or after the earlier of (a) the end of the two-year period commencing on the securitization closing date with respect to the last 525 Seventh Avenue promissory note to be securitized and (b) the 36th scheduled payment date. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans—The 525 Seventh Avenue Whole Loan” and “Servicing of the Mortgage Loans” in this prospectus.
	 	 
	(4)	Mortgage Loan No. 2 – U Haul AREC RW Portfolio - Cut-Off Date LTV, Maturity Date LTV and Appraised Value are based on the “As-Is Portfolio” value of $130,000,000. The sum of the “as-is” value on a property by property basis is $123,200,000. The foregoing “as is” appraised values represent the higher of the concluded land value or “in-use” value for each property included in the U Haul AREC RW Portfolio. “In use” means the appraised value is determined on the assumption that the mortgaged properties continue to be used as self storage properties.
	 	 
	(5)	With respect to Mortgage Loan Nos. 2, 4, 13, 14 and 27, U Haul AREC RW Portfolio, GLP Industrial Portfolio B, Dembs Roth Kancov Portfolio, Dembs Roth Cross Group Portfolio and Collis Portfolio, respectively, each such mortgage loan is secured by multiple properties. For purposes of the statistical information set forth in this prospectus as to such mortgage loans, all LTV, DSCR, Debt Yield and Cut-off Date Balance per SF/Unit calculations are shown on an aggregate basis, and a portion of the Cut-off Date Balance has been allocated to each mortgaged property based on the respective Appraised Values and/or UW NCF, among other methods.
	 	 
	(6)	Mortgage Loan No. 3, 2100 Ross, is part of a loan combination that is evidenced by four (4) pari passu promissory notes with an aggregate Cut-off Date principal balance of $97,862,447. The 2100 Ross mortgage loan is evidenced by two such pari passu promissory notes (Notes A-1 and A-2) with an outstanding aggregate principal balance as of the Cut-off Date of $59,915,784. The pari passu promissory notes that are not included in the Issuing Entity (Notes A-3 and A-4) evidence the related non-serviced companion loan, which had an aggregate outstanding principal balance as of the Cut-off Date of $37,946,663. The 2100 Ross loan combination will be serviced pursuant to the pooling and servicing agreement for this transaction. Defeasance is permitted at any time on or after the earlier to occur of (a) the end of the two-year period commencing on the securitization closing date with respect to the last 2100 Ross promissory note to be securitized and (b) March 6, 2019. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans— The Serviced Pari Passu Whole Loans—The 2100 Ross Whole Loan” and “Servicing of the Mortgage Loans” in this prospectus.
	 	 
	(7)	Mortgage Loan No. 4, GLP
    Industrial Portfolio B, is part of a whole loan that is evidenced by four (4) pari passu promissory notes with an aggregate
    outstanding principal balance as of the Cut-off Date of $628,700,000, and two (2) subordinate promissory notes with an
    aggregate outstanding principal balance as of the Cut-off Date of

 

    	 	B-52	 

     

    

 

	MSCI 2016-UBS9
	 

	Footnotes to Exhibit B
	 	 
	 	$335,300,000. The GLP Industrial Portfolio B mortgage loan
    is evidenced by one (1) such pari passu promissory note (Note A-4) with an outstanding principal balance as of the Cut-off
    Date of $56,000,000. The pari passu promissory notes (Notes A-1, A-2 and A-3), with an outstanding principal balance as of
    the Cut-off Date of $572,700,000, and the subordinate promissory notes (Notes B-1 and B-2) are not included in the Issuing
    Entity and evidence the related non-serviced companion loans. The pari passu companion loans evidenced by Note A-1 and Note
    A-2 and the two (2) subordinate companion loans are being held by the CSMC 2015-GLPB securitization trust as of the closing
    date. The pari passu companion loan evidenced by Note A-3 is expected to be held by Column Financial, Inc. or an affiliate
    thereof on the closing date of this transaction and may be contributed to one or more future securitization trusts or
    otherwise transferred at any time. The GLP Industrial Portfolio B whole loan will be serviced pursuant to the pooling and
    servicing agreement for the CSMC 2015-GLPB transaction. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu serviced companion loans but exclude the related subordinate companion loans. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu-AB Whole Loans—The GLP Industrial Portfolio A Whole Loan” in this prospectus.

	 	 
	(8)	With respect to Mortgage Loan No. 4, GLP Industrial Portfolio B, the appraiser determined a value of $2,081.0 million for the portfolio if sold in its entirety to a single buyer. The appraiser determined an appraised value on both a portfolio and individual basis. The concluded aggregate appraised value of the individual properties was $1,988.1 million. The Cut-Off Date LTV Ratio and Maturity Date LTV Ratio are based on the $2,081.0 million value. See “Risk Factors—Appraisals May Not Reflect Current or Future Market Value of Each Property” in this prospectus.
	 	 
	(9)	With respect to Mortgage Loan No. 4, GLP Industrial Portfolio B, the related loan documents permit both (i) a collateral substitution and/or (ii) a partial collateral release in connection with a partial prepayment, in each case subject to LTV, DSCR and/or Debt Yield tests. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases” in this prospectus.
	 	 
	(10)	With respect to Mortgage Loan Nos. 4, 13 and 14, GLP Industrial Portfolio B, Dembs Roth Kancov Portfolio and Dembs Roth Cross Group Portfolio, respectively, the related loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, in connection with a partial defeasance or prepayment of the related mortgage loan. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance” and “—Partial Releases” in this prospectus.
	 	 
	(11)	Mortgage Loan No. 6, Princeton Pike Corporate Center, is part of a whole loan that is evidenced by three (3) pari passu promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $130,000,000. The Princeton Pike Corporate Center mortgage loan is evidenced by one (1) such pari passu promissory note (Note A-2) with an outstanding principal balance as of the Cut-off Date of $45,000,000. The pari passu promissory notes that are not included in the Issuing Entity (Notes A-1 and A-3) evidence the related serviced companion loans, with an aggregate outstanding principal balance as of the Cut-off Date of $85,000,000. The pari passu companion loan evidenced by Note A-1 is being held by the MSBAM 2016-C28 securitization trust. The pari passu companion loan evidenced by Note A-3 is expected to be held by Morgan Stanley Bank, N.A. or an affiliate as of the Cut-off Date, and such promissory note may be contributed to one or more future securitization trusts or otherwise transferred at any time. The Princeton Pike Corporate Center whole loan will be serviced pursuant to the pooling and servicing agreement for the MSBAM 2016-C28 securitization trust. Defeasance is permitted at any time on or after the earlier of (a) the end of the two-year period commencing on the securitization closing date with respect to the last Princeton Pike Corporate Center promissory note to be securitized and (b) July 1, 2019. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans —The Serviced Pari Passu Whole Loan—The Princeton Pike Corporate Center Whole Loan” in this prospectus.
	 	 
	(12)	Mortgage Loan No. 7, Twenty Ninth Street Retail, is part of a loan combination that is evidenced by three (3) pari passu promissory notes with an aggregate Cut-off Date principal balance of $150,000,000. The Twenty Ninth Street Retail mortgage loan is evidenced by one such pari passu promissory note (Note A-2) with an aggregate outstanding principal balance as of the Cut-off Date of $40,000,000. The pari passu promissory notes that are not included in the Issuing Entity (Notes A-1 and A-3) evidence the related non-serviced companion loan, which had an aggregate outstanding principal balance as of the Cut-off Date of $110,000,000. Promissory Note A-3, which had an outstanding principal balance as of the Cut-off Date of $35,000,000, is expected to be held by UBS Real Estate Securities Inc. or an affiliate thereof on the closing date of this transaction, and Promissory Note A-1,

 

    	 	B-53	 

     

    

 

	MSCI 2016-UBS9
	 
	Footnotes to Exhibit B 

	 	 
	 	which had an outstanding principal balance as of the Cut-off Date of $75,000,000, is expected to be held by Goldman Sachs Mortgage Company or an affiliate thereof on the closing date of this transaction, both of which may be contributed to one or more future securitization transactions or otherwise transferred at any time. The Twenty Ninth Street Retail loan combination will be serviced pursuant to the pooling and servicing agreement for this transaction until the securitization date of the Promissory Note A-1, at which time the Twenty Ninth Street Retail loan combination will be serviced by the master servicer and the special servicer appointed under, and pursuant to the terms of, the pooling and servicing agreement entered to in connection with the Promissory Note A-1 securitization. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans —The Non-Serviced Pari Passu Whole Loans—The Twenty Ninth Street Retail Whole Loan” and “Servicing of the Mortgage Loans” in this prospectus.
	 	 
	(13)	Mortgage Loan No. 8, Ellenton Premium Outlets, is part of a loan combination that is evidenced by four (4) pari passu promissory notes with an aggregate Cut-off Date principal balance of $178,000,000. The Ellenton Premium Outlets mortgage loan is evidenced by one such pari passu promissory note (Note A-2) with an aggregate outstanding principal balance as of the Cut-off Date of $38,800,000. Promissory Note A-4, which had an outstanding principal balance as of the Cut-off Date of $71,200,000, is being held by the MSBAM 2016-C28 securitization trust. The pari passu promissory notes not included in the Issuing Entity (Note A-1 and A-3) evidence the related non-serviced companion loan, which had an outstanding principal balance as of the Cut-off Date of $68,000,000 and was contributed to the MSCI 2015-UBS8 securitization trust. The Ellenton Premium Outlets loan combination will be serviced pursuant to the pooling and servicing agreement for the MSCI 2015-UBS8 transaction. Defeasance is permitted at any time on or after the earlier to occur of (a) the end of the two-year period commencing on the securitization closing date with respect to the last Ellenton Premium Outlets promissory note to be securitized and (b) January 1, 2019. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans and Loan Combination—The Non-Serviced Pari Passu Whole Loans—The Ellenton Premium Outlets Whole Loan” and “Servicing of the Mortgage Loans” in this prospectus.

  

	 	
	(14)	Mortgage Loan No. 9, Gateway Plaza, is part of a loan combination that is evidenced by three (3) pari passu promissory notes with an aggregate Cut-off Date principal balance of $57,500,000. The Gateway Plaza mortgage loan is evidenced by one such pari passu promissory note (Note A-1) with an outstanding principal balance as of the Cut-off Date of $28,000,000. The pari passu promissory notes that are not included in the Issuing Entity (Notes A-2 and A-3) evidence the related non-serviced companion loan, which had an aggregate outstanding principal balance as of the Cut-off Date of $29,500,000. The Gateway Plaza loan combination will be serviced pursuant to the pooling and servicing agreement for this transaction. Defeasance is permitted at any time after the end of the two-year period commencing on the securitization closing date with respect to the last Gateway Plaza promissory note to be securitized. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans—The Gateway Plaza Whole Loan” and “Servicing of the Mortgage Loans” in this prospectus.
	 	 
	(15)	With respect to Mortgage Loan No. 9, Gateway Plaza, the collateral for the Gateway Plaza Mortgage Loan consists of both fee and leasehold interest in the Gateway Plaza mortgaged property. The leasehold borrower owns the condominium unit comprising the entire office building less the public garage space covered by the garage leasehold condominium unit. The public portion of the garage, which is owned by the City of Richmond as a leashold condominium unit, is comprised of 310 parking spaces. The City of Richmond is required to pay the borrower $411,000 of ground rent for the first year, with annual increases based on the percentage growth in the average rate per space in the public portion of the garage.
	 	 
	(16)	Mortgage Loan No. 12, Grove City Premium
Outlets, is part of a loan combination that is evidenced by five (5) pari passu promissory notes with an aggregate Cut-off Date
principal balance of $140,000,000. The Grove City Premium Outlets mortgage loan is evidenced by two pari passu promissory notes
(Note A-3 and A-4 ) with an outstanding principal balance as of the Cut-off Date of $20,000,000. The pari passu promissory notes
that are not included in the Issuing Entity (Notes A-1, A-2 and A-5) evidence the related non-serviced companion loan, which had
an aggregate outstanding principal balance as of the Cut-off Date of $120,000,000. Promissory Note A-2, which had an aggregate
outstanding principal balance as of the Cut-off Date of $24,000,000, is expected to be held by UBS Real Estate Securities Inc.
or an affiliate thereof on the closing date of this transaction, and

 

    	 	B-54	 

     

    

 

	MSCI 2016-UBS9
	 
	Footnotes to Exhibit B 

	 	 
	 	Promissory Note A-5, which had an outstanding principal balance as of the Cut-off Date of $56,000,000, is expected to be held by Bank of America, N.A. or an affiliate thereof on the closing date of this transaction, all of which may be contributed to future securitization trusts or otherwise transferred at any time. The other pari passu promissory note not included in the Issuing Entity (Note A-1) evidences the other portion of the related non-serviced companion loan, which had an outstanding principal balance as of the Cut-off Date of $40,000,000 and was contributed to the MSCI 2015-UBS8 securitization trust. The Grove City Premium Outlets loan combination will be serviced pursuant to the pooling and servicing agreement for the MSCI 2015-UBS8 transaction until the securitization date of the Promissory Note A-2, at which time the Grove City Premium Outlets loan combination will be serviced by the master servicer and special servicer appointed under, and pursuant to the terms of, the pooling and servicing agreement entered into in connection with the Promissory Note A-2 securitization. Defeasance is permitted at any time on or after the earlier to occur of (a) the end of the two-year period commencing on the securitization closing date with respect to the last Grove City Premium Outlets promissory note to be securitized and (b) January 1, 2019. Unless otherwise indicated, all LTV, DSCR, Debt Yield and Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans—The Grove City Premium Outlets Whole Loan” and “Servicing of the Mortgage Loans” in this prospectus.
	 	 
	(17)	With respect to Mortgage Loan Nos. 15 and 17, Hilton Garden Inn Tupelo and Pine Haven MHC, the related mortgage loan documents permit future subordinate secured financing or mezzanine financing generally subject to compliance with certain combined LTV, DSCR and/or Debt Yield tests. See “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness” in this prospectus.
	 	 
	(18)	Mortgage Loan No. 19,
    Gulfport Premium Outlets, is part of a loan combination that is evidenced by three (3) pari passu promissory notes with an
    aggregate Cut-off Date principal balance of $50,000,000. The Gulfport Premium Outlets mortgage loan is evidenced by one such
    pari passu promissory note (Note A-3) with an outstanding principal balance as of the Cut-off Date of $9,330,000. The pari
    passu promissory notes that are not included in the Issuing Entity (Notes A-1 and A-2) evidence the related non-serviced
    companion loan, which had an aggregate outstanding principal balance as of the Cut-off Date of $40,670,000. Promissory Note
    A-1, which had an aggregate outstanding principal balance as of the Cut-off Date of $16,670,000, is held by Bank of America,
    N.A. The other pari passu promissory note not included in the Issuing Entity (Note A-2) evidences the other portion of the
    related non-serviced companion loan, which had an outstanding principal balance as of the Cut-off Date of $24,000,000 and was
    contributed to the MSCI 2015-UBS8 securitization trust. The Gulfport Premium Outlets loan combination will be serviced
    pursuant to the pooling and servicing agreement for the MSCI 2015-UBS8 transaction until the securitization date of the
    Promissory Note A-1, at which time the Gulfport Premium Outlets loan combination will be serviced by the master servicer and
    special servicer appointed under, and pursuant to the terms of, the pooling and servicing agreement entered into in
    connection with the Promissory Note A-1 securitization. Defeasance is permitted at any time on or after the earlier to occur
    of (a) the end of the two-year period commencing on the securitization closing date with respect to the last Gulfport Premium
    Outlets promissory note to be securitized and (b) January 1, 2019. Unless otherwise indicated, all LTV, DSCR, Debt Yield and
    Cut-off Date Balance PSF/Unit calculations include the related pari passu non-serviced companion loan. See “Description
    of the Mortgage Pool—The Non-Serviced Pari Passu Whole Loans—The Gulfport Premium Outlets Whole Loan” and
    “Servicing of the Mortgage Loans” in the Prospectus.
	 	 
	A.	“Yield Maintenance Premium”
shall mean an amount  equal to the greater of (a) one percent (1%) of the outstanding principal of the Loan to be prepaid
or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and
interest under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and
interest on the Loan is paid on the anticipated repayment date (with each such payment and lower assumed payment discounted to
its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when
compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment
to the next succeeding payment date in the event such payment is not made on a Payment Date), over (ii) the principal amount being
prepaid.

“Prepayment Rate” shall mean the bond equivalent yield (in the
secondary market) on the United States Treasury Security that as of the Prepayment Rate Determination Date has a remaining term
to maturity closest to, but not exceeding, the remaining term to the Anticipated Repayment Date as most recently published in
“Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of
Governors

 

    	 	B-55	 

     

    

 

	MSCI 2016-UBS9
	 
	Footnotes to Exhibit B 

	 	 
	 	of the Federal Reserve System, or on the
basis of such other publication or statistical guide as Lender may reasonably select.
	 	 
	B.	“Yield Maintenance Premium” means, with respect to any payment of principal on a note or note component prior to the par prepayment period, the greater of (i) one percent (1%) of the principal being so paid and (ii) the product of: (A) a fraction whose numerator is the amount so paid and whose denominator is the outstanding principal balance of the note or note component before giving effect to such payment, times (B) the excess of (1) the sum of the respective present values, computed as of the date of prepayment, of the remaining scheduled payments of principal and interest with respect to the note or note component (including the balloon payment, assuming prepayment of the balloon payment on the first day in the par prepayment period), determined by discounting such payments to the date on which such payment of principal is made is made at the Treasury Constant Yield, over (2) the outstanding principal balance of the note or note component on such date immediately prior to such payment. The calculation of the Yield Maintenance Premium shall be made by the Lender and shall, absent manifest error, be final, conclusive and binding upon all parties.

“Treasury Constant Yield” means the arithmetic mean of the rates published as “Treasury Constant Maturities” as of 5:00 p.m., New York time, for the five Business Days preceding the date on which acceleration has been declared, or, as applicable, the date on which a prepayment subject to a Yield Maintenance Premium pursuant to the mortgage loan documents is made, as shown on the USD screen of Reuters (or such other page as may replace that page on that service, or such other page or replacement therefor on any successor service), or if such service is not available, the Bloomberg Service (or any successor service), or if neither Reuters nor the Bloomberg Service is available, under Section 504 in the weekly statistical release designated H.15(519) (or any successor publication) published by the Board of Governors of the Federal Reserve System, for “On the Run” U.S. Treasury obligations corresponding to the commencement of the par prepayment period. 

If no such maturity shall so exactly correspond, yields for the two most closely corresponding published maturities (one before and one after the commencement of the par prepayment period) shall be calculated pursuant to the foregoing sentence and the Treasury Constant Yield shall be interpolated or extrapolated (as applicable) from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest month).
	 	 

	C.	“Yield
Maintenance Premium” shall mean, with respect to any prepayment of the loan, an amount equal to the greater of the amounts
described clause (a) and (b) below:
	 	 
	 	(a) an amount equal to: (i) 1.0% of the amount prepaid if no event of default is continuing or (ii) 3.0% of the amount prepaid if an event of default is continuing; and

 

	 	(b) an
                                            amount equal to: (i) the amount, if any, by which (x) the sum of the respective present values
                                            as of the prepayment date of all remaining scheduled payment of principal and interest with respect
                                            to the loan, including the balloon payment on the scheduled maturity date (assuming no prepayments
                                            or acceleration of the loan), calculated by discounting such payments from the respective dates
                                            each such payment was due (or, with respect to such balloon payment, the open period start date)
                                            back to the prepayment date at a discount rate equal to the Treasury Constant Yield (defined below),
                                            exceeds (y) the outstanding principal balance of the loan as of the prepayment date immediately
                                            prior to such prepayment; multiplied by (ii) a fraction whose numerator is the amount prepaid
                                            and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. 

                                 

                                “Treasury
                                Constant Yield” means the arithmetic mean of the rates published as “Treasury Constant
                                Maturities” as of 5:00 p.m., New York time, for the five Business Days preceding the date
                                on which acceleration has been declared or, as applicable, the date on which a prepayment subject
                                to a Yield Maintenance Premium pursuant to the mortgage loan documents is made, as shown on the
                                USD screen of Reuters (or such other page as may replace that page on that service, or such other
                                page or replacement therefor on any successor service), or if such service is not available, the
                                Bloomberg Service (or any successor service), or if neither Reuters nor the Bloomberg Service
                                is available, under Section 504 in the weekly statistical release designated H.15(519) (or any
                                successor publication) published by the Board of Governors of the Federal Reserve System, for
                                “On the Run” U.S. Treasury obligations corresponding to the open period start date.
                                If no such maturity shall so exactly correspond, yields for the two most closely corresponding published maturities shall be calculated pursuant to the foregoing sentence and the Treasury Constant Yield shall be interpolated or extrapolated (as applicable) from such yields on a straight-line basis (rounding in the case of relevant periods, to the nearest month).

 

    	 	B-56	 

     

    

 

	MSCI 2016-UBS9
	 
	Footnotes to Exhibit B 
	 	 

	 	 	
	D.	“Yield Maintenance Premium” shall mean an amount equal to the greater of: (i) three percent (3%) of the principal amount of the loan being prepaid and (ii) the excess, if any, of (a) the present value (determined using a discount rate equal to the Treasury Note Rate (as defined below) at such time) of all scheduled payments of principal and interest payable in respect of the principal amount of the loan being prepaid, provided that the Note shall be deemed, for purposes of this definition, to be due and payable on the open prepayment commencement date, over (b) the principal amount of the loan being prepaid.

“Treasury Note Rate” shall mean, at the time of the prepayment, as applicable, the rate of interest per annum equal to the yield to maturity (converted by Lender to the equivalent monthly yield using Lender’s then system of conversion) of the United States Treasury obligations selected by the holder of the note having maturity dates closest to, but not exceeding, the remaining term to the open prepayment commencement date.
	 	 
	E.	“Yield Maintenance” shall mean an amount equal to the greater of (i) one percent (1%) of the principal amount of the loan being prepaid, and (ii) the present value as of the prepayment calculation date of a series of monthly payments over the remaining term of the loan through and including the Maturity Date each equal to the amount of interest which would be due on the principal amount of the loan being prepaid assuming a per annum interest rate equal to the excess of the Interest Rate over the Reinvestment Yield, and discounted at the Reinvestment Yield. As used herein, “Reinvestment Yield” means the yield calculated by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15- Selected Interest Rates under the heading “U.S. government securities” and the sub-heading “Treasury constant maturities” for the week ending prior to the Prepayment Calculation Date, of the U.S. Treasury constant maturities with maturity dates (one longer and one equal to or shorter) most nearly approximating the Maturity Date, and converted to a monthly compounded nominal yield. In the event Release H.15 is no longer published, Lender shall select a comparable publication to determine the Reinvestment Yield. The “Prepayment Calculation Date” shall mean, as applicable, the Payment Date on which Lender applies any prepayment to the reduction of the outstanding principal amount of the Note. Lender’s calculation of Yield Maintenance shall be conclusive and binding absent manifest error.

 

    	 	B-57	 

     

    

 

 

EXHIBIT C

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National
Association

as Certificate Registrar

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services – Morgan Stanley Capital I Trust 2016-UBS9

			[OR OTHER CERTIFICATE REGISTRAR]

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

		Re:	Transfer of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing
Agreement”), and executed in connection with the above-referenced transaction, on behalf of the holders of Morgan Stanley
Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 (the “Certificates”)
in connection with the transfer by _________________ (the “Seller”) to the undersigned (the “Purchaser”)
of $_______________ aggregate Certificate Balance of Class ___ Certificates (the “Certificate”). Capitalized
terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing
Agreement.

 

In connection with such
transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.          Check one of the
following:*

 

☐          The
Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution that is an “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D (“Regulation D”) under the Securities
Act of 1933, as amended (the “Securities Act”) or any entity in which all of the equity owners are “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D (each, an “Institutional Accredited
Investor”) and has such

 

 

*
Purchaser must include one of the following two certifications.

 

    	Exhibit C-1

    	 

    

 

knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of its investment in the Certificates, and the Purchaser and any accounts for which it is acting are each able
to bear the economic risk of the Purchaser’s or such account’s investment. The Purchaser is acquiring the Certificates
purchased by it for its own account or for one or more accounts, each of which is an Institutional Accredited Investor, as to each
of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs
incurred by it in connection with this transfer.

 

☐           The
Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule
144A”) under the Securities Act. The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and
the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule
144A.

           

2.          The Purchaser’s
intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for reoffer, resale, pledge
or other transfer (i) to QIBs in transactions under Rule 144A, and not in any event with the view to, or for resale in connection
with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate) to Institutional Accredited Investors,
subject in the case of clause (ii) above to (w) the receipt by the Certificate Registrar of a letter substantially in the form
hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Trustee and Certificate Registrar
that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (y) the receipt by the Certificate Registrar
of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with
the Securities Act and other applicable laws and (z) a written undertaking to reimburse the Trust for any costs incurred by it
in connection with the proposed transfer. The Purchaser understands that the Certificate (and any subsequent Certificate) has not
been registered under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities
Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to reoffer,
resell, pledge or transfer the Certificate only to certain investors in certain exempted transactions) as expressed herein.

 

3.          The Purchaser has
reviewed the Preliminary Prospectus and the Final Prospectus relating to the Offered Certificates (collectively, the “Prospectus”)
(and, with respect to Offered Private Certificates, the Preliminary Private Placement Memorandum and the Final Private Placement
Memorandum related to such Offered Private Certificates) and the agreements and other materials referred to therein and has had
the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the
Prospectus.

 

4.          The Purchaser acknowledges
that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified under the
Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot be reoffered, resold,
pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption from such registration
or qualification is available.

 

    	Exhibit C-2

    	 

    

 

5.          The Purchaser hereby
undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an owner of a Certificate
or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it were a signatory
thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders present and
future.

 

6.          The Purchaser will
not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with Section 5.03 of the Pooling
and Servicing Agreement.

 

7.          Check one of the
following:**

 

☐           The
Purchaser is a U.S. Tax Person (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

☐           The
Purchaser is not a U.S. Tax Person and under applicable law in effect on the date hereof, no taxes will be required to be withheld
by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate. The Purchaser has attached
hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form, as applicable), which identifies such Purchaser
as the beneficial owner of the Certificate and states that such Purchaser is not a U.S. Tax Person, (ii) IRS Form W-8IMY (with
all appropriate attachments) or (iii)]*** two duly executed copies of IRS Form W-8ECI (or successor form), which identify
such Purchaser as the beneficial owner of the Certificate and state that interest and original issue discount on the Certificate
and Permitted Investments is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser agrees to
provide to the Certificate Registrar updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]*** IRS Form W-8ECI, [as the
case may be,]*** any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably request,
on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence of
any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this paragraph 7, “U.S.
Tax Person” means a citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons
have the authority to control all substantial decisions of such trust (or, to the extent 

 

 

 

**
Each Purchaser must include one of the two alternative certifications.

 

***
Does not apply to a transfer of Class R Certificates.

 

    	Exhibit C-3

    	 

    

 

provided in applicable Treasury Regulations,
certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

	 	 	8.	Please make all payments due on the Certificates:****
	 	 	 	 
	 	☐	(a)	by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

	 	 	 	 	 	 	 
	 	Bank:	 	 	 	 	 
	 	ABA #:	 	 	 	 
	 	Account #:	 	 
	 	Attention:	 	 	 

  

	 	☐	(b)	by mailing a check or draft to the following address:

 

	 	 	 
	 	 	 
	 	 	 

   

9.              If the Purchaser
is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a partnership for
U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or more partnerships, trusts
or other pass-through entities by a Disqualified Non-U.S. Tax Person.

 

	 	Very truly yours,
	 	 
	 	 	 
	 	[The Purchaser]

	 	 	 
	 	By:	 
			Name:

Title:
	 	 	 
	Dated:	 	 

 

 

 

****
Only to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates,
wire transfers are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance
or Notional Amount, as applicable, of at least U.S. $5,000,000.

 

    	Exhibit C-4

    	 

    

 

EXHIBIT D-1

 

Form
of Transferee Affidavit FOR TRANSFERS 

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Wells Fargo Center 

Sixth Street and Marquette
Avenue 

Minneapolis, Minnesota 55479-0113 

Attention: Corporate Trust
Services (CMBS) – 

Morgan Stanley Capital I Trust
2016-UBS9 [OR OTHER CERTIFICATE REGISTRAR]

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling
and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

 

1.          I am a [______]
of [______] (the “Purchaser”), on behalf of which
I have the authority to make this affidavit.

 

2.          The Purchaser is
acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment conduits
(each, a “REMIC”) designated as the (i) “Lower-Tier
REMIC” and (ii) “Upper-Tier REMIC”,
respectively, relating to the Certificates for which an election is to be made under Section 860D of the Internal Revenue Code
of 1986 (the “Code”).

 

3.          The Purchaser is
not a “Disqualified Organization” (as defined
below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or with
a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For the purposes
hereof, a Disqualified Organization is any of the following: 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

 

 

    	Exhibit D-1-1

    	 

    

 

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

 

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.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b) of the Code (but
the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section 11(b)

 

    	Exhibit D-1-2

    	 

    

 

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.

 

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

 

    	Exhibit D-1-3

    	 

    

 

as it retains its interest in the Class R Certificate, it will endeavor to remain a Permitted Transferee.

 

13.         The Purchaser
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.         The Purchaser
has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions is set forth
in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.         The Purchaser
consents to the designation of the Certificate Administrator as the agent of the “tax matters person” and “partnership
representative” of each Trust REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________,
20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit D-1-4

    	 

    

 

On this ____ day of _______20__,
before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

 

	 	 	
	 	 	NOTARY PUBLIC in and for the
	 	 	  State of _______________
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 	 
	___________________	 	 
	 	 	 

 

    	Exhibit D-1-5

    	 

    

 

EXHIBIT D-2

 

FORM OF TRANSFEROR LETTER FOR TRANSFERS

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Registrar 

Wells Fargo
Center

Sixth Street
and Marquette Avenue 

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) – 

			Morgan Stanley Capital I Trust 2016-UBS9

			[OR OTHER CERTIFICATE REGISTRAR]

 

	 	Re:	Morgan Stanley Capital I Trust 2016-UBS9,
    Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 (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, and executed in connection with the above-referenced transaction. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:

 

(1)         No purpose of
the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will be to impede
the assessment or collection of any tax.

 

(2)         The Transferor
understands that the Transferee has delivered to you a Transferee Affidavit and Agreement in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
false.

 

(3)         The Transferor
has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as contemplated
by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined that the
Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that the Transferee
will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of the Residual
Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be liable

 

    	Exhibit D-2-1

    	 

    

 

for United
States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very truly yours,
	 	 	 
	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit D-2-2

    	 

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan Information
	 
	 	Name of Mortgagor:	

	 	 	 
	 	[Master Servicer] 	 
	 	[Special Servicer] 

Loan No.:	

	 	 	 
	Custodian
	 
	 	Name:	Wells Fargo Bank, National Association
	 	 

        Address:
	
         

        9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

        Morgan Stanley  Capital I Trust 2016-UBS9

         

	 	Custodian/Trustee 

Mortgage File No.:	

	 
	Depositor
	 
	 	Name:	Morgan Stanley Capital I Inc. 

	 	 

        Address:
	 

        

        

Morgan
Stanley Capital I Inc.

1585
Broadway 

        

        

        

        New
        York, New York 10036

        

        Attention: 
Stephen Holmes

         

	 	Certificates:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9

 

The undersigned [Master
Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (in such capacity,
the “Custodian”) on behalf of Wells Fargo Bank,
National Association, as trustee (in such capacity, the “Trustee”), for the Holders of Morgan Stanley Capital
I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, 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, relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9.

 

    	Exhibit E-1

    	 

    

 

( )              ___________________________

 

( )              ___________________________

 

( )              ___________________________

 

( )              ___________________________

 

The undersigned [Master
Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)          The [Master Servicer]
[Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee, solely for the purposes
provided in the Pooling and Servicing Agreement.

 

(2)          The [Master Servicer]
[Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens, security
interests, charges, writs of attachment or other impositions nor shall the [Master Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Pooling and Servicing Agreement.

 

(3)          The [Master Servicer]
[Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loans
have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)          The Documents
and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [Master Servicer] [Special
Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer] [Special Servicer] shall keep
the Documents separate and distinct from all other property in the [Master Servicer’s] [Special Servicer’s] possession,
custody or control.

 

	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

Date: _________

 

    	Exhibit E-2

    	 

    

 

EXHIBIT F-1

 

FORM OF ERISA REPRESENTATION

LETTER REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Morgan Stanley Capital I Trust
2016-UBS9  [OR OTHER CERTIFICATE REGISTRAR]

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

		Re:	Transfer of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates,
Series 2016-UBS9

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase US$[___] aggregate initial Certificate Balance in the Morgan Stanley Capital
I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class [_] Certificates issued pursuant to that
certain Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. Capitalized terms used and not otherwise defined herein have the
respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

1.          The Purchaser is
not and will not become (a) an employee benefit plan subject to the fiduciary responsibility provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as
amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined
in Section 3(33) of ERISA) for which no election has been made under Section 410(d) of the Code, or any other plan subject to any
federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions
of ERISA or the Code (each a “Plan”) or (b) a person acting on behalf of or using the assets of any such Plan
(including an entity whose underlying assets include Plan assets by reason of investment in the entity by such a Plan or Plans
and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA), other than an
insurance company using the assets of its “insurance company general account” (as such term is defined in Section V(e)
of Prohibited Transaction

 

    	Exhibit F-1-1 

     

    

 

Class Exemption (“PTCE”) 95-60) under circumstances whereby the purchase and holding
of Certificates by such insurance company would be exempt from the prohibited transaction provisions of ERISA and the Code under
Sections I and III of PTCE 95-60 (or a Plan subject to Similar Law purchasing under circumstances that would not constitute or
result in a non-exempt violation of applicable Similar Law).

 

2.          The Purchaser understands
that if the Purchaser is or becomes a Person referred to in 1(a) or (b) above, such Purchaser is required to provide to the Trustee
and Certificate Administrator an Opinion of Counsel in form and substance satisfactory to the Trustee and Certificate Administrator
and the Depositor to the effect that the acquisition and holding of such Certificate by such purchaser or transferee will not constitute
or result in a “prohibited transaction” within the meaning of ERISA, Section 4975 of the Code or any Similar Law, and
will not subject the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Asset Representations Reviewer, the Operating Advisor or the Depositor to any obligation or liability (including obligations
or liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth in the Pooling and
Servicing Agreement, which Opinion of Counsel shall not be at the expense of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Initial Purchasers or
the Trust.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

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

 

Date: _________

 

    	Exhibit F-1-2 

     

    

 

EXHIBIT F-2

 

Form
of ERISA Representation Letter

regarding CLASS V and class R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

Wells Fargo Center

Sixth Street and Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS) –

Morgan Stanley Capital I Trust
2016-UBS9  [OR OTHER CERTIFICATE REGISTRAR]

 

[Transferor]

[______]

[______]

Attention: [______]

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase [__]% Percentage Interest in the Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, [Class V][Class R] Certificates (the “[Class V][Class
R] Certificate”) issued pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling
and Servicing Agreement”), and executed in connection with the above-referenced transaction. 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 V][Class R] Certificate, the Purchaser
is not an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to
any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar
Law”) (each, a “Plan”), or any person acting on behalf of any such Plan or using the assets of a Plan
to purchase such [Class V][Class R] Certificate.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__.

 

    	Exhibit F-2-1

     

    

 

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

 

Date: _______

 

    	Exhibit F-2-2

     

    

 

EXHIBIT G

 

FORM OF DISTRIBUTION DATE STATEMENT

 

 

    	Exhibit G-1

     

    

 

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	7-9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15-16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21-22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Operating Advisor /

Asset Representations Reviewer	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Morgan Stanley Capital I Inc.	 	 	 	KeyBank National Association	 	 	 	CWCapital Asset Management LLC	 	 	 	Park Bridge Lender Services LLC	 	 	 
	 	 	 	1585 Broadway	 	 	 	11501 Outlook Street	 	 	 	790 NW 107th Avenue, Suite 400	 	 	 	560 Lexington Avenue, 17th Floor	 	 	 
	 	 	 	New York, NY 10036	 	 	 	Suite 300	 	 	 	Suite 500 W	 	 	 	New York, NY 10022	 	 	 
	 	 	 	 	 	 	 	Overland Park, KS 66211	 	 	 	Bethesda, MD 20814	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Contact: General Information Number	 	 	 	Andy Lindenman	 	 	 	Contact: Brian Hanson	 	 	 	Contact:              David Rodgers	 	 	 
	 	 	 	Phone Number: (212) 761-4000	 	 	 	Phone Number: (913) 317-4372	 	 	 	Phone Number: (202) 715-9500	 	 	 	Phone Number:   (212) 310-9821	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.

         

        Please visit www.ctslink.com for additional information and special notices.  In addition, certificateholders may register online for email notification when special notices are posted.  For information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 1 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class
    (2)	 	CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	 	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-FG	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of
the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class
and dividing the result by (A).
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-FG	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-H	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 3 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-FG	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 	 
	 	 	H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 5 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee - KeyBank, National Association	0.00	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations 	0.00	 	 	Trustee Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administration Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Operating Advisor Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Asset Representations Reviewer Fee
    - Park Bridge Lender Services LLC 	0.00	 	 
	 	Extension Interest	0.00	 	 	Total Fees	 	0.00	 
	 	Interest Reserve Withdrawal	0.00	 	 	Additional Trust Fund Expenses:	 	 	 
	 	Total Interest Collected	 	0.00	 	Reimbursement for Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal after Maturity
    Date	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Recoveries from Liquidation and Insurance
    Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve Deposit	 	0.00	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders &
    Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield Maintenance	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	Equity Payments Received	0.00	 	 	Equity Payments Paid	0.00	 	 
	 	Net Swap Counterparty Payments Received	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders
    & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    	Page 6 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property Type (1)	 	State   (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Seasoning	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 								 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page of this section.	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 7 of 24

    	 

    
 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	Anticipated Remaining Term (ARD and Balloon Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

Balance	# of

loans	Scheduled

Balance	% of

Agg.

Bal.	WAM

(2)	WAC	Weighted

Avg DSCR (3)	 	Anticipated Remaining

Term (2)	# of

loans	Scheduled

Balance	% of

Agg.

Bal.	WAM

(2)	WAC	Weighted

Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Remaining Amortization Term (ARD and Balloon Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Remaining			% of				 
	 	 	 	 	 	 	 	 	 	Amortization	# of	Scheduled	Agg.	WAM	 	Weighted	 
	 	Note Rate	 	Term	loans	Balance	Bal.	 (2)	 WAC	Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 				% of				 	 	 	 	 	 	 	 	 
	 	Note	# of	Scheduled	Agg	WAM	 	Weighted	 	 	 	 	 	 	 	 	 
	 	 Rate	 loans	 Balance	Bal.	(2)	WAC	Avg DSCR (3)	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Remaining Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Remaining			% of				 
	 	 	 	 	 	 	 	 	 	Stated	# of	Scheduled	Agg.	WAM	 	Weighted	 
	 	 	 	 	 	 	 	 	 	Term	 loans	Balance	Bal.	 (2)	WAC	Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	See footnotes on last page of this section.	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	Page 8 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Age
    of Most Recent NOI	 	Debt
    Service Coverage Ratio (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Age
of Most

Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (3)	 	Debt Service
 Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-Off Date balance of each property as disclosed in the offering document.	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the Maturity Date.	 
	 	(3) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the most current DSCR provided by the Master Servicer is used. To the extent that no DSCR is provided by the Master Servicer, information from the offering document is used. The DSCRs reported by the Master Servicer may be based on a period of less than 12 months. Regardless, DSCRs are normalized based on the Most Recent Financial as of Start and End Dates as reported on the NOI Detail page of this statement. The Certificate Administrator makes no representations as to the accuracy of the data provided by the borrower for this calculation.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 

 

    	Page 9 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	6	-	Capitalization of Interest	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	Foreclosure	2	-	Amortization Change	7	-	Capitalization of Taxes	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	8	-	Principal Write-Off	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Blank	9	-	Combination	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	5	-	Termporary Rate Reduction	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 10 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 
	(1) The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report NOI figures in their loan level reporting.
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 11 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 12 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 13 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon  	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 14 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-  Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 15 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 16 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	Page 17 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 18 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 19 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 20 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	 	 	Stated
    Principal

    Balance at

    Contribution	 	 	Current
    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 21 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 22 of 24

    	 

    

 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	Page 23 of 24

    	 

    
 

	 	 	 	 
		Morgan
Stanley Capital I Trust 2016-UBS9

Commercial Mortgage Pass-Through Certificates

Series 2016-UBS9	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	4/15/16
	8480 Stagecoach Circle	Record Date:	3/31/16
	Frederick, MD 21701-4747	Determination Date:	4/11/16

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	Other Disclosable Special Servicer Fees	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Page 24 of 24

    	 

    

 

 

 

EXHIBIT H

 

FORM OF OMNIBUS ASSIGNMENT

 

[NAME OF CURRENT ASSIGNOR]
having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”)
for good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers,
sets over and conveys, without recourse, representation or warranty, express or implied, unto “Wells Fargo Bank, National
Association, as Trustee for the registered holders of Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9” (the “Assignee”),
having an office at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Trust Administration Group – MSCI 2016-UBS9,
its successors and assigns, all right, title and interest of the Assignor in and to:

 

That certain mortgage
and security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or similar security instrument
(the “Security Instrument”), and that certain
Promissory Note (the “Mortgage Note”), for each
of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and that certain assignment of leases
and rents given in connection therewith and all of the Assignor’s right, title and interest in any claims, collateral, insurance
policies, certificates of deposit, letters of credit, escrow accounts, performance bonds, demands, causes of action and any other
collateral arising out of and/or executed and/or delivered in or to or with respect to the Security Instrument and the Mortgage
Note, together with any other documents or instruments executed and/or delivered in connection with or otherwise related to the
Security Instrument and the Mortgage Note.

 

IN WITNESS WHEREOF, the
Assignor has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__].

	 	 	 
	 	[NAME
    OF CURRENT ASSIGNOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit H-1

     

    

 

EXHIBIT I

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Temporary Regulation S Book-Entry Certificate

during Restricted Period

 

(Exchanges or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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: Morgan Stanley
Capital I Inc.

 

 

 

**     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit I-2

     

    

 

EXHIBIT J

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchange or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series
2016-UBS9, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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,

 

[(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 J-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 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: Morgan Stanley Capital I Inc.

 

    	Exhibit J-2

     

    

 

EXHIBIT K

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Rule 144A Book-Entry Certificate during Restricted Period

 

(Exchange or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are

 

 

 

*     Select
appropriate depository.

 

    	Exhibit K-1

     

    

 

commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, 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: Morgan Stanley Capital I Inc.

 

    	Exhibit K-2

     

    

 

EXHIBIT L

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchanges pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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. 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

 

 

 

*     Select,
as applicable.

 

    	Exhibit L-1

     

    

 

Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

	 	 	 	 
	 	Dated:		 

	 	 	 	 
	 	By:	 
	 	 	as,
    or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    	Exhibit L-2

     

    

 

EXHIBIT M

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Temporary Regulation S Book-Entry
Certificate

 

(Exchanges or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

		Re:	Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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: Morgan Stanley Capital I Inc.

 

 

 

**     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	Exhibit M-2

    	 

    

 

EXHIBIT N

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Regulation S Book-Entry Certificate

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

Re:         Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class [__]          

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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: Morgan Stanley Capital I Inc.

 

    	Exhibit N-2

    	 

    

 

EXHIBIT O

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Rule 144A Book-Entry Certificate

 

(Exchange or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

Sixth
Street and Marquette Avenue

Minneapolis,
Minnesota 55479-0113

Attention: Corporate Trust
Services (CMBS)

Morgan Stanley Capital I Trust
2016-UBS9

 

Re:         Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class [__]          

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. 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. 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

 

    	Exhibit O-1

    	 

    

 

Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	
        [Insert Name of Transferor]

        
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _______	 	 

 

cc: Morgan Stanley Capital I Inc.

 

    	Exhibit O-2

    	 

    

 

EXHIBIT P-1A

 

FORM OF INVESTOR CERTIFICATION for
Non-Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National
Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust
Services (CMBS) Morgan Stanley Capital I Trust 2016-UBS9

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial
Mortgage Pass-Through Certificates, Series 2016-UBS9, Class Certificates

 

In accordance with
the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned
is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion Holder (or any
investment advisor or manager or other representative of the foregoing).

 

2.          The undersigned
is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In the case that
the undersigned is a Certificateholder, beneficial owner or prospective purchaser of an Offered Certificate, the undersigned has
received a copy of the Prospectus.

 

3.          The undersigned
is not a Borrower Party.

 

4.          The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior 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

 

    	Exhibit P-1A-1

    	 

    

 

undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

5.          The undersigned
shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          The undersigned
shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has
properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s
Website.

 

7.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    	Exhibit P-1A-2

    	 

    

 

EXHIBIT P-1B

 

FORM OF INVESTOR CERTIFICATION for
Non-Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class Certificateholder)

 

[Date]

 

	KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip	Wells Fargo Bank, National Association,

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479 0113

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Capital I Trust 2016-UBS9 Series 2016-UBS9
	 	 
	
        Park Bridge Lender Services LLC

        41 Watchung Plaza, Suite 250

        Montclair, New Jersey 07042

        Attention: MSCI 2016-UBS9-Surveillance Manager

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	
        CWCapital Asset Management
        LLC

        

        7501 Wisconsin Avenue, Suite
        500 West

        

        Bethesda, Maryland 20814

        

        Attention: Brian Hanson

        

        Facsimile: (202) 715-9699

        

	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) 

Morgan Stanley Capital I Trust Series 2016 UBS9

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com	 

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9, Class Certificates

 

In accordance with
the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is [the Directing Certificateholder][a Controlling Class Certificateholder].

 

2.          The undersigned
has received a copy of the Prospectus.

 

3.          The undersigned
is not a Borrower Party.

 

    	Exhibit P-1B-1

    	 

    

 

4.          The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

5.          The undersigned
shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          At any time the
undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver the certification
attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.          The undersigned
shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has
properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s
Website.

 

8.          [For use with
any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of this certification
in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the Pooling and Servicing
Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed by registered mail, postage
prepaid].

 

9.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	Exhibit P-1B-2

    	 

    

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    	Exhibit P-1B-3

    	 

    

 

EXHIBIT P-1C

 

FORM OF INVESTOR CERTIFICATION for
Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) Morgan Stanley Capital I Trust 2016-UBS9

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Attention: Diane Haislip

 

Re:       Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class Certificates          

 

In accordance with
the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion Holder (or any
investment advisor or manager or other representative of the foregoing).

 

2.          The undersigned
is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.          In the case that
the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the undersigned
has received a copy of the Prospectus.

 

4.          The undersigned
is a Borrower Party.

 

5.          The undersigned
is requesting access to the Distribution Date Statement pursuant to the Pooling and Servicing Agreement. In consideration of the
disclosure to the undersigned of 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

 

    	Exhibit P-1C-1

    	 

    

 

undersigned is subject), and such Distribution Date Statement will not, without the prior written consent of the Depositor,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part; provided, however, that
the obligations of the undersigned to keep any such Distribution Date Statement confidential shall expire one year following the
date that the undersigned receives such Distribution Date Statement (with respect to a prospective purchaser only) or is no longer
a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. The undersigned
will not use or disclose the Distribution Date Statement in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

6.          The undersigned
shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          The undersigned
shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statement on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate
Administrator’s Website.

 

8.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    	Exhibit P-1C-2

    	 

    

 

EXHIBIT P-1D

 

FORM OF INVESTOR CERTIFICATION for
Borrower PartY

(for the DIRECTING CERTIFICATEHOLDER and/or a Controlling Class Certificateholder)

 

[Date]

 

	KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip	Wells Fargo Bank, National Association,

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479 0113

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Capital I Trust 2016-UBS9 Series 2016-UBS9
	 	 
	
        Park Bridge Lender Services LLC

        41 Watchung Plaza, Suite 250

        Montclair, New Jersey 07042

        Attention: MSCI 2016-UBS9-Surveillance Manager

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

        

         
	
        CWCapital Asset Management
        LLC

        

        7501 Wisconsin Avenue, Suite
        500 West

        

        Bethesda, Maryland 20814

        

        Attention: Brian Hanson

        

        Facsimile: (202) 715-9699

        

         

         

	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) 

Morgan Stanley Capital I Trust Series 2016 UBS9

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com	 

 

Re:       Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class Certificates          

 

In accordance with
the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.  The undersigned
is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder].

 

2.          The undersigned
is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

[IDENTIFY [EXCLUDED
LOAN][EXCLUDED CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

    	Exhibit P-1D-1

    	 

    

 

The undersigned
is not a Borrower Party with respect to any other Mortgage Loan.

 

3.          The undersigned
has received a copy of the Prospectus.

 

4.          Except with respect
to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling and Servicing
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website [and/or
is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant
to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information,
or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting
it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not,
without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,
employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.          The undersigned
shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          To the extent
the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C)
any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related
Borrower Party or the 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

 

    	Exhibit P-1D-2

    	 

    

 

internal controls and appropriate policies
and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.          The undersigned
shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has
properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s
Website.

 

9.          The undersigned
hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight
courier or (b) mailed by registered mail, postage prepaid].

 

10.        Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    	Exhibit P-1D-3

    	 

    

 

EXHIBIT P-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip	Wells Fargo Bank, National Association,

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479 0113

Attention: Corporate Trust Services (CMBS)

Morgan Stanley Capital I Trust 2016-UBS9 Series 2016-UBS9
	 	 
	
        Park Bridge Lender Services LLC

        41 Watchung Plaza, Suite 250

        Montclair, New Jersey 07042

        Attention: MSCI 2016-UBS9-Surveillance Manager

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	
        CWCapital Asset Management
        LLC

        

        7501 Wisconsin Avenue, Suite
        500 West

        

        Bethesda, Maryland 20814

        

        Attention: Brian Hanson

        

        Facsimile: (202) 715-9699

        

	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) 

Morgan Stanley Capital I Trust Series 2016 UBS9

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com	 

 

Re:       Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class Certificates          

 

THIS NOTICE IDENTIFIES
AN “[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE MORGAN STANLEY CAPITAL I TRUST 2016-UBS9, COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2016-UBS9, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.13(b) OF THE
POOLING AND SERVICING AGREEMENT.

 

In accordance with
Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          The undersigned
is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder]
as of the date hereof.

 

    	Exhibit P-1E-1

    	 

    

 

2.          The undersigned
has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded Loan][Excluded
Controlling Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

[[If applicable] For the avoidance of doubt, [each] of the foregoing
loans is both an Excluded Loan and an Excluded Controlling Class Loan.]

 

3.          As of the date
above, the undersigned is the beneficial owner of the following certificates, and is providing the below information to the addressees
hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among other things, the Certificate
Administrator’s determination as to whether a Consultation Termination Event is in effect with respect to the Excluded Controlling
Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded Loan:

 

	CUSIP	Class	Outstanding 

Certificate Balance	Initial Certificate 

Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The undersigned is not a Borrower
Party with respect to any other Mortgage Loan.

 

4.          Except with respect
to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling and Servicing
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website [and/or
is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant
to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information,
or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting
it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise
from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not,
without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,
employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such

 

    	Exhibit P-1E-2

    	 

    

 

Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such
Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.          The undersigned
shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.          To the extent
the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C)
any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related
Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect
ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies
and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.          The undersigned
shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has
properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s
Website.

 

9.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

10.        The undersigned
is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling and Servicing Agreement,
requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not permitted to access and
shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate
Administrator’s Website unless

 

    	Exhibit P-1E-3

    	 

    

 

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][Excluded Controlling Class Loan](s) listed in Paragraph
2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Certificateholder][Holder
of the majority

	 	 	of the Controlling Class][Controlling Class
	 	 	 Certificateholder]
	 	 	 
	 	By: 	 
	 	 	 Name:
 Title:
	Dated: _______	 	 
	cc: Morgan Stanley Capital I Inc.	 	 

 

    	Exhibit P-1E-4

    	 

    

 

EXHIBIT P-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services (CMBS) Morgan Stanley Capital I Trust Series 2016-UBS9

        cts.cmbs.bond.admin@wellsfargo.com

        

        trustadministrationgroup@wellsfargo.com

         

	
        with a copy to:

         

        Wells Fargo Bank, National
        Association,

        

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        

        Attention: Morgan Stanley Capital I Trust 2016-UBS9 Series 2016-UBS9

         

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series
2016-UBS9

 

In accordance with Section 3.13(b) of the
Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”), the
undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          The undersigned is [the Directing
Certificateholder][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder] as of the date hereof.

 

2.          The undersigned has become a Borrower
Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded Loan][Excluded Controlling
Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

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 Morgan Stanley Capital I Trust 2016-UBS9 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][Excluded Controlling
Class Loan](s) on the Certificate Administrator’s Website unless and until it (i) is no longer an Excluded Controlling Class
Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s), (ii) has delivered notice of the termination of
the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of Exhibit P-1B
to the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein
have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

	 	 	 	 	 
	 	[Directing Certificateholder][Holder
of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 

cc: Morgan Stanley Capital I Inc.

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator
	 	 
	Name:	 
	Title:	 

 

    	Exhibit P-1F-2

    	 

    

 

EXHIBIT P-1G

 

Form
of Certification of the Directing Certificateholder

 

[Date]

 

	KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention:  Diane Haislip	Wells Fargo Bank, National Association,

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479 0113

Attention:  Corporate Trust Services (CMBS)

Morgan Stanley Capital I Trust 2016-UBS9 Series 2016-UBS9
	 	 
	
        Park Bridge Lender Services LLC

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: MSCI 2016-UBS9-Surveillance Manager

(with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	
        CWCapital Asset Management
LLC 

        7501 Wisconsin Avenue, Suite
        500 West

        Bethesda, Maryland
20814

        Attention: Brian
Hanson

        

        Facsimile: (202) 715-9699

         

	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045

Attention:  Corporate Trust Services (CMBS) 

Morgan Stanley Capital I Trust Series 2016 UBS9

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com	 

 

Re:      Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, Class [__] Certificates          

 

In accordance with
Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
has been appointed to act as the Directing Certificateholder.

 

2.          The undersigned
is not a Borrower Party.

 

3.          If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

4.          [For use with
any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed copy of this certification
in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to

 

    	Exhibit P-1G-1

    	 

    

 

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: Morgan Stanley Capital I Inc.	 	 

 

 

    	Exhibit P-1G-2

    	 

    

 

EXHIBIT P-2

 

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services MSCI 2016-UBS9

 

		Attention:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

In accordance with
the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2016 (the
“Pooling and Servicing Agreement”), and executed in connection with the above-referenced transaction, with respect
to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates;
or

 

		2.	The undersigned, a Nationally Recognized Statistical Rating Organization (“NRSRO”);

 

a.          has provided the
Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

b.          has access to the
Depositor’s 17g-5 website; and

 

c.           agrees that the
confidentiality agreement attached as Annex A hereto shall be applicable to the undersigned with respect to information
obtained from the Depositor’s 17g-5 website shall also be applicable to information obtained from the 17g-5 Information Provider’s
Website.

 

The undersigned shall
be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

    	Exhibit P-2-1

    	 

    

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Morgan Stanley Capital I 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 Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates,
Series 2016-UBS9 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as of March 1,
2016 (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc., as Depositor (the “Depositor”),
KeyBank National Association, as Master Servicer, CWCapital Asset Management LLC, as Special Servicer, Park Bridge Lender Services
LLC, as Operating Advisor and Asset Representations Reviewer, and Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee and the assets underlying or referenced by the Certificates, including the identity of, and financial information
with respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y)  any of the terms, conditions
or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which:

 

was or becomes generally
available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document)
other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation
of this Confidentiality Agreement;

 

was or is lawfully
obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you
to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to
maintain the information as confidential; or

 

is independently developed
by the NRSRO without reference to any Confidential Information.

 

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

You acknowledge that
you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat the
Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable
Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was
furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

    	Exhibit P-2-2

    	 

    

 

- disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

- solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information
to the NRSRO’s password protected website; and

 

- use information
derived from the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any
Confidential Information.

 

Disclosures Required by Law. If
you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole
expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be required to take a position
that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment.
If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect
to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other
remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement
in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant
Furnishing Entity.

 

Obligation to Return Evaluation Material.
Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies thereof,
that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding
the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation Material
to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures
designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that
may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material
obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to
this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

    	Exhibit P-2-3

    	 

    

 

Violations of this Confidentiality Agreement.

 

The NRSRO will be responsible
for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly
to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of
the Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge and
agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any
of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief
to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition
to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that
no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any
right, power or privilege.

 

Term. Notwithstanding the termination
or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating on a Security,
your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing Law. This Confidentiality
Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties and/or
the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement. This Confidentiality
Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry into
this website.

 

Contact Information. Notices for
each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

    	Exhibit P-2-4

    	 

    

 

EXHIBIT P-3

 

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services MSCI 2016-UBS9

 

		Attention:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.
If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at
866-846-4526, or at ctslink.customerservice@wellsfargo.com.

 

In accordance with
the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of March 1, 2016 (the
“Pooling and Servicing Agreement”), and executed in connection with the above-referenced transaction, 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 Asset Reviewers, LLC, BlackRock Financial Management,
Inc., Trepp, LLC, Bloomberg, L.P., Thomson Reuters Corporation, CMBS.com, Inc., Intex Solutions, Inc. or Markit Group Limited,
or such other market data provider chosen by the Depositor 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.

 

    	Exhibit P-3-2

    	 

    

 

EXHIBIT Q

 

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

Re:          Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9          

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction, 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(b) or
(c), as applicable, 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” and Section 2.01 of the Pooling and Servicing Agreement, all documents specified in clauses (i), (ii), (iv), (v), (vi),
(vii), (viii), (x) and (xii), if any, of the definition of “Mortgage File”, as applicable, with respect to the Mortgage
Loans are in its possession, (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan 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,
(iii) based on such examination and only as to the Mortgage Note and Mortgage, the related Mortgage Rate and stated maturity date,
the street address (excluding zip code) of the Mortgaged Property set forth in the Mortgage Loan Schedule respecting such Mortgage
Loan accurately reflects the information contained in the documents in the Mortgage File, and (iv) each Mortgage Note has been
endorsed as provided in clause (i) of the definition of “Mortgage File”.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

    	Exhibit Q-1

    	 

    

  

SCHEDULE A

 

[APPLICABLE MORTGAGE LOAN SELLER’S
NOTICE ADDRESS]

 

Morgan Stanley Capital
I Inc.

1585 Broadway

New York, New York 10036

Attention:  Stephen
Holmes

 

Fitch Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Fax number: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

  

Kroll Bond Rating Agency, Inc.

845 Third Avenue

New York, New York 10022

Attention: CMBS Surveillance

E-mail: CMBSSurveillance@krollbondratings.com

 

Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson

Facsimile: (202) 715-9699

 

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Administration Group – MSCI 2016-UBS9

 

[_____]

 

    	Exhibit Q-2

    	 

    

 

EXHIBIT R-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip 

 

 

 SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

Wells Fargo Bank, National Association, a national banking association
organized and existing under the laws of the United States and having an office at 9062 Old Annapolis Road, Columbia, Maryland
21045, not in its individual capacity but solely as Trustee (in such capacity, the “Trustee”), hereby constitutes
and appoints KeyBank National Association (the “Master Servicer”), as its true and lawful Attorney-in-Fact,
and in its name, aforesaid Attorney-In-Fact, by and through any authorized representative appointed by the Board of Directors of
the Master Servicer, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary
and appropriate for the tasks described in the items (1) through (12) below; provided however, that the documents described below
may only be executed and delivered by such Attorney-In-Fact if such documents are required or permitted under the terms of the
Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Agreement”), relating to the Morgan Stanley
Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, and no power is granted hereunder to
take any action that would be adverse to the interests of Wells Fargo Bank, National Association.

 

This Limited Power of Attorney is being issued in connection
with the Master Servicer’s responsibilities to service certain mortgage loans (the “Loans”) held by the
undersigned, as Trustee. The Loans are comprised of mortgages or deeds of trust (the “Mortgages” and “Deeds
of Trust” respectively), and other forms of security instruments (collectively, the “Security Instruments”)
and the Mortgage Notes secured thereby. Capitalized terms used but not defined herein shall have the respective meanings assigned
thereto in the Agreement.

 

		1.	Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving under a Deed of Trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits for

                                                                    

 

 

    	Exhibit R-1-1

    	 

    

 

	 	 	waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action.

 

		2.	Execute and/or file such documents and take such other action as is proper and necessary to defend Wells Fargo Bank, National
Association, as Trustee, in litigation and to resolve any litigation where the Master Servicer has an obligation to defend Wells
Fargo Bank, National Association, as Trustee, including but not limited to dismissal, termination, cancellation, rescission and
settlement.

 

		3.	Transact business of any kind regarding the Loans and the Mortgaged Properties

 

		4.	Obtain an interest therein and/or building thereon, as Wells Fargo Bank, National Association, as Trustee’s act and deed,
to contract for, purchase, receive and take possession and evidence of title in and to the property and/or to secure payment of
a promissory note or performance of any obligation or agreement.

 

		5.	Execute, complete, indorse or file bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments
regarding the Mortgagors, the Loans and/or the Mortgaged Properties, including but not limited to the execution of estoppel certificates,
financing statements, continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans,
waivers, consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment
agreements, non-disturbance and attornment agreements, leasing agreements, management agreements, listing agreements, purchase
and sale agreements, and other instruments pertaining to Mortgages or Deeds of Trust, and execution of deeds and associated instruments,
if any, conveying the Mortgaged Properties, in the interest of Wells Fargo Bank, National Association, as Trustee.

 

		6.	Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned
and draw upon, replace, substitute, release or amend letters of credit as property securing the Loans.

 

		7.	[RESERVED]

 

		8.	Such other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish
the Master Servicer’s duties and responsibilities under the Agreement.

 

		9.	Execute any document or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust
as necessary to transfer ownership of the affected Loans to the entity (or its designee or assignee) possessing the right to obtain
ownership of the Loans.

 

		10.	Subordinate the lien of a Mortgage, Deed of Trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable,
or (ii) to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, 

 

    	Exhibit R-1-2

    	 

    

 

	 	 	including
but not limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose,
and the execution or requests to the trustees to accomplish the same.

 

		11.	Convey the Mortgaged Property to the mortgage insurer, or close the title to the Mortgaged Property to be acquired as real
estate owner, or convey title to real estate owned property (“REO Property”).

 

		12.	Execute and deliver the following documentation with respect to the sale of the REO Property acquired through a foreclosure
or deed-in-lieu of foreclosure, including, without limitation, listing agreements, purchase and sale agreements, grant / limited
or special warranty / quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the
Mortgaged Property to a party contracted to purchase same, escrow instructions and any all documents necessary to effect the transfer
of REO Property.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do as of March 8, 2016.

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

The Master Servicer hereby agrees to indemnify and hold Wells
Fargo Bank, National Association, as Trustee, and its directors, officers, employees and agents harmless from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever incurred by the Trustee by reason or result of the 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 Wells Fargo Bank, National Association, as Trustee under the Agreement.

 

    	Exhibit R-1-3

    	 

    

 

Witness my hand and seal this            day of                               ,
2016.

 

	 	 	Wells Fargo Bank, National Association, as Trustee, for Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9
		
			

	 	 		 
		 		 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	Witness:	 	 	 
	 	 	 	 
	Attest:	, Assistant Secretary	 	 
	 	 	 	 	 

 

  

    	Exhibit R-1-4

    	 

    

                               

CORPORATE ACKNOWLEDGMENT

 

State of Maryland

 

County of _________________

 

On this            day of                                , 2016, before
me, the undersigned, a Notary Public in and for said County and State, personally appeared _____________, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as a Vice President
of Wells Fargo Bank, National Association, a national banking association, and acknowledged to me that Wells Fargo Bank, National
Association, as Trustee for Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9
executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

 

WITNESS my hand and official seal.

 

Signature: __________________________

 

	My commission expires:	Document drafted by:
	 	 
	 	Wells Fargo Bank, National Association,
    

as Trustee

 

 

    	Exhibit R-1-5

    	 

    

 

EXHIBIT R-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson

Facsimile: (202) 715-9699

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

Wells Fargo Bank, National Association, a national banking association
organized and existing under the laws of the United States and having an office at 9062 Old Annapolis Road, Columbia Maryland 21045,
not in its individual capacity but solely as Trustee (“Trustee”), hereby constitutes and appoints CWCapital
Asset Management LLC (“Special Servicer”), and in its name, aforesaid Attorney-In-Fact, by and through its duly
appointed officers and employees, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably
necessary and appropriate for the tasks described in the items (1) through (8) below; provided however, that the documents described
below may only be executed and delivered by such Attorneys-In-Fact if such documents are required or permitted under the terms
of the Pooling and Servicing Agreement dated as of March 1, 2016 (the “Agreement”), relating to Morgan Stanley
Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, and no power is granted hereunder to
take any action that would be adverse to the interests of Wells Fargo Bank, National Association.

 

This Limited Power of Attorney is being issued in connection
with Special Servicer’s responsibilities to service certain mortgage loans (the “Loans”) held by the undersigned.
These Loans are secured by collateral comprised of Mortgages, Deeds of Trust, Deeds to Secure Debt and other forms of Security
instruments (collectively the “Security Instruments”) encumbering any and all real and personal property delineated
therein (the “Property”) and the Notes secured thereby. Capitalized terms used but not defined herein shall
have the respective meanings assigned thereto in the Agreement.

 

		1.	Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter
shall become due and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving under
a Deed of Trust, the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds
in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under
the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions, appointments
of receiver, suits for 

 

    	Exhibit R-2-1

    	 

    

 

 

	 	 	waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution
of any evidentiary affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state
or federal suit or any other action.

 

		2.	Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee in litigation
and to resolve any litigation where the Special Servicer has an obligation to defend the Trustee, including but not limited to
dismissal, termination, cancellation, rescission and settlement.

 

		3.	Transact business of any kind regarding the Loans and the Properties.

 

		4.	Obtain an interest therein and/or building thereon, as Wells Fargo Bank, National Association, as Trustee’s act and deed,
to contract for, purchase, receive and take possession and evidence of title in and to the property and/or to secure payment of
a promissory note or performance of any obligation or agreement.

 

		5.	Execute bonds, notes, mortgages, deeds of trust and other contracts, agreements and instruments regarding the Borrowers and/or
the Property, including but not limited to the execution of estoppel certificates, financing statements, continuation statements,
releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents, amendments, forbearance agreements,
loan assumption agreements, subordination agreements, property adjustment agreements, non-disturbance and attornment agreements,
leasing agreements, management agreements, listing agreements, purchase and sale agreements and other instruments pertaining to
mortgages or deeds of trust, and execution of deeds and associated instruments, if any, conveying the Property, in the interest
of the Trustee.

 

		6.	Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned
and draw upon, replace, substitute, release or amend letters of credit as Property securing the Loans.

 

		7.	Execute any document or perform any act described in items (3) and (4) in connection with the termination of any Trust as necessary
to transfer ownership of the affected Mortgage Loans to the entity (or its designee or assignee) possessing the right to obtain
ownership of the Mortgage Loans.

 

		8.	Such other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish
the Special Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do as of March 8, 2016.

 

    	Exhibit R-2-2

    	 

    

 

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

 

The Special Servicer hereby agrees to indemnify and hold Wells
Fargo Bank, National Association, as Trustee, and its directors, officers, employees and agents harmless from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever incurred by the Trustee by reason or result of the misuse of this Limited Power of Attorney by the Special
Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier
resignation or removal of Wells Fargo Bank, National Association, as Trustee under the Agreement.

 

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-2-3

    	 

    

 

Witness my hand and seal this            day of                               ,
2016.

 

		Wells Fargo Bank, National
Association, as Trustee, for Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9

 

	 	 	By:	 
	Witness:	 	 	, Vice President           
	 	 	 	 
	 	 	 	 
	Witness:	 	 	
	 	 	 	 
	Attest: 	, Trust Officer	 	 	 	 

 

    	Exhibit R-2-4

    	 

    

 

CORPORATE ACKNOWLEDGMENT

 

State of Maryland

 

County of ________________

 

On this          day of          , 2016, before me, the
undersigned, a Notary Public in and for said County and State, personally appeared _____________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as a Vice President of Wells
Fargo Bank, National Association, a national banking association, and acknowledged to me that such national banking association
executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

 

WITNESS my hand and official seal.

 

Signature: __________________________________________________________

 

	My commission expires:	Document drafted by:
	 	 
	 	Wells Fargo Bank, National Association,
    

as Trustee

 

    	Exhibit R-2-5

    	 

    

 

EXHIBIT S

 

INITIAL COMPANION HOLDERS  

 

	Loan	Companion Holder
	
        

         

        525 Seventh Avenue

         
	
        

         

        Note A-2 

         

        Wells Fargo Bank, National Association, as trustee,
for the benefit of Morgan Stanley Capital I Trust 2015-UBS8 

         

        NOTICE ADDRESS:

        

Wells Fargo Bank, National Association

9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services – MSCI

2015-UBS8 (with a copy to trustadministrationgroup@wellsfargo.com, 

cts.cmbs.bond.admin@wellsfargo.com)

         

        Note A-3 and Note A-4 

         

        UBS Real Estate Securities Inc.

         

        NOTICE ADDRESS: 

         

        UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell 

         

        with a copy to: 

         

        UBS Securities LLC 

        1285 Avenue of the Americas 

        New York, New York 10019 

        Attention: Henry Chung and Office of General Counsel 

         

        with a copy to:

         

        UBS AG

153 West 51st Street  

 

    	Exhibit S-1

    	 

    

 

 

	 	New York, New York 10019

Attention: Chad Eisenberger, Executive Director & Counsel
	
          

        2100 Ross

         
	
        

         

        Note A-3 and Note A-4 

         

        UBS Real Estate Securities Inc. 

         

        NOTICE ADDRESS: 

         

        UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

Email: david.schell@ubs.com

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street 

        New York, New York 10281 

        Attention: Frank Polverino, Esq. 

        Facsimile No.: (212) 504-6666 

        Email: frank.polverino@cwt.com 

	
        

         

        GLP Industrial Portfolio B

         
	
        

         

        Note A-1, Note A-2, Note B-1 and Note B-2 

         

        Wells Fargo Bank, National Association, as trustee,
for the benefit of CSMC Trust 2015-GLPB 

         

        NOTICE ADDRESS: 

         

        Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – CSMC 2015-GLPB

E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com 

         

        Note A-3

         

        Column Financial, Inc.

         

 

 

    	Exhibit S-2

    	 

    

 

	
        

         

        

         
	 

NOTICE ADDRESS:
        

Column Financial, Inc.

11 Madison Avenue, 4th Floor

New York, New York 10010

Attention: N. Dante La Rocca

Facsimile number: (646) 935-8520 

         

        with a copy to:

Column Financial, Inc.

1 Madison Avenue, 9th Floor

New York, New York 10010

Attention: Sarah Nelson 

	
          

        Princeton Pike Corporate Center

         
	
        

         

        Note A-1 

         

        U.S. Bank National Association, as trustee, for the
benefit of Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 

         

        NOTICE ADDRESS: 

         

        U.S. Bank National
Association 

        190 S. LaSalle Street, 7th Floor 

        Mail Code MK-IL-SL7C

Chicago, Illinois 60603 

        Attention: MSBAM 2016-C28 

         

        Note A-3 

         

        Morgan Stanley
Bank, N.A.  

         

        NOTICE ADDRESS: 

         

        Morgan Stanley Bank, N.A. 

        1585 Broadway 

        New York, New York 10036 

        Attention: Stephen Holmes

         

        with a copy to: 

         

        Morgan Stanley Bank, N.A. 

        1221 Avenue of the Americas 

        New York, New York 10020 

        Attention: Legal Compliance Division 

  

    	Exhibit S-3

    	 

    

 

	
        

         

        Twenty Ninth Street Retail

         
	
        

         

        Note A-1 

         

        Goldman Sachs Mortgage Company

         

        NOTICE ADDRESS:

         

        Goldman Sachs Mortgage Company

        200 West Street

        New York, New York 10282

        Attention: Leah Nivison

        Facsimile No.: (212) 428-1439

        Email: leah.nivison@gs.com

         

        with a copy to:

         

        Goldman Sachs Mortgage Company

        200 West Street

        New York, New York 10282

        Attention: Peter Morreale

        Facsimile No.: (212) 902-3000

        Email: peter.morreale@gs.com

         

        with a copy to:

         

        Goldman Sachs Mortgage Company

        6011 Connection Drive, Suite 550

        Irving, Texas 75039

        Attention: Joe Osborne

        Facsimile No.: (212) 291-5318

        Email: joe.osborne@gs.com

         

        Note A-3 

         

        UBS Real Estate Securities Inc. 

         

        NOTICE ADDRESS: 

         

        UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

Email: david.schell@ubs.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft LLP 

        

 

    	Exhibit S-4

    	 

    

 

 

	 	200 Liberty Street 

        New York, New York 10281 

        Attention: Frank Polverino, Esq. 

        Facsimile No.: (212) 504-6666 

        Email: frank.polverino@cwt.com

	
        

         

        Ellenton Premium Outlets

         
	
        

         

        Note A-1 and Note A-3 

         

        Wells Fargo Bank, National Association, as trustee,
for the benefit of Morgan Stanley Capital I Trust 2015-UBS8 

         

        NOTICE ADDRESS:

        

Wells Fargo Bank, National Association

9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services – MSCI

2015-UBS8 (with a copy to trustadministrationgroup@wellsfargo.com, 

cts.cmbs.bond.admin@wellsfargo.com) 

         

        Note A-4 

         

        U.S. Bank National Association 

         

        NOTICE ADDRESS: 

         

        U.S. Bank National
Association 

        190 S. LaSalle Street, 7th Floor 

        Mail Code MK-IL-SL7C

Chicago, Illinois 60603 

        Attention: MSBAM 2016-C28 

	
         

        

        Gateway Plaza

         
	
        

         

        Note A-2 and A-3 

         

        UBS Real Estate Securities Inc. 

         

        NOTICE ADDRESS: 

         

        UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

Email: david.schell@ubs.com 

         

        

 

    	Exhibit S-5

    	 

    

 

 

	 	with a copy to:

         

        Cadwalader, Wickersham & Taft LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Frank Polverino, Esq. 

        Facsimile No.: (212) 504-6666 

        Email: frank.polverino@cwt.com 

	
          

        Grove City Premium Outlets

         
	
        

         

        Note A-1 

         

        Wells Fargo Bank, National Association, as trustee,
for the benefit of Morgan Stanley Capital I Trust 2015-UBS8 

         

        NOTICE ADDRESS:

        

Wells Fargo Bank, National Association

9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services – MSCI

2015-UBS8 (with a copy to trustadministrationgroup@wellsfargo.com, 

cts.cmbs.bond.admin@wellsfargo.com) 

         

        Note A-2  

         

        UBS Real Estate Securities Inc. 

         

        NOTICE ADDRESS: 

         

        UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

Email: david.schell@ubs.com 

         

        with a copy to:

         

        Cadwalader, Wickersham & Taft LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Frank Polverino, Esq. 

        Facsimile No.: (212) 504-6666 

        Email: frank.polverino@cwt.com  

         

 

    	Exhibit S-6

    	 

    

 

 

	 	Note A-5 

         

        Bank of America, National Association 

         

        NOTICE ADDRESS: 

         

        Bank of America, N.A. 

        NC1-027-15-01 

        214 North Tryon Street 

        Charlotte, North Carolina 28255 

        Attention: Steven L. Wasser 

        Email: steve.l.wasser@baml.com 

         

        with a copy to: 

         

        Bank of America, N.A. 

        214 North Tryon Street, 20th Floor 

        NC1-027-20-05 

        Charlotte, North Carolina 28255 

        Attention: W. Todd Stillerman, Esq. 

        Email: william.stillerman@bankofamerica.com

	
          

        Gulfport Premium Outlets

         
	
        

         

        Note A-2 

         

        Wells Fargo Bank, National Association, as trustee,
for the benefit of Morgan Stanley Capital I Trust 2015-UBS8 

         

        NOTICE ADDRESS:

        

Wells Fargo Bank, National Association

9062 Old Annapolis Road 

        Columbia, Maryland 21045 

        Attention: Corporate Trust Services – MSCI

2015-UBS8 (with a copy to trustadministrationgroup@wellsfargo.com, 

cts.cmbs.bond.admin@wellsfargo.com 

         

        Note A-1 

         

        Bank of America, National Association 

         

        NOTICE ADDRESS: 

         

        Bank of America, N.A. 

        NC1-027-15-01 

 

    	Exhibit S-7

    	 

    

 

 

	
          

        

         
	
        214 North Tryon Street 

        Charlotte, North Carolina 28255 

        Attention: Steven L. Wasser 

        Email: steve.l.wasser@baml.com 

         

        with a copy to:

         

        Bank of America, N.A. 

        214 North Tryon Street, 20th Floor 

        NC1-027-20-05 

        Charlotte, North Carolina 28255 

        Attention: W. Todd Stillerman, Esq. 

        Email: william.stillerman@bankofamerica.com 

  

    	Exhibit S-8

    	 

    

 

EXHIBIT T

 

FORM OF NOTICE RELATING TO THE NON-SERVICED
MORTGAGE LOANS

 

[Date]

 

[Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: MSBAM 2016-C28 Asset Manager

Telecopy Number: (704) 715-0036]

 

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

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy Number: (913) 253-9001] 

 

[KeyBank National Association 

11501 Outlook Street, Suite 300 

Overland Park, Kansas 66211 

Attention: Diane Haislip

Telecopy Number: (877) 379-1625]

 

VIA FACSIMILE

 

Re:Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9

 

Dear [__________]:

 

[Wells Fargo Bank, National
Association][Midland Loan Services, a Division of PNC Bank, National Association][KeyBank National Association], is the master
servicer (the “Non-Serviced Master Servicer”)
for the [525 Seventh Avenue] [GLP Industrial Portfolio B] [Princeton Pike Corporate Center] [Twenty Ninth Street Retail] [Ellenton
Premium Outlets] [Grove City Premium Outlets] [Gulfport Premium Outlets] Whole Loan, as such term is defined under the Pooling
and Servicing Agreement, dated March 1, 2016 (the “2016-UBS9 Pooling
Agreement”), and executed in connection with the above-referenced transaction. The Certificate Administrator hereby
directs the Non-Serviced Master Servicer, as follows:

 

The Non-Serviced Master
Servicer shall remit to KeyBank National Association, as the master servicer with respect to the Morgan Stanley Capital I Trust
2016-UBS9 (the “Master Servicer”) all amounts payable to, and forward, deliver or otherwise make available,
as the case may be, to the Master Servicer all reports, statements, documents, communications, and other information that are to
be forwarded, delivered or otherwise made available to, the holder of the [525 Seventh Avenue][GLP Industrial Portfolio B][Princeton
Pike Corporate Center]

 

    	Exhibit T-1

    	 

    

 

[Twenty Ninth Street Retail][Ellenton Premium Outlets][Grove City Premium Outlets][Gulfport Premium Outlets]
Whole Loan (as such term is defined in the Morgan Stanley Capital I Trust 2016-UBS9 Pooling Agreement) under the [525 Seventh Avenue][GLP
Industrial Portfolio B][Princeton Pike Corporate Center][Twenty Ninth Street Retail][Ellenton Premium Outlets][Grove City Premium
Outlets][Gulfport Premium Outlets] Intercreditor Agreement (as defined in the 2016-UBS9 Pooling Agreement).

 

The [525 Seventh Avenue][GLP
Industrial Portfolio B][Princeton Pike Corporate Center][Twenty Ninth Street Retail][Ellenton Premium Outlets][Grove City Premium
Outlets][Gulfport Premium Outlets] Mortgage Loan [is][is not] a Significant Obligor (as such term is defined in the 2016-UBS9 Pooling
Agreement) under the 2016-UBS9 Pooling Agreement.

 

Thank you for your attention
to this matter.

 

    	Exhibit T-2

    	 

    

 

Date:_________________________

 

	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    	Exhibit T-3

    	 

    

 

EXHIBIT U 

 

FORM OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN 

 

		To:	Fitch Ratings, Inc.

One State Street Plaza

New York, New York 10004

Attention: Commercial Mortgage Backed Securities Surveillance

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

 

Kroll Bond Rating Agency, Inc.

845 Third Avenue

New York, New York 10022

Attention: CMBS Surveillance

Email: CMBSSurveillance@krollbondratings.com 

 

Moody’s Investors Service,
Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

E-mail: CMBSSurveillance@moodys.com

 

		From:	KeyBank National Association, in its capacity as Master Servicer under the Pooling and Servicing Agreement dated as of March
1, 2016 (the “Pooling and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial
Mortgage Pass-Through Certificates, Series 2016-UBS9.

 

		Date:	_________, 20___

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9

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:____________________

____________________

 

    	Exhibit U-1

    	 

    

 

Reference is made to
the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Pooling and Servicing Agreement.

 

As Servicer under the
Pooling and Servicing Agreement, we hereby:

 

(a)Notify you that
the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type checked
below:

 

____a full defeasance of the
entire principal balance of the Mortgage Loan; or

 

____a partial defeasance of
a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of $____________ or _______%
of the entire principal balance of the Mortgage Loan;

 

(b)Certify that each
of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto, which exceptions
the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect on the Mortgage
Loan or the defeasance transaction:

 

(i)          The
Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied in
all material respects in completing the defeasance.

 

(ii)         The
defeasance was consummated on __________, 20__.

 

(iii)        The
defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section 2(a)(16)
of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for ‘AAA’
Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard & Poor’s Public Finance
Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation, the principal due at maturity
cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)        The
Master Servicer received an opinion of counsel (from counsel approved by the Servicer in accordance with the Servicing Standard)
that the defeasance will not result in an Adverse REMIC Event.

 

(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.

 

    	Exhibit U-2

    	 

    

 

(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.

 

(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

 

    	Exhibit U-3

    	 

    

 

the defeasance collateral and that the documents executed in connection with the defeasance are enforceable
in accordance with their respective terms.

 

(c)          Certify that Exhibit
B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance Obligor, and opinions
of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)          Certify that
the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute a Servicing
Officer as of the date of the defeasance described above.

 

(e)          Agree
to provide copies of all items listed in Exhibit B to you upon request. 

 

    	Exhibit U-4

    	 

    

 

IN WITNESS WHEREOF, the
Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

 

	 	[____________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit U-5

    	 

    

 

EXHIBIT
V

FORM OF OPERATING ADVISOR ANNUAL REPORT

 

Report Date: This report will be delivered annually no
later than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing Agreement, dated as of [March 1], 2016
(the “Pooling and Servicing Agreement”).

 

Transaction: Morgan Stanley Capital I Trust 2016-UBS9,

Commercial Mortgage Pass-Through Certificates,

Series 2016-UBS9

 

Operating Advisor: Park Bridge Lender Services LLC

 

Special Servicer: CWCapital Asset Management LLC

 

Directing Certificateholder: [______]

 

I. Population of Mortgage Loans that Were Considered in Compiling
this Report

 

		1.	The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans were transferred to special
servicing in the prior calendar year [INSERT YEAR].

 

		a.	[●] of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of
an Asset Status Report.

 

		b.	Asset Status Reports were issued with respect to [●] of such Specially Serviced Loans. This report is based only on the
Specially Serviced Loans in respect of which an Asset Status Report has been issued. The Asset Status Reports may not yet be fully
implemented.

 

II. Executive Summary

 

Based on the requirements and qualifications
set forth in the Pooling and Servicing Agreement, as well as the items listed below, the Operating Advisor (in accordance with
the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing Agreement) has undertaken a limited review
of the Special Servicer’s operational activities to service certain Specially Serviced Loans in accordance with the Servicing
Standard. Based on such limited review, the Operating Advisor [does, does not] believe there are material violations of the Special
Servicer’s compliance with its obligations under the Pooling and Servicing Agreement. In addition, the Operating Advisor
notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

In connection with the assessment set forth
in this report, the Operating Advisor:

 

		1.	Reviewed the Asset Status Reports, the Special Servicer’s assessment of compliance report, attestation report by a third
party regarding the Special Servicer’s compliance with its obligations and net present value calculations and Appraisal Reduction
calculations 

 

    	Exhibit V-1

    	 

    

  

		 	and [LIST OTHER REVIEWED INFORMATION] for the following [●] Specially Serviced Loans: [List related mortgage
loans]

 

		2.	Consulted with the Special Servicer as provided under the Pooling and Servicing Agreement. The Operating Advisor’s analysis
of the Asset Status Reports (including related net present value calculations and Appraisal Reduction calculations) related to
the Specially Serviced Loans should be considered a limited investigation and not be considered a full or limited audit. For instance,
we did not review each page of the Special Servicer’s policy and procedure manuals (including amendments and appendices),
re-engineer the quantitative aspects of their net present value calculator, visit any property, visit the Special Servicer, visit
the Directing Certificateholder or interact with any borrower. In addition, our review of the net present value calculations and
Appraisal Reduction calculations is limited to the mathematical accuracy of the calculations and the corresponding application
of the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the
discretionary portions of such formulas.

 

III. Specific Items of Review

 

		1.	The Operating Advisor reviewed the following items in connection with the generation of this report: [LIST MATERIAL ITEMS].

 

		2.	During the prior year, the Operating Advisor consulted with the Special Servicer regarding its strategy plan for a limited
number of issues related to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated in discussions and
made strategic observations and recommended alternative courses of action to the extent it deemed such observations and recommendations
appropriate. The Special Servicer [agreed with/did not agree with] the material recommendations made by the Operating Advisor.
Such recommendations generally included the following: [LIST].

 

		3.	Appraisal Reduction calculations and net present value calculations:

 

		4.	The Operating Advisor [received/did not receive] information necessary to recalculate and verify the accuracy of the mathematical
calculations and the corresponding application of the non-discretionary portions of the applicable formulas required to be utilized
in connection with any Appraisal Reduction or net present value calculations used in the special servicer’s determination
of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan prior to the utilization
by the special servicer.

 

		a.	The operating advisor [agrees/does not agree] with the [mathematical calculations] [and/or] [the application of the applicable
non-discretionary portions of the formula] required to be utilized for such calculation.

 

		b.	After consultation with the special servicer to resolve any inaccuracy in the mathematical calculations or the application
of the non-discretionary portions of 

 

    	Exhibit V-2

    	 

    

 

		 	the related formula in arriving at those mathematical calculations, such inaccuracy [has been/
has not been] resolved.

 

		5.	The following is a general discussion of certain concerns raised by the Operating Advisor discussed in this report: [LIST CONCERNS].

 

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

 

IV. Qualifications Related to the Work Product Undertaken
and Opinions Related to this Report

 

		1.	The Operating Advisor did not participate in, or have access to, the Special Servicer’s and Directing Certificateholder’s
discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Directing
Certificateholder directly. As such, the Operating Advisor generally relied upon the information delivered to it by the Special
Servicer as well as its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report.

 

		2.	The Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling
and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

		3.	Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance
of the discussions held between it and the Special Servicer regarding any Specially Serviced Loans and certain information it reviewed
in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all the relevant
information that the Operating Advisor is given access to by the Special Servicer.

 

		4.	There are many tasks that the Special Servicer undertakes on an 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.

 

		5.	The Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this
report, they should address such questions to the certificate administrator through the certificate administrator’s website.

 

    	Exhibit V-3

    	 

    

 

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement.

 

	 	PARK BRIDGE LENDER SERVICES LLC,  

as Operating Advisor
	 	 	 	 
	 	By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC,
a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit V-4

    	 

    

  

EXHIBIT W 

 

Form
of Notice from Operating Advisor Recommending Replacement of Special Servicer

  

Wells Fargo Bank, National Association

   as Trustee

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Corporate Trust Services (CMBS) Morgan Stanley Capital
I Trust 2016-UBS9

Telecopy number: (410) 715-2380 

 

Wells Fargo Bank, National Association

   as Certificate Administrator 

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Corporate Trust Services (CMBS) Morgan Stanley Capital
I Trust 2016-UBS9

Telecopy Number: (410) 715-2380

 

CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson

Facsimile: (202) 715-9699 

 

Re:         Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9,

Recommendation of Replacement of Special Servicer          

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing
Agreement”), and executed in connection with the above-referenced transaction, on behalf of the holders of Morgan Stanley
Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 (the “Certificates”)
regarding the replacement of the Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

Based upon our review
of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.23 of the Pooling
and Servicing Agreement, it is our assessment that CWCapital Asset Management LLC, in its current capacity as Special Servicer,
is not [performing its duties under the Pooling and Servicing Agreement][acting in

 

    	Exhibit W-1

    	 

    

 

accordance with the Servicing Standard]. The
following factors support our assessment: [________].

 

Based upon such assessment,
we further hereby recommend that CWCapital Asset Management LLC be removed as Special Servicer and that [________] be appointed
its successor in such capacity.

 

	 	Very truly yours,
	 	 
	 	[The Operating Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

    	Exhibit W-2

    	 

    

 

EXHIBIT X

 

Form
of CONFIDENTIALITY Agreement

 

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip

 

CWCapital Asset Management LLC

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson

Facsimile: (202) 715-9699

 

		Re:	Access to Certain Information Regarding Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling
and Servicing Agreement”), and executed in connection with the above-referenced transaction. Defined terms used
herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.

 

[KeyBank National Association (“KeyBank”)/CWCapital
Asset Management LLC (“CWCAM”)] 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.

 

[KeyBank/CWCAM] 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 [KeyBank/CWCAM] by third
parties, (b) may not have been verified by [KeyBank/CWCAM], and (c) may be incomplete or contain inaccuracies. The Company agrees
that [KeyBank/CWCAM], 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) [KeyBank/CWCAM]’s failure or inability to

 

    	Exhibit X-1

    	 

    

 

[_____] [__], 20[__]

Page 2

 

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 [KeyBank/CWCAM]; (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 [KeyBank/CWCAM];
(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 [KeyBank/CWCAM]’s election): (i) responses to reasonable written inquiries received from the Company,
(ii) conference calls conducted on a reasonably scheduled basis with [KeyBank/CWCAM]’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”). [KeyBank/CWCAM] 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) [KeyBank/CWCAM] 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. [KeyBank/CWCAM] shall cease to provide the Company with Confidential Information
if [KeyBank/CWCAM] has actual knowledge that the Company or its Representatives are affiliates of any borrower under the Mortgage
Loan documents and [KeyBank/CWCAM] 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. [KeyBank/CWCAM]’s remedies hereunder, at law or at equity,
are cumulative and may be combined.

 

The Company agrees that it will not, and
it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to any other person
or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose) who have a need
to know the information, or as otherwise required by applicable law, court order or any governmental agency or regulator. The Company
acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any disclosure of the Confidential Information
by it or its Representatives for any purpose other than a Permitted Purpose, in addition to being a breach of this letter agreement,
may constitute a violation of federal and state securities laws. The Company will take reasonable measures to ensure that each
Representative is advised of this letter agreement and agrees to keep the Confidential Information confidential. The Company shall
be liable for any breach of this letter agreement by its Representatives. Notwithstanding the foregoing, the Company may subsequently
provide all or any part of such Confidential Information to any other person or entity that holds or is contemplating the purchase
of any Certificate or interest therein, but only if such person or entity confirms such ownership interest or prospective ownership
interest and provided that, prior to the delivery of such Confidential

 

    	Exhibit X-2

    	 

    

 

[_____] [__], 20[__]

Page 3

 

Information, such persons shall have executed and
delivered to the Company an agreement that is substantially similar in form and substance to this agreement.

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of New York without the application of conflict of laws principles. Anything
herein to the contrary notwithstanding, [KeyBank/CWCAM] 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 [KeyBank/CWCAM]’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,
	 	 
	 	[KeyBank
National Association
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

	 	 
	 	[CWCAPITAL ASSET MANAGEMENT LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

	CONFIRMED AND AGREED TO:	 	 
	 	 	 
	[COMPANY NAME]	 	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit X-4

    	 

    

 

EXHIBIT Y

 

FORM CERTIFICATION TO BE PROVIDED WITH
FORM 10-K

 

CERTIFICATION

 

I, [identifying the certifying
individual], the Vice President and Chief Executive Officer of Morgan Stanley Capital I Inc., the depositor into the above-referenced
Trust, certify that:

 

		1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K of the Morgan Stanley Capital I Trust 2016-UBS9 (the “Exchange
Act periodic reports”);

 

		2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

 

		3.	Based on my knowledge, all of the distribution, servicing and other information required to be
provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

 

		4.	Based on my knowledge and the servicer compliance statements required in this report under Item
1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations
under the servicing agreements in all material respects; and

 

		5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities
and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required
to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described
in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

(A) KeyBank National
Association, as Master Servicer, CWCapital Asset Management LLC, as Special Servicer, Wells Fargo Bank, National Association, as
Certificate Administrator and Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer;

 

(B) Midland Loan Services,
a Division of PNC Bank, National Association, as Non-Serviced Master Servicer, Rialto Capital Advisors, LLC, as Non-Serviced Special
Servicer,

 

    	Exhibit Y-1

    	 

    

 

Wells Fargo Bank, National Association, as Non-Serviced Trustee, Situs Holdings, LLC, as Non-Serviced Trust Advisor,
and Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator of the 525 Seventh Avenue Mortgage Loan;

 

(C) KeyBank National
Association, as Non-Serviced Servicer, AEGON USA Realty Advisors, LLC, as Non-Serviced Special Servicer, Wells Fargo Bank, National
Association, as Non-Serviced Certificate Administrator, and Wells Fargo Bank, National Association, as Non-Serviced Trustee of
the GLP Industrial Portfolio B Mortgage Loan;

 

(D) Wells Fargo Bank,
National Association, as Non-Serviced Master Servicer, C-III Asset Management LLC, as Non-Serviced Special Servicer, Wells Fargo
Bank, National Association, as Non-Serviced Certificate Administrator, U.S. Bank National Association, as Non-Serviced Trustee,
and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer of the Princeton Pike Corporate Center
Mortgage Loan;

 

(E) Midland Loan Services,
a Division of PNC Bank, National Association, as Non-Serviced Master Servicer, Rialto Capital Advisors, LLC, as Non-Serviced Special
Servicer, Wells Fargo Bank, National Association, as Non-Serviced Trustee, Situs Holdings, LLC, as Non-Serviced Trust Advisor,
and Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator of the Ellenton Premium Outlets Mortgage
Loan;

 

(F) Midland Loan Services,
a Division of PNC Bank, National Association, as Non-Serviced Master Servicer, Rialto Capital Advisors, LLC, as Non-Serviced Special
Servicer, Wells Fargo Bank, National Association, as Non-Serviced Trustee, Situs Holdings, LLC, as Non-Serviced Trust Advisor,
and Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator of the Grove City Premium Outlets Mortgage
Loan; and

 

(G) Midland Loan Services,
a Division of PNC Bank, National Association, as Non-Serviced Master Servicer, Rialto Capital Advisors, LLC, as Non-Serviced Special
Servicer, Wells Fargo Bank, National Association, as Non-Serviced Trustee, Situs Holdings, LLC, as Non-Serviced Trust Advisor,
and Wells Fargo Bank, National Association, as Non-Serviced Certificate Administrator of the Gulfport Premium Outlets Mortgage
Loan.

  

Date:  _________________________ 

			______________________________________

Vice President and Chief Executive Officer

Morgan Stanley Capital I Inc.

(Senior officer in charge of the securitization of the depositor)

 

    	Exhibit Y-2

    	 

    

  

EXHIBIT Z-1

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR 

 

Morgan
Stanley Capital I Trust 2016-UBS9 (the “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
(in such capacity, the “Certificate Administrator”), under that certain Pooling and Servicing Agreement, dated
as of March 1, 2016 (the “Pooling and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, certifies to [_______], Morgan Stanley Capital I Inc. and its
officers, directors and affiliates, to the extent that the following information is within our normal area of responsibilities
and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

    	Exhibit Z-1-1

    	 

    

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Depositor, the Trustee and/or the Custodian.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:          

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Z-1-2

    	 

    

  

Exhibit
Z-2

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

Morgan
Stanley Capital I Trust 2016-UBS9 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of KEYBANK NATIONAL ASSOCIATION, as Master Servicer under that certain Pooling and Servicing Agreement,
dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, on behalf
of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer in the special
servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, all servicing information and all
reports (the “Servicer Reports”) required to be
submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.12(b) and (d) of the Pooling and Servicing
Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or
Form 8-K have been submitted by the Master Servicer to the Certificate Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, the master
servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling and
Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the Master Servicer, and
except as disclosed in the compliance certificate delivered by the Master Servicer under Section 11.09 of the 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 

 

    	Exhibit Z-2-1

    	 

    

 

		 	Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

  

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other third
party retained by the Master Servicer that is not a Sub-Servicer appointed pursuant to Section 3.20 of the Pooling and Servicing
Agreement) and, notwithstanding the foregoing certifications, neither I nor the Master Servicer makes any certification under the
foregoing clauses (2) and (3) with respect to the information in the Servicer Reports that is in turn dependent upon information
provided by the Special Servicer under the Pooling and Servicing Agreement. Solely with respect to the completeness of information
and reports, I do not certify anything other than that all fields of information called for in written reports prepared by the
Master Servicer have been properly completed and that any fields that have been left blank on their face have been done so in accordance
with the CREFC procedures for such report.]

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	KEYBANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Z-2-2

    	 

    

 

Exhibit
Z-3

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

Morgan
Stanley Capital I Trust 2016-UBS9 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of CWCAPITAL ASSET MANAGEMENT LLC (the “Special
Servicer”) as Special Servicer under that certain Pooling and Servicing Agreement dated as of March 1, 2016 (the
“Pooling and Servicing Agreement”), relating to
Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, on behalf of the Special
Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports (the “Special
Servicer Reports”) required to be submitted by the Special Servicer pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have
been submitted by the Special Servicer to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as
applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities
performed by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling and
Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB with respect to the Special Servicer, and except
as disclosed in the compliance certificate delivered by the Special Servicer under Section 11.09 of the Pooling and Servicing Agreement,
the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the
Relevant Period;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the 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

 

    	Exhibit Z-3-1

    	 

    

 

		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:          

 

	 	CWCAPITAL ASSET MANAGEMENT LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Z-3-2

    	 

    

 

Exhibit
Z-4

 

Form
of Certification to be Provided

to Depositor by Trustee 

 

Morgan
Stanley Capital I Trust 2016-UBS9 (The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee (in such
capacity, the “Trustee”), under that certain Pooling and Servicing Agreement, dated as of March 1, 2016 (the
“Pooling and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage
Pass-Through Certificates, Series 2016-UBS9, certifies to [______], Morgan Stanley Capital I Inc. and its officers, directors and
affiliates, to the extent that the following information is within our normal area of responsibilities and duties under the Pooling
and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion
as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate
Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:          

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Z-4-1

    	 

    

 

Exhibit
Z-5

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR 

 

Morgan
Stanley Capital I Trust 2016-UBS9 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of PARK BRIDGE LENDER SERVICES LLC (the “Operating Advisor”) as Operating Advisor
under that certain Pooling and Servicing Agreement dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, certify
to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) (such
information provided by the Operating Advisor, collectively, the “Operating Advisor Periodic Information”) have
been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as
applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the Operating Advisor Periodic Information contained in the Reports, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

    	Exhibit Z-5-1

    	 

    

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	PARK BRIDGE LENDER SERVICES LLC,

as Operating Advisor
	 	 	 	 
	 	By:	Park Bridge Advisors LLC,
a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:  	Park Bridge Financial LLC,
a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-5-2

    	 

    

 

Exhibit
Z-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

Morgan
Stanley Capital I Trust 2016-UBS9 (The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian (the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling
and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates,
Series 2016-UBS9, certifies to [______], Morgan Stanley Capital I Inc. and its officers, directors and affiliates, to the extent
that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit Z-6-1

    	 

    

 

Exhibit
Z-7

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

Morgan
Stanley Capital I Trust 2016-UBS9 (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Park Bridge Lender Services LLC (the “Asset
Representations Reviewer”) as Asset Representations Reviewer under that certain Pooling and Servicing Agreement dated
as of March 1, 2016 (the “Pooling and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9,
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”)
(such information provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic
Information”) have been submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, the Trustee
or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

		2.	Based on my knowledge, the Asset Representations Reviewer Periodic Information contained in the
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports.

 

    	Exhibit Z-7-1

    	 

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:

 

	 	PARK BRIDGE LENDER SERVICES LLC
	 	 
	 	PARK BRIDGE LENDER SERVICES
LLC,

as Asset Representations Reviewer
	 	 	 	 
	 	By:	Park Bridge Advisors LLC,
a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:  	Park Bridge Financial LLC,
a New York limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	Exhibit Z-7-2

    	 

    

 

EXHIBIT AA

 

Servicing
Criteria

to be Addressed in Assessment of Compliance

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). In addition, this Exhibit AA shall not
be construed to impose on any Person any servicing duty that is not otherwise imposed on such Person under the main body of the
Pooling and Servicing Agreement of which this Exhibit AA forms a part or to require an assessment of a criterion that is
not encompassed by the servicing duties of the applicable party that are set forth in the main body of such Pooling and Servicing
Agreement. For the avoidance of doubt, for purposes of this Exhibit AA, other than with respect to Item 1122(d)(2)(iii),
references to Servicer below shall include any Sub-Servicer engaged by a Master Servicer or Special Servicer. 

 

	Servicing Criteria 	applicable Servicing Criteria
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Certificate
        Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Certificate
        Administrator 

        Master
        Servicer

        Special Servicer 

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
        Servicer

        

        Special
        Servicer

        Custodian (as applicable)

         

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate
Administrator 

        Master
        Servicer

        Special Servicer

         

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Master
    Servicer

    Special Servicer

    Trustee (as applicable)1

 

    	Exhibit AA-1

    	 

    

 

	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate
Administrator 

        Master
Servicer

Special Servicer 

	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate
Administrator 

        Master
Servicer

Special Servicer 

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
Administrator 

        Master
Servicer

Special Servicer 

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations (A) are mathematically accurate; (B) are prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and
    approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.
    These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days
    specified in the transaction agreements.	Certificate
Administrator 

        Master
Servicer

Special Servicer 

	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	Certificate
    Administrator

    Operating Advisor (with respect to A and B)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Master
    Servicer

 

 

 

1 Only to the extent that the Trustee was required to make an Advance
pursuant to the Pooling and Servicing Agreement during the applicable calendar year.

 

    	Exhibit AA-2

    	 

    

 

	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At all times that the
Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

At all times that the
Master Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	Exhibit AA-3

    	 

    

 

EXHIBIT BB

 

ADDITIONAL
FORM 10-D DISCLOSURE 

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator (or the Master Servicer, to the extent specified in Section 11.04 of the Pooling and Servicing
Agreement) any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column
to the extent such party has actual knowledge (and in the case of net operating income information, financial statements, annual
operating statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession) of such information
(other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party or property identified as such in the Prospectus and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 10-D that relates to any Mortgage Loan for which the Master Servicer or the
Special Servicer is not the Master Servicer or the Special Servicer, as the case may be. For this Series 2016-UBS9 Pooling and
Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its
capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB. 

 

	Item on Form 10-D	Party Responsible
	
        Item 1A: Distribution and Pool Performance Information: 

         

        ·    Item
1121(a)(13) of Regulation AB 

         
	  ·    Certificate Administrator
	
        Item 1B: Distribution and Pool Performance Information: 

         

        ·    Item
1121(a)(14) of Regulation AB 

        ·    Item
1121(d) of Regulation AB 

        ·    Item
1121(e) of Regulation AB
	
        ·    Certificate
Administrator 

         

        ·    Depositor 

         

        ·    Asset
        Representations Reviewer (with respect to Item 1121(d) of Regulation AB only)

         

	        Item 2: Legal Proceedings: 

         

        ·    Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 

	·    Master
Servicer (as to itself)

         

        ·      Special
Servicer (as to itself) 

         

 

    	Exhibit BB-1

    	 

    

 

	
        

        

         requires
        disclosure only of proceedings described therein that are material to security holders)

         
	

        

        ·     Certificate
Administrator (as to itself) 

         

        ·    Trustee
(as to itself) 

         

        ·     Depositor
(as to itself)

         

        ·     Operating
Advisor (as to itself) 

         

        ·     Any
other Reporting Servicer (as to itself) 

         

        ·     Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings) 

         

        ·    Each
Mortgage Loan Seller as sponsor (as defined in Regulation AB) 

         

        ·    Originators
under Item 1110 of Regulation AB 

         

        ·    Party
under Item 1100(d)(1) of Regulation AB

         

	Item 3: Sale of Securities and Use of Proceeds

	·     Depositor
	Item 4: Defaults Upon Senior Securities

	·     Certificate Administrator
	Item 5: Submission of Matters to a Vote of Security Holders

	·     Certificate Administrator
	
        Item 6: Significant Obligors of Pool Assets: 

         

        ·    Item
1112(b) of Regulation AB provided, however, that all of the following conditions shall apply: 

         

        (a) information shall be required to be reported only
with respect to a party or property (if any) identified as a “significant obligor” in the Prospectus; 

         

        (b) the information to be reported shall consist of
such quarterly and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO

        

        
	·     Master Servicer 

 

    	Exhibit BB-2

    	 

    

 

	        Property (as applicable),
and quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
provided, however, that for a significant obligor under item 1101(k)(2) of Regulation AB, only net operating income
for the most recent fiscal year and interim period is required and, if such information for a prior period was required but not
previously reported, such information for such prior period; and 

         

        (c) the information shall be reportable in the Form
10-D that relates to the Distribution Date that immediately follows the Collection Period in which the information was received
or prepared by the “Party Responsible” as described in clause (b) above. 

         
	 
	
        Item 7: Change in Sponsor Interest in the Securities: 

         

        ·    Item
1124 of Regulation AB.

         
	·    Each Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)
	
        Item 8: Significant Enhancement Provider Information: 

         

        ·    Item
1114(b)(2) and Item 1115(b) of Regulation AB 

         
	·    Depositor
	Item 9: Other Information, but only to the extent of any information that meets all the following conditions: (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	
        ·    Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
        Responsible” with respect to such information pursuant to Exhibit DD.

         

        ·    Certificate
        Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
        as of the related Distribution Date and the preceding Distribution Date)

        

        ·    Master
Servicer (with respect to the balance  

        

 

    	Exhibit BB-3

    	 

    

 

	 	
        

        

              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)

         ·    Any
other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
AB to the extent material to Certificateholders) 

	
        Item 10: Exhibits (no. 3): 

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and
        3(ii) of Item 601 of Regulation S-K)

         
	·    Depositor
	
        Item 10: Exhibits (no. 4): 

         

        With respect to instruments defining the rights of
security holders (Exhibit No. 4 of Item 601 of Regulation S-K)
	
        ·    Certificate
        Administrator

        ·    Depositor 

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

         

        provided further, in each case, that in the event
        any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be
        the responsible party.

         

	
        Item 10: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	·    Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
        Item 10: Exhibits (no. 22): 

         

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-

        
	·    The applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.

 

    	Exhibit BB-4

    	 

    

 

	K), but only if the party that is the “Party Responsible” with
        respect to Item 5 above elects to publish a report containing the information required by such Item 5 above and also elects to
        report the information on Form 10-D by means of filing the published report and answering Item 5 by referencing the published report.	 
	
        Item 10: Exhibits (no. 23): 

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated
        by reference in the Depositor’s registration statement.

        
	·    Depositor
	
        Item 10: Exhibits (no. 24) 

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
        S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
        party, is signed pursuant to a power of attorney.

        
	·    Certificate Administrator 
	
        Item 10: Exhibits (no. 99) 

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)

        
	·    Not Applicable.
	
        Item 10: Exhibits (no. 100) 

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).

        
	·    Not Applicable.
	Item 10: Exhibits (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	·    Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K); provided, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be the responsible party for this Item 9.

 

    	Exhibit BB-5

    	 

    

 

EXHIBIT CC

 

ADDITIONAL
FORM 10-K DISCLOSURE 

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item on
Form 10-K” column to the extent such party has actual knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the
contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the Prospectus and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special
Servicer be required to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which the Master
Servicer or the Special Servicer is not the applicable Master Servicer or Special Servicer, as the case may be. For this Series
2016-UBS9 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB. 

 

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments 

         
	·    Depositor
	
        Item 9B: Other Information, but only to the extent
of any information that meets all the following conditions: 

         

        (a) such information constitutes “Additional
Form 8-K Disclosure” pursuant to Exhibit DD, 

         

        (b) such information is required to be reported as
“Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and 

         

        (c) such information was not previously reported as “Additional
        Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”

        
	·    Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party Responsible” with respect to such information pursuant to Exhibit DD. 

 

    	Exhibit CC-1

    	 

    

 

	Item 15: Exhibits, Financial Statement Schedules (SEE BELOW)	SEE BELOW
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets)
– Part 1 of 3 Parts: 

         

        ·    Item
1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been set forth in the Prospectus,
(ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously reported such information
as “Additional Form 10-D Information”. 

         
	
        ·    The
        applicable Mortgage Loan Seller.

         

         

         

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets)
– Part 2 of 3 Parts: 

         

        ·    Item
1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the Prospectus and (ii) the applicable
Master Servicer has not previously reported such information or updated versions thereof as “Additional Form 10-D Information”. 

         
	·     The Depositor

 

    	Exhibit CC-2

    	 

    

 

	
        Instruction J(2)(b) (Significant Obligors of Pool Assets)
– Part 3 of 3 Parts: 

         

        ·    Item
1112(b) of Regulation AB; provided, however, that all of the following conditions shall apply: 

         

        (a) information shall be required to be reported only
with respect to a party or property (if any) identified as a “significant obligor” in the Prospectus; 

         

        (b) the information to be reported shall consist of
such quarterly and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable),
and quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
provided, however, that for a significant obligor described under item 1101(k)(2) of Regulation AB, only net operating
income for the most recent fiscal year and interim period is required and, if such information for a prior period was required
but not previously reported, such information for such prior period; and 

         

        (c) the information shall be reportable only to the
extent that is has not previously been reported as “Additional Form 10-D Information”. 

         
	·     Master Servicer 
	
        Instruction J(2)(c) (Significant Enhancement Provider
Information): 

         

        ·    Items
1114(b)(2) and 1115(b) of Regulation AB 

         
	  ·     Depositor

 

    	Exhibit CC-3

    	 

    

 

	
        Instruction J(2)(d) (Legal Proceedings): 

         

        ·    Item
1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
that are material to security holders)
	
        ·    Master
Servicer (as to itself) 

         

        ·    Special
Servicer (as to itself) 

         

        ·    Certificate
Administrator (as to itself) 

         

        ·    Trustee
(as to itself) 

         

        ·    Depositor
(as to itself) 

         

        ·    Operating
Advisor (as to itself) 

         

        ·    Asset
Representations Reviewer (as to itself) 

         

        ·    Trustee/Certificate
Administrator /Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings) 

         

        ·    Each
Mortgage Loan Seller as sponsor (as defined in Regulation AB) 

         

        ·    Originators
under Item 1110 of Regulation AB 

         

        ·    Party
        under Item 1100(d)(1) of Regulation AB

         

	        Instruction J(2)(e) (Affiliations and Certain Relationships
and Related Transactions) – Part 1 of 2 Parts: 

         

        1119(a) of Regulation AB, 

         

        but only the existence and (if existent) how there
is (that is, the nature of) any affiliation between itself (that is, the particular “Party Responsible”), on the one
hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, (3) the Trust and (4)
any other party listed under this item as a “Party Responsible”; provided, however, that an affiliation
need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
as “Additional Form 10-K Disclosure”. 
	        ·    Master
        Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate Administrator, each Special Servicer
        or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).

        

        ·    Special
Servicer 

        ·    Certificate
        Administrator

        

        ·    Operating
Advisor 

        ·    Asset
        Representations Reviewer

        

        ·    Trustee
(as to itself) (only as to affiliations under Item 1119(a) with the Master Servicer, Certificate Administrator, each Special Servicer
or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)). 

        ·    Each
        party (other than a Mortgage Loan Seller), if any, that is identified in the 

 

    	Exhibit CC-4

    	 

    

 

	
        

        

         

        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 2016-UBS9 transaction) between itself (that is, the particular “Party Responsible”)
or any of its affiliates, on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage
Loan Seller, and (3) the Trust; provided, however, that a relationship, agreement, arrangement, transaction or understanding
(A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material
to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes of the applicable Form 10-K
if it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and 

         

        ·    1119(c)
of Regulation AB, 

         

        but only the existence and (if existent) a description
(including the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2016-UBS9
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 

         
	
        

                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 the effect that such party no longer constitutes a material party for purposes of Regulation AB. 

        ·    Each
        party (if any) that that is specifically identified as an “other material party to the securities or transaction for purposes
        of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written notice delivered by the Depositor
        to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which
        the Form 10-K is due.

         

 

    	Exhibit CC-5

    	 

    

 

	it 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”. 

                                                                                 
	 
	
        Instruction J(2)(e) (Affiliations and Certain Relationships
and Related Transactions) – Part 2 of 2 Parts: 

         

        1119(a) of Regulation AB, 

         

        But only the existence and (if existent) how there
is any affiliation between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more
of the parties listed under the preceding item as a “Party Responsible”, on the other; provided, however,
that an affiliation need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if
it was previously reported as “Additional Form 10-K Disclosure”. 

         

        and 

         

        ·    1119(b)
of Regulation AB, 

         

        but only the existence and (if existent) the general
character of any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the
ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated
third party (apart from the Series 2016-UBS9 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  
	
        ·    The
        Depositor

        

        ·    Each
        Mortgage Loan Seller

         

 

    	Exhibit CC-6

    	 

    

 

	        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 201[_]-[_]
transaction or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates,
on the one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”,
on the other; provided, however, that a relationship (A) must be reported only if it then exists or existed within
the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and
(C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously
reported as “Additional Form 10-K Disclosure”. 

         
	 
	
        Item 15: Exhibits (no. 2): 

         

        Plan of acquisition, reorganization, arrangement, liquidation
        or succession (Exhibit No. 2 of Item 601 of Regulation S-K)

        
	·    Depositor
	
        Item 15: Exhibits (no. 3): 

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and
        3(ii) of Item 601 of Regulation S-K)

        
	·    Depositor

 

    	Exhibit CC-7

    	 

    

 

	
        Item 15: Exhibits (no. 4): 

         

        With respect to instruments defining the rights of
security holders (Exhibit No. 4 of Item 601 of Regulation S-K)
	
        ·    Certificate
        Administrator

         

        ·    Depositor 

         

        provided, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

         

        provided further, in each case, that in the event
        any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be
        the responsible party.

        

	
        Item 15: Exhibits (no. 10): 

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)

         
	·    Certificate Administrator, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
        Item 15: Exhibits (no. 11): 

         

        Statement regarding computation of per share earnings (Exhibit
        No. 11 of Item 601 of Regulation S-K)

        
	·    Not Applicable
	
        Item 15: Exhibits (no. 12): 

         

        Statement regarding computation of ratios (Exhibit
No. 12 of Item 601 of Regulation S-K) 
	·    Not Applicable.
	
        Item 15: Exhibits (no. 13): 

         

        Annual report to security holders, Form 10-Q and Form 10-QSB,
        or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K)

        
	·    Not Applicable
	
        Item 15: Exhibits (no. 14): 

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation
S-K) 
	·    Not Applicable.
	
        Item 15: Exhibits (no. 16): 

         

        Letter re change in certifying accountant (Exhibit No. 16 of
        Item 601 of Regulation S-K)

        
	·    Not Applicable

 

    	Exhibit CC-8

    	 

    

 

	
        Item 15: Exhibits (no. 18): 

         

        Letter re change in accounting principles (Exhibit No. 18 of
        Item 601 of Regulation S-K)

        
	·    Not Applicable.
	
        Item 15: Exhibits (no. 21): 

         

        Subsidiaries of registrant (Exhibit No. 18 of Item 601 of Regulation
        S-K)

        
	·    Depositor.
	
        Item 15: Exhibits (no. 22): 

         

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-K).

        
	·    Not Applicable.
	
        Item 15: Exhibits (no. 23) – Part 1 of 2 Parts: 

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D) that
        is incorporated by reference in the Depositor’s registration statement and (b) the consent is not the consent of a registered
        public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Pooling and Servicing Agreement.

        
	·    Depositor
	
        Item 15: Exhibits (no. 23) – Part 2 of 2 Parts: 

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item
        601 of Regulation S-K), but the required shall consist of a consent of the registered public accounting firm for purposes of any
        attestation report rendered with respect to the particular “Party Responsible” pursuant to Section 11.13 of this Pooling
        and Servicing Agreement.

        
	
        ·    Master
        Servicer

         

        ·    Special
        Servicer

         

        ·    Depositor

         

        ·    Any
other Servicing Function Participant 

         

        provided, however, in each case, that such
        party shall have the duty to report or deliver, or cause the reporting or delivery, of such consent only to the extent that such
        party is required to deliver or cause the delivery of the related attestation report.

         

	
        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 

 

    	Exhibit CC-9

    	 

    

 

	
        Item 15: Exhibits (no. 31(i))

         

        Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i) of
        Item 601 of Regulation S-K).

        
	·    Not Applicable
	
        Item 15: Exhibits (no. 31(ii)) 

         

        Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No.
31(ii) of Item 601 of Regulation S-K). 
	·    Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibits (no. 32) 

         

        Section 1350 Certifications (Exhibit No. 32 of Item 601 of Regulation
        S-K).

        
	·    Not Applicable.
	
        Item 15: Exhibits (no. 33) 

         

        Report on assessment of compliance with servicing criteria
for asset-backed securities (Exhibit No. 33 of Item 601 of Regulation S-K). 
	·    Delivery of this exhibit (annual compliance assessment) is governed by Section 11.10 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibits (no. 34) 

         

        Attestation report on assessment of compliance with servicing
        criteria for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation S-K).

        
	·    Delivery of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibits (no. 35) 

         

        Servicer compliance statement (Exhibit No. 35 of Item 601 of
        Regulation S-K).

        
	·    Delivery of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibit (no. 36) 

         

        Certification For Shelf Offerings of Asset-Backed Securities
        (Exhibit No. 36 of Item 601 of Regulation S-K).

        
	·    Depositor
	
        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 CC-10

    	 

    

 

	Item 15: Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	·    Certificate Administrator and Depositor, 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, the Trustee or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K).
	Item 15: Exhibit (no. 101)

Interactive Data File (Exhibit No. 101 of Item 601 of Regulation S-K).	Not Applicable
	Item 15: Exhibit (no. 102)

Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).	
        [Certificate Administrator]

        

        [Depositor] 

	Item 15: Exhibit (no. 103)

Asset Related Document (Exhibit No, 103 of Item 601 of Regulation S-K).	
        [Certificate Administrator] 

        [Depositor]

        

 

    	Exhibit CC-11

    	 

    

 

EXHIBIT DD

 

FORM
8-K DISCLOSURE INFORMATION 

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.07 of the Pooling and Servicing Agreement to report to the Depositor
and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described in the “Item
on Form 8-K” column to the extent such party has actual knowledge of such information (other than information as to itself).
Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted
from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or a Mortgage Loan Seller.
Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to conclusively assume that there is no “significant obligor” other than a party or property identified
as such in the Prospectus and to assume that no other party or property will constitute a “significant obligor” after
the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required to provide any information for inclusion
in a Form 8-K that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer is not the applicable Master
Servicer or Special Servicer, as the case may be. For this Series 2016-UBS9 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume
that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB. 

 

	Item on Form 8-K	Party Responsible 
	
        Item 1.01: Entry into a Material Definitive Agreement

         

         

         
	
        ·     Depositor,
        except as described in the next bullet (it being acknowledged that Item 601 of Regulation S-K requires filing of material contracts
        to which the registrant or a subsidiary thereof is a party).

        

        

         

        ·     Certificate
Administrator, Trustee, Master Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form
8-K requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed
securities transaction, even if the registrant is not a party to such agreement), in each case to the extent of any amendment
or definitive agreement  

 

    	Exhibit DD-1

    	 

    

 

 

	 	that
    satisfies all the following conditions: (a) such amendment or definitive agreement relates to the Trust or one or more
    Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive agreement is an amendment or definitive
    agreement to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a
    subcontractor         or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however,
    that         the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to
    this Pooling and         Servicing Agreement.
	Item 1.02: Termination of a Material Definitive Agreement– Part 1 of 2 Parts	·     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement.
	Item 1.02: Termination of a Material Definitive Agreement– Part 2 of 2 Parts	·     Depositor, to the extent of any material agreement not covered in the prior item
	Item 1.03: Bankruptcy or Receivership	·     Depositor
	Item 2.04: Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	
        ·     Depositor 

        ·     Certificate
        Administrator

         

 

    	Exhibit DD-2

    	 

    

 

 

	Item 3.03: Material Modification to Rights of Security Holders	·     Certificate Administrator
	Item 5.03: Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	·     Depositor
	Item 6.01: ABS Informational and Computational Material	·     Depositor
	Item 6.02 (Part 1 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a change in trustee	
        ·     Trustee
(as to itself) 

        ·     Depositor

         

	Item 6.02 (Part 2 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer or Special Servicer	
        ·     Certificate
Administrator 

        ·     Master
        Servicer or Special Servicer, as the case may be (in each case, as to itself)

         

	Item 6.02 (Part 3 of 3 Parts): Change of Servicer or Trustee, but only to the extent related to a servicer (other than a party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	
        ·     Master
Servicer (as to a party appointed by the Master Servicer) 

        ·     Special
Servicer 

        ·     Certificate
Administrator 

        ·     Depositor 

	Item 6.03: Change in Credit Enhancement or External Support	
        ·     Depositor 

        ·     Certificate
Administrator 

	Item 6.04: Failure to Make a Required Distribution	 ·     Certificate Administrator
	Item 6.05: Securities Act Updating Disclosure	 ·     Depositor
	Item 7.01: Regulation FD Disclosure	 ·     Depositor
	Item 8.01: Other Events	 ·     Depositor
	
        Item 9.01(d): Exhibits (no. 1): 

         

        Underwriting agreement (Exhibit No. 1 of Item 601 of
Regulation S-K) 
	 ·     Not applicable
	
        Item 9.01(d): Exhibits (no. 2): 

         

        Plan of acquisition, reorganization, arrangement, liquidation
or succession (Exhibit No. 2 of Item 601 of Regulation S-K) 
	·     Depositor
	
        Item 9.01(d): Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No.
3(i) and 3(ii) of Item 601 of Regulation S-K) 
	·     Depositor
	
        Item 9.01(d): Exhibits (no. 4): 

         

        With respect to instruments defining the 
	
        ·     Certificate
Administrator

         

        provided, in each case, that this shall in
no  

 

    	Exhibit DD-3

    	 

    

  

	rights of
security holders (Exhibit No. 4 of Item 601 of Regulation S-K)	event
    be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement
	
        Item 9.01(d): Exhibits (no. 7): 

         

        Correspondence from an independent accountant regarding
non-reliance on a previously issued audit report or completed interim review. (Exhibit No. 7 of Item 601 of Regulation S-K) 
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 14): 

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation
S-K) 
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 16): 

         

        Letter re change in certifying accountant (Exhibit
No. 16 of Item 601 of Regulation S-K) 
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 17): 

         

        Correspondence on departure of director (Exhibit No.
17 of Item 601 of Regulation S-K) 
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 20): 

         

        Other documents or statements to security holders (Exhibit
No. 20 of Item 601 of Regulation S-K) 
	·     Not Applicable
	
        Item 9.01(d): Exhibits (no. 23): 

         

        Consents of Experts and Counsel (Exhibit No. 23(ii)
of Item 601 of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D)
that is incorporated by reference in the Depositor’s registration statement. 
	·     Depositor
	
        Item 9.01(d): Exhibits (no. 24) 

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation
S-K), but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a
party, is signed pursuant to a power of attorney. 
	·     Certificate Administrator 
	
        Item 15: Exhibits (no. 99) 
	·     Not Applicable.

 

    	Exhibit DD-4

    	 

    

 

	Additional exhibits (Exhibit No. 99 of Item 601 of
Regulation S-K)	 
	
        Item 15: Exhibits (no. 100) 

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601
of Regulation S-K). 
	·     Not Applicable.

 

    	Exhibit DD-5

    	 

    

 

EXHIBIT
EE

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO

cts.sec.notifications@wellsfargo.com
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association,
as Certificate Administrator 

9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Corporate Trust Services (CMBS) (CMBS)

Morgan Stanley Capital I Inc., Morgan Stanley Capital I Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9—SEC
REPORT PROCESSING

  

RE: **Additional Form [10-D][10-K][8-K]
Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [11.04] [11.05]
[11.07] of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction, the undersigned, as [         ], hereby notifies you that certain events
have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

List of any Attachments hereto to be
included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [                        ], phone number: [                         ]; email address: [                      ].

	 	 	 	 
	 	 	[NAME OF PARTY],
	 	 	as [role]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	cc: Depositor	 	

 

 

    		Exhibit EE-1	

     

    

 

EXHIBIT FF

 

INITIAL
SUB-SERVICERS

  

		1.	Berkadia Commercial Mortgage LLC

 

		2.	Grandbridge Real Estate Capital LLC

 

		3.	Meridian Capital

 

		4.	Q10 Capital, LLC

  

    		Exhibit FF-1	

     

    

 

EXHIBIT GG

 

SERVICING
FUNCTION PARTICIPANTS

 

		1.	Berkadia Commercial Mortgage LLC

 

		2.	Grandbridge Real Estate Capital LLC

 

		3.	Meridian Capital

 

		4.	Q10 Capital, LLC

  

    		Exhibit GG-1	

     

    

  

EXHIBIT HH

 

FORM
OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9(the “Trust”)

 

I, [identifying the certifying
individual], on behalf of [KeyBank National Association, as Master Servicer] [CWCapital Asset Management LLC, as Special Servicer]
[Wells Fargo Bank, National Association, as Certificate Administrator and Custodian] [Wells Fargo Bank, National Association, as
Trustee] (the “Certifying Servicer”), certify to Morgan Stanley Capital I Inc. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s activities
[during the preceding calendar year] [between [__] and [__]] (the “Reporting
Period”) and the Certifying Servicer’s performance under the Pooling and Servicing Agreement; and

 

		2.	To
                                         the best of my knowledge, based on such review, the Certifying Servicer has fulfilled
                                         all of its obligations under the Pooling and Servicing Agreement in all material respects
                                         during the Reporting Period.
                                         [To my knowledge, the Certifying Servicer has failed to fulfill the following obligations
                                         under the Pooling and Servicing Agreement: [SPECIFY EACH SUCH FAILURE AND THE NATURE
                                         AND STATUS THEREOF]].

 

	Date:	 	 

 

[KEYBANK NATIONAL ASSOCIATION, as
master servicer]

[CWCAPITAL ASSET MANAGEMENT LLC, as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION

as certificate administrator and custodian]

[WELLS FARGO BANK, NATIONAL ASSOCIATION,

as 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]

 

	By: 	 	 
	 	Name:
		Title:

 

    		Exhibit HH-1	

     

    

 

EXHIBIT II

 

FORM
OF REPORT ON ASSESSMENT OF

COMPLIANCE with SERVICING CRITERIA

 

[Name of Reporting Servicer] (the “Reporting
Servicer”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph
(d) of Item 1122 of Regulation AB, as of and for the 12-month period ending December 31, 20[__] (the “Reporting
Period”), as set forth in Exhibit AA to the Pooling and Servicing Agreement. The transactions covered by this
report include asset-backed securities transactions for which the Reporting Servicer acted as [a master servicer, special servicer,
trustee, certificate administrator] involving commercial mortgage loans [other than __________________1]
(the “Platform”);

 

The Reporting Servicer has engaged certain
vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”)
to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance
with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on Schedule
A;

 

Except as set forth in paragraph 4 below,
the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with
the applicable servicing criteria;

 

The criteria listed in the column titled
“Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the Reporting Servicer based on the activities
it performs, directly or through its Vendors, with respect to the Platform;

 

The Reporting Servicer has complied, in
all material respects, with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect
to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December
31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified
any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria
as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on
Schedule B hereto]; and

 

 

1
Describe any permissible exclusions, including those permitted under telephone interpretation 17.04 (i.e., transactions
registered prior to compliance with Regulation AB, transactions involving an offer and sale of asset-backed securities that were
not required to be issued), if applicable.

 

    		Exhibit II-1	

     

    

 

[____], a registered public accounting
firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance with the applicable servicing
criteria for the Reporting Period.

 

[Date of Certification] 

	 	 	 	 
	 	 	[Name
of Reporting Servicer]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    		Exhibit II-2	

     

    

 

EXHIBIT
JJ

 

CREFC®
PAYMENT INFORMATION

  

Payments shall be made to “CRE Finance
Council” and sent to: 

Commercial Real Estate Finance Council,
Inc. 

900 7th Street, NW, Suite 820 

Washington, DC 20001 

Attn: Stephen M. Renna

 

or by wire transfer to:

 

Account Name: Commercial Real Estate Finance
Council (CREFC®) 

Bank Name: Chase 

Bank Address: 80 Broadway, New York, NY
10005 

Routing Number: 021000021 

Account Number: 213597397

 

    		Exhibit JJ-1	

     

    

 

EXHIBIT KK

  

Form
of Notice of ADDITIONAL  

INDEBTEDNESS
NOTIFICATION

  

VIA E-MAIL:

To: Wells Fargo Bank, National Association, as Certificate
Administrator; cts.cmbs.bond.admin@weilsfargo.com and trustadministratorgroup@wellsfargo.com

  

Ref: MSCI 2016-UBS9, Additional Debt Notice for From 10-D

  

The following information is being furnished to you for inclusion
on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing Agreement

  

	 	Portfolio
    Name	Mortgage
    Loan	Position
    in Debt Stack	Additional
    Debt	OPB	OPB
    Date	Appraised
    Value	Appraised
    Value Date	Aggregate
    LTV	Aggregate
    NCF DSCR	Aggregate
    NCF DSCR Date	Primary
    Servicer	Master
    Servicer	Lead
    Servicer	Prospectus
    ID
	1	MSCI 2016-UBS9	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the
    Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust			$
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	MSCI 2016-UBS9	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$

        	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	MSCI 2016-UBS9	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside the Trust	 	 	$

        	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    		Exhibit KK-1	

     

    

  

EXHIBIT
LL

 

[RESERVED]

 

    		Exhibit LL-1	

     

    

 

EXHIBIT
MM

 

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

  

INSTRUCTIONS:

  

FOR ACCOUNT BALANCE REPORTING: SEND
VIA EMAIL TO: 

CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT
MAIL TO THE ADDRESS IMMEDIATELY BELOW**

  

Wells Fargo Bank, National Association,
as Certificate Administrator 

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) MSCI 2016-UBS9—SEC REPORT PROCESSING 

Email: cts.sec.notifications@wellsfargo.com

  

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

  

Ladies and Gentlemen:

 

In accordance with Section 11.04 of the
Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”), relating
to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9, the undersigned,
as [            ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

[With respect to the Collection Account and REO Account balance
information:

 

	Account Name	
        Beginning Balance as of  

        MM/DD/YYYY 
	
        Ending Balance as of  

        MM/DD/YYYY 

	Collection Account	 	 
	REO Account	 	 

 

    		Exhibit MM-1	

     

    

 

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [                                 ], phone number: [                                         ]; email address: [                           ].

 

	 	 	 	 
	 	 	[NAME OF PARTY],
	 	 	as [role]
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	cc: Depositor	 	

 

    		Exhibit MM-2	

     

    

 

EXHIBIT NN

 

Form
of notice of purchase of controlling class certificate

 

[Date]

 

Wells Fargo Bank, National Association

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

Attention: Corporate Trust Services MSCI 2016-UBS9

 

KeyBank National Association

as Master Servicer

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip

 

CWCapital Asset Management LLC

as Special Servicer

7501 Wisconsin Avenue, Suite 500 West

Bethesda, Maryland 20814

Attention: Brian Hanson

Facsimile: (202) 715-9699

 

Park Bridge Lender Services
LLC 

as Operating Advisor and Asset Representations Reviewer

41 Watchung Plaza, Suite 250

Montclair, New Jersey 07042

Attention: MSCI 2016-UBS9-Surveillance Manager

(with a copy sent contemporaneously

via email to cmbs.notices@parkbridgefinancial.com)

 

Re:         Morgan
Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling
and Servicing Agreement”), relating to Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

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,

 

    	Exhibit NN-1

    	 

    

 

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:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series
2016-UBS9

 

Ladies and Gentlemen:

 

In accordance with
Section 12.01 of the Pooling and Servicing Agreement, dated as of March 1, 2016 (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 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 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

    	 

    

 

	 	 	PARK
    BRIDGE LENDER SERVICES LLC,

as Asset Representations Reviewer

 

	 	By:	Park
    Bridge Advisors LLC, a New York limited liability company, its sole member

 

	 	By:	Park
    Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit OO-2

    	 

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	
        Test failures

         

	Loan #	Loan Name	R&W #	R&W Name	Test #	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	44	Lease Estoppels	44c	[Insert Test Description]	[Insert Test findings]
	32	Due on Sale or Encumbrance	32b	 	 

 

    	Exhibit OO-3

    	 

    

 

EXHIBIT PP

 

FORM OF ASSET REVIEW
REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

		Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series
2016-UBS9

 

Ladies and Gentlemen:

 

In accordance with
Section 12.01 of the Pooling and Servicing Agreement, dated as of March 1, 2016 (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

    	 

    

 

	 	 	PARK
    BRIDGE LENDER SERVICES LLC,

as Asset Representations Reviewer

 

	 	By:	Park
    Bridge Advisors LLC, a New York limited liability company, its sole member

 

	 	By:	Park
    Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	
        Test failures

         
	 	 	 	 
	Loan #	Loan Name	Representations and Warranty #	Representation and Warranty Name	Test #
	[Insert Loan #]	[Insert Loan Name]	44	Lease Estoppels	44c
	32	Due on Sale or Encumbrance	32b

 

    	Exhibit PP-2

    	 

    

 

EXHIBIT QQ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Loan
based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit QQ and the terms of
the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation Reviewer’s
responsibilities and duties with respect to Asset Reviews.

 

Call for Review and Collection and
Inventory of Review Materials

	 	 	 
	Step 1	 Asset Representations Reviewer (“ARR”) receives the following items before beginning its review from the parties specified in Section 12.01 of the Pooling and Servicing Agreement:

 

		§	Notice of Asset Review Trigger (with attachments)

 

		§	Asset Review Vote Election

 

		§	Notice of Affirmative Asset Review Vote

 

		§	List of all Delinquent Loans subject to the Asset Review

 

		§	Review Materials for each Delinquent Loan via Secure Data Room access, including the Diligence
File
	 	 	 
	 	§	Any Unsolicited Information (if applicable)

 

			
	Step 2	For each Delinquent Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine what, if any, Review Materials for such Delinquent Loan are missing, using the list of documents in the definition of the Mortgage File in this Agreement, any comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist from the origination of such Delinquent Loan, to guide its review and determination
	 	 	 
	Step 3	If ARR determines that the information made available to it in the Secure Data Room with respect to any Delinquent Loan is missing any documents required to complete an Asset Review of such Delinquent Loan, ARR shall prepare a list of such missing documents and notify Master Servicer (with respect to Non-Specially Serviced Loans) and Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan Seller of such missing documents. If the Master Servicer or Special Servicer, as applicable, does not provide such document as provided in the Pooling and Servicing Agreement, the ARR shall notify the related Mortgage Loan Seller of such missing information

 

    	Exhibit QQ-1

    	 

    

 

Analysis and Testing of Representations
and Warranties

 

	Step 4	For each Delinquent Loan for which ARR has received all Review Materials required to complete an Asset Review of such Delinquent Loan, ARR tests such Delinquent Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Loan as follows:
			

 

	 	§	ARR reviews each representation and warranty and each item included in the Review Materials applicable
or related to such representation or warranty to determine whether there is any evidence that such representation or warranty was
not true when made by the related Mortgage Loan Seller
	 	 	 
		§	For each representation and warranty, ARR lists

 

		·	all items from the Review Materials reviewed or used in its testing of such representation and
warranty

 

		·	whether ARR has determined that there is any evidence that such representation or warranty was
not true when made by the related Mortgage Loan Seller, and

 

		o	if so, stating the aspect of the applicable representation or warranty that does not appear to
have been true when made by the related Mortgage Loan Seller and ARR’s basis for its conclusion

 

		o	completing the Asset Review Report by setting forth, for each Delinquent Loan, the information
contemplated herein with respect to each representation and warranty

 

ARR will not attempt (and has no obligation) to determine
the materiality of any potential breach of a representation or warranty that it discovers evidence of during its review as contemplated
herein.

 

    	Exhibit QQ-2

    	 

    

 

EXHIBIT RR

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services MSCI 2016-UBS9

Email:trustadministrationgroup@wellsfargo.com

 

		Attention:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

In accordance with
the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of March
1, 2016 (the “Pooling and Servicing Agreement”), and executed in connection with the above-referenced transaction,
with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an authorized representative of [________________________].

 

		2.	The undersigned acknowledges and agrees that (a) access to the Secure Data
Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling and Servicing
Agreement (b) it will not disseminate or otherwise make information contained on the Secure Data Room available to any other person
except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor and (c) it
will only access information relating to the Mortgage Loans to which the Asset Review relates.

 

		3.	The undersigned agrees that each time it accesses the Secure Data Room, the
undersigned is deemed to have recertified that the representations above remains true and correct.

 

    	Exhibit RR-1

    	 

    

 

		4.	[The undersigned is not a Certificateholder, a beneficial owner or a prospective
purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 
	 	[NAME OF PARTY],

as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______

 

[Morgan Stanley Capital I
Inc., 

as Depositor]*

	 	 	 
	By:	 	 
	 	[Name]	 
	 	[Title]	 

 

 

 

*    Required to the extent that
a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the Secure Data Room.

 

    	Exhibit RR-2

    	 

    

 

EXHIBIT SS

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip	
        

        Park Bridge Lender Services
        LLC

        

        41 Watchung Plaza,
Suite 250 

        Montclair, New Jersey 07042

        

        Attention: MSCI 2016-UBS9-Surveillance
Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	 	 
	
        CWCapital Asset Management
LLC

        7501 Wisconsin Avenue,
Suite 500 West

        Bethesda, Maryland
20814

        Attention: Brian Hanson

        Facsimile: (202) 715-9699
	 
	 	 

		Attention:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through
Certificates, Series 2016-UBS9

 

In accordance with
Section 12.01(a) of the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction, the Certificate Administrator hereby notifies you that as of
[RELATED DISTRIBUTION DATE]:

 

1._____
An additional Mortgage Loan has become a Delinquent Loan.

 

2._____
A Mortgage Loan has ceased to be a Delinquent Loan.

 

3._____An
Asset Review Trigger has ceased to exist.

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	Exhibit SS-1

    	 

    

 

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9
	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    	Exhibit SS-2

    	 

    

  

EXHIBIT
TT-1

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

	 	Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling
and Servicing Agreement”), and executed in connection with the issuance of the Certificates. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.           The Transferor is
the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”), with
the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.           Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess
Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities
laws.

 

    	Exhibit TT-1-1

    	 

    

 

	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

    	Exhibit TT-1-2

    	 

    

  

EXHIBIT
TT-2

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

KeyBank National Association

11501 Outlook Street, Suite #300

Overland Park, Kansas 66211

Attention: Diane Haislip

 

	 	Re:	Morgan Stanley Capital I Trust 2016-UBS9, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS9 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of March 1, 2016 (the “Pooling
and Servicing Agreement”), and executed in connection with the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.           The Transferee is
acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its own account
for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part,
in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable
state securities laws.

 

2.           The Transferee understands
that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified
under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate
Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not
be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any
applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification
and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached as Exhibit
TT-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate
from the prospective transferee substantially in the form attached as Exhibit TT-2 to the Pooling and Servicing Agreement.

 

3.           The Transferee understands
that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the
provisions of Section 3.11 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

    	Exhibit TT-2-1

    	 

    

 

4.           Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.           The Transferee has
been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c)
the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the
Mortgage Loans, and (e) all related matters that it has requested.

 

6.          The Transferee is (a) a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited investor”
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which all of the
equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee has sought
such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee
is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.           The Transferee agrees
(i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing Agreement, and made
available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of
any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate pursuant
to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law, court order
or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such holder or
has become generally available to the public other than as a result of disclosure by such holder; provided, however, that such
holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing
Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such
information confidential, not to use or disclose such information in any manner which could result in a violation of any provision
of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities
Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives
not to disclose such information, in any manner

 

    	Exhibit TT-2-2

    	 

    

 

whatsoever, in whole or in part, to any other Person other than such Persons’
auditors, legal counsel and regulators.

 

8.           The Transferee acknowledges
that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing Agreement except as
set forth in Section 3.11 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the
extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 
	 	By:	 
	 		Name:
	 	 	Title:

	 	 
	
        

        cc:

         
	
        

        Polsinelli PC

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

	 	 	 	 

 

    	Exhibit TT-2-3

    	 

    

 

Schedule
1

 

Mortgage
Loans with Additional Debt

 

		1.	2100 Ross

 

		2.	525 Seventh Avenue

 

		3.	Ellenton Premium Outlets

 

		4.	Gateway Plaza

 

		5.	GLP Industrial Portfolio B

 

		6.	Grove City Premium Outlets

 

		7.	Gulfport Premium Outlets

 

		8.	Princeton Pike Corporate Center

 

		9.	Twenty Ninth Street Retail

 

    	Schedule 1-1

    	 

    

 

Schedule
2

 

CLass
A-SB Planned Principal Balance Schedule

 

	
        Month
	
        Class A-SB
        Planned 

Principal Balance ($)

	0	 46,100,000.00 
	1	 46,100,000.00 
	2	 46,100,000.00 
	3	 46,100,000.00 
	4	 46,100,000.00 
	5	 46,100,000.00 
	6	 46,100,000.00 
	7	 46,100,000.00 
	8	 46,100,000.00 
	9	 46,100,000.00 
	10	 46,100,000.00 
	11	 46,100,000.00 
	12	 46,100,000.00 
	13	 46,100,000.00 
	14	 46,100,000.00 
	15	 46,100,000.00 
	16	 46,100,000.00 
	17	 46,100,000.00 
	18	 46,100,000.00 
	19	 46,100,000.00 
	20	 46,100,000.00 
	21	 46,100,000.00 
	22	 46,100,000.00 
	23	 46,100,000.00 
	24	 46,100,000.00 
	25	 46,100,000.00 
	26	 46,100,000.00 
	27	 46,100,000.00 
	28	 46,100,000.00 
	29	 46,100,000.00 
	30	 46,100,000.00 
	31	 46,100,000.00 
	32	 46,100,000.00 
	33	 46,100,000.00 
	34	 46,100,000.00 
	35	 46,100,000.00 
	36	 46,100,000.00 
	37	 46,100,000.00 
	38	 46,100,000.00 
	39	 46,100,000.00 
	40	 46,100,000.00 
	41	 46,100,000.00 
	42	 46,100,000.00 
	43	 46,100,000.00 
	44	 46,100,000.00 
	45	 46,100,000.00 
	46	 46,100,000.00 
	47	 46,100,000.00 
	48	 46,100,000.00 
	49	 46,100,000.00 
	50	 46,100,000.00 
	51	 46,100,000.00 
	52	 46,100,000.00 
	53	 46,100,000.00 
	54	 46,100,000.00 
	55	 46,100,000.00 
	56	 46,100,000.00 
	57	 46,100,000.00 
	58	 46,100,000.00 
	59	 46,100,000.00 

 

 

	
        Month
	
        Class A-SB
        Planned 

Principal Balance ($)

	60	 46,071,643.12 
	61	 45,340,592.03 
	62	 44,548,871.38 
	63	 43,811,586.98 
	64	 43,013,809.24 
	65	 42,270,240.87 
	66	 41,523,630.03 
	67	 40,716,789.50 
	68	 39,963,818.91 
	69	 39,150,798.41 
	70	 38,391,416.37 
	71	 37,628,926.67 
	72	 36,693,335.47 
	73	 35,923,886.89 
	74	 35,094,854.20 
	75	 34,318,860.18 
	76	 33,483,467.07 
	77	 32,345,660.93 
	78	 31,559,864.89 
	79	 30,714,946.84 
	80	 29,922,472.47 
	81	 29,071,064.86 
	82	 28,271,857.85 
	83	 27,753,030.68 
	84	 26,835,630.06 
	85	 26,073,277.96 
	86	 25,255,100.91 
	87	 24,486,293.41 
	88	 23,661,843.50 
	89	 22,886,528.24 
	90	 22,108,047.51 
	91	 21,274,197.90 
	92	 20,489,130.95 
	93	 19,648,881.35 
	94	 18,857,174.73 
	95	 18,062,235.21 
	96	 17,160,734.93 
	97	 16,358,861.66 
	98	 15,502,280.94 
	99	 14,693,631.62 
	100	 13,830,466.46 
	101	 13,014,986.13 
	102	 12,196,175.05 
	103	 11,323,135.46 
	104	 10,497,410.91 
	105	 9,617,653.32 
	106	 8,784,959.18 
	107	 7,948,863.46 
	108	 6,958,379.54 
	109	 6,114,813.02 
	110	 5,217,717.92 
	111	 4,367,036.96 
	112	 3,463,028.57 
	113	 2,605,175.42 
	114	 1,743,817.09 
	115	    829,433.23 
	116 and thereafter	              0.00 

 

 

    	Schedule 2-1Exhibit 4.2

 

	 

 

MORGAN
STANLEY CAPITAL I INC.

as Depositor,

 

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

as Master Servicer,

RIALTO CAPITAL ADVISORS, LLC,

as Special Servicer,

SITUS HOLDINGS, LLC,

as Trust Advisor,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Trustee, Certificate Administrator, Certificate Registrar, Authenticating Agent and Custodian

 

POOLING AND SERVICING AGREEMENT

 

Dated
as of December 1, 2015

 

Morgan
Stanley Capital I Trust 2015-UBS8,

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-UBS8 

	 

 

    	 

    	 

    

  

TABLE
OF CONTENTS

 

	 	 	 	 	Page
	 	 	 
	ARTICLE I
	DEFINITIONS;
	CALCULATIONS AND CERTAIN
    OTHER MATTERS
	 	 	 	 	 
	Section 1.1	 	Definitions	 	5
	Section 1.2	 	Calculations Respecting Mortgage Loans	 	116
	Section 1.3	 	Calculations Respecting Accrued Interest	 	119
	Section 1.4	 	Interpretation	 	119
	Section 1.5	 	ARD Loans	 	120
	Section 1.6	 	Certain Matters with Respect to Loan Pairs, A/B Whole Loans and
    Non-Serviced Loan Combinations	 	121
	Section 1.7	 	Rating Agency Confirmations	 	127
	 	 	 	 	 
	ARTICLE II
	DECLARATION OF TRUST;
	ISSUANCES OF CERTIFICATES
	 	 	 	 	 
	Section 2.1	 	Conveyance of Mortgage Loans	 	130
	Section 2.2	 	Acceptance by Trustee	 	134
	Section 2.3	 	Sellers’ Repurchase of Mortgage Loans for Material Document
    Defects and Material Breaches of Representations and Warranties	 	137
	Section 2.4	 	Representations and Warranties	 	145
	Section 2.5	 	Conveyance of Interests	 	146
	Section 2.6	 	Certain Matters Relating to Non-Serviced Mortgage Loans	 	147
	 	 	 	 	 
	ARTICLE III
	THE CERTIFICATES
	 	 	 	 	 
	Section 3.1	 	The Certificates	 	147
	Section 3.2	 	Registration	 	148
	Section 3.3	 	Transfer and Exchange of Certificates	 	148
	Section 3.4	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	154
	Section 3.5	 	Persons Deemed Owners	 	155
	Section 3.6	 	Access to List of Certificateholders’ Names and Addresses	 	155
	Section 3.7	 	Book-Entry Certificates	 	155
	Section 3.8	 	Notices to Clearing Agency	 	159
	Section 3.9	 	Definitive Certificates	 	159
	 	 	 	 	 
	ARTICLE IV
	ADVANCES
	 	 	 	 	 
	Section 4.1	 	P&I Advances by Master Servicer	 	160
	Section 4.1A	 	P&I Advances with Respect to Non-Serviced Mortgage Loans and
    Serviced Pari Passu Mortgage Loans	 	 161

  

    	-i-

    	 

    

 

	 	 	 	 	Page
	 	 	 	 	 
	Section 4.2	 	Servicing Advances	 	163
	Section 4.3	 	Advances by the Trustee	 	164
	Section 4.4	 	Evidence of Nonrecoverability	 	164
	Section 4.5	 	Interest on Advances; Calculation of Outstanding Advances with
    Respect to a Mortgage Loan	 	166
	Section 4.6	 	Reimbursement of Advances and Advance Interest	 	167
	 	 	 	 	 
	ARTICLE V
	ADMINISTRATION OF THE TRUST
	 	 	 	 	 
	Section 5.1	 	Collections	 	168
	Section 5.2	 	Withdrawals of Funds in the Collection Account	 	172
	Section 5.3	 	Distribution Account and Reserve Accounts	 	182
	Section 5.4	 	Certificate Administrator Reports	 	184
	Section 5.5	 	Certificate Administrator Tax Reports	 	193
	Section 5.6	 	Access to Certain Information	 	193
	Section 5.7	 	Exchange Act Rule 17g-5 Procedures	 	196
	 	 	 	 	 
	ARTICLE VI
	DISTRIBUTIONS
	 	 	 	 	 
	Section 6.1	 	Distributions Generally	 	203
	Section 6.2	 	Compliance with Withholding Requirements	 	204
	Section 6.3	 	REMIC I	 	204
	Section 6.4	 	REMIC II	 	205
	Section 6.5	 	REMIC III	 	206
	Section 6.6	 	Allocation of Collateral Support Deficits	 	212
	Section 6.7	 	Prepayment Interest Shortfalls and Net Aggregate Prepayment Interest
    Shortfalls	 	213
	Section 6.8	 	Adjustment of Master Servicing Fees	 	213
	Section 6.9	 	Appraisal Reductions	 	213
	Section 6.10	 	Prepayment Premiums	 	217
	Section 6.11	 	Allocation of Trust Advisor Expenses	 	219
	 	 	 	 	 
	ARTICLE VII
	CONCERNING THE TRUSTEE,
    THE CUSTODIAN AND THE CERTIFICATE
	ADMINISTRATOR
	 	 	 	 	 
	Section 7.1	 	Duties of the Trustee, the Custodian and the Certificate Administrator	 	222
	Section 7.2	 	Certain Matters Affecting the Trustee, the Custodian and the Certificate
    Administrator	 	224
	Section 7.3	 	The Trustee, the Custodian and the Certificate Administrator Not
    Liable for Certificates or Interests or Mortgage Loans	 	226
	Section 7.4	 	The Trustee, the Custodian and the Certificate Administrator May
    Own Certificates	 	227
	Section 7.5	 	Eligibility Requirements for the Trustee, the Custodian and the
    Certificate Administrator	 	228

  

    	-ii-

    	 

    

  

	 	 	 	 	Page
	 	 	 	 	 
	Section 7.6	 	Resignation and Removal of the Trustee, the Custodian or the Certificate
    Administrator	 	229
	Section 7.7	 	Successor Trustee, Custodian or Certificate Administrator	 	233
	Section 7.8	 	Merger or Consolidation of Trustee, Custodian or Certificate Administrator	 	234
	Section 7.9	 	Appointment of Co-Trustee, Separate Trustee, Agents or Custodian	 	234
	Section 7.10	 	Authenticating Agents	 	236
	Section 7.11	 	Indemnification of Trustee, the Custodian and the Certificate Administrator	 	237
	Section 7.12	 	Fees and Expenses of Trustee, the Custodian and the Certificate
    Administrator	 	239
	Section 7.13	 	Collection of Moneys	 	240
	Section 7.14	 	Trustee To Act; Appointment of Successor	 	240
	Section 7.15	 	Notification to Holders	 	243
	Section 7.16	 	Representations and Warranties of the Trustee, the Custodian and
    the Certificate Administrator	 	243
	Section 7.17	 	Fidelity Bond and Errors and Omissions Insurance Policy Maintained
    by the Trustee, the Custodian and the Certificate Administrator	 	246
	Section 7.18	 	Capacities	 	246
	 	 	 	 	 
	ARTICLE VIII
	ADMINISTRATION AND SERVICING
    OF MORTGAGE LOANS
	 	 	 	 	 
	Section 8.1	 	Servicing Standard; Servicing Duties	 	246
	Section 8.2	 	Fidelity Bond and Errors and Omissions Insurance Policy Maintained
    by the Master Servicer	 	249
	Section 8.3	 	Master Servicer’s General Power and Duties	 	249
	Section 8.4	 	Sub-Servicing	 	258
	Section 8.5	 	Master Servicer May Own Certificates	 	259
	Section 8.6	 	Maintenance of Hazard Insurance, Other Insurance, Taxes and Other
    	 	259
	Section 8.7	 	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Due-on-Encumbrance
    Clause	 	262
	Section 8.8	 	Custodian to Cooperate; Release of Trust Mortgage Files	 	266
	Section 8.9	 	Documents, Records and Funds in Possession of Master Servicer to
    be Held for the Trustee for the Benefit of the Certificateholders	 	267
	Section 8.10	 	Servicing Compensation	 	268
	Section 8.11	 	Master Servicer Reports; Account Statements	 	272
	Section 8.12	 	Reserved	 	274
	Section 8.13	 	Reserved	 	274
	Section 8.14	 	CREFC® Operating Statement Analysis Reports Regarding
    the Mortgaged Properties	 	274
	Section 8.15	 	Other Available Information and Certain Rights of the Master Servicer	 	275
	Section 8.16	 	Rule 144A Information	 	277
	Section 8.17	 	Inspections	 	277
	Section 8.18	 	Modifications, Waivers, Amendments, Extensions and Consents	 	278
	Section 8.19	 	Specially Serviced Mortgage Loans	 	281
	Section 8.20	 	Representations, Warranties and Covenants of the Master Servicer	 	282

  

    	-iii-

    	 

    

  

	 	 	 	 	Page 
	 	 	 	 	 
	Section 8.21	 	Merger or Consolidation	 	283
	Section 8.22	 	Resignation of Master Servicer	 	284
	Section 8.23	 	Assignment or Delegation of Duties by Master Servicer	 	285
	Section 8.24	 	Limitation on Liability of the Master Servicer and Others	 	286
	Section 8.25	 	Indemnification; Third-Party Claims	 	288
	Section 8.26	 	Loan Registry	 	290
	Section 8.27	 	Compliance with REMIC Provisions and Grantor Trust Provisions	 	290
	Section 8.28	 	Termination	 	291
	Section 8.29	 	Procedure Upon Termination	 	294
	Section 8.30	 	Certain Matters with Respect to Joint Mortgage Loans	 	296
	Section 8.31	 	Delivery of Excluded Information to the Certificate Administrator	 	301
	 	 	 	 	 
	ARTICLE IX
	ADMINISTRATION AND SERVICING
    OF
	SPECIALLY SERVICED MORTGAGE
    LOANS BY SPECIAL SERVICER
	 	 	 	 	 
	Section 9.1	 	Duties of Special Servicer	 	301
	Section 9.2	 	Fidelity Bond and Errors and Omissions Insurance Policy of Special
    Servicer	 	303
	Section 9.3	 	Special Servicer General Powers and Duties	 	303
	Section 9.4	 	Sub-Servicers	 	306
	Section 9.5	 	“Due-on-Sale” Clauses; Assignment and Assumption Agreements;
    Modifications of Specially Serviced Mortgage Loans; Due-on-Encumbrance Clauses	 	306
	Section 9.6	 	Custodian to Cooperate; Release of Mortgage Files	 	311
	Section 9.7	 	Documents, Records and Funds in Possession of Special Servicer
    To Be Held for the Trustee	 	312
	Section 9.8	 	Representations, Warranties and Covenants of the Special Servicer	 	313
	Section 9.9	 	Standard Hazard, Flood and Commercial General Liability Policies	 	314
	Section 9.10	 	Presentment of Claims and Collection of Proceeds	 	316
	Section 9.11	 	Compensation to the Special Servicer	 	317
	Section 9.12	 	Realization Upon Defaulted Loans	 	321
	Section 9.13	 	Foreclosure	 	324
	Section 9.14	 	Operation of REO Property	 	324
	Section 9.15	 	Sale of REO Property	 	328
	Section 9.16	 	Realization on Collateral Security	 	329
	Section 9.17	 	Sale of Defaulted Loans	 	330
	Section 9.18	 	A/B Whole Loans	 	334
	Section 9.19	 	Reserved	 	334
	Section 9.20	 	Merger or Consolidation	 	334
	Section 9.21	 	Resignation of Special Servicer	 	335
	Section 9.22	 	Assignment or Delegation of Duties by Special Servicer	 	336
	Section 9.23	 	Limitation on Liability of the Special Servicer and Others	 	337
	Section 9.24	 	Indemnification; Third-Party Claims	 	340
	Section 9.25	 	Reserved	 	342
	Section 9.26	 	Special Servicer May Own Certificates	 	342
	Section 9.27	 	Tax Reporting	 	342

  

    	-iv-

    	 

    

  

	 	 	 	 	Page
	 	 	 	 	 
	Section 9.28	 	Application of Funds Received	 	342
	Section 9.29	 	Compliance with REMIC Provisions and Grantor Trust Provisions	 	343
	Section 9.30	 	Termination	 	343
	Section 9.31	 	Procedure Upon Termination	 	351
	Section 9.32	 	Certain Special Servicer Reports	 	352
	Section 9.33	 	Special Servicer to Cooperate with the Master Servicer, the Trustee,
    the Custodian and the Certificate Administrator	 	357
	Section 9.34	 	Litigation Control	 	358
	Section 9.35	 	Excluded Mortgage Loan Notices	 	362
	 	 	 	 	 
	ARTICLE X
	CERTAIN MATTERS RELATING
    TO THE CONTROLLING CLASS
	REPRESENTATIVE, THE TRUST
    ADVISOR AND THE HOLDERS
	OF THE SERVICED B NOTES
    AND SERVICED COMPANION LOANS
	 	 	 	 	 
	Section 10.1	 	Selection and Removal of the Controlling Class Representative	 	362
	Section 10.2	 	Limitation on Liability of Controlling Class Representative; Acknowledgements
    of the Certificateholders	 	364
	Section 10.3	 	Rights and Powers of Controlling Class Representative	 	365
	Section 10.4	 	Controlling Class Representative and Trust Advisor Contact with
    Master Servicer and Special Servicer	 	368
	Section 10.5	 	Appointment, Duties and Compensation of the Trust Advisor	 	368
	Section 10.6	 	Representations, Warranties and Covenants of the Trust Advisor	 	373
	Section 10.7	 	Merger or Consolidation of the Trust Advisor	 	374
	Section 10.8	 	Resignation of Trust Advisor	 	375
	Section 10.9	 	Assignment or Delegation of Duties by Trust Advisor	 	376
	Section 10.10	 	Limitation on Liability of the Trust Advisor and Others	 	376
	Section 10.11	 	Indemnification; Third-Party Claims	 	378
	Section 10.12	 	Termination of the Trust Advisor	 	379
	Section 10.13	 	Rights of the Holders of a Serviced B Note and Serviced Companion
    Loan	 	383
	Section 10.14	 	Rights of Non-Directing Holders	 	384
	 	 	 	 	 
	ARTICLE XI
	PURCHASE AND TERMINATION
    OF THE TRUST
	 	 	 	 	 
	Section 11.1	 	Termination of Trust Upon Repurchase or Liquidation of All Mortgage
    Loans	 	385
	Section 11.2	 	Procedure Upon Termination of Trust	 	388
	Section 11.3	 	Additional Trust Termination Requirements	 	389
	 	 	 	 	 
	ARTICLE XII
	REMIC AND GRANTOR TRUST
    ADMINISTRATION
	 	 	 	 	 
	Section 12.1	 	REMIC Administration	 	390
	Section 12.2	 	Prohibited Transactions and Activities	 	396
	Section 12.3	 	Modifications of Mortgage Loans	 	396

  

    	-v-

    	 

    

  

	 	 	 	 	Page
	 	 	 	 	 
	Section 12.4	 	Liability with Respect to Certain Taxes and Loss of REMIC Status	 	397
	Section 12.5	 	Grantor Trust	 	397
	Section 12.6	 	Grantor Trust Reporting Requirements	 	398
	 	 	 	 	 
	ARTICLE XIII
	EXCHANGE ACT REPORTING AND
    REGULATION AB COMPLIANCE
	 	 	 	 	 
	Section 13.1	 	Intent of the Parties; Reasonableness	 	399
	Section 13.2	 	Information to be Provided by the Master Servicer, the Special
    Servicer, the Custodian, any Primary Servicer and the Certificate Administrator	 	399
	Section 13.3	 	Filing Obligations	 	402
	Section 13.4	 	Form 10-D Filings	 	402
	Section 13.5	 	Form 10-K Filing	 	405
	Section 13.6	 	Sarbanes-Oxley Certification	 	407
	Section 13.7	 	Form 8-K Filings	 	408
	Section 13.8	 	Suspension of Exchange Act Filings; Incomplete Exchange Act Filings;
    Amendments to Exchange Act Reports	 	410
	Section 13.9	 	Annual Compliance Statements	 	411
	Section 13.10	 	Annual Reports on Assessment of Compliance with Servicing Criteria	 	413
	Section 13.11	 	Annual Independent Public Accountants’ Servicing Report	 	415
	Section 13.12	 	Indemnification	 	416
	Section 13.13	 	Amendments	 	420
	Section 13.14	 	Exchange Act Report Signatures	 	420
	Section 13.15	 	Significant Obligors	 	420
	 	 	 	 	 
	ARTICLE XIV
	MISCELLANEOUS PROVISIONS
	 	 	 	 	 
	Section 14.1	 	Binding Nature of Agreement	 	422
	Section 14.2	 	Entire Agreement	 	423
	Section 14.3	 	Amendment	 	423
	Section 14.4	 	GOVERNING LAW	 	425
	Section 14.5	 	Notices	 	426
	Section 14.6	 	Severability of Provisions	 	428
	Section 14.7	 	Indulgences; No Waivers	 	428
	Section 14.8	 	Headings Not to Affect Interpretation	 	428
	Section 14.9	 	Benefits of Agreement	 	428
	Section 14.10	 	Reserved	 	429
	Section 14.11	 	Counterparts	 	429
	Section 14.12	 	Intention of Parties	 	429
	Section 14.13	 	Recordation of Agreement	 	430
	Section 14.14	 	Rating Agency Surveillance Fees	 	431
	Section 14.15	 	Waiver of Jury Trial	 	431
	Section 14.16	 	Submission to Jurisdiction	 	431
	Section 14.17	 	Limitation on Rights of Holders	 	431
	Section 14.18	 	Acts of Holders of Certificates	 	432

  

    	-vi-

    	 

    

  

	 	 	 	 	Page
	 	 	 	 	 
	Section 14.19	 	Compliance with Patriot Act	 	434
	Section 14.20	 	Precautionary Trust Indenture Act Provisions	 	434
	Section 14.21	 	Limitation on Liability of the Depositor and Others	 	434
	Section 14.22	 	PNC Bank, National Association	 	435

  

    	-vii-

    	 

    

 

	EXHIBITS AND SCHEDULES
	 	 	 
	EXHIBIT A-1	 	Form of Class A-1 Certificate
	EXHIBIT A-2	 	Form of Class A-2 Certificate
	EXHIBIT A-3	 	Form of Class A-SB Certificate
	EXHIBIT A-4	 	Form of Class A-3 Certificate
	EXHIBIT A-5	 	Form of Class A-4 Certificate
	EXHIBIT A-6	 	Form of Class X-A Certificate
	EXHIBIT A-7	 	Form of Class A-S Certificate
	EXHIBIT A-8	 	Form of Class B Certificate
	EXHIBIT A-9	 	Form of Class C Certificate
	EXHIBIT A-10	 	Form of Class X-B Certificate
	EXHIBIT A-11	 	Form of Class X-D Certificate
	EXHIBIT A-12	 	Form of Class X-F Certificate
	EXHIBIT A-13	 	Form of Class X-G Certificate
	EXHIBIT A-14	 	Form of Class X-H Certificate
	EXHIBIT A-15	 	Form of Class X-J Certificate
	EXHIBIT A-16	 	Form of Class D Certificate
	EXHIBIT A-17	 	Form of Class E Certificate
	EXHIBIT A-18	 	Form of Class F Certificate
	EXHIBIT A-19	 	Form of Class G Certificate
	EXHIBIT A-20	 	Form of Class H Certificate
	EXHIBIT A-21	 	Form of Class J Certificate
	EXHIBIT A-22	 	Form of Class V Certificate
	EXHIBIT A-23	 	Form of Class R Certificate
	EXHIBIT B-1	 	Form of Initial Certification (Section 2.2)
	EXHIBIT B-2	 	Form of Final Certification (Section 2.2)
	EXHIBIT C	 	Form of Request for Release
	EXHIBIT D-1	 	Form of Transferor Certificate for Transfers of Definitive Privately
    Offered Certificates (Section 3.3(c))
	EXHIBIT D-2A	 	Form I of Transferee Certificate for Transfers of Definitive Privately
    Offered Certificates (Section 3.3(c))
	EXHIBIT D-2B	 	Form II of Transferee Certificate for Transfers of Definitive Privately
    Offered Certificates (Section 3.3(c))
	EXHIBIT D-3	 	Form of Transfer Certificate to an Interest in a Rule 144A Global
    Certificate
	EXHIBIT E-1	 	Form of Transferee Affidavit and Agreement (Class R) (Section
    3.3(e))
	EXHIBIT E-2	 	Form of Transferor Affidavit and Agreement (Class R) (Section
    3.3(e))
	EXHIBIT F	 	Form of Regulation S Certificate
	EXHIBIT G	 	Form of Exchange Certification (“Exchange Certificate”)
	EXHIBIT H	 	Form of Euroclear Bank or Clearstream Bank Certificate (Section
    3.7(d))
	EXHIBIT I-1A	 	Form of Investor Certification for Non-Borrower Party (for Persons
    other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	EXHIBIT I-1B	 	Form of Investor Certification for Non-Borrower Party (for the
    Controlling Class Representative and/or a Controlling Class Certificateholder)

  

    	-viii-

    	 

    

  

	EXHIBIT I-1C	 	Form of Investor Certification for Borrower
    Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	EXHIBIT I-1D	 	Form of Investor Certification for Borrower Party (for the Controlling
    Class Representative and/or a Controlling Class Certificateholder)
	EXHIBIT I-1E	 	Form of Notice of Excluded Controlling Class Holder
	EXHIBIT I-1F	 	Form of Notice of Excluded Controlling Class Holder to Certificate
    Administrator
	EXHIBIT I-1G	 	Form of Certification of the Controlling Class Representative
	EXHIBIT J	 	Form of NRSRO Certification (“NRSRO Certification”)
	EXHIBIT K	 	Form of Distribution Date Statement (“Distribution Date
    Statement”)
	EXHIBIT L	 	Form of Trust Advisor Annual Report
	EXHIBIT M	 	Form of Financial Market Publishers Certification (Section 5.4(h))
    and CREFC® Certification (Section 5.4(k))
	EXHIBIT N-1	 	[Reserved]
	EXHIBIT N-2	 	[Reserved]
	EXHIBIT O-1	 	Form of Power of Attorney to Master Servicer (Section 8.3(c))
	EXHIBIT O-2	 	Form of Power of Attorney to Special Servicer (Section 9.3(a))
	EXHIBIT P-1	 	Form of Certification (Section 13.6)
	EXHIBIT P-2	 	Reporting Servicer Form of Performance Certification (Section
    13.6)
	EXHIBIT Q	 	[Reserved]
	EXHIBIT R	 	[Reserved]
	EXHIBIT S-1	 	Form of Transferor Certificate for Transfer of the Excess Servicing
    Fee Rights
	EXHIBIT S-2	 	Form of Transferee Certificate for Transfer of the Excess Servicing
    Fee Rights
	EXHIBIT T	 	Form of Note Holder Certification
	 	 	 
	SCHEDULE I	 	UBSRES Loan Schedule
	SCHEDULE II	 	BANA Loan Schedule
	SCHEDULE III	 	MSMCH Loan Schedule
	SCHEDULE IV	 	[Reserved]
	SCHEDULE V	 	List of Mortgage Loans Secured by the Interest of the Related Mortgagor
    under a Ground Lease, Space Lease or Air Rights Lease (Section 8.3(i))
	SCHEDULE VI	 	List of Mortgagors that are Third-Party Beneficiaries Under Section
    2.3(a)
	SCHEDULE VII	 	Certain Escrow Accounts for Which a Required Repair is Outstanding
    Under Section 5.1(g)
	SCHEDULE VIII	 	Mortgage Loans as to Which a Lender Register is to be Maintained
	SCHEDULE IX	 	Mortgage Loans Secured by Mortgaged Properties Covered by an Environmental
    Insurance Policy
	SCHEDULE X	 	Servicing Criteria to be Addressed in Assessment of Compliance
	SCHEDULE XI	 	Additional Form 10-D Disclosure
	SCHEDULE XII	 	Additional Form 10-K Disclosure
	SCHEDULE XIII	 	Form 8-K Disclosure Information
	SCHEDULE XIV	 	Additional Disclosure Notification
	SCHEDULE XV	 	Seller Sub-Servicers

  

    	-ix-

    	 

    

  

	SCHEDULE XVI	 	Letters of Credit
	SCHEDULE XVII	 	Class A-SB Planned Principal Balance
	SCHEDULE XVIII	 	Hospitality Properties Subject to Franchise, Management or Similar Agreement

  

    	-x-

    	 

    

 

THIS POOLING AND SERVICING
AGREEMENT is dated as of December 1, 2015 (this “Agreement”) between MORGAN STANLEY CAPITAL I INC.,
a Delaware corporation, as depositor (the “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”), SITUS
HOLDINGS, LLC, as trust advisor (the “Trust Advisor”), and Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator
(in such capacity, the “Certificate Administrator”), certificate registrar, authenticating agent and custodian
(in such capacity, the “Custodian”).

 

PRELIMINARY STATEMENT

 

On the Closing Date, the
Depositor will acquire the Mortgage Loans from UBS Real Estate Securities Inc., as seller (“UBSRES”), Bank of
America, National Association, as seller (“BANA”), and Morgan Stanley Mortgage Capital Holdings LLC, as seller
(“MSMCH”), and will be the owner of the Mortgage Loans and the other property being conveyed by it to the Trustee
for inclusion in the Trust which is hereby created. On the Closing Date, the Depositor will acquire: (i) the REMIC I Regular Interests
and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates as consideration for its transfer to
the Trust of the Mortgage Loans (other than any Excess Interest payable thereon) and the other property constituting REMIC I; (ii)
the REMIC II Regular Interests and, to the extent they represent the REMIC II Residual Interest, the Class R Certificates as consideration
for its transfer of the REMIC I Regular Interests to the Trust; (iii) the REMIC III Regular Certificates and, to the extent they
represent the REMIC III Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC II Regular Interests
to the Trust; and (iv) the Class V Certificates as consideration for its transfer to the Trust of the right to receive Excess Interest.
The Depositor has duly authorized the execution and delivery of this Agreement to provide for the foregoing and the issuance of
(A) the REMIC I Regular Interests and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates, representing
in the aggregate the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests and, to the extent they represent
the REMIC II Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC
II, (C) the REMIC III Regular Certificates and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates,
representing in the aggregate the entire beneficial ownership of REMIC III and (D) the Class V Certificates, representing in the
aggregate the entire beneficial ownership of the Class V Specific Grantor Trust Assets. Excess Interest received on the Mortgage
Loans shall be held in the Grantor Trust for the benefit of the Holders of the Class V Certificates. All covenants and agreements
made by the Depositor herein with respect to the Mortgage Loans and the other property constituting the Trust are for the benefit
of the holders of the REMIC I Regular Interests, the holders of the REMIC II Regular Interests, the Holders of the REMIC III Regular
Certificates and the Holders of the Class V and Class R Certificates. The parties hereto are entering into this Agreement, and
the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged.

 

The Class A Senior Certificates
and the Class X-A, Class A-S, Class B and Class C Certificates (collectively, the “Registered Certificates”)
were offered for sale pursuant to the Depositor’s prospectus dated October 1, 2013 (the “Prospectus”),
as supplemented by the free

 

    	 

    	 

    

 

writing prospectuses dated November 18, 2015, November 25, 2015 and December 2, 2015 (collectively,
the “Free Writing Prospectus”, and together with the Prospectus, the “Preliminary Prospectus”),
and as further supplemented by the final prospectus supplement dated the Pricing Date (the “Prospectus Supplement”,
and together with the Prospectus, the “Final Prospectus”). The Class X-B, Class X-D, Class X-F, Class X-G, Class
X-H, Class X-J, Class D, Class E, Class F, Class G, Class H, Class J, Class V and Class R Certificates will be offered for sale
pursuant to a Preliminary Private Placement Memorandum dated November 18, 2015 (as supplemented by the preliminary private placement
memorandum supplements, dated November 25, 2015 and December 2, 2015, collectively, the “Preliminary Private Placement
Memorandum”) and a final Private Placement Memorandum dated the Pricing Date (the “Private Placement Memorandum”).

 

REMIC I

 

As provided herein, with
respect to the Trust, the Certificate Administrator on behalf of the Trustee will make an election for the segregated pool of assets
described in the first (1st) paragraph of Section 12.1(a) hereof (including the Mortgage Loans (other than any
Excess Interest payable with respect to such Mortgage Loans)) to be treated for federal income tax purposes as a REMIC (“REMIC
I”). The REMIC I Regular Interests will be designated as the “regular interests” in REMIC I and the Class
R Certificates will evidence the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions.

 

Each REMIC I Regular Interest
will relate to, and constitute the “Corresponding REMIC I Regular Interest” with respect to, a separate specific
Mortgage Loan (including an REO Mortgage Loan and any Qualifying Substitute Mortgage Loan that may replace such Mortgage Loan).
Each REMIC I Regular Interest will have a Pass-Through Rate equal to the applicable REMIC I Net Mortgage Rate from time to time,
an initial REMIC I Principal Amount equal to the Cut-Off Date Principal Balance of the Mortgage Loan to which such REMIC I Regular
Interest relates, and a “latest possible maturity date” set to the Rated Final Distribution Date. The Class R Certificates
will have no principal amount and no Pass-Through Rate, but (insofar as such Certificates represent the REMIC I Residual Interest)
will entitle Holders thereof to receive the proceeds of any assets remaining in REMIC I after all the REMIC I Regular Interests
have been paid in full.

 

REMIC II

 

As provided herein, with
respect to the Trust, the Certificate Administrator on behalf of the Trustee will make an election for the segregated pool of assets
described in the second (2nd) paragraph of Section 12.1(a) hereof consisting of the REMIC I Regular Interests
to be treated for federal income tax purposes as a REMIC (“REMIC II”). The REMIC II Regular Interests will be
designated as the “regular interests” in REMIC II and the Class R Certificates will evidence the sole class of “residual
interests” in REMIC II for purposes of the REMIC Provisions.

 

The following table sets
forth the designation, the initial REMIC II Principal Amount, the corresponding Class of Principal Balance Certificates (the “Corresponding
Certificates”) and corresponding Class X REMIC III Regular Interest (the “Corresponding Class X REMIC III Regular
Interest”) with respect to each REMIC II Regular Interest. Each

 

    	2

    	 

    

 

REMIC II Regular Interest shall have a Pass-Through Rate
equal to the Weighted Average REMIC I Net Mortgage Rate from time to time. The Class R Certificates will have no principal amount
and no Pass-Through Rate, but (insofar as such Certificates represent the REMIC II Residual Interest) will entitle Holders thereof
to receive the proceeds of any assets remaining in REMIC II after all the REMIC II Regular Interests have been paid in full.

 

	Designations
    of

    REMIC II

    Regular Interests	Initial
 REMIC II
 Principal Amount	Corresponding

    Certificates	Corresponding
    

Class X REMIC III

    Regular Interest
	 	 	 	 
	A-1	$	32,700,000	Class
    A-1	X-A-1
	A-2	$	6,300,000	Class
    A-2	X-A-2
	A-SB	$	51,500,000	Class
    A-SB	X-A-SB
	A-3	$	160,000,000	Class
    A-3	X-A-3
	A-4	$	313,000,000	Class
    A-4	X-A-4
	A-S	$	48,300,000	Class
    A-S	X-A-S
	B	$	53,331,000	Class
    B	X-B
	C	$	37,231,000	Class
    C	N/A
	D	$	25,156,000	Class
    D	X-D
	E	$	18,113,000	Class
    E	X-E
	F	$	18,700,000	Class
    F	X-F
	G	$	10,481,000	Class
    G	X-G
	H	$	7,293,000	Class
    H	X-H
	J	$	22,895,200	Class
    J	X-J

 

REMIC III

 

As provided herein, with
respect to the Trust, the Certificate Administrator on behalf of the Trustee will make an election for the segregated pool of assets
described in the third (3rd) paragraph of Section 12.1(a) hereof consisting of the REMIC II Regular Interests
to be treated for federal income tax purposes as a REMIC (“REMIC III”). The Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates and the
Class X REMIC III Regular Interests will be designated as the “regular interests” in REMIC III, and the Class R Certificates
will evidence the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions.

 

The following table sets
forth the Class designation, initial Aggregate Certificate Balance (or initial Notional Amount) and corresponding REMIC II Regular
Interest(s) (each, a “Corresponding REMIC II Regular Interest”) with respect to each Class of REMIC III Regular
Certificates. On each Distribution Date, the Pass-Through Rate for each Class of Certificates (other than the Class V and Class
R Certificates) will be determined as set forth herein under the definition of “Pass-Through Rate.” The Class R Certificates
will have no Aggregate Certificate Balance or Pass-Through Rate, but (insofar as such Certificates represent the REMIC III Residual
Interest) will entitle the Holders thereof to receive the proceeds of any remaining assets in REMIC III after the Aggregate Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E, Class F,
Class G, Class H

 

    	3

    	 

    

 

and Class J Certificates have been reduced to zero and any Collateral Support Deficits previously allocated thereto
(and any interest thereon) have been reimbursed.

 

	Class
    Designation	Initial Aggregate
 Certificate Balance
 or Notional Amount	Corresponding
    REMIC II Regular 

Interest(s)
	 	 	 
	Class
    A-1	$	32,700,000	A-1
	Class
    A-2	$	6,300,000	A-2
	Class
    A-SB	$	51,500,000	A-SB
	Class
    A-3	$	160,000,000	A-3
	Class
    A-4	$	313,000,000	A-4
	Class
    A-S	$	48,300,000	A-S
	Class B	$	53,331,000	B
	Class
    C	$	37,231,000	C
	Class D	$	25,156,000	D
	Class E	$	18,113,000	E
	Class F	$	18,700,000	F
	Class G	$	10,481,000	G
	Class H	$	7,293,000	H
	Class J	$	22,895,200	J
	Class
    X-A(a)	$	563,500,000(b)	A-1,
    A-2, A-SB, A-3 and A-4(c)
	Class
    X-B(d)	$	101,631,000(b)	A-S
    and B(e)
	Class
    X-D(f)	$	43,269,000(b)	D
    and E(g)
	Class
    X-F(h)	$	18,700,000(b)	F(i)
	Class
    X-G(j)	$	10,481,000(b)	G(k)
	Class
    X-H(l)	$	7,293,000(b)	H(m)
	Class
    X-J(n)	$	22,895,200(b)	J(o)

 

		(a)	The Class X-A Certificates represent ownership of the
Class X-A REMIC III Regular Interest(s).

 

		(b)	Notional Amount equals the aggregate REMIC II Principal
Amount of the Corresponding REMIC II Regular Interest(s).

 

		(c)	REMIC II Regular Interest A-1 is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-A-1; REMIC II Regular Interest A-2 is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-A-2; REMIC II Regular Interest A-SB is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-A-SB; REMIC II Regular Interest A-3 is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-A-3; and REMIC II Regular Interest A-4 is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-A-4.

 

		(d)	The Class X-B Certificates represent ownership of the
Class X-B REMIC III Regular Interests.

 

		(e)	REMIC II Regular Interest A-S is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-A-S; and REMIC II Regular Interest B is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-B.

 

		(f)	The Class X-D Certificates represent ownership of the
Class X-D REMIC III Regular Interests.

 

    	4

    	 

    

 

		(g)	REMIC II Regular Interest D is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-D; and REMIC II Regular Interest E is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-E.

 

		(h)	The Class X-F Certificates represent ownership of the
Class X-F REMIC III Regular Interest.

 

		(i)	REMIC II Regular Interest F is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-F.

 

		(j)	The Class X-G Certificates represent ownership of the
Class X-G REMIC III Regular Interest.

 

		(k)	REMIC II Regular Interest G is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-G.

 

		(l)	The Class X-H Certificates represent ownership of the
Class X-H REMIC III Regular Interest.

 

		(m)	REMIC II Regular Interest H is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-H.

 

		(n)	The Class X-J Certificates represent ownership of the
Class X-J REMIC III Regular Interest.

 

		(o)	REMIC II Regular Interest J is the Corresponding REMIC
II Regular Interest with respect to REMIC III Regular Interest X-J.

 

GRANTOR TRUST

 

The parties intend that the
portion of the Trust consisting of the segregated pool of assets consisting of the Class V Specific Grantor Trust Assets (if any)
(such portion of the Trust, the “Grantor Trust”) be treated as a grantor trust under Subpart E of Part 1 of
subchapter J of the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c) and as a “domestic
trust” under Treasury Regulations Section 301.7701-7. If any Class V Specific Grantor Trust Assets exist, then the Class
V Certificates shall represent undivided beneficial interests in a portion of the Grantor Trust consisting of the related Class
V Specific Grantor Trust Assets. For federal income tax purposes the Certificate Administrator shall treat the Grantor Trust as
a grantor trust and shall treat each Holder of a Class V Certificate as the owner of the individual, underlying assets represented
by any such Certificate. In addition, to the fullest extent possible, ownership of a Class V Certificate shall be treated as direct
ownership of the individual, underlying assets represented by such Certificate for federal income tax reporting purposes.

 

ARTICLE
I

DEFINITIONS;

CALCULATIONS AND CERTAIN OTHER MATTERS

 

Section 1.1 Definitions.
    Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following
meanings:

 

“10-K Filing
Deadline” has the meaning set forth in Section 13.5.

 

“17g-5 Indemnified
Party” has the meaning set forth in Section 5.7(c).

 

    	5

    	 

    

 

“17g-5 Indemnifying
Party” means each of the 17g-5 Information Provider, the Special Servicer, the Certificate Administrator, the Trust
Advisor, the Certificate Registrar, the Trustee, the Custodian and (other than with respect to the Sellers, the Underwriters and
the Initial Purchasers) the Master Servicer.

 

“17g-5 Information
Provider” means the Certificate Administrator.

 

“17g-5 Information
Provider’s Website” means the internet website of the 17g-5 Information Provider, initially located at www.ctslink.com,
under the “NRSRO” tab of the respective transaction, access to which is limited to Rating Agencies and other NRSROs
who have provided an NRSRO Certification.

 

“30/360 Basis”
has the meaning set forth in the definition of REMIC I Net Mortgage Rate.

 

“525 Seventh
Avenue Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between the initial holders
of the 525 Seventh Avenue Mortgage Loan and the 525 Seventh Avenue Serviced Companion Loan.

 

“525 Seventh
Avenue Loan Pair” means, collectively, the 525 Seventh Avenue Mortgage Loan and the 525 Seventh Avenue Serviced Companion
Loan.

 

“525 Seventh
Avenue Mortgage” means the Mortgage securing the 525 Seventh Avenue Loan Pair.

 

“525 Seventh
Avenue Mortgage Loan” means the Mortgage Loan evidenced by the promissory note designated “Note A-2”
and identified as “525 Seventh Avenue” on the Mortgage Loan Schedule and that is pari passu in right of payment
with the 525 Seventh Avenue Serviced Companion Loan to the extent set forth in the 525 Seventh Avenue Intercreditor Agreement.
The 525 Seventh Avenue Mortgage Loan is a “Mortgage Loan.”

 

“525 Seventh
Avenue Serviced Companion Loan” means, collectively, the promissory notes designated “Note A-1,” “Note
A-3” and “Note A-4” that are not included in the Trust and are pari passu in right of payment with the
525 Seventh Avenue Mortgage Loan to the extent set forth in the 525 Seventh Avenue Intercreditor Agreement. The 525 Seventh Avenue
Serviced Companion Loan is not a “Mortgage Loan.”

 

“A Note”
means, with respect to any A/B Whole Loan, the mortgage note (or notes) included in the Trust that is senior in right of payment
to the related Serviced B Note or any other subordinated note(s) to the extent set forth in the related Intercreditor Agreement.
There are no A Notes related to the Trust as of the Closing Date.

 

“A/B Whole Loan”
means any mortgage loan serviced under this Agreement that is divided into a senior mortgage note that is included in the Trust
and one or more subordinated mortgage note(s) not included in the Trust. References herein to an A/B Whole Loan shall be construed
to refer to the aggregate indebtedness under the related A Note and the related subordinated note(s). There are no A/B Whole Loans
related to the Trust as of the Closing Date.

 

    	6

    	 

    

 

“A/B Whole Loan
Custodial Account” means each of the custodial sub-account(s) of the Collection Account (but which are not included
in the Trust) created and maintained by the Master Servicer with respect to an A/B Whole Loan pursuant to Section 5.1(c)
on behalf of the holder of a related Serviced B Note. Any such sub-account(s) shall be maintained as a sub-account of an Eligible
Account.

 

“Acceptable Insurance
Default” means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), A/B Whole Loan or
Loan Pair, any default arising when the related loan documents require that the related Mortgagor must maintain all risk casualty
insurance or other insurance that covers damages or losses arising from acts of terrorism and the Special Servicer has determined,
in its reasonable judgment in accordance with the Servicing Standard, but subject to Section 10.3 and the terms and conditions
of any related Intercreditor Agreement, that (i) such insurance is not available at commercially reasonable rates and the subject
hazards are not commonly insured against by prudent owners of similar real properties located in or near the geographic region
in which the related Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners
at current market rates), or (ii) such insurance is not available at any rate.

 

“Accountant”
means a person engaged in the practice of accounting who is Independent.

 

“Accrued Certificate
Interest” means: (a) with respect to any Class of Certificates (other than the Class X, Class V and Class R Certificates)
for any Distribution Date, interest accrued during the Interest Accrual Period relating to such Distribution Date on the Aggregate
Certificate Balance of such Class immediately prior to such Distribution Date at the applicable Pass-Through Rate for such Class
and Distribution Date; and (b) with respect to any Class of Class X Certificates for any Distribution Date, all Accrued Interest
with respect to the related Class X REMIC III Regular Interests for such Distribution Date. Accrued Certificate Interest will be
calculated on a 30/360 Basis.

 

“Accrued Interest”
means: (a) with respect to any REMIC I Regular Interest for any Distribution Date, interest accrued during the Interest Accrual
Period relating to such Distribution Date on the REMIC I Principal Amount of such REMIC I Regular Interest immediately prior to
such Distribution Date at the applicable Pass-Through Rate for such REMIC I Regular Interest and Distribution Date; (b) with respect
to any REMIC II Regular Interest for any Distribution Date, interest accrued during the Interest Accrual Period relating to such
Distribution Date on the REMIC II Principal Amount of such REMIC II Regular Interest immediately prior to such Distribution Date
at the applicable Pass-Through Rate for such REMIC II Regular Interest and Distribution Date; and (c) with respect to any Class
X REMIC III Regular Interest for any Distribution Date, interest accrued during the Interest Accrual Period relating to such Distribution
Date on the Notional Amount of such Class X REMIC III Regular Interest immediately prior to such Distribution Date at the applicable
Pass-Through Rate for such Class X REMIC III Regular Interest and Distribution Date. Accrued Interest will be calculated on a 30/360
Basis.

 

“Acquisition
Date” means the date upon which, under the Code (and in particular the REMIC Provisions and Section 856(e) of the
Code), the Trust or a REMIC Pool is deemed to

 

    	7

    	 

    

 

have acquired a Mortgaged Property (or an interest therein, in the case of the Mortgaged
Properties securing any A/B Whole Loan, Non-Serviced Mortgage Loan, Non-Serviced Companion Loan or Loan Pair).

 

“Actual Recoveries”
means any actual recoveries of Trust Advisor Expenses from third parties (i.e., other than the related Mortgagor) or from the related
Mortgagor to the extent such amounts paid by the related Mortgagor were specifically identified as a reimbursement of the Trust
Advisor Expenses and paid in respect of a Collection Period when no other amounts were currently due and owing (or when the related
Mortgagor contemporaneously paid all amounts due and owing) in respect of the related Mortgage Loan to which such Trust Advisor
Expenses related.

 

“Actual/360 Basis”
means the accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month (or other
applicable accrual period, including any Interest Accrual Period) in a year assumed to consist of 360 days.

 

“Additional Disclosure
Notification” means the form of notification attached hereto as Schedule XIV to be included with any Additional
Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information.

 

“Additional Form
10-D Disclosure” has the meaning set forth in Section 13.4.

 

“Additional Form
10-K Disclosure” has the meaning set forth in Section 13.5.

 

“Additional Servicer”
means each Affiliate of the Master Servicer, the Special Servicer, the Sellers, the Certificate Administrator, the Custodian, the
Trustee, the Depositor or any of the Underwriters that Services any of the Mortgage Loans and each Person, other than the Special
Servicer, who is not an Affiliate of the Master Servicer, the Sellers, the Certificate Administrator, the Custodian, the Trustee,
the Depositor or any of the Underwriters, that Services 10% or more of the Mortgage Loans (based on their Unpaid Principal Balances).

 

“Additional Trust
Expense” means any of the following items: (i) Special Servicing Fees, Workout Fees and Liquidation Fees (in each
case to the extent not collected from the related Mortgagor); (ii) Advance Interest that cannot be paid in accordance with Section
4.6(c); (iii) amounts paid to indemnify the Master Servicer, the Special Servicer, any applicable Non-Serviced Mortgage Loan
Master Servicer, the Trust Advisor (subject to the last sentence of this definition), any applicable Non-Serviced Mortgage Loan
Special Servicer, the Trustee, the Custodian, the Certificate Administrator (or any other Person) pursuant to the terms of this
Agreement; (iv) to the extent not otherwise paid, any federal, state, or local taxes imposed on the Trust or its assets and paid
from amounts on deposit in the Collection Account or Distribution Account; and (v) subject to the last sentence of this definition,
to the extent not otherwise covered by indemnification by one of the parties hereto or otherwise and not payable by the related
Mortgagor under any Mortgage Loan, any other unanticipated cost, liability, or expense (or portion thereof) of the Trust (including
costs of collecting such amounts or other Additional Trust Expenses) that the Trust has not recovered, and in the judgment of the
Master Servicer (or Special Servicer) will not recover, from any other source; provided that, in the case of an A/B Whole
Loan or Loan Pair, “Additional Trust Expense” shall not include any of the

 

    	8

    	 

    

 

foregoing amounts to the extent that the
payment of those expenses are allocated to a related Serviced B Note as a result of the subordination of such related Serviced
B Note or to the related Serviced Companion Loan, in each case in accordance with the terms of the related Intercreditor Agreement.
Notwithstanding anything to the contrary, “Additional Trust Expenses” shall not include (A) allocable overhead of the
Master Servicer, the Special Servicer, any applicable Non-Serviced Mortgage Loan Master Servicer, any applicable Non-Serviced Mortgage
Loan Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator or the Certificate Registrar,
such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses, and similar
costs and expenses related to allocable overhead (and each of such parties shall be solely responsible for any such costs incurred
by it), or (B) with respect to any of the Class F Certificates or the Control Eligible Certificates, Trust Advisor Expenses (including
Excess Trust Advisor Expenses).

 

“Administrative
Cost Rate” means, with respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate, the Trust Advisor
Fee Rate, the Certificate Administrator Fee Rate, the CREFC® License Fee Rate and, in the case of any Non-Serviced
Mortgage Loan, the related Pari Passu Loan Primary Servicing Fee Rate.

 

“Advance”
means either a P&I Advance or a Servicing Advance.

 

“Advance Interest”
means interest at the Advance Rate payable to the Master Servicer, the Special Servicer or the Trustee on outstanding Advances
(other than Unliquidated Advances) pursuant to Section 4.5 of this Agreement and any interest payable to any Non-Serviced
Mortgage Loan Master Servicer, any Non-Serviced Mortgage Loan Trustee or any Non-Serviced Mortgage Loan Fiscal Agent with respect
to Pari Passu Loan Nonrecoverable Advances pursuant to Section 4.4(c) hereof.

 

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

 

“Advance Report
Date” means the second (2nd) Business Day prior to each Distribution Date.

 

“Adverse Grantor
Trust Event” means any action that, under the Code, if taken or not taken, as the case may be, would result in the
imposition of an entity level tax on the income of the Grantor Trust or any of its assets or transactions.

 

“Adverse REMIC
Event” means any action that, under the REMIC Provisions, if taken or not taken, as the case may be, would either
(i) endanger the status of any REMIC Pool as a REMIC or (ii) except as permitted by Section 9.14(e), result in the imposition
of a tax upon the income of any REMIC Pool or any of its assets or transactions, including without limitation

 

    	9

    	 

    

 

the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions set forth in Section 860G(d) of the Code.

 

“Affected Reporting
Party” has the meaning set forth in Section 13.12.

 

“Affiliate”
means, 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.

 

“Aggregate Certificate
Balance” means, when used with respect to Certificates, means, at any time of determination, the aggregate of the
Certificate Balances of any two or more Principal Balance Certificates or of all the Certificates of any particular Class or Classes
of Principal Balance Certificates.

 

“Aggregate Stated
Principal Balance” means, at the time of any determination and as the context may require, the aggregate of the Stated
Principal Balances for all Mortgage Loans (including REO Mortgage Loans).

 

“Agreement”
means this Pooling and Servicing Agreement and all amendments and supplements hereto.

 

“Allocable Modification
Fee” means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), A/B Whole Loan
or Loan Pair, as to which a Modification Fee is collected, the excess, if any, of (i) such Modification Fee, over (ii) 0.75% of
the Unpaid Principal Balance of such Mortgage Loan, A/B Whole Loan or Loan Pair immediately following the related restructuring,
modification, extension, waiver or amendment in connection with which such Modification Fee was collected.

 

“Anticipated
Repayment Date” means, with respect to each ARD Mortgage Loan, the anticipated maturity date set forth in the related
Mortgage Note.

 

“Applicable Control
Party” means, with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), A/B Whole Loan, Loan Pair
or related REO Property, as the context may require, subject to the restrictions set forth in Section 10.1(c), the Controlling
Class Representative, if any (during any Subordinate Control Period and except with respect to an A/B Whole Loan or a Loan Pair
or a related REO Property as to which the holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable,
or its designee is the related Loan-Specific Directing Holder, and except with respect to an Excluded Mortgage Loan) or any related
Loan-Specific Directing Holder (solely with respect to an A/B Whole Loan or a Loan Pair or a related REO Property as to which the
holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable, or its designee is the related Loan-Specific
Directing Holder), as applicable. During any Collective Consultation Period and any Senior Consultation Period, there shall be
no Applicable Control Party except: (i) to the extent provided for under the related Intercreditor Agreement, with respect to an
A/B Whole Loan or a Loan Pair or a related REO Property as to which the holder of a related B Note or Companion Loan (or

 

    	10

    	 

    

 

controlling
portion thereof), as applicable, or its designee is the related Loan-Specific Directing Holder; and (ii) with respect to the Controlling
Class Representative if it is otherwise specifically granted consent rights during any Collective Consultation Period with respect
to any particular matter as set forth herein. Provisions in this Agreement that contemplate any other Person having to obtain the
consent or approval of, consult with or otherwise interact with an Applicable Control Party in circumstances involving a Mortgage
Loan, A/B Whole Loan, Loan Pair or related REO Property as to which there is no Applicable Control Party shall be of no force and
effect.

 

“Applicable Laws”
has the meaning set forth in Section 14.19.

 

“Appraisal”
means an appraisal by an Independent licensed MAI appraiser having at least five (5) years experience in appraising property of
the same type as, and in the same geographic area as, the Mortgaged Property being appraised, which appraisal complies with the
Uniform Standards of Professional Appraisal Practices and states the “market value” of the subject property as defined
in 12 C.F.R. § 225.62.

 

“Appraisal Event”
means, with respect to any Mortgage Loan, A/B Whole Loan or Loan Pair, the occurrence of the earliest of:

 

(a)          the
date on which a modification of such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may be, becomes effective following
the occurrence of a Servicing Transfer Event that, among other things, materially affects the amount or timing of any payment of
principal or interest on such Mortgage Loan, A/B Whole Loan or Loan Pair or materially affects any other Money Term (other than
an extension of the date that a Balloon Payment is due for a period of less than six (6) months from the original due date of such
Balloon Payment), or changes any other material economic term of such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may
be, or impairs the security of such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may be;

 

(b)          that
date on which such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may be, is sixty (60) days or more delinquent in respect
of any Scheduled Payment (other than a Balloon Payment);

 

(c)          solely
in the case of a delinquent Balloon Payment, (i) the date occurring sixty (60) days beyond the date on which that Balloon Payment
was due (except as described in the following clause (ii)) or (ii) if the related Mortgagor has delivered a refinancing
commitment acceptable to the Special Servicer prior to the date sixty (60) days after maturity, the date occurring 120 days after
the date on which that Balloon Payment was due (or for such shorter period beyond the date on which that Balloon Payment was due
during which the refinancing is scheduled to occur);

 

(d)          that
date on which the related Mortgaged Property became an REO Property;

 

(e)          the
day on which Special Servicer receives notice that a receiver or similar official has been appointed (and continues in that capacity)
in respect of the related Mortgaged Property;

 

    	11

    	 

    

 

(f)          the
date the related Mortgagor becomes subject to (i) a voluntary bankruptcy, insolvency or similar proceeding, or (ii) an involuntary
bankruptcy, insolvency or similar proceeding that remains undismissed for sixty (60) days; or

 

(g)          the
date on which such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may be, remains outstanding five (5) years following
any extension of its maturity date pursuant to this Agreement.

 

Notwithstanding any of the
foregoing to the contrary, with respect to any Non-Serviced Mortgage Loan, an “Appraisal Event” shall occur upon receipt
of notice from the related Non-Serviced Mortgage Loan Master Servicer of an “Appraisal Event” pursuant to the related
Non-Serviced Mortgage Loan Pooling and Servicing Agreement, upon which notice the parties hereto may conclusively rely.

 

“Appraisal Reduction”
means, with respect to any Required Appraisal Loan (including any Required Appraisal Loan that is or is comprised of an REO Mortgage
Loan, REO Serviced B Note or REO Serviced Companion Loan, as the case may be) with respect to which an Appraisal or internal valuation
is performed pursuant to Section 6.9, an amount equal to the excess of (A) the sum of (i) the Stated Principal Balance of
such Required Appraisal Loan, less the principal amount of any payment guaranty or surety bond with a rating of at least “BBB-”
(or its equivalent) by a NRSRO and the undrawn principal amount of any letter of credit or debt service reserve, if applicable,
that is then securing such Required Appraisal Loan, (ii) to the extent not previously advanced by the Master Servicer, the Trustee
or, in respect of any Serviced Companion Loan, any related Other Master Servicer or Other Trustee, all accrued and unpaid interest
on such Required Appraisal Loan at a per annum rate equal to the applicable Mortgage Rate, (iii) all unreimbursed Advances
and interest on such Advances at the Advance Rate, and all Unliquidated Advances, with respect to such Required Appraisal Loan
(together with any similar amounts, including unreimbursed advances, due and owing under any related Other Companion Loan Pooling
and Servicing Agreement), and (iv) to the extent funds on deposit in any applicable Escrow Accounts are not sufficient therefor,
and to the extent not previously advanced by the Master Servicer, the Special Servicer or the Trustee all currently due and unpaid
real estate taxes and assessments, insurance premiums and, if applicable, ground rents and other amounts which were required to
be deposited in any Escrow Account (but were not deposited) in respect of the related Mortgaged Property or REO Property, as the
case may be, over (B) 90% of the Appraised Value (net of any prior mortgage liens) of the related Mortgaged Property or REO Property,
as the case may be, as determined by such Appraisal or internal valuation, as the case may be, plus the full amount of any escrows
held by or on behalf of the Trustee as security for such Required Appraisal Loan (less the estimated amount of the obligations
anticipated to be payable in the next twelve months to which such escrows relate); provided that, if any Required Appraisal
Loan is secured by more than one (1) Mortgaged Property (other than by cross-collateralization with another Mortgage Loan), and
one or more of the related Mortgaged Properties has been defeased, the Stated Principal Balance of such Required Appraisal Loan
shall not include the portion of the principal balance of such Required Appraisal Loan that has been defeased, and any defeasance
collateral will not be included for purposes of determining the value of the Mortgaged Property or REO Property that secures the
related Required Appraisal Loan; and provided, further, that each Appraisal Reduction will be reduced to zero as
of the date the related Required Appraisal Loan becomes a Rehabilitated Mortgage Loan and no Appraisal Reduction will exist as
to any

 

    	12

    	 

    

 

Required Appraisal Loan after it has been paid in full, liquidated, repurchased or otherwise disposed of; and provided,
further, that any Appraisal Reduction in respect of any Non-Serviced Mortgage Loan shall be (x) calculated in accordance
with the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement based upon the applicable allocation of the items set
forth in clauses (A) and (B) above between the Non-Serviced Mortgage Loans and the related Non-Serviced Companion
Loans and all other related pari passu loans and B Notes and (y) applied to any Non-Serviced Mortgage Loan to the extent
notice of such Appraisal Reduction has been delivered to the Master Servicer by the related Non-Serviced Mortgage Loan Master Servicer.
Receipt by the Master Servicer of a distribution date statement from the related Non-Serviced Mortgage Loan Master Servicer shall
constitute notice of such Appraisal Reduction if such Appraisal Reduction information is contained therein, upon which the Master
Servicer may conclusively rely without any independent calculation. Notwithstanding the foregoing, (1) if an Appraisal is required
to be obtained in accordance with Section 6.9 of this Agreement but is not obtained within 120 days following the events
described in the applicable clause of the definition “Appraisal Event” (without regard to the time periods stated
therein), then, until such Appraisal is obtained and solely for purposes of determining the amounts of P&I Advances, the Appraisal
Reduction shall equal 25% of the Stated Principal Balance of the related Required Appraisal Loan; provided that, upon receipt
of an Appraisal, the Appraisal Reduction for such Required Appraisal Loan shall be recalculated in accordance with this definition
without regard to this sentence and (2) with respect to any Non-Serviced Mortgage Loan, if the related Non-Serviced Mortgage Loan
Master Servicer has not delivered notice of an Appraisal Reduction within 120 days following its notification of an Appraisal Event,
then, until such notice is received and solely for purposes of determining the amounts of P&I Advances, the Appraisal Reduction
shall equal 25% of the Stated Principal Balance of such Non-Serviced Mortgage Loan; provided that, upon receipt of such
notice, the Appraisal Reduction shall be the amount determined by such Non-Serviced Mortgage Loan Master Servicer.

 

“Appraised Value”
means, (i) with respect to any Mortgaged Property (other than the Mortgaged Property relating to a Non-Serviced Mortgage Loan),
the appraised value thereof determined by an Appraisal of the Mortgaged Property securing such Mortgage Loan made by an Independent
appraiser selected by the Master Servicer, the Special Servicer or, as and when provided in Section 6.9, the Requesting
Holders, as applicable, or, in the case of an internal valuation performed by the Special Servicer pursuant to Section 6.9,
the value of the Mortgaged Property determined by such internal valuation and (ii) with respect to the Mortgaged Property relating
to a Non-Serviced Mortgage Loan, the portion of the appraised value allocable thereto.

 

“Appraised-Out
Class” has the meaning set forth in Section 6.9.

 

“ARD Loan”
means any Mortgage Loan, Serviced B Note or Serviced Companion Loan that provides that if the unamortized principal balance thereof
is not repaid by a date certain set forth in the related loan documents, such Mortgage Loan, Serviced B Note or Serviced Companion
Loan, as the case may be, will accrue additional interest (payable under the related loan documents only after the original principal
balance of the subject Mortgage Loan, Serviced B Note or Serviced Companion Loan, as the case may be, has been paid or otherwise
discharged in full and, for the avoidance of doubt, excluding from such determination regarding the repayment or discharge of such
original principal balance any Excess Interest capitalized as

 

    	13

    	 

    

 

additional principal pursuant to the related Mortgage Loan documents)
at the rate specified in the related Mortgage Note and the related Mortgagor is required to apply certain excess monthly cash flow
generated by the related Mortgaged Property to the repayment of the outstanding principal balance on such Mortgage Loan. As of
the Cut-off Date, the only ARD Loan related to the Trust is the Mortgage Loan identified as “Charles River Plaza North”
on the Mortgage Loan Schedule.

 

“ARD Mortgage
Loan” means a Mortgage Loan that is an ARD Loan. As of the Cut-off Date, the only ARD Mortgage Loan related to the
Trust is the Mortgage Loan identified as “Charles River Plaza North” on the Mortgage Loan Schedule.

 

“ARP Report”
has the meaning set forth in Section 13.12.

 

“Asset Status
Report” has the meaning set forth in Section 9.32.

 

“Assignment of
Leases” means, with respect to any Mortgage Loan, any assignment of leases, rents and profits or equivalent instrument,
whether contained in the related Mortgage or executed separately, assigning to the holder or holders of such Mortgage all of the
related Mortgagor’s interest in the leases, rents and profits derived from the ownership, operation, leasing or disposition
of all or a portion of the related Mortgaged Property as security for repayment of such Mortgage Loan.

 

“Assignment of
Mortgage” means an assignment of the Mortgage, notice of transfer or equivalent instrument, in recordable form, sufficient
under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the transfer of the Mortgage to
the Trustee, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket assignments
covering the Mortgage Loans secured by Mortgaged Properties located in the same jurisdiction, if permitted by law.

 

“Assumed Scheduled
Payment” means: (i) with respect to any Balloon Mortgage Loan as to which advancing is required hereunder for its
Maturity Date (provided that such Balloon Mortgage Loan has not been paid in full, and no Final Recovery Determination or
other sale or liquidation has occurred in respect thereof, on or before the end of the Collection Period in which such Maturity
Date occurs) and for any subsequent Due Date therefor as of which such Balloon Mortgage Loan remains outstanding and part of the
Trust, if no Scheduled Payment (other than the related delinquent Balloon Payment) is due for such Due Date, the scheduled monthly
payment of principal and/or interest deemed to be due in respect thereof on such Due Date equal to the Scheduled Payment that would
have been due in respect of such Balloon Mortgage Loan on such Due Date, if it had been required to continue to accrue interest
in accordance with its terms, and to pay principal in accordance with the amortization schedule in effect immediately prior to,
and without regard to the occurrence of, its most recent Maturity Date (as such may have been extended in connection with a bankruptcy
or similar proceeding involving the related Mortgagor or a modification, waiver or amendment of such Balloon Mortgage Loan granted
or agreed to by the Master Servicer or the Special Servicer pursuant to the terms hereof), and (ii) with respect to any REO Mortgage
Loan for any Due Date therefor as of which the related REO Property or an interest therein remains part of the Trust, the scheduled
monthly payment of principal and interest deemed to be due in respect thereof on such Due Date

 

    	14

    	 

    

 

equal to the Scheduled Payment (or,
in the case of a Balloon Mortgage Loan described in clause (i) of this definition, the Assumed Scheduled Payment) that was
due in respect of the related Mortgage Loan on the last Due Date prior to its becoming an REO Mortgage Loan. The amount of the
Assumed Scheduled Payment for any A Note shall be calculated solely by reference to the terms thereof (as modified in connection
with any bankruptcy or similar proceeding involving the related Mortgagor or pursuant to a modification, waiver or amendment of
such Mortgage Loan granted or agreed to by the Master Servicer or the Special Servicer pursuant to the terms hereof) and without
regard to the remittance provisions of the related Intercreditor Agreement.

 

“Assumption Fees”
means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), A/B Whole Loan or Loan Pair, any and all
assumption fees of such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may be, for transactions effected under Section
8.7 and/or Section 9.5 (excluding assumption application fees), actually paid by the related Mortgagor and other applicable
fees (excluding assumption application fees) actually paid by the related Mortgagor in accordance with the related loan documents,
with respect to any assumption or substitution agreement entered into by the Master Servicer or the Special Servicer, as applicable,
on behalf of the Trust (or, in the case of an A/B Whole Loan or a Loan Pair, on behalf of the Trust and the holder of any related
Serviced B Note or Serviced Companion Loan, as applicable) pursuant to, or paid by the related Mortgagor with respect to, any transfer
of an interest in such Mortgagor pursuant to Section 8.7 or Section 9.5, as applicable.

 

“Authenticating
Agent” means any authenticating agent serving in such capacity pursuant to Section 7.10.

 

“Authorized Officer”
means any Person that may execute an Officer’s Certificate on behalf of the Depositor.

 

“Available Advance
Reimbursement Amount” has the meaning set forth in Section 4.6(a).

 

“Available Distribution
Amount” means, with respect to any Distribution Date, an amount equal to the aggregate, without duplication, of the
following amounts payable with respect to the Certificates: (a) all amounts on deposit in the Distribution Account (or any subaccount
thereof) as of the commencement of business on such Distribution Date that represent payments and other collections on or in respect
of the Mortgage Loans and any REO Properties that were received by the Master Servicer or the Special Servicer through the end
of the related Collection Period (together with any amounts received in respect of payments or other collections relating to any
Non-Serviced Mortgage Loan from the related Non-Serviced Mortgage Loan Master Servicer as part of the applicable monthly remittance)
exclusive of any portion thereof that represents one or more of the following: (i) any such amounts that were deposited in the
Distribution Account in error, (ii) amounts that are payable or reimbursable to any Person other than the Holders of the Principal
Balance Certificates and the Class X and Class R Certificates (including, without limitation, amounts payable (A) to the Master
Servicer in respect of unpaid Master Servicing Fees, the Special Servicer in respect of unpaid Special Servicer Compensation, the
Trust Advisor in respect of unpaid Trust Advisor Fees or Trust Advisor Consulting Fees (to the extent that such Trust Advisor Consulting
Fee is actually

 

    	15

    	 

    

 

received from the related Mortgagor), the Certificate Administrator in respect of unpaid Certificate Administrator
Fees, including any portion of the Certificate Administrator Fees payable to the Trustee in respect of unpaid Trustee Fees or to
the Custodian in respect of unpaid Custodian Fees or CREFC® in respect of unpaid CREFC® License Fees
and/or (B) in reimbursement of outstanding Advances (with interest thereon)), (iii) amounts that constitute Prepayment Premiums,
(iv) except with respect to the final Distribution Date, if such Distribution Date occurs during January, other than during a leap
year, or February of any year, the Interest Reserve Amounts of one (1) day’s interest with respect to Interest Reserve Loans
deposited in the Interest Reserve Account; (v) in the case of each REO Property related to an A/B Whole Loan or Loan Pair, all
amounts received with respect to such A/B Whole Loan or Loan Pair that are required to be paid to the holder of any related Serviced
B Note or Serviced Companion Loan, as applicable, pursuant to the terms of the related Serviced B Note or Serviced Companion Loan,
as applicable, and the related Intercreditor Agreement (which amounts will be deposited into the related Custodial Account pursuant
to Section 5.1(c) and withdrawn from such account pursuant to Section 5.2(a)); and (vi) Scheduled Payments collected
but due on a Due Date subsequent to the related Collection Period; and (b) if and to the extent not already among the amounts described
in clause (a), (i) the aggregate amount of any P&I Advances made by the Master Servicer or the Trustee for such Distribution
Date on the Mortgage Loans pursuant to Section 4.1 and/or Section 4.3, (ii) the aggregate amount of any Compensating
Interest payments made by the Master Servicer on the Mortgage Loans for such Distribution Date pursuant to the terms hereof, (iii)
if such Distribution Date occurs in March of any year, commencing March 2016, or on the final Distribution Date, the aggregate
of the Interest Reserve Amounts then held on deposit in the Interest Reserve Account in respect of each Interest Reserve Loan;
and (iv) any Balloon Payments received during the period that begins two (2) Business Days immediately preceding the related Master
Servicer Remittance Date and ends on such Master Servicer Remittance Date and remitted by the Master Servicer to the Distribution
Account pursuant to Section 5.2(c).

 

“B Note”
means (i) with respect to any A/B Whole Loan or Loan Pair, any related subordinated note not included in the Trust, which is subordinated
in right of payment to the related A Note to the extent set forth in the related Intercreditor Agreement and (ii) the promissory
note comprising the Charles River Plaza North B Note. The only B Note related to any Mortgage Loans included in the Trust on the
Closing Date is the promissory note comprising the Charles River Plaza North B Note.

 

“Balloon Loan”
means a Mortgage Loan, A/B Whole Loan or Loan Pair that provides for Scheduled Payments based on an amortization schedule that
is significantly longer than its term to maturity and that is expected to have a remaining principal balance equal to or greater
than 5% of its Cut-Off Date Principal Balance as of its stated maturity date, unless prepaid prior thereto.

 

“Balloon Mortgage
Loan” means a Mortgage Loan that is a Balloon Loan.

 

“Balloon Payment”
means, with respect to any Balloon Loan (and any related B Note, Serviced Companion Loan or Non-Serviced Companion Loan), the Scheduled
Payment payable on the Maturity Date of such Balloon Loan.

 

    	16

    	 

    

 

“BACM 2015-UBS7
Pooling and Servicing Agreement” means the pooling and servicing agreement, dated as of September 1, 2015, between
Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, LNR Partners, LLC, as special servicer, Pentalpha Surveillance LLC, as trust advisor, and U.S. Bank National
Association, as trustee, certificate administrator, certificate registrar, authenticating agent and custodian.

 

“BANA”
has the meaning set forth in the Preliminary Statement hereto.

 

“BANA Lender
Successor Borrower Right” has the meaning set forth in Section 8.3(h) hereof.

 

“BANA Loans”
means, collectively, those Mortgage Loans sold to the Depositor pursuant to Mortgage Loan Purchase Agreement II and shown on Schedule
II hereto (or, with respect to any Joint Mortgage Loan, BANA’s pro rata share of such Joint Mortgage Loans
based on BANA’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage
Loan).

 

“Bankruptcy Loss”
means a loss arising from a proceeding under the United States Bankruptcy Code or any other similar state law or other proceeding
with respect to the Mortgagor of, or Mortgaged Property under, a Mortgage Loan, A/B Whole Loan or Loan Pair, including, without
limitation, any Deficient Valuation Amount or losses, if any, resulting from any Debt Service Reduction Amount for the month in
which the related Distribution Date occurs.

 

“Base Interest
Fraction” means, with respect to any Principal Prepayment of any Mortgage Loan that provides for payment of a Prepayment
Premium, and with respect to any Class of Principal Balance Certificates, a fraction (A) whose numerator is the greater of (x)
zero and (y) the difference between (i) the Pass-Through Rate on that Class of Certificates and (ii) the applicable Discount Rate
and (B) whose denominator is the difference between (i) the Mortgage Rate on the related Mortgage Loan and (ii) the applicable
Discount Rate, provided that under no circumstances will the Base Interest Fraction be greater than one. If the Discount
Rate referred to above is greater than or equal to the Mortgage Rate on the related Mortgage Loan, then the Base Interest Fraction
will equal zero; provided that if the Discount Rate referred to above is greater than or equal to the Mortgage Rate on the
related Mortgage Loan, but is less than the Pass-Through Rate on the subject Class of Principal Balance Certificates, then the
Base Interest Fraction shall be equal to 1.0.

 

“Book-Entry Certificates”
means any Certificates as to which ownership and transfer thereof shall be made through book entries as set forth in Section
3.7; provided, that after the occurrence of a condition whereupon book-entry registration and transfer are no longer
authorized and Definitive Certificates are to be issued to the Certificate Owners, such certificates shall no longer be “Book-Entry
Certificates.”

 

“Borrower Party”
means (a) a borrower, a Mortgagor, a Manager or any Affiliate thereof, (b) solely with respect to the ten (10) largest Mortgage
Loans or groups of Crossed Mortgage Loans in the Trust Fund (based on their respective principal balances at the applicable time
of determination), (i) any Person that owns, directly or indirectly, 25% or more

 

    	17

    	 

    

 

of a borrower, Mortgagor or Manager of a Mortgaged
Property or (ii) any Person that owns, directly or indirectly, 25% or more of a beneficial interest in any mezzanine lender of
any mezzanine loan related to a Mortgage Loan that has accelerated such mezzanine loan as set forth in clause (c) or (c)
any mezzanine lender (or any Affiliate thereof) of any mezzanine loan related to a Mortgage Loan that has accelerated such mezzanine
loan (unless (A) acceleration was automatic under such mezzanine loan, (B) the event directly giving rise to the automatic acceleration
under such mezzanine loan was not initiated by such mezzanine lender or an Affiliate of such mezzanine lender and (C) such mezzanine
lender is stayed from exercising and has not commenced the exercise of remedies associated with foreclosure of the equity collateral
under such mezzanine loan) or commenced foreclosure proceedings with respect to such mezzanine loan against the equity interests
in the Mortgagor(s) of such Mortgage Loan.

 

“Business Day”
means any day other than (i) a Saturday or a Sunday, (ii) a day on which the Federal Reserve or the New York Stock Exchange is
closed, (iii) a legal holiday in New York, New York or any principal city (or cities) in which any of the Special Servicer, the
Trust Advisor, the Trustee, the Custodian, the Certificate Administrator or the Master Servicer conducts servicing or trust operations
or in which any such party’s corporate office or corporate trust office is located, or (iv) a day on which banking institutions
or savings associations in New York, New York or any principal city (or cities) in which any of the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator or the Master Servicer conducts servicing or trust operations
or in which any such party’s corporate office or corporate trust office is located, are authorized or obligated by law or
executive order to be closed.

 

“Calculation
Rate” means a discount rate appropriate for the type of cash flows being discounted, namely: (A) for principal and
interest payments on a Mortgage Loan, Serviced B Note or Serviced Companion Loan or from the sale of a Defaulted Loan, the higher
of (1) the rate determined by the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would
be obtainable by the related Mortgagor on similar non-defaulted debt of the related Mortgagor as of such date of determination,
and (2) the related Mortgage Rate based on its Unpaid Principal Balance; and (B) for all other cash flows, including property cash
flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal) of the related Mortgaged
Property.

 

“Cape May Hotels
Directing Holder” means the “Controlling Note Holder” or any analogous term under the Cape May Hotels
Intercreditor Agreement.

 

“Cape May Hotels
Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between the initial holders of
the promissory notes comprising the Cape May Hotels Non-Serviced Loan Combination.

 

“Cape May Hotels
Mortgage” means the Mortgage securing the Cape May Hotels Non-Serviced Loan Combination.

 

“Cape May Hotels
Mortgage Loan” means the Mortgage Loan evidenced by the promissory note designated “Note A-2” and identified
as “Cape May Hotels” on the Mortgage Loan Schedule and that is pari passu in right of payment with the Cape
May Hotels

 

    	18

    	 

    

 

Non-Serviced Companion Loan to the extent set forth in the Cape May Hotels Intercreditor Agreement. The Cape May Hotels
Mortgage Loan is a “Mortgage Loan.”

 

“Cape May Hotels
Non-Serviced Companion Loan” means the promissory note designated as “Note A-1” that is
not included in the Trust and is pari passu in right of payment with the Cape May Hotels Mortgage Loan to the extent set
forth in the Cape May Hotels Intercreditor Agreement. The Cape May Hotels Non-Serviced Companion Loan is not a “Mortgage
Loan.”

 

“Cape May Hotels
Non-Serviced Loan Combination” means, collectively, the Cape May Hotels Mortgage Loan and the Cape May Hotels Non-Serviced
Companion Loan.

 

“Cash Liquidation”
means, as to any Defaulted Loan other than a Mortgage Loan with respect to which the related Mortgaged Property became REO Property,
the sale of such Defaulted Loan for cash. The Master Servicer shall maintain records in accordance with the Servicing Standard
(and, in the case of Specially Serviced Mortgage Loans, based solely on the written reports with respect to such Cash Liquidation
delivered by the Special Servicer to the Master Servicer), of each Cash Liquidation.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. § 9601, et
seq.).

 

“Certificate
Administrator” means Wells Fargo Bank, National Association and any successor or assign, as provided herein. Wells
Fargo Bank, National Association, will perform its duties as Certificate Administrator hereunder through its Corporate Trust Services
division.

 

“Certificate
Administrator Fee” means, with respect to each Mortgage Loan (including a Mortgage Loan if it relates to an REO Property
or is a Defeasance Loan) for any related Mortgage Loan Accrual Period, the amount of interest accrued during such related Mortgage
Loan Accrual Period at the related Certificate Administrator Fee Rate on the same balance, in the same manner and for the same
number of days as interest at the applicable Mortgage Rate accrued with respect to such Mortgage Loan during such related Mortgage
Loan Accrual Period; provided, that a portion of the Certificate Administrator Fee shall be applied to pay the Trustee Fee
and the Custodian Fee.

 

“Certificate
Administrator Fee Rate” means 0.0050% per annum, which rate includes the per annum rate applicable
to calculation of the Trustee Fee and the Custodian Fee.

 

“Certificate
Administrator Indemnification Agreement” means that certain indemnification agreement, dated the Pricing Date, between
the Certificate Administrator, the Depositor, the Initial Purchasers and the Underwriters, which agreement may be the same agreement
as the Trustee Indemnification Agreement, if the Certificate Administrator and the Trustee are the same entity.

 

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

 

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“Certificate
Balance” means, with respect to any Principal Balance Certificate, as of any date or time of determination, the maximum
specified dollar amount of principal to which the Holder of such Certificate is then entitled hereunder, such amount being equal
to the initial principal amount set forth on the face of such Certificate (in the case of a Certificate), minus (a)(i) the amount
of all principal distributions previously made pursuant to Section 6.5(a), (ii) all Collateral Support Deficits allocated
pursuant to Section 6.6, and (iii) any Excess Trust Advisor Expenses allocated pursuant to Section 6.11, in each
case with respect to such Certificate in reduction of its Certificate Balance, plus (b) any prior increase in the Certificate Balance
of such Certificate attributable to the amounts identified in clause (I)(C) of the definition of “Principal Distribution
Amount” with respect to any Distribution Date, plus (c) any prior increase in the Certificate Balance of such Certificate
pursuant to Section 6.11 in connection with the allocation of Actual Recoveries of Trust Advisor Expenses. On each Distribution
Date, prior to any distributions being made on such Distribution Date, the Certificate Balances of the Principal Balance Certificates
will be increased by the aggregate of the amounts identified in clause (I)(C) of the definition of “Principal Distribution
Amount” for such Distribution Date, such increase to be allocated to the respective Classes of the Principal Balance Certificates
in descending sequential order of payment priority (i.e., to the most senior such Class first), in each case up to, and
in reduction of, the amount of Collateral Support Deficits previously allocated thereto and not otherwise reimbursed hereunder.
Any such increase in the Certificate Balances of the Principal Balance Certificates of any particular Class thereof shall, in turn,
be allocable among such Principal Balance Certificates on a pro rata basis in accordance with their respective initial Certificate
Balances.

 

“Certificate
Owner” means, with respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Book-Entry
Certificate, as may be reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such
Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency).

 

“Certificate
Register” has the meaning set forth in Section 3.2.

 

“Certificate
Registrar” means the registrar appointed pursuant to Section 3.2, which initially shall be the Certificate
Administrator. Wells Fargo Bank, National Association, will perform its duties as Certificate Registrar hereunder through its Corporate
Trust Services division.

 

“Certificateholders”
has the meaning set forth in the definition of “Holder.”

 

“Certificates”
means, collectively, the REMIC III Regular Certificates and the Class V and Class R Certificates.

 

“Certification
Parties” has the meaning set forth in Section 13.6 and shall also include such parties in an Other Securitization.

 

“Certifying Certificateholder”
means a Certificateholder or Certificate Owner that has provided the Certificate Administrator with an executed Investor Certification.

 

“Certifying Person”
has the meaning set forth in Section 13.6.

 

    	20

    	 

    

 

“Certifying Servicer”
has the meaning set forth in Section 13.9.

 

“Charles River
Plaza North B Note” means the promissory note designated the “Junior Note” that is generally subordinate
in right of payment to the Charles River Plaza North Mortgage Loan and the Charles River Plaza North Non-Serviced Companion Loan
to the extent provided in the Charles River Plaza North Intercreditor Agreement. The Charles River Plaza North B Note is not a
“Mortgage Loan” and is not included in the Trust.

 

“Charles River
Plaza North Directing Holder” means the “Controlling Note Holder” or analogous term, if any, under the
Charles River Plaza North Intercreditor Agreement.

 

“Charles River
Plaza North Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between the initial
holders of the promissory notes comprising the Charles River Plaza North Non-Serviced Loan Combination.

 

“Charles River
Plaza North Mortgage” means the Mortgage securing the Charles River Plaza North Non-Serviced Loan Combination.

 

“Charles River
Plaza North Mortgage Loan” means the Mortgage Loan evidenced by the promissory note designated “Note A-3-2”
and identified as “Charles River Plaza North” on the Mortgage Loan Schedule and that is (a) pari passu in right
of payment with the Charles River Plaza North Non-Serviced Companion Loan to the extent set forth in the Charles River Plaza North
Intercreditor Agreement and (b) together with the Charles River Plaza North Non-Serviced Companion Loan, generally senior in right
of payment to the Charles River Plaza North B Note to the extent set forth in the Charles River Plaza North Intercreditor Agreement.
The Charles River Plaza North Mortgage Loan is a “Mortgage Loan.”

 

“Charles River
Plaza North Non-Serviced Companion Loan” means, collectively, the promissory notes designated “Note A-1,”
“Note A-2” and “Note A-3-1” that are not included in the Trust and are pari passu in right of payment
with the Charles River Plaza North Mortgage Loan to the extent set forth in the Charles River Plaza North Intercreditor Agreement
and that are, together with the Charles River Plaza North Mortgage Loan, generally senior in right of payment to the Charles River
Plaza North B Note to the extent set forth in the Charles River Plaza North Intercreditor Agreement. The Charles River Plaza North
Non-Serviced Companion Loan is not a “Mortgage Loan.”

 

“Charles River
Plaza North Non-Serviced Loan Combination” means, collectively, the Charles River Plaza North Mortgage Loan, the
Charles River Plaza North Non-Serviced Companion Loan and the Charles River Plaza North B Note.

 

“Class”
means all Certificates bearing the same alphabetic or alphanumeric class designation.

 

“Class A Senior
Certificates” means the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates, the Class
A-3 Certificates and the Class A-4 Certificates.

 

    	21

    	 

    

 

“Class A-1 Certificates,”
“Class A-2 Certificates,” “Class A-SB Certificates,” “Class A-3
Certificates,” “Class A-4 Certificates,” “Class A-S Certificates,”
“Class X-A Certificates,” “Class X-B Certificates,” “Class X-D
Certificates,” “Class X-F Certificates,” “Class X-G Certificates,”
“Class X-H Certificates,” “Class X-J Certificates,” “Class B Certificates,”
“Class C Certificates,” “Class D Certificates,” “Class E Certificates,”
“Class F Certificates,” “Class G Certificates,” “Class H Certificates,”
“Class J Certificates,” “Class V Certificates” and “Class R Certificates”
mean, in each such case, the Certificates designated as “Class A-1,” “Class A-2,” “Class A-SB,”
“Class A-3,” “Class A-4,” “Class A-S,” “Class X-A,” “Class X-B,” “Class
X-D,” “Class X-F,” “Class X-G,” “Class X-H,” “Class X-J,” “Class B,”
“Class C,” “Class D,” “Class E,” “Class F,” “Class G,” “Class
H,” “Class J,” “Class V” and “Class R,” respectively, on the face thereof, in substantially
the forms attached hereto as Exhibits A-1 to A-23.

 

“Class V Specific
Grantor Trust Assets” means that portion of the Trust consisting of any Excess Interest (whether now or hereafter
arising) and the Excess Interest Sub-account.

 

“Class X Certificate”
means any Class X-A Certificate, Class X-B Certificate, Class X-D Certificate, Class X-F Certificate, Class X-G Certificate, Class
X-H Certificate or Class X-J Certificate.

 

“Class X-A REMIC
III Regular Interest” means any of REMIC III Regular Interest X-A-1, REMIC III Regular Interest X-A-2, REMIC III
Regular Interest X-A-SB, REMIC III Regular Interest X-A-3 and REMIC III Regular Interest X-A-4. The Class X-A REMIC III Regular
Interests relate to, and are evidenced by, the Class X-A Certificates.

 

“Class X-B REMIC
III Regular Interest” means any of REMIC III Regular Interest X-A-S and REMIC III Regular Interest X-B. The Class
X-B REMIC III Regular Interests relate to, and are evidenced by, the Class X-B Certificates.

 

“Class X-D REMIC
III Regular Interest” means any of REMIC III Regular Interest X-D and REMIC III Regular Interest X-E. The Class X-D
REMIC III Regular Interests relate to, and are evidenced by, the Class X-D Certificates.

 

“Class X-F REMIC
III Regular Interest” means REMIC III Regular Interest X-F. The Class X-F REMIC III Regular Interest relates to,
and is evidenced by, the Class X-F Certificates.

 

“Class X-G REMIC
III Regular Interest” means REMIC III Regular Interest X-G. The Class X-G REMIC III Regular Interest relates to,
and is evidenced by, the Class X-G Certificates.

 

“Class X-H REMIC
III Regular Interest” means REMIC III Regular Interest X-H. The Class X-H REMIC III Regular Interest relates to,
and is evidenced by, the Class X-H Certificates.

 

    	22

    	 

    

 

“Class X-J REMIC
III Regular Interest” means REMIC III Regular Interest X-J. The Class X-J REMIC III Regular Interest relates to,
and is evidenced by, the Class X-J Certificates.

 

“Class X REMIC
III Regular Interest” means any Class X-A REMIC III Regular Interest, Class X-B REMIC III Regular Interest, Class
X-D REMIC III Regular Interest, Class X-F REMIC III Regular Interest, Class X-G REMIC III Regular Interest, Class X-H REMIC III
Regular Interest or Class X-J REMIC III Regular Interest.

 

“Class X Strip
Rate” means, with respect to any REMIC II Regular Interest for any Distribution Date, the excess, if any, of the
Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over the Pass-Through Rate for the Class of Corresponding
Certificates.

 

“Clearing Agency”
means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, which initially
shall be the Depository.

 

“Clearstream
Bank” means Clearstream Banking, société anonyme.

 

“Closing Date”
means December 15, 2015.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, any successor statutes thereto, and applicable U.S. Department
of Treasury regulations issued pursuant thereto in temporary or final form and proposed regulations thereunder, to the extent that,
by reason of their proposed effective date, such proposed regulations would apply to the Trust.

 

“Collateral Support
Deficit” means:

 

(a) with respect to any REMIC
I Regular Interest, as of any Distribution Date, following the deemed distributions with respect to such REMIC I Regular Interest
on such Distribution Date pursuant to Section 6.3(a), but prior to any reduction in the REMIC I Principal Amount of such
REMIC I Regular Interest on such Distribution Date pursuant to Section 6.6(a), the amount, if any, by which (i) the then
Stated Principal Balance of the Mortgage Loan (including an REO Mortgage Loan) as to which such REMIC I Regular Interest is the
Corresponding REMIC I Regular Interest, is less than (ii) the then REMIC I Principal Amount of such REMIC I Regular Interest;

 

(b) with respect to the REMIC
II Regular Interests, as of any Distribution Date, following any deemed allocations of Trust Advisor Expenses to REMIC II Regular
Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest A-SB, REMIC II Regular Interest A-3, REMIC II Regular Interest
A-4, REMIC II Regular Interest A-S, REMIC II Regular Interest B, REMIC II Regular Interest C, REMIC II Regular Interest D and REMIC
II Regular Interest E on such Distribution Date pursuant to Section 6.11 and the deemed distributions with respect to the
REMIC II Regular Interests on such Distribution Date pursuant to Section 6.4, but prior to any reduction in the REMIC II
Principal Amounts of the REMIC II Regular Interests on such Distribution Date pursuant to Section 6.6(b), the amount, if
any, by which (i) the then Aggregate Stated Principal Balance of the Mortgage Loans (including any REO Mortgage Loan)

 

    	23

    	 

    

 

(for purposes
of this calculation only, not giving effect to any reductions of such Aggregate Stated Principal Balance for principal payments
received on the Mortgage Loans (including any REO Mortgage Loan) that were used to reimburse the Master Servicer, the Special Servicer
or the Trustee from general collections of principal on the Mortgage Loans (including any REO Mortgage Loan) for Workout-Delayed
Reimbursement Amounts, to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances), is less than (ii) the then aggregate REMIC II Principal Amount of the REMIC II Regular Interests; and

 

(c) with respect to the Principal
Balance Certificates, as of any Distribution Date, following any allocations of Trust Advisor Expenses to the Class A Senior Certificates
and the Class A-S, Class B, Class C, Class D and Class E Certificates on such Distribution Date pursuant to Section 6.11
and the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5,
but prior to any reduction in the respective Certificate Balances of the Principal Balance Certificates on such Distribution Date
pursuant to Section 6.6(c), the amount, if any, by which (i) the then Aggregate Stated Principal Balance of the Mortgage
Loans (including any REO Mortgage Loans) (for purposes of this calculation only, not giving effect to any reductions of the Aggregate
Stated Principal Balance for principal payments received on the Mortgage Loans (including REO Mortgage Loans) that were used to
reimburse the Master Servicer, the Special Servicer or the Trustee from general collections of principal on the Mortgage Loans
(including REO Mortgage Loans) for Workout-Delayed Reimbursement Amounts, to the extent such Workout-Delayed Reimbursement Amounts
are not otherwise determined to be Nonrecoverable Advances), is less than (ii) the then Aggregate Certificate Balance of the Principal
Balance Certificates.

 

“Collection Account”
means one or more separate accounts established and maintained by the Master Servicer (or any Sub-Servicer on behalf of the Master
Servicer) pursuant to Section 5.1(a).

 

“Collection Period”
means, with respect to any Distribution Date, the period beginning on the day after the Determination Date in the month preceding
the month of such Distribution Date (or, in the case of the first (1st) Distribution Date, commencing immediately following
the Cut-Off Date) and ending on the Determination Date in the month in which the Distribution Date occurs.

 

“Collective Consultation
Period” means (subject to the second sentence of the definition of “Senior Consultation Period” and the
first proviso of the definition of “Subordinate Control Period”) any period when both (i) the Aggregate Certificate
Balance of the Class G Certificates, as notionally reduced by any Appraisal Reductions allocable to such Class in accordance with
Section 6.9, is less than 25% of the initial Aggregate Certificate Balance of the Class G Certificates and (ii) the Aggregate
Certificate Balance of the Class G Certificates, without regard to any Appraisal Reductions allocable to such Class in accordance
with Section 6.9, is at least 25% of the initial Aggregate Certificate Balance of the Class G Certificates.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

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“Compensating
Interest” means with respect to any Distribution Date, an amount equal to the lesser of (A) the excess, if any, of
(i) Prepayment Interest Shortfalls incurred during the related Collection Period in respect of all Mortgage Loans (and not in respect
of any B Note, any Serviced Companion Loan, any Non-Serviced Companion Loan, any Specially Serviced Mortgage Loan or any Mortgage
Loan that was previously a Specially Serviced Mortgage Loan with respect to which the Special Servicer has waived or amended the
prepayment restrictions) resulting from voluntary or involuntary Principal Prepayments made thereon over (ii) the aggregate of
Prepayment Interest Excesses resulting from Principal Prepayments on such Mortgage Loans collected during the related Collection
Period and (B) the aggregate of the portion of the aggregate Master Servicing Fee accrued at a rate per annum equal to 0.00125%
(0.125 basis points) for the related Collection Period calculated in respect of such Mortgage Loans (including any related REO
Mortgage Loans), plus any investment income earned on the amount prepaid prior to such Distribution Date; provided that
Compensating Interest shall only include (without regard to clause (B) above), the amount of any Prepayment Interest Shortfall
otherwise described in clause (A) above incurred in connection with any Principal Prepayment received in respect of any
such Mortgage Loan during the related Collection Period to the extent such Prepayment Interest Shortfall occurs as a result of
the Master Servicer deviating, or allowing the related Mortgagor to deviate, from the terms of the related Mortgage Loan documents
regarding Principal Prepayments (other than (v) subsequent to a default or imminent default under the related loan documents if
the Master Servicer reasonably believes that acceptance of such prepayment is consistent with the Servicing Standard, (w) if the
related Mortgage Loan is a Specially Serviced Mortgage Loan, (x) in connection with the payment of Insurance Proceeds or Condemnation
Proceeds unless the Master Servicer did not apply the proceeds thereof in accordance with the terms of the related Mortgage Loan
documents, (y) pursuant to applicable law or a court order or (z) at the request of or with the consent of the Special Servicer).
For the avoidance of doubt, no Repurchased Loan shall be included as a Mortgage Loan for purposes of computing the amount of Compensating
Interest. The Master Servicer’s obligations to pay any Compensating Interest, and the rights of the Certificateholders to
offset of the aggregate Prepayment Interest Shortfalls against those amounts, shall not be cumulative.

 

“Condemnation
Proceeds” means any awards resulting from the full or partial condemnation or any eminent domain proceeding or any
conveyance in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental
authority or private entity with condemnation powers other than amounts to be applied to the restoration, preservation or repair
of such Mortgaged Property or released to the related Mortgagor in accordance with the terms of the Mortgage Loan and (if applicable)
its related Serviced B Note or Serviced Companion Loan. With respect to any Mortgaged Property securing any A/B Whole Loan or Loan
Pair, only an allocable portion of such Condemnation Proceeds shall be distributable to the Certificateholders. With respect to
the Mortgaged Property securing any Non-Serviced Loan Combination, only the portion of such amounts payable to the holder of the
related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds.

 

“Consent Fees”
means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), A/B Whole Loan or Loan Pair, any and all
fees actually paid by a Mortgagor with respect to any consent or approval required pursuant to the terms of the related

 

    	25

    	 

    

 

loan documents
that does not involve a restructuring, modification, assumption, extension, waiver or amendment of the terms of such Mortgage Loan
documents.

 

“Control Eligible
Certificates” means any of the Class G, Class H and Class J Certificates.

 

“Controlling
Class” means, as of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has an Aggregate Certificate Balance (as notionally reduced by any Appraisal Reductions allocable to such Class in accordance
with Section 6.9) at least equal to 25% of the initial Aggregate Certificate Balance of such Class; provided that
if no Class of Control Eligible Certificates has an Aggregate Certificate Balance (as notionally reduced by any Appraisal Reductions
allocable to such Class in accordance with Section 6.9) at least equal to 25% of the initial Aggregate Certificate Balance
of such Class, then the Controlling Class shall be the most senior Class of Control Eligible Certificates; provided, further,
that if at any time the Aggregate Certificate Balance of the Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) has been reduced to zero as a result of the allocation of principal payments on the Mortgage
Loans, then the “Controlling Class” will be the most subordinate Class of Control Eligible Certificates then outstanding
that has an Aggregate Certificate Balance (without regard to any Appraisal Reductions allocable to such Class in accordance with
Section 6.9) greater than zero. The Controlling Class as of the Closing Date will be the Class J Certificates.

 

“Controlling
Class Certificateholder” means each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling
Class as determined by the Certificate Registrar from time to time.

 

“Controlling
Class Representative” means the Controlling Class Certificateholder (or other representative) selected or designated,
as applicable, in accordance with Section 10.1. There shall be no Controlling Class Representative with respect to any Excluded
Mortgage Loan.

 

“Controlling
Person” means, with respect to any Person, any other Person who “controls” such Person within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act.

 

“Corporate Trust
Office” means (i) with respect to the Trustee, the principal corporate trust office of the Trustee, presently located
at 9062 Old Annapolis Road, Columbia, Maryland 21045, Client Manager – Morgan Stanley Capital I Trust 2015-UBS8, and (ii)
with respect to the Certificate Administrator, the office of the Certificate Administrator located, for certificate transfer purposes,
at Wells Fargo Center, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attention: Bondholder Services –
Morgan Stanley Capital I Trust 2015-UBS8, and for all other purposes at 9062 Old Annapolis Road, Columbia, Maryland 21045, Client
Manager – Morgan Stanley Capital I Trust 2015-UBS8, or (iii) with respect to the Custodian, the office of the Custodian located
at 1055 10th Avenue SE, Minneapolis, Minnesota 55414, Attention: Global Securities and Trust Services, Morgan Stanley Capital I
Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8; or at such other

 

    	26

    	 

    

 

address as the Trustee, Certificate
Administrator or Custodian, as applicable, may designate from time to time by notice to the Certificateholders and each of the
other Parties to this Agreement.

 

“Corresponding
Certificates” means the Class of Principal Balance Certificates designated as such in the Preliminary Statement with
respect to any REMIC II Regular Interest.

 

“Corresponding
Class X REMIC III Regular Interest” means the Class X REMIC III Regular Interest designated as such in the Preliminary
Statement with respect to any REMIC II Regular Interest.

 

“Corresponding
REMIC I Regular Interest” means the REMIC I Regular Interest that relates to any particular Mortgage Loan (including
an REO Mortgage Loan or Qualifying Substitute Mortgage Loan that replaces such Mortgage Loan), which REMIC I Regular Interest has
the characteristics described in the Preliminary Statement.

 

“Corresponding
REMIC II Regular Interest” means the REMIC II Regular Interest or one of the REMIC II Regular Interests, as applicable,
designated as such in the Preliminary Statement with respect to any Class of Principal Balance Certificates, any Class of Class
X Certificates or any Class X REMIC III Regular Interest.

 

“CREFC®”
means the CRE Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Trustee, the Certificate Administrator, the Special Servicer and, during any
Subordinate Control Period, the Controlling Class Representative.

 

“CREFC®
Advance Recovery Report” means a report (prepared by the Master Servicer) 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-backed securities transactions
generally.

 

“CREFC®
Bond Level File” means the data file (prepared by the Certificate Administrator) substantially in the form of, and
containing the information called for in, the downloadable form of the “Bond Level File” available as of the Closing
Date on the CREFC®

 

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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-backed securities transactions
generally.

 

“CREFC®
Collateral Summary File” means the data file (prepared by the Certificate Administrator) substantially in the form
of, and containing the information called for in, the downloadable form of the “Collateral Summary File” available
as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage-backed securities
transactions generally.

 

“CREFC®
Comparative Financial Status Report” means a report (prepared by the Master Servicer) substantially in the form of,
and containing the information called for in, the downloadable form of the “Comparative Financial Status Report” available
as of the Closing Date on the CREFC® 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-backed securities
transactions generally.

 

“CREFC®
Delinquent Loan Status Report” means a report (prepared by the Master Servicer) substantially in the form of, and
containing the information called for in, the downloadable form of the “Delinquent Loan Status Report” available as
of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage-backed securities
transactions generally.

 

“CREFC®
Financial File” means the data file (prepared by the Master Servicer) substantially in the form of, and containing
the information called for in, the downloadable form of the “Financial File” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional information
as may from time to time be approved by the CREFC® for commercial mortgage-backed securities transactions generally.

 

“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report” means a report (prepared by the Master Servicer)
substantially in the form of, and containing the information called for in, the downloadable form of the “Historical Loan
Modification and Corrected Mortgage Loan Report” available as of the Closing Date on the CREFC® Website, or
such other form for the presentation of such information and containing such additional information as may from time to time be
approved by the CREFC® for commercial mortgage-backed securities transactions generally.

 

“CREFC®
Investor Reporting Package (IRP)” means:

 

(a)          The
following seven (7) electronic files (and any other files as may become adopted and promulgated by CREFC® as part
of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Loan Setup File, (ii)
CREFC® Loan Periodic Update File, (iii) CREFC® Property File, (iv) CREFC® Bond Level
File, (v) CREFC® Financial File, (vi) CREFC® Collateral Summary File and (vii) CREFC®
Special Servicer Loan File;

 

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

 

(c)          such
other reports as CREFC® may designate from time to time.

 

“CREFC®
License Fee” means, with respect to each Mortgage Loan (including a Mortgage Loan that relates to an REO Property
or is a Defeasance Loan) for any related Mortgage Loan Accrual Period, the amount of interest accrued during such related Mortgage
Loan Accrual Period at the related CREFC® License Fee Rate on the same balance, in the same manner and for the same
number of days as interest at the applicable Mortgage Rate accrued with respect to such Mortgage Loan during such related Mortgage
Loan Accrual Period. Any payments of the CREFC® License Fee shall be made to “CRE Finance Council” and
delivered by wire transfer pursuant to the following instructions (or such other instructions as may hereafter be furnished by
CREFC® to the Master Servicer in writing):

 

Account Name: Commercial
Real Estate Finance Council (CREFC)

Bank Name: JPMorgan Chase
Bank, National Association

Bank Address: 80 Broadway,
New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

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

 

“CREFC®
Loan Level Reserve/LOC Report” means the monthly report (prepared by the Master Servicer) substantially in the form
of, and containing the information called for in, the downloadable form of the “Loan Level Reserve/LOC Report” available
as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage-backed securities
transactions generally.

 

“CREFC®
Loan Periodic Update File” means the data file (prepared by the Master Servicer) substantially in the form of, and
containing the information called for in, the downloadable form of the “Loan Periodic Update File” available as of
the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage-backed securities
transactions generally.

 

“CREFC®
Loan Setup File” means the data file (prepared by the Master Servicer) substantially in the form of, and containing
the information called for in, the downloadable form of the “Loan Setup File” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such

 

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

 

“CREFC®
NOI Adjustment Worksheet” means a report prepared by the Master Servicer with respect to all the Non-Specially Serviced
Mortgage Loans, and by the Special Servicer with respect to Specially Serviced Mortgage Loans and, if they relate to any REO Property
or REO Mortgage Loans, which report shall be substantially in the form of, and contain the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CREFC® Website, or such
other form for the presentation of such information and containing such additional information as may from time to time be approved
by the CREFC® for commercial mortgage-backed securities transactions generally.

 

“CREFC®
Operating Statement Analysis Report” means a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Operating Statement Analysis Report” available as of the Closing Date
on the CREFC® Website, or 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-backed securities transactions
generally.

 

“CREFC®
Property File” means a data file substantially in the form of, and containing the information called for in, the
downloadable form of the “Property File” available as of the Closing Date on the CREFC® Website, or
such other form for the presentation of such information and containing such additional information as may from time to time be
approved by the CREFC® for commercial mortgage-backed securities transactions generally.

 

“CREFC®
Reconciliation of Funds Report” means a monthly report (prepared by the Certificate Administrator) in the “Reconciliation
of Funds” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or
such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally.

 

“CREFC®
REO Status Report” means a report (prepared by the Master Servicer) substantially in the form of, and containing
the information called for in, the downloadable form of the “REO Status Report” available as of the Closing Date on
the CREFC® Website, or 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-backed securities transactions generally.

 

“CREFC®
Reports” means the reports and files comprising the CREFC® Investor Reporting Package (IRP), as the
forms thereof are modified, expanded or otherwise changed from time to time by the CREFC®.

 

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

 

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(including other portfolio
review guidelines) for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally.

 

“CREFC®
Special Servicer Loan File” means the report (prepared by the Special Servicer) substantially in the form of, and
containing the information called for in, the downloadable form of the “Special Servicer Loan File” available as of
the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be approved by the CREFC® for commercial mortgage-backed securities
transactions generally.

 

“CREFC®
Total Loan Report” means the monthly report (prepared by the Master Servicer) 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 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-backed securities transactions generally.

 

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

 

“Crossed Mortgage
Loan” has the meaning set forth in Section 2.3(a).

 

“CSAIL 2015-C3
Pooling and Servicing Agreement” means the pooling and servicing agreement, dated as of August 1, 2015, between Credit
Suisse First Boston Mortgage Securities Corp., as 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 Wells
Fargo Bank, National Association, as trustee, certificate administrator, certificate registrar, authenticating agent and custodian.

 

“Custodial Account”
means (i) with respect to any Serviced B Note, the related A/B Whole Loan Custodial Account and (ii) with respect to any Serviced
Companion Loan, the related Serviced Companion Loan Custodial Account.

 

“Custodian”
means Wells Fargo Bank, National Association and any successor or assign, as provided herein. Wells Fargo Bank, National Association,
will perform its duties as Custodian hereunder through its Document Custody division.

 

“Custodian Fee”
means the portion of the Certificate Administrator Fee payable to the Custodian in an amount agreed to between the Custodian and
the Certificate Administrator.

 

“Custodian Indemnification
Agreement” means that certain indemnification agreement, dated the Pricing Date, between the Custodian, the Depositor,
the Initial Purchasers and the Underwriters.

 

“Customer”
means a broker, dealer, bank, other financial institution or other Person for whom the Clearing Agency effects book-entry transfers
and pledges of securities deposited with the Clearing Agency.

 

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“Cut-Off Date”
means the close of business on December 1, 2015. The Cut-Off Date for any Mortgage Loan, Serviced Companion Loan or Serviced B
Note that has a Due Date on a date other than the first (1st) day of each month shall be the close of business on December
1, 2015, and for purposes of determining amounts allocable to the related Seller, Scheduled Payments due in December 2015 with
respect to Mortgage Loans not having Due Dates on the first (1st) of each month have been deemed due and received on
December 1, 2015, not the actual day or days on which such Scheduled Payments were due.

 

“Cut-Off Date
Principal Balance” means, with respect to any Mortgage Loan, Serviced B Note, A/B Whole Loan, Serviced Companion
Loan or Loan Pair, the unpaid principal balance thereof as of its Due Date in December 2015, after application of all payments
of principal due on or before such date, whether or not received.

 

“DBRS”
means DBRS, Inc. or its successors in interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of DBRS herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Debt Service
Coverage Ratio” means, with respect to any Mortgage Loan, as of any date of determination and for any period, the
amount calculated for such date of determination in accordance with the formulas set forth in the CREFC® Operating
Statement Analysis Report, whether or not the Mortgage Loan has an interest-only period that has not expired as of the Cut-Off
Date.

 

“Debt Service
Reduction Amount” means, with respect to a Due Date and the related Determination Date, the amount of the reduction
of the Scheduled Payment which a Mortgagor is obligated to pay on such Due Date with respect to a Mortgage Loan, a Serviced Companion
Loan or a Serviced B Note as a result of any proceeding under bankruptcy law or any similar proceeding (other than a Deficient
Valuation Amount); provided, that in the case of an amount that is deferred, but not forgiven, such reduction shall include
only the net present value (calculated at the related Mortgage Rate) of the reduction.

 

“Default Interest”
means, with respect to any Mortgage Loan, A/B Whole Loan or Loan Pair, all interest accrued in respect of such Mortgage Loan, A/B
Whole Loan or Loan Pair as provided in the related loan documents as a result of a default (exclusive of late payment charges)
that is in excess of interest at the related Mortgage Rate and, in the case of an ARD Loan after its Anticipated Repayment Date,
the per annum rate at which Excess Interest (or the equivalent) accrues, but excluding any such amounts allocable to a Non-Serviced
Mortgage Loan and related Non-Serviced Companion Loan pursuant to the terms of the related Non-Serviced Mortgage Loan Intercreditor
Agreement.

 

“Defaulted Loan”
means a Mortgage Loan (other than any Non-Serviced Mortgage Loan) (i) if it is delinquent at least thirty (30) days in respect
of its Scheduled Payments or delinquent in respect of its Balloon Payment, if any, in either case such delinquency to be determined
without giving effect to any grace period permitted by the related Mortgage

 

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Loan documents and without regard to any acceleration
of payments under the related Mortgage Loan documents or (ii) as to which the Master Servicer or Special Servicer has, by written
notice to the related Mortgagor, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note.

 

“Defeasance Collateral”
means, with respect to any Defeasance Loan, the Government Securities required to be pledged in lieu of prepayment pursuant to
the terms thereof.

 

“Defeasance Loan”
means any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced Companion Loan or Serviced B Note which requires
or permits the related Mortgagor (or permits the holder of such Mortgage Loan, Serviced Companion Loan or Serviced B Note to require
the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.

 

“Defective Mortgage
Loan” has the meaning set forth in Section 2.3(a).

 

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

 

“Deficient Valuation”
means, with respect to any Mortgage Loan (other than an A Note or a Serviced Pari Passu Mortgage Loan), any A/B Whole Loan or any
Loan Pair, a valuation by a court of competent jurisdiction of the Mortgaged Property (or, with respect to a Non-Serviced Mortgage
Loan, the pro rata portion of the valuation allocable to such Non-Serviced Mortgage Loan) relating to such Mortgage Loan,
A/B Whole Loan or Loan Pair in an amount less than the then outstanding indebtedness under such Mortgage Loan, A/B Whole Loan or
Loan Pair, which valuation results from a proceeding initiated under the United States Bankruptcy Code, as amended from time to
time, and that reduces the amount the Mortgagor is required to pay under such Mortgage Loan, A/B Whole Loan or Loan Pair.

 

“Deficient Valuation
Amount” means (i) with respect to each Mortgage Loan (other than an A Note or a Serviced Pari Passu Mortgage Loan),
any A/B Whole Loan or any Loan Pair, the amount by which the total amount due with respect to such Mortgage Loan, A/B Whole Loan
or Loan Pair (excluding interest not yet accrued), including the Unpaid Principal Balance of such Mortgage Loan, A/B Whole Loan
or Loan Pair plus any accrued and unpaid interest thereon and any other amounts recoverable from the Mortgagor with respect thereto
pursuant to the terms thereof, is reduced in connection with a Deficient Valuation and (ii) with respect to any A Note or Serviced
Pari Passu Mortgage Loan, the portion of any Deficient Valuation Amount for the related A/B Whole Loan or Loan Pair, as applicable,
that is borne by the holder of the A Note or Serviced Pari Passu Mortgage Loan, as applicable, under the related Intercreditor
Agreement.

 

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“Definitive Certificates”
means Certificates of any Class issued in definitive, fully registered, certificated form without interest coupons.

 

“Deleted Mortgage
Loan” means a Mortgage Loan which is repurchased from the Trust pursuant to the terms hereof or as to which one or
more Qualifying Substitute Mortgage Loans are substituted.

 

“Demand”
means any request or demand to repurchase or replace a Mortgage Loan for a breach of representation or warranty or document deficiency.

 

“Depository”
means The Depository Trust Company or its successor in interest.

 

“Depository Agreement”
means the Letter of Representations dated the Closing Date and by and among the Depositor, the Certificate Administrator and the
Depository.

 

“Determination
Date” means the 11th calendar day of each month or, if such day is not a Business Day, the next succeeding
Business Day, commencing in January 2016.

 

“Directly Operate”
means, with respect to any REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily
provided to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations
Section 1.512(b)-1(c)(5), the management or operation of such REO Property, the holding of such REO Property primarily for sale
to customers in the ordinary course of a trade or business or any use of such REO Property in a trade or business conducted by
the Trust, or the performance of any construction work on the REO Property (other than the completion of a building or improvement,
where more than 10% of the construction of such building or improvement was completed before default became imminent), other than
through an Independent Contractor; provided that the Special Servicer, on behalf of the Trust, shall not be considered to
Directly Operate an REO Property solely because the Special Servicer, on behalf of the Trust, 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” means, with respect to any Mortgage Loan, Loan Pair, A/B Whole Loan or REO Property, any
compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, or as
a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates that is paid
by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of
a Mortgage Loan, Loan Pair, A/B Whole Loan or REO Property and any purchaser of any Mortgage Loan, Loan Pair, A/B Whole Loan or
REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan (or Loan Pair or A/B Whole Loan,
if applicable), the management or disposition of any REO Property, and the performance by the Special Servicer or any such Affiliate
of any other special servicing duties under this Agreement, other than (1) any Permitted Special Servicer/Affiliate Fees and (2)
any Special Servicer Compensation to which the Special Servicer is entitled pursuant to this Agreement.

 

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“Discount Rate”
means, for the purposes of the distribution of Prepayment Premiums, (i) if a discount rate was used in the calculation of the applicable
Prepayment Premium pursuant to the terms of the related Mortgage Loan, that discount rate, converted (if necessary) to a monthly
equivalent yield, and (ii) if a discount rate was not used in the calculation of the applicable Prepayment Premium pursuant to
the terms of the related Mortgage Loan, the rate which, when compounded monthly, is equivalent to the Treasury Rate when compounded
semi-annually. “Treasury Rate” is the yield calculated by the linear interpolation of the yields, as reported in Federal
Reserve Statistical Release H.15–Selected Interest Rates under the heading “U.S. government securities/Treasury constant
maturities” for the week ending prior to the date of the relevant Principal Prepayment, of U.S. Treasury constant maturities
with a maturity date, one longer and one shorter, most nearly approximating the maturity date (or Anticipated Repayment Date, if
applicable) of the Mortgage Loan prepaid. If Release H.15 is no longer published, the Certificate Administrator will select a comparable
publication to determine the Treasury Rate.

 

“Dispute”
means, with respect to any Demand, any disagreement (whether oral or in writing) between the applicable Request Recipient and the
Person making such Demand whether to pursue or act in accordance with, as applicable, such Demand.

 

“Disqualified
Organization” means any of (i) the United States, any State or any political subdivision thereof, or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject
to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected by any
such governmental unit), (ii) a foreign government, international organization or any agency or instrumentality of either of the
foregoing, (iii) an organization that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section
511 on unrelated business taxable income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the
Class R Certificates (except certain farmers’ cooperatives described in Code Section 521), (iv) rural electric and telephone
cooperatives described in Section 1381(a)(2) of the Code, and (v) any other Person so designated by the Certificate Administrator
based upon an Opinion of Counsel that the holding of an ownership interest in a Class R Certificate by such Person may cause (A)
any of REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at any time that the Certificates are outstanding, or (B) any
of REMIC I, REMIC II or REMIC III 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.

 

“Distributable
Certificate Interest” means, with respect to any Class of REMIC III Regular Certificates for any Distribution Date,
the sum of: (A) Accrued Certificate Interest in respect of such Class for such Distribution Date, reduced (to not less than zero)
by (1) first, any Net Aggregate Prepayment Interest Shortfall allocated on such Distribution Date to such Class pursuant
to Section 6.7, (2) second, with respect to each Class of the Class B, Class C, Class D and Class E Certificates,
any Trust Advisor Expenses allocated on such Distribution Date to such Class in reduction of the Distributable Certificate Interest
thereon pursuant to Section 6.11, and (3) third, with respect to each Class of the Class C, Class D and Class E Certificates,
any

 

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amounts reimbursable in accordance with Section 6.11(c), out of amounts otherwise distributable as interest in respect
of such Class, to any more senior Class of Certificates on such Distribution Date in respect of Trust Advisor Expenses allocated
on prior Distribution Dates to such more senior Class of Certificates pursuant to Section 6.11, plus (B) if such
Distribution Date is subsequent to the initial Distribution Date, any Unpaid Interest in respect of such Class for such Distribution
Date, plus (C) in the case of a Class of Principal Balance Certificates, if the Aggregate Certificate Balance of such Class
of Certificates is increased on such Distribution Date in accordance with clause (b) of the definition of “Certificate
Balance”, the total amount of interest at the applicable Pass-Through Rate that would have accrued and been distributable
with respect to the amount by which the related Aggregate Certificate Balance of such Class of Certificates was so increased, if
such Aggregate Certificate Balance of such Class of Certificates had not been reduced by that amount in connection with the allocation
of Collateral Support Deficits in the first place, and assuming that any reinstatements of the Aggregate Certificate Balance of
such Class of Certificates are in reverse order of the original reductions therein, plus (D) in the case of each Class of
the Class B, Class C, Class D and Class E Certificates, the amount of any Actual Recoveries of Trust Advisor Expenses allocated
in accordance with Section 6.11(c) to such Class of Certificates to increase the Distributable Certificate Interest thereof
for such Distribution Date, plus (E) in the case of each Class of the Class B, Class C and Class D Certificates, any amounts
reimbursed in accordance with Section 6.11(c) to such Class of Certificates by any more junior Class of Certificates on
such Distribution Date in respect of Trust Advisor Expenses allocated on prior Distribution Dates to the subject Class of Certificates
pursuant to Section 6.11. Any increase in the Distributable Certificate Interest with respect to any Class of Principal
Balance Certificates for any Distribution Date pursuant to clause (C) of the prior sentence shall result in a corresponding
reduction of interest payable on unreimbursed allocations of Collateral Support Deficits in respect of such Class of Principal
Balance Certificates.

 

“Distributable
Interest” means, with respect to any REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular
Interest for any Distribution Date, the sum of (A) Accrued Interest in respect of such REMIC I Regular Interest, REMIC II Regular
Interest or Class X REMIC III Regular Interest, as the case may be, for such Distribution Date, reduced (to not less than zero)
by (1) first, any Net Aggregate Prepayment Interest Shortfall allocated on such Distribution Date to such REMIC I Regular
Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest, as the case may be, pursuant to Section 6.7,
and (2) second, in the case of each of REMIC II Regular Interest B, REMIC II Regular Interest C, REMIC II Regular Interest
D and REMIC II Regular Interest E, the aggregate amount in respect of the Class of Principal Balance Certificates with the same
alphabetic designation for such Distribution Date described in clause (A)(2) and clause (A)(3) of the definition
of “Distributable Certificate Interest”, plus (B) if such Distribution Date is subsequent to the initial Distribution
Date, any Unpaid Interest in respect of such REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest,
as the case may be, for such Distribution Date, plus (C) in the case of a REMIC II Regular Interest, if the REMIC II Principal
Amount of such REMIC II Regular Interest is increased on such Distribution Date in accordance with the definition of “REMIC
II Principal Amount” in conjunction with an increase in the Aggregate Certificate Balance of the Class of Corresponding Certificates,
the total amount of interest at the applicable Pass-Through Rate that would have accrued and been distributable with respect to
the amount by which the related REMIC II Principal Amount was so increased, if such REMIC II

 

    	36

    	 

    

 

Principal Amount had not been reduced
by that amount in connection with the allocation of Collateral Support Deficits in the first place and assuming that the reinstatement
of REMIC II Principal Amount is in reverse order of the original reductions therein, plus (D) in the case of each of REMIC
II Regular Interest B, REMIC II Regular Interest C, REMIC II Regular Interest D and REMIC II Regular Interest E, the aggregate
amount in respect thereof (or in respect of the Class of Corresponding Certificates) for such Distribution Date described in clause
(D) and clause (E) of the definition of “Distributable Certificate Interest”. Any increase in the Distributable
Interest with respect to any REMIC II Regular Interest for any Distribution Date pursuant to clause (C) of the prior sentence
shall result in a corresponding reduction of interest payable on unreimbursed allocations of Collateral Support Deficits in respect
of such REMIC II Regular Interest.

 

“Distribution
Account” means, collectively, the Distribution Account maintained by the Certificate Administrator on behalf of the
Trustee, in accordance with the provisions of Section 5.3 and the Excess Interest Sub-account.

 

“Distribution
Date” means, with respect to any Determination Date, the fourth (4th) Business Day after the related Determination
Date, commencing in January 2016. The first Distribution Date shall be January 15, 2016.

 

“Distribution
Date Statement” means, with respect to any Distribution Date, a report substantially in the form of Exhibit K
attached hereto, setting forth, among other things, the following information:

 

(a)          the
amount of the distribution on such Distribution Date to the Holders of each Class of Principal Balance Certificates in reduction
of the Aggregate Certificate Balance of such Class of Certificates;

 

(b)          the
amount of the distribution on such Distribution Date to the Holders of each Class of REMIC III Regular Certificates allocable to
the interest distributable on such Class of Certificates;

 

(c)          the
aggregate amount of P&I Advances made in respect of the Mortgage Loans (including REO Mortgage Loans) for such Distribution
Date;

 

(d)          the
aggregate amount of compensation paid to the Certificate Administrator, Trustee, Custodian and the Trust Advisor, and servicing
compensation paid to the Master Servicer and the Special Servicer, in respect of the related Distribution Date;

 

(e)          the
aggregate Stated Principal Balance of the Mortgage Loans (including REO Mortgage Loans) outstanding immediately before and immediately
after such Distribution Date;

 

(f)          the
number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage
Loans (excluding REO Mortgage Loans) as of the end of the related Collection Period;

 

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(g)          (i)
the number and aggregate principal balance of Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent
ninety (90) days or more and (D) current but specially serviced or in foreclosure but not an REO Property and (ii) the information
described in Item 1100(b)(5) of Regulation AB to the extent material;

 

(h)          the
value of any REO Property included in the Trust Fund as of the end of the related Collection Period, on a loan-by-loan basis, based
on the most recent appraisal or valuation;

 

(i)          the
Available Distribution Amount for such Distribution Date;

 

(j)          the
amount of the distribution on such Distribution Date to the Holders of any Class of REMIC III Regular Certificates allocable to
Prepayment Premiums;

 

(k)         the
total Distributable Certificate Interest for each Class of Certificates for such Distribution Date, whether or not paid;

 

(l)          the
Pass-Through Rate in effect for each Class of REMIC III Regular Certificates for such Distribution Date;

 

(m)        the
Principal Distribution Amount for such Distribution Date, separately setting forth the portion thereof that represents scheduled
principal and the portion thereof representing prepayments and other unscheduled collections in respect of principal;

 

(n)        the
Aggregate Certificate Balance or Notional Amount, as the case may be, of each Class of REMIC III Regular Certificates immediately
before and immediately after such Distribution Date, separately identifying any reduction in these amounts as a result of the allocation
of Collateral Support Deficit and Excess Trust Advisor Expenses;

 

(o)        the
amount of any Appraisal Reductions in effect as of such Distribution Date on a loan-by-loan basis and the aggregate amount of Appraisal
Reductions as of such Distribution Date;

 

(p)        the
number and aggregate principal balance of any Mortgage Loans extended or modified during the related Collection Period on a loan-by-loan
basis;

 

(q)        the
amount of any remaining unpaid Distributable Certificate Interest for each Class of Certificates (other than the Class V and Class
R Certificates); and, in the case of the Class B, Class C, Class D and Class E Certificates, any unreimbursed interest shortfalls
for such Class of Certificates resulting from the allocation of Trust Advisor Expenses, as of the close of business on such Distribution
Date;

 

(r)          a
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment during the related Collection Period
and the amount of such Principal Prepayment occurring;

 

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(s)         the
amount of the distribution on such Distribution Date to the Holders of each Class of Principal Balance Certificates in reimbursement
of Collateral Support Deficits and Trust Advisor Expenses previously allocated thereto;

 

(t)          the
aggregate Unpaid Principal Balance of the Mortgage Loans (including REO Mortgage Loans) outstanding as of the close of business
on the related Determination Date;

 

(u)         with
respect to any Mortgage Loan as to which a Final Recovery Determination was made during the related Collection Period (other than
through a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds which are included in the
Available Distribution Amount and other amounts received in connection with the Final Recovery Determination (separately identifying
the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss attributable to the
Final Recovery Determination;

 

(v)         with
respect to any REO Property as to which a Final Recovery Determination was made during the related Collection Period, (A) the loan
number of the related Mortgage Loan, (B) 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 attributable to the related REO Mortgage Loan in connection with that determination;

 

(w)        the
aggregate amount of interest on P&I Advances in respect of the Mortgage Loans paid to the Master Servicer and/or the Trustee
since the prior Distribution Date;

 

(x)         the
aggregate amount of interest on Servicing Advances in respect of the Mortgage Loans paid to the Master Servicer, the Special Servicer
and/or the Trustee since the prior Distribution Date;

 

(y)         a
loan-by-loan listing of any Mortgage Loan which was defeased during the related Collection Period;

 

(z)         a
loan-by-loan listing of any Mortgage Loan that was the subject of material modification, extension or waiver during the related
Collection Period;

 

(aa)       a
loan-by-loan listing of any Mortgage Loan that was the subject of a Material Breach of a representation or warranty given with
respect thereto by the applicable Seller, as provided by the Master Servicer, the Special Servicer or the Depositor;

 

(bb)      the
respective amounts of the distributions on such Distribution Date to the Holders of the Class V and Class R Certificates;

 

(cc)      the
Distribution Date, Record Date, Interest Accrual Period and Determination Date for the related Distribution Date;

 

(dd)     an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period; and

 

    	39

    	 

    

 

(ee)        the
amount of any CREFC® License Fee payable on such Distribution Date.

   

In the case of the information
contemplated by clauses (a), (b), (d), (j), (k), (q) and (s) of this definition,
the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000
of original Certificate Balance or Notional Amount, as the case may be.

 

If and for so long as the
Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of an Exchange
Act Filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates;
provided, that the form of Distribution Date Statement posted on the Certificate Administrator’s Website may include
such information.

 

“Due Date”
means, with respect to a Mortgage Loan, a Serviced Companion Loan or a Serviced B Note, the date on which a Scheduled Payment is
(or in the case of a Balloon Loan past its maturity date or an REO Loan, would otherwise have been) due.

 

“Due Diligence
Service Provider” has the meaning set forth in Section 5.7(l).

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 

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

 

“Eligible Account”
means an account (or accounts) that is any of the following: (i) maintained with a depository institution or trust company (A)
whose commercial paper, short-term unsecured debt obligations or other short-term deposits are rated at least “P-1”
by Moody’s, at least “F1” by Fitch and at least a rating equivalent to either of the foregoing from KBRA (if
then rated by KBRA), in the case of accounts in which funds are held for 30 days or less or, in the case of accounts in which funds
are held for more than 30 days, the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s,
at least “A” by Fitch and at least a rating equivalent to either of the foregoing from KBRA (if then rated by KBRA),
(ii) an account or accounts maintained with Wells Fargo Bank, National Association so long as Wells Fargo Bank, National Association’s
long term unsecured debt rating shall be at least “A2” from Moody’s, at least “A” from Fitch and
at least a rating equivalent to either of the foregoing from KBRA (if then rated by KBRA), if the deposits are to be held in the
account for more than 30 days or Wells Fargo Bank, National Association’s commercial paper, short-term deposit or short-term
unsecured debt rating shall be at least “P-1” from Moody’s, “F2” from Fitch and at least a rating
equivalent to either of the foregoing from KBRA (if then rated by KBRA), if the deposits are to be held in the account for 30 days
or less, (iii) a segregated trust account maintained with the trust department of a federal or state chartered depository institution
or trust company (which, subject to the remainder of this clause (iii), may include the Certificate Administrator, the Custodian
or the Trustee) acting in its fiduciary capacity, and which, in either case, has a combined capital and surplus of at least $50,000,000
and is subject to supervision or examination by federal or state authority and to regulations regarding fiduciary funds on deposit

 

    	40

    	 

    

 

similar to Title 12 of the Code of Federal Regulations Section 9.10(b) and the long-term unsecured debt obligations of which are
rated at least “A2” by Moody’s, (iv) an account or accounts maintained with PNC Bank, National Association so
long as such entity’s long-term unsecured debt obligations or deposit account rating shall be at least “A2” from
Moody’s, at least “A” by DBRS or, if not rated by DBRS, an equivalent or higher rating by at least two NRSROs
(which may include S&P, Fitch and/or Moody’s) and at least a rating equivalent to either of the foregoing from KBRA (if
then rated by KBRA), if the debt or deposits are to be held in the account for more than thirty (30) days or such entity’s
commercial paper, short-term deposit account or short-term unsecured debt obligation rating shall be at least “P-1”
from Moody’s, at least “R-1 (middle)” in the case of DBRS or, if not rated by DBRS, an equivalent or higher rating
by at least two NRSROs (which may include S&P, Fitch and/or Moody’s) and at least a rating equivalent to either of the
foregoing from KBRA (if then rated by KBRA), if the deposits are to be held in the account for thirty (30) days or less, (v) an
account other than one listed in clauses (i) – (iv) above that is maintained with any insured depository institution
that is the subject of a Rating Agency Confirmation from each and every Rating Agency or (vi) an account that, but for the failure
to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i), (ii)
and (iv) above that is the subject of a Rating Agency Confirmation from Morningstar and each Rating Agency for which the
minimum rating(s) set forth in the applicable clause is not satisfied with respect to such account.

 

“Eligible Investments”
means any one or more of the following financial assets or other property:

 

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

 

(ii)        demand
or time deposits in, unsecured certificates of deposit of, money market deposit accounts of, or bankers’ acceptances issued
by, any depository institution or trust company (including the Trustee, the Custodian, the Master Servicer, the Certificate Administrator
or any Affiliate of the Trustee, the Custodian, the Master Servicer or the Certificate Administrator, acting in its commercial
capacity) 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, so long as the commercial paper or other short-term debt obligations of
such depository institution or trust company are rated in the highest short-term debt rating category of each of Moody’s
and Fitch, or in the case of any such Rating Agency such lower rating as is the subject of a Rating Agency Confirmation by such
Rating Agency and by Morningstar and, if the investment described in this clause has a term in excess of three months, the long-term
debt obligations of such depository institution or trust company have been assigned a rating by each Rating Agency at least equal
to “AAA” (or the equivalent) by each of the Rating Agencies (provided, that if such entity is not rated by Fitch,
then (A) an equivalent (or higher) rating such as that listed above by at least two NRSROs (which may include Fitch, Moody’s
and/or S&P) has been assigned to the long-term debt obligations of such depository institution or trust company or (B) each
of Fitch and Morningstar has issued a Rating Agency Confirmation with respect to such investment as an Eligible Investment);

 

    	41

    	 

    

 

(iii)       repurchase
agreements or obligations with respect to any security set forth in clause (i) above where such security has a remaining
maturity of one (1) year or less and where such repurchase obligation has been entered into with a depository institution or trust
company (acting as principal) set forth in clause (ii) above and where such repurchase obligation will mature prior to the
Business Day preceding the next date upon which, as set forth in this Agreement, such amounts are required to be withdrawn from
the Collection Account and which meets the minimum rating requirement for such entity set forth above;

 

(iv)        commercial
paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified
date not more than one year after the date of issuance thereof) rated as follows: (A) if rated by Moody’s, such commercial
paper is rated (i) “A2” or “P-1” if maturing in one (1) month or less, (ii) “A2” or “P-1”
if maturing in three (3) months or less but more than one (1) month, (iii) “Aa3” and “P-1” if maturing
in six (6) months or less but more than three (3) months, or (iv) “Aaa” and “P-1” if maturing in over six
(6) months (provided, that in the case of clauses (i), (ii), (iii) and (iv), investment of funds in any Escrow Account or
Reserve Account must only be rated “P-1” by Moody’s) (or, if not rated by Moody’s, as confirmed in a Rating
Agency Confirmation by Moody’s and by Morningstar); and (B) if rated by Fitch, such commercial paper is rated “F1”
or better, unless the obligation is for a term of more than thirty (30) days, in which case such commercial paper either (i) is
rated “F1+” or (ii) is rated “F1” and carries a long term rating of “AA-” or better (or, if
not rated by Fitch, as confirmed in a Rating Agency Confirmation from Fitch and from Morningstar); provided that the investments
described in this clause must (x) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (y)
if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed
spread (if any) and must move proportionately with that index; and (z) such investments must not be subject to liquidation prior
to their maturity;

 

(v)          guaranteed
reinvestment agreements maturing within 365 days or less issued by any bank, insurance company or other corporation the short-term
unsecured debt obligations of which are rated in the highest short-term debt rating category of each of Moody’s (or such
lower rating for which Rating Agency Confirmation is obtained from Moody’s and Morningstar) and Fitch (or such lower rating
for which Rating Agency Confirmation is obtained from Fitch and Morningstar) and the long-term unsecured debt obligations of which
are rated in the highest long-term category by Moody’s (or such lower rating for which each of Moody’s and Morningstar
has provided a Rating Agency Confirmation) and in the highest long-term category by Fitch (or such lower rating for which each
of Fitch and Morningstar has provided a Rating Agency Confirmation);

 

(vi)        Wells
Fargo Advantage Heritage Money Market Fund or any other money market funds (including those managed or advised by the Certificate
Administrator or its affiliates) that (A) maintain a constant asset value and that are rated by each of Moody’s and Fitch
in their highest money market fund ratings category, or as confirmed in a Rating Agency Confirmation by Moody’s, Fitch and
Morningstar or (B)(1) have substantially all of its assets invested continuously in the types of investments referred to in clause
(i) above, (2) has net assets of not less than $5,000,000,000, and (3) has the highest rating obtainable for money market funds
from Moody’s, Fitch and Morningstar;

 

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

 

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

 

provided (A) such investment is held
for a temporary period pursuant to Section 1.860G-2(g)(i) of the Treasury Regulations, (B) such investment is payable by the obligor
in U.S. dollars, and (C) that no such instrument shall be an Eligible Investment (1) if such instrument evidences either (a) a
right to receive only interest payments or only principal payments with respect to the obligations underlying such instrument or
(b) a right to receive both principal and interest payments derived from obligations underlying such instrument and the principal
and interest payments with respect to such instrument provide a yield to maturity of greater than 120% of the yield to maturity
at par of such underlying obligations, or (2) if it may be redeemed at a price below the purchase price or (3) if it is not treated
as a “permitted investment” that is a “cash flow investment” under Section 860G(a)(5) of the Code; and
provided, further, that any such instrument shall have a maturity date no later than the date such instrument is
required to be used to satisfy the obligations under this Agreement, and, in any event, shall not have a maturity in excess of
one (1) year; any such instrument must have a predetermined fixed dollar of principal due at maturity that cannot vary or change;
interest on any variable rate instrument shall be tied to a single interest rate index plus a single fixed spread (if any) and
move proportionally with that index; and provided, further, that no amount beneficially owned by any REMIC Pool (including
any amounts collected by the Master Servicer but not yet deposited in the Collection Account) may be invested in investments treated
as equity interests for Federal income tax purposes. No Eligible Investments shall be purchased at a price in excess of par. For
the purpose of this definition, units of investment funds (including money market funds) shall be deemed to mature daily.

 

“Eligible Trust
Advisor” means an entity that (i) (A) is (or as to which each of the personnel responsible for supervising the obligations
of the Trust Advisor is) (I) 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 (or as
to which each of the personnel responsible for supervising the obligations of the Trust Advisor has) at least five (5) years of
experience in commercial real estate asset management and in the workout and management of distressed commercial real estate assets
or (B) is the special servicer or trust advisor/operating advisor on a commercial mortgage-backed securities transaction rated
by DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P (including, in the case of Situs Holdings, LLC, this transaction) but
has not been special servicer on a transaction for which DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P has qualified,
downgraded or withdrawn its rating or ratings of one or more classes of certificates for such transaction citing servicing concerns
with the special servicer as the sole or material factor in such rating action, (ii) is not the Depositor, a Seller, the Master
Servicer, the Special Servicer or any Affiliate of any of the foregoing, (iii) can and will make the representations and

 

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warranties
set forth in Section 10.6, (iv) is not the Controlling Class Representative, a Loan-Specific Directing Holder or an Affiliate
of the Controlling Class Representative or a Loan-Specific Directing Holder and (v) has not been paid by the Special Servicer or
successor special servicer any fees, compensation or other remuneration (x) in respect of its obligations under this Agreement
or (y) for the appointment or recommendation for replacement of a successor special servicer to become the Special Servicer.

 

“Ellenton Premium
Outlets Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between the initial holders
of the Ellenton Premium Outlets Mortgage Loan and the Ellenton Premium Outlets Serviced Companion Loan.

 

“Ellenton Premium
Outlets Loan Pair” means, collectively, the Ellenton Premium Outlets Mortgage Loan and the Ellenton Premium Outlets
Serviced Companion Loan.

 

“Ellenton Premium
Outlets Mortgage” means the Mortgage securing the Ellenton Premium Outlets Loan Pair.

 

“Ellenton Premium
Outlets Mortgage Loan” means the Mortgage Loan collectively evidenced by the promissory notes designated “Note
A-1” and “Note A-3” and identified as “Ellenton Premium Outlets” on the Mortgage Loan Schedule and
that is pari passu in right of payment with the Ellenton Premium Outlets Serviced Companion Loan to the extent set forth
in the Ellenton Premium Outlets Intercreditor Agreement. The Ellenton Premium Outlets Mortgage Loan is a “Mortgage Loan.”

 

“Ellenton Premium
Outlets Serviced Companion Loan” means, collectively, the promissory notes designated “Note A-2” and
“Note A-4” that are not included in the Trust and are pari passu in right of payment with the Ellenton Premium
Outlets Mortgage Loan to the extent set forth in the Ellenton Premium Outlets Intercreditor Agreement. The Ellenton Premium Outlets
Serviced Companion Loan is not a “Mortgage Loan.”

 

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

 

“Environmental
Laws” means any and all federal, state and local statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions, now or hereafter in
effect, relating to health or the environment or to emissions, discharges or releases of chemical substances, including, without
limitation, any and all pollutants, contaminants, petroleum or petroleum products, asbestos or asbestos-containing materials, polychlorinated
biphenyls, urea-formaldehyde insulation, radon, industrial, toxic or hazardous substances or wastes, into the environment, including,
without limitation, ambient air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution,
use, labeling, registration, treatment, storage, disposal, transport or handling of any of the foregoing substances or wastes or
the clean-up or other remediation thereof.

 

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“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Escrow Account”
means an account established by or on behalf of the Master Servicer pursuant to, and in accordance with the requirements of, Section
8.3(e).

 

“Escrow Amount”
means any amount payable with respect to a Mortgage Loan, A/B Whole Loan or Loan Pair for taxes, assessments, water rates, Standard
Hazard Insurance Policy premiums, ground lease payments, reserves for capital improvements, deferred maintenance, repairs, tenant
improvements, leasing commissions, rental achievements, environmental matters and other reserves or comparable items.

 

“Euroclear Bank”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Excess Interest”
means, with respect to any ARD Mortgage Loan that is not prepaid in full on or before its Anticipated Repayment Date, the excess,
if any of (i) interest accrued at the rate of interest applicable to such Mortgage Loan after such Anticipated Repayment Date (plus
any interest on such interest as may be provided for under the related Mortgage Loan documents) over (ii) interest accrued at the
rate of interest applicable to such Mortgage Loan before such Anticipated Repayment Date, to the extent such excess interest is
payable under the related Mortgage Loan documents only after the outstanding principal balance of the related ARD Mortgage Loan
has been paid in full. Excess Interest on an ARD Mortgage Loan is an asset of the Trust, but shall not be an asset of any REMIC
Pool formed hereunder.

 

“Excess Interest
Sub-account” means an administrative account that is (or, to the extent it is established as a separate account,
is deemed to be) a sub-account of the Distribution Account; provided, that any separate account constituting the Excess
Interest Sub-account shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator on behalf of
Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Morgan Stanley Capital I Trust 2015-UBS8,
Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, Class V, Excess Interest Sub-account” and shall conform
to the requirements applicable to the Distribution Account set forth in Section 5.3(a). The Excess Interest Sub-account
shall not be an asset of any REMIC Pool.

 

“Excess Liquidation
Proceeds” means, with respect to any Mortgage Loan, the excess of (i) Liquidation Proceeds of a Mortgage Loan or
related REO Property, over (ii) the amount that would have been received if a Principal Prepayment in full had been made with respect
to such Mortgage Loan (or, in the case of an REO Property related to an A/B Whole Loan, a Principal Prepayment in full had been
made with respect to each of the related A Note and Serviced B Note, or, in the case of an REO Property related to a Loan Pair,
a Principal Prepayment in full had been made with respect to each of the Serviced Pari Passu Mortgage Loan, the Serviced Companion
Loan and any related Serviced B Note) on the date such proceeds were received plus accrued and unpaid interest with respect to
such Mortgage Loan and any and all expenses (including Additional Trust Expenses and Unliquidated Advances) with respect thereto.
In the case of an A/B Whole Loan or Loan Pair, Excess Liquidation Proceeds means

 

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only the portion of such proceeds that are allocated
to the Trust pursuant to the related Intercreditor Agreement.

 

“Excess Liquidation
Proceeds Reserve Account” means the Excess Liquidation Proceeds Reserve Account maintained by the Certificate Administrator
in accordance with the provisions of Section 5.3, which shall be a subaccount of an Eligible Account.

 

“Excess Modification
Fees” means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), A/B Whole Loan or Loan
Pair, the sum of (a) any and all Unallocable Modification Fees with respect to any modification, waiver, extension or amendment
of any of the terms of such Mortgage Loan (or A/B Whole Loan or Loan Pair, as applicable) (exclusive, in the case of an A/B Whole
Loan or a Loan Pair, of any portion of such Modification Fees payable to the holder of any related Serviced B Note or Serviced
Companion Loan, as applicable, pursuant to the related Intercreditor Agreement), (b) the excess, if any, of (i) any and all Allocable
Modification Fees with respect to any modification, waiver, extension or amendment of any of the terms of such Mortgage Loan (or
A/B Whole Loan or Loan Pair, as applicable) (exclusive, in the case of an A/B Whole Loan or a Loan Pair, of any portion of such
Modification Fees payable to the holder of any related Serviced B Note or Serviced Companion Loan, as applicable, pursuant to the
related Intercreditor Agreement), over (ii) all unpaid or unreimbursed Additional Trust Expenses outstanding or previously incurred
with respect to such Mortgage Loan (or A/B Whole Loan or Loan Pair, as applicable) that are reimbursed from such Allocable Modification
Fees (which Additional Trust Expenses shall be reimbursed from such Allocable Modification Fees (exclusive, in the case of an A/B
Whole Loan or a Loan Pair, of any portion of such Allocable Modification Fees payable to the holder of any related Serviced B Note
or Serviced Companion Loan, as applicable, pursuant to the related Intercreditor Agreement)), and (c) expenses previously paid
or reimbursed from Allocable Modification Fees as described in the preceding clause (b), which expenses have been recovered
from the related Mortgagor or otherwise.

 

“Excess Penalty
Charges” means, with respect to any Mortgage Loan, A/B Whole Loan or Loan Pair, the sum of (a) the excess, if any,
of (i) any and all Penalty Charges collected in respect of such Mortgage Loan, A/B Whole Loan or Loan Pair, as the case may be
(exclusive, in the case of an A/B Whole Loan or a Loan Pair, of any portion of such Penalty Charges payable to the holder of any
related Serviced B Note or Serviced Companion Loan, as applicable, pursuant to the related Intercreditor Agreement), over (ii)
all unpaid or unreimbursed Additional Trust Expenses outstanding or previously incurred, with respect to the related Mortgage Loan,
A/B Whole Loan or Loan Pair, as the case may be, that are reimbursed from such Penalty Charges (which Additional Trust Expenses
shall be reimbursed from such Penalty Charges (exclusive, in the case of an A/B Whole Loan or a Loan Pair, of any portion of such
Penalty Charges payable to the holder of any related Serviced B Note or Serviced Companion Loan, as applicable, pursuant to the
related Intercreditor Agreement)), and (b) expenses previously paid or reimbursed from Penalty Charges as described in the preceding
clause (a), which expenses have been recovered from the related Mortgagor or otherwise.

 

“Excess Servicing
Fee” means with respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect
thereto), that portion of the Master

 

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Servicing Fee that accrues in the same manner as the Master Servicing Fee at a per annum
rate equal to the Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate” means with respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with respect
thereto), a rate per annum equal to the Master Servicing Fee Rate minus (i) any primary servicing fee rate payable to a third-party
primary servicer and (ii) 0.0025% (0.25 basis points); provided, that such rate shall be subject to reduction at any time
following any resignation of the Master Servicer pursuant to Section 8.22 of this Agreement (if no successor is appointed
in accordance with such Section) or any termination of the Master Servicer pursuant to Section 8.28 of this Agreement, to
the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master
Servicer (which successor may include the Trustee) that meets the requirements of Section 8.22(b) of this Agreement.

 

“Excess Servicing
Fee Right” means with respect to each Mortgage Loan and Serviced Companion Loan (and any successor REO Loan with
respect thereto), the right to receive the related Excess Servicing Fee. In the absence of any transfer of any Excess Servicing
Fee Right, the Master Servicer shall be the owner of such Excess Servicing Fee Right.

 

“Excess Trust
Advisor Expenses” means, with respect to each Distribution Date, an amount equal to the positive amount, if any,
of the Trust Advisor Expenses for such Distribution Date, less the amount of any such Trust Advisor Expenses allocated to reduce
the aggregate Distributable Certificate Interest of the Class B, Class C, Class D and Class E Certificates for such Distribution
Date.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Exchange Act
Filing” means each report on Form 10-D, Form 10-K or Form 8-K that has been filed by the Certificate Administrator
with respect to the Trust through the EDGAR system.

 

“Exchange Certification”
means an Exchange Certification substantially in the form set forth in Exhibit G hereto executed by a holder of an interest
in a Regulation S Global Certificate or a Rule 144A Global Certificate, as applicable.

 

“Excluded Controlling
Class Holder” means, with respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative
or any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class
Mortgage Loan. Promptly upon obtaining actual knowledge of any such Controlling Class Representative or Controlling Class Certificateholder
becoming an “Excluded Controlling Class Holder”, such Controlling Class Representative or Controlling Class Certificateholder
shall provide notice in the form of Exhibit I-1E hereto to the Master Servicer, the Special Servicer, the Trust Advisor,
the Trustee and the Certificate Administrator, which such notice shall be physically (with a copy electronically) delivered in
accordance with Section 14.5 of this Agreement and shall specifically identify the Excluded Controlling Class Holder, the
Aggregate Certificate Balance of the Controlling Class Certificates owned by such Holder and

 

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the subject Excluded Controlling Class
Mortgage Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially
in the form of Exhibit I-1F hereto, which such notice shall provide each Certificate Administrator Website user identification
associated with such Excluded Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict
such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement.

 

“Excluded Controlling
Class Mortgage Loan” means any Mortgage Loan, A/B Whole Loan or Loan Pair with respect to which, as of any date of
determination, the Controlling Class Representative or a Controlling Class Certificateholder, as applicable, is a Borrower Party.
As of the Closing Date, there are no Excluded Controlling Class Mortgage Loans related to the Trust.

 

“Excluded Information”
means, with respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating to such Excluded
Controlling Class Mortgage Loan and/or the related Mortgaged Properties, including, without limitation, any Asset Status Reports,
Final Asset Status Reports or summaries thereof, or any appraisals, inspection reports (related to Specially Serviced Mortgage
Loans conducted by the Special Servicer or the Excluded Special Servicer), recoverability officer’s certificates, Trust Advisor
Annual Reports (it being understood that the Trust Advisor’s Annual Report relating to all Mortgage Loans other than any
Excluded Special Servicer Mortgage Loans shall be provided to the Special Servicer and the Trust Advisor’s special annual
report that includes information about the Excluded Special Servicer Mortgage Loan shall be provided to the related Excluded Special
Servicer), any determination of the Special Servicer’s net present value calculation, any Appraisal Reduction calculations,
environmental assessments, seismic reports and property condition reports and such other information and reports designated as
Excluded Information (other than such information with respect to such Excluded Controlling Class Mortgage Loan 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 (IRP) (other than the CREFC® Special Servicer Loan File relating to such Excluded Controlling Class
Mortgage Loan) shall not be “Excluded Information”. Each of the Master Servicer, the Special Servicer and the Trust
Advisor shall deliver any Excluded Information that is to be posted to the Certificate Administrator’s Website to the Certificate
Administrator in accordance with Section 8.31 hereof. For the avoidance of doubt, the Certificate Administrator’s
obligation to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 8.31 hereof.

 

“Excluded Mortgage
Loan” means any Mortgage Loan, A/B Whole Loan or Loan Pair with respect to which, as of any date of determination,
the Controlling Class Representative or any Majority Controlling Class Certificateholder is a Borrower Party. As of the Closing
Date, there are no Excluded Mortgage Loans related to the Trust.

 

“Excluded Special
Servicer” means, with respect to any Excluded Special Servicer Mortgage Loan, a Special Servicer that is not a Borrower
Party and meeting such other standards for a Special Servicer as are set forth in Section 9.30(g).

 

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“Excluded Special
Servicer Mortgage Loan” means any Mortgage Loan, A/B Whole Loan or Loan Pair with respect to which, as of any date
of determination, the Special Servicer is a Borrower Party. As of the Closing Date, there are no Excluded Special Servicer Mortgage
Loans related to the Trust.

 

“Exemption”
means each of the individual prohibited transaction exemptions, if any, relating to pass-through certificates and the operation
of asset pool investment trusts granted by the United States Department of Labor to one or more of the Underwriters and Initial
Purchasers, as amended.

 

“Expense Loss”
means a loss realized upon payment by the Trust of an Additional Trust Expense.

 

“Extension”
has the meaning set forth in Section 9.15(a).

 

“Fannie Mae”
means the Federal National Mortgage Association, or any successor thereto.

 

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

 

“Final Asset
Status Report” means, with respect to any Specially Serviced Mortgage Loan, each related Asset Status Report, together
with such other data or supporting information provided by the Special Servicer to the Controlling Class Representative or any
related Loan-Specific Directing Holder, in each case, which does not include any communications (other than the related Final Asset
Status Report itself) between the Special Servicer and the Controlling Class Representative or any related Loan-Specific Directing
Holder, as applicable, with respect to such Specially Serviced Mortgage Loan; provided that no Asset Status Report shall
be considered to be a Final Asset Status Report unless (i) any Applicable Control Party has either finally approved of and consented
to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval and consent pursuant
to this Agreement in respect of such actions, or has been deemed to have approved or consented to such actions, or (ii) the Asset
Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.

 

“Final Certification”
has the meaning set forth in Section 2.2.

 

“Final Judicial
Determination” has the meaning set forth in Section 2.3(a).

 

“Final Prospectus”
has the meaning set forth in the Preliminary Statement hereto.

 

“Final Recovery
Determination” means a determination with respect to any Mortgage Loan, Serviced B Note, Serviced Companion Loan
or REO Property by the Special Servicer in consultation with the Applicable Control Party, and the Master Servicer (including a
Mortgage Loan, a Serviced Companion Loan or a Serviced B Note that relates to an REO Property), in each case, in its good faith
discretion, consistent with the Servicing Standard, that all Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, Purchase
Proceeds and other payments or recoveries that the Special Servicer expects to be finally recoverable on such

 

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Mortgage Loan, Serviced
B Note, Serviced Companion Loan or REO Property, without regard to any obligation of the Master Servicer, the Special Servicer
or the Trustee, as the case may be, to make payments from its own funds pursuant to Article IV hereof, have been recovered.

 

“Final Scheduled
Distribution Date” means, for each Class of rated Certificates, the Distribution Date on which such Class would be
paid in full if payments were made on the Mortgage Loans in accordance with their terms, except that ARD Mortgage Loans are assumed
to be repaid on their Anticipated Repayment Dates.

 

“Financial Market
Publishers” means BlackRock Financial Management, Inc., Trepp, LLC, Bloomberg L.P., Thomson Reuters, CMBS.com, Inc.,
Intex Solutions, Inc. and Markit Group Limited, or any successor entities thereof.

 

“Fitch”
means Fitch Ratings, Inc. or its successor in interest. If neither such rating agency nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of Fitch herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Form 8-K Disclosure
Information” has the meaning set forth in Section 13.7.

 

“Franchise Mortgage
Loan” has the meaning set forth in Section 2.1(d).

 

“Free Writing
Prospectus” has the meaning set forth in the Preliminary Statement hereto.

 

“Freddie Mac”
means the Federal Home Loan Mortgage Corporation, or any successor thereto.

 

“Global Certificate”
means any Registered Global Certificate, Rule 144A Global Certificate, Regulation S Temporary Global Certificate or Regulation
S Permanent Global Certificate.

 

“Government Securities”
has the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended.

 

“Grantor Trust”
has the meaning set forth in the Preliminary Statement hereto.

 

“Grove City Premium
Outlets Companion Loan” means the promissory notes designated “Note A-2,” “Note A-3,” “Note
A-4” and “Note A-5” that are not included in the Trust and are secured on a pari passu basis with the
Grove City Premium Outlets Mortgage Loan to the extent set forth in the Grove City Premium Outlets Intercreditor Agreement. The
Grove City Premium Outlets Companion Loan is not a “Mortgage Loan.” Prior to the Grove City Premium Outlets Companion
Loan Securitization Date, the Grove City Premium Outlets Companion Loan shall be a “Serviced Companion Loan.” On and
after the Grove City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets Companion Loan shall be
a “Non-Serviced Companion Loan.”

 

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“Grove
City Premium Outlets Companion Loan Securitization Date” means the date on which the controlling portion of the
Grove City Premium Outlets Companion Loan is included in a securitization trust; provided, that the holder of the Grove
City Premium Outlets Companion Loan provides each of the Master Servicer, the Special Servicer and the Trustee (in each case only
to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with the terms
of the Grove City Premium Outlets Intercreditor Agreement that the Grove City Premium Outlets Companion Loan is to be included
in such Other Securitization.

 

“Grove
City Premium Outlets Directing Holder” means the “Controlling Note Holder” or any analogous term under
the Grove City Premium Outlets Intercreditor Agreement.

 

“Grove
City Premium Outlets Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between
the initial holders of the Grove City Premium Outlets Mortgage Loan and the Grove City Premium Outlets Companion Loan.

 

“Grove
City Premium Outlets Loan Pair” means, collectively, the Grove City Premium Outlets Mortgage Loan and the Grove
City Premium Outlets Companion Loan. On and after the Grove City Premium Outlets Companion Loan Securitization Date, the Grove
City Premium Outlets Mortgage Loan and the Grove City Premium Outlets Companion Loan, collectively, shall be a “Non-Serviced
Loan Combination.”

 

“Grove
City Premium Outlets Mortgage” means the Mortgage securing the Grove City Premium Outlets Mortgage Loan and the
Grove City Premium Outlets Companion Loan.

 

“Grove
City Premium Outlets Mortgage Loan” means the Mortgage Loan evidenced by the promissory note designated as “Note
A-1” and identified as “Grove City Premium Outlets” on the Mortgage Loan Schedule, and that is pari passu
in right of payment with the Grove City Premium Outlets Companion Loan to the extent set forth in the Grove City Premium Outlets
Intercreditor Agreement. Prior to the Grove City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets
Mortgage Loan shall be a “Serviced Pari Passu Mortgage Loan.” On and after the Grove City Premium Outlets Companion
Loan Securitization Date, the Grove City Premium Outlets Mortgage Loan shall be a “Non-Serviced Mortgage Loan.”

 

“Gulfport
Premium Outlets Companion Loan” means the promissory notes designated “Note A-1” and “Note A-3”
that are not included in the Trust and are secured on a pari passu basis with the Gulfport Premium Outlets Mortgage Loan
to the extent set forth in the Gulfport Premium Outlets Intercreditor Agreement. The Gulfport Premium Outlets Companion Loan is
not a “Mortgage Loan.” Prior to the Gulfport Premium Outlets Companion Loan Securitization Date, the Gulfport Premium
Outlets Companion Loan shall be a “Serviced Companion Loan.” On and after the Gulfport Premium Outlets Companion Loan
Securitization Date, the Gulfport Premium Outlets Companion Loan shall be a “Non-Serviced Companion Loan.”

 

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“Gulfport
Premium Outlets Companion Loan Securitization Date” means the date on which the controlling portion of the Gulfport
Premium Outlets Companion Loan is included in a securitization trust; provided, that the holder of the Gulfport Premium
Outlets Companion Loan provides each of the Master Servicer, the Special Servicer and the Trustee (in each case only to the extent
such party will not also be a party to the related Other Securitization) with notice in accordance with the terms of the Gulfport
Premium Outlets Intercreditor Agreement that the Gulfport Premium Outlets Companion Loan is to be included in such Other Securitization.

 

“Gulfport
Premium Outlets Directing Holder” means the “Controlling Note Holder” or any analogous term under the
Gulfport Premium Outlets Intercreditor Agreement.

 

“Gulfport
Premium Outlets Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between the
initial holders of the Gulfport Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Companion Loan.

 

“Gulfport
Premium Outlets Loan Pair” means, collectively, the Gulfport Premium Outlets Mortgage Loan and the Gulfport Premium
Outlets Companion Loan. On and after the Gulfport Premium Outlets Companion Loan Securitization Date, the Gulfport Premium Outlets
Mortgage Loan and the Gulfport Premium Outlets Companion Loan, collectively, shall be a “Non-Serviced Loan Combination.”

 

“Gulfport
Premium Outlets Mortgage” means the Mortgage securing the Gulfport Premium Outlets Mortgage Loan and the Gulfport
Premium Outlets Companion Loan.

 

“Gulfport
Premium Outlets Mortgage Loan” means the Mortgage Loan evidenced by the promissory note designated as “Note
A-2” and identified as “Gulfport Premium Outlets” on the Mortgage Loan Schedule, and that is pari passu
in right of payment with the Gulfport Premium Outlets Companion Loan to the extent set forth in the Gulfport Premium Outlets Intercreditor
Agreement. Prior to the Gulfport Premium Outlets Companion Loan Securitization Date, the Gulfport Premium Outlets Mortgage Loan
shall be a “Serviced Pari Passu Mortgage Loan.” On and after the Gulfport Premium Outlets Companion Loan Securitization
Date, the Gulfport Premium Outlets Mortgage Loan shall be a “Non-Serviced Mortgage Loan.”

 

“Hazardous
Materials” means any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without
limitation, those so identified pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
Section 9601 et seq., or any other environmental laws now or hereafter existing, and specifically including, without
limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and petroleum products,
urea formaldehyde and any substances classified as being “in inventory,” “usable work in process” or similar
classification which would, if classified as unusable, be included in the foregoing definition.

 

“Holder”
means the Person in whose name a Certificate is registered on the Certificate Register (and, solely for the purposes of distributing
reports, statements or other information pursuant to this Agreement, any Certificate Owner or potential transferee of a

 

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Certificate
to the extent the Person distributing such information has been provided with an Investor Certification; provided, that
this Agreement, the Final Prospectus, the Distribution Date Statements and the Exchange Act Reports shall be made available to
the general public). Solely for the purpose of giving any consent or taking any action pursuant to this Agreement, any Certificate
beneficially owned by the Depositor, the Master Servicer, the Special Servicer, any Excluded Special Servicer, the Trustee, the
Certificate Administrator, the Custodian, the Trust Advisor or, subject to the provisos in the last sentence of this definition,
any Borrower Party (which determination shall be based upon such party’s representations in an Investor Certification submitted
by such party, upon which the Certificate Registrar shall be entitled to conclusively rely) shall be deemed not to be outstanding
and the Voting Rights to which they are entitled shall not be taken into account in determining whether the requisite percentage
of Voting Rights necessary to effect any such consent or take any such action has been obtained. Subject to the last sentence
of this definition, for purposes of obtaining the consent of Certificateholders to any action under this Agreement including any
action proposed to be taken by the Special Servicer with respect to a Specially Serviced Mortgage Loan or any Excluded Special
Servicer with respect to the related Excluded Special Servicer Mortgage Loan, any Certificates that the applicable Responsible
Officer has actual knowledge are beneficially owned by the Special Servicer or the Excluded Special Servicer, as applicable, or
an Affiliate thereof shall be deemed not to be outstanding. Notwithstanding the foregoing, for purposes of obtaining the consent
of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned by the Depositor, the Master Servicer,
the Special Servicer, any Excluded Special Servicer, the Trustee, the Trust Advisor, the Certificate Administrator, the Custodian
or any of their Affiliates shall be outstanding if such amendment does not relate to the termination, increase in compensation
or material reduction of obligations of the Depositor, the Master Servicer, the Special Servicer, any Excluded Special Servicer,
the Trustee, the Trust Advisor, the Certificate Administrator, the Custodian or any of their Affiliates, in which case such Certificates
shall be deemed not to be outstanding. Also, notwithstanding the foregoing, subject to any restrictions set forth in Section 10.1(c),
the restrictions above shall not apply to the exercise of the rights of the Master Servicer, the Special Servicer or an Affiliate
of the Master Servicer or the Special Servicer, if any, as a member of the Controlling Class.

 

“Independent”
means, when used with respect to (i) any Accountants, a Person who is “independent” within the meaning of Rule 2-01(B)
of the Commission’s Regulation S-X and (ii) any other Person, a Person who (A) is in fact independent of another
specified Person and any Affiliate of such other Person, (B) does not have any material direct or indirect financial interest
in such other Person or any Affiliate of such other Person, (C) is not connected with such other Person or any Affiliate
of such other Person as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions
and (D) is not a member of the immediate family of a Person described in clause (B) or (C) above.

 

“Independent
Contractor” means, either (i) with respect to any Mortgage Loan (A) that is not a Specially Serviced Mortgage
Loan, any Person designated by the Master Servicer (other than the Master Servicer, but which may be an Affiliate of the Master
Servicer), or (B) that is a Specially Serviced Mortgage Loan, any Person designated by the Special Servicer that would be
an “independent contractor” with respect to a REMIC Pool within the meaning of Section 856(d)(3) of the Code
if such REMIC Pool were a real estate investment trust (except that the ownership test set forth in such Section shall be considered
to be met by any Person that

 

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owns, directly or indirectly, 35% or more of the Aggregate Certificate Balance or Notional Amount,
as the case may be, of any Class of the Certificates (other than the Class V and the Class R Certificates), a Percentage
Interest of 35% or more in the Class V Certificates, a Percentage Interest of 35% or more in the Class R Certificates
or such other interest in any Class of the Certificates or of the applicable REMIC Pool as is set forth in an Opinion of Counsel,
which shall be at no expense to the Trustee or the Trust) so long as such REMIC Pool does not receive or derive any income from
such Person and provided that the relationship between such Person and such REMIC is at arm’s length, all within the meaning
of Treasury Regulations Section 1.856-4(b)(5), or (ii) any other Person (including the Master Servicer or the Special
Servicer) upon receipt by the Trustee of an Opinion of Counsel, which shall be at the expense of the Person delivering such opinion
to the Trustee, to the effect that the taking of any action in respect of any REO Property by such Person, subject to any conditions
therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such REO Property
to cease to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined
without regard to the exception applicable for purposes of Section 860D(a) of the Code), or cause any income realized in
respect of such REO Property to fail to qualify as Rents from Real Property.

 

“Initial
Certification” has the meaning set forth in Section 2.2.

 

“Initial
Deposit” means the amount of all collections made on the Mortgage Loans from the Cut-Off Date to and excluding the
Closing Date.

 

“Initial
Purchaser” means each of Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
UBS Securities LLC, and, in each case, its respective successor in interest.

 

“Inquiries”
has the meaning set forth in Section 5.4(c).

 

“Inspection
Report” means, with respect to a Mortgaged Property, a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Property Inspection Form” available on the CREFC® Website.

 

“Institutional
Accredited Investor” means an institutional accredited investor qualifying pursuant to Rule 501(a)(1), (2),
(3) or (7) of Regulation D of the Securities Act or any entity in which all of the equity owners are institutional
accredited investors qualifying pursuant to Rule 501(a)(1), (2), (3) or (7) of Regulation D of the Securities
Act.

 

“Insurance
Policies” means, collectively, any Standard Hazard Insurance Policy, flood insurance policy, title insurance policy,
terrorism insurance policy or Environmental Insurance Policy relating to the Mortgage Loans or the Mortgaged Properties in effect
as of the Closing Date or thereafter during the term of this Agreement.

 

“Insurance
Proceeds” means amounts paid by the insurer under any Insurance Policy in connection with a Mortgage Loan, Serviced
B Note or Serviced Companion Loan, other than amounts required to be paid over to the Mortgagor pursuant to law and the related
Mortgage Loan documents in accordance with the Servicing Standard. With respect to any Mortgaged Property securing any A/B Whole
Loan or Loan Pair, only an allocable portion of

 

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such Insurance Proceeds shall be distributable to the Certificateholders. With
respect to the Mortgaged Property securing any Non-Serviced Loan Combination, only the portion of such amounts payable to the
holder of the related Non-Serviced Mortgage Loan shall be included in Insurance Proceeds.

 

“Intercreditor
Agreement” means: (a) with respect to an A/B Whole Loan, the related intercreditor, co-lender or similar agreement
in effect from time to time by and between the holder of the related A Note(s) and the holder of any related Serviced B Note
relating to the relative rights of such holders; (b) with respect to a Loan Pair, the related intercreditor, co-lender or
similar agreement in effect from time to time by and between the holders of the related Serviced Pari Passu Mortgage Loan, the
related Serviced Companion Loan and any related Serviced B Note relating to the relative rights of such holders; (c) with respect
to any Non-Serviced Loan Combination, the related intercreditor agreement, co-lender agreement or similar agreement(s) in effect
from time to time between the holders of the related Non-Serviced Companion Loan and Non-Serviced Mortgage Loan and any related
B Note; and (d) solely with respect to a Joint Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof,
the applicable Mortgage Loan documents and the provisions of Section 8.30 hereof.

 

“Interest
Accrual Period” means, with respect to any REMIC I Regular Interest, REMIC II Regular Interest, Class X
REMIC III Regular Interest, Class of REMIC III Regular Certificates or REMIC III Regular Interest, the period beginning
on the first (1st) day of the month preceding the month in which such Distribution Date occurs and ending on the
last day of the month immediately preceding the month in which such Distribution Date occurs.

 

“Interest
Reserve Account” means any Interest Reserve Account maintained by the Certificate Administrator pursuant to Section 5.3(a),
which shall be a subaccount of an Eligible Account.

 

“Interest
Reserve Amount” has the meaning set forth in Section 5.3(b).

 

“Interest
Reserve Loans” means the Mortgage Loans that bear interest other than on a 30/360 Basis.

 

“Interested
Person” means, as of any date of determination, the Master Servicer, any Special Servicer, the Depositor, the holder
of a Serviced B Note or Serviced Companion Loan (or any portion thereof), a Holder or Certificate Owner of 50% or more of the
Controlling Class, the Controlling Class Representative, the Trust Advisor, any Seller, any Independent Contractor engaged by
the Master Servicer or the Special Servicer pursuant to this Agreement, or any Person actually known to a Responsible Officer
of the Trustee or the Certificate Administrator to be an Affiliate of any of them, or any Borrower Party.

 

“Investor
Certification” means a certificate (which may be in electronic form) substantially in the form of Exhibit I-1A,
Exhibit I-1B, Exhibit I-1C or Exhibit I-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 that the person
executing the certificate (1) is a Certificateholder, a Certificate Owner or a prospective purchaser that, in the case of
a Registered Certificate, has received a copy of the Final Prospectus,

 

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or a holder of a Serviced B Note or Serviced Companion
Loan and (2)(i) is not a Mortgagor, a Manager, an Affiliate of a Mortgagor or Manager or a principal, partner, member, joint venturer,
limited partner, employee, representative, director, trustee or advisor of, or any investor in, any of the foregoing or an agent
of any of the foregoing, or in the case of the Controlling Class Representative or any Controlling Class Certificateholder, such
person is not a Borrower Party, in which case such person will have access to all the reports and information made available on
the Certificate Administrator’s Website to Certificateholders under this Agreement, or (ii) such person is a Borrower Party,
in which case (A) if such person is the Controlling Class Representative or a beneficial owner of a Controlling Class Certificate,
such person will have access to all reports and information made available to Certificateholders on the Certificate Administrator’s
Website under this Agreement except that such person will not have access solely to the related Excluded Information related to
any related Excluded Controlling Class Mortgage Loan with respect to which such person is a Borrower Party, or (B) if such person
is not the Controlling Class Representative or a beneficial owner of a Controlling Class Certificate, such person will only receive
access to the Distribution Date Statements prepared by the Certificate Administrator. The Certificate Administrator may require
that Investor Certifications are resubmitted from time to time in accordance with its policies and procedures. Any Investor Certification
may be delivered electronically to the recipients thereof pursuant to the second paragraph of Section 14.5 of this Agreement.

 

“Investor
Q&A Forum” has the meaning set forth in Section 5.4(c).

 

“Investor
Registry” has the meaning set forth in Section 5.4(d).

 

“IRS”
means the Internal Revenue Service.

 

“Joint
Mortgage Loan” means a Mortgage Loan originated by more than one Seller. There are no Joint Mortgage Loans related
to the Trust.

 

“Junior
Indebtedness” means any indebtedness of any Mortgagor that is secured by a lien that is junior in right of payment
to the lien of the Mortgage securing the related Mortgage Note.

 

“KBRA”
means Kroll Bond Rating Agency, Inc. or its successor in interest. If neither such rating agency nor any successor remains in
existence, “KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other
comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto,
and specific ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Late
Collections” means, with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note, all amounts
received during any Collection Period, whether as late payments or as Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds,
Purchase Proceeds or otherwise, that represent payments or collections of Scheduled Payments due but delinquent for a previous
Collection Period and not previously recovered; provided that “Late Collections” shall not include any Actual
Recoveries of Trust Advisor Expenses.

 

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“Late
Fee” means a fee paid or payable, as the context may require, to the related lender by a Mortgagor as provided in
the related Mortgage Loan, A/B Whole Loan or Loan Pair in connection with a late payment made by such Mortgagor, but excluding
any such amounts allocable to a Non-Serviced Mortgage Loan and related Non-Serviced Companion Loan pursuant to the terms of the
related Non-Serviced Mortgage Loan Intercreditor Agreement, and, with respect to a Joint Mortgage Loan treated as a Loan Pair
in accordance with Section 8.30 hereof, including only the portion of such amounts that is received by the Trust in accordance
with Section 8.30 hereof.

 

“Lender
Register” has the meaning set forth in Section 8.26.

 

“Liquidation
Expenses” means reasonable and direct expenses incurred by the Special Servicer on behalf of the Trust in connection
with the liquidation of any Specially Serviced Mortgage Loan or REO Property acquired in respect thereof including, without limitation,
reasonable legal fees and expenses in connection with a closing, brokerage commissions and conveyance taxes for such Specially
Serviced Mortgage Loan. All Liquidation Expenses relating to disposition of the Specially Serviced Mortgage Loan shall be (i) paid
out of income from the related REO Property, to the extent available, (ii) paid out of related proceeds from liquidation
or (iii) advanced by the Master Servicer or the Special Servicer, subject to Section 4.4 and Section 4.6(e)
hereof, as a Servicing Advance.

 

“Liquidation
Fee” means a fee payable with respect to the final disposition or liquidation of any Mortgage Loan (other than any
Non-Serviced Mortgage Loan) that is a Specially Serviced Mortgage Loan (including, for this purpose, any related Serviced Companion
Loan or Serviced B Note) or REO Property (other than any REO Property related to a Non-Serviced Mortgage Loan) equal to the lesser
of (1) $1,000,000 and (2) the product of (x) 1.0% and (y) the Liquidation Proceeds received in connection
with a final disposition of, and any Condemnation Proceeds and Insurance Proceeds received by the Trust (net of any expenses incurred
by the Special Servicer on behalf of the Trust in connection with the collection of such Condemnation Proceeds and Insurance Proceeds)
with respect to, such Specially Serviced Mortgage Loan or REO Property or portion thereof; provided, that the Liquidation
Fee with respect to any Specially Serviced Mortgage Loan or REO Property shall be reduced by the amount of any Excess Modification
Fees actually received by the Special Servicer as additional servicing compensation (i) with respect to the related Mortgage Loan,
Serviced Companion Loan or Serviced B Note, as applicable, at any time within the prior eighteen (18) months in connection with
each modification, restructure, extension, waiver or amendment that constituted a modification of the related Mortgage Loan, Loan
Pair or A/B Whole Loan while the Mortgage Loan or the related Serviced Companion Loan or Serviced B Note, as applicable, was a
Specially Serviced Mortgage Loan and (ii) with respect to the related Mortgage Loan, Serviced Companion Loan or Serviced B Note,
as applicable, at any time within the prior nine (9) months in connection with each modification, restructure, extension, waiver
or amendment that constitutes a modification of the related Mortgage Loan, Loan Pair or A/B Whole Loan while the Mortgage Loan
or the related Serviced Companion Loan or Serviced B Note, as applicable, was a Non-Specially Serviced Mortgage Loan, but, in
each case, only to the extent those Excess Modification Fees have not previously been deducted from a Workout Fee or Liquidation
Fee. No Liquidation Fee will be payable based upon, or out of, Liquidation Proceeds received in connection with (i) the repurchase
of, or substitution for, any Mortgage Loan by the related

 

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Seller or its Seller Guarantor (if any) under the related Mortgage Loan
Purchase Agreement for a Material Breach or Material Document Defect, if such repurchase or substitution occurs on or before the
later of (x) 180 days after the discovery or receipt of notice by the related Seller or such Seller Guarantor of the Material
Document Defect or Material Breach, as applicable, that gave rise to the particular repurchase or substitution obligation, and
(y) the expiration of the time period (or extension thereof) provided for such repurchase or substitution if such repurchase or
substitution occurs prior to the termination of any applicable extended resolution period, (ii) the purchase of any Specially
Serviced Mortgage Loan that is, or is part of, an A/B Whole Loan or Loan Pair by the holder of the related Serviced B Note
or Serviced Companion Loan, as applicable, within ninety (90) days following the date that such holder’s option to
purchase the related Mortgage Loan first becomes exercisable, (iii) the purchase of any Specially Serviced Mortgage Loan
by the holder of any related mezzanine loan, pursuant to the related mezzanine loan intercreditor agreement, within ninety (90) days
following the date that such holder’s option to purchase such Specially Serviced Mortgage Loan first becomes exercisable,
(iv) the purchase of all of the Mortgage Loans and REO Properties in connection with an optional termination of the Trust,
(v) the purchase of any Specially Serviced Mortgage Loan by the Special Servicer or any Affiliate thereof (other than the
Controlling Class Representative), or (vi) the purchase of any Specially Serviced Mortgage Loan or related REO Property,
by the Controlling Class Representative or any affiliate thereof (other than the Special Servicer), if such purchase occurs within
ninety (90) days after the date on which the Special Servicer delivers to the Controlling Class Representative for its approval
the initial Asset Status Report with respect to such Specially Serviced Mortgage Loan. For the avoidance of doubt, the Special
Servicer may not receive a Workout Fee and a Liquidation Fee with respect to the same proceeds collected on a Mortgage Loan, Serviced
Companion Loan, Serviced B Note or REO Loan. Notwithstanding the foregoing, if a Mortgage Loan, Serviced B Note or Serviced
Companion Loan becomes a Specially Serviced Mortgage Loan only because of an event described in clause (i) of the definition of
“Servicing Transfer Event” as a result of a payment default on the related maturity date and the related Liquidation
Proceeds are received within three (3) months following the related maturity date as a result of the related Mortgage Loan,
Serviced B Note or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled
to collect a Liquidation Fee out of the proceeds received in connection with such liquidation if such fee would reduce the amount
available for distributions to Certificateholders, but the Special Servicer may collect from the related Mortgagor and retain
(x) a liquidation fee, (y) such other fees as are provided for in the related Mortgage Loan documents and (z) other appropriate
fees in connection with such liquidation.

 

“Liquidation
Proceeds” means proceeds from the sale or liquidation of a Mortgage Loan, a Serviced Companion Loan or a Serviced
B Note or related REO Property, net of Liquidation Expenses. With respect to any Mortgaged Property securing an A/B Whole
Loan or Loan Pair, only an allocable portion of such Liquidation Proceeds shall be distributable to the Certificateholders. With
respect to the mortgaged property or properties securing any Non-Serviced Loan Combination, only the portion of such amounts payable
to the holder of the related Non-Serviced Mortgage Loan will be included in Liquidation Proceeds.

 

“Liquidation
Realized Loss” means, with respect to each Mortgage Loan or any REO Property, as the case may be, as to which a
Cash Liquidation, or other liquidation or REO Disposition has occurred, an amount equal to the excess, if any, of: (A) the
sum, without

 

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duplication, of (1) the Unpaid Principal Balance of the Mortgage Loan (or any related REO Mortgage Loan), as
the case may be, as of the date of the Cash Liquidation, or other liquidation or REO Disposition, plus (2) unpaid
interest and interest accrued thereon at the applicable Mortgage Rate through the Due Date (or, in the case of a Balloon Loan
past its Maturity Date or an REO Property, the date that would otherwise be the Due Date) in the Collection Period in which the
Cash Liquidation or other liquidation or REO Disposition occurred, plus (3) any expenses (including Additional Trust
Expenses, unpaid Servicing Advances and unpaid Advance Interest, but excluding Trust Advisor Expenses) incurred in connection
with such Mortgage Loan or REO Property that have been paid or are payable or reimbursable to any Person, other than amounts included
in the definition of Liquidation Expenses and amounts previously treated as Expense Losses attributable to principal (and interest
thereon), plus (4) any Unliquidated Advances incurred with respect to such Mortgage Loan or REO Property; over (B) the
sum of (1) REO Income applied as recoveries of principal or interest on the related Mortgage Loan or REO Property, and (2) Liquidation
Proceeds, Condemnation Proceeds, Insurance Proceeds, Late Collections and all other amounts recovered from the related Mortgagor
and received during the Collection Period in which such Cash Liquidation, or other liquidation or REO Disposition occurred and
which are not required under any Intercreditor Agreement (or with respect to a Joint Mortgage Loan treated as a Loan Pair in accordance
with Section 8.30 hereof, the applicable Mortgage Loan documents) or Non-Serviced Mortgage Loan Intercreditor Agreement
to be payable or reimbursable to any holder of a B Note, a Serviced Companion Loan or a Non-Serviced Companion Loan.

 

“Litigation
Control” has the meaning set forth in Section 9.34.

 

“Loan
Pair” means a Serviced Pari Passu Mortgage Loan and the related Serviced Companion Loan, collectively. The Loan
Pairs related to the Trust as of the Closing Date are the 525 Seventh Avenue Loan Pair, the Ellenton Premium Outlets Loan Pair,
the Grove City Premium Outlets Loan Pair and the Gulfport Premium Outlets Loan Pair. On and after the Grove City Premium Outlets
Companion Loan Securitization Date, the Grove City Premium Outlets Mortgage Loan and the Grove City Premium Outlets Companion
Loan, collectively, shall cease to be a Loan Pair and shall be a Non-Serviced Loan Combination. On and after the Gulfport Premium
Outlets Companion Loan Securitization Date, the Gulfport Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Companion
Loan, collectively, shall cease to be a Loan Pair and shall be a Non-Serviced Loan Combination.

 

“Loan-Related
Litigation” has the meaning set forth in Section 9.34(a).

 

“Loan-Specific
Directing Holder” means, with respect to any A/B Whole Loan or Loan Pair, any holder of a related Serviced B Note
or Serviced Companion Loan, or any designee thereof or participant in a securitization thereof, that constitutes the “Controlling
Holder”, “Controlling Note Holder”, the “Directing Holder”, “Directing Lender” or any
analogous term under the related Intercreditor Agreement. The only Loan-Specific Directing Holders related to the Trust as of
the Closing Date shall be, with respect to the Grove City Premium Outlets Loan Pair, the Grove City Premium Outlets Directing
Holder, and with respect to the Gulfport Premium Outlets Loan Pair, the Gulfport Premium Outlets Directing Holder. On and after
the Grove City Premium Outlets Companion Loan Securitization Date, there shall be no Loan-Specific Directing Holder related to
the Trust with respect to the Grove City Premium

 

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Outlets Loan Pair. On and after the Gulfport Premium Outlets Companion Loan Securitization
Date, there shall be no Loan-Specific Directing Holder related to the Trust with respect to the Gulfport Premium Outlets Loan
Pair.

 

“Loan-Specific
Special Servicer” has the meaning set forth in Section 9.30(f).

 

“Loan-to-Value
Ratio” means, as of any date with respect to a Mortgage Loan, the fraction, expressed as a percentage, the numerator
of which is the Unpaid Principal Balance of such Mortgage Loan at the date of determination and the denominator of which is the
value of the Mortgaged Property as shown on the most recent Appraisal or valuation of the Mortgaged Property which is available
as of such date or, in the case of any Non-Serviced Mortgage Loan or Loan Pair, the allocable portion thereof.

 

“Lock-Box
Account” has the meaning set forth in Section 8.3(g).

 

“Lock-Box
Agreement” means, with respect to any Mortgage Loan, any lock-box agreement relating to such Mortgage Loan among
the related Mortgagor, a depositary institution and the Master Servicer (or a sub-servicer on its behalf) pursuant to which a
Lock-Box Account is created.

 

“Losses”
has the meaning set forth in Section 12.4.

 

“MAI”
means Member of the Appraisal Institute.

 

“Major
Decision” means any of the following:

 

(a)         any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership
of properties securing any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Loan Pair that comes into and continues
in default;

 

(b)         any
modification, consent to a modification or waiver of a Monetary Term (other than Penalty Charges, but including the timing of
payments and acceptance of discounted payoffs) or material non-monetary term of a Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Loan Pair or any extension of the Maturity Date thereof;

 

(c)         following
a default or an event of default with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Loan Pair, any
exercise of remedies, including any acceleration thereof or initiation of judicial, bankruptcy or similar proceedings under the
related Mortgage Loan documents;

 

(d)         any
sale of a Defaulted Loan or REO Property for less than the applicable Purchase Price;

 

(e)         any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials
located at a Mortgaged Property or at an REO Property;

 

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(f)          any
release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Loan Pair, or any consent to either of the foregoing, unless required or permitted pursuant to the specific
terms of the related Mortgage Loan documents and for which there is no material lender discretion;

 

(g)         any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other than any
Non-Serviced Mortgage Loan) or Loan Pair or, if lender consent is required, any consent to such waiver or consent to a transfer
of the Mortgaged Property or interests in the Mortgagor, other than any such transfer or incurrence of debt as may be effected
without the consent of the lender under the related Mortgage Loan documents;

 

(h)         with
respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Loan Pair, any incurrence of additional debt by a
Mortgagor or of any mezzanine financing by any beneficial owner of a Mortgagor (to the extent that the lender has consent rights
pursuant to the related Mortgage Loan documents (for purposes of the determination whether a lender has such consent rights pursuant
to the related Mortgage Loan documents, any Mortgage Loan document provision that requires that an intercreditor agreement be
reasonably or otherwise acceptable to the lender will constitute such consent rights));

 

(i)          any
material modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar
agreement with any mezzanine lender or subordinate debt holder related to a Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Loan Pair, or an action to enforce rights with respect thereto or decision not to enforce such rights;

 

(j)          any
franchise changes (with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Loan Pair for which the lender
is required to consent or approve under the related Mortgage Loan documents), or, with respect to a Mortgage Loan (other than
any Non-Serviced Mortgage Loan) or Loan Pair with an Unpaid Principal Balance greater than $2,500,000, any material property management
company changes, including approval of the termination of a manager and appointment of a new property manager;

 

(k)         with
respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Loan Pair, releases of any escrow accounts, reserve
accounts or letters of credit held as performance escrows or reserves other than those required pursuant to the specific terms
of the related Mortgage Loan documents and for which there is no material lender discretion;

 

(l)          any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Mortgagor, guarantor or other
obligor, or releasing a Mortgagor, guarantor or other obligor from liability under a Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Loan Pair other than pursuant to the specific terms thereof and for which there is no lender discretion;

 

(m)        any
determination of an Acceptable Insurance Default;

 

(n)         any
adoption or implementation of a budget submitted by a Mortgagor with respect to a Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or Loan Pair (to

 

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the extent lender approval is required under the related Mortgage Loan documents), if (a) such Mortgage
Loan or Loan Pair is on the CREFC® Servicer Watch List or (b) such budget includes material (more than 25%) increases in operating
expenses or payments to entities actually known by the Master Servicer to be Affiliates of the related Mortgagor (excluding affiliated
managers paid at fee rates agreed to at the origination of the related Mortgage Loan or Loan Pair), subject in each case to any
deemed approval expressly set forth in the related Mortgage Loan documents;

 

(o)         the
voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of a Mortgagor; and

 

(p)         the
exercise of the rights and powers granted under the related Intercreditor Agreement or mezzanine loan intercreditor agreement
to the “Note A Holder”, the “Note A Controlling Holder”, the “Senior Lender”, the “Senior
Loan Controlling Holder”, or such other similar term as may be set forth in any such Intercreditor Agreement or mezzanine
loan intercreditor agreement, as applicable, and/or the “Servicer” referred to therein, if and to the extent such
rights or powers affect the priority, payments, consent rights, or security interest with respect to the “Note A Holder”,
the “Note A Controlling Holder”, the “Senior Lender”, the “Senior Loan Controlling Holder”,
or such other similar term.

 

“Majority
Controlling Class Certificateholders” means the Holder(s) of Certificates representing more than 50% of the Aggregate
Certificate Balance of the Controlling Class.

 

“Manager”
means, with respect to any Mortgage Loan, any property manager for the related Mortgaged Property.

 

“Master
Servicer” means Midland Loan Services, a Division of PNC Bank, National Association and its permitted successors
or assigns.

 

“Master
Servicer Consent Matters” has the meaning set forth in Section 8.3(a).

 

“Master
Servicer Indemnified Parties” has the meaning set forth in Section 8.25(a).

 

“Master
Servicer Losses” has the meaning set forth in Section 8.25(a).

 

“Master
Servicer Remittance Date” means, for each Distribution Date, the Business Day immediately preceding such Distribution
Date.

 

“Master
Servicer Remittance Report” means the CREFC® Loan Periodic Update File.

 

“Master
Servicing Fee” means, with respect to each Mortgage Loan and, if applicable, A/B Whole Loan or Loan Pair (including
a Mortgage Loan, A/B Whole Loan or Loan Pair that relates to an REO Property or is a Defeasance Loan), for any related Mortgage
Loan Accrual Period, the amount of interest accrued during such related Mortgage Loan Accrual Period at the related Master Servicing
Fee Rate on the same balance, in the same manner and for the same number of days as interest at the applicable Mortgage Rate accrued
with respect to such

 

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Mortgage Loan or, if applicable, such A/B Whole Loan or Loan Pair, as the case may be, during such related
Mortgage Loan Accrual Period, subject to reduction in respect of Compensating Interest, as set forth in Section 5.2(a)(I)(iv).
The Master Servicing Fee shall include all amounts required to be paid to any sub-servicer appointed by the Master Servicer.

 

“Master
Servicing Fee Rate” means, with respect to each Mortgage Loan and any related Serviced Companion Loan or Serviced
B Note, including any Mortgage Loan, Serviced Companion Loan or Serviced B Note that relates to an REO Property or is a Defeasance
Loan, a rate equal to (i) with respect to each Mortgage Loan (other than the Grove City Premium Outlets Mortgage Loan (after the
Grove City Premium Outlets Companion Loan Securitization Date), the Gulfport Premium Outlets Mortgage Loan (after the Gulfport
Premium Outlets Companion Loan Securitization Date), the WPC Department Store Portfolio Mortgage Loan, the Cape May Hotels Mortgage
Loan and the Charles River Plaza North Mortgage Loan), 0.0025% per annum plus the primary servicing fee rate set forth
next to such Mortgage Loan on the Mortgage Loan Schedule, (ii) with respect to each of the 525 Seventh Avenue Serviced Companion
Loan, the Ellenton Premium Outlets Serviced Companion Loan, the Grove City Premium Outlets Companion Loan prior to the Grove City
Premium Outlets Companion Loan Securitization Date and the Gulfport Premium Outlets Companion Loan prior to the Gulfport Premium
Outlets Companion Loan Securitization Date, 0.0025% per annum, and (iii) with respect to the Grove City Premium Outlets
Mortgage Loan (after the Grove City Premium Outlets Companion Loan Securitization Date), the Gulfport Premium Outlets Mortgage
Loan (after the Gulfport Premium Outlets Companion Loan Securitization Date), the WPC Department Store Portfolio Mortgage Loan,
the Cape May Hotels Mortgage Loan and the Charles River Plaza North Mortgage Loan, 0.0025% per annum.

 

“Material
Breach” has the meaning set forth in Section 2.3(a).

 

“Material
Document Defect” has the meaning set forth in Section 2.3(a).

 

“Maturity
Date” means, with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note as of any date of
determination, the date on which the last payment of principal is due and payable thereunder, after taking into account all Principal
Prepayments received and any Deficient Valuation, Debt Service Reduction Amount or modification of the Mortgage Loan, Serviced
Companion Loan or Serviced B Note occurring prior to such date of determination, but without giving effect to (i) any
acceleration of the principal of such Mortgage Loan, Serviced Companion Loan or Serviced B Note or (ii) any grace period
permitted by such Mortgage Loan, Serviced B Note or Serviced Companion Loan.

 

“Modification
Fee” means a fee, if any, collected from a Mortgagor by the Master Servicer in connection with a written restructuring,
modification, waiver, extension or amendment of any Mortgage Loan (or A/B Whole Loan or Loan Pair, if applicable, but not any
Non-Serviced Mortgage Loan) other than a Specially Serviced Mortgage Loan or collected in connection with a written restructuring,
modification, waiver, extension or amendment by the Special Servicer of a Specially Serviced Mortgage Loan, but does not include
Assumption Fees, assumption application fees, Consent Fees or defeasance fees. For each written restructuring, modification, extension,
waiver or amendment that restructures, modifies, extends, amends or waives any term of the Mortgage Loan, A/B Whole Loan or Loan
Pair in connection with

 

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working out of a Specially Serviced Mortgage Loan, the Modification Fees collected from the related Mortgagor
will be subject to a cap of the lesser of (i) 1.0% of the outstanding principal balance of such Mortgage Loan, A/B Whole Loan
or Loan Pair on the closing date of the related modification, restructure, extension, waiver or amendment (prior to giving effect
to such modification, restructure, extension, waiver or amendment); provided, that no aggregate cap will exist in connection
with the amount of Modification Fees which may be collected from the related Mortgagor with respect to any Specially Serviced
Mortgage Loan or REO Loan and (ii) $1,000,000; provided, that no aggregate cap exists in connection with the amount of
Modification Fees which may be collected from the related Mortgagor with respect to any Specially Serviced Mortgage Loan or REO
Loan.

 

“Modification
Loss” means, with respect to each Mortgage Loan, (i) a decrease in the outstanding principal balance thereof
as a result of a modification thereof in accordance with the terms hereof, (ii) any fees and expenses connected with such
modification, to the extent (x) reimbursable to the Trustee, the Custodian, the Special Servicer or the Master Servicer and
(y) not recovered from the Mortgagor or (iii) in the case of a modification of such Mortgage Loan that reduces the Mortgage
Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original
Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period.

 

“Money
Term” means with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note, the Maturity Date,
Mortgage Rate, principal balance, amortization term or payment frequency thereof or any provision thereof requiring the payment
of a Prepayment Premium in connection with a principal prepayment (and shall not include Late Fees or Default Interest provisions).

 

“Moody’s”
means Moody’s Investors Service, Inc. or its successor in interest. If neither such rating agency nor any successor remains
in existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency
or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

“Morningstar”
means Morningstar Credit Ratings, LLC or its successor in interest. If neither such rating agency nor any successor remains in
existence, “Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

“Mortgage”
means the mortgage, deed of trust or other instrument securing a Mortgage Note.

 

“Mortgage
File” means the mortgage documents listed below:

 

(i)          the
original Mortgage Note bearing, or accompanied by, all prior or intervening endorsements, endorsed either in blank or to the order
of the Trustee in the following

 

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form: “Pay to the order of Wells Fargo Bank, National Association, as Trustee for Morgan
Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, without recourse, representation
or warranty” or if the original Mortgage Note is not included therein, then a lost note affidavit with a copy of the Mortgage
Note attached thereto;

 

(ii)         the
original Mortgage, with evidence of recording thereon, and, if the Mortgage was executed pursuant to a power of attorney, a certified
true copy of the power of attorney certified by the public recorder’s office, with evidence of recording thereon (if recording
is customary in the jurisdiction in which such power of attorney was executed) or certified by a title insurance company or escrow
company to be a true copy thereof; provided that if such original Mortgage cannot be delivered with evidence of recording
thereon on or prior to the 45th day following the Closing Date because of a delay caused by the public recording office
where such original Mortgage has been delivered for recordation or because such original Mortgage has been lost after recordation,
the Seller shall deliver or cause to be delivered to the Trustee (or the Custodian on its behalf) a true and correct copy of such
Mortgage, together with (A) in the case of a delay caused by the public recording office, an Officer’s Certificate
of the applicable Seller stating that such original Mortgage has been sent to the appropriate public recording official for recordation
or (B) in the case of an original Mortgage that has been lost after recordation, a certification by the appropriate county
recording office where such Mortgage is recorded that such copy is a true and complete copy of the original recorded Mortgage;

 

(iii)        the
originals of all agreements modifying a Money Term or other material modification, consolidation and extension agreements, if
any, with evidence of recording thereon, or if such original modification, consolidation or extension agreements have been delivered
to the appropriate recording office for recordation and either have not yet been returned on or prior to the 45th day
following the Closing Date with evidence of recordation thereon or have been lost after recordation, true copies of such modifications,
consolidations or extensions certified by the applicable Seller together with (A) in the case of a delay caused by the public
recording office, an Officer’s Certificate of the applicable Seller stating that such original modification, consolidation
or extension agreement has been dispatched or sent to the appropriate public recording official for recordation or (B) in
the case of an original modification, consolidation or extension agreement that has been lost after recordation, a certification
by the appropriate county recording office where such document is recorded that such copy is a true and complete copy of the original
recorded modification, consolidation or extension agreement, and the originals of all assumption agreements, if any;

 

(iv)        an
original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording, signed by the holder of
record in blank or in favor of “Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2015-UBS8,
Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8” (or, in the case of an A/B Whole Loan or a Loan Pair, substantially
similar language notating an assignment in favor of the Trustee (in such capacity and on behalf of the holders of any related
Serviced B Note or Serviced Companion Loan));

 

(v)         originals
of all intervening assignments of Mortgage, if any, with evidence of recording thereon or, if such original assignments of Mortgage
have been delivered to the appropriate recorder’s office for recordation, certified true copies of such assignments of

 

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Mortgage certified by the applicable
Seller, or in the case of an original blanket intervening assignment of Mortgage
retained by the applicable Seller, a copy thereof certified by the applicable Seller or, if any original intervening
assignment of Mortgage has not yet been returned on or prior to the 45th day following the Closing Date from the
applicable recording office or has been lost after recordation, a true and correct copy thereof, together with (A) in
the case of a delay caused by the public recording office, an Officer’s Certificate of the applicable Seller stating
that such original intervening assignment of Mortgage has been sent to the appropriate public recording official for
recordation or (B) in the case of an original intervening assignment of Mortgage that has been lost after recordation, a
certification by the appropriate county recording office where such assignment is recorded that such copy is a true and
complete copy of the original recorded intervening assignment of Mortgage;

 

(vi)        if
the related Assignment of Leases is separate from the Mortgage, the original of such Assignment of Leases with evidence of recording
thereon or, if such Assignment of Leases has not been returned on or prior to the 45th day following the Closing Date
from the applicable public recording office, a copy of such Assignment of Leases certified by the applicable Seller to be a true
and complete copy of the original Assignment of Leases submitted for recording, together with (A) an original of each assignment
of such Assignment of Leases with evidence of recording thereon and showing a complete recorded chain of assignment from the named
assignee to the holder of record, and if any such assignment of such Assignment of Leases has not been returned from the applicable
public recording office, a copy of such assignment certified by the applicable Seller to be a true and complete copy of the original
assignment submitted for recording, and (B) an original assignment of such Assignment of Leases, in recordable form, signed
by the holder of record in favor of “Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust
2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8” (or, in the case of an A/B Whole Loan or a Loan
Pair, substantially similar language notating an assignment in favor of the Trustee (in such capacity and on behalf of the holders
of any related Serviced B Note or Serviced Companion Loan)), which assignment may be effected in the related Assignment of Mortgage;

 

(vii)       the
original or a copy of each guaranty, if any, constituting additional security for the repayment of such Mortgage Loan;

 

(viii)      the
original (which may be electronic) or a copy (which may be electronic) Title Insurance Policy or if such Title Insurance
Policy has not been issued, an original binder or actual title commitment or a copy (which may be electronic) thereof certified
by the title company with the original (which may be electronic) or a copy (which may be electronic) Title Insurance Policy
to follow within 180 days of the Closing Date or a preliminary title report binding on the title company with an original
(which may be electronic) or a copy (which may be electronic) Title Insurance Policy to follow within 180 days of the
Closing Date;

 

(ix)         (A)
UCC financing statements (together with all assignments thereof) and (B) UCC-3 financing statements to the Trustee delivered
in connection with the Mortgage Loan;

 

(x)         copies
of the related ground lease(s), Space Lease(s) or air rights lease(s), if any, related to any Mortgage Loan where the Mortgagor
is the lessee under any such lease and there is a lien in favor of the mortgagee in such lease;

 

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(xi)        copies
of any loan agreements, lock-box agreements, co-lender agreements and intercreditor agreements (including, without limitation,
any Intercreditor Agreement or Non-Serviced Mortgage Loan Intercreditor Agreement, and a copy (that is, not the original) of the
mortgage note evidencing any related Serviced Companion Loan, Non-Serviced Companion Loan and B Note) related to any Mortgage
Loan;

 

(xii)       either
(A) the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan, which shall
be assigned to the Trustee and delivered to the Custodian on behalf of the Trustee on behalf of the Trust with a copy to be held
by the Master Servicer, and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable
Mortgage Loan, this Agreement or (B) the original of each letter of credit, if any, constituting additional collateral for
such Mortgage Loan, which shall be held by the Master Servicer on behalf of the Trustee, with a copy to be held by the Custodian
on behalf of the Trustee, and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable
Mortgage Loan, this Agreement (it being understood that each Seller has agreed (a) that the proceeds of such letter of credit
belong to the Trust, (b) to notify, on or before the Closing Date, the bank issuing the letter of credit that the letter
of credit and the proceeds thereof belong to the Trust, and to use reasonable efforts to obtain within thirty (30) days (but
in any event to obtain within ninety (90) days) following the Closing Date, an acknowledgement thereof by the bank (with
a copy of such acknowledgement to be sent to the Master Servicer (who shall forward a copy of such acknowledgement to the Custodian
and the Trustee)) or a reissued letter of credit and (c) to indemnify the Trust for any liabilities, charges, costs, fees
or other expenses accruing from the failure of the Seller to assign all rights in and to the letter of credit hereunder including
the right and power to draw on the letter of credit). In the case of clause (B) above, the Master Servicer acknowledges
that any letter of credit held by it shall be held in its capacity as agent of the Trust, and if the Master Servicer sells its
rights to service the applicable Mortgage Loan, the Master Servicer shall assign the applicable letter of credit to the Trust
or (with respect to any Specially Serviced Mortgage Loan) at the direction of the Special Servicer to such party as the Special
Servicer may instruct, in each case, at the expense of the Master Servicer. The Master Servicer shall indemnify the Trust for
any loss caused by the ineffectiveness of such assignment;

 

(xiii)      the
original or a copy of the environmental indemnity agreement, if any, related to any Mortgage Loan;

 

(xiv)      third-party
management agreements, if any, with respect to any Mortgaged Property;

 

(xv)       copies
of any Environmental Insurance Policy;

 

(xvi)      copies
of any affidavit and indemnification agreement;

 

(xvii)     if
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement provided to the applicable Seller in connection with such
Seller’s origination or acquisition of the Mortgage Loan; (b) a copy of any related estoppel certificate or any comfort
letter delivered by the franchisor for the benefit of the holder of the

 

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Mortgage Loan in connection with the applicable Seller’s
origination or acquisition of the Mortgage Loan; and (c) if the related Mortgage Loan is a Franchise Mortgage Loan, a copy of
the notice (to the extent such a notice is required under the terms of the related franchise, management or similar agreement)
to the related franchisor stating that the Franchise Mortgage Loan has been transferred to the Trust and requesting a replacement
comfort letter in favor of the Trust (or any such new document or acknowledgement as may be contemplated under the existing comfort
letter); and

 

(xviii)    with
respect to any Non-Serviced Mortgage Loan, a copy of the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

Notwithstanding
any of the foregoing to the contrary, with respect to any Non-Serviced Mortgage Loan, (A) if the Custodian is not also the related
Non-Serviced Loan Combination Custodian, the preceding document delivery requirements shall be met by the delivery by the applicable
Seller of copies of the documents specified above (other than the Mortgage Notes (and all intervening endorsements) respectively
evidencing such Non-Serviced Mortgage Loan with respect to which the originals shall be required), including a copy of the Non-Serviced
Mortgage Loan Mortgage, and the requirement to deliver any of the preceding documents in the name of the Trustee shall be met
by the delivery of such documents in the name of the Non-Serviced Mortgage Loan Trustee for the benefit of, among others, the
Trustee, as holder of such Non-Serviced Mortgage Loan, or (B) if (and only for so long as) the Custodian is also the related Non-Serviced
Loan Combination Custodian, the preceding document delivery requirements shall be met by (1) the delivery by the applicable Seller
of originals of the documents described in clause (i) and (2) custody of the documents specified in clauses (ii)
through (xviii) above by the related Non-Serviced Loan Combination Custodian pursuant to the related Non-Serviced Mortgage
Loan Pooling and Servicing Agreement; provided, that if any document specified in clauses (ii) through (xviii)
above was not or was not required to be delivered to the related Non-Serviced Loan Combination Custodian in connection with
the related Other Securitization, the applicable Seller shall deliver such document to the Custodian; provided, further,
that (a) the Custodian represents and warrants to each other party hereto and for the benefit of the Certificateholders that,
as of the Closing Date, it is the related Non-Serviced Loan Combination Custodian for such Non-Serviced Mortgage Loan; (b) 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 the Non-Serviced Loan Combination Custodian’s receipt of the documents contained in the related
“mortgage file” delivered under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement constituted
delivery of those same documents to the Custodian under this Agreement; (c) the Custodian shall not resign as the related Non-Serviced
Loan Combination Custodian without giving at least thirty (30) days’ advance written notice of resignation to each other
party hereto; (d) if for any reason the Custodian shall resign as Custodian hereunder or resign as the related Non-Serviced Loan
Combination Custodian or shall otherwise no longer act as Custodian hereunder or as the related Non-Serviced Loan Combination
Custodian or shall otherwise be required to surrender possession of the related “mortgage file” delivered under the
related Non-Serviced Mortgage Loan Pooling and Servicing Agreement (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 (xviii) above in the Mortgage

 

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File for such Non-Serviced Loan Combination (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 by either of the
applicable Sellers shall satisfy the delivery requirements for both of the applicable Sellers.

 

“Mortgage
Loan” means a Mortgage Note secured by a Mortgage, and all amendments and modifications thereof, identified on the
Mortgage Loan Schedule, as amended from time to time, provided that the term “Mortgage Loan” shall include
any Defeasance Loan and any Non-Serviced Mortgage Loan (but shall not include any Non-Serviced Companion Loan and shall not include,
in the case of the Charles River Plaza North Non-Serviced Loan Combination, any related B Note) and with respect to (i) any
A/B Whole Loan, shall include the A Note (but shall not include the related Serviced B Note) and (ii) any Loan
Pair, shall include the Serviced Pari Passu Mortgage Loan (but shall not include the related Serviced Companion Loan or any related
Serviced B Note). For the avoidance of doubt, no UBSRES Seller Defeasance Rights and Obligations, BANA Lender Successor Borrower
Right or MSMCH Seller Defeasance Rights and Obligations is part of a “Mortgage Loan”.

 

“Mortgage
Loan Accrual Period” means, with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note (including
any Mortgage Loan, Serviced Companion Loan or Serviced B Note that relates to an REO Property), the period that commences
on any related Due Date (or, in the case of any Mortgage Loan, Serviced Companion Loan or Serviced B Note that relates to
an REO Property or as to which the Maturity Date has passed, the date that would otherwise have been a related Due Date) and that
continues to, but not including the next succeeding related Due Date (or, in the case of any Mortgage Loan, Serviced Companion
Loan or Serviced B Note that relates to an REO Property or as to which the Maturity Date has passed, the date next succeeding
that would otherwise have been a related Due Date).

 

“Mortgage
Loan Purchase Agreement” means Mortgage Loan Purchase Agreement I, Mortgage Loan Purchase Agreement II or Mortgage
Loan Purchase Agreement III, as the case may be.

 

“Mortgage
Loan Purchase Agreement I” means that certain Mortgage Loan Purchase Agreement between UBSRES and the Depositor
dated the Pricing Date with respect to the UBSRES Loans.

 

“Mortgage
Loan Purchase Agreement II” means that certain Mortgage Loan Purchase Agreement between BANA and the Depositor dated
the Pricing Date with respect to the BANA Loans.

 

“Mortgage
Loan Purchase Agreement III” means that certain Mortgage Loan Purchase Agreement between MSMCH and the Depositor
dated the Pricing Date with respect to the MSMCH Loans.

 

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“Mortgage
Loan Schedule” or “Loan Schedule” means collectively the schedule attached hereto as Schedule I,
which identifies each UBSRES Loan, the schedule attached hereto as Schedule II, which identifies each BANA Loan, and
the schedule attached hereto as Schedule III, which identifies each MSMCH Loan, as such schedules may be amended from time
to time pursuant to Section 2.3.

 

“Mortgage
Note” means the note or other evidence of indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage
Loan.

 

“Mortgage
Rate” means, for a given Mortgage Loan, Serviced Companion Loan or Serviced B Note, the per annum rate
at which interest accrues on such Mortgage Loan, Serviced Companion Loan or Serviced B Note, as the case may be, without
regard to any increase in such rate after the related Anticipated Repayment Date in the case of an ARD Loan, and without regard
to any increase in such rate as a result of a default under such Mortgage Loan, Serviced Companion Loan or Serviced B Note,
as the case may be.

 

“Mortgaged
Property” means the real property, together with improvements thereto, securing the indebtedness of the Mortgagor
under the related Mortgage Loan and, in the case of an A/B Whole Loan, the related Serviced B Note and, in the case of a
Loan Pair, the related Serviced Companion Loan and any related Serviced B Note and, in the case of a Non-Serviced Loan Combination,
the related Non-Serviced Companion Loan and any related B Note.

 

“Mortgagee”
means, with respect to any Mortgage as of any date of determination, the mortgagee named therein as of such date.

 

“Mortgagor”
means the obligor on a Mortgage Note.

 

“MSMCH”
has the meaning set forth in the Preliminary Statement hereto.

 

“MSMCH
Loans” means, collectively, those Mortgage Loans sold to the Depositor pursuant to Mortgage Loan Purchase Agreement
III and shown on Schedule III hereto (or, with respect to any Joint Mortgage Loan, MSMCH’s pro rata
share of such Joint Mortgage Loans based on MSMCH’s percentage interest as of the date of the applicable Mortgage Loan
Purchase Agreement in such Joint Mortgage Loan).

 

“MSMCH
Seller Defeasance Rights and Obligations” has the meaning set forth in Section 8.3(h) hereof.

 

“Net
Aggregate Prepayment Interest Shortfall” means, for any Distribution Date, the excess, if any, of the aggregate
of all Prepayment Interest Shortfalls, if any, incurred during the related Collection Period with respect to all Mortgage Loans
that are not Specially Serviced Mortgage Loans, over the sum of (A) the Compensating Interest to be paid by the Master Servicer
on such Distribution Date with respect thereto and (B) the aggregate of all Prepayment Interest Excesses collected thereon
during the related Collection Period.

 

“Net
Mortgage Rate” means, with respect to any Mortgage Loan or related Serviced B Note (including a successor REO Mortgage
Loan or REO B Note, as applicable), as

 

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of any date of determination, a per annum rate equal to the Mortgage Rate of such
Mortgage Loan or related Serviced B Note, minus the related Administrative Cost Rate.

 

“New
Lease” means any lease of any REO Property entered into on behalf of the Trust, including any lease renewed or extended
on behalf of the Trust if the Trust has the right to renegotiate the terms of such lease.

 

“Non-Directing
Holder” means, with respect to any A/B Whole Loan or Loan Pair, the “Non-Directing Holder”, “Non-Controlling
Note Holder” or any analogous term under the related Intercreditor Agreement. The Non-Directing Holders related to the Trust
as of the Closing Date are the “Non-Controlling Note Holders” or “Non-Controlling Holders” under each
of the 525 Seventh Avenue Intercreditor Agreement and the Ellenton Premium Outlets Intercreditor Agreement.

 

“Nondisqualification
Opinion” means a written Opinion of Counsel to the effect that a contemplated action (i) will neither cause
any REMIC Pool to fail to qualify as a REMIC at any time that any Certificates are outstanding nor cause a “prohibited transaction,”
“prohibited contribution” or any other tax (other than a tax on “net income from foreclosure property”
permitted to be incurred under this Agreement) to be imposed on any REMIC Pool or the Trust and (ii) will not cause the Grantor
Trust to fail to qualify as a grantor trust.

 

“Non-Investment
Grade Certificates” means each Class of Certificates that, at the time of transfer, is not rated in one of the four
(4) highest generic rating categories by at least one NRSRO approved as a “Rating Agency” under the Exemption.

 

“Non-Public
Information” means any information in respect of the Trust, the Certificates, the Mortgage Loans or the Trust, in
each case prepared and/or made available by any party to this Agreement, other than the Final Prospectus, the Distribution Date
Statements, this Agreement and the Exchange Act Reports.

 

“Nonrecoverable
Advance” means any of the following: (i) any Pari Passu Loan Nonrecoverable Advance (including interest accrued
thereon at the Advance Rate) and (ii) the portion of any Advance (including interest accrued thereon at the Advance Rate)
or Unliquidated Advance (not including interest thereon) previously made (and, in the case of an Unliquidated Advance, not previously
reimbursed to the Trust) or proposed to be made by the Master Servicer, the Special Servicer or the Trustee, that, in its respective
sole discretion, exercised in good faith and, with respect to the Master Servicer and the Special Servicer, taking into account
the Servicing Standard, will not be or, in the case of a current delinquency, would not be, ultimately recoverable, from Insurance
Proceeds, Condemnation Proceeds, Liquidation Proceeds or Purchase Proceeds (or from any other collections) with respect to the
related Mortgage Loan or Serviced Companion Loan (and taking into consideration any Crossed Mortgage Loans) (in the case of Servicing
Advances) or Serviced B Note (in the case of Servicing Advances) or REO Property (in the case of P&I Advances and Servicing
Advances), as evidenced by an Officer’s Certificate delivered pursuant to Section 4.4.

 

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“Non-Registered
Certificate” means unless and until registered under the Securities Act, any Class X-B, Class X-D, Class X-F, Class
X-G, Class X-H, Class X-J, Class D, Class E, Class F, Class G, Class H, Class J, Class V or Class R Certificate.

 

“Non-Serviced
Companion Loan” means a loan not included in the Trust that is generally payable on a pari passu basis
with the related Non-Serviced Mortgage Loan. The Non-Serviced Companion Loans related to the Trust as of the Closing Date are
the WPC Department Store Portfolio Non-Serviced Companion Loan, the Cape May Hotels Non-Serviced Companion Loan and the Charles
River Plaza North Non-Serviced Companion Loan. On and after the Grove City Premium Outlets Companion Loan Securitization Date,
the Grove City Premium Outlets Companion Loan shall be a Non-Serviced Companion Loan. On and after the Gulfport Premium Outlets
Companion Loan Securitization Date, the Gulfport Premium Outlets Companion Loan shall be a Non-Serviced Companion Loan.

 

“Non-Serviced
Loan Combination” means a Non-Serviced Mortgage Loan and the related Non-Serviced Companion Loan and any related
B Note, collectively. The Non-Serviced Loan Combinations related to the Trust as of the Closing Date are the WPC Department Store
Portfolio Non-Serviced Loan Combination, the Cape May Hotels Non-Serviced Loan Combination and the Charles River Plaza North Non-Serviced
Loan Combination. On and after the Grove City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets
Mortgage Loan and the Grove City Premium Outlets Companion Loan, collectively, shall be a Non-Serviced Loan Combination. On and
after the Gulfport Premium Outlets Companion Loan Securitization Date, the Gulfport Premium Outlets Mortgage Loan and the Gulfport
Premium Outlets Companion Loan, collectively, shall be a Non-Serviced Loan Combination.

 

“Non-Serviced
Loan Combination Custodian” means, with respect to any related Non-Serviced Loan Combination, the custodian under
the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement. As of the Closing Date, (i) U.S. Bank National Association
is the Non-Serviced Loan Combination Custodian under the BACM 2015-UBS7 Pooling and Servicing Agreement, pursuant to which the
WPC Department Store Portfolio Non-Serviced Loan Combination is serviced, and (ii) Wells Fargo Bank, National Association is the
Non-Serviced Loan Combination Custodian under the CSAIL 2015-C3 Pooling and Servicing Agreement, pursuant to which the Cape May
Hotels Non-Serviced Loan Combination and the Charles River Plaza North Non-Serviced Loan Combination are serviced.

 

“Non-Serviced
Mortgage Loan” means a Mortgage Loan included in the Trust but serviced under another agreement. The Non-Serviced
Mortgage Loans included in the Trust as of the Closing Date are the WPC Department Store Mortgage Loan, the Cape May Hotels Mortgage
Loan and the Charles River Plaza North Mortgage Loan. On and after the Grove City Premium Outlets Companion Loan Securitization
Date, the Grove City Premium Outlets Mortgage Loan shall be a Non-Serviced Mortgage Loan. On and after the Gulfport Premium Outlets
Companion Loan Securitization Date, the Gulfport Premium Outlets Mortgage Loan shall be a Non-Serviced Mortgage Loan.

 

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“Non-Serviced
Mortgage Loan Certificate Administrator” means, with respect to any Non-Serviced Loan Combination, the applicable
“certificate administrator” or “paying agent” under the related Non-Serviced Mortgage Loan Pooling and
Servicing Agreement.

 

“Non-Serviced
Mortgage Loan Custodian” means, with respect to any Non-Serviced Loan Combination, the applicable “custodian”
under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

“Non-Serviced
Mortgage Loan Fiscal Agent” means, with respect to any Non-Serviced Loan Combination, the applicable “fiscal
agent,” if any, under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

“Non-Serviced
Mortgage Loan Intercreditor Agreement” means the applicable intercreditor agreement with respect to a Non-Serviced
Mortgage Loan.

 

“Non-Serviced
Mortgage Loan Master Servicer” means, with respect to any Non-Serviced Loan Combination, the applicable “master
servicer” or “servicer” under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

“Non-Serviced
Mortgage Loan Mortgage” means the mortgage securing a Non-Serviced Mortgage Loan and the related Non-Serviced Companion
Loan and any related B Note.

 

“Non-Serviced
Mortgage Loan Pooling and Servicing Agreement” means a pooling and servicing agreement or trust and servicing agreement,
as applicable, under which a Non-Serviced Mortgage Loan is serviced. The only Non-Serviced Mortgage Loan Pooling and Servicing
Agreements related to the Trust as of the Closing Date are (i) the BACM 2015-UBS7 Pooling and Servicing Agreement, pursuant to
which the WPC Department Store Portfolio Non-Serviced Loan Combination is serviced, and (ii) the CSAIL 2015-C3 Pooling and Servicing
Agreement, pursuant to which the Cape May Hotels Non-Serviced Loan Combination and the Charles River Plaza North Non-Serviced
Loan Combination are serviced. On and after the Grove City Premium Outlets Companion Loan Securitization Date, the pooling and
servicing agreement entered into in connection with the securitization of the controlling portion of the Grove City Premium Outlets
Companion Loan shall be a Non-Serviced Mortgage Loan Pooling and Servicing Agreement. On and after the Gulfport Premium Outlets
Companion Loan Securitization Date, the pooling and servicing agreement entered into in connection with the securitization of
the controlling portion of the Gulfport Premium Outlets Companion Loan shall be a Non-Serviced Mortgage Loan Pooling and Servicing
Agreement.

 

“Non-Serviced
Mortgage Loan Special Servicer” means, with respect to any Non-Serviced Loan Combination, the applicable “special
servicer” under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

“Non-Serviced
Mortgage Loan Trustee” means, with respect to any Non-Serviced Loan Combination, the applicable “trustee”
under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

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“Non-Specially
Serviced Mortgage Loan” means, as of any date of determination, any Mortgage Loan (other than any Non-Serviced Mortgage
Loan), Serviced Companion Loan or Serviced B Note that is not a Specially Serviced Mortgage Loan.

 

“Notional
Amount” means, as of any date of determination: (i) with respect to any Class X REMIC III Regular
Interest, the REMIC II Principal Amount of the Corresponding REMIC II Regular Interest as of such date of determination;
(ii) with respect to any Class of Class X Certificates, the aggregate Notional Amount of the related Class X REMIC III
Regular Interest(s) as of such date of determination; and (iii) with respect to any Class X Certificate, the product
of the Percentage Interest evidenced by such Certificate, multiplied by the Notional Amount of the applicable Class of Class X
Certificates as of such date of determination.

 

“NRSRO”
means any nationally recognized statistical ratings organization under the Exchange Act, including the Rating Agencies; provided
that, when referred to in connection with the Certificate Administrator’s Website or the 17g-5 Information Provider’s
Website, “NRSRO” shall mean a nationally recognized statistical rating organization that has delivered an NRSRO Certification.

 

“NRSRO
Certification” means a certification (which may be submitted electronically by means of a “click-through”
confirmation via the 17g-5 Information Provider’s Website) substantially in the form of Exhibit J executed by
a NRSRO in favor of the 17g-5 Information Provider.

 

“Officer’s
Certificate” means (i) in the case of the Depositor, a certificate signed by one or more of the Chairman of
the Board, any Vice Chairman, the President, or any Senior Vice President, Vice President or Assistant Vice President, and by
one or more of the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Depositor, (ii) in
the case of the Master Servicer and the Special Servicer, any of the officers referred to above or an employee thereof designated
as a Servicing Officer or Special Servicing Officer pursuant to this Agreement, (iii) in the case of the Trustee, a certificate
signed by a Responsible Officer, (iv) in the case of a Seller, a certificate signed by one or more of the Chairman of the
Board, any Vice Chairman, any Managing Director or Director, the President, or any Executive Vice President, any Senior Vice President,
Vice President, Second Vice President or Assistant Vice President, (v) in the case of the Certificate Administrator or the
Custodian, a certificate signed by a Responsible Officer, each with specific responsibilities for the matters contemplated by
this Agreement; and (vi) in the case of any other Additional Servicer, a certificate signed by one or more of the Chairman
of the Board, any Vice Chairman, the President, or any Senior Vice President, Vice President or Assistant Vice President or an
employee thereof designated as a Servicing Officer.

 

“Opinion
of Counsel” means a written opinion of counsel addressed to the Trustee and the Certificate Administrator, reasonably
acceptable in form and substance to the Trustee and the Certificate Administrator, and who is not in-house counsel to the party
required to deliver such opinion but who, in the good faith judgment of the Trustee and the Certificate Administrator, is Independent
outside counsel knowledgeable of the issues occurring in the practice of securitization with respect to any such opinion of counsel
concerning the taxation, or

 

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status as a REMIC for tax purposes, of any REMIC Pool or status as a “grantor trust” under
the Code of the Grantor Trust.

 

“Other
Advance Report Date” means with respect to a Non-Serviced Companion Loan (and, in the case of the Charles River
Plaza North Non-Serviced Loan Combination, the Charles River Plaza North B Note) or a Serviced Companion Loan, as applicable,
which has been deposited into a commercial mortgage securitization trust, the date under the related Other Companion Loan Pooling
and Servicing Agreement that the related Other Master Servicer is required (pursuant to the terms thereof) to make a determination
as to whether it will make a P&I Advance as required under such Other Companion Loan Pooling and Servicing Agreement.

 

“Other
Certificate Administrator” means the applicable other “certificate administrator” under an Other Companion
Loan Pooling and Servicing Agreement relating to a Non-Serviced Companion Loan or a Serviced Companion Loan, as applicable.

 

“Other
Companion Loan Pooling and Servicing Agreement” means a pooling and servicing agreement or trust and servicing agreement,
as applicable, relating to a Non-Serviced Companion Loan or a Serviced Companion Loan or B Note that creates a commercial mortgage
securitization trust, as applicable. The Other Companion Loan Pooling and Servicing Agreements related to the Trust as of the
Closing Date are the BACM 2015-UBS7 Pooling and Servicing Agreement and the CSAIL 2015-C3 Pooling and Servicing Agreement. Any
pooling and servicing agreement entered into in connection with the securitization of any portion of the Grove City Premium Outlets
Companion Loan shall be an Other Companion Loan Pooling and Servicing Agreement. Any pooling and servicing agreement entered into
in connection with the securitization of any portion of the Gulfport Premium Outlets Companion Loan shall be an Other Companion
Loan Pooling and Servicing Agreement.

 

“Other
Controlling Class Representative” means the applicable other “controlling class representative”, if
any, under an Other Companion Loan Pooling and Servicing Agreement relating to a Non-Serviced Companion Loan, Serviced Companion
Loan or B Note, as applicable.

 

“Other
Custodian” means the applicable other “custodian” under an Other Companion Loan Pooling and Servicing
Agreement relating to a Non-Serviced Companion Loan, Serviced Companion Loan or B Note, as applicable.

 

“Other
Depositor” means the applicable other “depositor” under an Other Companion Loan Pooling and Servicing
Agreement relating to a Non-Serviced Companion Loan, Serviced Companion Loan or B Note, as applicable.

 

“Other
Indemnified Parties” has the meaning set forth in Section 1.6(r).

 

“Other
Master Servicer” means the applicable other “master servicer” or “servicer” under an Other
Companion Loan Pooling and Servicing Agreement relating to a Non-Serviced Companion Loan, Serviced Companion Loan or B Note, as
applicable.

 

“Other
NRSRO” means a NRSRO that is not a Rating Agency.

 

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“Other
Securitization” means any commercial mortgage securitization trust that holds a Non-Serviced Companion Loan, Serviced
Companion Loan or B Note or any successor REO Loan with respect thereto.

 

“Other
Special Servicer” means the applicable other “special servicer” under an Other Companion Loan Pooling
and Servicing Agreement relating to a Non-Serviced Companion Loan, Serviced Companion Loan or B Note, as applicable.

 

“Other
Transaction Party” means any party to an Other Companion Loan Pooling and Servicing Agreement relating to a Non-Serviced
Companion Loan, Serviced Companion Loan or B Note, as applicable.

 

“Other
Trust Advisor” means the applicable other “trust advisor” or “operating advisor”, if any,
under an Other Companion Loan Pooling and Servicing Agreement relating to a Non-Serviced Companion Loan, Serviced Companion Loan
or B Note, as applicable.

 

“Other
Trustee” means the applicable other “trustee” under an Other Companion Loan Pooling and Servicing Agreement
relating to a Non-Serviced Companion Loan, Serviced Companion Loan or B Note, as applicable.

 

“Ownership
Interest” means, 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” means (other than with respect to a Serviced Companion Loan or a Serviced B Note) for any Distribution
Date, subject to Section 4.1(d) of this Agreement: (i) with respect to any Mortgage Loan or Specially Serviced Mortgage
Loan as to which all or a portion of the Scheduled Payment (other than a Balloon Payment) due during the related Collection Period
was not received by the Master Servicer as of the related Determination Date, the portion of such Scheduled Payment not received;
(ii) with respect to any Mortgage Loan that is a Balloon Loan (excluding any REO Property as to which the related Mortgage
Loan provided for a Balloon Payment) as to which a Balloon Payment was due during or prior to the related Collection Period but
was delinquent, in whole or in part, as of the related Determination Date, an amount equal to the excess, if any, of the Assumed
Scheduled Payment for such Balloon Loan for the related Collection Period, over any Late Collections or other amounts received
in respect of such Balloon Payment during such Collection Period that are included in the Available Distribution Amount for such
Distribution Date; and (iii) with respect to each REO Mortgage Loan, an amount equal to the excess, if any, of the Assumed
Scheduled Payment thereof during the related Collection Period, over any remittances of REO Income to the Master Servicer by the
Special Servicer that are included in the Available Distribution Amount for such Distribution Date; provided that the interest
portion of any Scheduled Payment or Assumed Scheduled Payment shall be advanced at a per annum rate equal to the sum of
the Net Mortgage Rate relating to such Mortgage Loan or such REO Mortgage Loan, the Certificate Administrator Fee Rate, the Trust
Advisor Fee Rate and the CREFC® License Fee Rate, such that the Scheduled Payment or Assumed Scheduled Payment
to be advanced as a P&I Advance shall be net of the Master Servicing Fee; provided, further, that the Scheduled
Payment or Assumed Scheduled Payment for any Mortgage Loan which has been modified shall be calculated based on its terms

 

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as modified;
provided, further, that the interest component of any P&I Advance with respect to a Mortgage Loan as to which
there has been an Appraisal Reduction shall be an amount equal to the product of (i) the amount of interest required to be
advanced without giving effect to this proviso and (ii) a fraction, the numerator of which is the Stated Principal Balance
of such Mortgage Loan immediately prior to the subject Distribution Date less any Appraisal Reduction applicable to such Mortgage
Loan (or, in the case of a Non-Serviced Mortgage Loan or a Serviced Pari Passu Mortgage Loan, the portion of such Appraisal Reduction
allocable (based upon their respective Unpaid Principal Balances) to such Non-Serviced Mortgage Loan or Serviced Pari Passu Mortgage
Loan under the related Intercreditor Agreement or related Non-Serviced Mortgage Loan Pooling and Servicing Agreement (or with
respect to a Joint Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof, Section 8.30 hereof),
or in the case of an A/B Whole Loan, the portion of such Appraisal Reduction allocable to the A Note pursuant to the definition
of “Appraisal Reduction”), and the denominator of which is the Stated Principal Balance of such Mortgage Loan immediately
prior to the subject Distribution Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated
on the basis of their terms as modified.

 

“P&I
Advance Amount” means, with respect to any Mortgage Loan or any REO Mortgage Loan, the amount of the P&I Advance
with respect thereto computed for any Distribution Date.

 

“Pari
Passu Loan Nonrecoverable Advance” means any “Nonrecoverable Servicing Advance” (or analogous term)
(as defined in the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) made with respect to any Non-Serviced Mortgage
Loan pursuant to and in accordance with the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement; provided
that if the applicable Non-Serviced Mortgage Loan Master Servicer shall have made a “Servicing Advance” (or analogous
term) (as defined in the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the nature of an expenditure benefiting
the related Mortgaged Property generally, the portion thereof attributable to any Non-Serviced Mortgage Loan (after taking into
account the amount attributable to any related B Note in accordance with the terms of the related Intercreditor Agreement) shall
be determined based on the outstanding balances of such Non-Serviced Mortgage Loan and all the related pari passu
loans secured by such Non-Serviced Mortgage Loan Mortgage on a pari passu basis on the date such advance was made.

 

“Pari
Passu Loan Primary Servicing Fee Rate” means the “Master Servicing Fee Rate” (or analogous term) (as
defined in the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) and any other servicing fee rate (other than
those payable to the applicable Non-Serviced Mortgage Loan Special Servicer) applicable to any Non-Serviced Mortgage Loan. For
the avoidance of doubt, the Pari Passu Loan Primary Servicing Fee Rate for (i) the master servicer with respect to the securitization
of the controlling portion of the Grove City Premium Outlets Companion Loan (after the Grove City Premium Outlets Companion Loan
Securitization Date) shall be calculated at a rate not to exceed 0.0025% per annum; (ii) the master servicer with respect
to the securitization of the controlling portion of the Gulfport Premium Outlets Companion Loan (after the Gulfport Premium Outlets
Companion Loan Securitization Date) shall be calculated at a rate not to exceed 0.0025% per annum; (iii) the master servicer
under the BACM 2015-UBS7 transaction in respect of the WPC Department

 

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Store Portfolio Mortgage Loan shall be 0.0025% per annum;
and (iv) the master servicer under the CSAIL 2015-C3 transaction in respect of each of the Cape May Hotels and the Charles River
Plaza North Mortgage Loan shall be 0.0025% per annum.

 

“Participant”
means a broker, dealer, bank, other financial institution or other Person for whom the Clearing Agency effects book-entry transfers
and pledges of securities deposited with the Clearing Agency.

 

“Pass-Through
Rate” or “Pass-Through Rates” means, for any Distribution Date: (a) with respect
to any REMIC I Regular Interest, the related REMIC I Net Mortgage Rate for such Distribution Date; (b) with respect
to any REMIC II Regular Interest, the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date; (c) with
respect to any Class X REMIC III Regular Interest, the Class X Strip Rate with respect to the Corresponding REMIC II
Regular Interest for such Distribution Date; (d) with respect to any Class of Class X Certificates, (i) the weighted average
of the Pass-Through Rates with respect to the related Class X REMIC III Regular Interests for such Distribution Date,
weighted on the basis of the respective Notional Amounts of such Class X REMIC III Regular Interests immediately prior
to such Distribution Date or (ii) if there is only one related Class X REMIC III Regular Interest, the Pass-Through Rate with
respect to the related Class X REMIC III Regular Interest for such Distribution Date, as applicable; (e) with respect
to the Class A-1 Certificates, 1.966% per annum; (f) with respect to the Class A-2 Certificates, 3.324% per annum;
(g) with respect to the Class A-SB Certificates, 3.626% per annum; (h) with respect to the Class A-3 Certificates, 3.540%
per annum; (i) with respect to the Class A-4 Certificates, 3.809% per annum; (j) with respect to the Class
A-S Certificates, 4.114% per annum; (k) with respect to the Class B Certificates, the lesser of the Weighted Average
REMIC I Net Mortgage Rate and 4.315% per annum; (l) with respect to the Class C Certificates, the Weighted Average
REMIC I Net Mortgage Rate; (m) with respect to the Class D Certificates, 3.180% per annum; (n) with respect to the Class
E Certificates, 3.180% per annum; (o) with respect to the Class F Certificates, 3.430% per annum; (p) with
respect to the Class G Certificates, 3.430% per annum; (q) with respect to the Class H Certificates 3.430%, per annum;
and (r) with respect to the Class J Certificates, 3.430% per annum.

 

“PCAOB”
means the Public Company Accounting Oversight Board.

 

“Penalty
Charges” means, with respect to any Mortgage Loan, A/B Whole Loan or Loan Pair (including any related REO Property),
any amounts actually collected thereon that represent Default Interest and/or Late Fees but excluding any amounts allocable to
a Non-Serviced Mortgage Loan and its related Non-Serviced Companion Loan pursuant to the terms of the related Non-Serviced Mortgage
Loan Intercreditor Agreement.

 

“Percentage
Interest” means: (a) with respect to each Certificate other than a Class V or Class R Certificate, the fraction
of the relevant Class evidenced by such Certificate, expressed as a percentage (carried to four (4) decimal places and rounded,
if necessary), the numerator of which is the Certificate Balance or Notional Amount, as applicable, represented by such Certificate
as of the Closing Date as stated on the face of such Certificate and the denominator of which is the Aggregate Certificate
Balance or Notional Amount, as applicable, of all of the Certificates of the relevant Class as of the Closing Date as stated on
the face of such

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Certificate; provided, that if
at any time the Aggregate Certificate Balance or Notional Amount of such Class equals zero, the “Percentage Interest”
with respect to each Certificate of such Class shall equal zero; and (b) with respect to each Class V and Class R Certificate,
the percentage interest in distributions (if any) to be made with respect to the relevant Class, as stated on the face of such
Certificate.

 

“Performing
Party” has the meaning set forth in Section 13.12.

 

“Permitted
Special Servicer/Affiliate Fees” means any commercially reasonable treasury management fees, banking fees, customary
title agent fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed hereunder by such party with respect to any Mortgage Loan, Loan Pair, A/B Whole Loan or REO Property.

 

“Permitted
Transferee” means any Transferee other than: (a) a Disqualified Organization; (b) any other Person identified
in an Opinion of Counsel delivered to the Certificate Administrator and the Trustee to the effect that the transfer of an ownership
interest in any Class R Certificate to such Person may cause any REMIC Pool to fail to qualify as a REMIC at any time that
the Certificates are outstanding, (c) a Person that is a non-United States 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 non-United States Tax Person or (e) a United States 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 United States Tax Person.

 

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

 

“Phase I
Environmental Report” means a report by an Independent Person who regularly conducts environmental site assessments
in accordance with then current standards imposed by institutional commercial mortgage lenders and who has a reasonable amount
of experience conducting such assessments.

 

“Plan”
has the meaning set forth in Section 3.3(d).

 

“Plan
Asset Regulations” means the Department of Labor regulations set forth in 29 C.F.R. § 2510.3-101.

 

“Planned
Principal Balance” means for any Distribution Date, the balance shown for such Distribution Date on Schedule XVII.

 

“Preliminary
Prospectus” has the meaning set forth in the Preliminary Statement hereto.

 

“Prepayment
Interest Excess” means, with respect to any Mortgage Loan as to which a full or partial Principal Prepayment (including
payment of a Balloon Payment other than

 

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in connection with the foreclosure or liquidation thereof) is made during that portion
of any Collection Period after the related Due Date through and including the last day of the Collection Period, the amount of
interest that accrues on the amount of such Principal Prepayment from such Due Date to the date such payment was made, plus (if
made) any payment by the Mortgagor of interest that would have accrued to the next succeeding Due Date (net of the Master Servicing
Fee, the Special Servicing Fee, the Trust Advisor Fee, the Certificate Administrator Fee, the CREFC® License Fee
and any servicing fee, certificate administrator fee, trust advisor fee or trustee fee payable in connection with any Non-Serviced
Mortgage Loan (in the case of any Non-Serviced Mortgage Loan)), to the extent collected.

 

“Prepayment
Interest Shortfall” means, with respect to any Mortgage Loan as to which a full or partial Principal Prepayment
(including payment of a Balloon Payment other than in connection with the foreclosure or liquidation thereof) is made during that
portion of any Collection Period prior to the related Due Date in such Collection Period, an amount equal to the excess of (A) the
aggregate amount of interest which would have accrued on the Stated Principal Balance of such Mortgage Loan if the Scheduled Payment
had been paid on the related Due Date and such Principal Prepayment or Balloon Payment had not been made (net of the Master Servicing
Fee, the Special Servicing Fee, the Trust Advisor Fee, the Certificate Administrator Fee, the CREFC® License Fee
and any servicing fee, certificate administrator fee, trust advisor fee or trustee fee payable in connection with any Non-Serviced
Mortgage Loan (in the case of any Non-Serviced Mortgage Loan)) over (B) the aggregate interest that did so accrue through
the date such payment was made (net of such fees).

 

“Prepayment
Premium” means, with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note for any Distribution
Date, the prepayment premiums, yield maintenance charges or percentage premiums, if any, received during the related Collection
Period in connection with Principal Prepayments on such Mortgage Loan, Serviced Companion Loan or Serviced B Note.

 

“Pricing
Date” means December 2, 2015.

 

“Primary
Collateral” means the portion of the Mortgaged Property securing the Repurchased Loan or Crossed Mortgage Loan,
as applicable, that is encumbered by a first mortgage lien.

 

“Principal
Balance Certificates” means, collectively, the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S,
Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates.

 

“Principal
Distribution Amount” means on any Distribution Date, the amount equal to the excess, if any, of

 

(I)          the
sum of:

 

(A)       the
following (without duplication):

 

(i)     the
principal portion of all Scheduled Payments (other than the principal portion of Balloon Payments) and any Assumed Scheduled Payments,
in

 

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each case, to the extent received or advanced, as the case may be, in respect of the Mortgage Loans and any REO Mortgage Loans
(but not in respect of any Serviced Companion Loan or Serviced B Note or any successor REO Serviced Companion Loan or REO
Serviced B Note) for their respective Due Dates occurring during the related Collection Period; plus

 

(ii)    (x)
all payments (including Principal Prepayments and the principal portion of Balloon Payments but not in respect of any Serviced
Companion Loan or Serviced B Note or any successor REO Serviced Companion Loan or REO Serviced B Note) and any other collections
(including Liquidation Proceeds (other than the portion thereof, if any, constituting Excess Liquidation Proceeds), Condemnation
Proceeds, Insurance Proceeds, Purchase Proceeds and REO Income) received (including, in the case of any Non-Serviced Mortgage
Loan, by the related Non-Serviced Mortgage Loan Master Servicer or Non-Serviced Mortgage Loan Special Servicer) on or in respect
of the Mortgage Loans and any REO Mortgage Loans (but not in respect of any Serviced Companion Loan or Serviced B Note or
any successor REO Serviced Companion Loan or REO Serviced B Note) during the related Collection Period that were identified and
applied by the Master Servicer or the Special Servicer as recoveries of principal thereof in accordance with this Agreement (exclusive
of any portion thereof included as part of the Principal Distribution Amount for the immediately preceding Distribution Date pursuant
to clause (I)(A)(ii)(y) of this definition) and (y) the principal portion of any Balloon Payments received on or in respect
of the Mortgage Loans and any REO Mortgage Loans (but not in respect of any Serviced Companion Loan or Serviced B Note or any
successor REO Serviced Companion Loan or REO Serviced B Note) during the period that begins two (2) Business Days immediately
preceding the related Master Servicer Remittance Date and ends on such Master Servicer Remittance Date and remitted by the Master
Servicer to the Distribution Account pursuant to Section 5.2(c) that were identified and applied by the Master Servicer
or the Special Servicer as recoveries of principal thereof in accordance with this Agreement;

 

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

 

(C)        the
aggregate amount of any collections received on or in respect of the Mortgage Loans and any REO Mortgage Loans during the related
Collection Period that, in each case, represents a recovery of an amount previously determined (in a Collection Period for a prior
Distribution Date) to have been a Nonrecoverable Advance (or interest thereon) and for which a deduction was made under clause (II)(B)
below with respect to a prior Distribution Date; and

 

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(D)        any
Actual Recoveries of amounts previously paid as Excess Trust Advisor Expenses to the extent such amounts had been allocated as
a reduction of the Principal Distribution Amount on any prior Distribution Dates; over

 

(II)        the
sum of:

 

(A)        the
aggregate amount of Workout-Delayed Reimbursement Amounts (and Advance Interest thereon) that was reimbursed or paid during the
related Collection Period to one or more of the Master Servicer, the Special Servicer and the Trustee from amounts in the Collection
Account allocable to principal received or advanced with respect to the Mortgage Loans and any REO Mortgage Loans pursuant to
subsection (iii) of Section 5.2(a)(II);

 

(B)        the
aggregate amount of Nonrecoverable Advances (and Advance Interest thereon) previously made in respect of any Mortgage Loan or
REO Mortgage Loan that was reimbursed or paid during the related Collection Period to one or more of the Master Servicer, the
Special Servicer and the Trustee during the related Collection Period from amounts in the Collection Account allocable to principal
received or advanced with respect to the Mortgage Loans and any REO Mortgage Loans pursuant to subsection (iv) of
Section 5.2(a)(II); and

 

(C)        the
amount of any Excess Trust Advisor Expenses allocated to reduce the Aggregate Certificate Balance of the Principal Balance Certificates
(other than the Class F Certificates and the Control Eligible Certificates) for such Distribution Date pursuant to Section 6.11.

 

“Principal
Prepayment” means any voluntary or involuntary payment or collection of principal on a Mortgage Loan, a Serviced
Companion Loan or a Serviced B Note which is received or recovered in advance of its scheduled Due Date and applied to reduce
the Unpaid Principal Balance of the Mortgage Loan, Serviced Companion Loan or Serviced B Note in advance of its scheduled
Due Date, including, without limitation, all proceeds, to the extent allocable to principal, received from the payment of cash
in connection with a substitution shortfall pursuant to Section 2.3; provided, that the pledge by a Mortgagor
of Defeasance Collateral with respect to a Defeasance Loan shall not be deemed to be a Principal Prepayment.

 

“Private
Placement Memorandum” has the meaning set forth in the Preliminary Statement hereto.

 

“Privileged
Information” means any (i) correspondence or other communications between the Controlling Class Representative
or a Loan-Specific Directing Holder, on the one hand, and the Special Servicer, the Master Servicer, the Certificate Administrator,
the Custodian or the Trustee, on the other hand, related to any Specially Serviced Mortgage Loan or the exercise of the consent
or consultation rights of the Controlling Class Representative or a Loan-Specific Directing Holder under this Agreement, (ii)
correspondence or other communications between the Controlling Class Representative and a Non-Serviced Mortgage Loan Master Servicer,
Non-Serviced Mortgage Loan Special Servicer or other party related to the exercise of any consultation rights with respect to
a Non-Serviced Mortgage Loan, (iii) strategically sensitive information that the Special Servicer has reasonably determined
could compromise the Trust’s position in any ongoing or future negotiations with the related

 

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Mortgagor or other interested
party, and (iv) legally privileged information; provided that the summary of any Final Asset Status Report prepared
pursuant to Section 10.5(a) is deemed not to be Privileged Information (although no such summary shall be made available
to any Mortgagor, Manager, Affiliate of a Mortgagor or Manager or agent, principal, partner, member, joint venturer, limited partner,
employee, representative, director, trustee or advisor of, or any investor in, any of the foregoing that relates to the Mortgage
Loan as to which the applicable Final Asset Status Report relates).

 

“Privileged
Person” means the Depositor, the Underwriters, the Initial Purchasers, any Seller, the Master Servicer, the Special
Servicer, any Excluded Special Servicer, the Rating Agencies, the Controlling Class Representative (but only during any Subordinate
Control Period and any Collective Consultation Period), any Loan-Specific Directing Holder (if and for so long as such party or
its designee is the Loan-Specific Directing Holder with respect to the related A/B Whole Loan or Loan Pair, as the case may be),
the Trustee, the Certificate Administrator, the Custodian, the Trust Advisor, a designee of the Depositor and any Person who provides
the Certificate Administrator with an Investor Certification or NRSRO Certification, as applicable, which Investor Certification
or NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website; provided that,
other than with respect to the Special Servicer with respect to Mortgage Loans that are not Excluded Special Servicer Mortgage
Loans, and with respect to any Excluded Controlling Class Holder, subject to the next succeeding proviso, in no event shall a
Mortgagor, a Manager, an Affiliate of a Mortgagor or Manager or an agent, principal, partner, member, joint venturer, limited
partner, employee, representative, director, trustee or advisor of, or any investor in, any of the foregoing be considered a Privileged
Person; provided, further, that any Excluded Controlling Class Holder, solely with respect to the related Excluded
Controlling Class Mortgage Loan. shall not be considered a Privileged Person. The holder of any Serviced Companion Loan, B Note
or Non-Serviced Companion Loan (in each case, including any trustee, master servicer, special servicer, controlling class representative,
certificate administrator or custodian with respect to any securitization thereof) shall also be a Privileged Person to the extent
any such party provides the Certificate Administrator a certification substantially in the form of Exhibit T hereto
(which certification may be submitted electronically, including by means of a “click through” confirmation on the
Certificate Administrator’s Website).

 

Notwithstanding
any of the foregoing to the contrary, the Controlling Class Representative, each Controlling Class Certificateholder and the Special
Servicer shall be considered a Privileged Person with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note
for which it is not then a Borrower Party, and the limitations on access to information set forth in this Agreement shall apply
only with respect the related Mortgage Loan for which the applicable party is a Borrower Party and only with respect to the related
Excluded Information. The Special Servicer shall have access to the Certificate Administrator’s Website (including any “excluded
tab”) and the Master Servicer’s website, provided that the Special Servicer shall not access any Excluded Information
with respect to any Excluded Special Servicer Mortgage Loan with respect to which the Special Servicer is a Borrower Party.

 

The
Master Servicer shall not restrict access by the Special Servicer to any information related to any Mortgage Loan other than any
Excluded Special Servicer Mortgage Loan with respect to which the Special Servicer is a Borrower Party, and the Certificate

 

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Administrator
shall not restrict access by the Special Servicer to the Certificate Administrator’s Website to any information related
to any Mortgage Loan (including any Excluded Special Servicer Mortgage Loan). The Master Servicer shall not be obligated to restrict
access by the Special Servicer to any information related to any Excluded Special Servicer Mortgage Loan.

 

“Prohibited
Party” means (i) a Person that is a proposed Servicing Function Participant that the Master Servicer, the Certificate
Administrator, the Special Servicer, the Trustee, the Custodian, the Trust Advisor or any primary servicer, as applicable, seeks
to retain as a Servicing Function Participant and that the Master Servicer, the Certificate Administrator, the Special Servicer,
the Trustee, the Custodian, the Trust Advisor or any primary servicer, as applicable, has actual knowledge (obtained by written
notice or through actual experience) has failed to comply (after any applicable cure period) with its Exchange Act or Regulation
AB compliance obligations with respect to the Trust on any prior date or any other securitization transaction or (ii) any
Person identified in writing (delivered prior to the date of retention) by the Depositor to the Master Servicer, the Certificate
Administrator, the Special Servicer, the Trustee, the Custodian, the Trust Advisor or any primary servicer, as applicable, as
a Person that the Depositor has knowledge has failed on any prior date to comply (after any applicable cure period) with its Exchange
Act or Regulation AB obligations with respect to the Trust or any other securitization transaction.

 

“Prospectus”
has the meaning set forth in the Preliminary Statement hereto.

 

“Prospectus
Supplement” has the meaning set forth in the Preliminary Statement hereto.

 

“PTCE”
has the meaning set forth in Section 3.3(d).

 

“Purchase
Price” means, with respect to the purchase by the Seller (or its related Seller Guarantor) or liquidation by the
Special Servicer of (i) a Mortgage Loan or an REO Mortgage Loan pursuant to Article II of this Agreement, (ii) an
REO Mortgage Loan pursuant to Section 9.15 or (iii) a Mortgage Loan pursuant to Section 9.17 under
the circumstances set forth therein, a price equal to the sum (without duplication) of (A) 100% of the Unpaid Principal Balance
of such Mortgage Loan or REO Mortgage Loan, plus (B) accrued but unpaid interest thereon calculated at the Mortgage
Rate to, but not including, the Due Date in the Collection Period in which such purchase or liquidation occurs, plus (C) the
amount of any expenses related to such Mortgage Loan and any related Serviced Companion Loan, Serviced B Note or REO Property
(including any Servicing Advances and any Advance Interest (which have not been paid by the Mortgagor on the related Mortgage
Loan and any related Serviced Companion Loan or Serviced B Note) related to such Mortgage Loan and any related Serviced Companion
Loan or Serviced B Note, the amount of any Servicing Advances (and Advance Interest thereon) that were reimbursed from collections
on the other Mortgage Loans pursuant to Section 5.2(a)(II)(iii) and not subsequently recovered from the related Mortgagor,
and all Special Servicing Fees and Liquidation Fees paid or payable with respect to the Mortgage Loan and any related Serviced
Companion Loan or Serviced B Note) that are reimbursable or payable to the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Custodian, any Non-Serviced Mortgage Loan Master Servicer, any Non-Serviced Mortgage Loan Special
Servicer, any Non-Serviced Mortgage Loan Trustee or any Non-Serviced Mortgage Loan Certificate Administrator,

 

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plus (D) if
such Mortgage Loan or REO Mortgage Loan is being repurchased or substituted for by a Seller (or its related Seller Guarantor)
pursuant to the related Mortgage Loan Purchase Agreement, all expenses reasonably incurred or to be incurred by the Master Servicer,
the Special Servicer, the Trust Advisor, the Depositor, the Certificate Administrator, the Trustee or the Custodian in respect
of the Material Breach or Material Document Defect giving rise to the repurchase or substitution obligation (and that are not
otherwise included in clause (C) above) and any Liquidation Fee payable in connection with any such repurchase. With
respect to a Joint Mortgage Loan, the Purchase Price for each of the applicable Sellers shall be its respective percentage interest
as of the Closing Date of the total Purchase Price for such Joint Mortgage Loan.

 

“Purchase
Proceeds” means any cash amounts received by the Master Servicer in connection with: (i) the repurchase of
a Mortgage Loan or an REO Mortgage Loan by a Seller (or its related Seller Guarantor) pursuant to Section 2.3, (ii) the
purchase of the Mortgage Loans and REO Properties by the Holders of the Controlling Class, the Special Servicer, the Master Servicer,
the Holders of the Class R Certificates or any other applicable Person pursuant to Section 11.1(b), (iii) the
purchase of an A Note by a holder of the related Serviced B Note in accordance with the terms of the related Intercreditor
Agreement or (iv) the purchase of a Mortgage Loan by a holder of a mezzanine loan under the related mezzanine intercreditor
agreement.

 

“Qualified
Bidder” means as used in Section 8.29(c), a Person qualified to act as successor Master Servicer hereunder
pursuant to Section 8.22(b).

 

“Qualified
Institutional Buyer” means a qualified institutional buyer qualifying pursuant to Rule 144A.

 

“Qualified
Insurer” means, (i) with respect to any Mortgage Loan, Serviced Companion Loan or Serviced B Note, an
insurance company duly qualified as such under the laws of the state in which the related Mortgaged Property is located, duly
authorized and licensed in such state to transact the applicable insurance business and to write the insurance but rated (a) no
lower than “A3” by Moody’s (or, if not so rated by Moody’s, then either (1) an equivalent or higher rating
by at least two NRSROs (which may include S&P and/or Fitch) or (2) an equivalent or higher rating by one NRSRO (which may
include S&P and/or Fitch) and A.M. Best or (3) Moody’s has issued a Rating Agency Confirmation with respect to such
insurance company) and (b) no lower than “A” by Fitch (or, if not so rated by Fitch, (1) an equivalent (or higher)
rating by at least (2) two NRSROs (which may include S&P and/or Moody’s) or (2) an equivalent (or higher) rating by
one NRSRO (which may include S&P and/or Moody’s) and A.M. Best, or (3) Fitch or Moody’s has issued a Rating Agency
Confirmation with respect to such insurance company) and (ii) with respect to the Servicer Errors and Omissions Insurance
Policy or Servicer Fidelity Bond an insurance company that has a claim paying ability with any one of the following ratings: (1)
“A-“ or better by Fitch, (2) “A3” or better by Moody’s, (3) “A-” or better by S&P,
(4) “A (low)” or better by DBRS or (5) “A:X” or better by A.M. Best, or (iii) in either case, an
insurance company not satisfying clause (i) or (ii) but with respect to which a Rating Agency Confirmation
is obtained from each Rating Agency. “Qualified Insurer” shall also mean any entity that satisfies all of the criteria,
other than the ratings criteria, set forth in one of the foregoing clauses and whose obligations under the related insurance
policy are guaranteed

 

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or backed by an entity that satisfies the ratings criteria set forth in such clause (construed as
if such entity were an insurance company referred to therein).

 

“Qualifying
Substitute Mortgage Loan” means, in the case of a Mortgage Loan substituted for a Deleted Mortgage Loan, a Mortgage
Loan which, on the date of substitution, (i) has an outstanding principal balance, after deduction of the principal portion
of the Scheduled Payment due in the month of substitution, not in excess of the Stated Principal Balance of the Deleted Mortgage
Loan; provided, that, to the extent that the principal balance of such Mortgage Loan is less than the Stated Principal
Balance of the Deleted Mortgage Loan, then such differential in principal amount, together with interest thereon at the Mortgage
Rate on the related Mortgage Loan from the date as to which interest was last paid through the last day of the month in which
such substitution occurs, shall be paid by the party effecting such substitution to the Master Servicer for deposit into the Collection
Account, and shall be treated as a Principal Prepayment hereunder; (ii) is accruing interest at a rate of interest at least
equal to that of the Deleted Mortgage Loan; (iii) has a remaining term to stated maturity not greater than, and not more
than two (2) years less than, that of the Deleted Mortgage Loan; (iv) has an original Loan-to-Value Ratio not higher
than that of the Deleted Mortgage Loan and a current Loan-to-Value Ratio (equal to the outstanding principal balance on the date
of substitution divided by its current Appraised Value) not higher than the current Loan-to-Value Ratio of the Deleted Mortgage
Loan and has a current Debt Service Coverage Ratio equal to or greater than the current Debt Service Coverage Ratio of the Deleted
Mortgage Loan; (v) will comply with all of the representations and warranties relating to Mortgage Loans set forth in the
applicable Mortgage Loan Purchase Agreement, as of the date of substitution; (vi) has a Phase I Environmental Report
relating to the related Mortgaged Property in its Mortgage Files and such Phase I Environmental Report does not, in the good
faith reasonable judgment of the Special Servicer, consistent with the Servicing Standard, raise material issues that have not
been adequately addressed; (vii) has an engineering report relating to the related Mortgaged Property in its Mortgage Files
and such engineering report does not, in the good faith reasonable judgment of the Special Servicer, consistent with the Servicing
Standard raise material issues that have not been adequately addressed; and (viii) as to which the Trustee and the Certificate
Administrator have received an Opinion of Counsel, at the related Seller’s expense, that such Mortgage Loan is a “qualified
replacement mortgage” within the meaning of Section 860G(a)(4) of the Code; provided that no Mortgage Loan may have
a Maturity Date after the date three (3) years prior to the Rated Final Distribution Date, and provided, further,
that no such Mortgage Loan shall be substituted for a Deleted Mortgage Loan unless a Rating Agency Communication has been provided
to each Rating Agency, and provided, further, that, during any Subordinate Control Period, no such Mortgage Loan
shall be substituted for a Deleted Mortgage Loan unless the Controlling Class Representative shall have approved of such substitution
(provided, that such approval of the Controlling Class Representative may not be unreasonably withheld). If either one
mortgage loan is substituted for more than one Deleted Mortgage Loan or more than one mortgage loan is substituted for one or
more Deleted Mortgage Loans, then (A) the principal balances referred to in clause (i) above shall be determined
on the basis of aggregate principal balances and (B) the rates referred to in clause (ii) above and the remaining
term to stated maturity referred to in clause (iii) above shall be determined on a weighted average basis (provided,
that the Net Mortgage Rate for any Qualifying Substitute Mortgage Loan may not be less than the highest Pass-Through Rate of any
outstanding Class of Certificates that is not based on, or subject to a cap equal to, the Weighted Average REMIC I Net Mortgage
Rate). Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted

 

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Mortgage Loan pursuant to this Agreement, the
party effecting such substitution shall certify that such Mortgage Loan meets all of the requirements of this definition and shall
send such certification to the Certificate Administrator, which shall deliver a copy of such certification to the Master Servicer,
the Special Servicer, the Trustee, the Custodian and the Controlling Class Representative promptly, and in any event within five
(5) Business Days following the Certificate Administrator’s receipt of such certification.

 

“Rated
Final Distribution Date” means with respect to each rated Class of Certificates, each REMIC I Regular Interest and
each REMIC II Regular Interest, the Distribution Date in December 2048.

 

“Rating
Agencies” means Moody’s, Fitch, KBRA and Morningstar; provided, that with respect to any matter affecting
a Non-Serviced Mortgage Loan or any Serviced Companion Loan, “Rating Agency” shall also refer to any NRSRO engaged
to rate the Serviced Companion Loan Securities or securities related to such Non-Serviced Mortgage Loan.

 

“Rating
Agency Communication” means any written communication intended for a Rating Agency, which shall be delivered at
least ten (10) Business Days prior to completing such action, in electronic document format suitable for website posting to the
17g-5 Information Provider (which will be required to post such request on the 17g-5 Information Provider’s Website in accordance
with Section 5.7).

 

“Rating
Agency Confirmation” means, with respect to any matter, written confirmation (which may be in any format that is
consistent with the policies, procedures or guidelines of the applicable Rating Agency at the time such Rating Agency Confirmation
is sought, including, without limitation, by way of electronic communication, press release or any other written communication
and need not be directed or addressed to any party to this Agreement) 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 or withdrawal of the then-current
rating assigned to any Class of Certificates or, if applicable, any class of Serviced Companion Loan Securities or securities
related to a Non-Serviced Mortgage Loan, in each case, if then rated by the Rating Agency; provided, that a written waiver
or other acknowledgment from any Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation
(or such other waiver as set forth in Section 1.7) is sought shall be deemed to satisfy the requirement for the Rating
Agency Confirmation from such Rating Agency with respect to such matter. At any time during which no Certificates, Serviced Companion
Loan Securities or securities related to a Non-Serviced Mortgage Loan are rated by a Rating Agency, no Rating Agency Confirmation
shall be required from that Rating Agency.

 

“Rating
Agency Inquiry” shall have the meaning set forth in Section 5.7(g).

 

“Realized
Interest Loss” means, with respect to each Mortgage Loan (including an REO Mortgage Loan), (i) in the case
of a Liquidation Realized Loss, the portion of any Liquidation Realized Loss that exceeds the Realized Principal Loss on the related
Mortgage Loan, (ii) in the case of a Bankruptcy Loss, the portion of such Realized Loss attributable to accrued interest
on the related Mortgage Loan, (iii) in the case of an Expense Loss, an Expense Loss resulting in any period from the payment
of the Special Servicing Fee and any Expense

 

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Losses treated as Realized Interest Losses pursuant to clause (iv) of
the definition of “Realized Principal Loss” or (iv) in the case of a Modification Loss, a Modification Loss set
forth in clause (iii) of the definition thereof.

 

“Realized
Loss” means a Liquidation Realized Loss, a Modification Loss, a Bankruptcy Loss or an Expense Loss with respect
to a Mortgage Loan (including an REO Mortgage Loan).

 

“Realized
Principal Loss” means, with respect to each Mortgage Loan (including an REO Mortgage Loan), (i) in the case
of a Liquidation Realized Loss, the amount of such Liquidation Realized Loss, to the extent that it does not exceed the Unpaid
Principal Balance (plus the amount of any Unliquidated Advance with respect to such Mortgage Loan) of the Mortgage Loan, (ii) in
the case of a Modification Loss, the amount of such Modification Loss set forth in clause (i) of the definition thereof,
(iii) in the case of a Bankruptcy Loss, the portion of such Bankruptcy Loss attributable to the reduction in the principal
balance of the related Mortgage Loan, (iv) in the case of an Expense Loss, the amount of such Expense Loss (other than Expense
Losses resulting from the payment of Special Servicing Fees) to the extent that such Expense Loss does not exceed amounts collected
in respect of the Mortgage Loans that were identified as allocable to principal in the Collection Period in which such Expense
Losses were incurred, and any such excess shall be treated as a Realized Interest Loss, (v) any Nonrecoverable Advance reimbursed
from collections of principal on the Mortgage Loans (including REO Mortgage Loans), and (vi) any Unliquidated Advance that
is determined by the Master Servicer to be a Nonrecoverable Advance.

 

“Record
Date” means, for each Distribution Date, the close of business on the last Business Day of the month immediately
preceding the month in which such Distribution Date occurs.

 

“Recoveries”
means, as of any Distribution Date, any amounts recovered with respect to a Mortgage Loan, a Serviced Companion Loan, a Serviced
B Note or REO Property following the period in which a Final Recovery Determination occurs plus other amounts defined as
“Recoveries” herein.

 

“Registered
Certificates” has the meaning set forth in the Preliminary Statement hereto.

 

“Registered
Global Certificate” means, with respect to any Registered Certificate, a single, permanent global Certificate, in
definitive, fully registered form without interest coupons.

 

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

 

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

 

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“Regulation S
Certificate” means a written certification substantially in the form set forth in Exhibit F hereto certifying
that a beneficial owner of an interest in a Regulation S Temporary Global Certificate is not a U.S. Person (as defined
in Regulation S).

 

“Regulation S
Global Certificates” means the Regulation S Permanent Global Certificates together with the Regulation S
Temporary Global Certificates.

 

“Regulation S
Permanent Global Certificate” means any single permanent global Certificate, in definitive, fully registered form
without interest coupons received in exchange for a Regulation S Temporary Global Certificate.

 

“Regulation S
Temporary Global Certificate” means, with respect to any Class of Certificates offered and sold outside of the United
States in reliance on Regulation S, a single temporary global Certificate, in definitive, fully registered form without interest
coupons.

 

“Rehabilitated
Mortgage Loan” means any Specially Serviced Mortgage Loan with respect to which (i) three (3) consecutive
Scheduled Payments have been made (in the case of any such Mortgage Loan, Serviced Companion Loan or Serviced B Note that
was modified, based on the modified terms), or a complete defeasance shall have occurred, (ii) no other Servicing Transfer
Event has occurred and is continuing (or, with respect to determining whether a Required Appraisal Loan is a Rehabilitated Mortgage
Loan for applying Appraisal Reductions, no other Appraisal Event has occurred and is continuing) and (iii) the Trust has
been reimbursed for all costs incurred as a result of the occurrence of a Servicing Transfer Event (or such amounts constitute
a Workout-Delayed Reimbursement Amount or such amounts have been forgiven). An A Note shall not constitute a Rehabilitated
Mortgage Loan unless each related Serviced B Note would constitute a Rehabilitated Mortgage Loan. A Serviced B Note
shall not constitute a Rehabilitated Mortgage Loan unless its related Mortgage Loan and any related Serviced Companion Loan also
would constitute a Rehabilitated Mortgage Loan. A Serviced Pari Passu Mortgage Loan shall not constitute a Rehabilitated Mortgage
Loan unless its related Serviced Companion Loan and any related Serviced B Note also would constitute a Rehabilitated Mortgage
Loan. A Serviced Companion Loan shall not constitute a Rehabilitated Mortgage Loan unless its related Serviced Pari Passu Mortgage
Loan and any related Serviced B Note also would constitute a Rehabilitated Mortgage Loan.

 

“Release
Date” means the date forty (40) days after the later of (i) the commencement of the offering of the Certificates
and (ii) the Closing Date.

 

“Relevant
Servicing Criteria” means the Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect
to the Master Servicer, the Special Servicer, the Trustee, the Trust Advisor, the Custodian or the Certificate Administrator,
on Schedule X attached hereto). For clarification purposes, multiple Reporting Servicers can have responsibility for
the same Relevant Servicing Criteria and some of the Servicing Criteria will not be applicable to certain Reporting Servicers.
With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer, the Trustee, the Custodian,
the Certificate Administrator or any Sub-Servicer, the term “Relevant Servicing Criteria” may refer to a portion of
the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Trustee, the Custodian, the Certificate
Administrator or such Sub-Servicer.

 

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“REMIC”
means a real estate mortgage investment conduit within the meaning of Section 860D of the Code.

 

“REMIC I”
means the segregated pool of assets consisting of the Mortgage Loans (other than any Excess Interest payable thereon), such amounts
with respect thereto as shall from time to time be held in the Collection Account, the Excess Liquidation Proceeds Reserve Account,
the TA Unused Fees Reserve Account, the Distribution Account (other than the portion thereof constituting the Excess Interest
Sub-account) and the Interest Reserve Account, the Insurance Policies (other than the interests of the holder of any Non-Serviced
Companion Loan or Serviced Companion Loan or B Note therein) and any REO Properties or beneficial interests therein (other
than the interests of the holder of any Non-Serviced Companion Loan or any Serviced Companion Loan or B Note therein), for
which a REMIC election will be made pursuant to Section 12.1(a) hereof. The Excess Interest on the ARD Mortgage Loans
and the Excess Interest Sub-account shall constitute assets of the Trust but shall not be a part of any REMIC Pool formed hereunder.
The Non-Serviced Companion Loans and any amounts payable thereon shall not constitute assets of the Trust or any REMIC Pool formed
hereunder. No B Note or any amounts payable thereon shall constitute an asset of the Trust or any REMIC Pool formed hereunder.
No Serviced Companion Loan or any amounts payable thereon shall constitute an asset of the Trust or any REMIC Pool formed hereunder.

 

“REMIC I
Interests” means, collectively, the REMIC I Regular Interests and the REMIC I Residual Interest.

 

“REMIC I
Net Mortgage Rate” means, with respect to any Distribution Date, as to any REMIC I Regular Interest, a rate
per annum equal to: (a) if the related Mortgage Loan (including an REO Mortgage Loan) accrues interest on the basis
of a 360-day year consisting of twelve (12) 30-day months (“30/360 Basis”), the Net Mortgage Rate thereof
as of the Cut-Off Date and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off
Date; and (b) if the related Mortgage Loan (including an REO Mortgage Loan) accrues interest on a basis other than a 30/360
Basis, the annualized rate at which interest would have to accrue in respect thereof on a 30/360 Basis for the related Mortgage
Loan Accrual Period, in order to produce the amount of net interest that would have accrued during the related Mortgage Loan Accrual
Period assuming a net interest rate equal to the rate set forth in clause (a) above and assuming an interest accrual
basis that is the same as the actual interest accrual basis of such Mortgage Loan, provided that for purposes of this clause (b),
commencing in 2016, (i) except with respect to the final Distribution Date, the REMIC I Net Mortgage Rate with respect to
the subject REMIC I Regular Interest for the Distribution Dates in both January and February in any year that is not a leap
year and in February in any year that is a leap year, shall be determined net of any amounts transferred to the Interest Reserve
Account, and (ii)  the REMIC I Net Mortgage Rate with respect to the subject REMIC I Regular Interest for the Distribution
Date in March and the final Distribution Date shall be determined taking into account the addition of any amounts withdrawn from
the Interest Reserve Account.

 

“REMIC I
Principal Amount” means, with respect to any REMIC I Regular Interest, as of any date or time of determination,
the then unpaid principal amount thereof, such amount being equal to the Cut-Off Date Principal Balance of the related Mortgage
Loan, minus (i) the amount of all principal distributions previously deemed made with respect to such

 

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REMIC I
Regular Interest pursuant to Section 6.3(a) and (ii) all Collateral Support Deficits allocated to such REMIC I
Regular Interest in reduction of its REMIC I Principal Amount pursuant to Section 6.6.

 

“REMIC I
Regular Interests” means, collectively, the uncertificated interests designated as “regular interests”
(within the meaning of the REMIC Provisions) in REMIC I, each of which relates to a separate specific Mortgage Loan (including
any successor REO Mortgage Loan and any Qualifying Substitute Mortgage Loan that may replace such Mortgage Loan), has an initial
REMIC I Principal Amount equal to the Cut-Off Date Principal Balance of such Mortgage Loan, and has a Pass-Through Rate equal
to the applicable REMIC I Net Mortgage Rate from time to time.

 

“REMIC I
Residual Interest” means the “residual interest” (within the meaning of the REMIC Provisions) in REMIC I
evidenced by the Class R Certificates. The REMIC I Residual Interest has no principal amount or Pass-Through Rate.

 

“REMIC II”
means the segregated pool of assets consisting of the REMIC I Regular Interests and related amounts in the Distribution Account
for which a REMIC election will be made pursuant to Section 12.1(a) hereof.

 

“REMIC II
Interests” means, collectively, the REMIC II Regular Interests and the REMIC II Residual Interest.

 

“REMIC II
Principal Amount” means, with respect to any REMIC II Regular Interest, as of any date or time of determination,
the then Aggregate Certificate Balance of the Class of Corresponding Certificates.

 

“REMIC II
Regular Interest A-1” means the uncertificated interest designated as a “regular interest” (within
the meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal
Amount equal to the Aggregate Certificate Balance of the Class A-1 Certificates, and which has a Pass-Through Rate
equal to the Weighted Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest A-2” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class A-2 Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest A-SB” means the uncertificated interest designated as a “regular interest” (within
the meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class A-SB Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest A-3” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate

 

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Balance of the Class A-3 Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest A-4” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class A-4 Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest A-S” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class A-S Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest B” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class B Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest C” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class C Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest D” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class D Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest E” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class E Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest F” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class F Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest G” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate

 

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Balance of the Class G Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest H” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class H Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interest J” means the uncertificated interest designated as a “regular interest” (within the
meaning of the REMIC Provisions) in REMIC II, which shall consist of an interest having a REMIC II Principal Amount
equal to the Aggregate Certificate Balance of the Class J Certificates, and which has a Pass-Through Rate equal to the Weighted
Average REMIC I Net Mortgage Rate from time to time.

 

“REMIC II
Regular Interests” means, collectively, the REMIC II Regular Interest A-1, the REMIC II Regular Interest
A-2, the REMIC II Regular Interest A-SB, the REMIC II Regular Interest A-3, the REMIC II Regular Interest A-4,
the REMIC II Regular Interest A-S, the REMIC II Regular Interest B, the REMIC II Regular Interest C, the REMIC II
Regular Interest D, the REMIC II Regular Interest E, the REMIC II Regular Interest F, the REMIC II Regular Interest
G, the REMIC II Regular Interest H and the REMIC II Regular Interest J.

 

“REMIC II
Residual Interest” means the “residual interest” (within the meaning of the REMIC Provisions) in REMIC II
evidenced by the Class R Certificates. The REMIC II Residual Interest has no principal amount or Pass-Through Rate.

 

“REMIC III”
means the segregated pool of assets consisting of the REMIC II Regular Interests and related amounts in the Distribution
Account for which a REMIC election will be made pursuant to Section 12.1(a) hereof.

 

“REMIC III
Interests” means, collectively, the REMIC III Regular Interests and the REMIC III Residual Interest.

 

“REMIC III
Regular Certificates” means, collectively, the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class
X-A, Class A-S, Class B, Class C, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H, Class X-J, Class D, Class E, Class F,
Class G, Class H and Class J Certificates.

 

“REMIC III
Regular Interests” means, collectively, the Class A-1 Certificates, Class A-2 Certificates, Class A-SB Certificates,
Class A-3 Certificates, Class A-4 Certificates, Class A-S Certificates, Class B Certificates, Class C Certificates, Class D Certificates,
Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates and the Class X
REMIC III Regular Interests.

 

“REMIC III
Regular Interest X-A-1” means the “regular interest” (within the meaning of the REMIC Provisions) in
REMIC III that is designated “X-A-1” and has no principal amount, but has a Notional Amount equal to the REMIC II
Principal Amount of

 

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REMIC II Regular Interest A-1 outstanding from time to time and a Pass-Through Rate equal to the Class X
Strip Rate with respect to REMIC II Regular Interest A-1 from time to time.

 

“REMIC III
Regular Interest X-A-2” means the “regular interest” (within the meaning of the REMIC Provisions) in
REMIC III that is designated “X-A-2” and has no principal amount, but has a Notional Amount equal to the REMIC II
Principal Amount of REMIC II Regular Interest A-2 outstanding from time to time and a Pass-Through Rate equal to the Class X
Strip Rate with respect to REMIC II Regular Interest A-2 from time to time.

 

“REMIC III
Regular Interest X-A-SB” means the “regular interest” (within the meaning of the REMIC Provisions) in
REMIC III that is designated “X-A-SB” and has no principal amount, but has a Notional Amount equal to the REMIC II
Principal Amount of REMIC II Regular Interest A-SB outstanding from time to time and a Pass-Through Rate equal to the Class X
Strip Rate with respect to REMIC II Regular Interest A-SB from time to time.

 

“REMIC III
Regular Interest X-A-3” means the “regular interest” (within the meaning of the REMIC Provisions) in
REMIC III that is designated “X-A-3” and has no principal amount, but has a Notional Amount equal to the REMIC II
Principal Amount of REMIC II Regular Interest A-3 outstanding from time to time and a Pass-Through Rate equal to the Class X
Strip Rate with respect to REMIC II Regular Interest A-3 from time to time.

 

“REMIC III
Regular Interest X-A-4” means the “regular interest” (within the meaning of the REMIC Provisions) in
REMIC III that is designated “X-A-4” and has no principal amount, but has a Notional Amount equal to the REMIC II
Principal Amount of REMIC II Regular Interest A-4 outstanding from time to time and a Pass-Through Rate equal to the Class X
Strip Rate with respect to REMIC II Regular Interest A-4 from time to time.

 

“REMIC III
Regular Interest X-A-S” means the “regular interest” (within the meaning of the REMIC Provisions) in
REMIC III that is designated “X-A-S” and has no principal amount, but has a Notional Amount equal to the REMIC II
Principal Amount of REMIC II Regular Interest A-S outstanding from time to time and a Pass-Through Rate equal to the Class X
Strip Rate with respect to REMIC II Regular Interest A-S from time to time.

 

“REMIC III
Regular Interest X-B” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-B” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II Regular Interest B outstanding from time to time and a Pass-Through Rate equal to the Class X Strip
Rate with respect to REMIC II Regular Interest B from time to time.

 

“REMIC III
Regular Interest X-D” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-D” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II Regular Interest D outstanding from time to time and a Pass-Through Rate equal to the Class X Strip
Rate with respect to REMIC II Regular Interest D from time to time.

 

“REMIC III
Regular Interest X-E” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-E” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II  

 

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Regular Interest E outstanding from time
to time and a Pass-Through Rate equal to the Class X Strip Rate with respect to REMIC II Regular Interest E from time
to time.

 

“REMIC III
Regular Interest X-F” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-F” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II Regular Interest F outstanding from time to time and a Pass-Through Rate equal to the Class X Strip
Rate with respect to REMIC II Regular Interest F from time to time.

 

“REMIC III
Regular Interest X-G” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-G” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II Regular Interest G outstanding from time to time and a Pass-Through Rate equal to the Class X Strip
Rate with respect to REMIC II Regular Interest G from time to time.

 

“REMIC III
Regular Interest X-H” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-H” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II Regular Interest H outstanding from time to time and a Pass-Through Rate equal to the Class X Strip
Rate with respect to REMIC II Regular Interest H from time to time.

 

“REMIC III
Regular Interest X-J” means the “regular interest” (within the meaning of the REMIC Provisions) in REMIC III
that is designated “X-J” and has no principal amount, but has a Notional Amount equal to the REMIC II Principal
Amount of REMIC II Regular Interest J outstanding from time to time and a Pass-Through Rate equal to the Class X Strip
Rate with respect to REMIC II Regular Interest J from time to time.

 

“REMIC III
Residual Interest” means the “residual interest” (within the meaning of the REMIC Provisions) in REMIC III
evidenced by the Class R Certificates. The REMIC III Residual Interest has no principal amount or Pass-Through Rate.

 

“REMIC
Pool” means each of the three (3) segregated pools of assets designated as a REMIC pursuant to Section 12.1(a)
hereof. For the avoidance of doubt, no UBSRES Seller Defeasance Rights and Obligations, BANA Lender Successor Borrower Right
or MSMCH Seller Defeasance Rights and Obligations is a part of any “REMIC Pool”.

 

“REMIC
Provisions” means the provisions of the federal income tax law governing the treatment of real estate mortgage investment
conduits and their investors, including the conditions that must be satisfied for an arrangement to be treated as a REMIC and
for a loan secured by an interest in real property to be a qualified mortgage, which appear in Sections 860A through 860G
of Subchapter M of Chapter 1 of the Code, related provisions, and final, temporary and proposed regulations and rulings promulgated
thereunder, as the foregoing may be in effect from time to time and taking account, as appropriate, of any proposed legislation
or regulations which, as proposed, would have an effective date prior to enactment or promulgation thereof. For the avoidance
of doubt, the provisions of the mortgage documents with respect to a mortgage loan fail to comply with the “REMIC Provisions”
if such mortgage

 

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documents permit transactions that would result in the mortgage loan failing to satisfy the definition of “qualified
mortgage” under such federal income tax law.

 

“Rent
Loss Policy” or “Rent Loss Insurance” means a policy of insurance generally insuring against
loss of income or rent resulting from force majeure.

 

“Rents
from Real Property” means, with respect to any REO Property, income of the character set forth in Section 856(d)
of the Code.

 

“REO
Account” shall have the meaning set forth in Section 9.14(a) hereof.

 

“REO
Disposition” means the receipt by the Master Servicer or the Special Servicer of Liquidation Proceeds and other
payments and recoveries (including proceeds of a final sale) from the sale or other disposition of REO Property.

 

“REO
Income” means, with respect to any REO Property that had not been security for an A/B Whole Loan or Loan Pair for
any Collection Period, all income received in connection with such REO Property during such period less any operating expenses,
utilities, real estate taxes, management fees, insurance premiums, expenses for maintenance and repairs and any other capital
expenses directly related to such REO Property paid during such period. With respect to any Non-Serviced Mortgage Loan (if the
applicable Non-Serviced Mortgage Loan Special Servicer has foreclosed upon the Mortgaged Property secured by such Non-Serviced
Mortgage Loan Mortgage), the REO Income shall comprise only such portion of the foregoing that is allocable to the holder of such
Non-Serviced Mortgage Loan.

 

“REO
Loan” means any of an REO Mortgage Loan, REO Serviced B Note and REO Serviced Companion Loan.

 

“REO
Mortgage Loan” means a Mortgage Loan as to which the related Mortgaged Property has become an REO Property. Such
Mortgage Loan shall be deemed to remain outstanding for purposes of various calculations under this Agreement notwithstanding
that the related Mortgaged Property has become an REO Property.

 

“REO
Property” means a Mortgaged Property (or an interest therein, if the Mortgaged Property securing any Loan Pair or
the Mortgaged Property securing an A/B Whole Loan has been acquired by the Trust) acquired by the Trust through foreclosure, deed-in-lieu
of foreclosure, abandonment or reclamation from bankruptcy in connection with a Defaulted Loan or otherwise treated as foreclosure
property under the REMIC Provisions; provided that a Mortgaged Property that secures a Non-Serviced Mortgage Loan shall
constitute an REO Property if and when it is acquired under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement
for the benefit of the Trustee as the holder of such Non-Serviced Mortgage Loan and of the holder of the related Non-Serviced
Companion Loan(s) through foreclosure, acceptance of a deed-in-lieu of foreclosure, abandonment or reclamation from bankruptcy
in connection with a default or otherwise treated as foreclosure property under the REMIC Provisions. The Special Servicer shall
not have any obligations with respect to an REO Property that relates to a Mortgaged Property that secures a Non-Serviced Mortgage
Loan and all references to the Special Servicer’s obligations in this Agreement with respect to “REO

 

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Property”
shall exclude any such Mortgaged Property that secures a Non-Serviced Mortgage Loan.

 

“REO
Serviced B Note” means a Serviced B Note as to which the related Mortgaged Property has become an REO
Property. Such Serviced B Note shall be deemed to remain outstanding for purposes of various calculations under this Agreement
notwithstanding that the related Mortgaged Property has become an REO Property.

 

“REO
Serviced Companion Loan” means a Serviced Companion Loan as to which the related Mortgaged Property has become an
REO Property. Such Serviced Companion Loan shall be deemed to remain outstanding for purposes of various calculations under this
Agreement notwithstanding that the related Mortgaged Property has become an REO Property.

 

“Report
Date” means the second (2nd) Business Day before the related Distribution Date.

 

“Reportable
Event” has the meaning set forth in Section 13.7.

 

“Reporting
Requirements” has the meaning set forth in Section 13.12.

 

“Reporting
Servicer” means the Master Servicer, the Special Servicer, the Trust Advisor and any Servicing Function Participant
(including the Certificate Administrator, the Custodian, the Trustee (if and for such time as it is a Servicing Function Participant)
and each Sub-Servicer), as the case may be.

 

“Repurchase
Request Recipient” has the meaning set forth in Section 2.3(e).

 

“Repurchased
Loan” has the meaning set forth in Section 2.3(a).

 

“Request
for Release” means a request for release of certain documents relating to the Mortgage Loans, a form of which is
attached hereto as Exhibit C.

 

“Requesting
Holders” has the meaning set forth in Section 6.9.

 

“Requesting
Party” has the meaning set forth in Section 1.7.

 

“Required
Appraisal Loan” means any Mortgage Loan, Loan Pair or A/B Whole Loan as to which an Appraisal Event has occurred.
In the case of an A/B Whole Loan or Loan Pair, upon the occurrence of an Appraisal Event in respect of any related A Note
or Serviced B Note or any related Serviced Pari Passu Mortgage Loan or Serviced Companion Loan, the related A/B Whole Loan
or Loan Pair, as applicable, shall be deemed to be a single Required Appraisal Loan. A Mortgage Loan, Loan Pair or A/B Whole
Loan will cease to be a Required Appraisal Loan at such time as it is a Rehabilitated Mortgage Loan.

 

“Reserve
Accounts” means, collectively, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve Account and
the TA Unused Fees Reserve Account.

 

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“Responsible
Officer” means, when used with respect to the Trustee, the Custodian or the Certificate Administrator, (i) any officer
of the Trustee, the Custodian or the Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of
such party, in each case, with direct responsibility for the administration of this Agreement, (ii) 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 (iii) in the case of any certification required to be signed by a Responsible Officer, any officer whose
name and specimen signature appear on a list of corporate trust officers furnished to the Master Servicer by the Trustee, the
Custodian or the Certificate Administrator, as applicable, as such list may from time to time be amended.

 

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

 

“Rule 15Ga-1
Notice” has the meaning set forth in Section 2.3(e).

 

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

 

“Rule 144A
Global Certificate” means, with respect to any Class of Certificates offered and sold in reliance on Rule 144A
or to certain Institutional Accredited Investors, a single, permanent global Certificate, in definitive, fully registered form
without interest coupons.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor
in interest. If neither such rating agency nor any successor remains in existence or is no longer an NRSRO with respect to commercial
mortgage-backed securities, “S&P” shall be deemed to refer to such other nationally recognized statistical rating
agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other
parties hereto, and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

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

 

“Sarbanes-Oxley
Certification” has the meaning set forth in Section 13.6.

 

“Scheduled
Payment” means each scheduled payment of principal of, and/or interest on, a Mortgage Loan, a Serviced Companion
Loan or a Serviced B Note required to be paid on its Due Date by the Mortgagor in accordance with the terms of the related
Mortgage Note, Serviced Companion Loan or Serviced B Note (excluding all amounts of principal and interest which were due
on or before the Cut-Off Date, whenever received, and taking account of any modifications thereof and the effects of any Debt
Service Reduction Amounts and Deficient Valuation Amounts). Notwithstanding the foregoing, the amount of the Scheduled Payment
for any Serviced Pari Passu Mortgage Loan or Serviced Companion Loan or any A Note or Serviced B Note shall be calculated
without regard to the related Intercreditor Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

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“Seller”
means UBSRES, BANA or MSMCH, as the case may be. References to obligations of any Seller herein shall constitute obligations of
the related Seller Guarantor to the extent set forth in the related Mortgage Loan Purchase Agreement.

 

“Seller
Guarantor” means any Person that guarantees the payment and/or performance obligations of a Seller under any Mortgage
Loan Purchase Agreement.

 

“Seller
Sub-Servicer” means a sub-servicer or Additional Servicer required by a Seller to be retained by the Master Servicer
or the Special Servicer, as applicable, as listed on Schedule XV hereto.

 

“Senior
Consultation Period” means a period when the Aggregate Certificate Balance of the Class G Certificates (without
regard to any Appraisal Reductions allocable to such Class in accordance with Section 6.9) is less than 25% of the
initial Aggregate Certificate Balance of the Class G Certificates. Notwithstanding the definitions of “Subordinate
Control Period” and “Collective Consultation Period”, with respect to any Excluded Mortgage Loan, a Senior Consultation
Period shall be deemed to exist, and the Controlling Class Representative shall not be permitted to direct (or consult in respect
of) the replacement of the Special Servicer, or direct (or consult) the Special Servicer in respect of Major Decisions and Asset
Status Reports, with respect to such Excluded Mortgage Loan.

 

“Serviced
B Note” means, with respect to any A/B Whole Loan or Loan Pair, any related subordinated note not included in the
Trust, which is serviced pursuant to this Agreement and is subordinated in right of payment to the related Mortgage Loan to the
extent set forth in the related Intercreditor Agreement. There are no Serviced B Notes related to the Trust as of the Closing
Date.

 

“Serviced
Companion Loan” means a mortgage loan that is serviced under this Agreement, is not a “Mortgage Loan”
included in the Trust, and is paid on a pari passu basis with a Mortgage Loan included in the Trust. The Serviced
Companion Loans related to the Trust as of the Closing Date are the 525 Seventh Avenue Serviced Companion Loan, the Ellenton Premium
Outlets Serviced Companion Loan, the Grove City Premium Outlets Companion Loan and the Gulfport Premium Outlets Companion Loan.
On and after the Grove City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets Companion Loan
shall cease to be a Serviced Companion Loan and shall be a Non-Serviced Companion Loan. On and after the Gulfport Premium Outlets
Companion Loan Securitization Date, the Gulfport Premium Outlets Companion Loan shall cease to be a Serviced Companion Loan and
shall be a Non-Serviced Companion Loan.

 

“Serviced
Companion Loan Custodial Account” means each of the custodial sub-account(s) of the Collection Account (but which
are not included in the Trust) created and maintained by the Master Servicer pursuant to Section 5.1(c) on behalf
of the holder of the related Serviced Companion Loan. Any such sub-account(s) shall be maintained as a sub-account of an Eligible
Account.

 

“Serviced
Companion Loan Securities” means for so long as the Mortgage Loan or any successor REO Mortgage Loan is included
in the Trust, any class of securities

 

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backed by the related Serviced Companion Loan. Any reference herein to a “series”
of Serviced Companion Loan Securities shall refer to separate securitizations of one or more of the Serviced Companion Loans.

 

“Serviced
Pari Passu Mortgage” means the Mortgage securing a Serviced Pari Passu Mortgage Loan and its related Serviced Companion
Loan secured by the related Mortgaged Property. The Serviced Pari Passu Mortgages related to the Trust as of the Closing Date
are the Mortgages securing the 525 Seventh Avenue Loan Pair, the Ellenton Premium Outlets Loan Pair, the Grove City Premium Outlets
Loan Pair and the Gulfport Premium Outlets Loan Pair. On and after the Grove City Premium Outlets Companion Loan Securitization
Date, the Mortgage securing the Grove City Premium Outlets Loan Pair shall cease to be a Serviced Pari Passu Mortgage. On and
after the Gulfport Premium Outlets Companion Loan Securitization Date, the Mortgage securing the Gulfport Premium Outlets Loan
Pair shall cease to be a Serviced Pari Passu Mortgage.

 

“Serviced
Pari Passu Mortgage Loan” means a Mortgage Loan that is included in the Trust and is paid on a pari passu
basis with a Serviced Companion Loan to the extent set forth in the related Intercreditor Agreement. The Serviced Pari Passu
Mortgage Loans included in the Trust as of the Closing Date are the 525 Seventh Avenue Mortgage Loan, the Ellenton Premium Outlets
Mortgage Loan, the Grove City Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Mortgage Loan. On and after the Grove
City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets Mortgage Loan shall cease to be a Serviced
Pari Passu Mortgage Loan and shall be a Non-Serviced Mortgage Loan. On and after the Gulfport Premium Outlets Companion Loan Securitization
Date, the Gulfport Premium Outlets Mortgage Loan shall cease to be a Serviced Pari Passu Mortgage Loan and shall be a Non-Serviced
Mortgage Loan.

 

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

 

“Servicer
Errors and Omissions Insurance Policy” or “Errors and Omissions Insurance Policy” means
an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or
the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17,
respectively.

 

“Servicer
Fidelity Bond” or “Fidelity Bond” means a bond or insurance policy under which the insurer
agrees to indemnify the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as
the case may be, (subject to standard exclusions) for all losses (less any deductible) sustained as a result of any theft, embezzlement,
fraud or other dishonest act on the part of the Master Servicer’s, the Special Servicer’s, the Trustee’s, the
Custodian’s or the Certificate Administrator’s, as the case may be, officers or employees and is maintained in accordance
with Section 8.2, Section 9.2 and Section 7.17, respectively.

 

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“Servicer Mortgage
File” means copies of the mortgage documents listed in the definition of “Mortgage File” relating to
a Mortgage Loan and shall also include, to the extent required to be (and actually) delivered to the applicable Seller pursuant
to the applicable Mortgage Loan documents, copies of the following items: the Mortgage Note, any Mortgage, the Assignment of Leases
and the Assignment of Mortgage, any guaranty/indemnity agreement, any loan agreement, any insurance policies or certificates (as
applicable), any property inspection reports, any financial statements on the property, any escrow analysis, any tax bills, any
Appraisal, any environmental report, any engineering report, third-party management agreements, any asset summary, financial information
on the Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor agreement and any Environmental Insurance
Policies.

 

“Servicer Termination
Event” has the meaning set forth in Section 8.28(a).

 

“Servicing Advance”
means any cost or expense of the Master Servicer, the Special Servicer or the Trustee, as the case may be, designated as a Servicing
Advance pursuant to this Agreement and any other costs and expenses incurred by the Master Servicer, the Special Servicer or the
Trustee, as the case may be, to protect and preserve the security for such Mortgage Loan and/or (if applicable) the related Serviced
Companion Loan or Serviced B Note.

 

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

 

“Servicing Function
Participant” means any Person (including the Trustee, the Custodian and the Certificate Administrator), other than
the Master Servicer, the Special Servicer and the Trust Advisor, that, within the meaning of Item 1122 of Regulation AB, is performing
activities addressed by the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Unpaid Principal Balance). The Trustee is a Servicing Function Participant only if, and for such time as,
it has made an Advance during any calendar year covered by an Annual Report on Assessment of Compliance with Servicing Criteria.

 

“Servicing Officer”
means, any officer or employee of the Master Servicer or an Additional Servicer, as the case may be, involved in, or responsible
for, the administration and servicing of the Mortgage Loans, any Serviced Companion Loan and any Serviced B Note whose name and
specimen signature appear on a list of servicing officers or employees furnished to the Trustee, the Custodian and the Certificate
Administrator by the Master Servicer or an Additional Servicer, as the case may be, and signed by an officer of the Master Servicer
or an Additional Servicer, as the case may be, as such list may from time to time be amended.

 

“Servicing Standard”
means, with respect to the Master Servicer or the Special Servicer, as the case may be, to service and administer the Mortgage
Loans (and any Serviced Companion Loan and Serviced B Note but not any Non-Serviced Mortgage Loan) that it is obligated to service
and administer pursuant to this Agreement on behalf of the Trust and in the best interests of and for the benefit of the Certificateholders
(and in the case of any Serviced Companion Loan or Serviced B Note (taking into account the subordinate nature of any such Serviced
B Note), the related holder of the Serviced Companion Loan or Serviced B Note, as applicable) as a collective whole (as determined
by the Master Servicer or the Special Servicer,

 

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as the case may be, in its good faith and reasonable judgment), in accordance with
applicable law, the terms of this Agreement and the terms of the respective Mortgage Loans, any Serviced Companion Loan and any
Serviced B Note (and, in the case of any Loan Pair or A/B Whole Loan, the related Intercreditor Agreement) and, to the extent consistent
with the foregoing, further as follows:

 

(a)          with
the same care, skill and diligence as is normal and usual in its general mortgage servicing and REO property management activities
on behalf of third parties or on behalf of itself, whichever is higher, with respect to mortgage loans and REO properties that
are comparable to those for which it is responsible hereunder;

 

(b)          with
a view to the timely collection of all Scheduled Payments of principal and interest under the Mortgage Loans, any Serviced Companion
Loan and any Serviced B Note or, if a Mortgage Loan, any Serviced Companion Loan or any Serviced B Note comes into and continues
in default and with respect to the Special Servicer, if, in the good faith and reasonable judgment of the Special Servicer, no
satisfactory arrangements can be made for the collection of the delinquent payments, the maximization of the recovery of principal
and interest on such Mortgage Loan to the Certificateholders (as a collective whole) (or in the case of any A/B Whole Loan and
its related Serviced B Note or any Loan Pair, the maximization of the recovery of principal and interest on such A/B Whole Loan
or Loan Pair, as applicable, to the Certificateholders and the holder of any related Serviced B Note (taking into account the subordinate
nature of any such Serviced B Note) or Serviced Companion Loan, as applicable, all taken as a collective whole) on a net present
value basis (the relevant discounting of anticipated collections that will be distributable to Certificateholders to be performed
at the applicable Calculation Rate); and

 

(c) without regard to: (I)
any other known relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof may
have with the related Mortgagor or any Affiliate of the related Mortgagor; (II) the ownership of any Certificate or any interest
in any Non-Serviced Companion Loan, Serviced Companion Loan or B Note or any mezzanine loan related to a Mortgage Loan by the Master
Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (III) the Master Servicer’s or the Special
Servicer’s obligation to make Advances; (IV) the right of the Master Servicer (or any Affiliate thereof) or the Special Servicer
(or any Affiliate thereof), as the case may be, to receive any compensation and/or reimbursement of costs, or the sufficiency of
any compensation payable to it, hereunder or with respect to any particular transaction and (V) any obligation of the Master Servicer
(or any Affiliate thereof) to repurchase any Mortgage Loan from the Trust.

 

“Servicing Transfer
Event” means the occurrence of any of the following events: (i) any Mortgage Loan (other than a Non-Serviced Mortgage
Loan), Serviced Companion Loan or Serviced B Note is past due with respect to a Balloon Payment, and the Master Servicer or Special
Servicer has determined, in its good faith reasonable judgment in accordance with the Servicing Standard, that payment is unlikely
to be made on or before the 60th day after the date on which such Balloon Payment was due (or if the Master Servicer
has received, prior to the 60th day after the Due Date of such Balloon Payment, written evidence (which it shall promptly
deliver to the Special Servicer) from an institutional lender of its binding commitment to refinance such Mortgage Loan, Serviced
Companion Loan or Serviced B Note (which

 

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commitment must be reasonably acceptable to the Special Servicer), one hundred twenty
(120) days succeeding the date on which such Balloon Payment was due; provided that if such refinancing does not occur during
the time period specified in such written refinancing commitment, a Servicing Transfer Event shall be deemed to have occurred),
or any other payment is more than sixty (60) days past due or has not been made on or before the second (2nd) Due Date
following the Due Date such payment was due; (ii) either (A) the Mortgagor under any Mortgage Loan (other than a Non-Serviced Mortgage
Loan), Serviced Companion Loan or Serviced B Note has, to the Master Servicer’s or the Special Servicer’s knowledge,
consented to the appointment of a receiver or conservator in any insolvency or similar proceeding of, or relating to, such Mortgagor
or to all or substantially all of its property, or (B) the Mortgagor has become the subject of a decree or order issued under a
bankruptcy, insolvency or similar law and such decree or order shall have remained undischarged or unstayed for a period of sixty
(60) days; (iii) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan or Serviced
B Note, the Master Servicer or the Special Servicer has received notice of the foreclosure or proposed foreclosure of any other
lien on the related Mortgaged Property; (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced
Companion Loan or Serviced B Note, the Master Servicer or the Special Servicer has obtained knowledge of a default (other than
a failure by the related Mortgagor to pay principal or interest) that, in the good faith reasonable judgment of the Master Servicer
or the Special Servicer, materially and adversely affects the interests of the Certificateholders or the holder of any related
Serviced Companion Loan or Serviced B Note and which has occurred and remains unremedied for the applicable grace period specified
in such Mortgage Loan (or, if no grace period is specified, sixty (60) days); (v) the Mortgagor under any Mortgage Loan (other
than a Non-Serviced Mortgage Loan), Serviced Companion Loan or Serviced B Note 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; and (vi) with respect to any
Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan or Serviced B Note, the Master Servicer or Special
Servicer (and, in the case of the Special Servicer, during any Subordinate Control Period, with the consent of the Controlling
Class Representative) has determined, in the good faith reasonable judgment of the Master Servicer or the Special Servicer (and,
in the case of the Special Servicer, during any Subordinate Control Period, with the consent of the Controlling Class Representative),
that (a) a payment default is imminent or is likely to occur within sixty (60) days, or (b) any other default is imminent or is
likely to occur within sixty (60) days and such default, in the good faith reasonable judgment of the Master Servicer or the Special
Servicer (and, in the case of the Special Servicer, during any Subordinate Control Period, with the consent of the Controlling
Class Representative), is reasonably likely to materially and adversely affect the interests of the Certificateholders or the holder
of any related Serviced Companion Loan or Serviced B Note (as the case may be); provided, that any determination under this
clause (vi)(b) with respect to any Mortgage Loan (or Serviced B Note or Serviced Companion Loan, if applicable) solely by reason
of the failure (or imminent failure) of the related Mortgagor to maintain or cause to be maintained insurance coverage against
damages or losses arising from acts of terrorism may only be made by the Special Servicer if it determines that such default is
not an Acceptable Insurance Default (and, during any Subordinate Control Period, with the consent of the Controlling Class Representative);
provided, further, that (1) if the holder of any related Serviced B Note exercised

 

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its right to cure a monetary default
and a monetary default occurs in the following month due to the holder of such Serviced B Note’s failure to cure, then servicing
of such Mortgage Loan shall be transferred to the Special Servicer on the Business Day following the expiration of the Cure Period
(as defined in the related Intercreditor Agreement) of the holder of such Serviced B Note if the holder of such Serviced B Note
does not cure the current monetary default or (2) if the holder of any related Serviced B Note has exercised its right to cure
the number of consecutive monetary defaults it is permitted to cure under the related Intercreditor Agreement and a monetary default
occurs in the following month, then servicing of such Mortgage Loan shall be transferred to the Special Servicer at the expiration
of the Mortgagor’s grace period for the current monetary default. If a Servicing Transfer Event occurs with respect to an
A Note or a Serviced B Note, it shall be deemed to have occurred also with respect to its related Serviced B Note or A Note, as
the case may be; and provided, further, that if a Servicing Transfer Event would otherwise have occurred with respect
to an A Note, but has not so occurred solely because the holder of any related Serviced B Note has exercised its cure rights under
the related Intercreditor Agreement, then a Servicing Transfer Event will not occur with respect to such A/B Whole Loan. With respect
to any Loan Pair, if a Servicing Transfer Event occurs with respect to any Serviced Pari Passu Mortgage Loan, any Serviced Companion
Loan or any Serviced B Note, it shall be deemed to have occurred also with respect to each of the related Serviced Pari Passu Mortgage
Loan, any Serviced Companion Loan or any Serviced B Note, respectively. Under the applicable Non-Serviced Mortgage Loan Pooling
and Servicing Agreement, if the equivalent of a Servicing Transfer Event occurs with respect to any Non-Serviced Companion Loan
or any Serviced B Note, it shall be deemed to have occurred also with respect to the related Non-Serviced Mortgage Loan.

 

“Significant
Obligor” means (a) any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any
Mortgage Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Loans (by principal
balance as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan
or group of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the
Mortgage Loans (by principal balance as of the Cut-off Date). There is no Significant Obligor related to the Trust.

 

“Similar Laws”
has the meaning set forth in Section 3.3(d).

 

“Single-Purpose
Entity” means a Person, other than an individual, whose organizational documents provide substantially to the effect
that it is formed or organized solely for the purpose of owning and collecting payments from Defeasance Collateral for the benefit
of the Trust and which (i) does not engage in any business unrelated thereto and the financing thereof; (ii) does not have any
assets other than those related to its interest in Defeasance Collateral; (iii) maintains its own books, records and accounts,
in each case which are separate and apart from the books, records and accounts of any other Person; (iv) conducts business in its
own name and uses separate stationery, invoices and checks; (v) does not guarantee or assume the debts or obligations of any other
Person; (vi) does not commingle its assets or funds with those of any other Person; (vii) transacts business with affiliates on
an arm’s length basis pursuant to written agreements; and (viii) holds itself out as being a legal entity, separate and apart
from any other Person, and otherwise complies with the single-purpose requirements established by the Rating Agencies. The entity’s
organizational documents also provide that any

 

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dissolution and winding up or insolvency filing for such entity requires the unanimous
consent of all partners or members, as applicable, and that such documents may not be amended with respect to the Single-Purpose
Entity requirements.

 

“Sole Certificateholder”
means any Certificate Owner of a Book-Entry Certificate or a Holder of a Definitive Certificate (or any group of such Certificate
Owners or Holders acting in unanimity) holding 100% of the then outstanding Class F, Class G, Class H and Class J Certificates;
provided that the Aggregate Certificate Balances and Notional Amounts of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-S, Class X-A, Class X-B, Class X-D, Class B, Class C, Class D and Class E Certificates have been reduced to
zero.

 

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

 

“Special Notice”
means any (a) notice transmitted to Certificateholders pursuant to Section 3.6(b) of this Agreement, (b) notice of any request
by at least 25% of the aggregate Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section
9.30(c) of this Agreement and (c) notice of any request by at least 25% of the aggregate Voting Rights of the Certificates
to terminate and replace the Trust Advisor pursuant to Section 10.12(b) of this Agreement.

 

“Special Servicer”
means (a) with respect to the Mortgage Loans other than the Excluded Special Servicer Mortgage Loans, Rialto Capital Advisors,
LLC, or its successor in interest, or any successor Special Servicer appointed as herein provided; and (b) with respect to any
Excluded Special Servicer Mortgage Loan, if any, the related Excluded Special Servicer, or its successor in interest, appointed
as herein provided.

 

“Special Servicer
Compensation” means, with respect to any applicable period, the sum of the Special Servicing Fees, the Liquidation
Fees and Workout Fees and any other amounts to be paid to the Special Servicer pursuant to the terms of this Agreement.

 

“Special Servicer
Decision” means any of the following:

 

(a)          approving
any waiver regarding the receipt of financial statements (other than immaterial timing waivers);

 

(b)          agreeing
to any modification, waiver, consent or amendment of a Mortgage Loan (other than a Non-Serviced Mortgage Loan or a Non-Serviced
Loan Combination), A/B Whole Loan or Loan Pair in connection with a defeasance if such proposed modification, waiver, consent or
amendment is with respect to (i) a waiver of a Mortgage Loan event of default (but excluding non-monetary events of default other
than defaults relating to transfers of interest in the Mortgagor or the existing collateral or material modifications of the existing
collateral), (ii) a modification of the type of Defeasance Collateral required under the related Mortgage Loan documents such that
Defeasance Collateral other than direct, non-callable obligations of the United States of America would be permitted or (iii) a
modification that would permit a Principal

 

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Prepayment instead of defeasance if the related Mortgage Loan documents do not otherwise
permit such Principal Prepayment;

 

(c)          in
circumstances where no lender discretion is permitted other than confirming that the conditions in the related Mortgage Loan documents
have been satisfied (including determining whether any applicable terms or tests have been satisfied), any request to incur additional
debt in accordance with the terms of the related Mortgage Loan documents;

 

(d)          approving
easements that materially affect the use or value of a Mortgaged Property or the Mortgagor’s ability to make payments with
respect to the related Mortgage Loan;

 

(e)          in
circumstances where no lender discretion is permitted other than confirming that the conditions in the applicable Mortgage Loan
documents have been satisfied, any requests for the release of collateral or the acceptance of substitute or additional collateral
for a Mortgage Loan (other than a Non-Serviced Mortgage Loan or any Non-Serviced Loan Combination), A/B Whole Loan or Loan Pair
other than: (i) grants of easements or rights of way that do not materially affect the use or value of the Mortgaged Property or
the Mortgagor’s ability to make any payments with respect to such Mortgage Loan, A/B Whole Loan or Loan Pair; (ii) the release
of collateral securing such Mortgage Loan, A/B Whole Loan or Loan Pair in connection with a defeasance of such collateral; or (iii)
that are related to any condemnation action that is pending, or threatened in writing, and would affect a non-material portion
of the Mortgaged Property;

 

(f)          any
requests for the funding or disbursement of “performance,” “earn-out,” “holdback” or similar
escrows and reserves (including those evidenced by letters of credit) for any Mortgage Loan whose escrows and reserves (i) exceed,
at the related origination date, in the aggregate, 10% of the initial principal balance of such Mortgage Loan (regardless of whether
such funding or disbursement may be characterized as routine and/or customary and regardless of whether such Mortgage Loan has
a primary servicer other than the Master Servicer) or (ii) are not routine and/or customary escrow and reserve fundings or disbursements.

 

(g)          the
modification, waiver, amendment, execution, termination or renewal of any lease (including entering into any related subordination,
non-disturbance and attornment agreement), to the extent lender approval is required under the related Mortgage Loan documents,
and if such lease (i) involves a ground lease or lease of an outparcel or affects an area greater than or equal to the greater
of (x) 10% of leasable space or (y) 20,000 square feet, (ii) is for over 50,000 square feet, or (iii) otherwise constitutes a “major
lease” or “material lease,” if applicable, under the related Mortgage Loan documents, subject to any deemed approval
expressly set forth in the related lease;

 

(h)          any
adoption or implementation of a budget submitted by a Mortgagor with respect to a Mortgage Loan (to the extent lender approval
is required under the related Mortgage Loan documents), if (i) the Mortgage Loan for the related mortgaged property is on the CREFC®
Servicer Watch List or (ii) such budget includes material

 

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(more than 10%) increases in operating expenses or payments to entities
actually known by the Master Servicer to be Affiliates of the related Mortgagor (excluding affiliated managers paid at fee rates
agreed to at the origination of the related Mortgage Loan), subject in each case to any deemed approval expressly set forth in
the related Mortgage Loan documents; and

 

(i)          any
determination as to whether or not to cure any Mortgagor defaults relating to ground leases (or, with respect to leasehold interests
that are Space Leases or air rights leases, Space Leases or air rights leases) that are part of the collateral for the related
Mortgage Loan;

 

provided, that in
the case of each of the foregoing clauses (a) through (i), such action is not otherwise a Major Decision; provided,
further, that with respect to clause (b) of this definition (1) the Master Servicer shall evaluate and process requests
for any modifications described in clauses (b)(i) and (ii) above and obtain the consent or deemed consent of the
Special Servicer as provided in this Agreement and (2) the Special Servicer shall evaluate and process and/or consent to requests
for any modifications described in clause (b)(iii) above.

 

“Special Servicer
Indemnified Parties” has the meaning set forth in Section 9.24(a).

 

“Special Servicer
Losses” has the meaning set forth in Section 9.24(a).

 

“Special Servicer
Remittance Date” means the Business Day following each Determination Date.

 

“Special Servicing
Fee” means, with respect to each Specially Serviced Mortgage Loan and REO Loan (other than an REO Loan that was a
Non-Serviced Mortgage Loan), an amount accrued during any Mortgage Loan Accrual Period at the Special Servicing Fee Rate on the
same balance, in the same manner and for the same number of days as interest at the applicable Mortgage Rate accrued with respect
to such Specially Serviced Mortgage Loan or REO Loan, as the case may be, during such related Mortgage Loan Accrual Period; provided
that such amounts shall be prorated for partial periods (including by reason of a Mortgage Loan, Serviced B Note or Serviced Companion
Loan being a Specially Serviced Mortgage Loan or REO Loan for only part of a related Mortgage Loan Accrual Period).

 

“Special Servicing
Fee Rate” means, with respect to each Specially Serviced Mortgage Loan and REO Loan (other than an REO Loan that
was a Non-Serviced Mortgage Loan), 0.25% per annum (or, if such rate would result in a Special Servicing Fee that would
be less than $2,000 in any given month, such higher rate as would result in a Special Servicing Fee equal to $2,000 for such month).

 

“Special Servicing
Officer” means any officer or employee of the Special Servicer involved in, or responsible for, the administration
and servicing of the Specially Serviced Mortgage Loans whose name and specimen signature appear on a list of servicing officers
or employees furnished to the Trustee, the Custodian, the Certificate Administrator, the Trust Advisor and the Master Servicer
by the Special Servicer signed by an officer of the Special Servicer, as such list may from time to time be amended.

 

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“Specially Serviced
Mortgage Loan” means, as of any date of determination, any Mortgage Loan (other than any Non-Serviced Mortgage Loan),
Serviced Companion Loan or Serviced B Note with respect to which the Master Servicer has notified the parties set forth in Section
8.1(b) that a Servicing Transfer Event has occurred, and the Special Servicer has received all information, documents and records
relating to such Mortgage Loan, Serviced Companion Loan or Serviced B Note as reasonably requested by the Special Servicer to enable
it to assume its duties with respect to such Mortgage Loan, Serviced Companion Loan or Serviced B Note. A Specially Serviced Mortgage
Loan shall cease to be a Specially Serviced Mortgage Loan from and after the date on which the Special Servicer notifies the parties
set forth in Section 8.1(b), that such Mortgage Loan has become a Rehabilitated Mortgage Loan with respect to all applicable
Servicing Transfer Events and the Master Servicer has received all information, documents and records reasonably requested by it
to enable it to perform its servicing duties in respect of such Mortgage Loan, unless and until the Master Servicer notifies the
parties set forth in Section 8.1(b) that another Servicing Transfer Event with respect to such Mortgage Loan, Serviced Companion
Loan or Serviced B Note exists or occurs.

 

“Standard Hazard
Insurance Policy” means a fire and casualty extended coverage insurance policy in such amount and with such coverage
as required by this Agreement.

 

“Startup Day”
means, with respect to each of REMIC I, REMIC II and REMIC III, the day designated as such in Section 12.1(b).

 

“Stated Principal
Balance” means, with respect to any Mortgage Loan (including an REO Mortgage Loan), as of any date of determination,
for purposes of performing various calculations under this Agreement, an amount equal to the Cut-Off Date Principal Balance thereof
(or, in the case of a Qualifying Substitute Mortgage Loan, the outstanding principal balance thereof as of the date of substitution
after taking into account all payment made or due during or prior to the month of substitution), as permanently reduced on each
Distribution Date (to not less than zero) by (i) that portion, if any, of the Principal Distribution Amount for such Distribution
Date described in clause (I)(A) of the definition of “Principal Distribution Amount” that is allocable to such
Mortgage Loan, and (ii) any Realized Principal Loss incurred in respect of such Mortgage Loan during the related Collection Period
(provided that, if some or all of a Realized Principal Loss constitutes an Advance that previously reduced the Stated Principal
Balance thereof by operation of clause (i) above, then the amount of that Advance included in such Realized Principal Loss
shall not further reduce the Stated Principal Balance thereof under this clause (ii), and provided that, for purposes
of allocating Collateral Support Deficits to the respective Classes of the Principal Balance Certificates, a Realized Principal
Loss shall not include any Trust Advisor Expense that has not been allocated pursuant to Section 6.11). Notwithstanding
the foregoing, if a Cash Liquidation, a Principal Prepayment in full, a discounted payoff or an REO Disposition occurs in respect
of any Mortgage Loan or any related REO Property, or, if any Mortgage Loan or any related REO Property is otherwise removed from
the Trust, then the “Stated Principal Balance” thereof (including an REO Mortgage Loan) shall be zero commencing as
of the first (1st) Distribution Date following the end of the applicable Collection Period in which such event occurred.
The “Stated Principal Balance” of any B Note, Serviced Companion Loan or Non-Serviced Companion Loan shall equal its
Unpaid Principal Balance as only reduced on each Distribution Date in accordance with the definition of “Unpaid

 

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Principal
Balance” by principal amounts collected and/or losses incurred during the related Collection Period.

 

“Subcontractor”
means any vendor, subcontractor or other Person that is not responsible for the overall servicing 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, an Additional Servicer or a sub-servicer.

 

“Subordinate
Certificates” means, collectively, the Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H and
Class J Certificates.

 

“Subordinate
Control Period” means any period when the Aggregate Certificate Balance of the Class G Certificates (as notionally
reduced by any Appraisal Reductions allocable to such Class in accordance with Section 6.9) is at least 25% of the initial
Aggregate Certificate Balance of the Class G Certificates; provided, that if at any time the Aggregate Certificate Balance
of the Principal Balance Certificates (other than the Class F Certificates and the Control Eligible Certificates) has been reduced
to zero as a result of the allocation of principal payments on the Mortgage Loans, a Subordinate Control Period shall be deemed
to be in effect, provided, further, that with respect to any Excluded Mortgage Loan, any Controlling Class Certificates
owned by a related Borrower Party will be deemed not to be outstanding with respect to such Excluded Mortgage Loan (including for
purposes of appointing the Special Servicer for such Excluded Mortgage Loan) and the consent of any related Borrower Party with
respect to such Excluded Mortgage Loan shall not be required with respect to any actions that would otherwise require the consent
of the Controlling Class Representative.

 

“Sub-Servicer”
means any Person that (1) is a Servicing Function Participant, (2) Services the assets of the Trust on behalf of (a) the Trust,
(b) the Master Servicer, (c) the Special Servicer, (d) any Additional Servicer, (e) the Certificate Administrator, (f) the Custodian
or (g) any other Person that otherwise constitutes a “Sub-Servicer” under Regulation AB, and (3) is responsible for
the performance (whether directly or through sub-servicers or Subcontractors) of Servicing functions that are required to be performed
by the Trust, the Certificate Administrator, the Master Servicer, the Special Servicer or any Additional Servicer under this Agreement
or any sub-servicing agreement (including any primary servicing agreement) and are identified in Item 1122(d) of Regulation AB.

 

“Successful Bidder”
has the meaning set forth in Section 8.29(d).

 

“Surviving Sub-Servicer”
has the meaning set forth in Section 8.4(a).

 

“TA Unused Fees”
means any amounts in the nature of Trust Advisor Fees that were otherwise payable, as provided in this Agreement, to a Trust Advisor
that has been terminated or resigned, if and to the extent such amounts are not payable to a replacement trust advisor.

 

“TA Unused Fees
Reserve Account” means the TA Unused Fees Reserve Account maintained by the Certificate Administrator in accordance
with the provisions of Section 5.3, which shall be a subaccount of an Eligible Account.

 

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“Tax Matters
Person” means the person designated as the “tax matters person” of each REMIC Pool pursuant to Treasury
Regulations Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1.

 

“Termination
Price” has the meaning set forth in Section 11.1(b).

 

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

 

“Threshold Event
Collateral” means, with respect to any A/B Whole Loan or Loan Pair, any additional collateral posted by the holder
of a related Serviced B Note under the related Intercreditor Agreement so as to enable such holder to remain the Loan-Specific
Directing Holder with respect to such A/B Whole Loan or Loan Pair, as and to the extent provided for in the related Intercreditor
Agreement.

 

“TIA”
means the Trust Indenture Act of 1939.

 

“TIA Applicability
Determination” shall have the meaning set forth in Section 14.20 of this Agreement.

 

“Title Insurance
Policy” means a title insurance policy maintained with respect to a Mortgage Loan issued on the date of origination
of the related Mortgage Loan.

 

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

 

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

 

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

 

“Trust”
means the trust created pursuant to this Agreement, the assets of which (the “Trust Fund”) consist of all the
assets of REMIC I (including the Mortgage Loans (other than Excess Interest), such amounts related thereto as shall from time to
time be held in the Collection Account, the Distribution Account, the Reserve Accounts, the Insurance Policies, any REO Properties
or beneficial interests therein and other items referred to in Section 2.1(a) hereof); REMIC II; REMIC III; and the Excess
Interest Sub-account and any Excess Interest on the Mortgage Loans. The Trust shall not include any Non-Serviced Companion Loan,
any B Note, any interest of the holders of a B Note, any A/B Whole Loan Custodial Account, any Serviced Companion Loan, any interest
of the holders of a Serviced Companion Loan or any Serviced Companion Loan Custodial Account. For the avoidance of doubt, no UBSRES
Seller Defeasance Rights and Obligations, BANA Lender Successor Borrower Right, or MSMCH Seller Defeasance Rights and Obligations
is an asset of the Trust.

 

“Trust Advisor”
means Situs Holdings, LLC, or its successor in interest, or any successor Trust Advisor appointed as herein provided.

 

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“Trust Advisor
Annual Report” has the meaning set forth in Section 10.5(a)(iv).

 

“Trust Advisor
Consulting Fee” means a fee for each Major Decision as to which the Trust Advisor has consulting rights equal to
$10,000 with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan, the Grove City Premium Outlets Mortgage Loan
and the Gulfport Premium Outlets Mortgage Loan) or related A/B Whole Loan or Loan Pair, as applicable, or such lesser amount as
the related Mortgagor agrees to pay, payable pursuant to Section 5.2(a)(iv) of this Agreement; provided, that the
aggregate amount of such Trust Advisor Consulting Fees with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan) or related A/B Whole Loan or Loan Pair, as applicable, may not exceed $10,000 in any calendar year; provided, further,
that no such fee shall be payable unless paid by the related Mortgagor. The Trust Advisor may in its sole discretion reduce the
Trust Advisor Consulting Fee with respect to any Major Decision. The Master Servicer or Special Servicer, as applicable, may waive
or reduce the amount of any Trust Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial
waiver is in accordance with the Servicing Standard; provided, that the Master Servicer or the Special Servicer, as applicable,
shall consult with the Trust Advisor prior to any such waiver or reduction. No Trust Advisor Consulting Fee shall be payable with
respect to any B Note, any Non-Serviced Loan Combination, the Grove City Premium Outlets Loan Pair or the Gulfport Premium Outlets
Loan Pair.

 

“Trust Advisor
Expense Interest Shortfall” means, with respect to each Class of the Class B, Class C, Class D and Class E Certificates
for any Distribution Date, the aggregate amount of Trust Advisor Expenses allocated to such Class to reduce interest payments thereon
on any prior Distribution Date (including as a payment to a more senior Class of Certificates in respect of interest shortfalls
created by previously allocated Trust Advisor Expenses), to the extent not previously reimbursed to such Class pursuant to Section
6.5(a), 6.5(c) and/or Section 6.11(c).

 

“Trust Advisor
Expenses” means, with respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts
or expenses payable to the Trust Advisor pursuant to this Agreement (other than the Trust Advisor Fee and other than any such indemnification
amounts and expenses payable out of the TA Unused Fees Reserve Account and/or Actual Recoveries of Trust Advisor Expenses); provided
that any increase in the Trust Advisor Fee that is payable out of the assets of the Trust (to the extent that such increase arises
out of an increase in the per annum rate at which, or any other change to the manner in which, the Trust Advisor Fee is
calculated) shall constitute a Trust Advisor Expense if such increase is effected without the consent of the Holders of Certificates
representing 66-2/3% of the Voting Rights allocable to the Controlling Class.

 

“Trust Advisor
Fee” means, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan, the Grove City Premium
Outlets Mortgage Loan and the Gulfport Premium Outlets Mortgage Loan), including if such Mortgage Loan becomes an REO Mortgage
Loan, for any related Mortgage Loan Accrual Period, an amount accrued at the applicable Trust Advisor Fee Rate during such related
Mortgage Loan Accrual Period on the same principal balance, in the same manner and for the same number of days as interest at the
applicable Mortgage Rate accrued with respect to such Mortgage Loan (or REO Mortgage Loan) during

 

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such Mortgage Loan Accrual Period,
and prorated for partial periods. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the
Trust Advisor under this Agreement.

 

“Trust Advisor
Fee Rate” means 0.0013% per annum, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage
Loan, the Grove City Premium Outlets Mortgage Loan and the Gulfport Premium Outlets Mortgage Loan) and any successor REO Mortgage
Loan.

 

“Trust Advisor
Standard” means the performance by the Trust Advisor of any of its obligations under this Agreement solely on behalf
of the Trust in the best interest of, and for the benefit of, the Certificateholders (as a collective whole as if such Certificateholders
constituted a single lender), and not any particular Class of Certificateholders, as determined by the Trust Advisor in the exercise
of its good faith and reasonable judgment.

 

“Trust Advisor
Termination Event” has the meaning set forth in Section 10.12(a).

 

“Trust Fund”
has the meaning set forth in the definition of “Trust”.

 

“Trust Mortgage
File” means the mortgage documents listed in the definition of “Mortgage File” hereof pertaining to a
particular Mortgage Loan (and, if applicable, the related Serviced Companion Loan and the related Serviced B Note) and any additional
documents required to be added to the Mortgage File pursuant to this Agreement; provided that whenever the term “Trust
Mortgage File” is used to refer to documents actually received by the Custodian (on behalf of the Trustee), such terms shall
not be deemed to include such documents required to be included therein unless they are actually so received.

 

“Trustee”
means Wells Fargo Bank, National Association, as trustee, or its successor-in-interest, or if any successor trustee or any co-trustee
shall be appointed as herein provided, then “Trustee” shall also mean such successor trustee (subject to Section
7.7 hereof) and such co-trustee (subject to Section 7.9 hereof), as the case may be.

 

“Trustee Fee”
means the portion of the Certificate Administrator Fee payable to the Trustee in an amount agreed to between the Trustee and the
Certificate Administrator.

 

“Trustee Indemnification
Agreement” means that certain indemnification agreement, dated the Pricing Date, between the Trustee, the Depositor,
the Initial Purchasers and the Underwriters, which agreement may be the same agreement as the Certificate Administrator Indemnification
Agreement, if the Certificate Administrator and the Trustee are the same entity.

 

“UBSRES”
has the meaning set forth in the Preliminary Statement hereto.

 

“UBSRES Loans”
means, collectively, those Mortgage Loans sold to the Depositor pursuant to Mortgage Loan Purchase Agreement I and shown on Schedule
I hereto (or, with respect to any Joint Mortgage Loan, UBSRES’ pro rata share of such Joint Mortgage Loans
based on UBSRES’ percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage
Loan).

 

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“UBSRES Seller
Defeasance Rights and Obligations” has the meaning set forth in Section 8.3(h) hereof.

 

“Unallocable
Modification Fee” means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), A/B
Whole Loan or Loan Pair as to which a Modification Fee is collected, the lesser of (i) such Modification Fee, and (ii) 0.75% of
the Unpaid Principal Balance of such Mortgage Loan, A/B Whole Loan or Loan Pair immediately following the related restructuring,
modification, extension, waiver or amendment in connection with which such Modification Fee was collected.

 

“Underwriter”
means each of Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Drexel
Hamilton, LLC, and, in each such case, its respective successor in interest.

 

“United States
Tax Person” means a citizen or resident of the United States, a corporation, partnership (except to the extent provided
in applicable Treasury regulations) or other entity created or organized in or under the laws of the United States, any state of
the United States or the District of Columbia, an estate whose income is subject to United States federal income tax regardless
of the source of its income, 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 United States 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 United States Tax Persons). A person not described in the immediately preceding sentence shall nevertheless be
treated as a United States Tax Person if (i) in the hands of such person the income from a Class R Certificate is effectively connected
with the conduct of a trade or business within the United States and such person has furnished the transferor and the Certificate
Registrar with an effective IRS Form W-8ECI or other prescribed form or (ii) if in connection with the proposed transfer of a Class
R Certificate, the transferor provides an opinion of counsel to the Certificate Registrar to the effect that such transfer will
not be disregarded for federal income tax purposes under Treasury Regulations Section 1.860G-3.

 

“Unliquidated
Advance” means any Advance previously made by a party hereto that has been previously reimbursed to that party by
the Trust as part of a Workout-Delayed Reimbursement Amount pursuant to subsection (iii) of Section 5.2(a)(II),
but that has not been recovered from the Mortgagor or otherwise from collections on or the proceeds of the Mortgage Loan or REO
Property in respect of which the Advance was made.

 

“Unpaid Interest”
means: (a) with respect to any REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest for any
Distribution Date subsequent to the initial Distribution Date, the portion of Distributable Interest for such REMIC I Regular Interest,
REMIC II Regular Interest or Class X REMIC III Regular Interest, as the case may be, remaining unpaid as the close of business
on the preceding Distribution Date; and (b) with respect to any Class of REMIC III Regular Certificates, the portion of Distributable
Certificate Interest for such Class remaining unpaid as of the close of business on the preceding Distribution Date. For avoidance
of doubt, “Unpaid Interest” shall not include any reductions in Distributable Certificate Interest in respect of the
Class B, Class C, Class D or Class E Certificates as a result of the allocation of Trust Advisor Expenses, except to the extent
that there

 

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are Actual Recoveries of Trust Advisor Expenses allocated to such Class pursuant to Section 6.11(c) in respect
of such reductions in Distributable Certificate Interest.

 

“Unpaid Principal
Balance” means, with respect to any Mortgage Loan, Serviced Companion Loan, Non-Serviced Companion Loan or B Note
(including a Mortgage Loan, Serviced Companion Loan, Non-Serviced Companion Loan or B Note that relates to an REO Property), as
of any date of determination, an amount equal to the Cut-Off Date Principal Balance of such Mortgage Loan, Serviced Companion Loan,
Non-Serviced Companion Loan or B Note (or, in the case of a Qualifying Substitute Mortgage Loan, the unpaid principal balance thereof
outstanding as of the date of substitution after taking into account all principal and interest payments made or due during or
prior to the month of substitution), reduced (to not less than zero) by (i) any payments or other collections of amounts allocable
to principal with respect to such Mortgage Loan, Serviced Companion Loan, Non-Serviced Companion Loan or B Note that have been
collected or received on or prior to such date of determination, other than any Scheduled Payments due subsequent to such date
of determination, and (ii) any Realized Principal Loss (or the equivalent) incurred in respect of such Mortgage Loan, Serviced
Companion Loan, Non-Serviced Companion Loan or B Note.

 

“Voting Rights”
means the portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates.
At all times during the term of this Agreement, the percentage of the Voting Rights assigned to each Class shall be: (a) in the
case of the Class V and Class R Certificates, 0%; (b) in the case of any Class of Class X Certificates, a percentage equal to the
product of (i) 1%, multiplied by (ii) a fraction, the numerator of which is the Notional Amount of such Class and the denominator
of which is the aggregate of the Notional Amounts of all Classes of the Class X Certificates; and (c) in the case of any Class
of Principal Balance Certificates, a percentage equal to the product of (i) 99% multiplied by (ii) a fraction, the numerator of
which is equal to the Aggregate Certificate Balance of such Class and the denominator of which is equal to the Aggregate Certificate
Balance of all Classes of Principal Balance Certificates; provided that, if the vote relates to the termination of the Special
Servicer pursuant to Section 9.30 or the Trust Advisor pursuant to Section 10.12, the allocation of Voting Rights
among the respective Classes of Principal Balance Certificates pursuant to clause (c) of this definition shall be based
on the Aggregate Certificate Balance of each Class of Principal Balance Certificates as notionally reduced by any Appraisal Reductions
allocated to such Class. The Voting Rights of any Class of Certificates shall be allocated among Holders of Certificates of such
Class in proportion to their respective Percentage Interests.

 

“Weighted Average
REMIC I Net Mortgage Rate” means, with respect to any Distribution Date, the weighted average of the REMIC I Net
Mortgage Rates for the REMIC I Regular Interests, weighted on the basis of their respective REMIC I Principal Amounts as of the
close of business on the preceding Distribution Date.

 

“WHFIT”
means 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”
means Treasury Regulations section 1.671-5, as amended.

 

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

 

“Workout-Delayed
Reimbursement Amount” has the meaning set forth in subsection (II)(i) of Section 5.2(a).

 

“Workout Fee”
means a fee payable with respect to any Rehabilitated Mortgage Loan, equal to the lesser of (1) $1,000,000 in the aggregate with
respect to any particular workout of a Mortgage Loan (other than any Non-Serviced Mortgage Loan) that is a Specially Serviced Mortgage
Loan and (2) the product of (x) 1.0% and (y) the amount of each collection of interest (other than default interest and any Excess
Interest) and principal received (including any Condemnation Proceeds or Insurance Proceeds received and applied as a collection
of such interest and principal) on such Mortgage Loan (including, for this purpose, any related Serviced Companion Loan or Serviced
B Note, as applicable), for so long as it remains a Rehabilitated Mortgage Loan; provided, that the Workout Fee with respect
to any Rehabilitated Mortgage Loan shall be reduced by the amount of any Excess Modification Fees actually received by the Special
Servicer as additional servicing compensation (i) with respect to the related Mortgage Loan, Serviced Companion Loan or Serviced
B Note, as applicable, at any time within the prior eighteen (18) months in connection with each modification, restructure, extension,
waiver or amendment that constituted a modification of the related Mortgage Loan, Loan Pair or A/B Whole Loan while the Mortgage
Loan or the related Serviced Companion Loan or Serviced B Note, as applicable, was a Specially Serviced Mortgage Loan and (ii)
with respect to the related Mortgage Loan, Serviced Companion Loan or Serviced B Note, as applicable, at any time within the prior
nine (9) months in connection with each modification, restructure, extension, waiver or amendment that constitutes a modification
of the related Mortgage Loan, Loan Pair or A/B Whole Loan while the Mortgage Loan or the related Serviced Companion Loan or Serviced
B Note, as applicable, was a Non-Specially Serviced Mortgage Loan, but, in each case, only to the extent those Excess Modification
Fees have not previously been deducted from a Workout Fee or Liquidation Fee. Notwithstanding the foregoing, if a Mortgage Loan
or Serviced Companion Loan becomes a Specially Serviced Mortgage Loan only because of an event described in clause (i) of the definition
of “Servicing Transfer Event” as a result of payment default on the related maturity date and the related collection
of principal and interest is received within three (3) months following the related maturity date as a result of the related
Mortgage Loan or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled
to collect a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available
for distributions to Certificateholders, but the Special Servicer may collect from the related Mortgagor and retain (x) a workout
fee, (y) such other fees as are provided for in the related Mortgage Loan documents and (z) other appropriate fees in connection
with such workout.

 

“WPC Department
Store Portfolio Directing Holder” means the “Controlling Note Holder” or any analogous term under the
WPC Department Store Portfolio Intercreditor Agreement.

 

“WPC Department
Store Portfolio Intercreditor Agreement” means the intercreditor, co-lender or comparable agreement between the initial
holders of the promissory notes comprising the WPC Department Store Portfolio Non-Serviced Loan Combination.

 

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“WPC Department
Store Portfolio Mortgage” means the Mortgage securing the WPC Department Store Portfolio Non-Serviced Loan Combination.

 

“WPC Department
Store Portfolio Mortgage Loan” means the Mortgage Loan evidenced by the promissory note designated “Note A-1”
and identified as “WPC Department Store Portfolio” on the Mortgage Loan Schedule and that is pari passu in right
of payment with the WPC Department Store Portfolio Non-Serviced Companion Loan to the extent set forth in the WPC Department Store
Portfolio Intercreditor Agreement. The WPC Department Store Portfolio Mortgage Loan is a “Mortgage Loan.”

 

“WPC Department
Store Portfolio Non-Serviced Companion Loan” means, collectively, the promissory notes designated as “Note
A-2” and “Note A-3” that are not included in the Trust and are pari passu in right of payment with the
WPC Department Store Portfolio Mortgage Loan to the extent set forth in the WPC Department Store Portfolio Intercreditor Agreement.
The WPC Department Store Portfolio Non-Serviced Companion Loan is not a “Mortgage Loan.”

 

“WPC Department
Store Portfolio Non-Serviced Loan Combination” means, collectively, the WPC Department Store Portfolio Mortgage Loan
and the WPC Department Store Portfolio Non-Serviced Companion Loan.

 

Section 1.2      Calculations
Respecting Mortgage Loans.

 

(a)          Calculations
required to be made by the Certificate Administrator pursuant to this Agreement with respect to any Mortgage Loan, Serviced Companion
Loan or Serviced B Note shall be made based upon current information as to the terms of such Mortgage Loan, Serviced Companion
Loan and Serviced B Note and reports of payments received from the Master Servicer on such Mortgage Loan, Serviced Companion Loan
and Serviced B Note and payments to be made to the Certificate Administrator as supplied to the Certificate Administrator by the
Master Servicer. The Certificate Administrator shall not be required to recompute, verify or recalculate the information supplied
to it by the Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible
Officer of the Certificate Administrator has actual knowledge of an error in the calculations, the Certificate Administrator shall
inform the Master Servicer of such error.

 

(b)          All
amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Mortgage Loan) in the form of
payments from the related Mortgagor, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable,
in the case of an A/B Whole Loan or Loan Pair, of any amounts payable to the holder of the related Serviced B Note or Serviced
Companion Loan, as applicable, pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing thereunder
(including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Mortgage Loan
documents and Intercreditor Agreement; provided, in the absence of such express provisions or if and to the extent that
such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder after
an event of default under the related Mortgage Loan, all such amounts collected (exclusive, if applicable, in the case of an A/B
Whole Loan or Loan Pair, of any amounts payable 

 

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to the holder of the related Serviced B Note
or Serviced Companion Loan, as applicable, pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for
purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)          as
a recovery of any unreimbursed Advances with respect thereto and unpaid interest on all Advances and, if applicable, unreimbursed
and unpaid Additional Trust Expenses with respect thereto;

 

(ii)        as
a recovery of Nonrecoverable Advances with respect thereto and any interest thereon to the extent previously reimbursed or paid,
as the case may be, from collections on other Mortgage Loans (including REO Mortgage Loans);

 

(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest thereon (exclusive
of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest thereon at the related
Mortgage Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full monthly payment
from the related Mortgagor, through the related Due Date), over (B) the cumulative amount of the reductions (if any) in the amount
of related P&I Advances therefor that have theretofore occurred under this Agreement in connection with Appraisal Reductions
(to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v)
below on earlier dates);

 

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

 

(v)        as
a recovery of accrued and unpaid interest thereon to the extent of the cumulative amount of the reductions (if any) in the amount
of related P&I Advances therefor that have theretofore occurred under this Agreement in connection with related Appraisal Reductions
(to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v)
on earlier dates);

 

(vi)       as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating thereto;

 

(vii)      as
a recovery of any other reserves to the extent then required to be held in escrow with respect thereto;

 

(viii)     as
a recovery of any Prepayment Premiums then due and owing thereunder;

 

(ix)       as
a recovery of any Default Interest or Late Fees then due and owing thereunder;

 

(x)        as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing thereunder;

 

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(xi)       as
a recovery of any other amounts then due and owing thereunder other than remaining unpaid principal and other than, if applicable,
accrued and unpaid Excess Interest (provided that if both consent fees and Trust Advisor Consulting Fees are due and owing, first,
allocated to consent fees and then, allocated to Trust Advisor Consulting Fees);

 

(xii)      as
a recovery of any remaining principal thereof, to the extent of its entire remaining Unpaid Principal Balance; and

 

(xiii)     in
the case of an ARD Mortgage Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that, to the extent required
under the REMIC Provisions, payments or proceeds received with respect to any partial release of a Mortgaged Property if, immediately
following such release, the loan-to-value ratio of the related Mortgage Loan exceeds 125% (based solely on the value of real property
and excluding personal property and going concern value, if any), must be allocated to reduce the principal balance of the Mortgage
Loan in the manner permitted by such REMIC Provisions.

 

(c)          Collections
by or on behalf of the Trust in respect of the REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an A/B Whole Loan
or a Loan Pair, exclusive of any amounts payable to the holder of the related Serviced B Note or Serviced Companion Loan, as applicable,
pursuant to the related Intercreditor Agreement) shall be deemed allocated for purposes of collecting amounts due under the related
REO Mortgage Loan in the following order of priority:

 

(i)         as
a recovery of any unreimbursed Advances with respect thereto and unpaid interest on all Advances and, if applicable, unreimbursed
and unpaid Additional Trust Expenses with respect thereto;

 

(ii)        as
a recovery of Nonrecoverable Advances with respect thereto and any interest thereon to the extent previously reimbursed or paid,
as the case may be, from collections on other Mortgage Loans (including REO Mortgage Loans);

 

(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest thereon (exclusive
of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest thereon at the related
Mortgage Rate to, but not including, the Due Date in the Collection Period in which such collections were received, over (B) the
cumulative amount of the reductions (if any) in the amount of related P&I Advances therefor that have theretofore occurred
under this Agreement in connection with Appraisal Reductions (to the extent that collections have not been allocated as a recovery
of accrued and unpaid interest pursuant to clause (v) below or Section 1.2(b)(v) on earlier dates);

 

(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal thereof to the extent of its
entire unpaid principal balance;

 

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(v)        as
a recovery of accrued and unpaid interest thereon to the extent of the cumulative amount of the reductions (if any) in the amount
of related P&I Advances therefor that have theretofore occurred under this Agreement in connection with related Appraisal Reductions
(to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this
clause (v) or Section 1.2(b)(v) on earlier dates);

 

(vi)       as
a recovery of any Prepayment Premiums then due and owing thereunder;

 

(vii)      as
a recovery of any Default Interest or Late Fees then due and owing thereunder;

 

(viii)     as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing thereunder;

 

(ix)       as
a recovery of any other amounts then due and owing thereunder other than, if applicable, accrued and unpaid Excess Interest (provided
that if both consent fees and Trust Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Trust Advisor Consulting Fees); and

 

(x)        in
the case of an REO Mortgage Loan that is an ARD Mortgage Loan after the related Anticipated Repayment Date, any accrued but unpaid
Excess Interest.

 

(d)          The
applications of amounts received in respect of any Mortgage Loan pursuant to subsection (b) of this Section 1.2 shall
be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect
of any REO Mortgage Loan or any REO Property pursuant to subsection (c) of this Section 1.2 shall be determined by
the Special Servicer in accordance with the Servicing Standard.

 

(e)          All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or
REO Property (including for purposes of the definition of “Servicing Standard”) shall be made using the Calculation
Rate.

 

Section 1.3       Calculations
Respecting Accrued Interest. Accrued interest on any Certificate shall be calculated on a 30/360 Basis. Pass-Through Rates
shall be carried out to eight (8) decimal places, rounded if necessary. All dollar amounts calculated hereunder shall be rounded
to the nearest penny.

 

Section 1.4      Interpretation.

 

(a)          Whenever
the Agreement refers to a Distribution Date and a “related” Collection Period, Determination Date, Distribution Date
Statement, Due Date, Interest Accrual Period, Master Servicer Remittance Date, Record Date, Report Date or Special Servicer Remittance
Date, such reference shall be to the Collection Period, Determination Date, Distribution Date Statement, Due Date, Interest Accrual
Period, Master Servicer Remittance Date, Record Date, Report Date or Special Servicer Remittance Date, as applicable, immediately
preceding (or, in the case of a period, most recently ended prior to) such Distribution Date.

 

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(b)          As
used herein and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined
in Section 1.1 shall have the respective meanings given to them under generally accepted accounting principles or regulatory
accounting principles, as applicable.

 

(c)          The
words “hereof,” “herein” and “hereunder,” and words of similar import, when used in this Agreement,
shall refer to this agreement as a whole and not to any particular provision of this Agreement, and references to Sections, Schedules
and Exhibits contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise
specified.

 

(d)          Whenever
a term is defined herein, the definition ascribed to such term shall be equally applicable to both the singular and plural forms
of such term and to masculine, feminine and neuter genders of such term.

 

(e)          References
herein to “Articles”, “Sections”, “Subsections”, “Paragraphs” and other subdivisions
without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement.

 

(f)          A
reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section
in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions.

 

(g)          The
terms “include”, includes” or “including” shall mean without limitation by reason of enumeration.

 

(h)          This
Agreement is the result of arm’s-length negotiations between the parties and has been reviewed by each party hereto and its
counsel. Each party agrees that any ambiguity in this Agreement shall not be interpreted against the party drafting the particular
clause which is in question.

 

Section 1.5          ARD
Loans.  Notwithstanding any provision of this Agreement:

 

(a)          With
respect to any ARD Loans, the Excess Interest accruing as a result of the step-up in the Mortgage Rate upon failure of the related
Mortgagor to pay the principal due on the Anticipated Repayment Date as specifically provided for in the related Mortgage Note
shall not be taken into account for purposes of the definitions of “Appraisal Reduction,” “Assumed Scheduled
Payment,” “Mortgage Rate,” “Prepayment Premium,” “Prepayment Interest Shortfall,” “Prepayment
Interest Excess,” “Purchase Price” and “Realized Loss.”

 

(b)          Excess
Interest on the ARD Mortgage Loans shall constitute an asset of the Trust but not an asset of any REMIC Pool.

 

(c)          Neither
the Master Servicer nor the Special Servicer shall take any enforcement action with respect to the payment of Excess Interest on
any Mortgage Loan unless the taking of such action is consistent with the Servicing Standard and all other amounts due under such
Mortgage Loan have been paid, and, in the good faith and reasonable judgment of the Master Servicer and the Special Servicer, as
the case may be, the Liquidation Proceeds expected

 

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to be recovered in connection with such enforcement action will cover the anticipated
costs of such enforcement action and, if applicable, any associated interest thereon.

 

(d)          Neither
Liquidation Fees nor Workout Fees shall be deemed to be earned on Excess Interest, nor shall Excess Interest be included as part
of any servicing compensation.

 

(e)          With
respect to an ARD Mortgage Loan, after its Anticipated Repayment Date, the Master Servicer or the Special Servicer, as the case
may be, shall be permitted, in its discretion, to waive in accordance with and subject to Section 8.18 and Section 9.5
hereof, all or any accrued Excess Interest if, prior to the related Maturity Date, the related Mortgagor has requested the right
to prepay the Mortgage Loan in full together with all payments required by the Mortgage Loan in connection with such prepayment
except for all or a portion of accrued Excess Interest, provided that the Master Servicer’s or the Special Servicer’s
determination to waive the right to such accrued Excess Interest is in accordance with the Servicing Standard and with Section
8.18 and Section 9.5 hereof. The Master Servicer or the Special Servicer, as the case may be, will have no liability
to the Trust, the Certificateholders or any other person so long as such determination is based on such criteria.

 

(f)          With
respect to an ARD Mortgage Loan, the Master Servicer or Special Servicer, as the case may be, may (but, consistent with the Servicing
Standard, shall not be obligated to) 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.

 

Section 1.6          Certain
Matters with Respect to Loan Pairs, A/B Whole Loans and Non-Serviced Loan Combinations.

 

(a)          The
parties hereto acknowledge that, pursuant to the related Intercreditor Agreement, if a Serviced Pari Passu Mortgage Loan or A Note,
as applicable, is no longer part of the Trust or is no longer serviced pursuant to the terms of this Agreement, the holder of such
Serviced Pari Passu Mortgage Loan or A Note, as applicable, shall negotiate one or more new servicing agreements with the Master
Servicer (or, if applicable, a Surviving Sub-Servicer) and the Special Servicer, provided that, prior to entering into any
such new servicing agreement, the new holder of such Serviced Pari Passu Mortgage Loan or A Note, as applicable, shall provide
to the holder of the related Serviced Companion Loan and/or Serviced B Note copies of written communications provided to each NRSRO
then rating any securitization relating to such Serviced Companion Loan and/or Serviced B Note notifying such NRSROs of such new
servicing agreement; provided, that prior to such time the Master Servicer (or, if applicable, a Surviving Sub-Servicer)
and the Special Servicer shall continue to service the related Loan Pair and/or A/B Whole Loan to the extent provided in the related
Intercreditor Agreement. The parties hereto further acknowledge that if a Serviced Pari Passu Mortgage Loan or A Note, as applicable,
is no longer part of the Trust or is no longer serviced pursuant to the terms of this Agreement, the Master Servicer shall have
no further obligation to make P&I Advances with respect to such Serviced Pari Passu Mortgage Loan or A Note, as applicable.

 

(b)          For
the avoidance of doubt and subject to subsection (a) above, the parties acknowledge that the rights and duties of each
of the Master Servicer and the Special Servicer under Article VIII and Article IX and the obligation of the
Master Servicer to make Advances,

 

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insofar as such rights, duties and obligations relate to any A/B Whole Loan (including both the related A Note
and the related Serviced B Note) or Loan Pair, shall terminate upon the earliest to occur of the following with respect to such
A/B Whole Loan or Loan Pair, as the case may be: (i) any repurchase of or substitution for the related A Note or Serviced Pari
Passu Mortgage Loan by the applicable Seller pursuant to Section 2.3; (ii) any purchase of the related A Note or Serviced
Pari Passu Loan by the owner of the related Serviced B Note or Serviced Companion Loan pursuant to the terms of the related Intercreditor
Agreement; and (iii) any payment in full of any and all amounts due (or deemed due) under the related A Note or Serviced Pari Passu
Mortgage Loan (or its successor REO Mortgage Loan) including amounts to which the holder of such A Note or Serviced Pari Passu
Mortgage Loan is entitled under the related Intercreditor Agreement; provided, that this statement shall not limit (A) the
duty of the Master Servicer or the Special Servicer to deliver or make available the reports otherwise required of it hereunder
with respect to the Collection Period in which such event occurs or (B) the rights of the Master Servicer or the Special Servicer
that may otherwise accrue or arise in connection with the performance of its duties hereunder with respect to such A/B Whole Loan
or Loan Pair prior to the date on which such event occurs.

 

(c)          In
connection with any purchase described in clause (ii) of Section 1.6(b) or an event described in clause (iii)
of Section 1.6(b), the Custodian, the Master Servicer and the Special Servicer shall each tender to (in the case of a purchase
under such clause (ii)) the related purchaser (provided that the related purchaser shall have paid the full amount
of the applicable purchase price) or (in the case of such clause (iii)) to the holder of the related Serviced Companion
Loan or Serviced B Note (if then still outstanding), after delivery to them of a receipt executed by such purchaser or holder,
all portions of the Mortgage File and other documents pertaining to such Loan Pair or A/B Whole Loan, as applicable, possessed
by it, and each document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or
appropriate to such purchaser or holder (or the designee of such purchaser or holder) in the same manner, and pursuant to appropriate
forms of assignment, substantially similar to the manner and forms pursuant to which documents were previously assigned to the
Trustee by the related Seller, but in any event, without recourse, representation or warranty; provided that such tender
by such party shall be conditioned upon its receipt from the Master Servicer of a Request for Release. The Master Servicer shall,
and is also hereby authorized and empowered by the Trustee to, convey to such purchaser or such holder any deposits then held in
an Escrow Account relating to the applicable A/B Whole Loan or Loan Pair. If a Serviced Pari Passu Mortgage Loan, the related Serviced
Companion Loan and any related Serviced B Note or an A Note and the related Serviced B Note are then REO Loans, then the Special
Servicer shall, and is also hereby authorized and empowered by the Trustee to, convey to such purchaser or such holder, in each
case, to the extent not needed to pay or reimburse the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator
or the Trustee in accordance with this Agreement, deposits then held in the REO Account insofar as they relate to the related REO
Property.

 

(d)          If
an expense under this Agreement relates, in the reasonable judgment of the Master Servicer, the Special Servicer, the Trustee,
the Custodian or the Certificate Administrator, as applicable, primarily to the administration of the Trust or any REMIC or grantor
trust formed hereunder or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions
or provisions relating to the grantor trust or

 

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the actual payment of any REMIC tax or expense or grantor trust tax or expense with
respect to any REMIC or grantor trust formed hereunder, then such expense shall not be allocated to, deducted or reimbursed from,
or otherwise charged against the holder of any Serviced Companion Loan or Serviced B Note and such holder shall not suffer any
adverse consequences as a result of the payment of such expense.

 

(e)          With
respect to the 525 Seventh Avenue Loan Pair, the parties hereto acknowledge and agree that the 525 Seventh Avenue Mortgage Loan
is pari passu in right of payment with the 525 Seventh Avenue Serviced Companion Loan to the extent set forth in the 525
Seventh Avenue Intercreditor Agreement. At no time shall any holder of the 525 Seventh Avenue Serviced Companion Loan be the Loan-Specific
Directing Holder for the 525 Seventh Avenue Loan Pair; provided, that, the holder of the 525 Seventh Avenue Serviced Companion
Loan shall have certain limited non-binding consultation rights (and the Master Servicer or the Special Servicer, as appropriate
in light of the circumstances, shall use reasonable efforts to consult with such holder to the extent such holder requests consultation)
as and to the extent set forth in the 525 Seventh Avenue Intercreditor Agreement.

 

(f)          With
respect to the Ellenton Premium Outlets Loan Pair, the parties hereto acknowledge and agree that the Ellenton Premium Outlets Mortgage
Loan is pari passu in right of payment with the Ellenton Premium Outlets Serviced Companion Loan to the extent set forth
in the Ellenton Premium Outlets Intercreditor Agreement. At no time shall any holder of the Ellenton Premium Outlets Serviced Companion
Loan be the Loan-Specific Directing Holder for the Ellenton Premium Outlets Loan Pair; provided, that, the holder of the
Ellenton Premium Outlets Serviced Companion Loan shall have certain limited non-binding consultation rights (and the Master Servicer
or the Special Servicer, as appropriate in light of the circumstances, shall use reasonable efforts to consult with such holder
to the extent such holder requests consultation) as and to the extent set forth in the Ellenton Premium Outlets Intercreditor Agreement.

 

(g)          The
parties hereto acknowledge and agree that the Grove City Premium Outlets Mortgage Loan is pari passu in right of payment
with the Grove City Premium Outlets Companion Loan to the extent set forth in the Grove City Premium Outlets Intercreditor Agreement.
The Grove City Premium Outlets Directing Holder shall at all times have consent rights and the right to direct the Master Servicer
and Special Servicer (or, on and after the Grove City Premium Outlets Companion Loan Securitization Date, the applicable Non-Serviced
Mortgage Loan Master Servicer and Non-Serviced Mortgage Loan Special Servicer) with respect to the administration of the Grove
City Premium Outlets Loan Pair as and to the extent set forth in the Grove City Premium Outlets Intercreditor Agreement; provided,
that, on and after the Grove City Premium Outlets Companion Loan Securitization Date, the Controlling Class Representative (during
any Subordinate Control Period and any Collective Consultation Period) shall have certain limited non-binding consultation rights
(and the applicable Non-Serviced Mortgage Loan Master Servicer or the applicable Non-Serviced Mortgage Loan Special Servicer, as
appropriate in light of the circumstances, shall be required to consult with the Controlling Class Representative to the extent
the Controlling Class Representative requests consultation in accordance with the terms of the Grove City Premium Outlets Intercreditor
Agreement) as and to the extent set forth in the Grove City Premium Outlets Intercreditor Agreement.

 

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(h)          In
connection with the securitization of the controlling portion of the Grove City Premium Outlets Companion Loan, upon the request
of (and at the expense of) the related Serviced Companion Loan holder, each of the Master Servicer and the Special Servicer, as
applicable, shall use reasonable efforts to cooperate with such Serviced Companion Loan holder in attempting to cause the related
Mortgagor to provide information relating to the Grove City Premium Outlets Loan Pair and the related notes, and that such holder
reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to an Other Securitization
that will include such Serviced Companion Loan.

 

(i)          On
and after the Grove City Premium Outlets Companion Loan Securitization Date, the Grove City Premium Outlets Mortgage Loan and the
Grove City Premium Outlets Companion Loan, collectively, shall be a “Non-Serviced Loan Combination,” the Grove City
Premium Outlets Companion Loan shall be a “Non-Serviced Companion Loan,” and the Grove City Premium Outlets Mortgage
Loan shall be a “Non-Serviced Mortgage Loan.”

 

(j)          On
the Grove City Premium Outlets Companion Loan Securitization Date (i) the Custodian shall, upon receipt of a Request for Release,
transfer the Mortgage File (other than the promissory note(s) evidencing the Grove City Premium Outlets Mortgage Loan, and any
accompanying allonges, the originals of which shall be retained by the Custodian) for the Grove City Premium Outlets Loan Pair
to the applicable Other Custodian, retain a copy of each such transferred document and otherwise take all actions reasonably necessary
for the transfer of custody of such Mortgage Loan documents to such Other Custodian, (ii) upon receipt of written request and proposed
assignment documentation, the Master Servicer (pursuant to the power of attorney executed by the Trustee pursuant to Section
2.3(b)) shall execute assignment documentation reasonably acceptable to it and reasonably necessary to assign to the Other
Trustee the applicable Mortgage Loan documents related to the Grove City Premium Outlets Loan Pair and (iii) upon receipt of written
request, the Master Servicer shall transfer the Servicer Mortgage File for, and otherwise take all actions reasonably necessary
for the transfer of the servicing of, the Grove City Premium Outlets Loan Pair to the Other Master Servicer.

 

(k)          The
parties hereto acknowledge and agree that the Gulfport Premium Outlets Mortgage Loan is pari passu in right of payment with
the Gulfport Premium Outlets Companion Loan to the extent set forth in the Gulfport Premium Outlets Intercreditor Agreement. The
Gulfport Premium Outlets Directing Holder shall at all times have consent rights and the right to direct the Master Servicer and
Special Servicer (or, on and after the Gulfport Premium Outlets Companion Loan Securitization Date, the applicable Non-Serviced
Mortgage Loan Master Servicer and Non-Serviced Mortgage Loan Special Servicer) with respect to the administration of the Gulfport
Premium Outlets Loan Pair as and to the extent set forth in the Gulfport Premium Outlets Intercreditor Agreement; provided,
that, on and after the Gulfport Premium Outlets Companion Loan Securitization Date, the Controlling Class Representative (during
any Subordinate Control Period and any Collective Consultation Period) shall have certain limited non-binding consultation rights
(and the applicable Non-Serviced Mortgage Loan Master Servicer or the applicable Non-Serviced Mortgage Loan Special Servicer, as
appropriate in light of the circumstances, shall be required to consult with the Controlling Class Representative to the extent
the Controlling Class Representative requests consultation in accordance with the terms of the Gulfport Premium Outlets Intercreditor
Agreement) as and to the extent set forth in the Gulfport Premium Outlets Intercreditor Agreement.

 

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(l)          In
connection with the securitization of the controlling portion of the Gulfport Premium Outlets Companion Loan, upon the request
of (and at the expense of) the related Serviced Companion Loan holder, each of the Master Servicer and the Special Servicer, as
applicable, shall use reasonable efforts to cooperate with such Serviced Companion Loan holder in attempting to cause the related
Mortgagor to provide information relating to the Gulfport Premium Outlets Loan Pair and the related notes, and that such holder
reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to an Other Securitization
that will include such Serviced Companion Loan.

 

(m)          On
and after the Gulfport Premium Outlets Companion Loan Securitization Date, the Gulfport Premium Outlets Mortgage Loan and the Gulfport
Premium Outlets Companion Loan, collectively, shall be a “Non-Serviced Loan Combination,” the Gulfport Premium Outlets
Companion Loan shall be a “Non-Serviced Companion Loan,” and the Gulfport Premium Outlets Mortgage Loan shall be a
“Non-Serviced Mortgage Loan.”

 

(n)          On
the Gulfport Premium Outlets Companion Loan Securitization Date (i) the Custodian shall, upon receipt of a Request for Release,
transfer the Mortgage File (other than the promissory note(s) evidencing the Gulfport Premium Outlets Mortgage Loan, and any accompanying
allonges, the originals of which shall be retained by the Custodian) for the Gulfport Premium Outlets Loan Pair to the applicable
Other Custodian, retain a copy of each such transferred document and otherwise take all actions reasonably necessary for the transfer
of custody of such Mortgage Loan documents to such Other Custodian, (ii) upon receipt of written request and proposed assignment
documentation, the Master Servicer (pursuant to the power of attorney executed by the Trustee pursuant to Section 2.3(b))
shall execute assignment documentation reasonably acceptable to it and reasonably necessary to assign to the Other Trustee the
applicable Mortgage Loan documents related to the Gulfport Premium Outlets Loan Pair and (iii) upon receipt of written request,
the Master Servicer shall transfer the Servicer Mortgage File for, and otherwise take all actions reasonably necessary for the
transfer of the servicing of, the Gulfport Premium Outlets Loan Pair to the Other Master Servicer.

 

(o)          With
respect to the WPC Department Store Portfolio Non-Serviced Loan Combination, the parties hereto acknowledge and agree that the
WPC Department Store Portfolio Mortgage Loan is pari passu in right of payment with the WPC Department Store Portfolio Non-Serviced
Companion Loan to the extent set forth in the WPC Department Store Portfolio Intercreditor Agreement. The WPC Department Store
Portfolio Directing Holder shall at all times have consent rights and the right to direct the applicable Non-Serviced Mortgage
Loan Master Servicer and Non-Serviced Mortgage Loan Special Servicer with respect to the administration of the WPC Department Store
Portfolio Non-Serviced Loan Combination as and to the extent set forth in the WPC Department Store Portfolio Intercreditor Agreement;
provided, that, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation
Period) shall have certain limited non-binding consultation rights (and the applicable Non-Serviced Mortgage Loan Master Servicer
or Non-Serviced Mortgage Loan Special Servicer, as appropriate in light of the circumstances, shall be required to consult with
the Controlling Class Representative to the extent the Controlling Class Representative requests consultation in accordance with
the terms of the WPC Department Store Portfolio Intercreditor Agreement) as and to the extent set forth in the WPC Department Store
Portfolio Intercreditor Agreement.

 

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(p)          With
respect to the Cape May Hotels Non-Serviced Loan Combination, the parties hereto acknowledge and agree that the Cape May Hotels
Mortgage Loan is pari passu in right of payment with the Cape May Hotels Non-Serviced Companion Loan to the extent set forth
in the Cape May Hotels Intercreditor Agreement. The Cape May Hotels Directing Holder shall at all times have consent rights and
the right to direct the applicable Non-Serviced Mortgage Loan Master Servicer and Non-Serviced Mortgage Loan Special Servicer with
respect to the administration of the Cape May Hotels Non-Serviced Loan Combination as and to the extent set forth in the Cape May
Hotels Intercreditor Agreement; provided, that, the Controlling Class Representative (during any Subordinate Control Period
and any Collective Consultation Period) shall have certain limited non-binding consultation rights (and the applicable Non-Serviced
Mortgage Loan Master Servicer or Non-Serviced Mortgage Loan Special Servicer, as appropriate in light of the circumstances, shall
be required to consult with the Controlling Class Representative to the extent the Controlling Class Representative requests consultation
in accordance with the terms of the Cape May Hotels Intercreditor Agreement) as and to the extent set forth in the Cape May Hotels
Intercreditor Agreement.

 

(q)          With
respect to the Charles River Plaza North Non-Serviced Loan Combination, the parties hereto acknowledge and agree that (i) the Charles
River Plaza North Mortgage Loan is pari passu in right of payment with the Charles River Plaza North Non-Serviced Companion
Loan to the extent set forth in the Charles River Plaza North Intercreditor Agreement and (ii) the Charles River Plaza North B
Note is generally subordinate in right of payment to the Charles River Plaza North Mortgage Loan and the Charles River Plaza North
Non-Serviced Companion Loan to the extent set forth in the Charles River Plaza North Intercreditor Agreement. The Charles River
Plaza North Directing Holder shall at all times have consent rights and the right to direct the applicable Non-Serviced Mortgage
Loan Master Servicer and Non-Serviced Mortgage Loan Special Servicer with respect to the administration of the Charles River Plaza
North Non-Serviced Loan Combination as and to the extent set forth in the Charles River Plaza North Intercreditor Agreement; provided,
that, during any Subordinate Control Period and any Collective Consultation Period, the Controlling Class Representative shall
have certain limited non-binding consultation rights (and the applicable Non-Serviced Mortgage Loan Master Servicer or the Non-Serviced
Mortgage Loan Special Servicer, as appropriate in light of the circumstances, shall be required to consult with the Controlling
Class Representative to the extent the Controlling Class Representative requests consultation in accordance with the terms of the
Charles River Plaza North Intercreditor Agreement) as and to the extent, and during such periods, set forth in the Charles River
Plaza North Intercreditor Agreement.

 

(r)          Any
Other Depositor, Other Master Servicer, Other Special Servicer, Other Certificate Administrator, Other Trustee and Other Trust
Advisor (and any director, officer, employee or agent of any of the foregoing) (collectively, the “Other Indemnified Parties”)
shall be indemnified by the Trust against, and the Trust shall promptly reimburse such Other Indemnified Parties for, any claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with servicing and administration of the related Non-Serviced Mortgage Loan under the related Other Companion
Loan Pooling and Servicing Agreement, this Agreement or the related Intercreditor Agreement (or, with respect to the related Other
Trust Advisor, incurred in connection with the provision of services for such Non-Serviced Mortgage Loan) (but excluding

 

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any such
losses allocable to the related Non-Serviced Companion Loans) to the extent of its pro rata share of such indemnified items;
provided, that such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically required
to be borne by such party, without right of reimbursement, pursuant to the terms of the related Other Companion Loan Pooling and
Servicing Agreement; (ii) incurred in connection with any legal action or claim against such party resulting from any breach of
a representation or warranty made by such person under the related Other Companion Loan Pooling and Servicing Agreement; or (iii)
incurred in connection with any legal action or claim against such party resulting from any willful misfeasance, bad faith or negligence
in the performance of such person’s obligations and duties under the related Other Companion Loan Pooling and Servicing Agreement
or the related Intercreditor Agreement or resulting from negligent disregard of such obligations and duties.

 

(s)          Promptly
following the Closing Date, with respect to any Loan Pair or Non-Serviced Loan Combination, the Master Servicer shall deliver to
any holder of a related Serviced Companion Loan or (solely if a Non-Serviced Companion Loan is the “Lead Securitization Note”
(or similar term, in any case, as defined in the related Intercreditor Agreement)) a related Non-Serviced Companion Loan, as applicable
(or Other Master Servicer, Other Special Servicer and Other Trustee on its behalf), written notice of (i) the securitization of
the related Mortgage Loan stating that, as of the Closing Date, the Trustee is the holder of the applicable Mortgage Loan and (ii)
any change in the identity of the Master Servicer or other party hereto designated in accordance with Section 9.3(e) to exercise
the rights of the “Non-Directing Holder” or such other analogous term as may be set forth in the related Intercreditor
Agreement. Such notice shall be accompanied by the name and contact information of each of the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer and the Controlling Class Representative, as well as a copy of this Agreement.

 

(t)          Upon
request of an Other Master Servicer or Other Special Servicer, as applicable, with respect to any Loan Pair, the Master Servicer
and the Special Servicer shall provide each Other Master Servicer and Other Special Servicer that is servicing or otherwise has
duties with respect to a related Serviced Companion Loan such information as is necessary to enable each such Other Master Servicer
or Other Special Servicer to perform its related servicing and other duties under the related Other Companion Loan Pooling and
Servicing Agreement.

 

(u)          To
the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor
Agreement for a Loan Pair or a Non-Serviced Loan Combination are deemed incorporated herein by reference, and the parties hereto
shall comply with those provisions as if set forth herein in full.

 

Section 1.7          Rating
Agency Confirmations.

 

(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 a Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) attempting to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any 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

 

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has responded in a manner
that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation,
then (i) such Requesting Party shall (without providing notice to the 17g-5 Information Provider) confirm that the applicable Rating
Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation
again and (ii) if there is no response to either such Rating Agency Confirmation request within five (5) Business Days of such
second request or such Rating Agency has responded in a manner that indicates it is neither reviewing such request nor waiving
the requirement for Rating Agency Confirmation, (x) with respect to any such condition in any Mortgage Loan document requiring
such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loans (other
than as set forth in clause (y) below), the Requesting Party (or, if the Requesting Party is the related Mortgagor, then the Master
Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage
Loans and REO Loans), as applicable) shall determine, in accordance with its duties under this Agreement and, in the case of the
Master Servicer or the Special Servicer, in accordance with the Servicing Standard, whether or not such action would be in the
best interests of the Certificateholders and, in the case of an A/B Whole Loan or Loan Pair, Certificateholders and any holder
of any related Serviced B Note or Serviced Companion Loan (as a collective whole as if such Certificateholders and Serviced B Note
or Serviced Companion Loan holder constituted a single lender), and if the Requesting Party (or, if the Requesting Party is the
related Mortgagor, then the Master Servicer or the Special Servicer, as applicable) determines that such action would be in the
best interest of such parties, then the requirement for a Rating Agency Confirmation will be deemed not to apply, and (y) with
respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed to be satisfied (i) if Morningstar
is the non-responding Rating Agency, such replacement master servicer or special servicer is acting as master servicer or special
servicer, as applicable, in a commercial mortgage loan securitization that was rated by an NRSRO within the twelve (12) month period
prior to the date of determination and Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings
of one or more classes of such commercial mortgage-backed certificates citing servicing concerns with the replacement master servicer
or special servicer, as applicable, as the sole or material factor in such rating action, (ii) if Fitch is the non-responding Rating
Agency, if the applicable replacement is rated at least “CMS3” (in the case of the Master Servicer) or “CSS3”
(in the case of the Special Servicer), (iii) if KBRA is the non-responding Rating Agency, the non-responding Rating Agency has
not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in any other CMBS transaction rated by KBRA and serviced by the applicable servicer prior to the time of determination, or (iv)
if Moody’s is the non-responding Rating Agency, (A) the applicable replacement master servicer or special servicer, as applicable,
confirms in writing that it was appointed to act as the master servicer or special servicer as applicable, on a transaction level
basis on the closing date of a commercial mortgage loan securitization with respect to which Moody’s rated one or more classes
of certificates and one or more of such classes of certificates are still outstanding and rated by Moody’s and (B) Moody’s
has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of
securities rated by Moody’s in any other commercial mortgage-

 

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backed securities transaction serviced by the applicable servicer
prior to the time of determination.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 1.7(a) following
any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Master Servicer or Special Servicer, as
the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular
item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website
in accordance with Section 5.7 of this Agreement.

 

(b)          Notwithstanding
anything to the contrary in this Section 1.7, 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), release or substitution of any
collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents with respect to which the Master Servicer
or Special Servicer would have been required to make the determination described in Section 1.7(a) shall be deemed not to
apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related Mortgagor, the Master
Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage
Loans and REO Loans), as applicable); provided, that the Requesting Party (or the Master Servicer or the Special Servicer,
as applicable) shall in any event review the other conditions required under the related Mortgage Loan documents with respect to
such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such conditions
(other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)          For
all other matters or actions not specifically discussed in Section 1.7(a) above, the applicable Requesting Party shall deliver
a Rating Agency Confirmation from each Rating Agency.

 

(d)          Unless
otherwise indicated herein, all notices and Rating Agency Communications and requests for Rating Agency Confirmations to the Rating
Agencies shall be in writing and sent by first class mail, telecopy, electronic mail or overnight courier, as follows:

 

If to Moody’s, to:

Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Fax: (212) 553-0300

Attention: Commercial Mortgage Surveillance Group

Email: CMBSSurveillance@moodys.com

 

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If to Fitch, to:

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Fax: (212) 635-0294

Attention: Commercial Mortgage Surveillance

Email: info.cmbs@fitchratings.com

 

If to KBRA, to:

Kroll Bond Rating Agency, Inc.

845 Third Avenue

New York, New York 10022

Attention: CMBS Surveillance

Email: CMBSSurveillance@krollbondratings.com

 

If to Morningstar, to:

Morningstar Credit Ratings, LLC

220 Gibraltar Road, Suite 300

Horsham, Pennsylvania 19044

Attention: CMBS Surveillance

Email: cmbsratings@morningstar.com

 

or at such other address as shall be provided
in writing to the Depositor by such Rating Agency, which other address the Depositor shall promptly provide to the other parties
hereto.

 

(e)          The
delivery of any notice, document, information or communication to a Rating Agency shall be subject to Section 5.7. Any Rating
Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator, the Custodian 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 5.7.

 

ARTICLE
II

DECLARATION OF TRUST;

ISSUANCES OF CERTIFICATES

 

Section 2.1          Conveyance
of Mortgage Loans.

 

(a)          Effective
as of the Closing Date, the Depositor does hereby establish a trust designated as “Morgan Stanley Capital I Trust 2015-UBS8”
and assign in trust to the Trustee, without recourse, for the benefit of the Certificateholders all the right, title and interest

 

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of the Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule including the related Mortgage
Notes, Mortgages, security agreements and title, hazard and other insurance policies, including all Qualifying Substitute Mortgage
Loans, all distributions with respect thereto payable after the Cut-Off Date, the Mortgage File and all rights, if any, of the
Depositor in the Distribution Account, all REO Accounts, the Collection Account and the Reserve Accounts, (ii) the Depositor’s
rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Trustee pursuant to Section 14
thereof, (iii) the Initial Deposit, (iv) the Depositor’s rights under any Intercreditor Agreement, Non-Serviced Mortgage
Loan Intercreditor Agreement and the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement with respect to any Non-Serviced
Mortgage Loan and (v) all other assets included or to be included in REMIC I or the Grantor Trust. Such assignment includes all
interest and principal received or receivable on or with respect to the Mortgage Loans and due after their respective Due Dates
in December 2015. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is
intended by the parties to constitute a sale. In connection with the initial sale of the Certificates by the Depositor, the purchase
price to be paid includes a portion attributable to interest accruing on the Certificates from and after December 1, 2015. The
transfer and assignment of any Non-Serviced Mortgage Loans to the Trustee and the right to service such Mortgage Loans are subject
to the terms and conditions of the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement and the related Non-Serviced
Mortgage Loan Intercreditor Agreement, and the Trustee, by the execution and delivery of this Agreement, hereby agrees that such
Mortgage Loans remain subject to the terms of the related Non-Serviced Mortgage Loan Intercreditor Agreement and, with respect
to each Serviced Pari Passu Mortgage Loan and Serviced Companion Loan, the related Intercreditor Agreement. The transfer and assignment
of any A Notes and any Serviced Pari Passu Mortgage Loans to the Trustee and the right to service such Mortgage Loans are subject
to the terms of the related Intercreditor Agreements, and the Trustee, by the execution and delivery of this Agreement, hereby
agrees, that such Mortgage Loans remain subject to the terms of the related Intercreditor Agreements (or with respect to a Joint
Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof, the applicable Mortgage Loan documents and
Section 8.30 hereof).

 

(b)          In
connection with the Depositor’s assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, each Seller pursuant to the applicable Mortgage Loan Purchase Agreement to deliver
to and deposit with, or cause to be delivered to and deposited with the Custodian (on behalf of the Trustee), on or before the
Closing Date, the Mortgage Note for each Mortgage Loan so assigned, endorsed to the Trustee as specified in clause (i) of
the definition of “Mortgage File.” Each Seller is required, pursuant to the applicable Mortgage Loan Purchase Agreement,
to deliver to the Custodian (on behalf of the Trustee) the remaining documents constituting the Mortgage File for each Mortgage
Loan within the time period set forth therein. None of the Trustee, the Certificate Administrator, any Custodian, the Master Servicer
or the Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the document delivery requirements
of the Mortgage Loan Purchase Agreements and this Section 2.1(b). Promptly upon receipt (but no later than ten (10) Business
Days after the Closing Date), the Custodian shall deliver to the Master Servicer each original letter of credit set forth on Schedule
XVI hereto, and the Master Servicer shall hold such original letters of credit on behalf of the Trustee pursuant to and in
accordance with clause (xii) of the definition of “Mortgage File”. Notwithstanding anything to

 

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the contrary
contained herein, with respect to a Joint Mortgage Loan, the obligations of each of the applicable Sellers to deliver a Mortgage
Note to the Custodian (on behalf of the Trustee), shall be limited to delivery of only the Mortgage Note held by such party to
the Custodian (on behalf of the Trustee). With respect to a Joint Mortgage Loan, the obligations of the applicable 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 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 Sellers.

 

(c)          The
applicable Seller has agreed in the applicable Mortgage Loan Purchase Agreement, at the expense of such Seller as to each of its
respective Mortgage Loans (other than with respect to any Non-Serviced Mortgage Loan), (i) in the case of clauses (iv) and
(vi)(B) of the definition of “Mortgage File” within forty-five (45) days following the Closing Date and (ii)
in the case of clause (ix)(B) of the definition of “Mortgage File” within ninety (90) days following the Closing
Date, to deliver for submission for recording or filing by the Depositor, the Custodian (on behalf of the Trustee) or the agents
of either, as the case may be, in the appropriate public office for real property records or UCC financing statements, as appropriate,
each assignment referred to in clauses (iv), (vi)(B) and (ix)(B) of the definition of “Mortgage File.”
Each such assignment shall reflect that it should be returned by the public recording office to the Custodian (on behalf of the
Trustee) following recording or filing; provided that in those instances where the public recording office retains the original
Assignment of Mortgage, assignment of Assignment of Leases or assignment of UCC financing statements, the applicable Seller shall
obtain therefrom a certified copy of the recorded original and forward such copy to the Custodian (on behalf of the Trustee) and
the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because
of a defect therein, the applicable Seller shall, pursuant to the applicable Mortgage Loan Purchase Agreement, promptly prepare
or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the applicable Seller shall,
at its own expense (except in the case of a document or instrument that is lost by the Custodian), upon receipt thereof cause the
same to be duly recorded or filed, as appropriate.

 

The parties acknowledge the
obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to or on behalf of the
Trustee, on or before the fifth (5th) Business Day after the Closing Date, five (5) limited powers of attorney substantially
in the form attached as Exhibit 4 to the Mortgage Loan Purchase Agreement in favor of the Custodian (on behalf of the Trustee)
and the Special Servicer to empower the Custodian (on behalf of the Trustee) and, in the event of the failure or incapacity of
the Custodian (on behalf of the Trustee), the Special Servicer, to submit, or to cause the Custodian to submit for recording, at
the expense of the applicable Seller, any mortgage loan documents required to be recorded as set forth in the preceding paragraph
and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long
as original counterparts have previously been delivered to or on behalf of the Trustee). The Sellers agree to reasonably cooperate
with the Custodian, the Trustee and the Special Servicer in connection with any additional powers of attorney or revisions thereto
that are requested by such parties for purposes of such recordation. The Trustee and each other party hereto agrees that no such
power of attorney shall be used with respect to any Mortgage Loan by or under

 

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authorization by any party hereto except to the extent
that the absence of a document described in the second (2nd) preceding sentence with respect to such Mortgage Loan remains
unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related Seller,
but in no event earlier than 18 months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a
Specially Serviced Mortgage Loan. The Custodian shall submit such documents for recording, at the related Seller’s expense,
after the periods set forth above; provided, the Custodian shall not submit such assignments for recording if the applicable
Seller produces evidence that it has sent any such assignment for recording and certifies that it is awaiting its return from the
applicable recording office. Each of the Sellers has engaged a separate third party agent other than the Custodian or the Trustee
to perform the recording obligations described in this Section 2.1(c).

 

(d)          All
relevant servicing or loan documents and records in the possession of the Depositor or the Sellers that relate to the Mortgage
Loans, Serviced Companion Loans or Serviced B Notes and that are not required to be a part of a Mortgage File in accordance with
the definition thereof shall be delivered to the Master Servicer, on or before the date that is forty-five (45) days following
the Closing Date and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders.
To the extent delivered to the Master Servicer by the related Seller, the Servicer Mortgage File shall include, to the extent required
to be (and actually) delivered to the applicable Seller pursuant to the applicable Mortgage Loan documents, copies of each item
set forth in the definition of “Servicer Mortgage File” in this Agreement. Notwithstanding the foregoing, no Seller
shall be required to deliver any draft documents, or any attorney-client communications that are privileged communications or constitute
legal or other due diligence analyses or attorney work product, or internal communications of the Seller or its affiliates among
themselves or with their respective attorneys, or credit underwriting or other analyses or data (and, if received, shall be returned
and any copies thereof destroyed). Delivery of any of the foregoing documents to a sub-servicer shall be deemed delivery to the
Master Servicer and satisfy the Depositor’s obligations under this Section 2.1(d). Neither the Master Servicer nor
the Special Servicer shall have any liability for the absence of any of the foregoing items from the Servicer Mortgage File if
such item was not delivered by the related Seller.

 

Schedule XVIII attached
hereto lists the Mortgaged Properties that, as of the Closing Date, are hospitality properties and that are subject to a franchise,
management or similar agreement with a related comfort letter in favor of the respective Seller that requires notice to or request
of the related franchisor to transfer or assign any related comfort letter to the Trust or otherwise have a new comfort letter
issued in the name of the Trust. The Mortgage Loans secured by such Mortgaged Properties are referred to herein as the “Franchise
Mortgage Loans.” Each Mortgage Loan Purchase Agreement requires that the related Seller (solely in respect of the Franchise
Mortgage Loans it is selling to the Depositor) or its designee shall, within 30 days of the Closing Date (or any shorter period
if required by the applicable comfort letter) and with a copy to the Master Servicer, notify the related franchisor in writing
that such Franchise Mortgage Loan has been transferred to the Trust and request a replacement comfort letter (or any such new document
or acknowledgement as may be contemplated under the existing comfort letter). The Master Servicer shall use reasonable efforts
in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new
document or acknowledgement as may be contemplated under the existing comfort letter).

 

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(e)          In
connection with the Depositor’s assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee
on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force
and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties (and the
exceptions thereto) made by the Sellers with respect to each related Mortgage Loan as of the Closing Date.

 

(f)          In
connection herewith, the Depositor has acquired the UBSRES Loans from UBSRES, the BANA Loans from BANA and the MSMCH Loans from
MSMCH. The Depositor shall deliver or cause to be delivered the original Mortgage Notes (or lost note affidavits with copies of
the related Mortgage Notes, as set forth in the definition of “Mortgage File”) relating to the Mortgage Loans to the
Custodian (on behalf of the Trustee), endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage
Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience
associated with the execution and recording or filing of multiple assignment documents, UBSRES, BANA and MSMCH, as applicable,
are required under the Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages, and assignments of Assignments of
Leases and assignments of UCC financing statements naming the Trustee, on behalf of the Certificateholders, as assignee. Notwithstanding
the fact that such Assignments of Mortgages, assignments of Assignments of Leases (to the extent separate from the Assignments
of Mortgages) and assignments of UCC financing statements shall name the Trustee, on behalf of the Certificateholders, as the assignee,
the parties hereto acknowledge and agree that for all purposes the UBSRES Loans shall be deemed to have been transferred from UBSRES
to the Depositor, the BANA Loans shall be deemed to have been transferred from BANA to the Depositor, and the MSMCH Loans shall
be deemed to have been transferred from MSMCH to the Depositor, and all Mortgage Loans shall be deemed to have been transferred
from the Depositor to the Trustee on behalf of the Certificateholders.

 

Section 2.2          Acceptance
by Trustee. The Custodian (on behalf of the Trustee) hereby acknowledges receipt of a Trust Mortgage File for each Mortgage
Loan and confirms that, with respect to each Mortgage Loan, all documents listed in clauses (i), (ii), (vii),
(viii), (x) and (xii) of the definition of “Mortgage File” are in its possession. Within ten
(10) days of the Closing Date, the Custodian shall provide a copy of all documents listed in clauses (i), (ii),
(vii), (viii), (x) and (xii) of the definition of “Mortgage File” to the Master Servicer.
The Custodian will hold (i) the documents constituting a part of the Mortgage Files delivered to it or the Custodian on its behalf,
(ii) the REMIC I Regular Interests and (iii) the REMIC II Regular Interests, in each case on behalf of the Trustee in trust for
the use and benefit of all present and future Certificateholders. To the extent that the contents of the Mortgage File for any
A Note relate to a corresponding Serviced B Note, the Custodian (on the Trustee’s behalf), will also hold such Mortgage
File in trust for the benefit of the holder of each related Serviced B Note; provided, that if a Serviced B Note remains
outstanding following payment in full of the amounts due under the related A Notes, the Mortgage Loan documents relating to such
A/B Whole Loan (exclusive of any such documents related solely to the A Notes) shall be assigned to the holder of the Serviced
B Note or its designee at the expense of the holder of the Serviced B Note and delivered to such Serviced B Note holder. To the
extent that the contents of the Mortgage File for any Serviced Pari Passu Mortgage Loan relate to the corresponding Serviced Companion
Loan or any corresponding Serviced B Note, the Trustee, or the Custodian, on the Trustee’s

 

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behalf, will also hold such Mortgage File in trust for the benefit of the holder of the related Serviced Companion Loan or Serviced
B Note, as applicable.

 

On the Closing Date in respect
of the Initial Certification, and within seventy-five (75) days after the Closing Date in respect of the Final Certification, the
Custodian (on the Trustee’s behalf) shall examine the Mortgage Files in its possession, and shall deliver to the Depositor,
the Sellers, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Certificate Administrator, the 17g-5
Information Provider, the Controlling Class Representative and, upon request, the holder of any Serviced Companion Loan a certification
(the “Initial Certification” and the “Final Certification”, respectively, in the respective
forms set forth as Exhibit B-1 and Exhibit B-2 hereto), which (together with any related exceptions) shall be in
electronic format (including Excel-compatible format) (i) in the case of the Initial Certification, as to each Mortgage Loan listed
in the Mortgage Loan Schedule, except as may be specified in the schedule of exceptions attached thereto, to the effect that: (A)
all documents listed in clauses (i), (ii), (vii), (viii), (x) and (xii) of the definition
of “Mortgage File” are in its possession, (B) such documents have been reviewed by it and have not been materially
mutilated, damaged, defaced, torn or otherwise physically altered, and such documents relate to such Mortgage Loan, and (C) each
Mortgage Note has been endorsed as provided in clause (i) of the definition of “Mortgage File”, and (ii) in
the case of the Final Certification, as to each Mortgage Loan listed in the Mortgage Loan Schedule, except as may be specified
in the schedule of exceptions attached thereto, to the effect that: (A) all documents listed in clauses (i), (ii),
(iv), (v), (vi), (vii), (viii), (x) and (xii) of the definition of “Mortgage
File” required to be included in the Mortgage File (to the extent required to be delivered pursuant to this Agreement), and
with respect to all documents specified in the other clauses of the definition of “Mortgage File” to the extent known
by a Responsible Officer of the Custodian (on the Trustee’s behalf) to be required pursuant to this Agreement, are in its
possession, (B) such documents have been reviewed by it and have not been materially mutilated, damaged, defaced, torn or otherwise
physically altered, and such documents relate to such Mortgage Loan, (C) based on its examination and only as to the Mortgage Note
and Mortgage, the street address (excluding zip code) of the Mortgaged Property set forth in the Mortgage Loan Schedule respecting
such Mortgage Loan accurately reflects the information contained in the documents in the Mortgage File, and (D) each Mortgage Note
has been endorsed. Notwithstanding the foregoing, the delivery of a commitment to issue a Title Insurance Policy in lieu of the
delivery of the actual Title Insurance Policy shall not be considered a Material Document Defect with respect to any Mortgage File
if such actual Title Insurance Policy is delivered to the Custodian (on the Trustee’s behalf) not later than the 180th
day following the Closing Date.

 

Within 360 days after the
Cut-Off Date, the Custodian (on the Trustee’s behalf) shall provide a confirmation of receipt of recorded assignments of
Mortgage (as set forth in the definition of “Mortgage File,” with evidence of recording thereon) or otherwise provide
evidence of such recordation to the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5
Information Provider (who shall promptly post such confirmation to the 17g-5 Information Provider’s Website pursuant to Section
5.7), the Controlling Class Representative and each Seller. The Custodian (on behalf of the Trustee) shall use reasonable efforts
to submit for recording any unrecorded assignments of Mortgage that have been delivered to it (including effecting such recordation
process through or cooperating with the applicable Seller), such recordation to be at the expense of the applicable Seller; provided,
that the

 

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Custodian (on the Trustee’s behalf) shall not submit for recording any such assignments if the applicable Seller
produces evidence that it has sent any such assignment for recording and is awaiting its return from the applicable recording office.
In giving the certifications required above, neither the Trustee nor the Custodian (on the Trustee’s behalf) shall be under
any obligation or duty to inspect, review or examine any such documents, instruments, securities or other papers to determine whether
they or the signatures thereon are valid, legal, genuine, enforceable, in recordable form or appropriate for their represented
purposes, or that they are other than what they purport to be on their face, or to determine whether any Mortgage File should include
any assumption agreement, modification agreement, consolidation agreement, extension agreement, Assignment of Lease, ground lease,
UCC financing statement, guaranty, written assurance, substitution agreement, lock box agreement, intercreditor agreement, management
agreement or letter of credit.

 

If any exceptions are noted
on a schedule of exceptions attached to the Final Certification, including exceptions resulting from the fact that the recordation
and/or filing has not been completed (based solely on the absence of receipt by the Custodian (on the Trustee’s behalf) of
the particular documents showing evidence of the recordation and/or filing), then the Custodian (on the Trustee’s behalf)
shall continuously update such schedule of exceptions to reflect receipt of any corrected documents, additional documents or instruments
or evidences of recordation and/or filing, as to each Mortgage Loan, until the earliest of the following dates: (i) the date on
which all such exceptions are eliminated (any such elimination resulting from the fact that recordation and/or filing has been
completed shall be based solely on receipt by the Custodian (on the Trustee’s behalf) of the particular documents showing
evidence of the recordation and/or filing), (ii) the date on which all the affected Mortgage Loans are removed from the Trust and
(iii) the second (2nd) anniversary of the Closing Date, and shall provide such updated schedule of exceptions (which
shall be in electronic format, including Excel-compatible format) to each of the Trustee, the Depositor, each Seller (as to its
respective Mortgage Loans only), the Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Administrator, the
17g-5 Information Provider (who shall post such updated schedule of exceptions on the 17g-5 Information Provider’s Website
pursuant to Section 5.7), the Controlling Class Representative and the holders of any Serviced Companion Loan or Serviced
B Note on or about the date that is 180 days after the Closing Date and then again every ninety (90) days thereafter (until the
earliest date specified above). Upon request, the Master Servicer shall provide to the Trustee and to the Custodian the names and
addresses of each holder of a Serviced Companion Loan or Serviced B Note of which the Master Servicer has received notice in accordance
with this Agreement and/or the related Intercreditor Agreement.

 

The Custodian or its authorized
agents shall retain possession and custody of each Trust Mortgage File in accordance with and subject to the terms and conditions
set forth herein.

 

The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section
9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage

 

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Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

The Custodian shall not be
an agent of the Trustee, and the Trustee shall have no liability for any action or omission of the Custodian hereunder.

 

Section 2.3          Sellers’
Repurchase of Mortgage Loans for Material Document Defects and Material Breaches of Representations and Warranties.

 

(a)          If
any party hereto discovers that any document or documents constituting a part of a Mortgage File has not been delivered as and
when required, has not been properly executed, or is defective on its face or discovers or receives notice of a breach of any of
the representations and warranties relating to the Mortgage Loans required to be made by a Seller regarding the characteristics
of the Mortgage Loans and/or the related Mortgaged Properties as set forth in Exhibit 2 of the related Mortgage Loan Purchase Agreements,
and the defect or breach, as the case may be, (i) materially and adversely affects the interests of the holders of the Certificates
in the related Mortgage Loan, (ii) materially and adversely affects the value of the Mortgage Loan or (iii) causes the Mortgage
Loan to fail to be a “qualified mortgage” as defined in section 860G(a)(3) of the Code (any such defect described in
the preceding clause (i), (ii) or (iii), a “Material Document Defect”, and such a breach
described in the preceding clause (i), (ii) or (iii), a “Material Breach”), then the party
determining that such Material Document Defect or Material Breach exists shall give prompt written notice to the Depositor, the
other parties hereto, the related Seller and the 17g-5 Information Provider subject to the terms of the applicable Mortgage Loan
Purchase Agreement. Promptly (but in any event within three (3) Business Days) upon determining (or becoming aware of another party’s
determination) that any such Material Document Defect or Material Breach exists (which determination shall, absent evidence to
the contrary, be presumed to be no earlier than three (3) Business Days prior to the delivery of the notice referred to below),
the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to any Specially
Serviced Mortgage Loan), as applicable, shall (and the Special Servicer (with respect to any Mortgage Loan) may) request that the
related Seller, not later than ninety (90) days from such Seller’s receipt of the notice of such Material Document Defect
or Material Breach, cure such Material Document Defect or Material Breach, as the case may be, in all material respects; provided,
that if such Material Document Defect or Material Breach, as the case may be, cannot be corrected or cured in all material respects
within such 90-day period, and such Material Document Defect or Material Breach would not cause the Mortgage Loan to be other than
a “qualified mortgage” (as defined in the Code) but the related Seller is diligently attempting to effect such correction
or cure, as certified by such Seller in an Officer’s Certificate delivered to the Trustee and the Custodian, then the cure
period will be extended for an additional ninety (90) days unless, solely in the case of a Material Document Defect, (x) the Mortgage
Loan is then a Specially Serviced Mortgage Loan and a Servicing Transfer Event has occurred as a result of a monetary default or
as set forth in clause (ii) or clause (v) of the definition of “Servicing Transfer Event” and (y) the
Material Document Defect was identified in a certification delivered to the Seller by the Custodian (on behalf of the Trustee)
pursuant to Section 2.2 not less than ninety (90) days prior to the receipt by the applicable Seller of the notice of such
Material Document Defect. The parties acknowledge that neither delivery of a certification or schedule of exceptions to a Seller
pursuant to Section 2.2 or otherwise nor possession of such certification or schedule by the Seller

 

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shall, in and of itself,
constitute delivery of notice of any Material Document Defect or knowledge or awareness by the Seller or any party hereto of any
Material Document Defect listed therein.

 

If any Material Document
Defect or Material Breach that exists cannot be corrected or cured in all material respects within the above cure periods, the
related Seller (and any related Seller Guarantor) is obligated under the related Mortgage Loan Purchase Agreement, not later than
the last day of such permitted cure period, subject to Section 5.12 of each Mortgage Loan Purchase Agreement, to (i) repurchase
the affected Mortgage Loan (or, with respect to any Joint Mortgage Loan, the related Seller’s pro rata share based
on such Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage
Loan) or REO Mortgage Loan (or, with respect to any Joint Mortgage Loan, the related Seller’s pro rata share based
on such Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage
Loan) from the Trust at the applicable Purchase Price in accordance with the related Mortgage Loan Purchase Agreement, or (ii)
if within the three-month period commencing on the Closing Date (or prior to the second anniversary of the Closing Date if the
affected Mortgage Loan is a “defective obligation” within the meaning of Section 860G(a)(4)(B)(ii) of the Code and
Treasury Regulations Section 1.860G-2(f)), at the related Seller’s option, without recourse (other than the representations
and warranties made with respect thereto), replace such Mortgage Loan (or, with respect to any Joint Mortgage Loan, the related
Seller’s pro rata share based on such Seller’s percentage interest as of the date of the applicable Mortgage
Loan Purchase Agreement in such Joint Mortgage Loan) or any successor REO Mortgage Loan (or, with respect to any Joint Mortgage
Loan, the related Seller’s pro rata share based on such Seller’s percentage interest as of the date of the applicable
Mortgage Loan Purchase Agreement in such Joint Mortgage Loan) to which such defect or breach relates with a Qualifying Substitute
Mortgage Loan and pay a substitution shortfall amount equal to the excess, if any, of the applicable Purchase Price for the Mortgage
Loan or REO Mortgage Loan to be replaced, over the Stated Principal Balance of the Qualifying Substitute Mortgage Loan. If such
Material Document Defect or Material Breach would cause the Mortgage Loan to be other than a “qualified mortgage” (as
defined in the Code), then notwithstanding the previous sentence or the previous paragraph, the cure, repurchase or substitution
must occur within eighty-five (85) days from the date the related Seller was notified of the defect or breach; provided,
that in any event any such cure, repurchase or substitution must occur no later than eighty-five (85) days from the date of determination
of the existence of a Material Document Defect or Material Breach as determined in this Section 2.3(a).

 

As to any Qualifying Substitute
Mortgage Loan or Loans, the Master Servicer shall not execute any instrument effecting the substitution unless the related Seller
has delivered to the Custodian (on the Trustee’s behalf) for such Qualifying Substitute Mortgage Loan or Loans, the Mortgage
Note, the Mortgage, the related Assignment of Mortgage, and such other documents and agreements as are required by Section 2.1,
with the Mortgage Note endorsed as required by Section 2.1, and the Master Servicer shall be entitled to rely on statements
and certifications from the Custodian for this purpose. No substitution may be made in any calendar month after the Determination
Date for such month. Monthly payments due with respect to Qualifying Substitute Mortgage Loans in the month of substitution shall
not be part of the Trust and will be retained by Master Servicer and remitted by the Master Servicer to the related Seller on the
next succeeding Distribution Date. For the month of substitution, distributions to

 

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Certificateholders will include the Scheduled
Payment due on the related Deleted Mortgage Loan for such month and thereafter the related Seller shall be entitled to retain all
amounts received in respect of such Deleted Mortgage Loan.

 

The Master Servicer shall
amend or cause to be amended the Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage Loan and the substitution
of the Qualifying Substitute Mortgage Loan or Loans and upon such amendment the Master Servicer shall deliver or cause to be delivered
such amended Mortgage Loan Schedule to the Trustee, the Custodian, the Certificate Administrator and the Special Servicer. Upon
such substitution, the Qualifying Substitute Mortgage Loan or Loans shall be subject to the terms of this Agreement in all respects.
Upon receipt of the Trust Mortgage File pertaining to any Qualifying Substitute Mortgage Loans, the Custodian shall release the
Trust Mortgage File relating to such Deleted Mortgage Loan to the related Seller, and the Trustee (and the Depositor, if necessary)
shall execute and deliver such instruments of transfer or assignment in the form presented to it, in each case without recourse,
representation or warranty, as shall be necessary to vest title (to the extent that such title was transferred to the Trustee or
the Depositor) in the related Seller or its designee to any Deleted Mortgage Loan (including any property acquired in respect thereof
or any insurance policy proceeds relating thereto) substituted for pursuant to this Section 2.3.

 

If (x) a Mortgage Loan is
to be repurchased or replaced as contemplated above (a “Defective Mortgage Loan”), (y) such Defective Mortgage
Loan is cross-collateralized and cross-defaulted with one or more other Mortgage Loans (such Defective Mortgage Loan and such other
Mortgage Loans, collectively, “Crossed Mortgage Loans”) and (z) the applicable document defect or breach does
not constitute a Material Document Defect or Material Breach, as the case may be, as to such other Crossed Mortgage Loans (without
regard to this paragraph), then the applicable document defect or breach (as the case may be) shall be deemed to constitute a Material
Document Defect or Material Breach (as the case may be) as to each such other Crossed Mortgage Loan for purposes of the above provisions,
and the related Seller (and any related Seller Guarantor) shall be obligated to repurchase or replace each such other Crossed Mortgage
Loan in accordance with the provisions above unless, in the case of such breach or document defect, (A) the Seller provides a Nondisqualification
Opinion to the Trustee at the expense of the Seller and (B) both of the following conditions would be satisfied if the related
Seller were to repurchase or replace only those Mortgage Loans as to which a Material Breach or Material Document Defect had occurred
without regard to this paragraph (the “Affected Loan(s)”): (i) the Debt Service Coverage Ratio for all such
Crossed Mortgage Loans (excluding the Affected Loan(s)) for the four (4) calendar quarters immediately preceding the repurchase
or replacement is not less than the lesser of (A) 0.10x below the debt service coverage ratio for all such Crossed Mortgage Loans
(including the Affected Loan(s)) set forth in Appendix I to the Prospectus Supplement and (B) the Debt Service Coverage Ratio for
all such Crossed Mortgage Loans (including the Affected Loan(s)) for the four (4) preceding calendar quarters preceding the repurchase
or replacement, and (ii) the Loan-to-Value Ratio for all such Crossed Mortgage Loans (excluding the Affected Loan(s)) is not greater
than the greater of (A) the loan-to-value ratio, expressed as a whole number (taken to one decimal place), for all such Crossed
Mortgage Loans (including the Affected Loan(s)) set forth in Appendix I to the Prospectus Supplement plus 10% and (B) the Loan-to-Value
Ratio for all such Crossed Mortgage Loans (including the Affected Loan(s)), at the time of repurchase or replacement. The determination
of the Master Servicer as to whether the conditions set forth above have been satisfied shall be conclusive and

 

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binding in the
absence of manifest error. The Master Servicer will be entitled to cause to be delivered, or direct the related Seller (and any
related Seller Guarantor) to (in which case the related Seller (and any related Seller Guarantor) shall be required under the related
Mortgage Loan Purchase Agreement to) cause to be delivered to the Master Servicer, an Appraisal of any or all of the related Mortgaged
Properties for purposes of determining whether the condition set forth in clause (ii) above has been satisfied, in each
case at the expense of the related Seller if the scope and cost of the Appraisal is approved by the related Seller (such approval
not to be unreasonably withheld).

 

With respect to any Defective
Mortgage Loan, to the extent that the applicable Seller (and any related Seller Guarantor) is required to repurchase or substitute
for such Defective Mortgage Loan (each, a “Repurchased Loan”) in the manner prescribed above while the Custodian
(on the Trustee’s behalf) continues to hold any Crossed Mortgage Loan, the applicable Seller and the Depositor have agreed
in the related Mortgage Loan Purchase Agreement to forbear from enforcing any remedies against the other’s Primary Collateral
but each is permitted to exercise remedies against the Primary Collateral securing its respective Mortgage Loans, including with
respect to the Trustee, the Primary Collateral securing Mortgage Loans still held by the Trustee or the Custodian, so long as such
exercise does not impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise
of remedies by one party would impair the ability of the other party to exercise its remedies with respect to the Primary Collateral
securing the Mortgage Loan or Mortgage Loans held by such party, then both parties have agreed to forbear from exercising such
remedies until the loan documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies
with the applicable Mortgage Loan Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies.
Any reserve or other cash collateral or letters of credit securing the Crossed Mortgage Loans shall be allocated between such Mortgage
Loans in accordance with the Mortgage Loan documents, or otherwise on a pro rata basis based upon their outstanding principal
balances. All other terms of the Mortgage Loans shall remain in full force and effect, without any modification thereof. The Mortgagors
set forth on Schedule VI hereto are intended third-party beneficiaries of the provisions set forth in this paragraph and the preceding
paragraph. The provisions of this paragraph and the preceding paragraph may not be modified with respect to any Mortgage Loan without
the related Mortgagor’s consent.

 

Any of the following document
defects shall be conclusively presumed materially and adversely to affect the interests of Certificateholders in a Mortgage Loan
and be a Material Document Defect: (A) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage
File contains a signed lost note affidavit and indemnity that appears to be regular on its face (if such absence results from the
related Seller’s failure to deliver such item); (B) the absence from the Mortgage File of the original signed Mortgage (or
with respect to any Non-Serviced Mortgage Loan, a copy thereof) that appears to be regular on its face, unless there is included
in the Mortgage File a certified copy of the Mortgage by the local authority with which the Mortgage was recorded (if such absence
results from the related Seller’s failure to deliver such item); (C) the absence from the Mortgage File of the item called
for by paragraph (viii) of the definition of “Mortgage File” (or with respect to any Non-Serviced Mortgage Loan,
a copy thereof) (if such absence results from the related Seller’s failure to deliver such item); (D) the absence from the
Mortgage File of the original or a copy of any letter of credit in effect as of the Closing Date (if such absence results from
the related Seller’s failure

 

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to deliver such item); or (E) the absence from the Mortgage File of a copy of the item specified
in paragraph (x) of the definition of “Mortgage File” (if such absence results from the related Seller’s
failure to deliver such item) if the related Mortgage Loan is secured only by the related ground lease, Space Lease or air rights
lease. If any party hereto notifies the Trustee of the occurrence of any of the foregoing Material Document Defects, the Trustee
shall notify the Master Servicer and the Special Servicer, and the Master Servicer (with respect to Non-Specially Serviced Mortgage
Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, shall take the steps described
elsewhere in this Section 2.3(a), including the giving of notices to the related Seller, the Rating Agencies (subject to
Section 5.7), the parties hereto and, to the extent any Material Document Defect relates to a Serviced Pari Passu Mortgage
Loan, the holder of the related Serviced Companion Loan, and the Master Servicer (with respect to Non-Specially Serviced Mortgage
Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, shall make demand upon the related
Seller for the cure of the document defect or repurchase or replacement of the related Mortgage Loan.

 

If the related Seller disputes
that a Material Document Defect or Material Breach exists with respect to a Mortgage Loan or otherwise refuses (i) to effect a
correction or cure of such Material Document Defect or Material Breach, (ii) to repurchase the affected Mortgage Loan from the
Trust or (iii) to replace an affected Mortgage Loan with a Qualifying Substitute Mortgage Loan, each in accordance with the related
Mortgage Loan Purchase Agreement, then provided that (x) the period of time provided for the related Seller to correct,
repurchase or cure has expired and (y) the Mortgage Loan is then in default (or default is reasonably foreseeable) and is then
a Specially Serviced Mortgage Loan, the Special Servicer may, subject to the Servicing Standard, modify, workout or foreclose,
sell or otherwise liquidate (or permit the liquidation of) the Mortgage Loan or any REO Property, as applicable, pursuant to Section
9.5, Section 9.12, Section 9.13, Section 9.15, Section 9.16, Section 9.17 and Section
10.3 and the terms and conditions of any related Intercreditor Agreement, as applicable, while pursuing the repurchase claim.
The related Seller (and any related Seller Guarantor) has acknowledged and agreed under the related Mortgage Loan Purchase Agreement
that any modification of the Mortgage Loan pursuant to a workout shall not constitute a defense to any repurchase claim nor shall
such modification and workout change the Purchase Price due from the related Seller (and any related Seller Guarantor) for any
repurchase claim. In the event of any such modification and workout, the related Seller (and any related Seller Guarantor) has
agreed under the related Mortgage Loan Purchase Agreement to repurchase the Mortgage Loan as modified and that the Purchase Price
shall include any Workout Fee paid to the Special Servicer up to the date of repurchase plus the present value (calculated at the
applicable Calculation Rate) of the Workout Fee that would have been payable to the Special Servicer in respect of such Mortgage
Loan if it performed in accordance with its terms to its Maturity Date, provided that no amount shall be paid by the related
Seller (and any related Seller Guarantor) in respect of any Workout Fee if a Liquidation Fee already comprises (or will comprise)
a portion of the Purchase Price or if the related Mortgagor has already paid such fee. The related Seller (or any related Seller
Guarantor) shall be notified promptly and in writing by the Special Servicer of any offer that it receives to purchase the applicable
Specially Serviced Mortgage Loan or any REO Property, as applicable, each in connection with such liquidation. Any sale of the
related Mortgage Loan, or foreclosure thereupon and sale of the related REO Property, to a Person other than the related Seller
shall be without (i) recourse of any kind (either expressed or implied) by such Person against the related

 

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Seller and (ii) representation
or warranty of any kind (either expressed or implied) by the related Seller to or for the benefit of such Person.

 

The fact that a Material
Document Defect or Material Breach is not discovered until after the completion of foreclosure (but in all instances prior to the
sale of the related REO Property) shall not prejudice any claim against the Seller (or any related Seller Guarantor) for repurchase
of the REO Property (or the Trust’s interest therein). In such an event, the Master Servicer (with respect to Non-Specially
Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, shall notify
the related Seller of the discovery of the Material Document Defect or Material Breach and the related Seller shall have ninety
(90) days to correct or cure such Material Document Defect or Material Breach or purchase the REO Property (or the Trust’s
interest therein) at the Purchase Price. If the related Seller (or any related Seller Guarantor) fails to correct or cure the Material
Document Defect or Material Breach or purchase the REO Property, then the provisions above regarding notice of offers related to
such REO Property shall apply. After a final liquidation of the Mortgage Loan or REO Property, if a court of competent jurisdiction
issues a final order after the expiration of any applicable appeal period that the related Seller (or any related Seller Guarantor)
is or was obligated to repurchase the related Mortgage Loan or REO Property (a “Final Judicial Determination”)
or the related Seller (or any related Seller Guarantor) otherwise accepts liability, then, but in no event later than the termination
of the Trust pursuant to Section 11.1, the related Seller (and any related Seller Guarantor) will be obligated to pay to
the Trust the difference between any Liquidation Proceeds received upon such liquidation (including those arising from any sale
to the related Seller) and the Purchase Price.

 

In any month in which the
related Seller (or any related Seller Guarantor) substitutes one or more Qualifying Substitute Mortgage Loans for one or more Deleted
Mortgage Loans, the Master Servicer will determine the amount (if any) by which the aggregate Stated Principal Balance of all such
Qualifying Substitute Mortgage Loans as of the date of substitution is less than the aggregate Stated Principal Balance of all
such Deleted Mortgage Loans (in each case after application of scheduled principal portion of the monthly payments received in
the month of substitution). The Depositor shall cause the related Seller (or any related Seller Guarantor) to deposit the amount
of such shortage into the Collection Account in the month of substitution, without any reimbursement thereof. In addition, the
Depositor shall cause the related Seller (or any related Seller Guarantor) to deposit into the Collection Account, together with
such shortage, if any, an amount equal to interest on the Deleted Mortgage Loans at a rate equal to the sum of the applicable Mortgage
Rate from the Due Date as to which interest was last paid up to the Due Date next succeeding such substitution together with the
amount of unreimbursed Servicing Advances, amounts required to be paid to the Special Servicer but remaining unpaid or unreimbursed,
and interest on unreimbursed Advances with respect to such Deleted Mortgage Loans at the Advance Rate. The Depositor shall cause
the related Seller (or any related Seller Guarantor), in the case of the Mortgage Loans, to give notice in writing (accompanied
by an Officer’s Certificate as to the calculation of such shortage) to the Trustee, the Custodian, the Certificate Administrator,
the Master Servicer and the Special Servicer of such event which notice shall be accompanied by an Officer’s Certificate
as to the calculation of such shortfall.

 

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If the affected Mortgage
Loan is to be repurchased, the Master Servicer shall designate the Collection Account as the account to which funds in the amount
of the Purchase Price are to be wired. Any such purchase of a Mortgage Loan shall be on a whole loan, servicing released basis.

 

Notwithstanding the foregoing,
if there is a breach of the representations and warranties set forth in paragraph 30 or paragraph 32 in Exhibit 2 to any Mortgage
Loan Purchase Agreement, and as a result the payments by a Mortgagor of reasonable costs and expenses associated with securing
the consent or approval of the holder of the Mortgage for a waiver of a “due-on-sale” or “due-on-encumbrance”
clause or the defeasance of a Mortgage Loan are insufficient such that the Trust incurs an Additional Trust Expense in an amount
equal to such reasonable costs and expenses not paid by such Mortgagor, the related Seller (and any related Seller Guarantor) has
agreed to reimburse the Trust within ninety (90) days of the receipt of notice of such breach in an amount sufficient to avoid
such Additional Trust Expense. With respect to any Joint Mortgage Loan, the applicable Seller’s obligation shall be such
Seller’s pro rata share based on such Seller’s percentage interest as of the date of the applicable Mortgage
Loan Purchase Agreement in such Joint Mortgage Loan. The parties hereto acknowledge that such reimbursement shall be the only obligation
of the related Seller (and any related Seller Guarantor) with respect to the breach discussed in the second preceding sentence.

 

If a Mortgage Loan or an
REO Property is repurchased or replaced by a Seller (or any related Seller Guarantor) as contemplated by this Section 2.3,
the Master Servicer shall provide prompt electronic notice to the Special Servicer, the Certificate Administrator (who shall promptly
post such notice on the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider
(who shall promptly post such notice on the 17g-5 Information Provider’s Website pursuant to Section 5.7).

 

With respect to any Joint
Mortgage Loan, the obligations of each of the applicable Sellers to repurchase or substitute with respect to a Material Document
Defect or Material Breach 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 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 Document Defect or Material Breach
with respect to the entire related Joint Mortgage Loan shall satisfy the cure obligations of both Sellers with respect to such
Joint Mortgage Loan.

 

(b)          In
connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.3, the Trustee, the
Custodian, the Master Servicer and the Special Servicer shall each tender to the related Seller, after delivery to each of them
of a receipt executed by such Seller, all portions of the Mortgage File and other documents pertaining to such Mortgage Loan possessed
by it, and each document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or
appropriate to the related Seller or its designee in the same manner, and pursuant to appropriate forms of assignment, substantially
similar to the manner and forms pursuant to which documents were previously assigned to the Trustee, but in any event, without
recourse, representation or warranty; provided that such tender by the Trustee and the Custodian shall be conditioned upon
its receipt from the Master Servicer

 

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of a Request for Release. The Master Servicer shall, and is hereby authorized and empowered
by the Trustee to, prepare, execute and deliver in its own name, on behalf of the Certificateholders and the Trustee or any of
them, the endorsements and assignments contemplated by this Section 2.3, and the Trustee shall execute and deliver any powers
of attorney substantially in the form of Exhibit O-1 (or such other form as mutually agreed to by the Trustee and the Master
Servicer) necessary to permit the Master Servicer to do so. The Master Servicer shall, and is also hereby authorized and empowered
by the Trustee to, reconvey to the related Seller any deposits then held in an Escrow Account relating to the Mortgage Loan being
repurchased or substituted for. The Master Servicer shall indemnify the Trustee for all costs, liabilities and expenses (including
attorneys’ fees) incurred by the Trustee in connection with any negligent or intentional misuse of any such powers of attorney
by the Master Servicer.

 

(c)          The
Mortgage Loan Purchase Agreements provide the sole remedies available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Material Document Defect or Material Breach. The parties hereunder understand that (i) UBSRES,
as Seller under Mortgage Loan Purchase Agreement I, will be providing the remedies with respect to the UBSRES Loans, (ii) BANA,
as Seller under Mortgage Loan Purchase Agreement II, will be providing the remedies with respect to the BANA Loans, and (iii) MSMCH,
as Seller under Mortgage Loan Purchase Agreement III, will be providing the remedies with respect to the MSMCH Loans.

 

(d)          The
Master Servicer or the Special Servicer may enforce the provisions of this Section 2.3.

 

(e)          If
the Depositor, the Master Servicer or the Special Servicer (each a “Repurchase Request Recipient”): (1) receives
notice of a Demand; or (2) receives notice of a withdrawal of a Demand by the Person making such Demand, then such party shall
give written notice thereof to the applicable Seller and the other parties hereto within ten (10) Business Days from the date of
receipt of such notice. Each notice required by this Section 2.3(e) (a “Rule 15Ga-1 Notice”) shall include:
(i) the date the Demand was delivered to the Repurchase Request Recipient or was withdrawn by the Person making such Demand, as
the case may be; (ii) the identity of the related Mortgage Loan and the identity of the Person making such Demand; (iii) the breach
of representation or warranty or document deficiency asserted by the Person making the Demand, to the extent known to the Repurchase
Request Recipient; and (iv) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such Demand.
Each Rule 15Ga-1 Notice may be delivered by electronic means. A Repurchase Request Recipient shall not be required to provide any
information under this Section 2.3(e) if and to the extent that such information is protected by either the attorney-client
privilege or the attorney work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice
is provided only to assist the Depositor, the related Seller and their respective Affiliates in complying with Rule 15Ga-1, Items
1104 and 1121 of Regulation AB and/or any other law or regulation, and (ii) (A) no action taken by, or inaction of, a Repurchase
Request Recipient, and (B) no information provided pursuant to this Section 2.3(e) by a Repurchase Request Recipient, shall
be deemed to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient may have with respect
to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule
15Ga-1 Notice

 

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If the Trustee, Custodian
or the Certificate Administrator receives a Demand, then such party shall promptly (but in no event later than ten (10) calendar
days following receipt by the Certificate Administrator, Custodian or the Trustee, as the case may be) forward such Demand to the
Master Servicer (with a copy to the Special Servicer), if relating to a Non-Specially Serviced Mortgage Loan, or to the Special
Servicer (with a copy to the Master Servicer), if relating to a Specially Serviced Mortgage Loan (or any successor REO Mortgage
Loan), and shall include the following statement in the related correspondence: “This is a “Demand” under Section
2.3 of the Pooling and Servicing Agreement relating to the MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates requiring
action by you as the “Repurchase Request Recipient” thereunder”. Upon receipt of a Demand by the Master Servicer
or Special Servicer, as applicable, pursuant to the prior sentence, such party shall be deemed a Repurchase Request Recipient in
respect of such Demand, and such party shall comply with the procedures set forth in the prior paragraph of this Section 2.3(e)
with respect to such Demand. None of the Trustee, the Custodian or the Certificate Administrator shall accept any oral Demands,
and each of the Trustee, the Custodian and the Certificate Administrator shall direct any Person making a Demand to submit it in
writing to the Certificate Administrator (who will then act in accordance with the first sentence of this paragraph). Any Demand
to the Certificate Administrator must be submitted in writing or by email to mmgrepurchases@wellsfargo.com (or such other
email address as the Certificate Administrator shall designate from time to time) with a subject line of “Repurchase Request
- MSCI 2015-UBS8”.

 

Section 2.4          Representations
and Warranties. The Depositor hereby represents and warrants to the Master Servicer, the Special Servicer, the Trust Advisor,
the Trustee (in its capacity as Trustee of the Trust), Custodian and the Certificate Administrator, and for the benefit of the
Certificateholders, as of the Closing Date that:

 

(a)          The
Depositor is a corporation duly organized, validly existing and in good standing under the laws governing its creation and existence
and has full corporate power and authority to own its property, to carry on its business as presently conducted, to enter into
and perform its obligations under this Agreement, and to create the trust pursuant hereto;

 

(b)          The
execution and delivery by the Depositor of this Agreement have been duly authorized by all necessary corporate action on the part
of the Depositor; neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated,
nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, (i) any
of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Depositor or its properties;
(ii) the certificate of incorporation or bylaws of the Depositor; or (iii) the terms of any indenture or other agreement or instrument
to which the Depositor is a party or by which it is bound; neither the Depositor nor any of its Affiliates is a party to, bound
by, or in breach of or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute,
order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it, which
materially and adversely affects or to the best knowledge of the Depositor may in the future materially and adversely affect (i)
the ability of the Depositor to perform its obligations under this Agreement or (ii) the business, operations, financial condition,
properties or assets of the Depositor;

 

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(c)          The
execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated hereby
do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in
respect of, any state, federal or other governmental authority or agency, except such as has been obtained, given, effected or
taken prior to the date hereof;

 

(d)          This
Agreement has been duly executed and delivered by the Depositor and, assuming due authorization, execution and delivery by the
Trustee, constitutes a valid and binding obligation of the Depositor enforceable against it in accordance with its terms, subject,
as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, conservatorship, moratorium, receivership,
liquidation and other similar laws affecting creditors’ rights generally as from time to time in effect, and to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and to matters of public
policy with respect to indemnification or contribution as to violations of securities laws;

 

(e)          There
are no actions, suits or proceedings pending or, to the best of the Depositor’s knowledge, threatened or likely to be asserted
against or affecting the Depositor, before or by any court, administrative agency, arbitrator or governmental body (A) with respect
to any of the transactions contemplated by this Agreement or (B) with respect to any other matter which in the judgment of the
Depositor will be determined adversely to the Depositor and will, if determined adversely to the Depositor, materially and adversely
affect it or its business, assets, operations or condition, financial or otherwise, or adversely affect its ability to perform
its obligations under this Agreement; and

 

(f)          Immediately
prior to the consummation of the transactions contemplated in this Agreement, the Depositor had good title to and was the sole
owner of each Mortgage Loan free and clear of any and all adverse claims, charges or security interests (including liens arising
under the federal tax laws or the Employee Retirement Income Security Act of 1974, as amended).

 

Section 2.5           Conveyance
of Interests.  Effective as of the Closing Date, the Depositor does hereby transfer, assign, set over, deposit with and otherwise
convey to the Trustee, without recourse, in trust, all the right, title and interest of the Depositor in and to (i) the assets
of REMIC I in exchange for the REMIC I Interests, (ii) the REMIC I Regular Interests in exchange for the REMIC II Interests, (iii)
the REMIC II Regular Interests in exchange for the REMIC III Interests and (iv) the right to receive Excess Interest in exchange
for the Class V Certificates. The Trustee acknowledges such assignment and on the Closing Date, and in exchange therefor, the
Certificate Registrar, on behalf of the Trustee, has executed and the Authenticating Agent, on behalf of the Trustee, has authenticated
and delivered to or upon the order of the Depositor the REMIC III Regular Certificates, Class V Certificates and Class R Certificates
in authorized denominations, in each case registered in the name set forth in such order or as so directed in this Agreement.

 

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Section 2.6          Certain
Matters Relating to Non-Serviced Mortgage Loans. Notwithstanding anything to the contrary in this Agreement, with respect
to each Mortgage Loan that is a Non-Serviced Mortgage Loan, each of the document delivery requirements set forth herein will be
satisfied by the delivery by the applicable Seller of copies of each such document specified herein (other than the Mortgage Note
(and all intervening endorsements) evidencing the Mortgage Loan, with respect to which the originals shall be required); provided,
the document delivery requirements for the Assignment of Mortgage, any assignment of Assignment of Leases and any UCC-3 financing
statement set forth herein will be satisfied by the delivery by the applicable Seller of copies of such documents made in favor
of the trustee of the Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

ARTICLE
III

THE CERTIFICATES

 

Section 3.1          The
Certificates.

 

(a)          The
Certificates shall be in substantially the forms set forth in the Exhibits attached hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Agreement or as may in the reasonable judgment of the Trustee
or the Depositor 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 to comply
with the rules of any securities exchange on which any of the Certificates may be listed, or as may, consistently herewith, be
determined by the officers executing such Certificates, as evidenced by their execution thereof.

 

The Definitive Certificates
shall be printed, typewritten, lithographed or engraved or produced by any combination of these methods or may be produced in any
other manner permitted by the rules of any securities exchange on which any of the Certificates may be listed, all as determined
by the officers executing such Certificates, as evidenced by their execution thereof.

 

(b)          The
Class X Certificates will be issuable in denominations of $100,000 initial Notional Amount and in any whole dollar denomination
in excess thereof. The Registered Certificates (other than the Class X-A Certificates) will be issuable in denominations of $10,000
initial Certificate Balance and in any whole dollar denomination in excess thereof. The Non-Registered Certificates that are Principal
Balance Certificates will be issuable in denominations of $100,000 initial Certificate Balance and in any whole dollar denomination
in excess thereof. The Class V and Class R Certificates will be issued in minimum Percentage Interests of 10% (or, with respect
to the Class V Certificates, 5%) and integral multiples of 1% in excess thereof.

 

(c)          Each
Certificate shall, on original issue, be executed by the Certificate Registrar and authenticated by the Authenticating Agent upon
the order of the Depositor. No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose,
unless there appears on such Certificate a certificate of authentication substantially in the form provided for herein, executed
by an authorized officer of the Authenticating Agent by manual signature, and such certification upon any Certificate shall be
conclusive evidence, and the only

 

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evidence, that such Certificate has been duly authenticated and delivered hereunder. All Certificates
shall be dated the date of their authentication. At any time and from time to time after the execution and delivery of this Agreement,
the Depositor may deliver Certificates to the Authenticating Agent for authentication and the Authenticating Agent shall authenticate
and deliver such Certificates only as provided for in this Agreement. If additional Certificates need to be prepared at any time
subsequent to the Closing Date, the Depositor shall prepare, or cause to be prepared, deliver, or cause to be delivered, at the
Depositor’s expense, any such additional Certificates. With respect to the REMIC III Regular Certificates that are issued
in book-entry form, on the Closing Date, the Authenticating Agent upon the order of the Depositor shall authenticate Book-Entry
Certificates that are issued to a Clearing Agency or its nominee as provided in Section 3.7 against payment of the purchase
price thereof. With respect to the Non-Registered Certificates that are issued in definitive form, on the Closing Date, the Authenticating
Agent upon the order of the Depositor shall authenticate Definitive Certificates that are issued to the registered holder thereof
against payment of the purchase price thereof.

 

Section 3.2          Registration.
The Certificate Administrator shall be the initial Certificate Registrar in respect of the Certificates and the Certificate
Registrar shall maintain books for the registration and for the transfer of Certificates (the “Certificate Register”).
The Certificate Registrar may resign or be discharged or removed by the Certificate Administrator or the Certificateholders, and
a new successor may be appointed, in accordance with the procedures and requirements set forth in Sections 7.6 and 7.7
hereof with respect to the resignation, discharge or removal of the Certificate Administrator and the appointment of a successor
Certificate Administrator. The Certificate Registrar may appoint, by a written instrument delivered to the Holders and the Trustee,
any trust company to act as co-registrar under such conditions as the Certificate Registrar may prescribe; provided that
the Certificate Registrar shall not be relieved of any of its duties or responsibilities hereunder by reason of such appointment.

 

Section 3.3          Transfer
and Exchange of Certificates.

 

(a)          A
Certificate may be transferred by the Holder thereof only upon presentation and surrender of such Certificate at the Corporate
Trust Office of the Certificate Administrator, duly endorsed or accompanied by a written instrument of transfer duly executed by
such Holder or such Holder’s duly authorized attorney in such form as shall be satisfactory to the Certificate Registrar.
Upon the transfer of any Certificate in accordance with the preceding sentence, and subject to the restrictions set forth in the
other subsections of this Section 3.3, the Certificate Registrar shall execute, and the Authenticating Agent shall authenticate
and deliver to the transferee, one or more new Certificates of the same Class and evidencing, in the aggregate, the same aggregate
initial Certificate Balance, initial Notional Amount or Percentage Interest, as the case may be, as the Certificate being transferred.
No service charge shall be made to a Certificateholder for any registration of transfer of Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any registration
or transfer of Certificates. The Certificate Registrar may decline to accept any request for a registration of transfer of any
Certificate during the period beginning five (5) calendar days prior to any Distribution Date.

 

(b)          A
Certificate may be exchanged by the Holder thereof for any number of new Certificates of the same Class, in authorized denominations,
representing in the aggregate

 

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the same initial Certificate Balance, initial Notional Amount or Percentage Interest, as the case
may be, as the Certificate surrendered, upon surrender of the Certificate to be exchanged at the offices of the Certificate Registrar
duly endorsed or accompanied by a written instrument of exchange duly executed by such Holder or such Holder’s duly authorized
attorney in such form as is satisfactory to the Certificate Registrar. Certificates delivered upon any such exchange will evidence
the same obligations, and will be entitled to the same rights and privileges, as the Certificates surrendered. No service charge
shall be made to a Certificateholder for any exchange of Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any exchange of Certificates. Whenever
any Certificates are so surrendered for exchange, the Certificate Registrar shall execute and the Authenticating Agent shall authenticate,
date and deliver the Certificates which the Certificateholder making the exchange is entitled to receive.

 

(c)          No
transfer, sale, pledge or other disposition of any Non-Registered Certificate or interest therein shall be made unless such transfer,
sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any
applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. If
a transfer of any Non-Registered Certificate held as a Definitive Certificate is to be made without registration under the Securities
Act (other than in connection with the initial issuance of the Certificates or a transfer of such Non-Registered Certificate by
the Depositor or one of its Affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives
(and upon receipt, may conclusively rely upon) either: (i) a certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit D-1 hereto and a certificate from such Certificateholder’s prospective
Transferee substantially in the form attached either as Exhibit D-2A hereto or as Exhibit D-2B hereto; or (ii) an
opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without registration
under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from the Certificateholder
desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such opinion of counsel
is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar in their respective capacities
as such). No transfer of a Class R Certificate may be made to a Person that is not a Qualified Institutional Buyer, and any certificate
and/or opinion of counsel delivered pursuant to the preceding sentence must reflect that the Transferee of a Class R Certificate
is a Qualified Institutional Buyer. No transfer of a Class V Certificate may be made to a Person that is not a Qualified Institutional
Buyer or an Institutional Accredited Investor. No transfer of a Class V or Class R Certificate may be made in book-entry form.
No Person may hold an interest in a Rule 144A Global Certificate unless that Person is a Qualified Institutional Buyer, and no
“U.S. person” (as that term is defined in Rule 902(k) under the Securities Act) may hold an interest in a Regulation
S Global Certificate, and transfers of interests in the Global Certificates that would result in a violation of the foregoing are
prohibited. No party to this Agreement is obligated to register or qualify any Class of Non-Registered Certificates under the Securities
Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer of any
Certificate. Any Certificateholder or Certificate Owner desiring to effect a transfer of Non-Registered Certificates or interests
therein shall, and does hereby agree to, indemnify each Underwriter, each Initial Purchaser and each party to this Agreement against

 

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any liability that may result if the transfer is not exempt from such registration or qualification or is not made in accordance
with such federal and state laws.

 

(d)          No
transfer of a Class V or Class R Certificate or other Non-Investment Grade Certificate or any interest therein shall be made (A)
to any employee benefit plan or other retirement arrangement, including individual retirement accounts and annuities, Keogh plans
and collective investment funds and separate accounts, the assets of which are considered “plan assets” under U.S.
Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without limitation, insurance
company general accounts, that is subject to Title I of ERISA or Section 4975 of the Code or any applicable federal, state or local
law (“Similar Laws”) materially similar to the foregoing provisions of ERISA or the Code (each, a “Plan”),
or (B) to any Person who is directly or indirectly purchasing such Certificate or interest therein on behalf of, as named fiduciary
of, as trustee of, or with “plan assets” of a Plan, unless: (i) except in the case of a Class V or Class R Certificate,
the purchase and holding of such Certificate or interest therein qualifies for the exemptive relief available under Sections I
and III of U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60; or (ii) in the case
of a Non-Investment Grade Certificate (other than a Class V or Class R Certificate) held as a Definitive Certificate, the prospective
Transferee provides the Certificate Registrar with a certification of facts and an Opinion of Counsel which establish to the satisfaction
of the Certificate Registrar that such transfer will not constitute or result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or any Similar Laws or subject any party to this Agreement to any obligation in addition
to those undertaken in this Agreement. Each Person who acquires any Class V or Class R Certificate or other Non-Investment Grade
Certificate as a Definitive Certificate (unless it shall have acquired such Certificate from the Depositor or an Affiliate thereof
or unless, in the case of a Non-Investment Grade Certificate (other than a Class V or Class R Certificate), it shall have delivered
to the Certificate Registrar the certification of facts and Opinion of Counsel referred to in clause (ii) of the preceding
sentence) shall be required to deliver to the Certificate Registrar a certification in the form of Exhibit D-2A or Exhibit
D-2B hereto that includes a certification to the effect that: (i) it is neither a Plan nor any Person who is directly or indirectly
purchasing such Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets”
of a Plan; or (ii) that, except in the case of a Class V or Class R Certificate, the purchase and holding of such Certificate or
interest therein by such Person qualifies for the exemptive relief available under Sections I and III of PTCE 95-60 or another
exemption from the “prohibited transactions” rules under ERISA issued by the U.S. Department of Labor or similar exemption
under Similar Laws.

 

(e)          Each
Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition
of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized the Certificate
Administrator under clause (F) below to deliver payments to a Person other than such Person and to have irrevocably authorized
the Certificate Registrar under clause (G) below to negotiate the terms of any mandatory sale and to execute all instruments
of Transfer and to do all other things necessary in connection with any such sale. The rights of such person acquiring any Ownership
Interest in a Class R Certificate are expressly subject to the following provisions:

 

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(A)          (1)
Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and a United States
Tax Person other than a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) any interest
in which is owned (or, may be owned pursuant to the applicable partnership agreement) directly or indirectly (other than through
a U.S. corporation) by any person that is not a United States Tax Person, and shall promptly notify the Certificate Registrar of
any change or impending change in its status as a Permitted Transferee and (2) each Person holding or acquiring any Ownership Interest
in a Class R Certificate shall be a Qualified Institutional Buyer and shall promptly notify the Certificate Registrar of any change
or impending change in its status as a Qualified Institutional Buyer.

 

(B)          In
connection with any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar shall require
delivery to it, and no Transfer of any Class R Certificate shall be registered until the Certificate Registrar receives, an affidavit
and agreement substantially in the form attached hereto as Exhibit E-1 (a “Transferee Affidavit and Agreement”)
from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing and warranting, among
other things, that such Transferee is a Permitted Transferee, that it is a Qualified Institutional Buyer, that it is not acquiring
its Ownership Interest in the Class R Certificate that is the subject of the proposed Transfer as a nominee, trustee or agent for
any Person that is not a Permitted Transferee, that for so long as it retains its Ownership Interest in a Class R Certificate,
it will endeavor to remain a Permitted Transferee, that it is a United States Tax Person other than a partnership (including any
entity treated as a partnership for U.S. federal income tax purposes) any interest in which is owned (or, may be owned pursuant
to the applicable partnership agreement) directly or indirectly (other than through a U.S. corporation) by any person that is not
a United States Tax Person, that if such Transferee is a partnership, trust or disregarded entity for U.S. federal income tax purposes,
then each Person that may be allocated income from a Class R Certificate is a United States Tax Person, that it is not a foreign
permanent establishment or fixed base, within the meaning of any applicable income tax treaty, of any United States Tax Person,
that it has historically paid its debts as they have come due and will continue to do so in the future, that it understands that
its tax liability with respect to the Class R Certificates may exceed cash flows thereon and it intends to pay such taxes as they
come due, that it will not cause income with respect to the Class R Certificates to be attributable to a foreign permanent establishment
or fixed base, within the meaning of any applicable income tax treaty, of such proposed Transferee or any other United States Tax
Person, that it will provide the Certificate Registrar with all information necessary to determine that the applicable paragraphs
of Section 13 of such Transferee Affidavit and Agreement are true or that Section 13 is not applicable, and that it has reviewed
the provisions of this Section 3.3(e) and agrees to be bound by them.

 

(C)          Notwithstanding
the delivery of a Transferee Affidavit and Agreement by a proposed Transferee under clause (B) above, if a Responsible Officer
of the Certificate Registrar has actual knowledge that the proposed Transferee is not a Permitted Transferee or is not a United
States Tax Person, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected.

 

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(D)          Each
Person holding or acquiring an Ownership Interest in a Class R Certificate shall agree (1) to require a Transferee Affidavit and
Agreement from any prospective Transferee to whom such Person attempts to transfer its Ownership Interest in such Class R Certificate
and (2) not to transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a certificate
substantially in the form attached hereto as Exhibit E-2 stating, among other things that (x) it has conducted a reasonable
investigation of the financial condition of the proposed Transferee and, as a result of the investigation, the Transferor determines
that the proposed Transferee had historically paid its debts as they came due and found no significant evidence that the proposed
Transferee will not continue to pay its debts as they come due in the future and, (y) it has no actual knowledge that such prospective
Transferee is not a Permitted Transferee, is not a United States Tax Person or a partnership (including any entity treated as a
partnership for U.S. federal income tax purposes) any interest in which is owned (or, may be owned pursuant to the applicable partnership
agreement) directly or indirectly (other than through a U.S. corporation) by any person that is not a United States Tax Person,
is a foreign permanent establishment or fixed base, within the meaning of any applicable income tax treaty, of any United States
Tax Person or is a Person with respect to which income on the Class R Certificate is attributable to a foreign permanent establishment
or fixed base, within the meaning of any applicable income tax treaty.

 

(E)          Each
Person holding or acquiring an Ownership Interest in a Class R Certificate that is a “pass-through interest holder”
within the meaning of temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) or is holding an Ownership Interest in a Class
R Certificate on behalf of a “pass-through interest holder”, by purchasing an Ownership Interest in such Certificate,
agrees to give the Certificate Registrar written notice of its status as such immediately upon holding or acquiring such Ownership
Interest in a Class R Certificate.

 

(F)          If
any purported Transferee shall become a Holder of a Class R Certificate in violation of the provisions of this Section 3.3(e)
or if any Holder of a Class R Certificate shall lose its status as a Permitted Transferee or a United States Tax Person, then the
last preceding Holder of such Class R Certificate that was in compliance with the provisions of this Section 3.3(e) shall
be restored, to the extent permitted by law, to all rights and obligations as Holder thereof retroactive to the date of registration
of such Transfer of such Class R Certificate. None of the Trustee, the Custodian, the Master Servicer, the Special Servicer, the
Trust Advisor, the Certificate Registrar or the Certificate Administrator shall be under any liability to any Person for any registration
of Transfer of a Class R Certificate that is in fact not permitted by this Section 3.3(e) or for making any payments due
on such Certificate to the Holder thereof or for taking any other action with respect to such Holder under the provisions of this
Agreement.

 

(G)          If
any purported Transferee shall become a Holder of a Class R Certificate in violation of the restrictions in this Section 3.3(e),
or if any Holder of a Class R Certificate shall lose its status as a Permitted Transferee or a United States Tax Person, and to
the extent that the retroactive restoration of the rights and obligations of the prior Holder of such Class R Certificate as set
forth in clause (F) above shall be invalid, illegal

 

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or unenforceable, then the Certificate Registrar shall have the right,
without notice to the Holder or any prior Holder of such Class R Certificate, but not the obligation, to sell or cause to be sold
such Class R Certificate to a purchaser selected by the Certificate Registrar on such terms as the Certificate Registrar may choose.
Such noncomplying Holder shall promptly endorse and deliver such Class R Certificate in accordance with the instructions of the
Certificate Registrar. Such purchaser may be the Certificate Registrar itself or any Affiliate of the Certificate Registrar. The
proceeds of such sale, net of the commissions (which may include commissions payable to the Certificate Registrar or its Affiliates),
expenses and taxes due, if any, will be remitted by the Certificate Registrar to such noncomplying Holder. The terms and conditions
of any sale under this clause (G) shall be determined in the sole discretion of the Certificate Registrar, and the Certificate
Registrar shall not be liable to any Person having an Ownership Interest in a Class R Certificate as a result of its exercise of
such discretion.

 

The Certificate Administrator shall make available
to the Internal Revenue Service and those Persons specified by the REMIC Provisions, all information in its possession necessary
to compute any tax imposed (i) as a result of the Transfer of an Ownership Interest in a Class R Certificate to any Person who
is not a Permitted Transferee, including the information described in Treasury Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5)
with respect to the “excess inclusions” of such Class R Certificate and (ii) as a result of any regulated investment
company, real estate investment trust, common trust fund, partnership, trust, estate or organization described in Section 1381
of the Code that holds an Ownership Interest in a Class R Certificate having as among its record holders at any time any Person
which is not a Permitted Transferee. The Person holding such Ownership Interest shall be responsible for the reasonable compensation
of the Master Servicer and the Certificate Administrator for providing such information.

 

The provisions of this Section
3.3(e) may be modified, added to or eliminated, provided that there shall have been delivered to the Trustee, the Custodian,
the Certificate Administrator, the Certificate Registrar, the Master Servicer and the Depositor, an Opinion of Counsel (subject
to Section 5.7, a copy of which shall be provided to each Rating Agency), in form and substance satisfactory to the Trustee,
the Certificate Registrar and the Depositor, to the effect that such modification of, addition to or elimination of such provisions
will not cause any REMIC Pool to (A) cease to qualify as a REMIC or (B) be subject to an entity-level tax caused by the Transfer
of any Class R Certificate to a Person which is not a Permitted Transferee, or cause a Person other than the prospective Transferee
to be subject to a tax caused by the Transfer of a Class R Certificate to a Person which is not a Permitted Transferee.

 

(f)          None
of the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Certificate Administrator, the Custodian or the
Certificate Registrar shall have any liability to the Trust arising from a transfer of any Certificate in reliance upon a certification,
ruling or opinion of counsel described in this Section 3.3; provided, that the Certificate Registrar shall not register
the transfer of a Class R Certificate if it has actual knowledge that the proposed transferee does not meet the qualifications
of a permitted Holder of a Class R Certificate as set forth in Section 3.3(e); provided, further, that the
Certificate Registrar shall not register the transfer of a Class R Certificate if it shall have received notice that the Transferor
has determined, as a result of the investigation under Section 3.3(e)(D), that the proposed Transferee

 

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has not paid its
debts as they came due or that it will not pay its debts as they come due in the future. The Certificate Registrar shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer or exchange of Certificates
or any interest therein imposed under this Article III or under applicable law other than to require delivery of the certifications
and/or opinions described in this Article III; provided, that the Certificate Registrar shall not register the transfer
of a Class R Certificate if it has actual knowledge that the proposed transferee does not meet the qualifications of a permitted
Holder of a Class R Certificate as set forth in Section 3.3(e). The Certificate Registrar shall have no liability for transfers
(including without limitation transfers made through the book-entry facilities of the Depository or between or among Participants
or Certificate Owners) made in violation of applicable restrictions, provided that the Certificate Registrar has satisfied
its duties expressly set forth in Sections 3.3(c), 3.3(d) and 3.3(e).

 

(g)          All
Certificates surrendered for transfer and exchange shall be physically cancelled by the Certificate Registrar, and the Certificate
Registrar shall hold such cancelled Certificates in accordance with its standard procedures.

 

(h)          The
Certificate Registrar shall provide the Master Servicer, the Special Servicer and the Depositor, upon written request, with an
updated copy of the Certificate Register within a reasonable period of time following receipt of such request.

 

(i)          Unless
and until it is exchanged in whole for the individual Certificates represented thereby, a Global Certificate representing all of
the Certificates of a Class may not be transferred, except as a whole by the Depository to a nominee of the Depository or by a
nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a
successor Clearing Agency or a nominee of such successor Clearing Agency, and no such transfer to any such other Person may be
registered; provided that this subsection (i) shall not prohibit any transfer of a Certificate of a Class that is
issued in exchange for a Global Certificate of the same Class pursuant to Section 3.9 below. Nothing in this subsection
(i) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Certificate effected in accordance
with the other provisions of this Section 3.3.

 

Section 3.4      Mutilated,
Destroyed, Lost or Stolen Certificates. If (A) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (B) except
in the case of a mutilated Certificate so surrendered, 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 notice to the Certificate Registrar that such Certificate
has been acquired by a bona fide purchaser, the Certificate Registrar shall execute, and the Authenticating Agent shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and interest in the Trust. In connection with the issuance of any new Certificate under this Section 3.4, the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement
Certificate issued pursuant to this Section 3.4 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.

 

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Section 3.5     Persons
Deemed Owners. Prior to presentation of a Certificate for registration of transfer, the Master Servicer, the Special Servicer,
the Trustee, the Custodian, the Trust Advisor, the Certificate Administrator and any agent of any such party, may treat the Person
in whose name any Certificate is registered as of the related Record Date as the owner of such Certificate for the purpose of
receiving distributions as provided in this Agreement and for all other purposes whatsoever, and no such party (nor any agent
thereof) shall be affected by any notice to the contrary.

 

Section 3.6      Access
to List of Certificateholders’ Names and Addresses.

 

(a)          If
any three (3) or more Certifying Certificateholders or any party to this Agreement (i) request in writing from the Certificate
Registrar a list of the names and addresses of Certificateholders and (ii) in the case of a request by Certificateholders, state
that such Certificateholders desire to communicate with other Certificateholders with respect to their rights under this Agreement
or under the Certificates, then the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request,
at no cost to such requesting party, afford such Certificateholders or applicable party to this Agreement, as applicable, access
during normal business hours to a current list of the Certificateholders or, if requested, shall provide such list electronically
to the applicable requesting party; provided, that the Certificate Registrar shall not be required to determine the identity
of any Certificate Owner of any Book-Entry Certificate. Every Certificateholder, by receiving and holding a Certificate, agrees
that none of the Certificate Registrar or any other party to this Agreement shall be held accountable by reason of the disclosure
of any such information as to the list of the Certificateholders hereunder, regardless of the source from which such information
was derived.

 

(b)          Upon
the written request of any Certifying Certificateholder that (i) states that such Certificateholder desires the Certificate Registrar
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (ii) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Registrar shall deliver such Special Notice
to the Certificate Administrator, who shall make a copy of such Special Notice available electronically on the Certificate Administrator’s
Website pursuant to Section 5.4. The costs and expenses of the Certificate Registrar associated with delivering any such
Special Notice shall be borne by the party or parties requesting delivery of such Special Notice. 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 Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 3.7      Book-Entry
Certificates.

 

(a)          The
REMIC III Regular Certificates (exclusive of any Non-Registered Certificates that are sold in the United States to Institutional
Accredited Investors that are not Qualified Institutional Buyers), in the case of each Class thereof, upon original issuance, shall
be issued in the form of one or more Global Certificates representing the Book-Entry Certificates of such Class, to be delivered
to the Certificate Registrar, as custodian for the Depository, the initial Clearing Agency, by, or on behalf of, the Depositor,
provided, that any Non-Registered

 

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Certificates sold to Institutional Accredited Investors that are not Qualified Institutional
Buyers, together with the Class V and Class R Certificates, will be issued as Definitive Certificates. The Global Certificates
shall initially be registered on the Certificate Register in the name of Cede & Co., the nominee of the Depository, as the
initial Clearing Agency, and no Certificate Owner will receive a Definitive Certificate representing such Certificate Owner’s
interest in the Global Certificates, except as provided in Section 3.9. With respect to those Classes of Certificates issued
as Global Certificates, unless and until Definitive Certificates have been issued to the related Certificate Owners pursuant to
Section 3.9:

 

(i)          the
provisions of this Section 3.7 shall be in full force and effect with respect to each such Class;

 

(ii)         the
Depositor, the Master Servicer, the Certificate Administrator, the Certificate Registrar, the Custodian and the Trustee may deal
with the Clearing Agency for all purposes (including the making of distributions on the Certificates) as the authorized representative
of the Certificate Owners;

 

(iii)        to
the extent that the provisions of this Section 3.7 conflict with any other provisions of this Agreement, the provisions
of this Section 3.7 shall control with respect to each such Class; and

 

(iv)       the
rights of the Certificate Owners of each such Class shall be exercised only through the Clearing Agency and the applicable Participants
and shall be limited to those established by law and agreements between such Certificate Owners and the Clearing Agency and/or
the Participants. Pursuant to the Depository Agreement, unless and until Certificates are issued pursuant to Section 3.9,
the initial Clearing Agency will make book-entry transfers among the Participants and receive and transmit distributions of principal
and interest on the related Certificates to such Participants.

 

(b)          For
purposes of any provision of this Agreement requiring or permitting actions with the consent of, or at the direction of, Holders
of the Certificates evidencing a specified percentage of the aggregate unpaid principal amount of Certificates, such direction
or consent may be given by the Clearing Agency at the direction of Certificate Owners owning Certificates evidencing the requisite
percentage of principal amount of Certificates. The Clearing Agency may take conflicting actions with respect to the Certificates
to the extent that such actions are taken on behalf of the Certificate Owners.

 

(c)          The
Certificates of each Class of Non-Registered Certificates (other than the Class V and Class R Certificates) initially sold in reliance
on Rule 144A shall be represented by the Rule 144A Global Certificate for such Class, which shall be deposited with the Certificate
Registrar, as custodian for the Depository and registered in the name of Cede & Co. as nominee of the Depository. The Non-Registered
Certificates initially sold to Institutional Accredited Investors that are not Qualified Institutional Buyers, together with the
Class V and Class R Certificates, shall be represented by Definitive Certificates for such Class. The Non-Registered Certificates
evidenced by any Rule 144A Global Certificate or Definitive Certificate shall be subject to certain restrictions on transfer as
set forth in Section 3.3 hereof and shall bear legend(s) regarding such restrictions described herein.

 

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(d)          The
Certificates of each Class of Non-Registered Certificates (other than the Class V and Class R Certificates) initially sold in offshore
transactions in reliance on Regulation S shall be represented by the Regulation S Temporary Global Certificate for such Class,
which shall be deposited with the Certificate Registrar, as custodian for the Depository and registered in the name of Cede &
Co. as nominee of the Depository. Not earlier than the Release Date, beneficial interests in any Regulation S Temporary Global
Certificate shall be exchangeable for beneficial interests in the Regulation S Permanent Global Certificate for such Class. Beneficial
interests in any Regulation S Temporary Global Certificate may be held only through Euroclear Bank or Clearstream Bank; provided,
that such interests may be exchanged for interests in the Rule 144A Global Certificate for such Class in accordance with the certification
requirements described in Section 3.7(f). The Regulation S Permanent Global Certificates shall be deposited with the Certificate
Registrar, as custodian for the Depository and registered in the name of Cede & Co. as nominee of the Depository.

 

On or prior to the Release
Date and on or prior to any Distribution Date occurring prior to the Release Date, each Certificate Owner of a Regulation S Temporary
Global Certificate that holds a beneficial interest therein on the Release Date or on any such Distribution Date, as the case may
be, must deliver to Euroclear Bank or Clearstream Bank (as applicable) a Regulation S Certificate; provided, that any Certificate
Owner that holds a beneficial interest in a Regulation S Temporary Global Certificate on the Release Date or on any such Distribution
Date that has previously delivered a Regulation S Certificate to Euroclear Bank or Clearstream Bank with respect to its interest
therein does not need to deliver any subsequent Regulation S Certificate (unless the certificate previously delivered is no longer
true as of such subsequent date, and such Certificate Owner must promptly notify Euroclear Bank or Clearstream Bank, as applicable,
thereof). Euroclear Bank or Clearstream Bank, as applicable, shall be required to promptly deliver to the Certificate Registrar
a certificate substantially in the form of Exhibit H hereto to the effect that it has received the requisite Regulation
S Certificates for each such Class, and no Certificate Owner (or transferee from any such Certificate Owner) shall be entitled
to receive an interest in the Regulation S Permanent Global Certificate for such Class or any payment or principal or interest
with respect to its interest in such Regulation S Temporary Global Certificate prior to the Certificate Registrar receiving such
certification from Euroclear Bank or Clearstream Bank with respect to the portion of the Regulation S Temporary Global Certificate
owned by such Certificate Owner (and, with respect to an interest in the applicable Regulation S Permanent Global Certificate,
prior to the Release Date). After the Release Date, distributions due with respect to any beneficial interest in a Regulation S
Temporary Global Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest
in the related Regulation S Permanent Global Certificate is improperly withheld or refused. No interest in a Regulation S Global
Certificate may be held by or transferred to a U.S. Person (as defined in Regulation S) except for exchanges for a beneficial interest
in the Rule 144A Global Certificate for such Class as set forth in Section 3.7(f).

 

(e)          Except
in the limited circumstances described below in Section 3.9, owners of beneficial interests in Global Certificates shall
not be entitled to receive physical delivery of Definitive Certificates. The Certificates are not issuable in bearer form. Upon
the issuance of each Global Certificate, the Depository or its custodian shall credit, on its internal system, the respective principal
amount of the individual beneficial interests represented by such Global Certificate to the accounts of Persons who have accounts
with such Depository. Such

 

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accounts initially shall be designated by or on behalf of the Underwriters and the Initial Purchasers.
Ownership of beneficial interests in a Global Certificate shall be limited to Customers or Persons who hold interests directly
or indirectly through Customers. Ownership of beneficial interests in the Global Certificates shall be shown on, and the transfer
of that ownership shall be effected only through, records maintained by the Depository or its nominee (with respect to interests
of Customers) and the records of Customers (with respect to interests of Persons other than Customers).

 

So long as the Depository,
or its nominee, is the registered holder of a Global Certificate, the Depository or such nominee, as the case may be, shall be
considered the sole owner and holder of the Certificates represented by such Global Certificate for all purposes under this Agreement
and the Certificates, including, without limitation, obtaining consents and waivers thereunder, and the Trustee, the Custodian,
the Certificate Administrator and the Certificate Registrar shall not be affected by any notice to the contrary. Except under the
circumstance described in Section 3.9, owners of beneficial interests in a Global Certificate will not be entitled to have
any portions of such Global Certificate registered in their names, will not receive or be entitled to receive physical delivery
of Definitive Certificates in certificated form and shall not be considered the owners or holders of the Global Certificate (or
any Certificates represented thereby) under this Agreement or the Certificates. In addition, no Certificate Owner of an interest
in a Global Certificate shall be able to transfer that interest except in accordance with the Depository’s applicable procedures
(in addition to those under this Agreement and, if applicable, those of Euroclear Bank and Clearstream Bank).

 

(f)          Any
holder of an interest in a Regulation S Global Certificate shall have the right, upon prior written notice to the Certificate Registrar,
Euroclear Bank or Clearstream Bank, as applicable, and the Depository, in the form of an Exchange Certification (substantially
in the form of Exhibit G attached hereto), to exchange all or a portion of such interest (in authorized denominations as
set forth in Section 3.1(b)) for an equivalent interest in the Rule 144A Global Certificate for such Class in connection
with a transfer of its interest therein to a transferee that is eligible to hold an interest in such Rule 144A Global Certificate
as set forth herein; provided that no Exchange Certification shall be required if any such exchange occurs after the Release
Date. Any holder of an interest in the Rule 144A Global Certificate shall have the right, upon prior written notice to the Certificate
Registrar, the Depository and Euroclear Bank or Clearstream Bank, as applicable, in the form of an Exchange Certification (substantially
in the form of Exhibit G attached hereto), to exchange all or a portion of such interest (in authorized denominations as
set forth in Section 3.1(b)) for an equivalent interest in the Regulation S Global Certificate for such Class in connection
with a transfer of its interest therein to a transferee that is eligible to hold an interest in such Regulation S Global Certificate
as set forth herein; provided, that if such exchange occurs prior to the Release Date, the transferee shall acquire an interest
in a Regulation S Temporary Global Certificate only and shall be subject to all of the restrictions associated therewith described
in Section 3.7(d). Following receipt of any Exchange Certification or request for transfer, as applicable, by the Certificate
Registrar: (i) the Certificate Registrar shall endorse the schedule to any Global Certificate representing the Certificate or Certificates
being exchanged to reduce the stated principal amount of such Global Certificate by the denominations of the Certificate or Certificates
for which such exchange is to be made, and (ii) the Certificate Registrar shall endorse the schedule to any Global Certificate
representing the Certificate or Certificates for which such exchange is to be made to increase the

 

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stated principal amount of such
Global Certificate by the denominations of the Certificate or Certificates being exchanged therefor. The form of the Exchange Certification
shall be available from the Certificate Registrar.

 

(g)          If
a Holder of a Definitive Certificate wishes at any time to exchange such Definitive Certificate for an interest in the Rule 144A
Global Certificate of the same Class, or to transfer such Definitive Certificate to a Person who is entitled to take delivery thereof
in the form of an interest in the Rule 144A Global Certificate of the same Class, such Holder may, subject to the rules and procedures
of the Depository, cause the exchange of such Definitive Certificate for an equivalent beneficial interest in the Rule 144A Global
Certificate of the same Class; provided that such Holder shall pay all reasonable costs and expenses associated therewith.
Upon receipt by the Certificate Registrar, as registrar, at its Corporate Trust Office, of (1) such Definitive 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 Rule 144A Global Certificate equal to the Certificate Balance of
the Definitive Certificate to be exchanged or transferred, 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 D-3 hereto, then the
Certificate Registrar, as registrar, shall cancel or cause the cancellation of such Definitive Certificate and shall instruct the
Depository to increase, or cause to be increased, the Certificate Balance of the applicable Rule 144A Global Certificate by the
aggregate Certificate Balance of the Definitive Certificate to be exchanged or transferred and to credit, or cause to be credited,
to the account of the Person specified in such instructions a beneficial interest in the applicable Rule 144A Global Certificate
equal to the Certificate Balance of the Definitive Certificate so canceled.

 

Section 3.8      Notices
to Clearing Agency. Whenever notice or other communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to the related Certificateholders pursuant to Section 3.9, the
Certificate Administrator shall give all such notices and communications specified herein to be given to Holders of the Book-Entry
Certificates to the Clearing Agency which shall give such notices and communications to the related Participants in accordance
with its applicable rules, regulations and procedures.

 

Section 3.9      Definitive
Certificates.

  

(a)          Definitive
Certificates will be issued to the owners of beneficial interests in a Global Certificate or their nominees if (i) the Clearing
Agency notifies the Depositor and the Certificate Registrar in writing that the Clearing Agency is unwilling or unable to continue
as depositary for such Global Certificate and a qualifying successor depositary is not appointed by the Depositor within ninety
(90) days thereof or (ii) the Trustee has instituted or caused to be instituted or has been directed to institute any judicial
proceeding in a court to enforce the rights of the Certificateholders under this Agreement and under such Global Certificate and
the Trustee has been advised by counsel that in connection with such proceeding it is necessary or advisable for the Trustee or
its custodian to obtain possession of such Global Certificate; provided, that under no circumstances will Definitive Certificates
be issued to Certificate Owners of the Regulation S Temporary Global Certificate. Upon notice of the occurrence of any of the events
described in the preceding sentence, the Certificate Registrar shall notify the Clearing Agency

 

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and request the Clearing Agency
to notify all Certificate Owners, through the applicable Participants, of the occurrence of the event and of the availability of
Definitive Certificates to such Certificate Owners requesting the same. Upon surrender to the Certificate Registrar of the Global
Certificates by the Clearing Agency, accompanied by registration instructions from the Clearing Agency for registration, the Certificate
Registrar shall execute, and the Authenticating Agent shall authenticate and deliver, the Definitive Certificates. None of the
Depositor, the Trustee, the Custodian, the Certificate Administrator or the Certificate Registrar shall be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the
issuance of Definitive Certificates, all references herein to obligations imposed upon or to be performed by the Clearing Agency
shall be deemed to be imposed upon and performed by the Certificate Registrar, to the extent applicable with respect to such Definitive
Certificates, and the Certificate Registrar and the Trustee and the Certificate Administrator shall recognize the Holders of Definitive
Certificates as Certificateholders hereunder.

 

(b)          If
any Certificate Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor
that is not a Qualified Institutional Buyer, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S.
person” (as that term is defined in Rule 902(k) under the Securities Act) that is an Institutional Accredited Investor but
not a Qualified Institutional Buyer, then the transferee shall take delivery in the form of a Definitive Certificate, subject to
the restrictions on the transfer of such Definitive Certificate in Section 3.3. No such transfer shall be made and the Certificate
Registrar shall not register any such transfer unless such transfer complies with the provisions of Section 3.3 applicable
to transfers of Definitive Certificates. Upon acceptance for exchange or transfer of a beneficial interest in a Global Certificate
for a Definitive Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule affixed to the related
Global Certificate (or on a continuation of such schedule affixed to such Global Certificate and made a part thereof) an appropriate
notation evidencing the date of such exchange or transfer and a decrease in the denomination of such Global Certificate equal to
the denomination of such Definitive Certificate issued in exchange therefor or upon transfer thereof.

 

(c)          Distributions
of principal and interest on the Definitive Certificates shall be made by the Certificate Administrator directly to holders of
Definitive Certificates in accordance with the procedures set forth in this Agreement.

 

ARTICLE
IV

ADVANCES

 

Advances shall be made as
provided herein by the Master Servicer and, if the Master Servicer does not make such Advances, by the Trustee except to the extent
that the Master Servicer, the Special Servicer or the Trustee, as applicable, determines in accordance with Section 4.4
below, that any such Advance would be a Nonrecoverable Advance.

 

Section 4.1      P&I
Advances by Master Servicer.

 

(a)          On
or prior to the Advance Report Date, the Master Servicer shall notify the Trustee and the Certificate Administrator if any P&I
Advance Amount for such Distribution

 

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Date is greater than zero (provided that such notice shall be deemed given if the Master Servicer
complies with its obligations under Section 8.11(a) or Section 8.11(d)(v)), and the Master Servicer shall make a
P&I Advance in respect of each applicable Mortgage Loan of such amount no later than the Master Servicer Remittance Date. It
is understood that the obligation of the Master Servicer to make such P&I Advances is mandatory and shall apply through any
court appointed stay period or similar payment delay resulting from any insolvency of the Mortgagor or related bankruptcy, notwithstanding
any other provision of this Agreement. Notwithstanding the foregoing, the Master Servicer shall not be required to make such P&I
Advance if the Master Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance would be
a Nonrecoverable Advance and shall not make such P&I Advance if such P&I Advance if made would be a Nonrecoverable Advance
as determined by the Special Servicer in accordance with the Servicing Standard and Section 4.4, in which event the Special
Servicer shall promptly direct the Master Servicer not to make such P&I Advance; provided that the Special Servicer
has no obligation to make such determination. Such determination shall be conclusive and binding on the Trustee, the Master Servicer
and the Certificateholders, and the Trustee and the Master Servicer shall be entitled to rely conclusively on any such determination
by the Special Servicer. The Special Servicer shall not make P&I Advances under this Agreement. If the Master Servicer fails
to make a P&I Advance that it is required to make under this Section 4.1, it shall promptly notify the Trustee and the
Certificate Administrator of such failure.

 

(b)          If
the Master Servicer determines that there is a P&I Advance Amount for a Distribution Date, the Master Servicer shall on the
related Master Servicer Remittance Date either (A) deposit in the Collection Account an amount equal to the P&I Advance Amount
or (B) utilize funds in the Collection Account being held for future distributions or withdrawals to make such Advance, except
that the portion of such P&I Advance equal to the CREFC® License Fee for each such Mortgage Loan shall not be
remitted to the Certificate Administrator but shall instead be remitted to CREFC®. Any funds being held in the Collection
Account for future distribution or withdrawal and so used shall be replaced by the Master Servicer from its own funds by deposit
in the Collection Account on or before any future Master Servicer Remittance Date to the extent that funds in the Collection Account
on such Master Servicer Remittance Date shall be less than payments to the Certificate Administrator or other Persons required
to be made on such date.

 

(c)          In
no event shall the Master Servicer (or the Trustee, as applicable) be obligated to make a P&I Advance with respect to a B Note,
a Serviced Companion Loan or a Non-Serviced Companion Loan.

 

(d)          In
no event shall the Master Servicer (or the Trustee, as applicable) be obligated to make a P&I Advance with respect to any Mortgage
Loan if the sum of all outstanding P&I Advances in respect of such Mortgage Loan (together with Advance Interest) is equal
to or greater than the Stated Principal Balance plus all overdue amounts on such Mortgage Loan.

 

Section 4.1A     P&I Advances
with Respect to Non-Serviced Mortgage Loans and Serviced Pari Passu Mortgage Loans. With respect to the Non-Serviced Mortgage
Loans and Serviced Pari Passu Mortgage Loans (the “P&I Pari Passu Loans”), the Master Servicer and Special
Servicer shall each be entitled to make its own determination that a P&I Advance

 

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previously made on any P&I Pari Passu
Loan is a Nonrecoverable Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance with
respect to such P&I Pari Passu Loan in accordance with and subject to Section 4.1 and Section 4.4 independently
of any determination made by any Other Master Servicer, Other Trustee or Other Special Servicer under the related Other Companion
Loan Pooling and Servicing Agreement in respect of any P&I Pari Passu Loan following deposit of the Non-Serviced Companion
Loans or Serviced Companion Loans into a commercial mortgage securitization trust, and the Other Master Servicer, Other Trustee
and Other Special Servicer, as applicable, shall each make its own determination that a P&I Advance is or, if made, will be,
a Nonrecoverable Advance (both as defined in the related Other Companion Loan Pooling and Servicing Agreement) or that any proposed
P&I Advance, if made, would constitute a Nonrecoverable Advance (both as defined in the related Other Companion Loan Pooling
and Servicing Agreement) with respect to the Non-Serviced Companion Loans or Serviced Companion Loans, as applicable, in accordance
with the related Other Companion Loan Pooling and Servicing Agreement. No determination by the Master Servicer or the Special
Servicer that any such P&I Advance is nonrecoverable shall be binding on the Other Master Servicer, the Other Trustee, the
Other Special Servicer or the holders of any securities relating to the Non-Serviced Companion Loans or Serviced Companion Loans,
as applicable. No determination by the Other Master Servicer, the Other Trustee or the Other Special Servicer that any P&I
Advance (as defined in the related Other Companion Pooling and Servicing Agreement) is nonrecoverable shall be binding on the
Master Servicer, the Trustee, the Special Servicer or the Certificateholders.

 

The Master Servicer shall
not be required to make a P&I Advance with respect to any P&I Pari Passu Loan after its receipt of notice from the related
Other Master Servicer, Other Trustee or Other Special Servicer that it has determined that a P&I Advance (as defined in the
related Other Companion Loan Pooling and Servicing Agreement) is or, if made, will be, a Nonrecoverable Advance on the Non-Serviced
Companion Loans or Serviced Companion Loans, as applicable, or that any proposed P&I Advance, if made, would constitute a Nonrecoverable
Advance pursuant to the relevant Other Companion Loan Pooling and Servicing Agreement. If the Master Servicer determines (or has
received notice from the Special Servicer of its determination) that a P&I Advance would be (if made), or any outstanding P&I
Advance previously made is, a Nonrecoverable Advance, the Master Servicer shall provide the Other Master Servicer written notice
of such determination. If the Master Servicer, Special Servicer or Trustee receives written notice by the Other Master Servicer
that it has determined, with respect to any Mortgage Loan, that any proposed future P&I Advance would be, or any outstanding
P&I Advance is, a Nonrecoverable Advance, the Master Servicer shall use reasonable efforts to consult on a non-binding basis
with the Other Master Servicer regarding the circumstances with respect to such Mortgage Loan, but the Master Servicer, Special
Servicer or Trustee, as applicable, shall be allowed to ultimately make its own determination. Any determination that a P&I
Advance would be a Nonrecoverable Advance with respect to any Non-Serviced Mortgage Loan by the Master Servicer, Special Servicer
or Trustee, any Other Master Servicer, any Other Trustee or any Other Special Servicer may, in all cases, be conclusively relied
on by each of the Trustee, the Master Servicer and the Special Servicer. If the Master Servicer or the Trustee does not receive
notice of an Appraisal Reduction with respect to any Non-Serviced Mortgage Loan, the Master Servicer or the Trustee, as applicable,
shall not be obligated to proportionately reduce the amount of any P&I Advance required to be made by it, except to the extent
an Appraisal Reduction is applied as described in the last sentence of the definition of “Appraisal Reduction.”

 

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Following a securitization
of a Serviced Companion Loan, the Master Servicer shall be required to deliver to the related Other Master Servicer the following
information: (i) any loan related information (in the form received), including without limitation CREFC® Reports
relating to the related Serviced Pari Passu Mortgage Loan, applicable to a determination that an Advance is or would be a Nonrecoverable
Advance, within one (1) Business Day of the Master Servicer’s receipt thereof, (ii) notice of any Servicing Advance it, the
Special Servicer or the Trustee makes with respect to the related Serviced Pari Passu Mortgage Loan within one (1) Business Day
of the making of such Advance and (iii) notice of any determination that any Servicing Advance is a Nonrecoverable Advance within
one (1) Business Day thereof.

 

Section 4.2      Servicing
Advances. The Master Servicer and, if the Master Servicer does not, the Trustee to the extent the Trustee receives written
notice from the Certificate Administrator that such Advance has not been made by the Master Servicer, shall make Servicing Advances
to the extent provided in this Agreement, except to the extent that the Master Servicer or the Trustee, as applicable, determines
in accordance with Section 4.4 below, that any such Advance would be a Nonrecoverable Advance and, subject to the last
sentence of this paragraph, except to the extent the Special Servicer determines in accordance with the Servicing Standard and
Section 4.4 that such Advance, if made, would be a Nonrecoverable Advance, in which event the Special Servicer shall promptly
direct the Master Servicer not to make such Advance (and the Master Servicer shall be bound by any such determination); provided
that the Special Servicer has no obligation to make such determination. Such determination by the Master Servicer or the Special
Servicer shall be conclusive and binding on the Trustee and the Certificateholders and, in the case of any A/B Whole Loan or Loan
Pair, the holder of any related Serviced B Note and/or Serviced Companion Loan. The Special Servicer shall not be required to
make Servicing Advances under this Agreement but may make such Servicing Advances (on an emergency basis) at its option in which
event the Master Servicer shall reimburse the Special Servicer for such Servicing Advance (together with Advance Interest) promptly
(but no later than five (5) Business Days) following receipt of a statement therefor. Promptly after discovering that the Master
Servicer has failed to make a Servicing Advance that the Master Servicer is required to make hereunder, the Certificate Administrator
shall promptly notify the Trustee (if the Certificate Administrator is not also the Trustee) in writing of the failure by the
Master Servicer to make such Servicing Advance. The Master Servicer may make Servicing Advances in its own discretion if it determines
that making such Servicing Advance is in the best interest of the Certificateholders, as a collective whole (or, with respect
to any A/B Whole Loan or Loan Pair, in the best interest of the Trust and the holders of any related Serviced B Note and/or Serviced
Companion Loan, as applicable, as a collective whole), even if the Master Servicer or the Special Servicer has determined, in
accordance with Section 4.4 below, that any such Advance would be a Nonrecoverable Advance.

 

The applicable Non-Serviced
Mortgage Loan Master Servicer is obligated to make “Servicing Advances” as defined in, and pursuant to, the related
Non-Serviced Mortgage Loan Pooling and Servicing Agreement with respect to any Non-Serviced Mortgage Loan, and the Master Servicer
shall have no obligation or authority to make Servicing Advances with respect to such Non-Serviced Mortgage Loan.

 

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Section 4.3      Advances
by the Trustee.

 

(a)          To
the extent that the Master Servicer fails to make a P&I Advance with respect to a Mortgage Loan by the Master Servicer Remittance
Date (other than a P&I Advance that the Master Servicer or the Special Servicer determines is a Nonrecoverable Advance), the
Trustee shall make such P&I Advance to the extent the Trustee receives written notice from the Certificate Administrator not
later than 10:00 a.m. (New York City time) on the Distribution Date that such Advance has not been made by the Master Servicer
on the Master Servicer Remittance Date unless the Trustee determines (in its good faith business judgment) that such P&I Advance,
if made, would be a Nonrecoverable Advance. The Certificate Administrator shall notify (i) the Trustee (if the Certificate Administrator
is not also the Trustee) in writing as soon as practicable, but not later than 10:00 a.m. (New York City time) on the Distribution
Date if the Master Servicer has failed to make a P&I Advance and (ii) the Master Servicer and the Trustee in writing as soon
as practicable, but not later than 5:00 p.m. (New York City time) on the Master Servicer Remittance Date, if it has not received
a P&I Advance with respect to any Mortgage Loan set forth in the Master Servicer Remittance Report provided to the Certificate
Administrator on the related Advance Report Date; provided, the failure of the Certificate Administrator to provide any such notice
within such timeframe shall not diminish in any respect the obligations of the Master Servicer or the Trustee, as applicable, to
make such P&I Advance in accordance with the terms set forth above.

 

(b)          To
the extent that the Master Servicer fails to make a Servicing Advance by the date such Servicing Advance is required to be made
(other than a Servicing Advance that the Master Servicer or the Special Servicer, as applicable, determines is a Nonrecoverable
Advance), and a Responsible Officer of the Trustee receives actual notice thereof, the Trustee shall make such Servicing Advance
promptly, but in any event, not later than five (5) Business Days after notice thereof in accordance with Section 4.2, unless
the Trustee determines (in its good faith business judgment) that such Servicing Advance, if made, would be a Nonrecoverable Advance.

 

(c)          In
no event shall the Trustee be obligated to make a P&I Advance with respect to a B Note, a Serviced Companion Loan or a Non-Serviced
Companion Loan or any Servicing Advance with respect to a Non-Serviced Mortgage Loan.

 

Section 4.4      Evidence
of Nonrecoverability.

 

(a)          If
the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance
previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, a
Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party,
the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during
any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period) and the holder of any related Serviced B Note or Serviced Companion Loan (if the Advance relates to an A/B
Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s Certificate
shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such

 

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information, report
or document is in the Master Servicer’s or Special Servicer’s possession, and, if such information, reports or documents
are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance,
as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements,
rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged
Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto
which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes,
or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced
by an Officer’s Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related Serviced B Note or Serviced
Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during
any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above,
the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the
Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as
is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and
effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with
the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or
the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing
Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance
(including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole
Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master
Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light
of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the 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. Furthermore, the relevant party may, consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in
accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special
Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer
for such purposes. Any determination by the Special Servicer that any Advance previously made (or Unliquidated Advance in respect
thereof) constitutes a Nonrecoverable Advance shall be conclusive and binding on the Master Servicer and the Trustee, and the Master
Servicer and Trustee shall be entitled to rely conclusively on any such determination by the Special Servicer.

 

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(b)          The
Trustee shall not make an Advance that the Master Servicer or the Special Servicer has previously determined in accordance with
the Servicing Standard to be a Nonrecoverable Advance (and, with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced
Mortgage Loan, shall not be required to make an Advance that the related Other Master Servicer has previously determined to be
a Nonrecoverable Advance). Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer
or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to
be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master
Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued
thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s
determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator
and the Certificateholders and may be conclusively relied on by the Trustee and each other. The Master Servicer or the Special
Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding
Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance,
as applicable.

 

(c)          Any
Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable,
shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related
Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under
the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.

 

Section 4.5      Interest
on Advances; Calculation of Outstanding Advances with Respect to a Mortgage Loan. Any unreimbursed Advance funded from the
Master Servicer’s, the Special Servicer’s or the Trustee’s own funds shall accrue interest, compounded annually,
at a per annum rate equal to the Advance Rate, from and including the date such Advance was made to but not including the
date on which such Advance has been reimbursed; provided that neither the Master Servicer nor any other party shall be
entitled to interest accrued on the amount of any P&I Advance with respect to any Mortgage Loan for the period commencing
on the date of such P&I Advance and ending on the day on which the grace period applicable to the related Mortgagor’s
obligation to make the related Scheduled Payment expires pursuant to the related Mortgage Loan documents. All Late Collections
on any Non-Serviced Mortgage Loan in respect of interest shall, promptly following receipt thereof, be applied by the Master Servicer
to reimburse the interest component of any P&I Advance outstanding with respect to such Non-Serviced Mortgage Loan. Any party
that makes a P&I Advance with respect to any Non-Serviced Mortgage Loan shall provide to the applicable Non-Serviced Mortgage
Loan Master Servicer monthly, at least two (2) Business Days prior to the next succeeding Due Date for such Non-Serviced Mortgage
Loan, written notice of whether (and, if any, how much) Advance Interest will be payable on the interest component of that P&I
Advance through the next succeeding related Master Servicer Remittance Date. For purposes of determining whether a P&I Advance
is outstanding, amounts collected with respect to a particular Mortgage Loan (including a successor REO Mortgage Loan) and treated
as collections of principal or interest shall be applied first to reimburse the earliest P&I Advance, and then each

 

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succeeding
P&I Advance to the extent not inconsistent with Section 4.6. The Master Servicer shall use efforts consistent with
the Servicing Standard to collect (but shall have no further obligation to collect), with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan), the Serviced Companion Loans and the Serviced B Notes that are not Specially Serviced Mortgage
Loans, Penalty Charges from the Mortgagor in an amount sufficient to pay Advance Interest. The Master Servicer shall be entitled
to retain Excess Penalty Charges paid by any Mortgagor during a Collection Period with respect to any Mortgage Loan (other than
the portion of such Excess Penalty Charges that relate to the period commencing after the Servicing Transfer Event in respect
of a Specially Serviced Mortgage Loan, as to which the Special Servicer shall retain Excess Penalty Charges with respect to such
Specially Serviced Mortgage Loan) as additional servicing compensation. Penalty Charges shall be applied in accordance with Section
5.2(b).

 

Section 4.6      Reimbursement
of Advances and Advance Interest.

 

(a)          Advances
made with respect to each Mortgage Loan, Serviced Companion Loan, Serviced B Note, Specially Serviced Mortgage Loan or REO Property
(including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent
of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances
and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans,
any Serviced Companion Loan or any Serviced B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available
Advance Reimbursement Amount.”

 

(b)          To
the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available
Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee
for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO
Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special
Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO
Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent
that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially
Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be
payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection
Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant
to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s
and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall
be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the
case of a Serviced B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion
Loans, Serviced B Notes or REO Loans.

 

(c)          Advance
Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified
in the preceding paragraph) first,

 

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in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees
collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and Serviced
B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from
Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer,
the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu
Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof
(after taking into account any amount allocable to any related Serviced B Note, if any, in accordance with the terms of the related
Intercreditor Agreement).

 

(d)          Amounts
applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified
in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances.

 

(e)          To
the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with
servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with
interest at the Advance Rate promptly (but no later than five (5) Business Days) after receiving an invoice and a report from the
Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per
calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing
such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the
Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance,
subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer
determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make
such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment
and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner
as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate
Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section
4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

 

ARTICLE
V

ADMINISTRATION OF THE TRUST

 

Section 5.1      Collections.

 

(a)          On
or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to
be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services,
a Division of PNC Bank, National Association, as Master Servicer on behalf of Wells Fargo Bank, National Association, as Trustee
for the benefit of the Holders of Morgan Stanley Capital I Trust

 

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2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series
2015-UBS8” (the “Collection Account”).

 

(b)          On
or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the
Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such
account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause
the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in
Section 5.1(a), subject to the Master Servicer’s (or its sub-servicer’s) right to direct payments and investments
and its rights of withdrawal under this Agreement.

 

(c)          On
the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit
into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into
the Collection Account on the Business Day following receipt of properly identified funds (provided, that to the extent
any of the following amounts are received after 2:00 p.m. (Eastern time) on any given Business Day, the Master Servicer shall use
commercially reasonable efforts to deposit such amounts into the Collection Account within one (1) Business Day of receipt of such
amounts but, in any event, the Master Servicer shall deposit such amounts into the Collection Account within two (2) Business Days
of receipt of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special
Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage
Loans, any Serviced Companion Loan or any Serviced B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted
to the related Seller:

 

(A)          Principal:
all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late
Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any Serviced B Note;

 

(B)          Interest:
all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any Serviced B Note (minus any portion
of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding
Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3(b) below);

 

(C)          Liquidation
Proceeds: all Liquidation Proceeds with respect to the Mortgage Loans, any Serviced Companion Loan and any Serviced B Note;

 

(D)          Insurance
Proceeds: all Insurance Proceeds other than proceeds to be applied to the restoration or repair of the property subject to
the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited
by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

 

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(E)          Condemnation
Proceeds: all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject
to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be
deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

 

(F)          REO
Income: all REO Income received from the Special Servicer;

 

(G)          Investment
Losses: any amounts required to be deposited by the Master Servicer pursuant to Section 5.1(e) in connection with losses
realized on Eligible Investments with respect to funds held in the Collection Account and amounts required to be deposited by the
Special Servicer pursuant to Section 9.14(b) in connection with losses realized on Eligible Investments with respect to
funds held in the REO Account;

 

(H)          Advances:
all P&I Advances, unless made directly to the Distribution Account;

 

(I)          Other:
all Prepayment Premiums, Penalty Charges, Modification Fees and Assumption Fees and any and all other amounts required to be deposited
in the Collection Account pursuant to this Agreement, including Purchase Proceeds of any Mortgage Loans repurchased by a Seller
or substitution shortfall amounts (as set forth in the second (2nd) paragraph of Section 2.3(a)) paid by a Seller
in connection with the substitution of any Qualifying Substitute Mortgage Loans, payments or recoveries in respect of Unliquidated
Advances or in respect of Nonrecoverable Advances paid from principal collections on the Mortgage Loan pursuant to Section 5.2(a)(II),
any Actual Recoveries of Trust Advisor Expenses, any other amounts received with respect to any Serviced Companion Loan and with
respect to any Serviced B Note, and all other amounts received pursuant to the cure and purchase rights set forth in the applicable
Intercreditor Agreement; and

 

(J)          to
the extent not otherwise set forth above, all amounts received from each Non-Serviced Mortgage Loan Master Servicer, Non-Serviced
Mortgage Loan Special Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Certificate Administrator pursuant
to the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement and Non-Serviced Mortgage Loan Intercreditor Agreement.

 

With respect to any A/B Whole
Loan, the Master Servicer shall establish and maintain one or more sub-accounts of the Collection Account (each an “A/B
Whole Loan Custodial Account”) into which the Master Servicer shall deposit any amounts described above that are required
to be paid to the holder of the related Serviced B Note pursuant to the terms of the related Intercreditor Agreement, in each case
on the same day as the deposit thereof into the Collection Account. Any A/B Whole Loan Custodial Account shall be held in the name
of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer for the benefit of the holder
of the related Serviced B Note” and shall not be part of any REMIC Pool or the Grantor Trust.

 

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With respect to any Loan
Pair, the Master Servicer shall establish and maintain one or more sub-accounts of the Collection Account (each, a “Serviced
Companion Loan Custodial Account”) into which the Master Servicer shall deposit any amounts described above that are
required to be paid to the holder of the related Serviced Companion Loan pursuant to the terms of the related Intercreditor Agreement
(or with respect to a Joint Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof, the applicable
Mortgage Loan documents), in each case on the same day as the deposit thereof into the Collection Account. Each Serviced Companion
Loan Custodial Account shall be held in the name of “Midland Loan Services, a Division of PNC Bank, National Association,
as Master Servicer for the benefit of the holder of the related Serviced Companion Loan” and shall not be part of any REMIC
Pool or the Grantor Trust.

 

Remittances from any REO
Account to the Master Servicer for deposit in the Collection Account shall be made by the Special Servicer no later than the Special
Servicer Remittance Date.

 

(d)          Reserved.

 

(e)          Funds
in the Collection Account (including any Custodial Accounts) may be invested and, if invested, shall be invested by, and at the
risk of, the Master Servicer in Eligible Investments selected by the Master Servicer which shall mature, unless payable on demand,
not later than the Business Day immediately preceding the next Master Servicer Remittance Date, and any such Eligible Investment
shall not be sold or disposed of prior to its maturity unless payable on demand. All such Eligible Investments shall be made in
the name of “Wells Fargo Bank, National Association, as Trustee for the benefit of the Holders of the Morgan Stanley Capital
I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 and the holder of any related Serviced Companion
Loan or Serviced B Note, as their interests may appear.” None of the Depositor, the Mortgagors, the Underwriters, the Initial
Purchasers, the Sellers, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Advisor shall be liable
for any loss incurred on such Eligible Investments.

 

An amount equal to all income
and gain realized from any such investment (net of any portion thereof applied to offset losses on other investments) shall be
paid to the Master Servicer as additional servicing 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 Master Servicer which
shall deposit the amount of such loss (to the extent not offset by income from other investments) in the Collection Account (and,
solely to the extent that the loss is of an amount credited to a Custodial Account, deposit to such Custodial Account) out of its
own funds immediately as realized; provided that, such investment losses shall not include any loss with respect to such
investment which is incurred solely as a result of the insolvency of the federal or state chartered depositary institution or trust
company at which such Investment Account is maintained, so long as such depositary institution or trust company (a) satisfied the
qualifications set forth in the definition of “Eligible Account” both at the time such investment was made and as of
a date not more than thirty (30) days prior to the date of such loss and (b) is not the Person that made the relevant investment.
If the Master Servicer deposits in or transfers to the Collection Account or any Custodial Account, as the case may be, any amount
not required to be deposited therein or transferred thereto, it may at any time

 

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withdraw such amount or retransfer such amount
from the Collection Account or such Custodial Account, as the case may be, any provision herein to the contrary notwithstanding.

 

(f)          Except
as expressly provided otherwise in this Agreement, if any default occurs in the making of a payment due under any Eligible Investment,
or if a default occurs in any other performance required under any Eligible Investment, the Certificate Administrator, on behalf
of the Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and
prosecution of appropriate proceedings; provided that if the Master Servicer shall have deposited in the Collection Account
or the related Custodial Account, as applicable, an amount equal to all amounts due under any such Eligible Investment (net of
anticipated income or earnings thereon that would have been payable to the Master Servicer as additional servicing compensation)
the Master Servicer shall have the sole right to enforce such payment or performance.

 

(g)          If
a Mortgage Loan provides for payment by the Mortgagor to the Master Servicer of amounts to be used for payment of Escrow Amounts
for the account of the Mortgagor, the Master Servicer shall deal with these amounts in accordance with the Servicing Standard,
the terms of the related Mortgage Loans and Sections 8.3(e) and 10.3 hereof and the terms and conditions of any related
Intercreditor Agreement. Schedule VII sets forth those Mortgage Loans as to which an upfront reserve was collected at closing
in an amount in excess of $75,000 with respect to specific immediate work, including engineering work, completion of additional
construction, environmental remediation or similar one-time projects (but not with respect to escrow accounts maintained for ongoing
obligations, such as real estate taxes, insurance premiums, ongoing property maintenance, replacements and capital improvements
or debt service).

 

Section 5.2      Withdrawals
of Funds in the Collection Account.

 

(a)          Subsection
(I). The Master Servicer shall, from time to time, make withdrawals from the Collection Account (from the amounts specified
for such purposes) for the following purposes (such list not to constitute an order of priority) and remit the amounts so withdrawn
by wire transfer prior to 3:00 p.m. (New York City time), on the related Master Servicer Remittance Date, in immediately available
funds to the account specified in this Section or otherwise (1) to such account as it shall determine from time to time, in the
case of amounts payable to the Master Servicer from the Collection Account (or, insofar as they relate to a Serviced B Note or
Serviced Companion Loan, from the related Custodial Account) pursuant to clauses (i), (ii), (iii), (iv),
(vi), (viii) and (ix) below; (2) to the account specified in writing by the Certificate Administrator from
time to time, in the case of amounts payable to the Certificate Administrator, the Custodian and the Trustee from the Collection
Account (or, insofar as they relate to a Serviced B Note or Serviced Companion Loan, from the related Custodial Account) pursuant
to clauses (ii), (iii), (v), (vi), (xi), (xii) and (xiii) below; and (3) to the
Special Servicer from time to time, in the case of amounts payable to the Special Servicer from the Collection Account (or, insofar
as they relate to a Serviced B Note or Serviced Companion Loan, from the related Custodial Account) pursuant to clauses (i),
(ii), (iv), (vi), (vii) and (ix) below; and (4) to the Trust Advisor from time to time, in the
case of amounts payable to the Trust Advisor from the Collection Account (or, insofar as they relate to a Serviced B Note or Serviced
Companion Loan, from the related Custodial Account) pursuant to clause (iv) below:

 

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(i)          Fees:
the Master Servicer shall apply Penalty Charges and Allocable Modification Fees in accordance with Section 5.2(b), and shall
pay any Excess Modification Fees, Excess Penalty Charges and Assumption Fees to the Master Servicer and/or the Special Servicer
in accordance with Section 8.10 and/or Section 9.11, as applicable;

 

(ii)        Servicing
Advances (including amounts later determined to be Nonrecoverable Advances): (A) in the case of all Mortgage Loans, Serviced
Companion Loans, Serviced B Notes and REO Mortgage Loans, subject to clause (B) below and subsection (iv) of Section
5.2(a)(II), to reimburse or pay to the Master Servicer, the Special Servicer and the Trustee pursuant to Section 4.6,
(x) prior to a Final Recovery Determination or determination in accordance with Section 4.4 that any Advance is a Nonrecoverable
Advance, Servicing Advances on the related Mortgage Loan, Serviced Companion Loan, REO Mortgage Loan or Serviced B Note, as applicable,
from payments made by the related Mortgagor of the amounts to which a Servicing Advance relates or from REO Income from the related
REO Property or from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or Purchase Proceeds and, to the extent that
a Servicing Advance has been or is being reimbursed, with any related Advance Interest thereon first, from related Penalty Charges
and Allocable Modification Fees in accordance with Section 5.2(b), and then from Excess Liquidation Proceeds then available
and then from any other amounts on deposit in the Collection Account (including from general collections), or (y) after a Final
Recovery Determination or determination that any Servicing Advance on the related Mortgage Loan, Serviced Companion Loan, REO Mortgage
Loan or Serviced B Note is a Nonrecoverable Advance in accordance with Section 4.4, any Servicing Advances made on the related
Mortgage Loan, related Serviced Companion Loan, related Serviced B Note or REO Property from any funds on deposit in the Collection
Account (regardless of whether such amount was recovered from the applicable Mortgage Loan, Serviced Companion Loan, Serviced B
Note or REO Property) and pay Advance Interest thereon first, from related Penalty Charges and Allocable Modification Fees in accordance
with Section 5.2(b), then from Excess Liquidation Proceeds then available and then from any other amounts on deposit in
the Collection Account (including from general collections); and (B) in the case of any Non-Serviced Mortgage Loan and from any
funds on deposit in the Collection Account, to reimburse the applicable Non-Serviced Mortgage Loan Master Servicer, the applicable
Non-Serviced Mortgage Loan Special Servicer and the applicable Non-Serviced Mortgage Loan Trustee for Pari Passu Loan Nonrecoverable
Advances and any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Intercreditor Agreement
and Non-Serviced Mortgage Loan Pooling and Servicing Agreement;

 

(iii)       P&I
Advances (including amounts later to be determined to be Nonrecoverable Advances): in the case of all Mortgage Loans, subject
to subsection (iv) of Section 5.2(a)(II), to reimburse or pay to the Master Servicer and the Trustee, pursuant to
Section 4.6, (x) if prior to a Final Recovery Determination or determination that any Advance is a Nonrecoverable Advance,
any P&I Advances on a Mortgage Loan or REO Mortgage Loan from Late Collections made by the Mortgagor of the amounts to which
a P&I Advance relates, or REO Income from the related REO Property or from Liquidation

 

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Proceeds, Condemnation Proceeds, Insurance
Proceeds or Purchase Proceeds and, to the extent that a P&I Advance has been or is being reimbursed, any related Advance Interest
thereon, first, from related Penalty Charges and Allocable Modification Fees in accordance with Section 5.2(b), and then
from Excess Liquidation Proceeds then available and then from any other amounts on deposit in the Collection Account (including
from general collections), or (y) if after a Final Recovery Determination or determination in accordance with Section 4.4
that any P&I Advance is a Nonrecoverable Advance, any P&I Advances made on a Mortgage Loan or REO Mortgage Loan from funds
on deposit in the Collection Account (regardless of whether such amount was recovered from the applicable Mortgage Loan or REO
Property) and any Advance Interest thereon, first, from related Penalty Charges and Allocable Modification Fees in accordance with
Section 5.2(b), then from Excess Liquidation Proceeds then available and then from any other amounts on deposit in the Collection
Account (including from general collections);

 

(iv)        Servicing
Fees, Special Servicer Compensation and Trust Advisor Fees: to pay to itself the Master Servicing Fee, subject to reduction
for any Compensating Interest, to pay to the Special Servicer the Special Servicing Fee and the Workout Fee and to pay to the Trust
Advisor the Trust Advisor Fee (exclusive of any TA Unused Fees) and any unpaid Trust Advisor Consulting Fees (but only to the extent
such Trust Advisor Consulting Fees were received from the related Mortgagor);

 

(v)          Trustee
Fee, Custodian Fee and Certificate Administrator Fee: to pay to the Distribution Account for withdrawal by the Certificate
Administrator for payment to itself, the Custodian and the Trustee, the Certificate Administrator Fee (inclusive of the Trustee
Fee and the Custodian Fee);

 

(vi)        Expenses
of Trust: to pay to the Person entitled thereto (other than the Trust Advisor) any amounts specified herein to be Additional
Trust Expenses (at the time set forth herein or in the definition thereof), and any other amounts that in fact constitute Additional
Trust Expenses whose payment is not more specifically provided for in this Agreement; provided that the Depositor shall
not be entitled to receive reimbursement for performing its duties under this Agreement;

 

(vii)       Liquidation
Fees: upon the occurrence of a Final Recovery Determination to pay to the Special Servicer from the Collection Account, the
amount certified by the Special Servicer equal to the Liquidation Fee, to the extent provided in Section 9.11 hereof;

 

(viii)      Investment
Income: to pay to itself net income and gain realized on the investment of funds deposited in the Collection Account (including
any Custodial Accounts);

 

(ix)        Prepayment
Interest Excesses: to pay to the Master Servicer the amount of the aggregate Prepayment Interest Excesses relating to Mortgage
Loans which are not Specially Serviced Mortgage Loans received during the most recently ended Collection Period (to the extent
not offset by Prepayment Interest Shortfalls relating to such

 

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Mortgage Loans incurred during the most recently ended Collection
Period); and to pay to the Special Servicer the amount of the aggregate Prepayment Interest Excesses relating to Mortgage Loans
that were Specially Serviced Mortgage Loans that were subject to voluntary Principal Prepayments during the most recently ended
Collection Period (not from Liquidation Proceeds or from modifications to Specially Serviced Mortgage Loans), to the extent not
offset by Prepayment Interest Shortfalls relating to such Mortgage Loans incurred during the most recently ended Collection Period;

 

(x)          CREFC®
License Fee: to pay to CREFC (solely to the extent of funds available in the Collection Account following the withdrawal of
the amounts described in clauses (i) through (ix) above), the CREFC® License Fee;

 

(xi)        Correction
of Errors: to withdraw funds deposited in the Collection Account in error;

 

(xii)       Distribution
Account: to make payment on each Master Servicer Remittance Date of the remaining amounts in the Collection Account (including
any Excess Interest and Actual Recoveries of Trust Advisor Expenses) to the Distribution Account or applicable sub-account thereof
(or in the case of any Excess Interest, deposit to the Excess Interest Sub-account under Section 5.3(b)), other than amounts
held for payment in future periods or pursuant to clause (xiii) below;

 

(xiii)      Certain
Reserve Accounts: to make payments on each Master Servicer Remittance Date to (A) the Excess Liquidation Proceeds Reserve Account
of any Excess Liquidation Proceeds not otherwise applied to pay Advance Interest and (B) the TA Unused Fees Reserve Account of
any TA Unused Fees; and

 

(xiv)      Clear
and Terminate: to clear and terminate the Collection Account in connection with the termination of the Trust;

 

provided, that in the case of any Serviced
B Note for which an A/B Whole Loan Custodial Account is required to be established by the Master Servicer:

 

(A)      to
the extent consistent with the related Intercreditor Agreement, the Master Servicer shall be entitled to make transfers from time
to time, from the related A/B Whole Loan Custodial Account to the portion of the Collection Account that does not constitute any
such Custodial Account, of amounts necessary for the payments or reimbursement of amounts described in any one or more of clauses
(i), (ii), (iii), (iv), (vi), (vii) and (viii) above, but only insofar as the payment
or reimbursement described therein arises from or is related to the corresponding A/B Whole Loan and is allocable to (or, subject
to lack of availability at the time, would otherwise have originally been paid out of collections on) such Serviced B Note pursuant
to this Agreement or the related Intercreditor Agreement, and the Master Servicer shall also be entitled to make transfers from
time to time, from the related A/B Whole Loan Custodial Account to the portion of the Collection Account that does not constitute
any such Custodial Account, of amounts transferred to the related A/B Whole Loan Custodial Account in error, and amounts

 

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necessary
for the clearing and termination of the Collection Account in connection with the termination of the Trust;

 

(B)          the
Master Servicer shall be entitled to make transfers from time to time, from the related A/B Whole Loan Custodial Account to the
portion of the Collection Account that does not constitute any such Custodial Account, of amounts not otherwise described in clause
(A) above to which the holder of the related A Note is entitled under the related A/B Whole Loan and the related Intercreditor
Agreement (including in respect of interest, principal and Prepayment Premiums in respect of the A Note, as applicable (whether
or not by operation of any provision of the related Intercreditor Agreement that entitles the holder of such A Note to receive
remittances in amounts calculated without regard to any modification, waiver or amendment of the economic terms of such A Note));
and

 

(C)          unless
otherwise set forth in the related Intercreditor Agreement, the Master Servicer shall on each Master Servicer Remittance Date remit
to the holder of the related Serviced B Note all amounts on deposit in the applicable A/B Whole Loan Custodial Account (net of
amounts permitted or required to be transferred therefrom as set forth in clauses (A) and/or (B) above), to the extent
that the holder of such Serviced B Note is entitled thereto under the related Intercreditor Agreement (including by way of the
operation of any provision of the related Intercreditor Agreement that entitles the holder of such Serviced B Note to reimbursement
of cure payments made by it);

 

and provided, further, that in
the case of any Serviced Companion Loan:

 

(A)          to
the extent consistent with the related Intercreditor Agreement, the Master Servicer shall be entitled to make transfers from time
to time, from the related Serviced Companion Loan Custodial Account to the portion of the Collection Account that does not constitute
any such Custodial Account, of amounts necessary for the payments or reimbursement of amounts described in any one or more of clauses
(i), (ii), (iv), (vi), (vii) and (viii) above, but only insofar as the payment or reimbursement
described therein arises from or is related to the corresponding Loan Pair and is allocable to, and may (in accordance with the
related Intercreditor Agreement) be paid out of amounts otherwise payable to the holder of, the related Serviced Companion Loan,
and the Master Servicer shall also be entitled to make transfers from time to time, from the related Serviced Companion Loan Custodial
Account to the portion of the Collection Account that does not constitute any Custodial Account, of amounts transferred to the
related Serviced Companion Loan Custodial Account in error, and amounts necessary for the clearing and termination of the Collection
Account in connection with the termination of the Trust;

 

(B)          the
Master Servicer shall be entitled to make transfers from time to time, from the related Serviced Companion Loan Custodial Account
to the portion of the Collection Account that does not constitute any such Custodial Account, of amounts not otherwise described
in clause (A) above to which the holder of the related Serviced Pari Passu Mortgage Loan is entitled under the related Intercreditor
Agreement (including in respect of interest, principal and Prepayment Premiums); and

 

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(C)          the
Master Servicer shall, on either (x) the date set forth in the related Intercreditor Agreement for remittances (or, if none, on
the first (1st) Business Day after receipt of properly identified funds (provided, that if any such amounts are
received after 2:00 p.m. (Eastern time) on any given Business Day, the Master Servicer shall use commercially reasonable efforts
to remit such funds within one (1) Business Day of receipt of such amounts but, in any event, the Master Servicer shall remit such
funds within two (2) Business Days of receipt of such amounts)) or (y) such other date as may be agreed to between the Master Servicer
and the holder of the related Serviced Companion Loan (in their respective sole discretion), remit to the holder of the related
Serviced Companion Loan all amounts on deposit in the related Serviced Companion Loan Custodial Account (net of amounts permitted
or required to be transferred therefrom as set forth in clauses (A) and/or (B) above), to the extent that the holder
of such Serviced Companion Loan is entitled thereto under the related Intercreditor Agreement.

 

The Master Servicer shall
pay to each of the Special Servicer (or, in the case of an emergency, to third party contractors at the written direction of the
Special Servicer), the Trust Advisor, the Custodian, the Trustee and the Certificate Administrator, as applicable, from the applicable
Collection Account, amounts permitted to be paid thereto from such account promptly upon receipt on or prior to the related Determination
Date of a written statement of an officer of the Special Servicer, an officer of the Trust Advisor or a Responsible Officer of
the Trustee, the Custodian or the Certificate Administrator, as the case may be, describing the item and amount to which the Special
Servicer (or, in the case of an emergency, such third party contractor), the Trust Advisor, the Trustee, the Custodian or the Certificate
Administrator, as the case may be, is entitled (unless such payment to the Special Servicer, the Trust Advisor, the Trustee, the
Custodian or the Certificate Administrator, as the case may be, is clearly required pursuant to this Agreement, in which case a
written statement is not required). The Master Servicer may rely conclusively on any such written statement and shall have no duty
to recalculate or investigate (absent manifest error) the amounts stated therein. The parties seeking payment pursuant to this
Section shall each keep and maintain a separate accounting for the purpose of justifying any request for withdrawal from each Collection
Account, on a loan by loan basis.

 

No decision by the Master
Servicer or the Trustee under either this Section 5.2(a)(I) or subsection (iv) of Section 5.2(a)(II), to defer
the reimbursement of Advances and/or Advance Interest shall be construed as an agreement by the Master Servicer to subordinate
(in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement during such period
of deferral.

 

Expenses incurred with respect
to any A/B Whole Loan or Loan Pair shall be allocated in accordance with the related Intercreditor Agreement (or with respect to
a Joint Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof, the applicable Mortgage Loan documents).
The Master Servicer shall keep and maintain a separate accounting for each Mortgage Loan, Serviced Companion Loan and Serviced
B Note for the purpose of justifying any withdrawal or transfer from the Collection Account and any Custodial Account, as applicable.
If funds collected in respect of the A Notes (or, in the case of a Loan Pair with a Serviced B Note, if any, in respect of the
related Mortgage Loan and Serviced Companion Loan(s)) are insufficient to pay the Master Servicing Fee in respect thereof, then
the Master

 

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Servicer shall be entitled to withdraw the amount of such shortfall from the collections on, and other proceeds of,
the Serviced B Note that are held in the related Custodial Account. The Master Servicer shall not be permitted to withdraw any
funds from the portion of the Collection Account that does not constitute such Custodial Account unless there are no remaining
funds in such Custodial Account available and required to be paid in accordance with the related Intercreditor Agreement.

 

Subsection (II). The
provisions of this subsection II of this Section 5.2(a) shall apply notwithstanding any contrary provision of subsection
(I) of this Section 5.2(a):

 

(i)          Identification
of Workout-Delayed Reimbursement Amounts. If any Advance made with respect to any Mortgage Loan on or before the date on which
such Mortgage Loan becomes (or, but for the requirement that the Mortgagor shall have made three (3) consecutive scheduled payments
under its modified terms, would then constitute) a Rehabilitated Mortgage Loan, together with Advance Interest accrued thereon,
is not, pursuant to the operation of the provisions of Section 5.2(a)(I), reimbursed to the Person who made such Advance
on or before the date, if any, on which such Mortgage Loan becomes a Rehabilitated Mortgage Loan, such Advance, together with such
Advance Interest, shall constitute a “Workout-Delayed Reimbursement Amount” to the extent that such amount has
not been determined to constitute a Nonrecoverable Advance. All references herein to “Workout-Delayed Reimbursement Amount”
shall be construed always to mean the related Advance and any Advance Interest thereon, together with any further Advance Interest
that accrues on the unreimbursed portion of such Advance from time to time in accordance with the other provisions of this Agreement.
That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner limit the right
of any Person hereunder to determine that such amount instead constitutes a Nonrecoverable Advance.

 

(ii)        General
Relationship of Provisions. Subsection (iii) below (subject to the terms and conditions thereof) sets forth the
terms of and conditions to the right of a Person to be reimbursed for any Workout-Delayed Reimbursement Amount to the extent
that such Person is not otherwise entitled to reimbursement and payment of such Workout-Delayed Reimbursement Amount pursuant
to the operation of Section 5.2(a)(I) above. Subsection (iv) below (subject to the terms and conditions
thereof) authorizes the Master Servicer to abstain from reimbursing itself (or, if applicable, the Trustee to abstain from
obtaining reimbursement) for Nonrecoverable Advances under certain circumstances at its sole option. Upon any determination
that all or any portion of a Workout-Delayed Reimbursement Amount constitutes a Nonrecoverable Advance, then the
reimbursement or payment of such amount (and any further Advance Interest that may accrue thereon) shall cease to be subject
to the operation of subsection (iii) below, such amount (and further Advance Interest) shall be as fully payable and
reimbursable to the relevant Person as would any other Nonrecoverable Advance (and Advance Interest thereon) and, as a
Nonrecoverable Advance, such amount may become the subject of the Master Servicer’s (or, if applicable, the
Trustee’s) exercise of its sole option authorized by subsection (iv) below.

 

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(iii)       Reimbursements
of Workout-Delayed Reimbursement Amounts. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be
entitled to reimbursement and payment for all Workout-Delayed Reimbursement Amounts in each Collection Period; provided
that the aggregate amount (for all such Persons collectively) of such reimbursements and payments in such Collection Period shall
not exceed (and the reimbursement and payment shall be made from) the aggregate amount in the Collection Account allocable to principal
received with respect to the Mortgage Loans for such Collection Period contemplated by clause (I)(A) of the definition of
Principal Distribution Amount (but not including any such amounts that constitute Advances) and net of any Nonrecoverable Advances
then outstanding and reimbursable from such principal in accordance with Section 5.2(a)(II)(iv) below. As and to the extent
provided in clause (II)(A) of the definition thereof, the Principal Distribution Amount for the Distribution Date related
to such Collection Period shall be reduced to the extent that such payment or reimbursement of a Workout-Delayed Reimbursement
Amount is made from the aggregate amount in the Collection Account allocable to principal pursuant to the preceding sentence.

 

(iv)        Reimbursement
of Nonrecoverable Advances; Sole Option to Abstain from Reimbursements of Certain Nonrecoverable Advances. To the extent that
Section 5.2(a)(I) otherwise entitles each of the Master Servicer, the Special Servicer and the Trustee to reimbursement
for any Nonrecoverable Advance (or payment of Advance Interest thereon from a source other than Penalty Charges and Allocable Modification
Fees on the related Mortgage Loan) during any Collection Period, then, notwithstanding any contrary provision of subsection
(I) above, (a) to the extent that one or more such reimbursements and payments of Nonrecoverable Advances (and such Advance
Interest thereon) are made, such reimbursements and payments shall be made, first, from the aggregate amount in the Collection
Account allocable to principal received with respect to the Mortgage Loans for such Collection Period contemplated by clause
(I)(A) of the definition of Principal Distribution Amount (but not including any such amounts that constitute Advances, and
prior to any deduction for Workout-Delayed Reimbursement Amounts (and Advance Interest thereon) that were reimbursed or paid during
the related Collection Period from amounts allocable to principal received with respect to the Mortgage Loans, as described by
clause (II)(A) of the definition of Principal Distribution Amount and pursuant to subsection (iii) of Section
5.2(a)(II)), and then from other collections (including interest) on the Mortgage Loans for such Collection Period,
and (b) if and to the extent that the amount of such a Nonrecoverable Advance (and Advance Interest thereon), together with all
Nonrecoverable Advances (and Advance Interest thereon) theretofore reimbursed during such Collection Period, would exceed such
principal on the Mortgage Loans for such Collection Period (and Advance Interest thereon), the Master Servicer (and the Trustee,
if it made the relevant Advance) is hereby authorized (but shall not be construed to have any obligation whatsoever), if it elects
at its sole option, to abstain from reimbursing itself (notwithstanding that it is entitled to such reimbursement) during that
Collection Period for all or a portion of such Nonrecoverable Advance (and Advance Interest thereon), provided that the
aggregate amount that is deferred with respect to all Nonrecoverable Advances (and Advance Interest thereon) with respect to all
Mortgage Loans for any particular Collection Period is less than or equal to such excess described above in this clause (b).
If the Master Servicer (or the

 

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Trustee) makes such an election at its sole option to defer reimbursement with respect to all or
a portion of a Nonrecoverable Advance (and Advance Interest thereon), then such Nonrecoverable Advance (and Advance Interest thereon)
or portion thereof shall continue to be fully reimbursable in any subsequent Collection Period to the same extent as set forth
above. In connection with a potential election by the Master Servicer or the Trustee to abstain from the reimbursement of a particular
Nonrecoverable Advance or portion thereof during the Collection Period for any Distribution Date, the Master Servicer (or the Trustee)
shall further be authorized to wait for principal collections to be received before making its determination of whether to abstain
from the reimbursement of a particular Nonrecoverable Advance or portion thereof until the end of the Collection Period.

 

None of the Master
Servicer or the Trustee shall have any liability whatsoever for making an election, or refraining from making an election, that
is authorized under this subsection (II)(iv). The foregoing shall not, however, be construed to limit any liability that
may otherwise be imposed on such Person for any failure by such Person to comply with the conditions to making such an election
under this subsection (II)(iv) or to comply with the terms of this subsection (II)(iv) and the other provisions of
this Agreement that apply once such an election, if any, has been made.

 

Any election by
the Master Servicer (or the Trustee) to abstain from reimbursing itself for any Nonrecoverable Advance (and Advance Interest thereon)
or portion thereof with respect to any Collection Period shall not be construed to impose on the Master Servicer (or the Trustee)
any obligation to make such an election (or any entitlement in favor of any Certificateholder or any other Person to such an election)
with respect to any subsequent Collection Period or to constitute a waiver or limitation on the right of the Master Servicer (or
the Trustee) to otherwise be reimbursed for such Nonrecoverable Advance (and Advance Interest thereon). Any election by the Master
Servicer or the Trustee to abstain from reimbursing itself for any Nonrecoverable Advance or portion thereof with respect to any
one or more Collection Periods shall not limit the accrual of Advance Interest on the unreimbursed portion of such Nonrecoverable
Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. None of the Master Servicer, the Trustee
or the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any holder
of a Serviced B Note or Serviced Companion Loan for any such election that such party makes as contemplated by this subsection
or for any losses, damages or other adverse economic or other effects that may arise from such an election. The foregoing statements
in this paragraph shall not limit the generality of the statements made in the immediately preceding paragraph. Notwithstanding
the foregoing, neither the Master Servicer nor the Trustee shall have the right to abstain from reimbursing itself for any Nonrecoverable
Advance to the extent of the amount described in clause (I)(A) of the definition of Principal Distribution Amount. Notwithstanding
anything to the contrary contained herein, neither the Master Servicer nor the Trustee may abstain from reimbursing itself for
any particular Nonrecoverable Advance for a period in excess of twelve (12) months, and during any Subordinate Control Period and
any Collective Consultation Period, neither the Master Servicer nor the Trustee may abstain from reimbursing itself for any particular
Nonrecoverable Advance for a period in excess of six (6) months without the consent of the Controlling Class Representative.

 

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(v)          Reimbursement
Rights of the Master Servicer, Special Servicer and Trustee Are Senior. Nothing in this Agreement shall be deemed to create
in any Certificateholder a right to prior payment of distributions over the Master Servicer’s, the Special Servicer’s
or the Trustee’s right to reimbursement for Advances plus Advance Interest (whether those that constitute Workout-Delayed
Reimbursement Amounts, those that have been the subject of the Master Servicer’s election authorized in subsection (iv)
or otherwise).

 

(b)          On
each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and apply as follows all Penalty
Charges (subject to any allocation provision with respect to Penalty Charges in any related Intercreditor Agreement) and Allocable
Modification Fees (in that order) received with respect to a Mortgage Loan or, unless otherwise required to be paid to the holder
thereof pursuant to the related Intercreditor Agreement, a Serviced Companion Loan or Serviced B Note during the most recently
ended Collection Period:

 

(i)          first,
to pay or reimburse the Master Servicer, the Special Servicer and/or the Trustee, as applicable, for all outstanding Nonrecoverable
Advances (together with all unpaid Advance Interest on such Nonrecoverable Advances), all unpaid Advance Interest on any other
Advances and any other outstanding Additional Trust Expenses, in each case, with respect to such Mortgage Loan or, if applicable,
the related Loan Pair or A/B Whole Loan;

 

(ii)        second,
as a reimbursement to the Trust of all Advances (and related Advance Interest) with respect to such Mortgage Loan or, if applicable,
the related Loan Pair or A/B Whole Loan previously determined to be Nonrecoverable Advances and previously reimbursed to the Master
Servicer, the Special Servicer and/or Trustee, as applicable, from amounts (other than related Penalty Charges and Allocable Modification
Fees) on deposit in the Collection Account (and such amounts will be retained or deposited in the Collection Account as recoveries
of such Nonrecoverable Advances and related Advance Interest);

 

(iii)       third,
as a reimbursement to the Trust of all other Additional Trust Expenses with respect to such Mortgage Loan or, if applicable, the
related Loan Pair or A/B Whole Loan previously paid from the Collection Account (and such amounts will be retained or deposited
in the Collection Account as recoveries of such Additional Trust Expenses); and

 

(iv)        fourth,
to pay any remaining Penalty Charges and Allocable Modification Fees to the Master Servicer and/or the Special Servicer, as applicable,
as compensation as set forth in either Section 8.10 or Section 9.11, as applicable.

 

(c)          With
respect to any Master Servicer Remittance Date, Scheduled Payments due in a Collection Period succeeding the Collection Period
relating to such Master Servicer Remittance Date, Principal Prepayments received after the related Collection Period, or other
amounts not distributable on the related Distribution Date, shall be held in the Collection Account (or a sub-account thereof)
and shall be remitted to the Distribution Account on the

 

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applicable successive Master Servicer Remittance Date or Dates. The Master
Servicer shall use commercially reasonable efforts to remit to the Distribution Account on any Master Servicer Remittance Date
for a Collection Period any Balloon Payments received during the period that begins two (2) Business Days immediately preceding
the related Master Servicer Remittance Date and ends on such Master Servicer Remittance Date. In connection with the deposit of
any Balloon Payments to the Distribution Account in accordance with the immediately preceding sentence, the Master Servicer shall
promptly notify the Certificate Administrator and the Certificate Administrator shall, if it has already reported anticipated distributions
to the Depository, use commercially reasonable efforts to cause the Depository to make the revised distribution on a timely basis
on such Distribution Date. Neither the Master Servicer nor the Certificate Administrator shall be liable or held responsible for
any resulting delay or failure in the making of such distribution to Certificateholders. For purposes of the definitions of “Available
Distribution Amount” and “Principal Distribution Amount,” any Balloon Payments that are received prior to the
Master Servicer Remittance Date in any Collection Period but are includable in the distributions on the Distribution Date in such
Collection Period as provided above, shall each be deemed to have been collected in the prior Collection Period.

 

Section 5.3      Distribution
Account and Reserve Accounts.

 

(a)          The
Certificate Administrator, on behalf of the Trustee shall establish (with respect to clause (i) and clause (ii),
on or prior to the Closing Date, and with respect to clause (iii) and clause (iv), on or prior to the date the Certificate
Administrator determines is necessary) and maintain in its name, on behalf of the Trustee, (i) an account (the “Distribution
Account”), to be held for the benefit of the Holders until disbursed pursuant to the terms of this Agreement, titled:
“Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8, Distribution Account”, (ii) an account (the “Interest Reserve Account”) to be held for
the benefit of the Holders until disbursed pursuant to the terms of this Agreement, titled: “Wells Fargo Bank, National Association,
as Certificate Administrator on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of
Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, Interest Reserve Account”,
(iii) an account (the “Excess Liquidation Proceeds Reserve Account”) to be held for the benefit of the Holders
until disbursed pursuant to the terms of this Agreement, titled: “Wells Fargo Bank, National Association, as Certificate
Administrator on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Morgan Stanley
Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, Excess Liquidation Proceeds Reserve
Account”, and (iv) an account (the “TA Unused Fees Reserve Account”) to be held for the benefit of the
Holders until disbursed pursuant to the terms of this Agreement, titled: “Wells Fargo Bank, National Association, as Certificate
Administrator on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Morgan Stanley
Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, TA Unused Fees Reserve Account”.
The Distribution Account and the Reserve Accounts shall be Eligible Accounts. The Distribution Account and the Reserve Accounts
shall be held separate and apart from and shall not be commingled with any other monies of or held by the Certificate Administrator,
it being understood, however, that each Reserve Account shall be a subaccount of the Distribution

 

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Account. For the avoidance of
doubt, the Distribution Account (other than any Excess Interest (whether now or hereafter arising) and the Excess Interest Sub-account,
which shall be assets of the Grantor Trust) and each Reserve Account (including interest, if any, earned on the investment of funds
in such accounts) shall be owned by REMIC III for federal income tax purposes.

 

Funds in the Distribution
Account and the Reserve Accounts shall remain uninvested.

 

(b)          The
Certificate Administrator shall deposit into the Distribution Account, the Excess Liquidation Proceeds Reserve Account or the TA
Unused Fees Reserve Account, as applicable, on the Business Day received all moneys remitted by the Master Servicer pursuant to
this Agreement, including P&I Advances made by the Master Servicer and the Trustee, payments of Compensating Interest made
by the Master Servicer and all Excess Liquidation Proceeds. The Certificate Administrator shall deposit amounts constituting collections
of Excess Interest on the Mortgage Loans into the Excess Interest Sub-account. On any Master Servicer Remittance Date, the Master
Servicer shall have no duty to remit to the Distribution Account any amounts other than amounts held in the Collection Account
and collected during the related Collection Period as provided in clauses (v) and (xii) of Section 5.2(a)(I)
and the P&I Advance Amount.

 

Except with respect to the
final Distribution Date, the Certificate Administrator, with respect to each Distribution Date occurring in January of each year
(other than in any leap year and commencing in 2017) and February of each year (commencing in 2016), shall withdraw from the Distribution
Account (to the extent of available funds) and deposit in the Interest Reserve Account in respect of each Interest Reserve Loan,
an amount equal to one (1) day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of such Mortgage
Loan as of the Due Date in the month in which such Distribution Date occurs, to the extent a Scheduled Payment or P&I Advance
is timely made in respect thereof for such Due Date (all amounts so deposited in any January and/or February in respect of each
Interest Reserve Loan, “Interest Reserve Amounts”).

 

The Certificate Administrator
shall make withdrawals from the Distribution Account (including the Excess Interest Sub-account), the Excess Liquidation Proceeds
Reserve Account and the TA Unused Fees Reserve Account only for the following purposes:

 

(i)          to
withdraw amounts deposited in the Distribution Account, the Excess Liquidation Proceeds Reserve Account and the TA Unused Fees
Reserve Account in error and pay such amounts to the Persons entitled thereto;

 

(ii)        in
the case of the Distribution Account only, to pay any amounts payable to the Master Servicer, the Special Servicer, the Trust Advisor,
the Certificate Administrator, the Custodian and the Trustee any fees, indemnification payments, other expenses or other amounts
permitted to be paid hereunder and not previously paid to such Persons pursuant to Section 5.2;

 

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(iii)       to
make distributions to the Certificateholders pursuant to Sections 6.5, 6.10 and/or 11.1, as applicable;

 

(iv)        in
the case of the Distribution Account and the TA Unused Fees Reserve Account only, to reimburse the Trust Advisor for any indemnification
payments or expenses payable to the Trust Advisor hereunder solely from amounts otherwise allocable to the Principal Balance Certificates
that are not Class F Certificates or Control Eligible Certificates or Actual Recoveries of Trust Advisor Expenses or TA Unused
Fees, in each case pursuant to, and subject to the limitations set forth in, this Agreement; and

 

(v)          to
clear and terminate the Distribution Account and the Reserve Accounts pursuant to Section 11.2.

 

On each Master Servicer Remittance
Date in March of every year commencing in March 2016 (and on any other Master Servicer Remittance Date related to the final Distribution
Date), the Certificate Administrator shall withdraw all Interest Reserve Amounts then in the Interest Reserve Account and deposit
such amounts into the Distribution Account.

 

Section 5.4      Certificate
Administrator Reports.

 

(a)          On
or prior to each Distribution Date, based on information provided in monthly reports prepared by the Master Servicer and the Special
Servicer and delivered to the Certificate Administrator by the Master Servicer (no later than 2:00 p.m., New York time on the Advance
Report Date), the Certificate Administrator shall prepare and make available to the general public on the Certificate Administrator’s
Website (or, upon written request from any Certificateholder or Certificate Owner, provide to the requesting party, by first class
mail) (i) the Distribution Date Statement for such Distribution Date, and (ii) a report containing information regarding the Mortgage
Loans as of the end of the related Collection Period, which report shall be presented in tabular format substantially similar to
the format utilized in Exhibit K hereto, which report may be included as part of the Distribution Date Statement.

 

In addition, the Certificate
Administrator, to the extent received by it, shall make available each month via the Certificate Administrator’s Website,
to any Privileged Person (provided that the Final Prospectus, this Agreement, the Distribution Date Statements and the Exchange
Act Filings will be made available to the general public; provided, further, that (except as set forth in this Agreement
with respect to the Special Servicer, the Controlling Class Representative and any Controlling Class Certificateholder) any Privileged
Person that is a Borrower Party shall only be entitled to access documents made available to the general public), or in the case
of item (vii) below, solely to Certificateholders and Certificate Owners, the following items (provided that with respect
to items not prepared by the Certificate Administrator, the Certificate Administrator shall be required to make such items available
only to the extent it has received such items in a readable, uploadable and unlocked electronic format (including, HTML, Word,
Excel or searchable PDF)):

 

(i)          the
following “deal documents”:

 

(A)          the
Final Prospectus and the Private Placement Memorandum;

 

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(B)          this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Mortgage
Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the
CREFC® Loan Setup File;

 

(ii)        the
Exchange Act Filings;

 

(iii)       the
following “periodic reports”:

 

(A)          the
Distribution Date Statement;

 

(B)          CREFC®
Reports, in each case, to the extent the Certificate Administrator has received or prepared such report or file (other than the
CREFC® Loan Setup File); and

 

(C)          any
Trust Advisor Annual Reports;

 

(iv)        the
following “additional documents”:

 

(A)          the
summary of any Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 10.5(a) of this
Agreement; and

 

(B)          any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format;

 

(v)          the
following “special notices”:

 

(A)        all
Special Notices;

 

(B)       
 notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(C)         notice
of final payment on the Certificates;

 

(D)         all
notices of the occurrence of any Servicer Termination Events, in the case of the Master Servicer, or events described in Section
9.30(b), in the case of the Special Servicer, or Trust Advisor Termination Events, in the case of the Trust Advisor, received
by the Certificate Administrator;

 

(E)          notice
of termination or resignation of the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian or the Trustee (and
notice of acceptance of appointments of successors to the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian
or the Trustee);

 

(F)          any
and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Master Servicer’s,
the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance;

 

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(G)         any
notice of the termination of the Trust;

 

(H)         all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 13.9 and Section 13.10, respectively;

 

(I)          all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 13.11;

 

(J)          any
reports delivered to the Certificate Administrator by the Trust Advisor in connection with its review of the Special Servicer’s
Appraisal Reduction and net present value calculations pursuant to Section 10.5;

 

(K)        any
recommendation received by the Certificate Administrator from the Trust Advisor for the termination of the Special Servicer during
any period when the Trust Advisor is entitled to make such a recommendation, and any direction of the Holders of Certificates evidencing
the requisite percentage of Voting Rights to terminate the Special Servicer in response to such recommendation;

 

(L)         notice
of any request by the Holders of Certificates evidencing at least 25% of the Voting Rights of the Certificates to terminate and
replace the Special Servicer or notice of any request by the Holders of Certificates evidencing at least 25% of the Voting Rights
of the Certificates to terminate and replace the Trust Advisor; and

 

(M)       any
other information delivered to the Certificate Administrator pursuant to any other section of this Agreement, which other section
expressly provides for posting of such information on the Certificate Administrator’s Website; and

 

(N)        any
notice of the commencement or cessation of a Subordinate Control Period, a Collective Consultation Period or a Senior Consultation
Period;

 

(vi)        the
Investor Q&A Forum; and

 

(vii)       solely
to Certificateholders and Certificate Owners, the Investor Registry.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons
other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Mortgage Loans).

 

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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 Final Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Exchange Act Filings on the Certificate
Administrator’s Website, (b) in the case of the Controlling Class Representative 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
Trust Advisor, the Certificate Administrator and the Trustee in the form of an investor certification and notice substantially
in the forms of Exhibit I-1D and Exhibit I-1E, respectively, and upon delivery to the Certificate Administrator in
the form of a notice substantially in the form of Exhibit I-1F, which shall include each user identification associated
with such Excluded Controlling Class Holder with respect to the Certificate Administrator’s Website, all information (other
than Excluded Information) available on the Certificate Administrator’s Website (unless loan-by-loan segregation is later
performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited
with respect to the related Excluded Controlling Class Mortgage Loans), and (c) in the case of the Special Servicer, if such Person
obtains knowledge that it is a Borrower Party, upon delivery to the Master Servicer, the Special Servicer, the Trust Advisor, the
Certificate Administrator and the Trustee in form of notice (a copy of which shall be sent via email) substantially in the form
of Exhibit I-1E, and upon delivery to the Certificate Administrator in form of a notice (a copy of which shall be sent via
email) substantially in the form of Exhibit I-1F, all information available on the Certificate Administrator’s Website,
provided that the Special Servicer shall be prohibited from accessing any information on the Certificate Administrator’s
Website with respect to the related Excluded Special Servicer Mortgage Loans). Any notice delivered pursuant to this paragraph
shall be sent in accordance with Section 14.5 of this Agreement.

 

In the case of the Controlling
Class Representative 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 I-1B hereto, such Controlling Class Representative or Controlling
Class Certificateholder shall be entitled to access the applicable information on the Certificate Administrator’s Website.
The Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Administrator and the Trustee may each conclusively
rely on (i) an investor certification in the form of Exhibit I-1B hereto from the Controlling Class Representative or a
Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder, (ii) an investor
certification in the form of Exhibit I-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder
to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage
Loans and (iii) any other Investor Certification in the form of Exhibit I-1E, Exhibit I-1F and Exhibit I-1G.
In the event the Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling Class
Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Trust Advisor, the Certificate
Administrator and the Trustee in writing substantially in the form of Exhibit I-1E that such party is an Excluded Controlling
Class Holder and identify the related Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled to any Excluded
Information related to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate Administrator’s
Website. With respect to any Excluded Information to be delivered to the Certificate Administrator for posting on the Certificate
Administrator’s Website, each of the Master Servicer, the Special Servicer and the Trust Advisor shall mark or label such

 

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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 (which may be segregated on loan-by-loan basis) from
information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master
Servicer, the Special Servicer, the Trust Advisor, the Trustee and the Certificate Administrator shall be entitled to
conclusively assume that the Controlling Class Representative 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 Trust Advisor, the Trustee or the Certificate Administrator, as applicable, has received such notice from the
Controlling Class Representative or a Controlling Class Certificateholder that it has become an Excluded Controlling Class
Holder. None of the Master Servicer, the Special Servicer, the Trust Advisor or the Certificate Administrator shall be liable
for any communication to the Controlling Class Representative or Controlling Class Certificateholder or disclosure of
Excluded Information if the Master Servicer, the Special Servicer, the Trust Advisor or the Certificate Administrator, as
applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Mortgage
Loan (including, in the case of any Excluded Information delivered to the Certificate Administrator for posting to the
Certificate Administrator’s Website, any failure to label any such Excluded Information provided to the Certificate
Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Trust Advisor, the Trustee and the Certificate Administrator shall be entitled to conclusively rely on
(i) any written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer
an Excluded Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling
Class Certificateholder, as applicable, substantially in the form of Exhibit I1-B that such Person is no longer an Excluded
Controlling Class Holder. The Special Servicer (with respect to any Excluded Special Servicer Mortgage Loan) agrees, and to the
extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed, that it (i) will not
directly or indirectly provide any information related to the related Excluded Special Servicer Mortgage Loan or Excluded Controlling
Class Mortgage Loan, as applicable, to the related Borrower or, with respect to any Excluded Controlling Class Mortgage Loan, to
any Excluded Controlling Class Holder or (A) any employees or personnel of such Special Servicer, Controlling Class Representative
or Controlling Class Certificateholder, as applicable, or any Affiliate thereof in each case involved in the management of any
investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds
a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. In connection with providing access to the Certificate Administrator’s Website,
the Certificate Administrator

 

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may require registration and acceptance of a disclaimer that the Certificate Administrator will make
no representations or warranties as to the accuracy or completeness of information provided by it that was based, in whole or in
part, on information received from third parties, and will assume no responsibility for them. The Certificate Administrator shall
not be liable for the dissemination of information in accordance with this Agreement.

 

The Certificate Administrator
may provide such information through means other than (and in lieu of) the Certificate Administrator’s Website; provided
that (i) the Depositor shall have consented to such alternative means and (ii) Certificateholders and the holders of Serviced Companion
Loans (but only for purposes of any such holder receiving information regarding its Serviced Companion Loan) shall have received
notice of such alternative means (which notice may be given via the Certificate Administrator’s Website).

 

Any Certificateholder or
Certificate Owner that is a Mortgagor, a Manager, an Affiliate of a Mortgagor or a Manager, or an agent, principal, partner, member,
joint venturer, limited partner, employee, representative, director, trustee or advisor of, or any investor in, any of the foregoing,
shall be entitled to access only the Final Prospectus, the Distribution Date Statements, this Agreement and the Exchange Act Reports
on the Certificate Administrator’s Website. The provisions in this section shall not limit the Master Servicer’s ability
to make accessible certain information (other than Privileged Information) regarding the Mortgage Loans at a website maintained
by the Master Servicer. The Certificate Administrator shall require an Investor Certification from any Certificateholder, Certificate
Owner or prospective transferee of a Certificate or interest therein that requests access to any Non-Public Information.

 

(b)          Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Holder of a Certificate a statement containing the information as to the applicable
Class set forth in clauses (a), (b), (j) and (s) of the definition of “Distribution Date Statement”
aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with
such other information as the Certificate Administrator determines to be necessary to enable Certificateholders to prepare their
tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements
of the Code as from time to time are in force.

 

(c)          The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where Certificateholders,
Certificate Owners and prospective purchasers of Certificates may (i)(A) submit questions to the Certificate Administrator relating
to the Distribution Date Statement, (B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating
to the servicing reports prepared by that party and being made available pursuant to this Section 5.4, the Mortgage Loans,
the A/B Whole Loans, the Loan Pairs or the Mortgaged Properties and (C) submit questions to the Trust Advisor relating to any Trust
Advisor Annual Reports or actions by the Special Servicer referenced in any Trust Advisor Annual Report (collectively, “Inquiries”),
and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an

 

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Inquiry for the Trust Advisor, the Master Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry
to the Trust Advisor, the Master Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable
period following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Trust Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Trust Advisor, the Master Servicer or Special Servicer shall be by email to the Certificate
Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt
of such answer, as the case may be) such Inquiry with the related answer to the Certificate Administrator’s Website. If the
Certificate Administrator, the Trust Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion,
that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Trust
and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, this Agreement (including the
confidentiality provisions and restrictions on release of Privileged Information contained in this Agreement) or the applicable
Mortgage Loan documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional
cost or expense to, the Certificate Administrator, the Trust Advisor, the Master Servicer or the Special Servicer, as applicable,
or (v) 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 Trust Advisor, the Master Servicer or the Special Servicer, shall promptly notify the Certificate Administrator.
The Certificate Administrator shall notify the Person who submitted such Inquiry if the Inquiry will not be answered. The Certificate
Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that
the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature, and no party shall
post or otherwise disclose direct communications with the Controlling Class Representative or a Loan-Specific Directing Holder
as part of its response to any Inquiries. The Investor Q&A Forum will not reflect questions, answers and other communications
which are not submitted via the Certificate Administrator’s Website. Answers posted on the Investor Q&A Forum shall be
attributable only to the respondent, and no other Person will have any responsibility or liability for the content of any such
information, nor will any other Person certify as to the accuracy of any of the information posted in the Investor Q&A Forum
that is based, in whole or in part, on information received from third parties. Rating Agencies and other NRSROs that provide an
NRSRO Certification may have access to the Investor Q&A Forum but will not have a means to submit questions on the Investor
Q&A Forum. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A
Forum.

 

(d)          The
Certificate Administrator shall make available to any Certificateholder and Certificate Owner (and except with respect to an Excluded
Controlling Class Holder, other than a Mortgagor, a Manager, an Affiliate of a Mortgagor or a Manager, or an agent, principal,
partner, member, joint venturer, limited partner, employee, representative, director, trustee or advisor of, or any investor in,
any of the foregoing), the Investor Registry. The “Investor Registry” shall be a voluntary service available
on the Certificate Administrator’s Website, where Certificateholders and Certificate Owners can register and thereafter obtain
information with respect to any other Certificateholder or Certificate Owner that has so registered. Any person registering to
use the Investor Registry will be required to certify that (a) it is a Certificateholder or a Certificate Owner and (b) it grants
authorization to the Certificate

 

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Administrator to make its name and contact information available on the Investor Registry for
at least forty-five (45) days from the date of such certification to other registered Certificateholders and registered Certificate
Owners. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name
and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder
or 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. Rating Agencies and other NRSROs shall not have
access to the Investor Registry.

 

(e)          Notwithstanding
the foregoing, in no event shall any provision of this Agreement be construed to require the Master Servicer, the Special Servicer
or the Certificate Administrator to produce any ad hoc or non-standard written reports (in addition to the CREFC®
Reports, inspection reports and other specific periodic reports otherwise required). If the Master Servicer, the Special Servicer
or the Certificate Administrator elects to provide any ad hoc or non-standard reports, it may require the Person requesting
such report to pay a reasonable fee to cover the costs of the preparation thereof.

 

(f)          Upon
filing with the Internal Revenue Service, the Certificate Administrator shall furnish to the Holders of the Class R Certificates
the Form 1066 for each REMIC Pool and shall furnish their respective Schedules Q thereto at the times required by the Code or the
Internal Revenue Service, and shall provide from time to time such information and computations with respect to the entries on
such forms as any Holder of the Class R Certificates may reasonably request.

 

(g)          The
specification of information to be furnished by the Certificate Administrator in this Section 5.4 (and any other terms of
this Agreement requiring or calling for delivery or reporting of information by the Certificate Administrator to Certificateholders
and Certificate Owners) shall not limit the Certificate Administrator in furnishing, and the Certificate Administrator is hereby
authorized to furnish, to any Privileged Person any other information (such other information, collectively, “Additional
Information”) with respect to the Mortgage Loans, the A/B Whole Loans, the Loan Pairs, the Mortgaged Properties or the
Trust as may be provided to it by the Depositor, the Master Servicer or the Special Servicer or gathered by it in any investigation
or other manner from time to time, provided that (A) while there exists any Servicer Termination Event, any such Additional
Information shall only be furnished with the consent or at the request of the Depositor (to the extent such information is requested
by a Certifying Certificateholder), (B) the Certificate Administrator shall be entitled to indicate the source of all information
furnished by it, and the Certificate Administrator may affix thereto any disclaimer it deems appropriate in its sole discretion
(together with any warnings as to the confidential nature and/or the uses of such information as it may, in its sole discretion,
determine appropriate), (C) the Certificate Administrator may notify any Privileged Person of the availability of any such information
in any manner as it, in its sole discretion, may determine, (D) the Certificate Administrator shall be entitled (but not obligated)
to require payment from

 

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each recipient of a reasonable fee for, and its out of pocket expenses incurred in connection with, the
collection, assembly, reproduction or delivery of any such Additional Information, (E) the Certificate Administrator shall be entitled
to distribute or make available such Additional Information in accordance with such reasonable rules and procedures as it may deem
necessary or appropriate (which may include the requirement that an agreement that provides such information shall be used solely
for purposes of evaluating the investment characteristics or valuation of the Certificates be executed by the recipient, if and
to the extent the Certificate Administrator deems the same to be necessary or appropriate), and (F) the delivery of Additional
Information shall in no event violate the confidentiality provisions and restrictions on release of Privileged Information contained
in this Agreement. Nothing herein shall be construed to impose upon the Certificate Administrator any obligation or duty to furnish
or distribute any Additional Information to any Person in any instance, and the Certificate Administrator shall neither have any
liability for furnishing nor for refraining from furnishing Additional Information in any instance. The Certificate Administrator
shall be entitled (but not required) to request and receive direction from the Depositor as to the manner of delivery of any such
Additional Information, if and to the extent the Certificate Administrator deems necessary or advisable, and to require that any
consent, direction or request given to it pursuant to this Section be made in writing. The Certificate Administrator shall not
be obligated to determine whether any information submitted or delivered to it constitutes Privileged Information, and shall not
have any liability for posting to the Certificate Administrator’s Website any Privileged Information received from a third
party in accordance with this Agreement, unless such Privileged Information is clearly identified as such to the Certificate Administrator
upon delivery thereto. The Master Servicer, the Special Servicer and the Trust Advisor shall not deliver any Privileged Information
to the Certificate Administrator.

 

(h)          The
Depositor hereby authorizes the Certificate Administrator to make available to the Financial Market Publishers or such other vendor
chosen by the Depositor upon delivery by such vendor to the Certificate Administrator of a certification in the form of Exhibit
M hereto, all the Distribution Date Statements, CREFC® Reports and supplemental notices delivered or made available
pursuant to this Section 5.4 to Privileged Persons.

 

(i)          Subject
to Section 8.15, upon advance written request, if required by federal regulation, of any Certificateholder (or holder of
a Serviced Companion Loan or Serviced B Note) that is a savings association, bank, or insurance company, the Certificate Administrator
shall provide (to the extent in its possession) to each such Certificateholder (or such holder of a Serviced Companion Loan or
Serviced B Note) such reports and access to non-privileged information and documentation regarding the Mortgage Loans and the Certificates
as such Certificateholder (or such holder of a Serviced Companion Loan or Serviced B Note) may reasonably deem necessary to comply
with applicable regulations of the Office of Thrift Supervision or successor or other regulatory authorities with respect to investment
in the Certificates; provided that the Certificate Administrator shall be entitled to be reimbursed by such Certificateholder
(or such holder of a Serviced Companion Loan or Serviced B Note) for the Certificate Administrator’s actual expenses incurred
in providing such reports and access. The holder of a Serviced B Note shall be entitled to receive information and documentation
only with respect to its related A/B Whole Loan or Loan Pair, as applicable, and the holder of a Serviced Companion Loan shall
be entitled to receive information and documentation only with respect to its related Loan Pair, pursuant hereto.

 

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(j)          Any
party hereto may at any time request from the Certificate Administrator written confirmation of whether there existed a Senior
Consultation Period or Collective Consultation Period during the previous calendar year, and the Certificate Administrator shall
deliver such confirmation to such party within ten (10) days of such request. In addition, the Certificate Administrator shall
notify the Trust Advisor, the Master Servicer and the Special Servicer within ten (10) days of the commencement or cessation of
any Senior Consultation Period, Collective Consultation Period or Subordinate Control Period.

 

(k)          Upon
request and delivery by CREFC® of a certification in the form of Exhibit M hereto, the Certificate Administrator
shall make available to CREFC®, with respect to any Distribution Date, the related Distribution Date Statement and
CREFC® Investor Reporting Package.

 

Section 5.5      Certificate
Administrator Tax Reports. The Certificate Administrator shall perform all reporting and other tax compliance duties that
are the responsibility of each REMIC Pool and the Grantor Trust under the Code, REMIC Provisions, or other compliance guidance
issued by the Internal Revenue Service or any state or local taxing authority. Consistent with this Agreement, the Certificate
Administrator shall provide or cause to be provided (i) to the United States Treasury or other Persons (including, but not limited
to, the Transferor of a Class R Certificate to a Disqualified Organization or to an agent that has acquired a Class R Certificate
on behalf of a Disqualified Organization) such information as is necessary for the application of any tax relating to the transfer
of a Class R Certificate to any Disqualified Organization and (ii) to the Certificateholders such information or reports as are
required by the Code or REMIC Provisions; in the case of (i), subject to reimbursement of expenses relating thereto in accordance
with Section 7.12. The Master Servicer shall on a timely basis provide the Certificate Administrator with such information
concerning the Mortgage Loans as is necessary for the preparation of the tax or information returns or receipts of each REMIC
Pool and the Grantor Trust as the Certificate Administrator may reasonably request from time to time. The Special Servicer is
required to provide to the Master Servicer all information in its possession with respect to the Specially Serviced Mortgage Loans
in order for the Master Servicer to comply with its obligations under this Section 5.5. The Certificate Administrator shall
be entitled to conclusively rely on any such information provided to it by the Master Servicer or the Special Servicer and shall
have no obligation to verify any such information.

 

Section 5.6      Access
to Certain Information.

 

(a)          The
Certificate Administrator and the Custodian shall afford to any Privileged Person access to any documentation (other than Privileged
Information identified as such to the Certificate Administrator upon delivery thereto) regarding the Mortgage Loans or the other
assets of the Trust that are in its possession or within its control. Such access shall be afforded without charge but only upon
reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the Custodian.

 

(b)          The
Certificate Administrator (or, in the case of item (viii) below, the Custodian) shall maintain at its offices (and, upon
reasonable prior written request and during normal business hours, shall make available, or cause to be made available) for review
by any Privileged Person (subject to Section 5.7 in the case of a Rating Agency) originals and/or copies

 

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(in paper or electronic
form) of the following items (to the extent such items were prepared by or delivered to the Certificate Administrator and do not
constitute Privileged Information identified as such to the Certificate Administrator upon delivery thereto):

 

(i)          the
Final Prospectus and the Private Placement Memorandum and any other disclosure document relating to the Certificates, in the form
most recently provided to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(ii)        this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Mortgage
Loan Purchase Agreements and any amendments and exhibits hereto or thereto;

 

(iii)       all
Distribution Date Statements and all CREFC® Reports actually delivered or otherwise made available to Certificateholders
pursuant to Section 5.4 of this Agreement since the Closing Date;

 

(iv)        all
annual statements of compliance and annual assessments as to compliance delivered to the Certificate Administrator since the Closing
Date pursuant to Sections 13.9 and 13.10, respectively;

 

(v)         all
annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since the
Closing Date pursuant to Section 13.11;

 

(vi)        the
most recent inspection report prepared by or on behalf of the Master Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator in respect of each Mortgaged Property pursuant to Section 8.17 or Section 9.3 of
this Agreement;

 

(vii)       any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 9.12(c) of this Agreement revealed that none of the conditions set forth in clauses (i),
(ii) and (iii) thereof was satisfied;

 

(viii)      the
Mortgage File, including any and all modifications, waivers and amendments of the terms of the Mortgage Loans (or the A/B Whole
Loans or Loan Pairs) entered into or consented to by the Master Servicer or Special Servicer and delivered to the Certificate Administrator
pursuant to Section 8.18 or Section 9.5 of this Agreement;

 

(ix)        the
annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Master Servicer or the Special Servicer,
as applicable, and delivered to the Certificate Administrator for each Mortgaged Property, together with the other information
specified in Section 8.14 of this Agreement;

 

(x)         any
and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Master Servicer’s,
the Special Servicer’s or the Trustee’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance;

 

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(xi)        notice
of termination or resignation of the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian or the Trustee (and
appointments of successors thereto);

 

(xii)       all
Special Notices;

 

(xiii)      any
Third Party Reports (or updates of Third Party Reports) delivered to the Certificate Administrator;

 

(xiv)     each
of the other documents made available by the Certificate Administrator under Section 5.4(a) on the Certificate Administrator’s
Website and not otherwise listed in this Section 5.6(b); and

 

(xv)      any
other information in the possession of the Certificate Administrator that may be necessary to satisfy the requirements of subsection
(d)(4)(i) of Rule 144A under the Securities Act.

 

The Certificate Administrator
shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable written request of any of
the parties set forth in the previous sentence.

 

None of the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trust Advisor or the Trustee shall be liable for its dissemination of
information in accordance with the terms of this Agreement or for others providing or disseminating information in violation of
the terms of this Agreement.

 

(c)          Upon
the reasonable request of any Excluded Controlling Class Holder identified to the Master Servicer (in the case of a Non-Specially
Serviced Mortgage Loan) or the Special Servicer (in the case of a Specially Serviced Mortgage Loan) to the Master Servicer’s
or Special Servicer’s reasonable satisfaction (at the expense of such Excluded Controlling Class Holder) and such information
is in the Master Servicer’s or Special Servicer’s possession, the Master Servicer or Special Servicer, as applicable,
shall provide or make available (or forward electronically) to such Excluded Controlling Class Holder (at the expense of such Excluded
Controlling Class Holder) any Excluded Information (available to Privileged Persons through the Certificate Administrator’s
Website but not accessible to such Excluded Controlling Class Holder through the Certificate Administrator’s Website on account
of it constituting Excluded Information) relating to any Excluded Controlling Class Mortgage Loan with respect to which such Excluded
Controlling Class Holder is not a Borrower Party; provided, that, in connection therewith, the Master Servicer or Special
Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or Special Servicer, as applicable, generally to the effect that such Person is the Controlling Class Representative
or a Controlling Class Certificateholder, will keep such Excluded Information confidential and is not a Borrower Party, upon which
the Master Servicer or Special Servicer may conclusively rely. In addition, the Master Servicer and the Special Servicer shall
be entitled to conclusively rely on delivery from the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, of an Investor Certification substantially in the form of Exhibit I-1B that such Controlling Class Representative

 

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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 5.6(c) shall include any applicable Excluded
Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section 5.7      Exchange
Act Rule 17g-5 Procedures.

 

(a)          Except
as otherwise expressly and specifically provided in this Agreement or as required by law, none of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trust Advisor, the Certificate Registrar, the Trustee or the Custodian
shall provide any information relevant to the Rating Agencies’ surveillance of the Certificates or the Mortgage Loans directly
to, or communicate with, either orally or in writing, any Rating Agency regarding the Certificates or the Mortgage Loans, including,
but not limited to, providing responses to inquiries from a Rating Agency regarding the Certificates or the Mortgage Loans relevant
to such Rating Agency’s surveillance of the Certificates. To the extent that a Rating Agency makes an inquiry or initiates
communications with any such party regarding the Certificates or the Mortgage Loans relevant to such Rating Agency’s surveillance
of the Certificates, all responses to such inquiries or communications from such Rating Agency shall be made in writing by the
responding party and delivered to the 17g-5 Information Provider electronically as provided in Section 5.7(g), which written
response the 17g-5 Information Provider shall post to the 17g-5 Information Provider’s Website on the same Business Day of
receipt provided that such information is received by 2:00 p.m. (New York City time) or, if received after 2:00 p.m. (New York
City time), by 2:00 p.m. (New York City time) on the next Business Day; provided, any information delivered pursuant to
Section 5.7(m) shall be posted in accordance with Section 5.7(m); provided that the foregoing shall not apply
to Inquiries and responses thereto submitted and answered pursuant to the “Rating Agency Q&A Forum and Document Request
Tool”.

 

(b)          To
the extent that any party to this Agreement is required to provide any information to, or communicate with, any Rating Agency in
accordance with its obligations under this Agreement or applicable law, such party shall provide such information or communication
to the 17g-5 Information Provider electronically as provided in Section 5.7(g), and the 17g-5 Information Provider shall
upload such information or communication to the 17g-5 Information Provider’s Website on the same Business Day of receipt
provided that such information is received by 2:00 p.m. (New York City time) or, if received after 2:00 p.m. (New York City time),
by 2:00 p.m. (New York City time) on the next Business Day; provided, any information delivered pursuant to Section 5.7(m)
shall be posted in accordance with Section 5.7(m). The foregoing shall include any Rating Agency Communication provided
pursuant to this Agreement. The 17g-5 Information Provider shall notify each other party to this Agreement in writing of any change
in the identity or contact information of the 17g-5 Information Provider. Any Rating Agency Confirmation request shall be made
in accordance with Section 1.7.

 

In connection with the delivery
by the Master Servicer or Special Servicer to the 17g-5 Information Provider of any information, report, notice or document for
posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify (which may include automatic
electronic notifications) the Master Servicer or Special Servicer when such information, report, notice or document has been posted.
Except as provided in Section 5.7(m)

 

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below, the Master Servicer or Special Servicer, as applicable, may, but shall not be
obligated to send such information, report, notice or document to the applicable Rating Agency following the earlier of (a) receipt
of notification from the 17g-5 Information Provider that such information, report or other document has been posted to the Rule
17g-5 Information Provider’s Website and (b) after 2:00 p.m. (New York City time) on the first Business Day following the
date the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document
to the 17g-5 Information Provider (other than in accordance with Section 5.7(m)).

 

(c)          Each
17g-5 Indemnifying Party hereby expressly agrees to indemnify and hold harmless the Depositor, the Sellers, the Underwriters, the
Initial Purchasers and their respective Affiliates, directors, officers, employees, members, managers and agents, and the Trust
(each, for purposes of this Section 5.7(c), a “17g-5 Indemnified Party”), from and against any and all
losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable
legal fees and expenses), to which any such 17g-5 Indemnified Party may become subject, under the Securities Act, the Exchange
Act, by contract or otherwise, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines,
forfeitures or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such 17g-5 Indemnifying
Party’s breach of Section 5.7(a), Section 5.7(b), Section 5.7(f) or Section 1.7 (it being acknowledged
that Section 5.7(f) and Section 1.7 do not apply to the Trust Advisor) or any other provision of this Agreement relating
to the delivery of any information or communication for posting on, or the posting of any information or communication to, the
17g-5 Information Provider’s Website, or (ii) if the 17g-5 Indemnifying Party is the 17g-5 Information Provider, any negligence,
willful misconduct or bad faith on its part in connection with establishing, posting information and communications to, granting
access to, and otherwise performing its obligations and duties hereunder with respect to, the 17g-5 Information Provider’s
Website, or (iii) a determination by any Rating Agency that it cannot reasonably rely on representations made by the Depositor
or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such breach referred to in clause
(i) above by, or any negligence, willful misconduct or bad faith referred to in clause (ii) above on the part of, the
applicable 17g-5 Indemnifying Party, and will reimburse such 17g-5 Indemnified Party for any legal or other expenses reasonably
incurred by such 17g-5 Indemnified Party in connection with investigating or defending any such action or claim, as such expenses
are incurred.

 

(d)          None
of the Depositor, the Sellers, the Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Registrar, the Trustee,
the Certificate Administrator (if it is not also the 17g-5 Information Provider) or the Custodian shall have any liability for
(i) the 17g-5 Information Provider’s failure to post information provided by the Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Certificate Registrar, the Trustee, the Certificate Administrator (if it is not also the 17g-5
Information Provider) or the Custodian in accordance with the terms of this Agreement, or (ii) any malfunction or disabling of
the 17g-5 Information Provider’s Website.

 

(e)          None
of the foregoing restrictions in this Section 5.7 prohibit or restrict oral or written communications, or providing information,
between the Master Servicer, the Special Servicer or the Trust Advisor, on the one hand, and any Rating Agency, on the other

 

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hand,
with regard to (i) such Rating Agency’s review of the ratings it assigns to the Master Servicer, the Special Servicer or
the Trust Advisor, as applicable, (ii) such Rating Agency’s approval of the Master Servicer or the Special Servicer, as applicable,
as a commercial mortgage master, special or primary servicer, or the Trust Advisor as an operating advisor or (iii) such Rating
Agency’s evaluation of the Master Servicer’s or the Special Servicer’s, as applicable, servicing operations in
general, or the Trust Advisor’s operations in general; provided that the Master Servicer, the Special Servicer or
the Trust Advisor, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to such
Rating Agency in connection with such review and evaluation by such Rating Agency unless (x) 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 the Master Servicer or the Special Servicer, as applicable, has
in fact provided such information to such Rating Agency in accordance with Section 5.7(b); or (z) the Rating Agency has
confirmed in writing to the Master Servicer, the Special Servicer or the Trust Advisor, as applicable, that it will not use such
information in undertaking credit rating surveillance for any Class of Certificates (and the party providing such information to
a Rating Agency shall, upon request, certify to the Depositor that it received the confirmation described in this clause (z) or
provide the Depositor with a copy of such confirmation from the applicable Rating Agency).

 

(f)          The
17g-5 Information Provider shall, at all times that any Certificates are outstanding and rated by a Rating Agency, maintain the
17g-5 Information Provider’s Website, and grant access thereto to the Rating Agencies and the other NRSROs, in accordance
with this Agreement.

 

(g)          The
17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website and make available solely to the Rating
Agencies and other NRSROs the following items, to the extent such items are delivered to it in an electronic document format suitable
for website posting (and the parties required to deliver the following information to the 17g-5 Information Provider agree to do
so) via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “MSCI
2015-UBS8” 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
and all Officer’s Certificates and other evidence delivered to the 17g-5 Information Provider to support the Master Servicer’s,
the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance and notices of a determination to reimburse Nonrecoverable Advances from sources other than principal
collections;

 

(ii)        any
Final Asset Status Report delivered by the Special Servicer pursuant to Section 9.32(h);

 

(iii)       any
Third Party Reports delivered to the 17g-5 Information Provider;

 

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(iv)        all
of the annual compliance statements and annual assessments as to compliance delivered to the 17g-5 Information Provider since the
Closing Date pursuant to Section 13.9 and Section 13.10, respectively;

 

(v)         all
of the annual independent public accountants’ servicing reports caused to be delivered to the 17g-5 Information Provider
since the Closing Date pursuant to Section 13.11;

 

(vi)        copies
of any Rating Agency Communications that are delivered to the 17g-5 Information Provider;

 

(vii)       copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Trust Advisor,
Custodian, Certificate Administrator or Trustee, and the responses thereto;

 

(viii)      all
notices of termination, resignation or assignment of rights and duties of the Master Servicer, the Special Servicer, the Trust
Advisor, the Certificate Administrator, the Custodian or the Trustee (and appointments of successors to the Master Servicer, the
Special Servicer, the Trust Advisor, the Certificate Administrator or the Trustee) received by the 17g-5 Information Provider;

 

(ix)        all
notices of the occurrence of a Servicer Termination Event, in the case of the Master Servicer, events described in Section 9.30(b),
in the case of the Special Servicer, or events described in Section 10.12, in the case of the Trust Advisor, received by the 17g-5
Information Provider;

 

(x)          all
notices of merger or consolidation of the Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Administrator,
the Custodian or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Trust Advisor, the
Certificate Administrator, the Custodian or the Trustee) received by the 17g-5 Information Provider;

 

(xi)        any
Trust Advisor Annual Reports received by the 17g-5 Information Provider;

 

(xii)       any
notice of any amendment of this Agreement pursuant to Section 14.3;

 

(xiii)      any
notice or other information provided to any Rating Agency pursuant to Section 1.7;

 

(xiv)      any
Initial Certification, Final Certification and updated schedule of exceptions received by the 17g-5 Information Provider pursuant
to Section 2.2;

 

(xv)       notice
of any Material Breach or Material Document Defect, and notice of any repurchase or replacement of a Mortgage Loan in connection
therewith, received by the 17g-5 Information Provider pursuant to Section 2.3;

 

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(xvi)       any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 1.7;

 

(xvii)      any
other information delivered to the 17g-5 Information Provider pursuant to this Agreement, including pursuant to Section 5.7(a)
and Section 5.7(b); and

 

(xviii)     the
Rating Agency Q&A Forum and Document Request Tool.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website, a link to which shall
be provided on NetRoadshow’s website at www.debtx.com or such other website as MSMCH may notify the parties hereto
in writing. Information will be posted to the 17g-5 Information Provider’s Website on the same Business Day of receipt provided
that such information is received by 2:00 p.m. (New York City time) or, if received after 2:00 p.m. (New York City time), by 2:00
p.m. (New York City time) on the next Business Day; provided, any information delivered pursuant to Section 5.7(m)
shall be posted in accordance with Section 5.7(m). The 17g-5 Information Provider shall have no obligation or duty to verify,
confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise
is or is not anything other than what it purports to be. If any information is delivered or posted in error, the 17g-5 Information
Provider may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information
Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting
to the 17g-5 Information Provider’s Website. Access shall be provided by the 17g-5 Information Provider to the Rating Agencies
and other NRSROs upon receipt of an NRSRO Certification (which certification may be submitted electronically via the 17g-5 Information
Provider’s Website) on the same Business Day provided such request is made prior to 2:00 p.m. (New York City time), on such
Business Day, or, if received after 2:00 p.m. (New York City time), by 2:00 p.m. (New York City time) on the following Business
Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to (866) 846-4526 and 17g5informationprovider@wellsfargo.com
(or to such other telephone number or email address as the 17g-5 Information Provider may designate).

 

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 5.7. In no event shall the 17g-5 Information Provider disclose on
the 17g-5 Information Provider’s Website which Rating Agency requested such additional information.

 

The 17g-5 Information Provider
shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information was
received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification
each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such
document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by
and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email
address if such general email address has been

 

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provided
to the 17g-5 Information Provider in connection with a completed NRSRO Certification.

 

The 17g-5 Information Provider
shall make available, only to the Rating Agencies and other 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 Rating Agencies and other NRSROs may (i) submit questions to the Certificate Administrator relating to the Distribution
Date Statement, or submit questions to the Trust Advisor, the Master Servicer or the Special Servicer, as applicable, relating
to the reports being made available pursuant to this Section 5.7, the Mortgage Loans, the A/B Whole Loans, Loan Pairs or
the Mortgaged Properties (“Rating Agency Inquiries”), (ii) view Rating Agency Inquiries that have been previously
submitted and answered, together with the answers thereto and (iii) submit requests for loan-level reports and information. Upon
receipt of a Rating Agency Inquiry for the Certificate Administrator, the Trust Advisor, the Master Servicer or the Special Servicer,
the 17g-5 Information Provider shall forward such Rating Agency Inquiry to the Certificate Administrator, the Trust Advisor, the
Master Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following receipt
thereof. Following receipt of a Rating Agency Inquiry, the Certificate Administrator, the Trust Advisor, the Master Servicer or
the Special Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply
to the Rating Agency Inquiry, which reply of the Certificate Administrator, the Trust Advisor, the Master Servicer or the Special
Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially
reasonable period, and in any event within two (2) Business Days, following preparation or receipt of such answer, as the case
may be) such Rating Agency Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s
Website. Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link
on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Trust Advisor, 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 (including the confidentiality provisions and restrictions on the release
of Privileged Information contained in this Agreement) or the applicable Mortgage Loan documents, (ii) answering any Rating Agency
Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work
product or (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 Trust Advisor, the Master Servicer or the Special Servicer, as applicable,
and (B) the Certificate Administrator, the Trust Advisor, 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 and the Trust Advisor)
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 the Trust Advisor, Master Servicer or Special Servicer, as applicable, under this Agreement, then
it shall not be required to answer such Rating Agency Inquiry and, in the case of the Certificate Administrator, the Trust Advisor,
the Master Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider
shall post (within two (2) Business Days of its receipt of such notice) such Rating Agency Inquiry on the Rating Agency Q&A
Forum and Document Request Tool together with the reason such Rating Agency Inquiry was not answered. Answers posted on the Rating

 

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Agency
Q&A Forum and Document Request Tool will be attributable only to the respondent, and no other party shall have any responsibility
or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5
Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information Provider determines,
in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool
will not reflect questions, answers and other communications between the 17g-5 Information Provider and any other Person that
are not submitted via the 17g-5 Information Provider’s Website.

 

In connection with providing
access to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider may require registration and the acceptance
of a disclaimer. The 17g-5 Information Provider shall not be liable for the dissemination of information in accordance with the
terms of this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made
available, and assumes no responsibility for such information. The 17g-5 Information Provider shall not be liable for its failure
to make any information available to the Rating Agencies or other NRSROs unless such information was delivered to the 17g-5 Information
Provider at the email address set forth herein, with a subject heading of “MSCI 2015-UBS8” and sufficient detail to
indicate that such information is required to be posted on the 17g-5 Information Provider’s Website.

 

(h)         The
costs and expenses of compliance with this Section by any party hereto shall not be Additional Trust Expenses.

 

(i)          The
17g-5 Information Provider shall not be obligated to determine whether any information submitted or delivered to it constitutes
Privileged Information, and shall not have any liability for posting to the 17g-5 Information Provider’s Website any Privileged
Information received from a third party in accordance with this Agreement, unless such Privileged Information is clearly identified
as such to the 17g-5 Information Provider upon delivery thereto. The Master Servicer, the Special Servicer and the Trust Advisor
shall not deliver any Privileged Information to the 17g-5 Information Provider.

 

(j)          With
respect to each Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and
the Trustee shall provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly
upon receipt from a Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Special Servicer, Non-Serviced Mortgage
Loan Certificate Administrator or Non-Serviced Mortgage Loan Trustee, all reports, statements, documents, notices and other information
it receives in respect of such Non-Serviced Mortgage Loan that would otherwise have been required to be submitted to the 17g-5
Information Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5
Information Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance
with this Agreement.

 

(k)         It
is hereby acknowledged and agreed that none of the Depositor, any other party to this Agreement or any Seller has contracted with
the Controlling Class Representative or any Certificateholder or Certificate Owner to provide information to any Rating Agency
for the purpose of undertaking credit rating surveillance on the Certificates. For

 

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the avoidance
of doubt, nothing contained in the foregoing sentence shall be deemed to prohibit, restrict or otherwise limit the ability of
the Controlling Class Representative, any Certificateholder and/or any Certificate Owner, as applicable, in each case, of their
own accord and without any express or implicit authorization of or direction from the Depositor, any other party to this Agreement
or any Seller, from communicating or transacting with any Rating Agency with respect to this transaction or otherwise.

 

(l)          If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Mortgage Loans (“Due Diligence Service Provider”),
such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the
17g-5 Information Provider’s Website. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this
Agreement, promptly upon receipt thereof.

 

(m)        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 5.7(b). The Master Servicer or the Special Servicer, as applicable, shall not send such information directly
to the Rating Agencies until the 17g-5 Information Provider notifies it that such information has been posted to the 17g-5 Information
Provider’s Website.

 

ARTICLE
VI

DISTRIBUTIONS

 

Section 6.1     Distributions
Generally. Subject to Section 11.2(a), with respect to the final distribution
on the Certificates, on each Distribution Date, the Certificate Administrator shall (1) first, withdraw from the Distribution
Account and pay to the Trustee and Custodian any unpaid fees, expenses and other amounts then required to be paid pursuant to
this Agreement, and then, to the Certificate Administrator, any unpaid fees, expenses and other amounts then required to be paid
pursuant to this Agreement, and then at the written direction of the Master Servicer, withdraw from the Distribution Account and
pay to the Master Servicer and Special Servicer any unpaid servicing compensation or other amounts currently required to be paid
pursuant to this Agreement (to the extent not previously retained or withdrawn by the Master Servicer from the Collection Account),
and (2) second, make distributions in the manner and amounts set forth below.

 

Each distribution to Holders
of Certificates shall be made by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate
Registrar or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the

 

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request
of such Certificateholder; provided, that (i) remittances to the Certificate Administrator shall be made by wire transfer
of immediately available funds to the Distribution Account, the Excess Liquidation Proceeds Reserve Account and the TA Unused
Fees Reserve Account; and (ii) the final distribution in respect of any Certificate shall be made only upon presentation and surrender
of such Certificate at such location specified by the Certificate Administrator in a notice delivered to Certificateholders pursuant
to Section 11.2(a). If any payment required to be made on the Certificates is to be made on a day that is not a Business
Day, then such payment will be made on the next succeeding Business Day without compensation for such delay. All distributions
or allocations made with respect to Holders of Certificates of a particular Class on each Distribution Date shall be made or allocated
among the outstanding Certificates of such Class in proportion to their respective initial Certificate Balances, in the case of
a Class of Principal Balance Certificates, or initial Notional Amounts, in the case of a Class of Class X Certificates, or Percentage
Interests, in the case of the Class V and Class R Certificates.

 

Section 6.2     Compliance
with Withholding Requirements. Notwithstanding any other provision of this Agreement to the contrary, the Certificate Administrator
on behalf of the Trustee shall comply with all federal withholding requirements with respect to payments to Certificateholders
of interest, original issue discount, or other amounts that the Certificate Administrator reasonably believes are applicable under
the Code. The consent of Certificateholders shall not be required for any such withholding and any amount so withheld shall be
regarded as distributed to the related Certificateholders for purposes of this Agreement. If the Certificate Administrator withholds
any amount from payments made to any Certificateholder pursuant to federal withholding requirements, the Certificate Administrator
shall indicate to such Certificateholder the amount withheld. The Trustee shall not be responsible for the Certificate Administrator’s
failure to comply with any withholding requirements.

 

Section 6.3     REMIC
I.

 

(a)           On
each Distribution Date, the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder
of the REMIC I Regular Interests, for the following purposes and in the following order of priority:

 

(i)          from
the portion of the Available Distribution Amount attributable to interest (other than Excess Interest) collected or advanced or
deemed collected or advanced on or with respect to, and any Excess Liquidation Proceeds attributable to, each Mortgage Loan (including
each REO Mortgage Loan), to pay any and all Distributable Interest with respect to the Corresponding REMIC I Regular
Interest for such Distribution Date;

 

(ii)        from
the portion of the Available Distribution Amount attributable to principal collected or advanced or deemed collected or advanced
on or with respect to each Mortgage Loan (including each REO Mortgage Loan), to pay such principal with respect to the Corresponding
REMIC I Regular Interest, until the REMIC I Principal Amount thereof is reduced to zero; and

 

(iii)       from
any remaining amount of the Available Distribution Amount (other than Excess Interest) and any remaining Excess Liquidation Proceeds
with respect to each

 

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Mortgage
Loan (including each REO Mortgage Loan), to reimburse, first, any unreimbursed Collateral
Support Deficits previously allocated to the Corresponding REMIC I Regular Interest, together with unpaid interest thereon at
the related REMIC I Net Mortgage Rate (in each case from the date of allocation), and then, any unreimbursed Collateral
Support Deficits allocated to any other REMIC I Regular Interest, together with unpaid interest thereon at the related REMIC I
Net Mortgage Rate (in each case from the date of allocation).

 

(b)          At
such time as all Distributable Interest with respect to the REMIC I Regular Interests has been paid, the REMIC I Principal Amounts
of all of the REMIC I Regular Interests have been reduced to zero, and all Collateral Support Deficits
(including interest thereon) previously allocated thereto to the REMIC I Regular Interests have been reimbursed, the Certificate
Administrator shall pay to the Holders of the Class R Certificates with respect to the REMIC I Residual Interest any amounts of
the Available Distribution Amount (other than Excess Interest) remaining with respect to each Mortgage Loan or, to the extent of
the Trust’s interest therein, the related REO Property, as applicable.

 

(c)          Any
Prepayment Premium distributed with respect to any Class of REMIC III Regular Certificates on any Distribution Date pursuant to
Section 6.10, shall be deemed to have first been distributed from REMIC I to REMIC II in respect of the Corresponding REMIC
I Regular Interest for the Mortgage Loan (including an REO Mortgage Loan) as to which such Prepayment Premium was received.

 

Section 6.4     REMIC
II.

 

(a)          On
each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11,
the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC II Regular
Interests, amounts distributable to any Class of Principal Balance Certificates, pursuant to Section 6.5, Section 6.10
or Section 11.1, with respect to such Class’s Corresponding REMIC II Regular Interest.

 

(b)          All
distributions made in respect of a Class of Class X Certificates on any Distribution Date pursuant to Section 6.5, Section
6.10 or Section 11.1, and allocable to any particular Class X REMIC III Regular Interest, shall be deemed to have first
been distributed from REMIC II to REMIC III in respect of such Class X REMIC III Regular Interest’s Corresponding REMIC II
Regular Interest.

 

(c)          [Reserved]

 

(d)          [Reserved]

 

(e)          For
purposes of Section 6.4(a), Section 6.4(b), Section 6.4(c) and Section 6.4(d), if the subject distribution
on or in respect of any Class of REMIC III Regular Certificates was a distribution of interest, principal, Prepayment Premiums
or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses, then the corresponding distribution
deemed to be made on a REMIC II Regular Interest shall be deemed to also be, respectively, a distribution of interest, principal,
Prepayment Premiums or in

 

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reimbursement
of previously allocated Collateral Support Deficits or Trust Advisor Expenses with respect to such REMIC II Regular Interest.

 

(f)          Any
amounts remaining in the Distribution Account with respect to REMIC II on any Distribution Date after the foregoing distributions
shall be distributed to the Holders of the Class R Certificates with respect to the REMIC II Residual Interest.

 

Section 6.5     REMIC
III.

 

(a)          On
each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11,
the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount
and shall distribute such amount (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed
in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(d)),
in the following amounts and order of priority:

 

(i)           to
make payments to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-D, Class
X-F, Class X-G, Class X-H and Class X-J Certificates, in an amount up to all Distributable Certificate Interest with respect to
such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest
payable to each such Class;

 

(ii)          to
make payments to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, in reduction of the
respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution
Date: first, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date,
until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second,
to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any
prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon
payment in full of the Aggregate Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates,
the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate
Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate
Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the
Class A-3 Certificates has been reduced to zero, fifth, upon payment in full of the Aggregate Certificate Balance of the
Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date
(reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has
been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates,
to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution

 

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Date
(reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates
has been reduced to zero;

 

(iii)         to
make payments to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, first, up to
an amount equal to, and pro rata in proportion to, their respective entitlements to reimbursement described in this clause
first, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed,
and second, up to an amount equal to, and pro rata in proportion to, their respective entitlements to payment described
in this clause second, of any unpaid interest at the applicable Pass-Through Rate on unreimbursed Collateral
Support Deficits previously allocated to each such Class, in each case from the date allocated;

 

(iv)         to
make payments to the Holders of the Class A-S Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

(v)          upon
payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates,
to make payments to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an
amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder),
until the Aggregate Certificate Balance of the Class A-S Certificates has been reduced to zero;

 

(vi)         to
make payments to the Holders of the Class A-S Certificates, first, to reimburse any unreimbursed Collateral Support Deficits
previously allocated thereto and not previously fully reimbursed, and second, of any unpaid
interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(vii)        to
make payments to the Holders of the Class B Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

(viii)       upon
payment in full of the Aggregate Certificate Balance of the Class A-S Certificates, to make payments to the Holders of the Class
B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class B Certificates has been reduced to zero;

 

(ix)          to
make payments to the Holders of the Class B Certificates, first, to reimburse any unreimbursed Collateral Support Deficits
previously allocated thereto and not previously fully reimbursed, and second, of any unpaid
interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(x)           to
make payments to the Holders of the Class C Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

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(xi)          upon
payment in full of the Aggregate Certificate Balance of the Class B Certificates, to make payments to the Holders of the Class
C Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class C Certificates has been reduced to zero;

 

(xii)         to
make payments to the Holders of the Class C Certificates, first, to reimburse any unreimbursed Collateral Support Deficits
previously allocated thereto and not previously fully reimbursed, and second, of any unpaid
interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xiii)        to
make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

(xiv)        upon
payment in full of the Aggregate Certificate Balance of the Class C Certificates, to make payments to the Holders of the Class
D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class D Certificates has been reduced to zero;

 

(xv)         to
make payments to the Holders of the Class D Certificates, first, to reimburse any unreimbursed Collateral
Support Deficits previously allocated thereto and not previously fully reimbursed, and second, of any
unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xvi)        to
make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

(xvii)      upon
payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class
E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class E Certificates has been reduced to zero;

 

(xviii)      to
make payments to the Holders of the Class E Certificates, first, to reimburse any unreimbursed Collateral
Support Deficits previously allocated thereto and not previously fully reimbursed, and second, of any
unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xix)        to
make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

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(xx)         upon
payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class
F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class F Certificates has been reduced to zero;

 

(xxi)        to
make payments to the Holders of the Class F Certificates, first, to reimburse any unreimbursed Collateral
Support Deficits previously allocated thereto and not previously fully reimbursed, and second, of any
unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xxii)       to
make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

(xxiii)      upon
payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class
G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class G Certificates has been reduced to zero;

 

(xxiv)      to
make payments to the Holders of the Class G Certificates, first, to reimburse any unreimbursed Collateral
Support Deficits previously allocated thereto and not previously fully reimbursed, and second, of any
unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xxv)       to
make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

(xxvi)      upon
payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class
H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class H Certificates has been reduced to zero;

 

(xxvii)     to
make payments to the Holders of the Class H Certificates, first, to reimburse any unreimbursed Collateral
Support Deficits previously allocated thereto and not previously fully reimbursed, and second, of any
unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xxviii)    to
make payments to the Holders of the Class J Certificates, in an amount up to all Distributable Certificate Interest with respect
to such Class of Certificates for such Distribution Date;

 

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(xxix)      upon
payment in full of the Aggregate Certificate Balance of the Class H Certificates, to make payments to the Holders of the Class
J Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount
for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the
Class J Certificates has been reduced to zero;

 

(xxx)       to
make payments to the Holders of the Class J Certificates, first, to reimburse any unreimbursed Collateral
Support Deficits previously allocated thereto and not previously fully reimbursed, and second, of any
unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;

 

(xxxi)      to
each Class of Principal Balance Certificates (other than any Class F Certificates or Class of Control Eligible Certificates) in
sequential order as specified in clauses (i) through (xviii) above, until all amounts of Trust Advisor Expenses (including
Excess Trust Advisor Expenses) previously allocated to such Classes of Certificates, whether as a reduction of interest or as a
reduction of the Aggregate Certificate Balance of such Class, but not previously reimbursed, have been reimbursed in full (it being
understood that previously allocated Trust Advisor Expenses are not reimbursable as part of the reimbursement of previously allocated
Collateral Support Deficits); and

 

(xxxii)     to
make payments to the Holders of the Class R Certificates, up to the amount of any remaining portion of Available Distribution Amount
on deposit in the Distribution Account.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on or after the earliest date, if any, upon which the Aggregate Certificate Balance of all
Classes of Subordinate Certificates has been reduced to zero, or the aggregate Appraisal Reduction allocable to the Mortgage Loans
is greater than or equal to the Aggregate Certificate Balance of all Classes of Subordinate Certificates, distributions of principal
pursuant to clause (ii) of this Section 6.5(a) will be made to the Holders of the Class A-1, Class A-2, Class A-SB,
Class A-3 and Class A-4 Certificates, pro rata, based on the respective Aggregate Certificate Balances of such Classes of
Certificates, in reduction of the respective Aggregate Certificate Balances of such Classes of Certificates, in an amount up to
the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance of each such Class is reduced
to zero.

 

All distributions of interest,
if any, made with respect to any Class of Class X Certificates on any Distribution Date, pursuant to this Section 6.5(a),
shall be made, and shall be deemed to have been made, in respect of the various Class X REMIC III Regular Interests that relate
to the subject Class of Class X Certificates, pro rata in accordance with the respective amounts of Distributable Interest
in respect of such Class X REMIC III Regular Interests for such Distribution Date.

 

(b)          On
each Distribution Date, the Certificate Administrator shall withdraw amounts in the Excess Liquidation Proceeds Reserve Account
and make payments in the following priority:

 

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(i)            first,
to reimburse the holders of the respective Classes of the REMIC III Regular Certificates (in the same order of priority that the
Available Distribution Amount would be applied for this purpose) for, and to the extent of, any Unpaid Interest then owing to such
Classes;

 

(ii)          second,
to reimburse the holders of the Principal Balance Certificates (in the same order of priority that the Available Distribution Amount
would be applied for this purpose) for, and to the extent of, any unreimbursed Collateral Support
Deficits previously allocated to them, together with interest on such Collateral Support
Deficits at the applicable Pass-Through Rate, in each case from the date of allocation; and

 

(iii)         third,
upon the reduction of the Aggregate Certificate Balance of the Principal Balance Certificates to zero, to pay any amounts remaining
on deposit in such account, to the Holders of the Class R Certificates.

 

(c)          On
each Distribution Date, following application of amounts on deposit in the Excess Liquidation Proceeds Reserve Account as provided
in Section 6.5(b), the Certificate Administrator shall withdraw any amounts on deposit in the TA Unused Fees Account and
shall apply such amounts as follows: first, to pay any current outstanding indemnification payments and other unreimbursed
expenses payable to the Trust Advisor pursuant to this Agreement; second, to reimburse the holders of Class A Senior Certificates
and the Class B, Class C, Class D and Class E Certificates to the extent of any Trust Advisor Expenses that were actually applied
to reduce the Distributable Certificate Interest of such Classes or the Aggregate Certificate Balance of such Classes, as applicable,
on any Distribution Date, which amounts will be allocated first as recoveries of principal of such Classes in the reverse order
in which the applicable Excess Trust Advisor Expenses were allocated to reduce the respective Aggregate Certificate Balances of
such Classes and then as recoveries of interest shortfalls on such Classes (other than the Class A-1, Class A-2, Class A-SB, Class
A-3, Class A-4 and Class A-S Certificates) in the reverse order in which the applicable Trust Advisor Expenses were allocated to
reduce Distributable Certificate Interest on such Classes; third, if such Distribution Date coincides with or follows the
earlier of (x) the final Distribution Date and (y) the date that the Aggregate Certificate Balance of the Principal Balance Certificates,
other than the Class F Certificates and the Control Eligible Certificates, has been reduced to zero, to reimburse the holders of
the Class A Senior Certificates and the Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates
(in the same order of priority that the Available Distribution Amount would be applied for this purpose) for, and to the extent
of, any unreimbursed Collateral Support Deficits previously allocated to such Classes, together with interest on such Collateral
Support Deficits at the applicable Pass-Through Rate, in each case from the date of allocation; fourth, if such Distribution
Date coincides with or follows the earlier of (x) the final Distribution Date and (y) the date that the Aggregate Certificate Balance
of the Principal Balance Certificates, other than the Class F Certificates and the Control Eligible Certificates, has been reduced
to zero, to reimburse the Class A Senior Certificates and the Class A-S, Class B, Class C, Class D, Class E, Class F, Class G,
Class H, Class J and Class X Certificates (in the same order of priority that the Available Distribution Amount would be applied
for this purpose) for, and to the extent of, any Unpaid Interest due and owing to such Classes; and fifth, upon the reduction
of the Aggregate Certificate Balance of the Principal Balance Certificates to zero, to pay any amounts remaining on deposit in
such account, to the Holders of the Class R Certificates.

 

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(d)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Sub-account any Excess Interest on
deposit therein, and the Certificate Administrator shall pay such Excess Interest on such Distribution Date to the Holders of the
Class V Certificates.

 

Section 6.6     Allocation
of Collateral Support Deficits.

 

(a)          REMIC
I. On each Distribution Date, following the deemed distributions with respect to the REMIC I Regular Interests on such Distribution
Date pursuant to Section 6.3, the Collateral Support Deficits, if any, with respect
to each REMIC I Regular Interest on such Distribution Date will be allocated to such REMIC I Regular Interest in reduction of the
REMIC I Principal Amount of such REMIC I Regular Interest.

 

(b)          REMIC
II. On each Distribution Date, following the deemed distributions with respect to the REMIC II Regular Interests on such Distribution
Date pursuant to Section 6.4, any Collateral Support Deficits with respect to the
REMIC II Regular Interests on such Distribution Date will be allocated to the respective REMIC II Regular Interests as follows:

 

(i)            first,
to REMIC II Regular Interest J, REMIC II Regular Interest H, REMIC II Regular Interest G, REMIC II Regular Interest F, REMIC II
Regular Interest E, REMIC II Regular Interest D, REMIC II Regular Interest C, REMIC II Regular Interest B and REMIC II Regular
Interest A-S, in that order, in each case in reduction of the REMIC II Principal Amount of the subject REMIC II Regular Interest
until such REMIC II Principal Amount is reduced to zero; and

 

(ii)          then,
to REMIC II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest A-SB, REMIC II Regular Interest A-3
and REMIC II Regular Interest A-4, on a pro rata basis in accordance with, and in reduction of, the respective REMIC II
Principal Amounts of such REMIC II Regular Interests until such REMIC II Principal Amounts are reduced to zero.

 

(c)           REMIC
III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution
Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the
Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates
as follows:

 

(i)            first,
to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates,
the Class D Certificates, the Class C Certificates, the Class B Certificates and the Class A-S Certificates, in that order, in
each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate
Certificate Balance is reduced to zero; and

 

(ii)          second,
to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates,
on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of

 

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such
Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.

 

Section 6.7     Prepayment
Interest Shortfalls and Net Aggregate Prepayment Interest Shortfalls. On each Distribution Date, the portion of any Net Aggregate
Prepayment Interest Shortfall for such Distribution Date allocable to any Principal Prepayment of any Mortgage Loan during the
related Collection Period shall be allocated to the Corresponding REMIC I Regular Interest to reduce the Distributable Interest
for such REMIC I Regular Interest in accordance with the definition of “Distributable Interest”. On each Distribution
Date, the amount of any Net Aggregate Prepayment Interest Shortfall for such Distribution Date shall be allocated among the respective
REMIC II Regular Interests, pro rata in proportion to the Accrued Interest for each REMIC II Regular Interest for such
Distribution Date and shall reduce Distributable Interest for each REMIC II Regular Interest in accordance with the definition
of “Distributable Interest”. On each Distribution Date, the amount of any Net Aggregate Prepayment Interest Shortfall
for such Distribution Date shall be allocated among the respective Classes of the REMIC III Regular Certificates, pro rata
in proportion to the amount of Accrued Certificate Interest payable to each such Class of REMIC III Regular Certificates for
such Distribution Date and shall reduce the Distributable Certificate Interest for each such Class of REMIC III Regular Certificates
for such Distribution Date in accordance with the definition of “Distributable Certificate Interest”. On each Distribution
Date, the portion of any Net Aggregate Prepayment Interest Shortfall for such Distribution Date allocable to a Class of Class
X Certificates shall, in turn, be allocated to the respective Class X REMIC III Regular Interests related to such Class, pro
rata in proportion to the Accrued Interest with respect to each Class X REMIC III Regular Interest for such Distribution Date
and shall reduce the Distributable Interest for each Class X REMIC III Regular Interest for such Distributable Date in accordance
with the definition of “Distributable Interest”. No Prepayment Interest Shortfall with respect to a Serviced Companion
Loan or a Serviced B Note shall be allocated to any Class of Certificates.

 

Section 6.8     Adjustment
of Master Servicing Fees. The Master Servicing Fee payable to the Master Servicer shall be adjusted as provided in Section
5.2(a)(I)(iv) herein. Any amount retained by REMIC I as a result of a reduction of the Master Servicing Fee shall be treated
as interest collected with respect to the prepaid Mortgage Loans with respect to which the Master Servicing Fee adjustment occurs.
The Master Servicer shall deposit in the Distribution Account prior to each Distribution Date any Compensating Interest for such
Distribution Date not covered by the foregoing adjustment to Master Servicing Fees.

 

Section 6.9     Appraisal
Reductions. If an Appraisal Event occurs, the Special Servicer shall obtain (and shall use reasonable efforts to obtain within
sixty (60) days of such Appraisal Event) (A) an Appraisal of the Mortgaged Property securing the related Mortgage Loan (other
than any Non-Serviced Mortgage Loan), Loan Pair or A/B Whole Loan, if the Stated Principal Balance of such Mortgage Loan, Loan
Pair or A/B Whole Loan exceeds $2,000,000 or (B) at the option of the Special Servicer, if such Stated Principal Balance is less
than or equal to $2,000,000, either an internal valuation prepared by the Special Servicer in accordance with MAI standards or
an Appraisal; provided that if the Special Servicer had completed or obtained an Appraisal or internal valuation within
the immediately prior nine (9) months, the Special Servicer may rely on such Appraisal or internal valuation and shall have no
duty to prepare a new Appraisal or internal valuation, unless the Special Servicer is aware of any material change

 

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to the
related Mortgaged Property, its earnings potential or risk characteristics, or marketability, or market conditions that have occurred
that would affect the validity of the appraisal or valuation; and provided, further, that an updated Appraisal
shall not be required with respect to any Mortgage Loan, A/B Whole Loan or Loan Pair, as applicable, and an Appraisal Reduction
will not be required, so long as a debt service reserve, letter of credit, guaranty or surety bond is available and has the ability
to pay off the then Unpaid Principal Balance of the subject Mortgage Loan, A/B Whole Loan or Loan Pair in full except to the extent
that the Special Servicer, in accordance with the Servicing Standard, determines that obtaining an Appraisal is in the best interests
of the Certificateholders. The Special Servicer shall update such Appraisal or valuation in accordance with the definition of
“market value” as set forth in 12 C.F.R. § 225.62 at least annually, and shall use reasonable efforts to do so
within thirty (30) days of each annual anniversary of the related Appraisal Event, to the extent such Mortgage Loan remains a
Required Appraisal Loan. The cost of any such Appraisal or valuation, if not performed by the Special Servicer, shall be an expense
of the Trust (and any related Serviced B Note) and may be paid from REO Income or, to the extent collections from such related
Mortgage Loan, Serviced B Note, Loan Pair or Mortgaged Property does not cover the expense, such unpaid expense shall be, subject
to Section 4.4 hereof, advanced by the Master Servicer at the request of the Special Servicer or by the Special Servicer
pursuant to Section 4.2 in which event it shall be treated as a Servicing Advance. The Special Servicer, based on the Appraisal
or internal valuation prepared or obtained by the Special Servicer and receipt of information requested by the Special Servicer
from the Master Servicer pursuant to this Section 6.9, shall calculate any Appraisal Reduction and promptly report such
amount to the Master Servicer, the Trustee, the Certificate Administrator, the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period) and the Trust Advisor. The Special Servicer shall calculate or recalculate
the Appraisal Reduction for any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced B Note and Loan Pair based
on updated Appraisals or internal valuations prepared or obtained from time to time by the Special Servicer and report such amount
to the Master Servicer, the Trustee, the Certificate Administrator, the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period) and the Trust Advisor annually. The Master Servicer shall provide the Special
Servicer with information (via electronic delivery) in its possession that is required to calculate or recalculate any Appraisal
Reduction pursuant to the definition thereof, using reasonable efforts to deliver such information within four (4) Business Days
of the Special Servicer’s written request (which request shall be made promptly, but in no event later than ten (10) Business
Days, after the Special Servicer’s receipt of the applicable Appraisal or preparation of the applicable internal valuation);
provided the Special Servicer’s failure to timely make such request shall not relieve the Master Servicer of its
obligation to provide such information to the Special Servicer in the manner and timing set forth in this sentence. The Master
Servicer shall not calculate Appraisal Reductions.

 

On each and every day following
the Closing Date, the then Aggregate Certificate Balance of each Class of the Principal Balance Certificates shall be notionally
reduced (for purposes of determining the identity of the Controlling Class, whether a Subordinate Control Period, a Collective
Consultation Period or a Senior Consultation Period is then in effect and, as and to the extent contemplated by the definition
of “Voting Rights”, the allocation of Voting Rights among the respective Classes of Principal Balance Certificates)
to the extent of the then existing Appraisal Reduction(s) (without giving effect to, and exclusive of, any Appraisal

 

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Reduction
calculated pursuant to the last sentence of the definition of “Appraisal Reduction” (other than the proviso contained
in such sentence)) allocable to such Class. The aggregate Appraisal Reduction in respect of or allocable to the Mortgage Loans
as of any date of determination shall be applied (solely for purposes of determining the identity of the Controlling Class, whether
a Subordinate Control Period, a Collective Consultation Period or a Senior Consultation Period is then in effect and, as and to
the extent contemplated by the definition of “Voting Rights”, the allocation of Voting Rights among the respective
Classes of Principal Balance Certificates) to notionally reduce the respective Aggregate Certificate Balances of the various Classes
of Principal Balance Certificates in the following order of priority: first, to the Class J Certificates; second,
to the Class H Certificates; third, to the Class G Certificates; fourth, to the Class F Certificates; fifth,
to the Class E Certificates; sixth, to the Class D Certificates; seventh, to the Class C Certificates; eighth,
to the Class B Certificates; ninth, to the Class A-S Certificates; and finally, pro rata to the (i)
Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-SB Certificates, (iv) Class A-3 Certificates and (v) Class
A-4 Certificates based on their respective Aggregate Certificate Balances (provided in each case that no Aggregate Certificate
Balance in respect of any such Class may be notionally reduced below zero). With respect to any Appraisal Reduction calculated
for the purposes of determining the identity of the Controlling Class, the appraised value of the related Mortgaged Property shall
be determined on an “as-is” basis. If all or any portion of an Appraisal Reduction ceases to exist as of any date
of determination, then such Appraisal Reduction or applicable portion thereof shall no longer thereafter be applied in accordance
with the foregoing two (2) sentences to notionally reduce the Aggregate Certificate Balance of any Class of Principal Balance
Certificates, and (consistent with the foregoing) the Aggregate Certificate Balances of the applicable Classes of Principal Balance
Certificates shall be notionally restored to the extent such Appraisal Reduction or portion thereof ceases to exist.

 

Any Appraisal Reduction with
respect to an A/B Whole Loan shall be allocated to notionally reduce the outstanding principal balance of the related Serviced
B Note prior to any allocation to the related A Note.

 

Any Appraisal Reduction with
respect to a Loan Pair shall be allocated between the related Mortgage Loan and the related Serviced Companion Loan on a pro
rata basis by Unpaid Principal Balance.

 

The Master Servicer shall
deliver to the Special Servicer notice of the occurrence of an Appraisal Event promptly following the Master Servicer’s knowledge
of the occurrence thereof, and the Special Servicer shall deliver to the Master Servicer notice of the occurrence of an Appraisal
Event promptly following the Special Servicer’s knowledge of the occurrence thereof. With respect to any Loan Pair, the Master
Servicer shall deliver to any related Other Master Servicer, Other Special Servicer and Other Trustee (i) notice of the occurrence
of any Appraisal Event in respect of such Loan Pair promptly following its knowledge, or receipt of notice from the Special Servicer,
of the occurrence thereof and (ii) a statement of any Appraisal Reduction in respect of such Loan Pair promptly following its receipt
from the Special Servicer of the calculation or recalculation thereof.

 

The Holders of the majority
(based on Certificate Balance) of any Class of Control Eligible Certificates the Aggregate Certificate Balance of which has been
reduced to less

 

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than
25% of the initial Aggregate Certificate Balance thereof as a result of an allocation of Appraisal Reductions in respect of such
Class (such Class, an “Appraised-Out Class”) shall have the right, at their sole expense, to present to the
Special Servicer a second (2nd) Appraisal of the Mortgaged Property securing any Required Appraisal Loan (other than
any Non-Serviced Mortgage Loan) (such holders, the “Requesting Holders”) prepared by an Independent MAI appraiser
on an “as-is” basis and acceptable to the Special Servicer in accordance with the Servicing Standard. Upon receipt
of such second (2nd) Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether,
based on its assessment of such second (2nd) Appraisal, any recalculation of the applicable Appraisal Reduction is
warranted and, if so warranted, shall recalculate such Appraisal Reduction based upon such second (2nd) Appraisal.
Any Appraised-Out Class(es) (together with any other Classes of Control Eligible Certificates affected by such Appraisal Reduction)
shall have the related Aggregate Certificate Balance(s) notionally restored to the extent required by such recalculation of the
Appraisal Reduction, and there will be a redetermination of whether a Subordinate Control Period, a Collective Consultation Period
or a Senior Consultation Period is then in effect, as applicable. The right of any Appraised-Out Class to present a second (2nd)
Appraisal in connection with any Required Appraisal Loan is limited to one Appraisal with respect to each Mortgaged Property relating
to such Required Appraisal Loan.

 

In addition, if subsequent
to a Class of Control Eligible Certificates becoming an Appraised-Out Class there is a material change with respect to any of the
Mortgaged Properties related to the Appraisal Reduction that caused such Class to become an Appraised-Out Class, the applicable
Requesting Holders shall have the right (except in the case of a Non-Serviced Mortgage Loan), at their sole expense, to present
to the Special Servicer an additional Appraisal prepared by an Independent MAI appraiser on an “as-is” basis and acceptable
to the Special Servicer in accordance with the Servicing Standard. Subject to the Special Servicer’s confirmation, determined
in accordance with the Servicing Standard, that there has been a change with respect to the related Mortgaged Property and such
change was material, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such additional Appraisal, any recalculation of the applicable Appraisal Reduction is warranted and, if so warranted, shall
recalculate such Appraisal Reduction based upon such additional Appraisal. Any Appraised-Out Class(es) (together with any other
Classes of Control Eligible Certificates affected by such Appraisal Reduction) shall have the related Aggregate Certificate Balance(s)
notionally restored to the extent required by such recalculation of the Appraisal Reduction, and there shall be a redetermination
of whether a Subordinate Control Period, a Collective Consultation Period or a Senior Consultation Period is then in effect, as
applicable. With respect to each Class of Control Eligible Certificates, the right to present the Special Servicer with additional
Appraisals as provided in this paragraph is limited to no more frequently than once in any 12-month period.

 

Appraisals that are permitted
to be presented by any Appraised-Out Class will be in addition to any Appraisals that the Special Servicer may otherwise be required
to obtain in accordance with the Servicing Standard upon the occurrence of such material change or that the Special Servicer is
otherwise required or permitted to order under this Agreement without regard to any appraisal requests made by any Requesting Holder.

 

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Any Appraised-Out Class shall
not be entitled to exercise any rights of the Controlling Class until such time, if any, as such Class is reinstated as the Controlling
Class; and the rights of the Controlling Class will be exercised by the Holders of the next most senior Class of Control Eligible
Certificates that is not an Appraised-Out Class, if any.

 

Copies of all Appraisals
and other Third Party Reports obtained pursuant to this Agreement by the Special Servicer or the Master Servicer with respect to
any Mortgaged Property shall be delivered (in electronic format or hard copy) to the other such servicer and to the Trustee, the
Certificate Administrator (in electronic format), the 17g-5 Information Provider (in electronic format) and the Trust Advisor.

 

Section 6.10     Prepayment
Premiums. Any Prepayment Premium collected with respect to a Mortgage Loan (but not a Serviced B Note or Serviced Companion
Loan, which Prepayment Premium is payable to the holder of the related Serviced B Note or the related Serviced Companion Loan,
as applicable) during any particular Collection Period shall be distributed by the Certificate Administrator on the following
Distribution Date as follows:

 

(i)          The
respective Classes of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class
E Certificates then entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date will
be entitled to, and the Certificate Administrator on behalf of the Trustee will pay to such Classes, an amount equal to, in the
case of each such Class, the product of (A) a fraction, the numerator of which is the amount distributed as principal to that Class
on that Distribution Date, and the denominator of which is the total amount distributed as principal to the Holders of all the
Principal Balance Certificates (other than the Class F Certificates and the Control Eligible Certificates) on that Distribution
Date, multiplied by (B) the Base Interest Fraction for the related Principal Prepayment and that Class, multiplied by (C) the amount
of the Prepayment Premium collected in respect of such Principal Prepayment during the related Collection Period.

 

(ii)        Any
portion of any such Prepayment Premium that is not so distributed to any of the Class A-1, Class A-2, Class A-SB, Class A-3, Class
A-4, Class B, Class C, Class D or Class E Certificates in accordance with the immediately preceding clause (i) distributed
(the applicable “Class X YM Distribution Amount”) will be distributed to the Holders of the respective Classes
of the Class X-A, Class X-B and Class X-D Certificates as follows: first, to the Holders of the Class X-A Certificates in
an amount equal to the product of (A) a fraction, the numerator of which is the total amount distributed as principal with respect
to the Class A Senior Certificates on the applicable Distribution Date, and the denominator of which is the total amount distributed
as principal with respect to all Classes of Principal Balance Certificates on the applicable Distribution Date, multiplied by (B)
the applicable Class X YM Distribution Amount; second, to the Holders of the Class X-B Certificates in an amount equal to
the product of (A) a fraction, the numerator of which is the total amount distributed as principal with respect to the Class A-S
and Class B Certificates on the applicable Distribution Date, and the denominator of which is the total amount distributed as principal
with respect to all Classes of Principal Balance Certificates on the applicable Distribution Date, multiplied by (B) the applicable
Class X YM Distribution Amount; and then, to the Holders of the Class X-D Certificates in an amount equal to the applicable
Class X YM Distribution Amount minus any

 

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distributions
to the Holders of the Class X-A and Class X-B Certificates pursuant to the foregoing clauses.

 

Notwithstanding any of the
foregoing to the contrary, if at any time the Aggregate Certificate Balance of the Principal Balance Certificates (other than the
Class F Certificates and the Control Eligible Certificates) has been reduced to zero as a result of the allocation of principal
payments on the Mortgage Loans, any Prepayment Premium collected with respect to a Mortgage Loan (but not a Serviced B Note or
Serviced Companion Loan, which Prepayment Premium is payable to the holder of the related Serviced B Note or the related Serviced
Companion Loan, as applicable pursuant to the terms of the related Intercreditor Agreement) during any particular Collection Period
shall be distributed by the Certificate Administrator on the related Distribution Date as follows:

 

(x)         The
respective Classes of the Class F, Class G, Class H and Class J Certificates then entitled to distributions of principal from the
Principal Distribution Amount for such Distribution Date will be entitled to, and the Certificate Administrator on behalf of the
Trustee shall pay to such Classes, an amount equal to, in the case of each such Class, the product of (A) a fraction, the numerator
of which is the amount distributed as principal to that Class on that Distribution Date, and the denominator of which is the total
amount distributed as principal to the Holders of the Class F, Class G, Class H and Class J Certificates on that Distribution Date,
multiplied by (B) the Base Interest Fraction for the related Principal Prepayment and that Class, multiplied by (C) the amount
of the Prepayment Premium collected in respect of such Principal Prepayment during the related Collection Period; and

 

(y)         Any
portion of any such Prepayment Premium that is not so distributed to Holders of the Class F, Class G, Class H and/or Class J Certificates
in accordance with the immediately preceding clause (x) (the applicable “Class X YM Subordinate Distribution Amount”)
shall be distributed to the Holders of the Class X-F, Class X-G, Class X-H and Class X-J Certificates as follows: first,
to the Holders of the Class X-F Certificates in an amount equal to the product of (A) a fraction, the numerator of which is the
total amount distributed as principal with respect to the Class F Certificates on the applicable Distribution Date, and the denominator
of which is the total amount distributed as principal with respect to all Classes of the Class F, Class G, Class H and Class J
Certificates on the applicable Distribution Date, multiplied by (B) the applicable Class X YM Subordinate Distribution Amount;
second, to the Holders of the Class X-G Certificates in an amount equal to the product of (A) a fraction, the numerator
of which is the total amount distributed as principal with respect to the Class G Certificates on the applicable Distribution Date,
and the denominator of which is the total amount distributed as principal with respect to all Classes of the Class F, Class G,
Class H and Class J Certificates on the applicable Distribution Date, multiplied by (B) the applicable Class X YM Subordinate Distribution
Amount; third, to the Holders of the Class X-H Certificates in an amount equal to the product of (A) a fraction, the numerator
of which is the total amount distributed as principal with respect to the Class H Certificates on the applicable Distribution Date,
and the denominator of which is the total amount distributed as principal with respect to all Classes of the Class F, Class G,
Class H and Class J Certificates on the applicable Distribution Date, multiplied by (B) the applicable Class X YM Subordinate Distribution
Amount; and then, to the Holders of the Class X-J Certificates in an amount equal to the applicable Class X YM

 

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Subordinate
Distribution Amount minus any distributions to the Holders of the Class X-F, Class X-G and Class X-H Certificates pursuant to
the foregoing clauses.

 

All distributions of Prepayment
Premiums, if any, made with respect to a Class of Class X Certificates on any Distribution Date, pursuant to this Section 6.10,
shall be made, and shall be deemed to have been made, in respect of the various Class X REMIC III Regular Interests that relate
to the subject Class of Class X Certificates, pro rata in accordance with the respective amounts by which the Notional Amounts
of such Class X REMIC III Regular Interests declined on such Distribution Date.

 

Section 6.11     Allocation
of Trust Advisor Expenses.

 

(a)          On
each Distribution Date, immediately prior to the distributions to be made to the Certificateholders for such Distribution Date
pursuant to Section 6.5(a), the Certificate Administrator shall allocate Trust Advisor Expenses to reduce the Distributable
Certificate Interest for such Distribution Date for the Class E Certificates, Class D Certificates, Class C Certificates and Class
B Certificates, in that order, in each case, until the Distributable Certificate Interest of such Class for such Distribution Date
has been reduced to zero. Trust Advisor Expenses shall not be allocated to reduce interest distributable to the Class A Senior
Certificates, the Class A-S Certificates, the Class X Certificates, the Class V Certificates (with respect to Excess Interest),
the Class F Certificates, the Control Eligible Certificates or any Serviced B Note or Serviced Companion Loan.

 

To the extent that the amount
of Trust Advisor Expenses payable with respect to any Distribution Date is greater than the aggregate amount of Distributable Certificate
Interest otherwise distributable on the Class B, Class C, Class D and Class E Certificates for such Distribution Date, the resulting
Excess Trust Advisor Expenses shall reduce the Principal Distribution Amount for such Distribution Date otherwise allocable to
the Principal Balance Certificates that are not Class F Certificates or Control Eligible Certificates. In addition, such Excess
Trust Advisor Expenses shall be allocated to reduce the Aggregate Certificate Balances of the respective Classes of Principal Balance
Certificates that are not Class F Certificates or Control Eligible Certificates up to the aggregate amount of such reduction of
the Principal Distribution Amount in the following order: first, to the Class E Certificates, until the remaining Aggregate
Certificate Balance of such Class of Certificates has been reduced to zero, second, to the Class D Certificates, until the
remaining Aggregate Certificate Balance of such Class of Certificates has been reduced to zero, third, to the Class C Certificates
until the Certificate Balance of such Class of Certificates has been reduced to zero, fourth, to the Class B Certificates
until the Certificate Balance of such Class of Certificates has been reduced to zero, fifth, to the Class A-S Certificates
until the Certificate Balance of such Class of Certificates has been reduced to zero; and then, among the respective Classes
of Class A Senior Certificates, pro rata (based upon their respective Aggregate Certificate Balances), until the remaining
Aggregate Certificate Balances of the Class A Senior Certificates have been reduced to zero.

 

Any Trust Advisor Expenses
(including Excess Trust Advisor Expenses) allocated to a Class of Certificates shall be allocated among the respective Certificates
of such Class in proportion to the Percentage Interests evidenced by such Certificates. Any Trust Advisor Expenses remaining unreimbursed
after the allocations set forth in the preceding

 

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paragraphs
shall remain unreimbursed until the next Distribution Date that such applicable amounts are available. In no event shall any Trust
Advisor Expenses (including Excess Trust Advisor Expenses) reduce or delay any principal or interest payable in respect of the
Class V Certificates (with respect to Excess Interest), the Class F Certificates or the Control Eligible Certificates.

 

(b)          On
any Distribution Date, the amount reimbursable to the Trust Advisor in respect of Trust Advisor Expenses for such Distribution
Date shall not exceed the sum of (i) the portion of the Principal Distribution Amount for such Distribution Date otherwise distributable
to the Principal Balance Certificates that are not Class F Certificates or Control Eligible Certificates and (ii) the aggregate
amount of Distributable Certificate Interest (for such purposes, calculated without regard to any reductions therein as a result
of Trust Advisor Expenses for such Distribution Date) that would otherwise be distributable to the Class B, Class C, Class D and
Class E Certificates for such Distribution Date. Any amount of Trust Advisor Expenses that are not reimbursed on a Distribution
Date shall be payable on the next Distribution Date to the extent funds are sufficient, in accordance with this Section 6.11(b),
to make such payments.

 

(c)          To
the extent any Actual Recoveries of Trust Advisor Expenses are received during any Collection Period, such amounts shall be allocated
first, as an increase in the Aggregate Certificate Balance of each applicable Class of Principal Balance Certificates in the reverse
order in which the Excess Trust Advisor Expenses were allocated in reduction of the Aggregate Certificate Balance of the Class
A Senior Certificates, the Class A-S Certificates, the Class B Certificates, the Class C Certificates, Class D Certificates and/or
the Class E Certificates pursuant to Section 6.11(a), with a corresponding increase in the Principal Distribution Amount
for the related Distribution Date in the aggregate amount of such increases to such Aggregate Certificate Balances and then,
as an increase in the Distributable Certificate Interest for the related Distribution Date in respect of the Class B, Class C,
Class D and Class E Certificates, in that order, in each case, up to an amount equal to the aggregate reduction of the subject
Class’s Distributable Certificate Interest for all prior Distribution Dates (including as payment to a more senior Class
of Certificates in respect of interest shortfalls created by previously allocated Trust Advisor Expenses), to the extent not previously
reimbursed.

 

On each Distribution
Date, if and to the extent that Trust Advisor Expenses have been allocated to the Class B Certificates on any prior
Distribution Date in reduction of the Distributable Certificate Interest for such Class of Certificates, and such reductions
in Distributable Certificate Interest for such Class of Certificates have not been previously reimbursed, then the Class B
Certificates will be entitled to reimbursement for the Trust Advisor Expense Interest Shortfall in respect of the Class B
Certificates for such Distribution Date (with a corresponding increase in the Distributable Certificate Interest with respect
to the Class B Certificates for such Distribution Date): first, out of amounts otherwise distributable as interest to
the Holders of the Class E Certificates for such Distribution Date, up to (and with a corresponding reduction in) the
Distributable Certificate Interest with respect to the Class E Certificates for such Distribution Date (calculated for
purposes of this paragraph without regard to clause (A)(3) of the definition of “Distributable Certificate
Interest”); second, out of amounts otherwise distributable as interest to the Class D Certificates for such
Distribution Date, up to (and with a corresponding reduction in) the Distributable Certificate Interest with respect to the
Class D Certificates for such Distribution Date (calculated for purposes of this paragraph without

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regard
to clause (A)(3) of the definition of “Distributable Certificate Interest”); and third, out of amounts
otherwise distributable as interest to the Class C Certificates for such Distribution Date, up to (and with a corresponding reduction
in) the Distributable Certificate Interest with respect to the Class C Certificates for such Distribution Date (calculated for
purposes of this paragraph without regard to clause (A)(3) of the definition of “Distributable Certificate Interest”).

 

On each Distribution Date,
if and to the extent that Trust Advisor Expenses have been allocated to the Class C Certificates on any prior Distribution Date
in reduction of the Distributable Certificate Interest for such Class of Certificates, and such reductions in Distributable Certificate
Interest for such Class of Certificates have not been previously reimbursed, then the Class C Certificates will be entitled to
reimbursement for the Trust Advisor Expense Interest Shortfall in respect of the Class C Certificates for such Distribution Date
(with a corresponding increase in the Distributable Certificate Interest with respect to the Class C Certificates for such Distribution
Date): first, out of amounts otherwise distributable as interest to the Holders of the Class E Certificates for such Distribution
Date, up to (and with a corresponding reduction in) the Distributable Certificate Interest with respect to the Class E Certificates
for such Distribution Date (calculated for purposes of this paragraph without regard to clause (A)(3) of the definition
of “Distributable Certificate Interest”), reduced by any reimbursement made on such Distribution Date to the Class
B Certificates pursuant to the prior paragraph out of amounts otherwise distributable as interest to the Holders of the Class E
Certificates; and second, out of amounts otherwise distributable as interest to the Class D Certificates for such Distribution
Date, up to (and with a corresponding reduction in) the Distributable Certificate Interest with respect to the Class D Certificates
for such Distribution Date (calculated for purposes of this paragraph without regard to clause (A)(3) of the definition
of “Distributable Certificate Interest”), reduced by any reimbursement made on such Distribution Date to the Class
B Certificates pursuant to the prior paragraph out of amounts otherwise distributable as interest to the Holders of the Class D
Certificates.

 

On each Distribution Date,
if and to the extent that Trust Advisor Expenses have been allocated to the Class D Certificates on any prior Distribution Date
in reduction of the Distributable Certificate Interest for such Class of Certificates, and such reductions in Distributable Certificate
Interest for such Class of Certificates have not been previously reimbursed, then the Class D Certificates will be entitled to
reimbursement for the Trust Advisor Expense Interest Shortfall in respect of the Class D Certificates for such Distribution Date
(with a corresponding increase in the Distributable Certificate Interest with respect to the Class D Certificates for such Distribution
Date) out of amounts otherwise distributable as interest to the Holders of the Class E Certificates for such Distribution Date,
up to (and with a corresponding reduction in) the Distributable Certificate Interest with respect to the Class E Certificates for
such Distribution Date (calculated for purposes of this paragraph without regard to clause (A)(3) of the definition of “Distributable
Certificate Interest”), reduced by any reimbursement made on such Distribution Date to the Class B or Class C Certificates
pursuant to the prior two paragraphs out of amounts otherwise distributable as interest to the Holders of the Class E Certificates.

 

Any reimbursement made out
of amounts otherwise distributable as interest to the Class C, Class D or Class E Certificates on any Distribution Date pursuant
to any of the prior three (3) paragraphs, shall be deemed an allocation to such Class of the Trust Advisor Expenses being reimbursed
to the Holders of a more senior Class of Certificates.

 

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(d)          On
each Distribution Date, if any Trust Advisor Expense is allocated to the Class B, Class C, Class D or Class E Certificates in reduction
of the Distributable Certificate Interest of such Class of Certificates for such Distribution Date, then such Trust Advisor Expense
will be deemed allocated to the Corresponding REMIC II Regular Interest in reduction of the Distributable Interest of such Corresponding
REMIC II Regular Interest for such Distribution Date. In addition, on each Distribution Date, if any Excess Trust Advisor Expense
is allocated to the Class A Senior Certificates, the Class A-S Certificates, the Class B Certificates, the Class C Certificates,
the Class D Certificates or the Class E Certificates in reduction of the Aggregate Certificate Balance of such Class of Certificates,
then such Excess Trust Advisor Expense will be deemed allocated to the Corresponding REMIC II Regular Interest in reduction of
the REMIC II Principal Amount of such Corresponding REMIC II Regular Interest.

 

(e)          For
the avoidance of doubt and notwithstanding anything to the contrary contained herein, each of the parties hereto acknowledges and
agrees (and each Certificateholder, by its acceptance of such Certificate, is deemed to acknowledge and agree) that all calculations
to be made hereunder in respect of the entitlement of the Class F Certificates and the Control Eligible Certificates to receive
interest, principal and other amounts (including P&I Advances in respect to such Certificates) shall be made such that (i)
the Class F Certificates and the Control Eligible Certificates shall be paid the amounts to which they are entitled on each Distribution
Date as if no Trust Advisor Expenses had been incurred, reimbursed or reimbursable, and (ii) in no event shall any Trust Advisor
Expenses reduce or delay in any manner any principal, interest or other amounts (including P&I Advances) payable or reimbursable
to the Class F Certificates and the Control Eligible Certificates.

 

ARTICLE
VII

CONCERNING THE TRUSTEE, THE CUSTODIAN AND THE CERTIFICATE ADMINISTRATOR

 

Section 7.1     Duties
of the Trustee, the Custodian and the Certificate Administrator.

 

(a)          The
Trustee, the Custodian and the Certificate Administrator each shall undertake to perform only those duties as are specifically
set forth in this Agreement and no implied covenants or obligations shall be read into this Agreement against the Trustee, the
Custodian or the Certificate Administrator. Any permissive right of the Trustee, the Custodian or the Certificate Administrator
provided for in this Agreement shall not be construed as a duty or obligation of the Trustee, the Custodian or the Certificate
Administrator. The Trustee, the Custodian and the Certificate Administrator each shall exercise such of the rights and powers vested
in it by this Agreement and following the occurrence and during the continuation of any Servicer Termination Event or Trust Advisor
Termination Event hereunder, the Trustee, the Custodian and the Certificate Administrator each shall use the same degree of care
and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s
own affairs.

 

(b)          The
Trustee, the Custodian or the Certificate Administrator, as applicable, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or

 

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other
instruments furnished to the Trustee, the Custodian or the Certificate Administrator, as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on
their face to the requirements of this Agreement; provided that the Trustee, the Custodian or the Certificate Administrator,
as the case may be, shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion,
report, document, order or other instrument furnished by the Master Servicer or any other Person to it pursuant to this Agreement.
If any such instrument is found on its face not to conform to the requirements of this Agreement, the Trustee, the Custodian or
the Certificate Administrator shall request the providing party to correct the instrument and if not so corrected, the Certificate
Administrator shall inform the Certificateholders.

 

(c)          None
of the Trustee, the Custodian, the Certificate Administrator or any of their respective directors, officers, employees, agents
or Controlling Persons shall have any liability to the Trust or the Certificateholders arising out of or in connection with this
Agreement, except for their respective negligent failure to act or their own negligence, willful misconduct or bad faith. No provision
of this Agreement shall be construed to relieve the Trustee, the Custodian, the Certificate Administrator or any of their respective
directors, officers, employees, agents or Controlling Persons from liability for their own negligent action, their own negligent
failure to act or their own willful misconduct or bad faith; provided that:

 

(i)          none
of the Trustee, the Custodian, the Certificate Administrator or any of their respective directors, officers, employees, agents
or Controlling Persons shall be personally liable with respect to any action taken, suffered or omitted to be taken by it in its
reasonable business judgment and reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement or, to the extent not expressly inconsistent with the other terms of this Agreement, at the direction
of Holders of Certificates evidencing not less than a majority of the Voting Rights of all the Certificates;

 

(ii)        no
provision of this Agreement shall require the Trustee, the Custodian or the Certificate Administrator to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it;

 

(iii)       except
as specifically provided hereunder in connection with the performance of its specific duties, none of the Trustee, the Custodian,
the Certificate Administrator or any of their respective directors, officers, employees, agents or Controlling Persons shall be
responsible for any act or omission of the Master Servicer, the Special Servicer, the Trust Advisor, the Depositor or any Seller,
or for the acts or omissions of each other, including, without limitation, in connection with actions taken pursuant to this Agreement;

 

(iv)        the
execution by the Trustee, the Custodian or the Certificate Administrator of any forms or plans of liquidation in connection with
any REMIC Pool shall not constitute a representation by the Trustee, the Custodian or the Certificate Administrator as to the adequacy
of such form or plan of liquidation;

 

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(v)          none
of the Trustee, the Custodian or the Certificate Administrator shall be under any obligation to appear in, prosecute or defend
any legal action which is not incidental to its duties as Trustee, the Custodian or the Certificate Administrator, as applicable
in accordance with this Agreement. In such event, all legal expense and costs of such action shall be expenses and costs of the
Trust, and the Trustee, the Custodian and the Certificate Administrator shall be entitled to be reimbursed therefor from the Collection
Account pursuant to Section 5.2(a)(I)(vi); and

 

(vi)        none
of the Trustee, the Custodian or the Certificate Administrator shall be charged with knowledge of any failure by the Master Servicer,
the Special Servicer or the Trust Advisor or by each other to comply with its obligations under this Agreement or any act, failure,
or breach of any Person upon the occurrence of which the Trustee, the Custodian or the Certificate Administrator may be required
to act, unless a Responsible Officer of the Trustee, the Custodian or the Certificate Administrator, as the case may be, obtains
actual knowledge of such act, failure or breach, as applicable.

 

Section 7.2     Certain
Matters Affecting the Trustee, the Custodian and the Certificate Administrator.

 

(a)           Except
as otherwise provided in Section 7.1:

 

(i)          the
Trustee, the Custodian and the Certificate Administrator each may request, and may rely and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

 

(ii)        the
Trustee, the Custodian and the Certificate Administrator each may consult with counsel and the advice of such counsel and any opinion
of counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with such advice or opinion of counsel;

 

(iii)       the
Trustee, the Custodian and the Certificate Administrator shall not be under any obligation to exercise any remedies after default
as specified in this Agreement or to institute, conduct or defend any litigation hereunder or relating hereto or make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper or document (provided the same appears regular on its face), unless requested in writing
to do so by Holders of Certificates evidencing at least 25% of the Voting Rights of all the Certificates; provided that,
if the payment within a reasonable time to the Trustee, the Custodian or the Certificate Administrator, as applicable, of the costs,
expenses or liabilities likely to be incurred by it in connection with the foregoing is, in the opinion of such Person not reasonably
assured to such Person by the security afforded to it by the terms of this Agreement, such Person may require reasonable indemnity
against such expense or liability or payment of such estimated expenses as a condition to proceeding. The reasonable expenses of
the Trustee, the Custodian or the

 

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Certificate
Administrator, as applicable, shall be paid by the Certificateholders requesting such examination;

 

(iv)        the
Trustee, the Custodian and the Certificate Administrator each may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys, which agents or attorneys shall have any or all of the rights,
powers, duties and obligations of the Trustee, the Custodian and the Certificate Administrator conferred on them by such appointment;
provided that (i) each of the Trustee, the Custodian and the Certificate Administrator, as the case may be, shall continue
to be responsible for its duties and obligations hereunder as if it had not retained such agent or attorney and (ii) the Trustee,
the Custodian or the Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person that
is a Prohibited Party without the consent of the Depositor acting in its sole discretion;

 

(v)          none
of the Trustee, the Custodian or the Certificate Administrator (in its capacity as such) shall be required to obtain a deficiency
judgment against a Mortgagor;

 

(vi)        none
of the Trustee, the Custodian or the Certificate Administrator shall be liable for any loss on any investment of funds pursuant
to this Agreement, except as expressly provided herein;

 

(vii)       unless
otherwise specifically required by law, none of the Trustee, the Custodian or the Certificate Administrator shall be required to
post any surety or bond of any kind in connection with the execution or performance of its duties hereunder;

 

(viii)      in
no event shall the Trustee, Certificate Administrator or Custodian be liable for any failure or delay in the performance of its
obligations hereunder due to force majeure; provided, that such failure or delay is not also a result of its own negligence,
bad faith or willful misconduct;

 

(ix)        nothing
herein shall require the Trustee, the Certificate Administrator or the Custodian to act in any manner that is contrary to applicable
law; and

 

(x)         except
as otherwise expressly set forth in this Agreement, knowledge or information acquired by Wells Fargo Bank, National Association,
in any of its respective capacities as Certificate Administrator or Custodian, shall not be imputed to Wells Fargo Bank, National
Association in any of its other capacities as Certificate Administrator or Custodian, as applicable.

 

(b)          Following
the Closing Date, the Trustee shall not accept any contribution of assets to the Trust not specifically contemplated by this Agreement
unless the Trustee shall have received a Nondisqualification Opinion at the expense of the Person desiring to contribute such assets
with respect to such contribution.

 

(c)          All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee, may be enforced by the Trustee
without the possession of any of the Certificates, or the production thereof at the trial or any proceeding relating thereto, and
any such

 

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suit,
action or proceeding instituted by the Trustee shall be brought in its name for the benefit of all the Holders of such Certificates,
subject to the provisions of this Agreement.

 

(d)          The
Trustee shall timely pay, from its own funds, the amount of any and all federal, state and local taxes imposed on the Trust or
its assets or transactions including, without limitation, (A) “prohibited transaction” penalty taxes as defined in
Section 860F of the Code, if, when and as the same shall be due and payable, (B) any tax on contributions to a REMIC after the
Closing Date imposed by Section 860G(d) of the Code and (C) any tax on “net income from foreclosure property” as defined
in Section 860G(c) of the Code, but only to the extent such taxes arise solely out of a breach by the Trustee of its obligations
hereunder, which breach constitutes negligence, bad faith or willful misconduct of the Trustee.

 

(e)          The
Certificate Administrator shall timely pay, from its own funds, the amount of any and all federal, state and local taxes imposed
on the Trust or its assets or transactions including, without limitation, (A) “prohibited transaction” penalty taxes
as defined in Section 860F of the Code, if, when and as the same shall be due and payable, (B) any tax on contributions to a REMIC
after the Closing Date imposed by Section 860G(d) of the Code and (C) any tax on “net income from foreclosure property”
as defined in Section 860G(c) of the Code, but only to the extent such taxes arise solely out of a breach by the Certificate Administrator
of its obligations hereunder, which breach constitutes negligence, bad faith or willful misconduct of the Certificate Administrator.

 

Section 7.3     The
Trustee, the Custodian and the Certificate Administrator Not Liable for Certificates or Interests or Mortgage Loans. The Trustee,
the Custodian and the Certificate Administrator each makes no representations as to the validity or sufficiency of this Agreement,
the Certificates or the information contained in the Private Placement Memorandum, the Preliminary Prospectus or the Final Prospectus
(other than the Certificate of Authentication on the Certificates if the Certificate Administrator is the Authenticating Agent
and the information in the Private Placement Memorandum, the Free Writing Prospectus and the Prospectus Supplement for which the
Trustee, the Custodian and the Certificate Administrator indemnify certain parties pursuant to the Trustee Indemnification Agreement,
the Custodian Indemnification Agreement and the Certificate Administrator Indemnification Agreement, respectively) or of any Mortgage
Loan, Assignment of Mortgage or related document save that each of the Trustee, the Custodian and the Certificate Administrator,
as to itself, represents that, assuming due execution and delivery by the other parties hereto, this Agreement has been duly authorized,
executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms
except that such enforceability may be subject to (A) applicable bankruptcy and insolvency laws and other similar laws affecting
the enforcement of the rights of creditors generally, and (B) general principles of equity regardless of whether such enforcement
is considered in a proceeding in equity or at law. None of the Trustee, the Custodian or the Certificate Administrator shall be
accountable for the use or application by the Depositor or the Master Servicer or the Special Servicer or by each other of any
of the Certificates or any of the proceeds of such Certificates, or for the use or application by the Depositor or the Master
Servicer or the Special Servicer or by each other of funds paid in consideration of the assignment of the Mortgage Loans to the
Trust or deposited into the Distribution Account or any other fund or account maintained with respect to the Certificates or any
account maintained pursuant to this Agreement or for investment of any such amounts. No

 

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recourse
shall be had for any claim based on any provisions of this Agreement, the Certificates or the Private Placement Memorandum or
the Preliminary Prospectus or the Final Prospectus (except (i) with respect to the Trustee, to the extent of the information regarding
the Trustee in each of the Private Placement Memorandum, the Free Writing Prospectus and the Prospectus Supplement for which the
Trustee indemnifies certain parties pursuant to the Trustee Indemnification Agreement, (ii) with respect to the Custodian, to
the extent of the information regarding the Custodian in each of the Private Placement Memorandum, the Free Writing Prospectus
and the Prospectus Supplement for which the Custodian indemnifies certain parties pursuant to the Custodian Indemnification Agreement
and (iii) with respect to the Certificate Administrator, to the extent of the information regarding the Certificate Administrator
in each of the Private Placement Memorandum, the Free Writing Prospectus and the Prospectus Supplement for which the Certificate
Administrator indemnifies certain parties pursuant to the Certificate Administrator Indemnification Agreement), the Mortgage Loans
or the assignment thereof against the Trustee, the Custodian or the Certificate Administrator in such Person’s individual
capacity and any such claim shall be asserted solely against the Trust or any indemnitor who shall furnish indemnity as provided
herein. None of the Trustee, the Custodian or the Certificate Administrator (in its capacity as such) shall be liable for any
action or failure of any action by the Depositor or the Master Servicer or the Special Servicer or the Trust Advisor or by each
other hereunder. None of the Trustee, the Custodian or the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity or enforceability of the Mortgages or the Mortgage Loans, or the perfection
and priority of the Mortgages or the maintenance of any such perfection and priority, or for or with respect to the efficacy of
the Trust or its ability to generate the payments to be distributed to Certificateholders under this Agreement, including, without
limitation, the existence, condition and ownership of any Mortgaged Property; the existence and enforceability of any hazard insurance
thereon; the validity of the assignment of the Mortgage Loans to the Trust or of any intervening assignment; the completeness
of the Mortgage Loans; the performance or enforcement of the Mortgage Loans (other than if the Trustee shall assume the duties
of the Master Servicer); the compliance by the Depositor, each Seller, the Mortgagor, the Master Servicer, the Special Servicer,
the Trust Advisor or each other with any warranty or representation made under this Agreement or in any related document or the
accuracy of any such warranty or representation made under this Agreement or in any related document prior to the receipt by a
Responsible Officer of the Trustee of notice or other discovery of any non-compliance therewith or any breach thereof; any investment
of monies by or at the direction of the Master Servicer or the Special Servicer or any loss resulting therefrom; the failure of
the Master Servicer or the Special Servicer to act or perform any duties required of it on behalf of the Trustee hereunder; or
any action by the Trustee taken at the instruction of the Master Servicer or the Special Servicer.

 

Section 7.4     The
Trustee, the Custodian and the Certificate Administrator May Own Certificates.  Each of the Trustee, the Custodian and
the Certificate Administrator in its individual or any other capacity may become the owner or pledgee of Certificates with the
same rights it would have if it were not the Trustee, the Custodian or the Certificate Administrator, as the case may be.

 

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Section 7.5     Eligibility
Requirements for the Trustee, the Custodian and the Certificate Administrator.

 

(a)          The
Trustee hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, national bank or national banking
association, organized and doing business under the laws of the United States of America or of any state thereof, authorized to
exercise corporate trust powers, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by federal or state authority, (iii) an institution whose long-term senior unsecured debt is at all times rated
at least “A2” by Moody’s, at least “A-” by Fitch and, if rated by KBRA, a rating by KBRA at least
equivalent to “A2” by Moody’s, and that has a short-term unsecured debt rating of at least “P-1”
by Moody’s and at least “F1” by Fitch and, if rated by KBRA, a rating at least equivalent to either of the foregoing
by KBRA (or, in the case of any Rating Agency with respect to either the long-term or short-term ratings specified in this Section
7.5(a), such lower rating or ratings as is the subject of a Rating Agency Confirmation from such Rating Agency and Morningstar)
and (iv) a Person 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, 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 case at any time the Trustee shall cease to be eligible in accordance with provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.6.

 

(b)          The
Custodian hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, national bank or national
banking association, organized and doing business under the laws of the United States of America or of any state thereof, authorized
to exercise corporate trust powers, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by federal or state authority, (iii) an institution whose long-term senior unsecured debt is at all times rated
at least “A2” by Moody’s, at least “A-” by Fitch and, if rated by KBRA, a rating by KBRA at least
equivalent to “A2” by Moody’s, and that has a short-term unsecured debt rating of at least “P-1”
by Moody’s and at least “F1” by Fitch and, if rated by KBRA, a rating at least equivalent to either of the foregoing
by KBRA (or, in the case of any Rating Agency with respect to either the long-term or short-term ratings specified in this Section
7.5(b), such lower rating or ratings as is the subject of a Rating Agency Confirmation from such Rating Agency and Morningstar)
and (iv) a Person 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, 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 case at any time the Custodian shall cease to be eligible in accordance with provisions of this Section, the Custodian shall
resign immediately in the manner and with the effect specified in Section 7.6.

 

(c)          The
Certificate Administrator shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, national bank or national
banking association, organized and

 

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doing
business under the laws of the United States of America or of any state thereof, authorized to exercise corporate trust powers,
having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state
authority, (iii) an institution whose long-term senior unsecured debt is at all times rated at least “A2” by Moody’s,
at least “A-” by Fitch and, if rated by KBRA, a rating by KBRA at least equivalent to “A2” by Moody’s,
and that has a short-term unsecured debt rating of at least “P-1” by Moody’s and at least “F1” by
Fitch and, if rated by KBRA, a rating at least equivalent to either of the foregoing by KBRA (or, in the case of any Rating Agency
with respect to either the long-term or short-term ratings specified in this Section 7.5(c), such lower rating or ratings
as is the subject of a Rating Agency Confirmation from such Rating Agency and Morningstar) and (iv) a Person that is not a Prohibited
Party. In case at any time the Certificate Administrator shall cease to be eligible in accordance with provisions of this Section,
the Certificate Administrator shall resign immediately in the manner and with the effect specified in Section 7.6.

 

Section 7.6     Resignation
and Removal of the Trustee, the Custodian or the Certificate Administrator.

 

(a)          The
Trustee, the Custodian or the Certificate Administrator may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the other such party, the Depositor, the Master Servicer, the Trust Advisor, each holder of
a Serviced B Note or Serviced Companion Loan and the 17g-5 Information Provider; provided that such resignation shall not
be effective until its successor shall have accepted the appointment. The Trustee, the Custodian and the Certificate Administrator,
as applicable, shall bear all costs associated with its respective resignation and the appointment of a successor trustee, custodian
or certificate administrator, as applicable. Upon receiving such notice of resignation, the Depositor shall promptly appoint a
successor trustee, custodian or certificate administrator, as the case may be, except in the case of the initial Trustee and Certificate
Administrator, in which case both shall be so replaced but may be replaced under this paragraph sequentially, by written instrument,
one copy of which instrument shall be delivered to the resigning Trustee, one copy to the successor trustee and one copy to each
of the Master Servicer, the Custodian, the Certificate Administrator and, subject to Section 5.7, the Rating Agencies. If
no successor trustee, custodian or certificate administrator shall have been so appointed, as the case may be, and shall have accepted
appointment within thirty (30) days after the giving of such notice of resignation, the resigning Trustee, Custodian or Certificate
Administrator, as the case may be, may petition any court of competent jurisdiction for the appointment of a successor trustee,
custodian or certificate administrator, as the case may be. It shall be a condition to the appointment of a successor trustee,
custodian or certificate administrator that such entity satisfies the eligibility requirements set forth in Section 7.5
and if, and for so long as, the Trust or, with respect to any Serviced Companion Loan, the trust created pursuant to an Other Companion
Loan Pooling and Servicing Agreement, are subject to the reporting requirements of the Exchange Act, such appointment shall have
been consented to by the Depositor or the depositor under the Other Companion Loan Pooling and Servicing Agreement, as the case
may be (which consent shall not be unreasonably withheld).

 

(b)          If
at any time (i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.5(a) and shall fail
to resign after written request therefor by the Depositor, (ii) the Trustee shall become incapable of acting, or shall be adjudged
a bankrupt or

 

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insolvent,
or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, (iii) a tax is imposed or
threatened with respect to the Trust or any REMIC Pool by any state in which the Trustee or the Trust held by the Trustee is located
solely because of the location of the Trustee in such state; provided, that, if the Trustee agrees to indemnify the Trust
for such taxes, it shall not be removed pursuant to this clause (iii), or (iv) the continuation of the Trustee as such
would result in a downgrade, qualification or withdrawal of the rating by the Rating Agencies of any Class of Certificates with
a rating as evidenced in writing by the Rating Agencies, then the Depositor may remove such Trustee and appoint a successor trustee
by written instrument, one copy of which instrument shall be delivered to the Trustee so removed, one copy to the successor trustee
and one copy to each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the 17g-5
Information Provider. In the case of removal under clauses (i), (ii), (iii) and (iv) above, the Trustee
shall bear all such costs of transfer. Such succession shall take effect after a successor trustee has been appointed. If the
Trust, or any Other Securitization that holds a Serviced Companion Loan, is subject to the reporting requirements of the Exchange
Act, and the Trustee or any Additional Servicer, Sub-Servicer, or Servicing Function Participant engaged by the Trustee fails
to perform (subject to any applicable grace periods set forth therein) any of its obligations under Article XIII of this
Agreement, and such failure to perform does not result from a failure to perform of any other party to this Agreement to deliver
within the time frames required by Article XIII any reports or other information as set forth in such Article to the Trustee,
the Trustee shall, if so requested by the Depositor, resign from its obligations hereunder within sixty (60) calendar days of
such request and, if the Trustee fails to resign within such sixty (60) day period, the Depositor shall have the right to remove
and replace the Trustee in accordance with the provisions set forth in this Section 7.6(b).

 

(c)          If
at any time (i) the Custodian shall cease to be eligible in accordance with the provisions of Section 7.5(b) and shall fail
to resign after written request therefor by the Depositor, (ii) the Custodian shall become incapable of acting, or shall be adjudged
a bankrupt or insolvent, or a receiver of the Custodian or of its property shall be appointed, or any public officer shall take
charge or control of the Custodian or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
(iii) a tax is imposed or threatened with respect to the Trust or any REMIC Pool by any state in which the Custodian or the Trust
is located solely because of the location of the Custodian in such state; provided, that, if the Custodian agrees to indemnify
the Trust for such taxes, it shall not be removed pursuant to this clause (iii), or (iv) the continuation of the Custodian
as such would result in a downgrade, qualification or withdrawal of the rating by the Rating Agencies of any Class of Certificates
with a rating as evidenced in writing by the Rating Agencies, then the Depositor may remove such Custodian and appoint a successor
custodian by written instrument, one copy of which instrument shall be delivered to the Custodian so removed, one copy to the successor
custodian and one copy to each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the
17g-5 Information Provider. In the case of removal under clauses (i), (ii), (iii) and (iv) above, the
Custodian shall bear all such costs of transfer. Such succession shall take effect after a successor custodian has been appointed.
If the Trust, or any Other Securitization that holds a Serviced Companion Loan, is subject to the reporting requirements of the
Exchange Act, and the Custodian or any Additional Servicer, Sub-Servicer, or Servicing Function Participant engaged by the Custodian
fails to perform (subject to any applicable grace periods set forth therein) any

 

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of its
obligations under Article XIII of this Agreement, and such default does not result from a failure to perform of any other
party to this Agreement to deliver within the time frames required by Article XIII any reports or other information as
set forth in such Article to the Custodian, the Custodian shall, if so requested by the Depositor, resign from its obligations
hereunder within sixty (60) calendar days of such request and, if the Custodian fails to resign within such sixty (60) day period,
the Depositor shall have the right to remove and replace the Custodian in accordance with the provisions set forth in this Section
7.6(c).

 

(d)          If
at any time (i) the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 7.5(c)
and shall fail to resign after written request therefor by the Depositor, (ii) the Certificate Administrator shall become incapable
of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Certificate Administrator or of its property shall
be appointed, or any public officer shall take charge or control of the Certificate Administrator or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, (iii) a tax is imposed or threatened with respect to the Trust
or any REMIC Pool by any state in which the Certificate Administrator or the Trust is located solely because of the location of
the Certificate Administrator in such state; provided, that, if the Certificate Administrator agrees to indemnify the Trust
for such taxes, it shall not be removed pursuant to this clause (iii), or (iv) the continuation of the Certificate Administrator
as such would result in a downgrade, qualification or withdrawal, as applicable, of the rating by any Rating Agency of any Class
of Certificates with a rating as evidenced in writing by the Rating Agencies, then the Depositor or the Trustee shall send a written
notice of termination to the Certificate Administrator and the 17g-5 Information Provider (which notice shall specify the reason
for such termination) and remove such Certificate Administrator and the Depositor shall appoint a successor Certificate Administrator
by written instrument, one copy of which instrument shall be delivered to the Certificate Administrator so removed, one copy to
the successor Certificate Administrator, and one copy to each of the Trustee, the Master Servicer, the Special Servicer and the
17g-5 Information Provider. In all such cases, the Certificate Administrator shall bear all costs of transfer to a successor Certificate
Administrator, such succession only to take effect after a successor Certificate Administrator has been appointed. If the Trust,
or any Other Securitization that holds a Serviced Companion Loan, is subject to the reporting requirements of the Exchange Act,
and the Certificate Administrator or any Additional Servicer, Sub-Servicer, or Servicing Function Participant engaged by the Certificate
Administrator fails to perform (subject to any applicable grace periods set forth therein) any of its obligations under Article
XIII of this Agreement, and such failure to perform does not result from a default of any other party to this Agreement to
deliver within the time frames required by Article XIII any reports or other information as set forth in such Article to
the Certificate Administrator, the Certificate Administrator shall, if so requested by the Depositor, resign from its obligations
hereunder within sixty (60) calendar days of such request and, if the Certificate Administrator fails to resign within such sixty
(60) day period, the Depositor shall have the right to remove and replace the Certificate Administrator in accordance with the
provisions set forth in this Section 7.6(d).

 

(e)          The
Holders of Certificates evidencing not less than a majority of the Voting Rights of all the Certificates may for cause upon thirty
(30) days’ written notice to the Trustee, the Custodian or the Certificate Administrator, as the case may be, and to the
Depositor, the Master Servicer and the Special Servicer, remove the Trustee, the Custodian or the Certificate Administrator, as
the case may be, by such written instrument, signed by such

 

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Holders
or their attorney-in-fact duly authorized, one copy of which instrument shall be delivered to the Depositor and one copy to the
Trustee, the Custodian or the Certificate Administrator, as the case may be, so removed; and the Depositor shall thereupon use
its best efforts to appoint a successor Trustee, the Custodian or Certificate Administrator, as the case may be, in accordance
with this Section.

 

(f)          Any
resignation or removal of the Trustee, the Custodian or the Certificate Administrator, as the case may be, and appointment of a
successor trustee, custodian or certificate administrator pursuant to any of the provisions of this Section shall become effective
upon acceptance of appointment by the successor trustee, custodian or certificate administrator, as the case may be, as provided
in Section 7.7. Upon any succession of the Trustee, the Custodian or the Certificate Administrator under this Agreement,
the predecessor Trustee, Custodian or Certificate Administrator, as the case may be, shall be entitled to the payment of compensation
and reimbursement agreed to under this Agreement for services rendered and expenses incurred. The Trustee, the Custodian or the
Certificate Administrator shall not be liable for any action or omission of any successor trustee, custodian or certificate administrator,
as the case may be.

 

(g)          Upon
the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the removal
of the Trustee, the outgoing Trustee at its own expense (without right of reimbursement therefor, except in the case of removal
without cause) shall ensure that, prior to consummation of such transaction or as part of its transfer of duties to any successor
or at such later time as may be consented to by the Master Servicer and the Special Servicer, (A) the original executed Note for
each Mortgage Loan is endorsed (without recourse, representation or warranty, express or implied) to the order of the successor,
as trustee for the registered holders of Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 or in blank (or, alternatively, if the original executed Note has been lost, a lost note affidavit and indemnity
with a copy of such Note), and (B) in the case of the other Mortgage Loan documents, are delivered or assigned as necessary to
such successor, and such successor shall review the documents delivered to it or the Custodian with respect to each Mortgage Loan,
and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has been
made.

 

Upon the resignation, assignment,
merger, consolidation, or transfer of the Custodian or its business to a successor, or upon the removal of the Custodian, the outgoing
Custodian, at its own expense (without right of reimbursement therefor, except in the case of removal without cause), shall ensure
that, prior to consummation of such transaction or as part of its transfer of duties to any successor custodian, all Mortgage Loan
documents in the Mortgage File for each Mortgage Loan, are delivered as necessary to such successor custodian, and such successor
shall review the documents delivered to it with respect to each Mortgage Loan and certify in writing that, as to each Mortgage
Loan then subject to this Agreement, it will accept delivery of the Mortgage File (on behalf of the Trustee) in accordance with
Section 2.2.

 

(h)          Following
the Closing Date, for so long as the Trust, and, with respect to any Serviced Companion Loan, the trust created pursuant to an
Other Companion Loan Pooling and Servicing Agreement, are subject to the reporting requirements of the Exchange Act, neither the
Certificate Administrator nor the Custodian may appoint any sub-servicer that is or could

 

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become
a Reporting Servicer without the prior written consent of the Depositor or the depositor with respect to the trust created pursuant
to an Other Companion Loan Pooling and Servicing Agreement, as the case may be, which consent shall not be unreasonably withheld.

 

Section 7.7     Successor
Trustee, Custodian or Certificate Administrator.

 

(a)          Any
successor trustee, custodian or certificate administrator appointed as provided in Section 7.6 shall execute, acknowledge
and deliver to the Depositor and to its predecessor Trustee, Custodian or Certificate Administrator, as the case may be, an instrument
accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee, Custodian or Certificate
Administrator, as the case may be, shall become effective and such successor trustee, custodian or certificate administrator, as
the case may be, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally named as Trustee, Custodian or Certificate Administrator
herein. The predecessor Trustee, Certificate Administrator or Custodian shall deliver (at such predecessor’s own expense)
to the successor trustee, certificate administrator or custodian all Mortgage Files and documents and statements related to the
Mortgage Files held by it hereunder, and the predecessor Trustee, Certificate Administrator or Custodian shall duly assign, transfer,
deliver and pay over (at such predecessor’s own expense) to the successor trustee, certificate administrator or custodian,
the entire Trust, together with all instruments of transfer and assignment or other documents properly executed necessary to effect
such transfer. The predecessor Trustee, the Custodian or Certificate Administrator, as the case may be, shall also deliver all
records or copies thereof maintained by the predecessor Trustee, Custodian or Certificate Administrator in the administration hereof
as may be reasonably requested by the successor trustee, custodian or certificate administrator, as applicable, and shall thereupon
be discharged from all duties and responsibilities under this Agreement. In addition, the Depositor and the predecessor Trustee,
Custodian or Certificate Administrator shall execute and deliver such other instruments and do such other things as may reasonably
be required to more fully and certainly vest and confirm in the successor trustee, custodian or certificate administrator, as the
case may be, all such rights, powers, duties and obligations. Anything herein to the contrary notwithstanding, in no event shall
the combined fees payable to the Certificate Administrator or a successor certificate administrator (inclusive of fees paid to
the Trustee (or successor trustee) and the Custodian (or successor custodian)) exceed the Certificate Administrator Fee.

 

(b)          No
successor trustee, custodian or certificate administrator shall accept appointment as provided in this Section unless at the time
of such appointment such successor trustee, custodian or certificate administrator, as the case may be, shall be eligible under
the provisions of Section 7.5.

 

(c)          Upon
acceptance of appointment by a successor trustee, custodian or certificate administrator as provided in this Section, the successor
trustee, custodian or certificate administrator shall promptly provide written notice to the 17g-5 Information Provider and mail
notice of the succession of such Trustee, Custodian or Certificate Administrator hereunder to all Holders of Certificates at their
addresses as shown in the Certificate Register and to each holder of a Serviced B Note or Serviced Companion Loan. The expenses
of such mailing shall be borne by the successor trustee, custodian or certificate administrator. If the successor trustee, custodian

 

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or certificate
administrator fails to mail such notice within ten (10) days after acceptance of appointment by the successor trustee, custodian
or certificate administrator, the Master Servicer shall cause such notice to be mailed at the expense of the successor trustee,
custodian or certificate administrator, as applicable.

 

Section 7.8     Merger
or Consolidation of Trustee, Custodian or Certificate Administrator. Any Person into which the Trustee, Custodian or 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 such Trustee, Custodian or Certificate Administrator shall be a party, or any Persons succeeding to
the corporate trust business of such Trustee, Custodian or Certificate Administrator, shall be the successor of such Trustee,
Custodian or Certificate Administrator, as the case may be, hereunder, as applicable, provided that (i) such Person shall
be eligible under the provisions of Section 7.5 and (ii) if, and for so long as, the Trust, or, with respect to any Serviced
Companion Loan, the trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement, is subject to the reporting
requirements of the Exchange Act, such appointment shall have been consented to by the Depositor or the depositor under such Other
Companion Loan Pooling and Servicing Agreement, as the case may be (which consent shall not be unreasonably withheld), 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 successor or surviving Person shall provide prompt notice of the merger or consolidation to the other parties
hereto and the 17g-5 Information Provider.

 

Section 7.9     Appointment
of Co-Trustee, Separate Trustee, Agents or Custodian.

 

(a)          Notwithstanding
any other provisions hereof, at any time, the Trustee, the Depositor or, in the case of the Trust, the Holders of Certificates
evidencing not less than a majority of the Voting Rights of all the Certificates shall each have the power from time to time to
appoint one or more Persons to act either as co-trustees jointly with the Trustee or as separate trustees, for the purpose of holding
title to, foreclosing or otherwise taking action with respect to any Mortgage Loan outside the state where the Trustee has its
principal place of business where such separate trustee or co-trustee is necessary or advisable (or the Trustee is advised by the
Master Servicer or Special Servicer that such separate trustee or co-trustee is necessary or advisable) under the laws of any state
in which a property securing a Mortgage Loan is located or for the purpose of otherwise conforming to any legal requirement, restriction
or condition in any state in which a property securing a Mortgage Loan is located or in any state in which any portion of the Trust
is located. The separate trustees, co-trustees, or custodians so appointed shall be trustees or custodians for the benefit of all
the Certificateholders, shall have such powers, rights and remedies as shall be specified in the instrument of appointment and
shall be deemed to have accepted the provisions of this Agreement; provided that no such appointment shall, or shall be
deemed to, constitute the appointee an agent of the Trustee; provided, further, that the Trustee shall not be liable
for the actions of any co-trustee or separate trustee appointed by it with due care and shall have no liability for the actions
of any co-trustee or separate trustee appointed by the Depositor or the Certificateholders pursuant to this paragraph.

 

(b)          The
Trustee, the Custodian or the Certificate Administrator, as the case may be, may from time to time appoint one or more independent
third-party agents to perform all

 

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or any
portion of its administrative duties hereunder (i.e., collection and distribution of funds, preparation and dissemination
of reports, monitoring compliance, etc.). The Trustee, the Custodian or the Certificate Administrator, as the case may be, shall
supervise and oversee such agents appointed by it. The terms of any arrangement or agreement between the Trustee, the Custodian
or the Certificate Administrator, as the case may be, and such agent, may be terminated, without cause and without the payment
of any termination fees if the Trustee, the Custodian or the Certificate Administrator, as the case may be, is terminated in accordance
with this Agreement. In addition, neither the Trust nor the Certificateholders shall have any liability or direct obligation to
such agent. Notwithstanding the terms of any such agreement, the Trustee, the Custodian or the Certificate Administrator, as the
case may be, shall remain at all times obligated and liable to the Trust and the Certificateholders for performing its duties
hereunder and for all acts of its agents.

 

(c)           Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:

 

(i)         all
powers, duties, obligations and rights conferred upon the Trustee in respect of the receipt, custody and payment of moneys shall
be exercised solely by the Trustee;

 

(ii)        all
other rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed 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 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;

 

(iii)       no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iv)       the
Trustee or, in the case of the Trust, the Holders of Certificates evidencing not less than a majority of the Voting Rights of all
the Certificates may at any time accept the resignation of or remove any separate trustee or co-trustee, so appointed by it or
them, if such resignation or removal does not violate the other terms of this Agreement.

 

(d)          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 VII. 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.

 

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(e)          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.

 

(f)           No
separate trustee or co-trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section
7.5 hereof and no notice to Certificateholders of the appointment of any separate trustee or co-trustee hereunder shall be
required.

 

(g)          The
Trustee agrees to instruct the co-trustees, if any, to the extent necessary to fulfill the Trustee’s obligations hereunder.

 

(h)          The
reasonable compensation of the co-trustees or separate trustees appointed shall be paid by the Trust pursuant to this Section
7.9 to the extent, and in accordance with the standards, specified in Section 7.12 hereof.

 

Section 7.10     Authenticating
Agents.

 

(a)          The
Certificate Administrator shall serve as the initial Authenticating Agent hereunder for the purpose of executing and authenticating
Certificates. Any successor Authenticating Agent must be acceptable to the Depositor and must be a corporation, national bank or
national banking association organized and doing business under the laws of the United States of America or of any state and having
a principal office and place of business in the Borough of Manhattan in the City and State of New York, having a combined capital
and surplus of at least $50,000,000, authorized under such laws to exercise corporate trust powers and subject to supervision or
examination by federal or state authorities.

 

(b)          Any
Person into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which the Authenticating Agent shall be a party, or any Person succeeding to the
corporate agency business of the Authenticating Agent, shall continue to be the Authenticating Agent without the execution or filing
of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

(c)          The
Authenticating Agent may at any time resign by giving at least thirty (30) days’ advance written notice of resignation to
the Trustee, the Custodian, the Certificate Administrator and the Depositor. The Trustee may at any time terminate the agency of
the Authenticating Agent by giving written notice of termination to the Authenticating Agent and the Depositor; provided
that the Trustee may not terminate the Certificate Administrator as Authenticating Agent unless the Certificate Administrator shall
be removed as Certificate Administrator hereunder. Upon receiving a notice of resignation or upon such a termination, or in case
at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of Section 7.10(a), the
Trustee may appoint a successor Authenticating Agent, shall give written notice of such appointment to the Depositor and shall
mail notice of such

 

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appointment
to all Holders of Certificates. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named
as Authenticating Agent. No such Authenticating Agent shall be appointed unless eligible under the provisions of Section 7.10(a).
No Authenticating Agent shall have responsibility or liability for any action taken by it as such at the direction of the Trustee.

 

Section 7.11     Indemnification
of Trustee, the Custodian and the Certificate Administrator.

 

(a)          The
Trustee (whether individually, or in its capacity as Trustee), the Custodian, the Certificate Registrar and the Certificate Administrator
and each of their respective directors, officers, employees, agents and Controlling Persons shall be entitled to indemnification
from the Trust for 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 any legal action incurred without negligence, bad faith or willful
misconduct on their respective part, arising out of, or in connection with this Agreement, the Mortgage Loans, the Certificates
and the acceptance or administration of the trusts or duties created hereunder (including, without limitation, any unanticipated
loss, liability or expense incurred in connection with any action or inaction of the Master Servicer, the Special Servicer, the
Trust Advisor or the Depositor or of each other such Person hereunder but only to the extent the Trustee, the Custodian, the Certificate
Registrar or the Certificate Administrator, as the case may be, is unable to recover within a reasonable period of time such amount
from such third party pursuant to this Agreement) including the costs and expenses of defending themselves against any claim in
connection with the exercise or performance of any of their powers or duties hereunder, and the Trustee, the Custodian, the Certificate
Registrar and the Certificate Administrator and each of their respective directors, officers, employees, agents and Controlling
Persons shall be entitled to indemnification from the Trust for any unanticipated loss, liability or expense incurred without negligence,
bad faith or willful misconduct in connection with the provision by the Trustee, the Custodian, the Certificate Registrar and the
Certificate Administrator of the reports required to be provided by it pursuant to this Agreement; provided that:

 

(i)          with
respect to any such claim, the Trustee, the Custodian, the Certificate Registrar or the Certificate Administrator, as the case
may be, shall have given the Depositor, the Master Servicer, the Sellers, each other and the Holders of the Certificates written
notice thereof promptly after a Responsible Officer of the Trustee, the Custodian, the Certificate Registrar or the Certificate
Administrator, as the case may be, shall have actual knowledge thereof; provided that failure to give such notice to the
Depositor, Master Servicer, the Sellers, each other and the Holders of Certificates shall not affect the Trustee’s, the Custodian’s,
Certificate Registrar’s or Certificate Administrator’s, as the case may be, rights to indemnification herein unless
the Depositor’s defense of such claim on behalf of the Trust is materially prejudiced thereby;

 

(ii)        while
maintaining control over its own defense, the Trustee, the Custodian, the Certificate Registrar or the Certificate Administrator,
as the case may be, shall consult fully with the Depositor in preparing such defense; and

 

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(iii)       notwithstanding
anything to the contrary in this Section 7.11, the Trust shall not be liable for settlement of any such claim by the Trustee,
the Custodian, the Certificate Registrar or the Certificate Administrator, as the case may be, entered into without the prior consent
of the Depositor (unless the Depositor is in bankruptcy or otherwise legally unable to consent), which consent shall not be unreasonably
withheld.

 

(b)          The
provisions of this Section 7.11 shall survive any termination of this Agreement and the resignation or removal of the Trustee,
the Custodian, the Certificate Registrar or the Certificate Administrator, as the case may be.

 

(c)          The
Depositor shall indemnify and hold harmless the Trustee, the Custodian, the Certificate Registrar or the Certificate Administrator,
as the case may be, their respective directors, officers, employees or agents and Controlling Persons from and against any loss,
claim, damage or liability, and any action in respect thereof, to which the Trustee, the Custodian, the Certificate Registrar or
the Certificate Administrator, as the case may be, their respective directors, officers, employees or agents or Controlling Persons
may become subject under the Securities Act, insofar as such loss, claim, damage, liability or action arises out of, or is based
upon any untrue statement or alleged untrue statement of a material fact contained in the Private Placement Memorandum, the Preliminary
Prospectus or the Final Prospectus, or arises out of, or is based upon the omission or alleged omission to state therein a material
fact necessary to make the statements therein in light of the circumstances under which they were made, not misleading, and shall
reimburse the Trustee, the Custodian, the Certificate Registrar or the Certificate Administrator, as the case may be, their respective
directors, officers, employees, agents or Controlling Persons for any legal and other expenses reasonably incurred by the Trustee,
the Custodian, the Certificate Registrar or the Certificate Administrator, as the case may be, or any such director, officer, employee,
agent or Controlling Person in investigating or defending or preparing to defend against any such loss, claim, damage, liability
or action; provided, that the Depositor shall not be liable in any such case to the extent that any such loss, claim, damage,
liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission made in the Private
Placement Memorandum, the Preliminary Prospectus or the Final Prospectus in reliance upon and in conformity with written information
concerning the Trustee, the Custodian, the Certificate Registrar or the Certificate Administrator, as the case may be, furnished
to the Depositor by or on behalf of such person specifically for inclusion therein. It is hereby expressly agreed that the only
written information provided by the Trustee, the Custodian, the Certificate Registrar or the Certificate Administrator, as the
case may be, for inclusion in the Private Placement Memorandum, the Preliminary Prospectus and the Final Prospectus is, in the
case of the Trustee, the information for which the Trustee indemnifies certain parties pursuant to the Trustee Indemnification
Agreement, in the case of the Custodian, the information for which the Custodian indemnifies certain parties pursuant to the Custodian
Indemnification Agreement and, in the case of the Certificate Administrator, the information for which the Certificate Administrator
indemnifies certain parties pursuant to the Certificate Administrator Indemnification Agreement. The Trustee, the Custodian, the
Certificate Registrar or the Certificate Administrator, as the case may be, shall immediately notify the Depositor, the Underwriters,
the Initial Purchasers and the Sellers if a claim is made by a third party that would entitle such Person, its directors, officers,
employees, agents or Controlling Persons to indemnification under this Section 7.11(c), whereupon the Depositor shall assume
the defense of any such claim (with counsel reasonably satisfactory to such person) and pay all expenses in

 

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connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify the Depositor shall not affect any rights the Trustee, the Custodian,
the Certificate Registrar or the Certificate Administrator, as the case may be, or any of their respective directors, officers,
employees, agents or Controlling Persons may have to indemnification under this Section 7.11(c), unless the Depositor’s
defense of such claim is materially prejudiced thereby. The indemnification provided herein shall survive the termination of this
Agreement and the resignation or removal of the Trustee, the Custodian or the Certificate Administrator. The Depositor shall not
be indemnified by the Trust for any expenses incurred by the Depositor arising from any violation or alleged violation of the
Securities Act or Exchange Act by the Depositor.

 

(d)          The
Custodian agrees to indemnify the Depositor, the Trust, the Trustee, the Certificate Administrator and any director, officer, employee,
agent or Controlling Person thereof, and hold them harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that any such Person may sustain arising
from or as a result of the willful misfeasance, bad faith or negligence in the performance of any of the Custodian’s duties
hereunder or by reason of negligent disregard of the Custodian’s obligations and duties hereunder (including a breach of
such obligations and duties, a substantial motive of which is to obtain an economic advantage from not complying with or not performing
such obligations), and if in any such situation the Custodian is replaced, the parties hereto agree that the amount of such claims,
losses, penalties, fines, legal fees and related costs, judgments, and other costs, liabilities, fees and expenses shall at least
equal the incremental costs, if any, of retaining a successor custodian.

 

(e)          Each
of the Trustee and the Certificate Administrator agrees (severally and not jointly) to indemnify the Depositor, the Trust, the
Certificate Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Custodian
and any director, officer, employee, agent or Controlling Person thereof, and hold them harmless against any and all claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that
any such Person may sustain arising from or as a result of the willful misfeasance, bad faith or negligence in the performance
of any of such indemnifying party’s duties hereunder or by reason of negligent disregard of such indemnifying party’s
obligations and duties hereunder (including a breach of such obligations, a substantial motive of which is to obtain an economic
advantage from not complying with or not performing such obligations), and if in any such situation the Trustee or Certificate
Administrator, as applicable, is replaced, the parties hereto agree that the amount of such claims, losses, penalties, fines, legal
fees and related costs, judgments, and other costs, liabilities, fees and expenses shall at least equal the incremental costs,
if any, of retaining a successor trustee or certificate administrator, as applicable.

 

Section 7.12     Fees
and Expenses of Trustee, the Custodian and the Certificate Administrator. The Trustee shall be entitled to receive the Trustee
Fee, the Certificate Administrator shall be entitled to receive the Certificate Administrator Fee (other than the portions thereof
constituting the Trustee Fee and the Custodian Fee) and the Custodian shall be entitled to receive the Custodian Fee, pursuant
to Section 5.3(b)(ii) (which shall not be limited by any provision of law with respect to the compensation of a trustee
of an express trust), for all

 

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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,
respectively, hereunder of the Trustee, the Custodian and the Certificate Administrator. Each of the Trustee, the Custodian and
the Certificate Administrator shall also be entitled to recover from the Trust all reasonable unanticipated out-of-pocket expenses
and disbursements incurred or made by such party in connection with the exercise of such party’s rights or duties under
this Agreement (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and other Persons
not regularly in its employ), not including expenses incurred in the ordinary course of performing its duties (including allocable
overhead expenses) as Trustee, the Custodian or Certificate Administrator, respectively, hereunder, and except any such expense,
disbursement or advance as may arise from the negligence, willful misconduct or bad faith of such Person or which is the responsibility
of the Holders of the Certificates hereunder. The provisions of this Section 7.12 shall survive any termination of this
Agreement and the resignation or removal of the Trustee, the Custodian or the Certificate Administrator.

 

Section 7.13     Collection
of Moneys. Except as otherwise expressly provided in this Agreement, the Trustee, the Custodian and the Certificate Administrator
may demand payment or delivery of, and shall receive and collect, all money and other property payable to or receivable by the
Trustee, the Custodian or the Certificate Administrator, as the case may be, pursuant to this Agreement. The Trustee, the Custodian
or the Certificate Administrator, as the case may be, shall hold all such money and property received by it as part of the Trust
and shall distribute it as provided in this Agreement. If the Trustee, the Custodian or the Certificate Administrator, as the
case may be, shall not have timely received amounts to be remitted with respect to the Mortgage Loans from the Master Servicer,
the Trustee, the Custodian or the Certificate Administrator, as the case may be, shall request the Master Servicer to make such
distribution as promptly as practicable or legally permitted. If the Trustee, the Custodian or the Certificate Administrator,
as the case may be, shall subsequently receive any such amount, it may withdraw such request.

 

Section 7.14     Trustee To
Act; Appointment of Successor.

 

(a)          On
and after the time the Master Servicer is terminated or resigns pursuant to this Agreement, and if no successor to the terminated
or resigning Master Servicer is otherwise appointed hereunder, the Trustee shall be the successor in all respects to the Master
Servicer in its capacity under this Agreement and the transactions set forth or provided for therein and shall have all the rights
and powers and be subject to all the responsibilities, duties and liabilities relating thereto and arising thereafter placed on
the Master Servicer by the terms and provisions of this Agreement; provided that, any failure to perform such duties or
responsibilities caused by the Master Servicer’s failure to provide required information shall not be considered a default
by the Trustee hereunder. In addition, the Trustee shall have no liability relating to (i) the representations and warranties of
the Master Servicer contained in this Agreement or (ii) any obligation incurred by the Master Servicer prior to its termination
or resignation (including, without limitation, the Master Servicer’s obligation to repay losses resulting from the investment
of funds in any account established under this Agreement). In the Trustee’s capacity as such successor, the Trustee shall
have the same limitations on liability granted to the Master Servicer in this Agreement. As compensation therefor, the Trustee
shall be

 

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entitled
to receive all the compensation payable to the Master Servicer set forth in this Agreement, including, without limitation, the
Master Servicing Fee.

 

(b)          Notwithstanding
the above, the Trustee (A) may, if the Trustee is unwilling to so act, or (B) shall, if it is unable to so act, appoint, or petition
a court of competent jurisdiction to appoint any established commercial or multifamily mortgage finance institution, servicer or
master servicer or mortgage servicing institution having a net worth of not less than $15,000,000, meeting such other standards
for a successor master servicer as are set forth in this Agreement and with respect to which the Trustee has provided a Rating
Agency Communication to each Rating Agency, as the successor to the Master Servicer hereunder in the assumption of all of the responsibilities,
duties or liabilities of a servicer as Master Servicer hereunder. Pending any such appointment, the Trustee shall act as the Master
Servicer as hereinabove provided. Any entity designated by the Trustee as successor Master Servicer may be an Affiliate of the
Trustee; provided that, such Affiliate must meet the standards for the Master Servicer as set forth herein. In connection
with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor out of payments
on Mortgage Loans as it and such successor shall agree subject to Section 8.10, provided that no such compensation
shall be in excess of that permitted to be paid to the Master Servicer under this Agreement. The Trustee and such successor shall
take such actions, consistent with this Agreement as shall be necessary to effectuate any such succession. The Master Servicer
shall cooperate with the Trustee and any successor servicer in effecting the termination of the Master Servicer’s responsibilities
and rights under this Agreement, including, without limitation, notifying Mortgagors of the assignment of the servicing function
and providing the Trustee and successor servicer all documents and records in its possession in electronic or other form reasonably
requested by the successor servicer to enable the successor servicer to assume the Master Servicer’s functions hereunder
and the transfer to the Trustee or such successor servicer of all amounts which shall at the time be or should have been deposited
by the Master Servicer in the Collection Account and any other account or fund maintained with respect to the Certificates or thereafter
be received by the Master Servicer with respect to the Mortgage Loans. Neither the Trustee nor any other successor servicer shall
be deemed to be in default hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or any
portion thereof caused by (i) the failure of the Master Servicer to deliver, or any delay in delivering, cash, documents or records
to it, or (ii) restrictions imposed by any regulatory authority having jurisdiction over the Master Servicer. The Trustee shall
be reimbursed by the Trust for all of its out-of-pocket expenses incurred in connection with obtaining such successor Master Servicer
within thirty (30) days of the Trustee’s submission of an invoice with respect thereto, to the extent such expenses have
not been reimbursed by the Master Servicer as provided herein; and such expenses paid by the Trust shall be deemed to be an Additional
Trust Expense.

 

(c)          On
and after the time the Special Servicer is terminated pursuant to this Agreement, in accordance with Section 9.30, or resigns
pursuant to this Agreement, and if a successor to the terminated or resigning Special Servicer is not otherwise appointed hereunder,
the Trustee shall be the successor in all respects to the Special Servicer in its capacity under this Agreement and the transactions
set forth or provided for therein and shall have all the rights and powers and be subject to all the responsibilities, duties and
liabilities relating thereto and arising thereafter placed on the Special Servicer by the terms and provisions of this Agreement;
provided that, any failure to perform such duties or responsibilities caused by the Special

 

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Servicer’s
failure to provide required information shall not be considered a default by the Trustee hereunder. In addition, the Trustee shall
have no liability relating to (i) the representations and warranties of the Special Servicer contained in this Agreement or (ii)
any obligation incurred by the Special Servicer prior to its termination or resignation. In the Trustee’s capacity as such
successor, the Trustee shall have the same limitations on liability granted to the Special Servicer in this Agreement. As compensation
therefor, the Trustee shall be entitled to receive all the compensation payable to the Special Servicer set forth in this Agreement,
including, without limitation the Special Servicer Compensation (other than any Workout Fee payable to the predecessor Special
Servicer pursuant to Section 9.11).

 

(d)          Notwithstanding
the above, the Trustee may, if the Trustee shall be unwilling to so act, or shall, if it is unable to so act, appoint, or petition
a court of competent jurisdiction to appoint, any established commercial or multifamily mortgage finance institution, special servicer
or mortgage servicing institution having a net worth of not less than $15,000,000, and meeting such other standards for a successor
Special Servicer as are set forth in Section 9.30(g), and with respect to which the Trustee has provided a Rating Agency
Communication to each Rating Agency, as the successor to the Special Servicer hereunder in the assumption of all of the responsibilities,
duties or liabilities of a special servicer as Special Servicer hereunder. Pending any such appointment, the Trustee shall act
as the Special Servicer as hereinabove provided. Any entity designated by the Trustee as successor Special Servicer may be an Affiliate
of the Trustee; provided that, such Affiliate must meet the standards for a successor Special Servicer set forth herein.
In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation of such successor
out of payments on Mortgage Loans as it and such successor shall agree; provided that no such compensation shall be in excess
of that permitted to the Special Servicer under this Agreement. The Trustee and such successor shall take such actions, consistent
with this Agreement as shall be necessary to effectuate any such succession. The Special Servicer shall cooperate with the Trustee
and any successor Special Servicer in effecting the termination of the Special Servicer’s responsibilities and rights under
this Agreement, including, without limitation, notifying Mortgagors under Specially Serviced Mortgage Loans of the assignment of
the special servicing function and providing the Trustee and successor Special Servicer all documents and records in its possession
in electronic or other form reasonably requested by the successor Special Servicer to enable the successor Special Servicer to
assume the Special Servicer’s functions hereunder and the transfer to the Trustee or such successor Special Servicer of all
amounts which shall at the time be or should have been deposited by the Special Servicer in the Collection Account and any other
account or fund maintained with respect to the Certificates or thereafter be received by the Special Servicer with respect to the
Mortgage Loans. Neither the Trustee nor any other successor Special Servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any distribution hereunder or any portion thereof caused by (i) the failure of
the Special Servicer to deliver, or any delay in delivering, cash, documents or records to it, or (ii) restrictions imposed by
any regulatory authority having jurisdiction over the Special Servicer. The Trustee shall be reimbursed by the Trust for all of
its out-of-pocket expenses incurred in connection with obtaining such successor Special Servicer within thirty (30) days of submission
of an invoice with respect thereto but only to the extent such expenses have not been reimbursed by the Special Servicer as provided
herein; and such expenses paid by the Trust shall be deemed to be an Additional Trust Expense. During any Subordinate Control Period,
any appointment of a successor Special Servicer by the Trustee (or the Trustee’s acting as successor

 

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Special
Servicer) shall be subject to the rights of the Controlling Class Representative to terminate and replace such successor Special
Servicer, with or without cause, in accordance with this Agreement (including Section 9.30).

 

Section 7.15     Notification
to Holders. Upon termination of, or a Servicer Termination Event by, the Master Servicer, the Certificate Administrator, the
Custodian or the Special Servicer, or appointment of a successor to the Master Servicer, the Custodian, the Certificate Administrator
or the Special Servicer, the Trustee shall promptly provide written notice to the 17g-5 Information Provider, the Controlling
Class Representative (during any Subordinate Control Period or any Collective Consultation Period), the Trust Advisor, the Depositor,
the Initial Purchasers, the Underwriters, the Sellers and the Certificateholders at their respective addresses appearing on the
Certificate Register.

 

Section 7.16     Representations
and Warranties of the Trustee, the Custodian and the Certificate Administrator.

 

(a)           The
Trustee hereby represents and warrants to each other party to this Agreement and for the benefit of the Certificateholders, as
of the Closing Date that:

 

(i)          the
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America and has full power and authority to own its property, to carry on its business as presently conducted, and to enter
into and perform its obligations under this Agreement;

 

(ii)        the
execution and delivery by the Trustee of this Agreement have been duly authorized by all necessary action on the part of the Trustee;
neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated in this Agreement,
nor compliance with the provisions of this Agreement, will conflict with or result in a breach of, or constitute a default under,
(i) any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Trustee or its properties
that would materially and adversely affect the Trustee’s ability to perform its obligations under this Agreement, (ii) the
organizational documents of the Trustee, or (iii) the terms of any material agreement or instrument to which the Trustee is a party
or by which it is bound; and the Trustee is not in default with respect to any order or decree of any court or any order, regulation
or demand of any federal, state, municipal or other governmental agency, which default would materially and adversely affect its
performance under this Agreement;

 

(iii)       the
execution, delivery and performance by the Trustee of this Agreement and the consummation of the transactions contemplated by this
Agreement do not require the consent, approval, authorization or order of, the giving of notice to or the registration with any
state, federal or other governmental authority or agency, except such as has been or will be obtained, given, effected or taken
in order for the Trustee to perform its obligations under this Agreement;

 

(iv)        this
Agreement has been duly executed and delivered by the Trustee and, assuming due authorization, execution and delivery by the other
parties hereto, constitutes a valid and binding obligation of the Trustee, enforceable against the Trustee in

 

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accordance
with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium and other
similar laws affecting creditors’ rights generally as from time to time in effect, and to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law); and

 

(v)          no
litigation is pending or, to the Trustee’s knowledge, threatened, against the Trustee that, either in one instance or in
the aggregate, would draw into question the validity of this Agreement, or which would be likely to impair materially the ability
of the Trustee to perform under the terms of this Agreement.

 

(b)           The
Custodian hereby represents and warrants to each other party to this Agreement and for the benefit of the Certificateholders, as
of the Closing Date that:

 

(i)          the
Custodian is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power and authority to own its property, to carry on its business as presently conducted, and to
enter into and perform its obligations under this Agreement;

 

(ii)        the
execution and delivery by the Custodian of this Agreement have been duly authorized by all necessary action on the part of the
Custodian; neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated in this
Agreement, nor compliance with the provisions of this Agreement, will conflict with or result in a breach of, or constitute a default
under, (i) any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Custodian
or its properties that would materially and adversely affect the Custodian’s ability to perform its obligations under this
Agreement, (ii) the organizational documents of the Custodian, or (iii) the terms of any material agreement or instrument to which
the Custodian is a party or by which it is bound; and the Custodian is not in default with respect to any order or decree of any
court or any order, regulation or demand of any federal, state, municipal or other governmental agency, which default would materially
and adversely affect its performance under this Agreement;

 

(iii)       the
execution, delivery and performance by the Custodian of this Agreement and the consummation of the transactions contemplated by
this Agreement do not require the consent, approval, authorization or order of, the giving of notice to or the registration with
any state, federal or other governmental authority or agency, except such as has been or will be obtained, given, effected or taken
in order for the Custodian to perform its obligations under this Agreement;

 

(iv)        this
Agreement has been duly executed and delivered by the Custodian and, assuming due authorization, execution and delivery by the
other parties hereto, constitutes a valid and binding obligation of the Custodian, enforceable against the Custodian in accordance
with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium and other
similar laws affecting creditors’ rights generally as from time to time in effect, and to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law); and

 

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(v)          no
litigation is pending or, to the Custodian’s knowledge, threatened, against the Custodian that, either in one instance or
in the aggregate, would draw into question the validity of this Agreement, or which would be likely to impair materially the ability
of the Custodian to perform under the terms of this Agreement.

 

(c)           The
Certificate Administrator hereby represents and warrants to each other party to this Agreement and for the benefit of the Certificateholders,
as of the Closing Date that:

 

(i)          the
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power and authority to own its property, to carry on its business as presently conducted,
and to enter into and perform its obligations under this Agreement;

 

(ii)        the
execution and delivery by the Certificate Administrator of this Agreement have been duly authorized by all necessary action on
the part of the Certificate Administrator; neither the execution and delivery of this Agreement, nor the consummation of the transactions
contemplated in this Agreement, nor compliance with the provisions of this Agreement, will conflict with or result in a breach
of, or constitute a default under, (i) any of the provisions of any law, governmental rule, regulation, judgment, decree or order
binding on the Certificate Administrator or its properties that would materially and adversely affect the Certificate Administrator’s
ability to perform its obligations under this Agreement, (ii) the organizational documents of the Certificate Administrator, or
(iii) the terms of any material agreement or instrument to which the Certificate Administrator is a party or by which it is bound;
and the Certificate Administrator is not in default with respect to any order or decree of any court or any order, regulation or
demand of any federal, state, municipal or other governmental agency, which default would materially and adversely affect its performance
under this Agreement;

 

(iii)       the
execution, delivery and performance by the Certificate Administrator of this Agreement and the consummation of the transactions
contemplated by this Agreement do not require the consent, approval, authorization or order of, the giving of notice to or the
registration with any state, federal or other governmental authority or agency, except such as has been or will be obtained, given,
effected or taken in order for the Certificate Administrator to perform its obligations under this Agreement;

 

(iv)        this
Agreement has been duly executed and delivered by the Certificate Administrator and, assuming due authorization, execution and
delivery by the other parties hereto, constitutes a valid and binding obligation of the Certificate Administrator, enforceable
against the Certificate Administrator in accordance with its terms, subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium and other similar laws affecting creditors’ rights generally as from time to time
in effect, and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law); and

 

(v)          there
are no actions, suits or proceeding pending or, to the best of the Certificate Administrator’s knowledge, threatened, against
the Certificate Administrator that, either in one instance or in the aggregate, would draw into question the validity of this

 

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Agreement,
or which would be likely to impair materially the ability of the Certificate Administrator to perform under the terms of this
Agreement.

 

Section 7.17     Fidelity
Bond and Errors and Omissions Insurance Policy Maintained by the Trustee, the Custodian and the Certificate Administrator.
Each of the Trustee, the Custodian and the Certificate Administrator, at its own respective expense, shall maintain in effect
a Fidelity Bond and a Errors and Omissions Insurance Policy. The Errors and Omissions Insurance Policy and Fidelity Bond shall
be issued by a Qualified Insurer in form and in amount customary for trustees, custodians or certificate administrators in similar
transactions (unless the Trustee, the Custodian or the Certificate Administrator, as the case may be, self-insures as provided
below). If any such Errors and Omissions Insurance Policy or Fidelity Bond ceases to be in effect, the Trustee, the Custodian
or the Certificate Administrator, as the case may be, shall obtain a comparable replacement policy or bond from an insurer or
issuer meeting the requirements set forth above as of the date of such replacement. So long as the long-term debt obligation or
deposit account rating of the Trustee, the Custodian or the Certificate Administrator, as the case may be, is not less than “A3”
as rated by Moody’s and not less than “A-” as rated by Fitch and, if rated by KBRA, a rating by KBRA at least
equivalent to “A3” by Moody’s, the Trustee, the Custodian or the Certificate Administrator, as the case may
be, may self-insure for the Fidelity Bond and the Errors and Omissions Insurance Policy.

 

Section 7.18     Capacities.
The rights, privileges, protections and indemnities afforded to the Trustee, the Custodian or the Certificate Administrator
in such capacity pursuant to this Agreement shall also be for the benefit of the Trustee, the Custodian or the Certificate Administrator,
as the case may be, in each other capacity that such Person serves hereunder, including as Certificate Registrar, Authenticating
Agent and 17g-5 Information Provider, as applicable.

 

ARTICLE
VIII

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

 

Section 8.1     Servicing
Standard; Servicing Duties.

 

(a)          Subject
to the express provisions of this Agreement, for and on behalf of the Trust and for the benefit of the Certificateholders as a
whole, and, solely as it relates to any A/B Whole Loan, for the benefit of the holder of the related Serviced B Note and, solely
as it relates to any Loan Pair, for the benefit of the holder of the related Serviced Companion Loan and any Serviced B Note, the
Master Servicer (except as otherwise expressly set forth herein to the contrary) shall service and administer the Mortgage Loans,
any Serviced B Note and any Serviced Companion Loan in accordance with the Servicing Standard and the terms of this Agreement;
except that (subject to the second proviso to the definition of “Special Servicer Decision”) the Special Servicer shall
process all Major Decisions and Special Servicer Decisions with respect to the Mortgage Loans (other than Non-Serviced Mortgage
Loans), any Serviced B Note and any Serviced Companion Loan (except that the Master Servicer and the Special Servicer may mutually
agree that the Master Servicer shall process, and obtain the prior written consent of the Special Servicer with respect to, any
such Major Decision or Special Servicer Decision with respect to Mortgage Loans (other than Non-Serviced Mortgage Loans) that are
not Specially Serviced Mortgage Loans); provided, further, that each Non-Serviced Mortgage Loan

 

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shall
be serviced by the applicable Non-Serviced Mortgage Loan Master Servicer and the applicable Non-Serviced Mortgage Loan Special
Servicer in accordance with the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement. Certain of the provisions
of this Article VIII make explicit reference to their applicability to Mortgage Loans, any Serviced B Note and any Serviced
Companion Loan; notwithstanding such explicit references, references to “Mortgage Loans” contained in this Article
VIII, unless otherwise specified, shall be construed to refer also to such Serviced B Note and Serviced Companion Loan (but any
other terms that are defined in Article I and used in this Article VIII shall be construed according to such definitions without
regard to this sentence).

 

In connection with such servicing
and administration, the Master Servicer shall seek to maximize the timely collection of principal and interest on the Mortgage
Notes in the best economic interests of the Certificateholders as a whole (or, in the case of any A/B Whole Loan or Loan Pair the
Certificateholders and the holder of the related Serviced B Note and/or Serviced Companion Loan, as applicable, all taken as a
collective whole); provided, that nothing herein contained shall be construed as an express or implied guarantee by the
Master Servicer of the collectability of payments on the Mortgage Loans or shall be construed as impairing or adversely affecting
any rights or benefits specifically provided by this Agreement to the Master Servicer, including with respect to Master Servicing
Fees or the right to be reimbursed for Advances.

 

(b)          The
Master Servicer, in the case of an event specified in clause (x) of this subsection (b), and the Special Servicer,
in the case of an event specified in clause (y) of this subsection (b), shall each send a written notice to the other
and to the Trustee, the Custodian, the Certificate Administrator, the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the
Depositor, the applicable Seller and, in the case of an A/B Whole Loan, the holder of the related Serviced B Note and, in the case
of a Loan Pair, the holders of the related Serviced Companion Loan and any related Serviced B Note, within five (5) Business Days
after becoming aware (x) that a Servicing Transfer Event has occurred with respect to a Mortgage Loan or (y) that a Mortgage Loan
has become a Rehabilitated Mortgage Loan (and, in the case of an A Note (or Serviced B Note) that was a Specially Serviced Mortgage
Loan, any related Serviced B Note (or A Note) has also become a Rehabilitated Mortgage Loan and, in the case of a Serviced Pari
Passu Mortgage Loan (or Serviced Companion Loan or Serviced B Note) that was a Specially Serviced Mortgage Loan, each related Serviced
Pari Passu Mortgage Loan, Serviced Companion Loan and Serviced B Note, as applicable, has also become a Rehabilitated Mortgage
Loan, which notice shall be effective upon receipt and shall identify the applicable Mortgage Loan and, in the case of an event
specified in clause (x) of this subsection (b), the Servicing Transfer Event that occurred. After the transfer of
servicing with respect to any Specially Serviced Mortgage Loan to the Special Servicer, in accordance with the Servicing Standard,
the Master Servicer shall notify, in writing, the Mortgagor under such Specially Serviced Mortgage Loan transferred to the Special
Servicer, of such transfer.

 

(c)          With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) that is subject to an Environmental Insurance Policy, for
as long as it is not a Specially Serviced Mortgage Loan, if the Master Servicer has actual knowledge of any event giving rise to
a claim under an Environmental Insurance Policy, the Master Servicer shall notify the Special

 

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Servicer
to such effect and the Master Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the
terms and conditions of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts
to which the Trust is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with any such claim shall be paid by, and reimbursable to, the Master Servicer or the Special Servicer
as a Servicing Advance.

 

(d)          In
connection with any extension of the Maturity Date of a Non-Specially Serviced Mortgage Loan (other than a Non-Serviced Mortgage
Loan), the Special Servicer shall give prompt written notice of such extension to the insurer under the Environmental Insurance
Policy (if any) and shall execute such documents as are reasonably required by such insurer to procure an extension of such policy
(if available). The Special Servicer shall provide copies of any such notice or documents to the Master Servicer promptly following
the execution or delivery thereof, as applicable.

 

(e)          The
parties hereto acknowledge that each Serviced Pari Passu Mortgage Loan and its related Serviced Companion Loan and any related
Serviced B Note and each A Note and its related Serviced B Note is subject to the terms and conditions of the related Intercreditor
Agreement, and each such party agrees that the provisions of each Intercreditor Agreement that are required by their terms to be
set forth in this Agreement are hereby incorporated herein. With respect to each Loan Pair and each A/B Whole Loan, the Trustee,
the Master Servicer and the Special Servicer recognize the respective rights and obligations of the Trust and the holders of each
Serviced Companion Loan and/or Serviced B Note, as applicable, under the related Intercreditor Agreement (or with respect to a
Joint Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof, the applicable Mortgage Loan documents),
including with respect to the allocation of collections on or in respect of any Serviced Pari Passu Mortgage Loan, Serviced Companion
Loan, A Note and Serviced B Note, as the case may be, in accordance with the related Intercreditor Agreement. The Master Servicer
shall comply with the applicable provisions of each Intercreditor Agreement, and if any Serviced Pari Passu Mortgage Loan, Serviced
Companion Loan, A Note or Serviced B Note are then Specially Serviced Mortgage Loans, the Special Servicer shall comply with the
applicable provisions of the related Intercreditor Agreement. The parties hereto agree that any conflict between the terms of this
Agreement and the terms of any Intercreditor Agreement shall be resolved in favor of the Intercreditor Agreement.

 

(f)          Promptly
following the Closing Date (or, with respect to the Grove City Premium Outlets Mortgage Loan, the Grove City Premium Outlets Companion
Loan Securitization Date, and with respect to the Gulfport Premium Outlets Mortgage Loan, the Gulfport Premium Outlets Companion
Loan Securitization Date), the Master Servicer shall send written notice to each Non-Serviced Mortgage Loan Master Servicer in
accordance with the provisions of the related Intercreditor Agreement including payment instructions for distributions on such
Non-Serviced Mortgage Loan and stating that, as of such date, the Trustee is the holder of the applicable Non-Serviced Mortgage
Loan, and directing such Non-Serviced Mortgage Loan Master Servicer to remit to the Master Servicer all amounts payable to, and
directing such Non-Serviced Mortgage Loan Master Servicer 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, such holder

 

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of
the applicable Non-Serviced Mortgage Loan under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement and
Non-Serviced Mortgage Loan Intercreditor Agreement. The transmittal of payment instructions and other servicing information
on the Grove City Premium Outlets Companion Loan Securitization Date or the Gulfport Premium Outlets Companion Loan
Securitization Date, as applicable, shall be deemed to satisfy such requirement to provide written notice to the related
Non-Serviced Mortgage Loan Master Servicer with respect to the Grove City Premium Outlets Mortgage Loan or the Gulfport
Premium Outlets Mortgage Loan, respectively. Notwithstanding anything to the contrary herein, the Master Servicer shall be
deemed to have provided to the related Non-Serviced Mortgage Loan Master Servicer the notices described in this clause
(f) if it is the same entity as such Non-Serviced Mortgage Loan Master Servicer.

 

(g)          Each
Non-Serviced Mortgage Loan shall be serviced and administered by the applicable Non-Serviced Mortgage Loan Master Servicer and
Non-Serviced Mortgage Loan Special Servicer pursuant to the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement
and Non-Serviced Mortgage Loan Intercreditor Agreement, except as otherwise specifically provided in this Agreement. If any Non-Serviced
Companion Loan that is an asset under the trust created by the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement
is removed from the pool of mortgage loans created under such Non-Serviced Mortgage Loan Pooling and Servicing Agreement, or if
such Non-Serviced Mortgage Loan Pooling and Servicing Agreement is otherwise terminated, the servicing of the Non-Serviced Mortgage
Loan shall be transferred, pursuant to the related Non-Serviced Mortgage Loan Intercreditor Agreement, and shall be serviced and
administered by a successor servicing agreement, which shall have similar provisions to such Non-Serviced Mortgage Loan Pooling
and Servicing Agreement to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement, and such transfer
shall be subject to the delivery by the Master Servicer of a Rating Agency Communication to each Rating Agency.

 

Section 8.2     Fidelity
Bond and Errors and Omissions Insurance Policy Maintained by the Master Servicer. The Master Servicer, at its expense, shall
maintain in effect a Servicer Fidelity Bond and a Servicer Errors and Omissions Insurance Policy. The Servicer Errors and Omissions
Insurance Policy and Servicer Fidelity Bond shall be issued by a Qualified Insurer (unless the Master Servicer self-insures as
provided below) and be in form and amount consistent with the Servicing Standard. If any such Servicer Errors and Omissions Insurance
Policy or Servicer Fidelity Bond ceases to be in effect, then the Master Servicer shall obtain a comparable replacement policy
or bond from an insurer or issuer meeting the requirements set forth above as of the date of such replacement. So long as the
long-term debt obligation or deposit account rating of the Master Servicer is not less than “A3” as rated by Moody’s
and not less than “A-” as rated by Fitch (or an A.M. Best equivalent), the Master Servicer may self-insure for the
Servicer Fidelity Bond and the Servicer Errors and Omissions Insurance Policy.

 

Section 8.3     Master
Servicer’s General Power and Duties.

 

(a)          The
Master Servicer shall (except as otherwise expressly set forth herein to the contrary) service and administer the Mortgage Loans
and shall, subject to Sections 8.7, 8.18, 8.19, 8.27 and 10.3 and Article XII hereof
and as otherwise provided herein and by the Code, have full power and authority to do any and all things which it may deem necessary
or desirable in connection with such servicing and administration in accordance with the Servicing Standard (in the case of any
A/B Whole Loan and any Loan Pair, subject to the applicable Intercreditor Agreement and, in the case of any Non-Serviced Mortgage
Loan, subject to the servicing of such Non-Serviced Mortgage Loan by the applicable Non-Serviced Mortgage Loan Master Servicer
and the applicable Non-Serviced Mortgage Loan Special Servicer, as

 

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applicable).
To the extent consistent with the foregoing and subject to any express limitations and provisions set forth in this Agreement
(and, in the case of any A/B Whole Loan and any Loan Pair, subject to the applicable Intercreditor Agreement and, in the case
of any Non-Serviced Mortgage Loan, subject to the servicing of such Non-Serviced Mortgage Loan by the applicable Non-Serviced
Mortgage Loan Master Servicer and the applicable Non-Serviced Mortgage Loan Special Servicer, as applicable), including Section
10.3, such power and authority shall include, without limitation, any right to process Major Decisions and Special Servicer
Decisions as mutually agreed between the Master Servicer and the Special Servicer pursuant to the terms hereof (or with respect
to clause (b)(i) and (ii) of the definition of “Special Servicer Decision”, which the Master Servicer
shall process), the right, subject to the terms hereof, to perform the following actions: (A) to execute and deliver, on behalf
of the Certificateholders (and in connection with any Serviced B Note, the holder of the Serviced B Note and, in connection with
any Loan Pair, the holder of the Serviced Companion Loan and any related Serviced B Note) and the Trustee, customary consents
or waivers and other instruments and documents (including, without limitation, estoppel certificates, financing statements, continuation
statements, title endorsements and reports and other documents and instruments necessary to preserve and maintain the lien on
the related Mortgaged Property and related collateral), (B) to consent to assignments and assumptions or substitutions, and transfers
of interest of any Mortgagor, in each case subject to and in accordance with the terms of the related Mortgage Loan and Section
8.7, (C) to collect any Insurance Proceeds, (D) subject to Section 8.7, to consent to any subordinate financings to
be secured by any related Mortgaged Property to the extent that such consent is required pursuant to the terms of the related
Mortgage or which otherwise is required, and subject to Section 8.7, to consent to any mezzanine debt to the extent such
consent is required pursuant to the terms of the related Mortgage, (E) to consent to the application of any proceeds of insurance
policies or condemnation awards to the restoration of the related Mortgaged Property or otherwise and to administer and monitor
the application of such proceeds and awards in accordance with the terms of the Mortgage Loan as the Master Servicer deems reasonable
under the circumstances, (F) to execute and deliver, on behalf of the Certificateholders (and the holders of any Serviced B Note
and Serviced Companion Loan) and the Trustee, documents relating to the management, operation, maintenance, repair, leasing and
marketing of the related Mortgaged Properties, including agreements and requests by the Mortgagor with respect to modifications
of the standards of operation and management of the Mortgaged Properties or the replacement of asset managers, (G) to consent
to any operation or action under a Mortgage Loan that is contemplated or permitted under a Mortgage or other documents evidencing
or securing the applicable Mortgage Loan (either as a matter of right or upon satisfaction of specified conditions), (H) to obtain,
release, waive or modify any term other than a Money Term of a Mortgage Loan and related documents subject to and to the extent
permitted by Section 8.18, (I) to exercise all rights, powers and privileges granted or provided to the holder of the Mortgage
Notes, any Serviced Companion Loan and any Serviced B Note under the terms of the Mortgage, including all rights of consent or
approval thereunder, subject to Sections 8.7 and 8.18 of this Agreement, (J) to enter into lease subordination agreements,
non-disturbance and attornment agreements or other leasing or rental arrangements which may be requested by the Mortgagor or the
Mortgagor’s tenants, (K) to join the Mortgagor in granting, modifying or releasing any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties to the extent
such does not adversely affect the value of the related

 

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Mortgage
Loan or Mortgaged Property, (L) to execute and deliver, on behalf of itself, the Trustee, the Trust (and the holders of any Serviced
B Note and Serviced Companion Loan) or any of them, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged
Properties, and (M) to hold in accordance with the terms of any Mortgage Loan and this Agreement, Defeasance Collateral. The foregoing
clauses (A) through (M) are referred to collectively as “Master Servicer Consent Matters.” Notwithstanding
the above, the Master Servicer shall have no power to (i) waive any Prepayment Premiums, (ii) consent to any modification of a
Money Term of a Mortgage Loan or (iii) to exercise such rights or take any of the foregoing actions in violation of Section
10.3 or the terms and conditions of any related Intercreditor Agreement, or otherwise in contravention of the Controlling
Class Representative’s or any related Loan-Specific Directing Holder’s, as applicable, rights to consent to or consult
in respect of any such matters pursuant to this Agreement (subject to the Master Servicer’s duty to service in accordance
with the Servicing Standard). 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 and
otherwise generally engage in any kind of business or dealings with any Mortgagor as though the Master Servicer or the Special
Servicer, as applicable, was not a party to this Agreement or to the transactions contemplated hereby; provided, that this
sentence shall not modify the Servicing Standard.

 

(b)          The
Master Servicer shall not service or  administer any Mortgage Loan if it has become and continues to be a Specially
Serviced Mortgage Loan, nor shall it be obligated to process Major Decisions or Special Servicer Decisions with respect to
Non-Specially Serviced Mortgage Loans, in each case, except as specifically provided herein. The Master Servicer shall be
required to make all calculations and prepare all reports required hereunder with respect to Specially Serviced Mortgage
Loans (other than calculations and reports expressly required to be made by the Special Servicer hereunder) as if no
Servicing Transfer Event had occurred and shall continue to collect all Scheduled Payments, make Advances as set forth herein
and render such incidental services with respect to Specially Serviced Mortgage Loans, all as are specifically provided for
herein, but shall have no other servicing or other duties with respect to Specially Serviced Mortgage Loans. Notwithstanding
the foregoing, the Master Servicer shall not be liable for its failure to make the calculations or prepare the reports
required pursuant to the immediately preceding sentence with respect to any Specially Serviced Mortgage Loan if such failure
is directly caused by the Special Servicer’s failure to provide the Master Servicer with the information that it is
required to deliver to the Master Servicer pursuant to Section 9.32(a). The Master Servicer shall give notice within
three (3) Business Days to the Special Servicer of any collections it receives from any Specially Serviced Mortgage Loans,
subject to changes agreed upon from time to time by the Special Servicer and the Master Servicer. The Special Servicer shall
instruct the Master Servicer within two (2) Business Days after receiving such notice on how to apply such funds. The Master
Servicer within one (1) Business Day after receiving such instructions shall apply such funds in accordance with the
Special Servicer’s instructions. Each Mortgage Loan if it becomes a Specially Serviced Mortgage Loan shall continue as
such until it becomes a Rehabilitated Mortgage Loan. The Master Servicer shall not be required to initiate
extraordinary collection procedures or legal proceedings with respect to any Mortgage Loan or to undertake any
pre-foreclosure procedures.

 

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(c)          Concurrently
with the execution of this Agreement, the Trustee shall sign a Power of Attorney substantially in the form attached hereto as Exhibit
O-1 (or such other form as mutually agreed to by the Trustee and the Master Servicer). From time to time until the termination
of the Trust, upon written request from a Servicing Officer for additional powers of attorney from the Trustee to the Master Servicer,
the Trustee shall execute and return to the Master Servicer any additional powers of attorney, substantially in the form of Exhibit
O-1 (or such other form as mutually agreed to by the Trustee and the Master Servicer) and other documents necessary or appropriate
to enable the Master Servicer to service and administer the Mortgage Loans including, without limitation, documents relating to
the management, operation, maintenance, repair, leasing or marketing of the Mortgaged Properties. The Master Servicer shall indemnify
the Trustee for any costs, liabilities and expenses (including attorneys’ fees) incurred by the Trustee in connection with
the intentional or negligent misuse of such power of attorney by the Master Servicer. Notwithstanding anything contained herein
to the contrary, but subject to Section 9.34 herein, the Master Servicer 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
representative capacity, or (ii) knowingly take any action that causes the Trustee to be registered to do business in any state,
provided that the preceding clause (i) shall not apply to the initiation of actions relating to a Mortgage Loan that
the Master Servicer is servicing pursuant to its respective duties herein (in which case the Master Servicer shall give prompt
prior notice to the Trustee of the initiation of such action). The limitations of the preceding clause shall not be construed to
limit any duty or obligation imposed on the Trustee under any other provision of this Agreement. If the Master Servicer receives
any notice of a suit, litigation or proceeding in the name of Wells Fargo Bank, National Association, either individually (with
respect to the Certificates or the transactions contemplated by this Agreement) or in its capacity as Trustee, then the Master
Servicer shall promptly forward a copy of same to the Trustee.

 

(d)          The
Master Servicer shall make efforts consistent with the Servicing Standard and the terms of this Agreement to collect all payments
(including servicing fees, special servicing fees, workout fees and liquidation fees) called for under the terms and provisions
of the applicable Mortgage Loans (other than Specially Serviced Mortgage Loans or REO Properties); provided, that with respect
to any Non-Serviced Mortgage Loan, such payments shall be collected from the related Non-Serviced Mortgage Loan Master Servicer
or Non-Serviced Mortgage Loan Special Servicer, as applicable.

 

(e)          The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan (other than any Non-Serviced
Mortgage Loan) constituting Escrow Amounts separate and apart from any of its own funds and general assets and shall establish
and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Amounts
shall be deposited within one (1) Business Day after receipt. Each Escrow Account shall be an Eligible Account, to the extent permitted
under the related Mortgage Loan documents. The Master Servicer shall also deposit into each Escrow Account any amounts representing
losses on Eligible Investments pursuant to the immediately succeeding paragraph and any Insurance Proceeds or Liquidation Proceeds
which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan.
Each Escrow Account shall be maintained in accordance with the requirements

 

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of the related Mortgage Loan and in accordance with
the Servicing Standard. Withdrawals from an Escrow Account may be made only for the following purposes (in no order of priority):

 

(i)           to
effect timely payments of items constituting Escrow Amounts for the related Mortgage Loan;

 

(ii)          to
transfer funds to the Collection Account (or any sub-account thereof) to reimburse the Master Servicer for any Advance (or the
Trust for any Unliquidated Advance) relating to Escrow Amounts, but only from amounts received with respect to the related Mortgage
Loan which represent late collections of Escrow Amounts thereunder;

 

(iii)         for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and the
Servicing Standard;

 

(iv)         to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan;

 

(v)          to
pay from time to time to the related Mortgagor any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be paid to the related Mortgagor under applicable law or by the terms of the related Mortgage Loan,
or otherwise to the Master Servicer; and

 

(vi)         to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to the Mortgagors
determined to be overages.

 

Subject to the immediately
succeeding sentence, (i) the Master Servicer may direct any depository institution or trust company in which the Escrow Accounts
are maintained to invest the funds held therein in one or more Eligible Investments; provided, that such funds shall be
either (x) immediately available or (y) available in accordance with a schedule which will permit the Master Servicer to meet the
payment obligations for which the Escrow Account was established; (ii) the Master Servicer shall be entitled to all income and
gain realized from any such investment of funds as additional servicing compensation; and (iii) the Master Servicer shall deposit
from its own funds in the applicable Escrow Account the amount of any loss incurred in respect of any such investment of funds
immediately upon the realization of such loss; provided, that unless otherwise set forth in the related Mortgage Loan documents,
such investment losses shall not include any loss with respect to such investment which is incurred solely as a result of the insolvency
of the federal or state chartered depositary institution or trust company at which such Investment Account is maintained, so long
as such depositary institution or trust company (a) satisfied the qualifications set forth in the definition of “Eligible
Account” both at the time such investment was made and as of a date not more than thirty (30) days prior to the date of such
loss and (b) is not the Person or an Affiliate thereof that made the relevant investment. The Master Servicer shall not direct
the investment of funds held in any Escrow Account and retain the income and gain realized therefrom if the terms of the related
Mortgage Loan or applicable law permit the Mortgagor to be entitled to the income and gain realized from the investment of funds
deposited therein, and the Master Servicer shall not be required to invest

 

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amounts on deposit in Escrow Accounts in Eligible Investments
or deposit such amounts in Eligible Accounts to the extent that the Master Servicer is required by either law or under the terms
of any related Mortgage Loan to deposit or invest (or the Mortgagor is entitled to direct the deposit or investment of) such amounts
in another type of investments or accounts. If the Master Servicer is not entitled to direct the investment of such funds, then:
(1) the Master Servicer shall direct the depository institution or trust company in which such Escrow Accounts are maintained to
invest the funds held therein in accordance with the Mortgagor’s written investment instructions, if the terms of the related
Mortgage Loan or applicable law require the Master Servicer to invest such funds in accordance with the Mortgagor’s directions;
and (2) in the absence of appropriate written instructions from the Mortgagor, the Master Servicer shall have no obligation to
direct the investment of such funds; provided, that if such funds shall be either (y) immediately available or (z) available
in accordance with a schedule which will permit the Master Servicer to meet the payment obligations for which the Escrow Account
was established, then the Master Servicer shall have no liability for any loss in investments of such funds that are invested pursuant
to written instructions from the Mortgagor.

 

(f)          The
relationship of each of the Master Servicer and the Special Servicer to the Trustee, the Certificate Administrator and the Custodian
and to each other under this Agreement is intended by the parties to be that of an independent contractor and not of a joint venturer,
partner or agent.

 

(g)          With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), if required by the terms of the related Mortgage Loan
documents, any Lock-Box Agreement or similar agreement, the Master Servicer shall establish and maintain, in accordance with the
Servicing Standard, one or more lock-box, cash management or similar accounts (“Lock-Box Accounts”) to be held
outside the Trust and maintained by the Master Servicer in accordance with the terms of the related Mortgage. No Lock-Box Account
is required to be an Eligible Account, unless otherwise required pursuant to the related Mortgage Loan documents. The Master Servicer
shall apply the funds deposited in such accounts in accordance with terms of the related Mortgage Loan documents, any Lock-Box
Agreement and in accordance with the Servicing Standard.

 

(h)          Subject
to Section 8.18, the Master Servicer shall process all defeasances of Mortgage Loans (other than any Non-Serviced Mortgage
Loan), Serviced B Notes 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). The Master Servicer shall not permit defeasance (or partial defeasance if permitted under the related
Mortgage Loan documents) of any Mortgage Loan on or before the second (2nd) anniversary of the Closing Date, or in the
case of a Serviced Companion Loan the second (2nd) anniversary of the startup date of any REMIC holding such Serviced
Companion Loan, unless such defeasance will not result in an Adverse REMIC Event (or in the case of a Serviced Companion Loan an
adverse REMIC event for any REMIC holding such Serviced Companion Loan) and the Master Servicer has received an Opinion of Counsel
to such effect (which Opinion of Counsel, to the extent not inconsistent with the related Mortgage Loan documents, shall be paid
for by the related Mortgagor) and all items in the following sentence have been satisfied.

 

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Subsequent to the second (2nd)
anniversary of the Closing Date, or in the case of a Serviced Companion Loan the second (2nd) anniversary of the startup
date of any REMIC holding such Serviced Companion Loan, the Master Servicer, in connection with the defeasance of a Mortgage Loan
(other than a Non-Serviced Mortgage Loan), a Serviced B Note or a Serviced Companion Loan shall (to the extent it is not inconsistent
with the Servicing Standard): (i) require that the defeasance collateral consists of Government Securities that are acceptable
as defeasance collateral under the current guidelines of the Rating Agencies, (ii) determine that the defeasance will not result
in an Adverse REMIC Event (or in the case of a Serviced Companion Loan an adverse REMIC event for any REMIC holding such Serviced
Companion Loan), (iii) either (A) require that the related Mortgagor designate a Single-Purpose Entity to own the Defeasance Collateral
(subject to customary qualifications) or (B) establish a Single-Purpose Entity to hold all Defeasance Collateral relating to the
Defeasance Loans, (iv) request and receive from the Mortgagor (A) an opinion of counsel that the Trustee will have a perfected,
first priority security interest in such Defeasance Collateral and (B) written confirmation from a firm of independent accountants
stating that payments made on such Defeasance Collateral in accordance with the terms thereof will be sufficient to pay the subject
Mortgage Loan, and if applicable the related Serviced B Note and/or Serviced Companion Loan, (or the defeased portion thereof in
connection with a partial defeasance) in full on or before its Maturity Date (or, in the case of an ARD Loan, on or before its
Anticipated Repayment Date) and to timely pay each subsequent Scheduled Payment and (v) provide a Rating Agency Communication to
each Rating Agency. Any customary and reasonable out-of-pocket expense incurred by the Master Servicer pursuant to this Section
8.3(h) shall be paid by the Mortgagor of the Defeasance Loan pursuant to the related Mortgage, Mortgage Note or other pertinent
document, if so allowed by the terms of such documents. Notwithstanding anything herein or in the related Mortgage Loan documents
to the contrary (but subject to Section 8.18), the Master Servicer may accept as Defeasance Collateral Government Securities
that are rated below “AAA” (or its equivalent) by any NRSRO notwithstanding any requirements in the related Mortgage
Loan documents that require such Defeasance Collateral to be rated “AAA” (or its equivalent) by the applicable NRSROs;
provided, that, in any case, the Master Servicer has received an Opinion of Counsel that acceptance of such Defeasance Collateral
will not cause an Adverse REMIC Event (which Opinion of Counsel, to the extent not inconsistent with the related Mortgage Loan
documents, shall be paid for by the related Mortgagor).

 

The parties hereto acknowledge
that if the payments described in paragraph 32 of Exhibit 2 to the Mortgage Loan Purchase Agreements regarding the obligation of
a Mortgagor to pay the reasonable costs and expenses associated with a defeasance of the related Mortgage Loan are insufficient
to reimburse the Trust, including, but not limited to, rating agency fees, then the sole obligation of the related Seller shall
be to pay an amount equal to such insufficiency or expense to the extent the related Mortgagor is not required to pay such amount.
If any amount is due under the preceding sentence for any Joint Mortgage Loan, then each of the applicable Sellers shall be required
to pay only such party’s pro rate share. Promptly upon receipt of notice of such insufficiency or unpaid expense, the Master
Servicer shall request the related Seller to make such payment by deposit to the Collection Account.

 

In the case of a Specially
Serviced Mortgage Loan, the Master Servicer shall process any defeasance of such Specially Serviced Mortgage Loan in accordance
with the original terms of the respective Mortgage Loan documents, subject to the Special Servicer’s right

 

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to service Specially
Serviced Mortgage Loans, manage any related REO Properties and process Major Decisions and Special Servicer Decisions pursuant
to Section 9.1(a) herein.

 

Notwithstanding the foregoing,
with respect to each MSMCH Loan subject to defeasance, MSMCH has retained the right of the lender under the Mortgage Loan documents
to receive a percentage of the economic benefit associated with the ownership of the successor borrower, to designate and establish
the successor borrower and to purchase (or cause the purchase on behalf of the related borrower of) the related defeasance collateral,
in each case if there is a defeasance of such Mortgage Loan (“MSMCH Seller Defeasance Rights and Obligations”).
If the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan originated or acquired by MSMCH
and subject to defeasance, the Master Servicer shall provide upon receipt of such notice, written notice of such defeasance request
to MSMCH or its assignee. Until such time as MSMCH provides written notice to the contrary, notice of a defeasance of a Mortgage
Loan with MSMCH Defeasance Rights and Obligations shall be delivered to MSMCH pursuant to Section 14.5 of this Agreement.
In addition, to the extent the Master Servicer receives any amount in respect of MSMCH Seller Defeasance Rights and Obligations
that is required to be remitted to MSMCH pursuant to the related defeasance documents, the Master Servicer shall remit such amounts
to MSMCH pursuant to the terms of the defeasance documents.

 

Notwithstanding the foregoing,
BANA has retained the right of the lender under the Mortgage Loan documents with respect to the BANA Loans to receive a percentage
of the economic benefit associated with the ownership of the successor borrower, and the right to designate and establish the successor
borrower and to purchase or cause the purchase on behalf of the related borrower of the related defeasance collateral, if there
is a defeasance of a BANA Loan (“BANA Lender Successor Borrower Right”). If the Master Servicer receives notice
of a defeasance request with respect to a BANA Loan subject to defeasance, the Master Servicer shall provide upon receipt of such
notice, written notice of such defeasance request to BANA or its assignee. Until such time as BANA provides written notice to the
contrary, notice of a defeasance of a BANA Loan with a BANA Lender Successor Borrower Right shall be delivered to BANA pursuant
to Section 14.5 of this Agreement. In addition, to the extent that the Master Servicer receives any amount in respect of
a BANA Lender Successor Borrower Right that is required to be remitted to BANA pursuant to the related defeasance documents, the
Master Servicer shall remit such amounts to BANA pursuant to the terms of the defeasance documents.

 

Notwithstanding the foregoing,
with respect to the Mortgage Loans originated or acquired by UBSRES and subject to defeasance, to the extent UBSRES is permitted
under the related Mortgage Loan documents, UBSRES has retained the right to designate and establish the successor borrower and
to purchase or cause the purchase on behalf of the related borrower of the related defeasance collateral (“UBSRES Seller
Defeasance Rights and Obligations”). If the Master Servicer receives notice of a defeasance request with respect to a
Mortgage Loan originated or acquired by UBSRES and subject to defeasance, the Master Servicer shall provide upon receipt of such
notice, written notice of such defeasance request to UBSRES or its assignee. Until such time as UBSRES provides written notice
to the contrary, notice of a defeasance of a Mortgage Loan with UBSRES Defeasance Rights and Obligations shall be delivered to
UBSRES pursuant to the notice provisions of this Agreement. In addition, to the extent that the Master Servicer receives any amount
in respect of a UBSRES Defeasance Rights

 

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and Obligations that is required to be remitted to UBSRES pursuant to the related defeasance
documents, the Master Servicer shall remit such amounts to UBSRES pursuant to the terms of the defeasance documents.

 

(i)          The
Master Servicer shall, as to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) set forth on Schedule V hereto,
each of which is secured by the interest of the related Mortgagor under a ground lease, Space Lease or air rights lease, promptly
(and, in any event, within forty-five (45) days) after the Closing Date (or, if later, ten (10) Business Days after its receipt
of a copy of the related ground lease, Space Lease or air rights lease) notify the related lessor of the transfer of such Mortgage
Loan to the Trust pursuant to this Agreement and inform such lessor that any notices of default under the related ground lease,
Space Lease or air rights lease should thereafter be forwarded to the Master Servicer. The Master Servicer shall promptly forward
such notices of default to the Special Servicer.

 

(j)          Subject
to the rights of the Applicable Control Party set forth in this Agreement, (A) the Master Servicer shall be entitled (other than
with respect to Non-Serviced Mortgage Loans and subject to the right of the Special Servicer to process Major Decisions and (except
as contemplated by the second proviso to the definition thereof) Special Servicer Decisions with respect to Non-Specially Serviced
Mortgage Loans), during any period when (i) the A Note and Serviced B Note under any A/B Whole Loan, (ii) the Serviced Pari Passu
Mortgage Loan and Serviced Companion Loan and any Serviced B Note under any Loan Pair, and (iii) any Mortgage Loan with any related
mezzanine loan, does not constitute a Specially Serviced Mortgage Loan, and (B) the Special Servicer shall be entitled (other than
with respect to Non-Serviced Mortgage Loans), during any period when the notes or other obligations listed in clauses (A)(i) through
(iii) above constitute Specially Serviced Mortgage Loans, to exercise the rights and powers granted under the related Intercreditor
Agreement or mezzanine loan intercreditor agreement to the “Controlling Note Holder”, “Note A Holder”,
the “Note A Controlling Holder”, the “Senior Lender”, the “Senior Loan Controlling Holder”,
or such other similar term as may be set forth in any such Intercreditor Agreement or mezzanine loan intercreditor agreement, as
applicable, and/or the “Servicer” referred to therein. For the avoidance of doubt, the parties acknowledge that neither
the Master Servicer nor the Special Servicer shall be entitled or required to exercise the rights and powers granted to any Loan-Specific
Directing Holder or to any “Note B Holder” or such other analogous term as may be set forth in any such Intercreditor
Agreement.

 

(k)          Notwithstanding
anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s obligations and responsibilities
hereunder and the Master Servicer’s authority with respect to any Non-Serviced Mortgage Loan are limited by and subject to
the terms of the related Non-Serviced Mortgage Loan Intercreditor Agreement and the rights of the applicable Non-Serviced Mortgage
Loan Master Servicer and the applicable Non-Serviced Mortgage Loan Special Servicer with respect thereto under the related Non-Serviced
Mortgage Loan Pooling and Servicing Agreement. The Master Servicer shall use reasonable efforts consistent with the Servicing Standard
to monitor the servicing of any Non-Serviced Mortgage Loan by the applicable Non-Serviced Mortgage Loan Master Servicer and the
applicable Non-Serviced Mortgage Loan Special Servicer pursuant to the related Non-Serviced Mortgage Loan Pooling and Servicing
Agreement and shall use reasonable efforts consistent with the Servicing Standard to enforce the rights of the Trustee (as holder
of the Non-

 

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Serviced Mortgage Loans) under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement and the related
Non-Serviced Mortgage Loan Intercreditor Agreement. The Master Servicer shall take such actions as it shall deem reasonably necessary
to facilitate the servicing of any Non-Serviced Mortgage Loan by the applicable Non-Serviced Mortgage Loan Master Servicer and
the applicable Non-Serviced Mortgage Loan Special Servicer including, but not limited to, delivering appropriate Requests for Release
to the Custodian in order to deliver any portion of the related Mortgage File to the applicable Non-Serviced Mortgage Loan Master
Servicer or applicable Non-Serviced Mortgage Loan Special Servicer under the related Non-Serviced Mortgage Loan Pooling and Servicing
Agreement.

 

Section 8.4     Sub-Servicing.

 

(a)          The
Master Servicer shall supervise, administer, monitor, enforce and oversee the servicing of the applicable Mortgage Loans by any
sub-servicer appointed by it. Other than with respect to the agreements with any other sub-servicer (including the Seller Sub-Servicer)
under agreements that are in effect on the Closing Date (each a “Surviving Sub-Servicer”), the terms of any
arrangement or agreement between the Master Servicer and a sub-servicer shall provide that such agreement or arrangement may be
terminated, without cause and without the payment of any termination fees, by the Trustee if such Master Servicer is terminated
in accordance with this Agreement. In addition, none of the Trustee, the Certificate Administrator, the Custodian, the Certificateholders,
the holder of any Serviced Companion Loan or the holder of any Serviced B Note shall have any direct obligation or liability (including,
without limitation, indemnification obligations) with respect to any sub-servicer. The Master Servicer shall be solely responsible
for the payment of compensation to any sub-servicer appointed by it. The Master Servicer shall pay the costs of enforcement against
any of its sub-servicers at its own expense, but shall be reimbursed therefor only (i) from a general recovery resulting from such
enforcement only to the extent that such recovery exceeds all amounts due in respect of the related Mortgage Loans or (ii) from
a specific recovery of costs, expenses or attorney’s fees against the party against whom such enforcement is directed. Notwithstanding
the provisions of any primary servicing agreement or sub-servicing agreement, any of the provisions of this Agreement relating
to agreements or arrangements between the Master Servicer or a sub-servicer, or reference to actions taken through a sub-servicer
or otherwise, the Master Servicer shall remain obligated and liable to the Trust, the Trustee, the Certificate Administrator, the
Custodian, the Special Servicer and the Certificateholders for the servicing and administering of the applicable Mortgage Loans,
the Serviced Companion Loans and the Serviced B Notes in accordance with (and subject to the limitations contained within) the
provisions of this Agreement without diminution of such obligation or liability by virtue of indemnification from a sub-servicer
and to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering
such Mortgage Loans, Serviced Companion Loans and Serviced B Notes, as applicable. No sub-servicer shall be permitted under any
subservicing agreement to make any Major Decision or Special Servicer Decision unless the Master Servicer and the Special Servicer
have mutually agreed that the Master Servicer shall process such decision in accordance with this Agreement, in which case, such
subservicer shall only be permitted to make any Major Decision or Special Servicer Decision under the related subservicing agreement
with the consent of the Master Servicer, whose consent will be subject to the consent of the Special Servicer to the extent provided
in accordance with the terms of this Agreement.

 

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(b)          Subject
to the limitations of subsection (a), the Master Servicer may appoint one or more sub-servicers to perform all or any portion
of its duties hereunder for the benefit of the Trust, the Trustee and the Certificateholders provided that, after the Closing
Date, if and for so long as the Trust or, with respect to any Serviced Companion Loan, the trust created pursuant to an Other Companion
Loan Pooling and Servicing Agreement, are subject to the reporting requirements of the Exchange Act, the Master Servicer shall
not enter into a sub-servicing agreement with any Prohibited Party.

 

(c)          Notwithstanding
anything herein to the contrary, any sub-servicing agreement with a Sub-Servicer shall provide that (i) the failure of such Sub-Servicer
to comply with any of the requirements of Article XIII of this Agreement, (ii) if and for so
long as the Trust or, with respect to any Serviced Companion Loan that is deposited into a trust created pursuant to an
Other Companion Loan Pooling and Servicing Agreement, such other trust, is subject to the reporting requirements of the Exchange
Act, the failure of such Sub-Servicer
to comply with any requirements to deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and
servicing agreement relating to any commercial mortgage loan securitization or (iii) the status
of such Sub-Servicer as a Prohibited Party at any time during which the Trust is subject to the reporting requirements of the Exchange
Act, shall each constitute an event of default by such Sub-Servicer under such sub-servicing agreement upon the occurrence
of which any of the Master Servicer (with respect to any Sub-Servicer engaged by it), the Special Servicer (with respect to any
Sub-Servicer engaged by it) or the Depositor shall have the right to immediately terminate such Sub-Servicer and that such termination
shall be deemed for cause.

 

Section 8.5     Master
Servicer May Own Certificates. The Master Servicer and any agent of the Master Servicer in its individual or any other capacity
may become the owner or pledgee of Certificates with the same rights it would have if it were not the Master Servicer or such
agent. Any such interest of the Master Servicer or such agent in the Certificates shall not be taken into account when evaluating
whether actions of the Master Servicer are consistent with its obligations in accordance with the Servicing Standard regardless
of whether such actions may have the effect of benefiting the Class or Classes of Certificates owned by the Master Servicer.

 

Section 8.6     Maintenance
of Hazard Insurance, Other Insurance, Taxes and Other. Subject to the limitations set forth below, the Master Servicer shall
use reasonable efforts consistent with the Servicing Standard to cause the related Mortgagor to maintain for each Mortgage Loan
(other than any REO Mortgage Loans and any Non-Serviced Mortgage Loans) (A) a Standard Hazard Insurance Policy (that, if the terms
of the related Mortgage Loan documents and the related Mortgage so require or so permit the holder of such Mortgage Loan to require,
contains no exclusion for damages due to any Act or Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002)
and which does not provide for reduction due to depreciation in an amount that is at least equal to the lesser of (i) the full
replacement cost of improvements securing such Mortgage Loan or (ii) the outstanding Unpaid Principal Balance of such Mortgage
Loan and any related Serviced B Note and/or Serviced Companion Loan, but, in any event, in an amount sufficient to avoid the application
of any co-insurance clause and (B) any other insurance coverage for such Mortgage Loan which the related Mortgagor is required
to maintain under the related Mortgage. If the related Mortgagor does not maintain the insurance set forth in clauses (A)
and (B) above, then the Master Servicer shall cause such

 

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insurance to be maintained with a Qualified Insurer, provided
the Master Servicer shall not be required to maintain earthquake insurance on any Mortgaged Property unless (x) such insurance
was required at origination and is available at commercially reasonable rates and (y) the Trustee has an insurable interest. The
Master Servicer shall be deemed to have satisfied its obligations with respect to clause (A) above if the Mortgagor maintains,
or the Master Servicer shall have otherwise caused to be obtained, a Standard Hazard Insurance Policy that is in compliance with
the related Mortgage Loan documents, and, if required by such Mortgage Loan documents or if such Mortgage Loan documents permit
the holder of such Mortgage Loan to require, the Mortgagor pays, or the Master Servicer shall have otherwise caused to be paid,
the premium required by the related insurance provider that is necessary to avoid an exclusion in such policy against “acts
of terrorism” as defined by the Terrorism Risk Insurance Act of 2002.

 

Each Standard Hazard Insurance
Policy maintained with respect to any Mortgaged Property that is not an REO Property shall contain, or have an accompanying endorsement
that contains, a standard mortgagee clause. If the improvements on the Mortgaged Property are located in a designated special flood
hazard area by the Federal Emergency Management Agency in the Federal Register, as amended from time to time (to the extent permitted
under the related Mortgage Loan documents or as required by law), the Master Servicer (with respect to any Mortgaged Property that
is not an REO Property) shall, consistent with the Servicing Standard, cause flood insurance to be maintained. Such flood insurance
shall be in an amount equal to the lesser of (i) the Unpaid Principal Balance of the related Mortgage Loan, Loan Pair or A/B Whole
Loan, as applicable, or (ii) the maximum amount of such insurance available for the related Mortgaged Property under the national
flood insurance program, if the area in which the improvements on the Mortgaged Property are located is participating in such program.
Any amounts collected by the Master Servicer under any such policies (other than amounts to be applied to the restoration or repair
of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the terms of
the applicable Mortgage Loan documents) shall be deposited in the Collection Account.

 

Any cost (such as insurance
premiums and insurance broker fees but not internal costs and expenses of obtaining such insurance) incurred by the Master Servicer
in maintaining any insurance pursuant to this Section 8.6 shall not, for the purpose of calculating monthly distributions
to the Certificateholders or remittances to the Certificate Administrator for their benefit, be added to the principal balance
of the related Mortgage Loan, notwithstanding that the terms of the related Mortgage Loan documents permit such cost to be added
to the outstanding principal balance thereof. Such costs shall be paid as a Servicing Advance by the Master Servicer, subject to
Section 4.4 hereof.

 

Notwithstanding the above,
the Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to enforce
such insurance requirements. Furthermore, the Master Servicer shall not be required in any event to cause the Mortgagor to maintain
or itself obtain insurance coverage (i) beyond what is available on commercially reasonable terms at a cost customarily acceptable
(in each case, as determined by the Master Servicer, which shall be entitled to rely, at its sole expense, on insurance consultants
in making such determination, consistent with the Servicing Standard) and consistent with the Servicing Standard or (ii) in the
case of the Master Servicer obtaining such insurance, if the Trustee does not have an insurable interest; provided that
the Master Servicer shall be obligated

 

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to cause the Mortgagor to maintain or itself obtain insurance against property damage resulting
from terrorism or similar acts if the terms of the related Mortgage Loan documents and the related Mortgage so require unless the
Special Servicer determines, subject to Section 10.3 and the terms and conditions of any related Intercreditor Agreement,
that the failure to maintain such insurance would constitute an Acceptable Insurance Default (based on information and documents
provided by the Master Servicer as reasonably requested by the Special Servicer). The Master Servicer shall notify the holder of
the related Serviced Companion Loan and any related Serviced B Note of any determination that it makes pursuant to the proviso
to the prior sentence with respect to any Serviced Pari Passu Mortgage Loan.

 

The Master Servicer shall
conclusively be deemed to have satisfied its obligations as set forth in this Section 8.6 either (i) if the Master Servicer
shall have obtained and maintained a master force placed or blanket insurance policy insuring against hazard losses on all of the
applicable Mortgage Loans (other than a Non-Serviced Mortgage Loan), any Serviced Companion Loan and any Serviced B Note serviced
by it, it being understood and agreed that such policy may contain a deductible clause on terms substantially equivalent to those
commercially available and maintained by comparable servicers consistent with the Servicing Standard, and provided that
such policy is issued by a Qualified Insurer or (ii) if the Master Servicer, for so long as its long-term debt obligations or deposit
accounts rating is not less than “A3” as rated by Moody’s and not less than “A-” as rated by Fitch,
self-insures for its obligations as set forth in the first paragraph of this Section 8.6. If the Master Servicer shall cause
any Mortgage Loan to be covered by such a master force placed or blanket insurance policy, the incremental cost of such insurance
allocable to such Mortgage Loan (i.e., other than any minimum or standby premium payable for such policy whether or not
any Mortgage Loan is then covered thereby), if not borne by the related Mortgagor, shall be paid by the Master Servicer as a Servicing
Advance. If such policy contains a deductible clause, the Master Servicer shall, if there shall not have been maintained on the
related Mortgaged Property a policy complying with this Section 8.6 and there shall have been a loss that would have been
covered by such policy, deposit in the Collection Account the amount not otherwise payable under such master force placed or blanket
insurance policy because of such deductible clause to the extent that such deductible exceeds (i) the deductible under the related
Mortgage Loan documents or (ii) if there is no deductible limitation required under such Mortgage Loan documents, the deductible
amount with respect to insurance policies generally available on properties similar to the related Mortgaged Property which is
consistent with the Servicing Standard, and deliver to the Trustee an Officer’s Certificate describing the calculation of
such amount. In connection with its activities as administrator and servicer of the Mortgage Loans, any Serviced Companion Loan
and any Serviced B Note, the Master Servicer agrees to present, on its behalf and on behalf of the Trustee and the holders of any
Serviced Companion Loan or any Serviced B Note, claims under any such master force placed or blanket insurance policy.

 

With respect to each Mortgage
Loan (other than any Non-Serviced Mortgage Loan), the Master Servicer shall maintain accurate records with respect to each related
Mortgaged Property reflecting the status of taxes, assessments and other similar items that are or may become a lien on the related
Mortgaged Property and the status of insurance premiums payable with respect thereto. From time to time, the Master Servicer (other
than with respect to any REO Mortgage Loan, REO Serviced B Note or Non-Serviced Mortgage Loan) shall (i) obtain all bills for the
payment of such items (including renewal premiums), and (ii) except in

 

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the case of Mortgage Loans under which Escrow Amounts are
not held by the Master Servicer, effect payment of all such bills, taxes and other assessments with respect to such Mortgaged Properties
prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Amounts as allowed under the
terms of the related Mortgage Loan documents. If a Mortgagor fails to make any such payment on a timely basis or collections from
the Mortgagor are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer in accordance
with the Servicing Standard shall use its reasonable efforts to pay as a Servicing Advance the amount necessary to effect the payment
of any such item prior to such penalty or termination date, subject to Section 4.4 hereof. No costs incurred by the Master
Servicer or the Trustee as the case may be, in effecting the payment of taxes and assessments on the Mortgaged Properties and related
insurance premiums and ground rents shall, for the purpose of calculating distributions to Certificateholders, be added to the
principal balance of the Mortgage Loans, notwithstanding that the terms of the related Mortgage Loan documents permit such costs
to be added to the outstanding principal balances thereof.

 

Section 8.7     Enforcement
of Due-on-Sale Clauses; Assumption Agreements; Due-on-Encumbrance Clause.

 

(a)          If
the Master Servicer receives a request from a Mortgagor (or other obligor) pursuant to the provisions of any Mortgage Loan, Serviced
Companion Loan or Serviced B Note (other than a Specially Serviced Mortgage Loan or a Non-Serviced Mortgage Loan) that expressly
permits, subject to any conditions set forth in the related Mortgage Loan documents, the assignment of the related Mortgaged Property
to, and assumption of such Mortgage Loan, Serviced Companion Loan or Serviced B Note by, another Person, then the Master Servicer
shall promptly forward such request to the Special Servicer, together with any information in the possession of the Master Servicer
that is reasonably necessary for the Special Servicer to make a decision with respect thereto. For the purpose of the foregoing
sentence, the term “expressly permits” shall include outright permission to assign, permission to assign upon satisfaction
of certain conditions or prohibition against assignment except upon the satisfaction of stated conditions, in each case without
lender discretion. In addition, if any Mortgage Loan, Serviced Companion Loan or Serviced B Note, in each case that is not a Specially
Serviced Mortgage Loan, or a Non-Serviced Mortgage Loan contains a provision in the nature of a “due-on-sale” clause,
which by its terms (i) provides that it shall (or may at the mortgagee’s option) become due and payable upon the sale or
other transfer of an interest in the related Mortgaged Property or ownership interest in the related Mortgagor, or (ii) provides
that it may not be assumed, or ownership interests in the related Mortgagor may not be transferred, without the consent of the
related mortgagee in connection with any such sale or other transfer, then, upon the request of the related Mortgagor or other
appropriate party or a potential or actual breach of such “due-on-sale” clause, the Master Servicer shall promptly
forward such request to the Special Servicer, together with any information in the possession of the Master Servicer that is reasonably
necessary for the Special Servicer to make a decision with respect thereto.

 

Subject to Section 10.3
and the terms and conditions of any related Intercreditor Agreement, the Special Servicer shall, in accordance with the Servicing
Standard (and, with respect to any such request that constitutes a Major Decision or Special Servicer Decision, while directly
processing such request), grant or withhold consent to any such request for such assignment and assumption in accordance with the
terms of the related Mortgage Loan, Serviced

 

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Companion Loan or Serviced B Note and this Agreement, or to any such waiver of a due-on-sale
clause. With respect to any such request processed by the Master Servicer in accordance with Section 8.7(f) involving a
Major Decision or Special Servicer Decision, (x) if the Master Servicer is recommending approval, the Master Servicer shall obtain
the consent of the Special Servicer and such consent of the Special Servicer shall be deemed given if not denied within the period
contemplated by Section 10.3, (y) the Master Servicer shall act accordingly and shall not permit any such assignment or
assumption or waive any such due-on-sale clause unless (i) it has received the written consent of the Special Servicer or such
consent has been deemed to have been granted as set forth in the preceding clause (x), and (ii) with respect to any A/B
Whole Loan or Loan Pair, the Master Servicer has obtained the approval of the holder of the related Serviced B Note or Serviced
Companion Loan, as applicable, to the extent provided for in the related Intercreditor Agreement, and in accordance with any procedures
therefor set forth in Section 10.13 and (z) if the Special Servicer withholds consent pursuant to the provisions of this
Agreement, it shall provide the Master Servicer with a written statement and a verbal explanation, as necessary, as to its reasoning
and analysis.

 

The Special Servicer (upon
deciding to grant consent (subject to Section 10.3 and the terms and conditions of any related Intercreditor Agreement)
to any proposed assignment and assumption) or, with respect to any request that does not constitute a Major Decision or Special
Servicer Decision or as otherwise contemplated by Section 8.7(f), the Master Servicer (upon consent or deemed consent by
the Special Servicer (subject to Section 10.3 and the terms and conditions of any related Intercreditor Agreement) to any
proposed assignment and assumption) shall process such request of the related Mortgagor (or other obligor) and shall be authorized
to enter into an assignment and assumption or substitution agreement with the Person to whom the related Mortgaged Property has
been or is proposed to be conveyed, and/or release the original Mortgagor from liability under the related Mortgage Loan, Serviced
Companion Loan or Serviced B Note and substitute as obligor thereunder the Person to whom the related Mortgaged Property has been
or is proposed to be conveyed; provided that neither the Special Servicer nor the Master Servicer shall enter into any such
agreement to the extent that any terms thereof would result in an Adverse REMIC Event or an Adverse Grantor Trust Event or create
any lien on a Mortgaged Property that is senior to, or on parity with, the lien of the related Mortgage. To the extent permitted
by applicable law, neither the Special Servicer nor the Master Servicer shall enter into such an assumption or substitution agreement
unless the credit status of the prospective new Mortgagor (or other obligor) is in conformity to the terms of the related Mortgage
Loan and, if applicable, Serviced B Note or Serviced Companion Loan documents. The Master Servicer, in making its recommendation
to the Special Servicer, and the Special Servicer, in consenting to the action of the Master Servicer, shall evaluate such conformity
in accordance with the Servicing Standard.

 

Neither the Master Servicer
nor the Special Servicer shall have any liability, and each of them shall be indemnified by the Trust for any liability to the
Mortgagor or the proposed assignee, for any delay in responding to requests for assumption, if the same shall occur as a result
of the failure of any Rating Agency to respond to such request in a reasonable period of time.

 

(b)          Prior
to consenting to any assignment and assumption or waiver of a “due-on-sale” clause pursuant to Section 8.7(a)
with respect to any Mortgage Loan, Serviced

 

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Companion Loan or B Note, the Special Servicer or, with respect to any request that
does not constitute a Major Decision or Special Servicer Decision (if any) or as otherwise contemplated by Section 8.7(f),
the Master Servicer, as applicable, shall provide a Rating Agency Communication to the 17g-5 Information Provider with respect
to any securities that are rated by any such NRSRO and evidence direct beneficial interests in a Serviced Companion Loan or Serviced
B Note regarding such assignment and assumption or waiver if (A) the Unpaid Principal Balance of the related Mortgage Loan at such
time equals or exceeds 5% of the Aggregate Certificate Balance of the Principal Balance Certificates or exceeds $35,000,000 or
(B) the related Mortgage Loan is one of the then current ten (10) largest Mortgage Loans or groups of Crossed Mortgage Loans (by
Unpaid Principal Balance) in the Trust Fund; provided, no Rating Agency Communication will be required under such circumstances
if the Unpaid Principal Balance of the related Mortgage Loan is less than $5,000,000. In connection with each such Rating Agency
Communication, the Special Servicer or the Master Servicer, as applicable, shall prepare and, subject to Section 5.7, deliver
to the Rating Agencies a memorandum outlining its analysis and recommendation in accordance with the Servicing Standard, together
with copies of all relevant documentation, and shall promptly forward copies of the assignment and assumption documents relating
to the applicable Mortgage Loan, Serviced Companion Loan or Serviced B Note to the Special Servicer (if the Master Servicer is
processing the matter), the Master Servicer (if the Special Servicer is processing the matter), the Certificate Administrator,
the Custodian, the 17g-5 Information Provider and the Trustee, and the Special Servicer or the Master Servicer, as applicable,
shall promptly thereafter, subject to Section 5.7, forward such documents to the Rating Agencies.

 

(c)          The
Special Servicer or the Master Servicer, as applicable, for the benefit of the Certificateholders, the holder of any related Serviced
Companion Loan and the holder of any related Serviced B Note, shall execute any necessary instruments (pursuant to subsection (a))
for such assignment and assumption agreements. Upon the closing of the transactions contemplated by such documents, the Special
Servicer or the Master Servicer, as applicable, shall cause the originals of the assignment and assumption agreement, the release
(if any), or the modification or supplement to the related Mortgage Loan, Serviced Companion Loan or Serviced B Note to be delivered
to the Custodian (with a copy thereof to the Master Servicer (if delivered by the Special Servicer) or the Special Servicer (if
delivered by the Master Servicer)) except to the extent such documents have been submitted to the recording office, in which event
the Special Servicer or the Master Servicer, as applicable, shall promptly deliver copies of such documents to the Custodian, the
Master Servicer (if the Special Servicer is processing the matter) and the Special Servicer (if the Master Servicer is processing
the matter).

 

(d)          If
any Mortgage Loan, Serviced Companion Loan or Serviced B Note (other than a Specially Serviced Mortgage Loan or a Non-Serviced
Mortgage Loan) which contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)          provides
that such Mortgage Loan, Serviced Companion Loan or Serviced B Note, as applicable, 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 a lien
on an ownership interest in the Mortgagor; or

 

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(ii)         requires
the consent of the Mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property
or a lien on an ownership interest in the Mortgagor,

 

then, if the Master Servicer
receives a request for a waiver of, or gains actual knowledge of any potential or actual breach of, such “due-on-encumbrance”
clause, the Master Servicer shall promptly deliver any such request to the Special Servicer, together with any information in the
possession of the Master Servicer that is reasonably necessary for the Special Servicer to make a decision with respect to such
Mortgagor’s request. Subject to Section 10.3 and the terms and conditions of any related Intercreditor Agreement,
the Special Servicer shall, in accordance with the Servicing Standard (and, with respect to any such request that constitutes a
Major Decision or Special Servicer Decision, while directly processing such request), grant or withhold consent to any such request
for waiver of such due-on-encumbrance clause. With respect to any such request processed by the Master Servicer in accordance with
Section 8.7(f) involving a Major Decision or Special Servicer Decision, (x) if the Master Servicer is recommending approval,
the Master Servicer shall obtain the consent of the Special Servicer and such consent of the Special Servicer shall be deemed given
if not denied within the time period contemplated by Section 10.3, (y) the Master Servicer shall act accordingly and shall
not permit any such waiver unless it has received the written consent of the Special Servicer or such consent has been deemed to
have been granted as set forth in this sentence and (z) if the Special Servicer withholds consent pursuant to the foregoing provisions,
it shall provide the Master Servicer with a written statement and a verbal explanation, as necessary, as to its reasoning and analysis.

 

The Special Servicer (upon
deciding to grant consent (subject to Section 10.3 and the terms and conditions of any related Intercreditor Agreement) to any
proposed waiver) or, in accordance with Section 8.7(f), the Master Servicer (upon consent or deemed consent by the Special
Servicer (subject to Section 10.3 and the terms and conditions of any related Intercreditor Agreement) to any proposed waiver)
shall process such request of the related Mortgagor subject to the other requirements set forth above.

 

(e)          Prior
to consenting to any waiver of a “due-on-encumbrance” clause pursuant to Section 8.7(d) with respect to any
Mortgage Loan, Serviced Companion Loan or Serviced B Note, the Special Servicer or, with respect to any request that does not constitute
a Major Decision or Special Servicer Decision or as otherwise contemplated by Section 8.7(f), the Master Servicer, as applicable,
shall provide a Rating Agency Communication regarding such waiver to each Rating Agency, the 17g-5 Information Provider and each
Other NRSRO with respect to any securities that are rated by any such NRSRO and evidence direct beneficial interests in a Serviced
Companion Loan or Serviced B Note.

 

Notwithstanding anything
to the contrary contained in this Section 8.7 that requires the consent of the Master Servicer or the Special Servicer,
as applicable, any such consent with respect to any A/B Whole Loan or any Loan Pair shall be obtained in accordance with the related
Intercreditor Agreement and within the time periods specified therein.

 

(f)          With
respect to any Non-Specially Serviced Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall forward
to the Special Servicer any request for consent to an assignment or assumption or for a waiver of a “due-on-sale” or
“due-

 

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on-encumbrance” clause described above that, in each case, involves a Major Decision or Special Servicer Decision
to the Special Servicer. Unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer shall process
such request, the Special Servicer shall process such request. If such request does not involve a Major Decision or Special Servicer
Decision, the Master Servicer shall process such request, which processing, in accordance with Section 10.3, shall not be
subject to the consent of (or consultation with) the Controlling Class Representative, Trust Advisor or Special Servicer.

 

(g)          Notwithstanding
anything in this Agreement to the contrary, to the extent that the Master Servicer does not process a Major Decision or Special
Servicer Decision, the Master Servicer shall have no duty to deliver to the Special Servicer any analysis or recommendations in
connection with any such action but shall be required to provide all information in its possession that is reasonably necessary
for the Special Servicer to make a decision with respect to the applicable Major Decision or Special Servicer Decision.

 

Section 8.8      Custodian
to Cooperate; Release of Trust Mortgage Files.

 

(a)          Upon
the payment in full of any Mortgage Loan, the complete defeasance of a Mortgage Loan, satisfaction or discharge in full of any
Specially Serviced Mortgage Loan, the purchase of an A Note by the holder of a Serviced B Note pursuant to the related Intercreditor
Agreement, or the receipt by the Master Servicer of a notification that payment in full (or such payment, if any, in connection
with the satisfaction and discharge in full of any Specially Serviced Mortgage Loan) will be escrowed in a manner customary for
such purposes, and upon notification by the Master Servicer in the form of a certification (which certification shall include a
statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited
in the Collection Account have been or will be so deposited) of a Servicing Officer and a request for release of the Trust Mortgage
File in the form of Exhibit C hereto delivered to the Custodian (on the Trustee’s behalf), the Custodian (on the Trustee’s
behalf) shall promptly release the related Trust Mortgage File to the Master Servicer, and the Custodian (on the Trustee’s
behalf) shall deliver to the Master Servicer the deed of reconveyance or release, satisfaction or assignment of mortgage or such
instrument releasing the lien of the Mortgage, as directed by the Master Servicer together with the Mortgage Note (or Mortgage
Notes) with written evidence of cancellation thereon. The provisions of the immediately preceding sentence shall not, in any manner,
limit or impair the right of the Master Servicer to execute and deliver, on behalf of the Trustee, the Certificateholders, the
holder of any Serviced Companion Loan, the holder of any Serviced B Note or any of them, any and all instruments of satisfaction,
cancellation or assignment without recourse, representation or warranty, or of partial or full release or discharge and all other
comparable instruments, with respect to the Mortgage Loans, any Serviced Companion Loan or any Serviced B Note, and with respect
to the Mortgaged Properties held for the benefit of the Certificateholders, the holder of any Serviced Companion Loan and the holder
of any Serviced B Note. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be
chargeable to the Distribution Account but shall be paid by the Master Servicer except to the extent that such expenses are paid
by the related Mortgagor in a manner consistent with the terms of the related Mortgage and applicable law. From time to time and
as shall be appropriate for the servicing of any Mortgage Loan, including for such purpose, collection under any policy of flood
insurance, any Servicer Fidelity Bond or Errors and Omissions Policy, or for the purposes of effecting a

 

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partial or total release
of any Mortgaged Property from the lien of the Mortgage or the making of any corrections to the Mortgage Note (or Mortgage Notes)
or the Mortgage or any of the other documents included in the Trust Mortgage File, the Custodian shall, upon request of the Master
Servicer and the delivery to the Custodian of a Request for Release signed by a Servicing Officer, in the form of Exhibit C
hereto, release the Trust Mortgage File to the Master Servicer or the Special Servicer, as the case may be.

 

(b)          With
respect to any Non-Serviced Loan Combination, the Grove City Premium Outlets Loan Pair (on and after the Grove City Premium Outlets
Companion Loan Securitization Date) or the Gulfport Premium Outlets Loan Pair (on and after the Gulfport Premium Outlets Companion
Loan Securitization Date), if pursuant to the related Intercreditor Agreement and the Other Companion Loan Pooling and Servicing
Agreement, and as appropriate for enforcing the terms of such Non-Serviced Loan Combination, the Grove City Premium Outlets Loan
Pair or the Gulfport Premium Outlets Loan Pair, as applicable, the related Other Master Servicer requests delivery to it of the
original Mortgage Note, then the Custodian shall release or cause the release of such original Mortgage Note to the related Other
Master Servicer or its designee and shall retain a copy thereof, subject to the execution of an agreement by such Other Master
Servicer to safeguard such original Mortgage Note and to return such original Mortgage Note promptly when no longer required by
such Other Master Servicer for such purpose.

 

(c)          With
respect to any Loan Pair, if pursuant to the related Intercreditor Agreement, and as appropriate for enforcing the terms of such
Loan Pair, the Master Servicer requests from the related Other Custodian delivery to it of the original mortgage note evidencing
the related Serviced Companion Loan, the Master Servicer shall agree to safeguard such original mortgage note and to return such
original mortgage note promptly when no longer required by it for such purpose.

 

Section 8.9     Documents,
Records and Funds in Possession of Master Servicer to be Held for the Trustee for the Benefit of the Certificateholders. Notwithstanding
any other provisions of this Agreement, the Master Servicer shall transmit to the Trustee, the Certificate Administrator and the
Custodian, to the extent required by this Agreement, all documents and instruments coming into the possession of the Master Servicer
from time to time and shall account fully to the Trustee, the Certificate Administrator and the Custodian for any funds received
or otherwise collected thereby, including Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan. All Servicer
Mortgage Files and funds collected or held by, or under the control of, the Master Servicer in respect of any Mortgage Loans (or
any Serviced B Note or Serviced Companion Loan), whether from the collection of principal and interest payments or from Liquidation
Proceeds or Insurance Proceeds, including any funds on deposit in the Collection Account (or any Custodial Account), shall be
held by the Master Servicer for and on behalf of the Trustee and the Certificateholders (or the holder of any Serviced B Note
or Serviced Companion Loan, as applicable) and shall be and remain the sole and exclusive property of the Trust, subject to the
applicable provisions of this Agreement. The Master Servicer agrees that it shall not create, incur or subject any Servicer Mortgage
Files or Trust Mortgage File or any funds that are deposited in the Collection Account or any Escrow Account, or any funds that
otherwise are or may become due or payable to the Trustee, the Certificate Administrator or the Custodian, to any claim, lien,
security interest, judgment, levy,

 

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writ of attachment or other encumbrance, or assert by legal action or otherwise any claim or
right of setoff against any Servicer Mortgage Files or Trust Mortgage File or any funds collected on, or in connection with, a
Mortgage Loan, except, however, that the Master Servicer shall be entitled to receive from any such funds any amounts that are
properly due and payable to the Master Servicer under this Agreement.

 

Section 8.10     Servicing
Compensation.

 

(a)          As
compensation for its activities hereunder, the Master Servicer shall be entitled to the Master Servicing Fee, which shall be payable
by the Trust from amounts held in the Collection Account (and from the related Custodial Account to the extent related solely to
any Serviced B Note or Serviced Companion Loan) or otherwise collected from the Mortgage Loans and, if applicable, A/B Whole Loans
and Loan Pairs (including a Mortgage Loan, A/B Whole Loan or Loan Pair that relates to an REO Property or is a Defeasance Loan),
including any Non-Serviced Mortgage Loan, as provided in Section 5.2. The Master Servicer’s rights to the Master Servicing
Fee may not be transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities
and obligations under this Agreement or as provided in the following paragraph with respect to the Excess Servicing Fee.

 

The Master Servicer and any
successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell, pledge
or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional
Buyer or Institutional Accredited Investor (other than a Plan); provided, that no such transfer, sale, pledge or other assignment
shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements
of the Securities Act and any applicable state securities laws and is otherwise made in accordance with the Securities Act and
such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in
the form of Exhibit S-1 attached hereto, and (iii) the prospective transferee shall have delivered to the Master Servicer
and the Depositor a certificate substantially in the form of Exhibit S-2 attached hereto. None of the Depositor, the Trustee,
the Certificate Administrator, the Custodian, the Trust Advisor or the Certificate Registrar shall have any obligation to register
or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take any action not otherwise
required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration
or qualification. The Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge
or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an
Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with
any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor,
the Underwriters, the Initial Purchasers, the Certificate Administrator, the Custodian, the Trustee, the Master Servicer, the Certificate
Registrar, the Trust Advisor and the Special Servicer against any liability that may result if such transfer is not exempt from
registration and/or qualification under the Securities Act or other applicable federal and state securities laws or is not made
in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its acceptance
of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in
any manner that could result in

 

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a violation of any provision of the Securities Act or other applicable securities laws or that
would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From time to time
following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related
Mortgage Loan, Serviced Companion Loan or any successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates,
shall pay, out of the Master Servicing Fee paid to the Master Servicer with respect to such Mortgage Loan, Serviced Companion Loan
or any successor REO Loan, as the case may be, the related Excess Servicing Fee to the holder of such Excess Servicing Fee Right
within one Business Day following the payment of such Master Servicing Fee to the Master Servicer, in each case in accordance with
payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Custodian, the Certificate Registrar, the Trust Advisor, the Depositor, the Special Servicer or the Trustee
shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess
Servicing Fee Right.

 

(b)          Notwithstanding
anything herein to the contrary (and, in the case of any A/B Whole Loan, Loan Pair or Non-Serviced Loan Combination, subject to
any provisions of the applicable Intercreditor Agreement relating to the allocation of the amounts set forth below), the Master
Servicer shall be entitled to receive the following items as additional servicing compensation:

 

(i)          100%
of defeasance fees (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) actually collected
during the related Collection Period;

 

(ii)        (a)
50% of Unallocable Modification Fees or waiver fees actually collected during the related Collection Period with respect to
Non-Specially Serviced Mortgage Loans and paid in connection with a consent, approval or other action that is a Major
Decision (whether or not processed by the Master Servicer) or is a Special Servicer Decision (if processed by the Master
Servicer pursuant to the mutual agreement of the Master Servicer and the Special Servicer that the Master Servicer shall
process such request), (b) 50% of Unallocable Modification Fees or waiver fees actually collected during the related
Collection Period with respect to clause (b)(i) and (ii) of the definition of “Special Servicer
Decision”, which the Master Servicer shall process, clause (f) and/or clause (g) of the definition of
“Special Servicer Decision” and (c) 100% of Unallocable Modification Fees actually collected during the related
Collection Period with respect to Non-Specially Serviced Mortgage Loans and paid in connection with a consent, approval or
other action that the Master Servicer is permitted to take in the absence of the consent or approval (or deemed consent or
approval) of the Special Servicer under the other provisions of this Agreement as long as no Major Decision or Special
Servicer Decision is involved;

 

(iii)       (a)
After application as set forth in Section 5.2(b) hereof, (x) 50% of Allocable Modification Fees (that constitute Excess
Modification Fees) actually collected during the related Collection Period with respect to Non-Specially Serviced Mortgage Loans
and

 

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paid in connection with a consent, approval or other action that is a Major Decision (whether or not processed by the Master
Servicer) or is a Special Servicer Decision (if processed by the Master Servicer pursuant to the mutual agreement of the Master
Servicer and the Special Servicer that the Master Servicer shall process such request), (b) 50% of Allocable Modification Fees
(that constitute Excess Modification Fees) actually collected during the related Collection Period with respect to clause (b)(i)
and (ii) of the definition of “Special Servicer Decision”, which the Master Servicer shall process,  clause
(f) and/or clause(g) of the definition of “Special Servicer Decision” and (c) 100% of Allocable Modification Fees
(that constitute Excess Modification Fees) actually collected during the related Collection Period with respect to Non-Specially
Serviced Mortgage Loans and paid in connection with a consent, approval or other action that the Master Servicer is permitted to
take in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under the other provisions
of this Agreement so long as no Major Decision or Special Servicer Decision is involved;

 

(iv)        50%
of Assumption Fees collected during the related Collection Period with respect to Non-Specially Serviced Mortgage Loans in connection
with a consent, approval or other action that is a Major Decision (whether or not processed by the Master Servicer) or is a Special
Servicer Decision (if processed by the Master Servicer), and 100% of Assumption Fees collected during the related Collection Period
with respect to Non-Specially Serviced Mortgage Loans in connection with a consent, approval or other action that the Master Servicer
is permitted to grant or take in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer
under the other provisions of this Agreement so long as no Major Decision or Special Servicer Decision is involved;

 

(v)          100%
of assumption application fees collected during the related Collection Period with respect to Non-Specially Serviced Mortgage Loans
(regardless of whether the Master Servicer or the Special Servicer processes the assumption);

 

(vi)        (a)
50% of Consent Fees on Non-Specially Serviced Mortgage Loans in connection with a consent that involves no modification, assumption,
extension, waiver or amendment of the terms of any Mortgage Loan documents and is paid in connection with a consent, approval or
other action that is a Major Decision (whether or not processed by the Master Servicer) or is a Special Servicer Decision (if processed
by the Master Servicer pursuant to the mutual agreement of the Master Servicer and the Special Servicer that the Master Servicer
shall process such request), (b) 50% of Consent Fees on Non-Specially Serviced Mortgage Loans in connection with a consent that
involves no modification, assumption, extension, waiver or amendment of the terms of any Mortgage Loan documents and is paid with
respect to clause (b)(i) and (ii) of the definition of “Special Servicer Decision”, which the Master
Servicer shall process clause (f) and/or (g) of the definition of “Special Servicer Decision”, and
(c) 100% of Consent Fees on Non-Specially Serviced Mortgage Loans in connection with a consent, approval or other action that involves
no modification, assumption, extension, waiver or amendment of the terms of any Mortgage Loan documents and is paid in connection
with a consent that the Master Servicer is permitted to grant or take in the absence of the consent or approval (or deemed consent
or approval) of the Special Servicer under the other provisions of this Agreement so long as no Major Decision or Special Servicer
Decision is involved;

 

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(vii)       Any
and all amounts collected for checks returned for insufficient funds on all Mortgage Loans and Serviced Companion Loans;

 

(viii)      100%
of charges for beneficiary statements or demands actually paid by the Mortgagors under Non-Specially Serviced Mortgage Loans;

 

(ix)        (a)
100% of other loan processing fees actually paid by the Mortgagors under the Non-Specially Serviced Mortgage Loans to the extent
that the consent of the Special Servicer is not required in connection with the associated action so long as no Major Decision
or Special Servicer Decision is involved and (b) 50% of other loan processing fees actually paid by the Mortgagors under Non-Specially
Serviced Mortgage Loans which action involves a Major Decision (whether or not processed by the Master Servicer) or is a Special
Servicer Decision (if processed by the Master Servicer pursuant to the mutual agreement of the Master Servicer and the Special
Servicer that the Master Servicer shall process such request (or with respect to clause (b)(i) and (ii) of the definition
of “Special Servicer Decision”, which the Master Servicer shall process, clause (f) and/or (g) of
the definition of “Special Servicer Decision”));

 

(x)          Interest
or other income earned on deposits in the Collection Account maintained by the Master Servicer, in accordance with Section 5.2
(net of any investment losses with respect to the Collection Account);

 

(xi)        After
application as set forth in Section 5.2(b), any Excess Penalty Charges earned on Non-Specially Serviced Mortgage Loans;
and

 

(xii)       100%
of any fees (to the extent such fees are not prohibited under the related mortgage loan agreement and are actually paid by or on
behalf of the related Mortgagor) relating to actions which are not Major Decisions or Special Servicer Decisions with respect to
Non-Specially Serviced Mortgage Loans;

 

provided that, notwithstanding
the foregoing, regardless of whether the Master Servicer or the Special Servicer processes any request described in clause (b),
(f) or (g) of the definition of Special Servicer Decisions, each of the Master Servicer and the Special Servicer
shall be entitled to 50% of any fee paid in connection with such Special Servicer Decision on any Non-Specially Serviced Mortgage
Loan.

 

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, the Master
Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective
portion of such fee; provided, that (A) neither the Master Servicer nor the Special Servicer will 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 its respective portion in any such fee, the party that reduced or
elected not to charge its respective portion of such fee will 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, the Special Servicer shall nevertheless be entitled
to charge its portion of the related fee to which the

 

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Special Servicer would have been entitled if the Master Servicer had charged
a fee and the Master Servicer will not be entitled to any of such fee charged by the Special Servicer.

   

Notwithstanding anything to the contrary, the
Master Servicer and the Special Servicer will each be entitled to retain reasonable review and/or processing fees in connection
with any Mortgagor request to the extent such fees are not prohibited under the related mortgage loan agreement and are actually
paid by or on behalf of the related Mortgagor.

 

(c)          The
Master Servicer shall also be entitled to additional servicing compensation of (i) an amount equal to the excess, if any, of the
aggregate Prepayment Interest Excess collected with respect to Mortgage Loans that are not Specially Serviced Mortgage Loans, during
each Collection Period over the aggregate Prepayment Interest Shortfalls incurred with respect to such Mortgage Loans during such
Collection Period, and (ii) to the extent not required to be paid to any Mortgagor under applicable law, any interest or other
income earned on deposits in the Escrow Accounts.

 

Section 8.11     Master
Servicer Reports; Account Statements.

 

(a)          For
each Distribution Date, (i) the Master Servicer shall deliver to the Certificate Administrator (or with respect to a Serviced Companion
Loan, to the holder thereof or its servicer), no later than 2:00 p.m., New York City time, on the related Advance Report Date,
the Master Servicer Remittance Report with respect to such Distribution Date including any information regarding prepayments and
Balloon Payments made and any CREFC® License Fee to be paid to CREFC® and (ii) the Master Servicer
shall report to the Certificate Administrator on or prior to the related Advance Report Date, the amount of the P&I Advance,
if any, to be made by the Master Servicer on the related Master Servicer Remittance Date. The Special Servicer is required to provide
all applicable information relating to Specially Serviced Mortgage Loans reasonably necessary in order for the Master Servicer
to satisfy its duties in this Section 8.11. The Master Servicer Remittance Report shall be updated no later than 12:00 p.m.,
New York City time, on the Master Servicer Remittance Date to reflect any payment on a Mortgage Loan, a Serviced Companion Loan
or a Serviced B Note for which the Scheduled Payment is paid on a Due Date (or within its grace period) that occurs after the end
of the related Collection Period and the Master Servicer shall notify the Certificate Administrator on the Advance Report Date
that such an updated Master Servicer Remittance Report is to be provided.

 

(b)          Notwithstanding
any provision of this Agreement to the contrary, the Master Servicer shall not have any obligation (other than to the Certificate
Administrator under Section 8.11(a) and (d) hereof and to the Special Servicer) to deliver any statement, notice
or report that is then made available on the Master Servicer’s or the Certificate Administrator’s internet website,
if it has notified all parties entitled to delivery of such reports, by electronic mail or other notice provided in this Agreement,
to the effect that such statements, notices or reports shall thereafter be made available on such website from time to time; provided,
that with respect to any Loan Pair or A/B Whole Loan, the Master Servicer shall deliver to the holder of the related Serviced Companion
Loan and/or Serviced B Note any statement, notice or report required to be delivered to it pursuant to the terms of the related
Intercreditor Agreement.

 

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(c)          The
Master Servicer shall promptly inform the Special Servicer of the name, account number, location and other necessary information
concerning the Collection Account in order to permit the Special Servicer to remit amounts to the Master Servicer for deposit therein.

 

(d)          The
Master Servicer shall deliver or cause to be delivered to the Certificate Administrator and the holder of any Serviced Companion
Loan (in respect of such Serviced Companion Loan) the following CREFC® Reports with respect to the Mortgage Loans
(and, if applicable, the related REO Properties and, to the extent received from the applicable Non-Serviced Mortgage Loan Master
Servicer, any Non-Serviced Mortgage Loan) providing the required information as of the related Determination Date upon the following
schedule: (i) a CREFC® Comparative Financial Status Report and the CREFC® Financial File not later
than one (1) Business Day prior to each Distribution Date, commencing in January 2016; (ii) a CREFC® Operating Statement
Analysis Report and a CREFC® NOI Adjustment Worksheet in accordance with Section 8.14 of this Agreement not
later than one (1) Business Day prior to each applicable Distribution Date; (iii) a CREFC® Servicer Watch List in
accordance with and subject to the terms of Section 8.11(e) not later than one (1) Business Day prior to each Distribution
Date, commencing in January 2016; (iv) a CREFC® Loan Setup File (with respect to the initial Distribution Date only)
not later than the Report Date in January 2016; (v) a CREFC® Loan Periodic Update File not later than each Advance
Report Date commencing in January 2016 (which CREFC® Loan Periodic Update File shall be accompanied by a CREFC®
Advance Recovery Report); (vi) a CREFC® Property File not later than each Report Date, commencing in January 2016;
(vii) a CREFC® Delinquent Loan Status Report not later than one (1) Business Day prior to each Distribution Date,
commencing in January 2016; (viii) a CREFC® Historical Loan Modification and Corrected Mortgage Loan Report not
later than one (1) Business Day prior to each Distribution Date, commencing in January 2016; (ix) a CREFC® Loan
Level Reserve/LOC Report not later than one (1) Business Day prior to each Distribution Date, commencing in January 2016; (x) a
CREFC® REO Status Report not later than one (1) Business Day prior to each Distribution Date, commencing in January
2016; and (xi) a CREFC® Total Loan Report not later than one (1) Business Day prior to each Distribution Date, commencing
in January 2016. The information that pertains to Specially Serviced Mortgage Loans and REO Properties reflected in such reports
shall be based upon the reports delivered by the Special Servicer to the Master Servicer in writing as of the related Determination
Date and on a computer readable medium reasonably acceptable to the Master Servicer and the Special Servicer not later than the
Special Servicer Remittance Date prior to the related Master Servicer Remittance Date in the form required under Section 9.32.
The Master Servicer’s responsibilities under this Section 8.11(d) with respect to REO Mortgage Loans and Specially
Serviced Mortgage Loans shall be subject to the satisfaction of the Special Servicer’s obligations under Section 9.32.
The reporting obligations of the Master Servicer in connection with any A/B Whole Loan shall be construed to refer only to such
information regarding the A/B Whole Loan (and its related Mortgaged Property) and by reference to the related A Note only, but
whenever the Master Servicer remits funds to the holder of the related Serviced B Note, it shall thereupon deliver to such holder
a remittance report identifying the amounts in such remittance.

 

(e)          For
each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator (and solely with respect to any A/B
Whole Loan, the holder of the related Serviced B Note and solely with respect to any Loan Pair, the holders of the related

 

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Serviced
Companion Loan and any related Serviced B Note), not later than one (1) Business Day prior to each Distribution Date, a CREFC®
Servicer Watch List. The Master Servicer shall list any Mortgage Loan on the CREFC® Servicer Watch List as to which
any of the events specified in the CREFC® Servicer Watch List published by the CREFC® for industry
use has occurred.

 

(f)          If
the Master Servicer delivers a notice of drawing to effect a drawing on any letter of credit or debt service reserve account under
which the Trust has rights as the holder of any Mortgage Loan for purposes other than payment or reimbursement of amounts contemplated
in and by a reserve or escrow agreement (other than after a default under an applicable Mortgage Loan or Serviced B Note), the
Master Servicer shall, within five (5) Business Days following its receipt of the proceeds of such drawing, deliver notice thereof
to the Special Servicer, the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation
Period) and the Certificate Administrator, which notice shall set forth (i) the Unpaid Principal Balance of such Mortgage Loan
or Serviced B Note immediately before and immediately after the drawing, and (ii) a brief description of the circumstances that
in the Master Servicer’s good faith and reasonable judgment entitled the Master Servicer to make such drawing.

 

Section 8.12     Reserved.

 

Section 8.13     Reserved.

 

Section 8.14     CREFC®
Operating Statement Analysis Reports Regarding the Mortgaged Properties. The Master Servicer (in the case of Non-Specially
Serviced Mortgage Loans) and the Special Servicer (in the case of Specially Serviced Mortgage Loans and REO Loans (other than
any Non-Serviced Mortgage Loan that has become an REO Loan)) shall use reasonable efforts to collect from the related Mortgagors
any and all operating statements, other financial statements and rent rolls required to be delivered pursuant to the related Mortgage
Loan documents after the Closing Date, and the Special Servicer shall deliver copies within ten (10) Business Days of receipt
of all such items collected by it to the Master Servicer. On a calendar quarterly basis within forty-five (45) days after the
Master Servicer’s receipt of the related Mortgagor’s quarterly financial statements (commencing within forty-five
(45) days of the receipt of related Mortgagor’s financial statements for the quarter ending March 31, 2016) and on an annual
basis within forty-five (45) days after the Master Servicer’s receipt of the related Mortgagor’s annual financial
statements (commencing with the year ending December 31, 2016), the Master Servicer (in the case of all Mortgage Loans (other
than any Non-Serviced Mortgage Loan)) shall deliver or make available electronically to the Certificate Administrator and the
Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) a CREFC®
Operating Statement Analysis Report and a CREFC® Financial File for each Mortgaged Property (in electronic
format), prepared, to the extent so required by the then current CREFC® investor reporting package, using the normalized
quarterly and normalized year-end operating statements and rent rolls of each applicable Mortgagor, and a copy of the actual operating
statements, financial statements and rent rolls provided by each Mortgagor (to the extent provided to the Master Servicer by or
on behalf of each Mortgagor, or, in the case of Specially Serviced Mortgage Loans, as provided to the Special Servicer, copies
of which the Special Servicer shall forward to the Master Servicer within ten (10) Business Days of receipt thereof); provided,
however, that the analysis with respect to the first calendar quarter of

 

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each year will not be required to the extent provided
in the then-current applicable CREFC® guidelines. Not later than June 30th of each year (commencing
in 2017), the Master Servicer (in the case of all Mortgage Loans) shall deliver or make available electronically to the Certificate
Administrator and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation
Period) a CREFC® Operating Statement Analysis Report, a CREFC® Financial File and a CREFC®
NOI Adjustment Worksheet for each Mortgage Loan (in electronic format), based on the most recently available year-end operating
statements and most recently available rent rolls of each applicable Mortgagor (to the extent provided to the Master Servicer
by or on behalf of each Mortgagor, or, in the case of Specially Serviced Mortgage Loans, as provided to the Special Servicer,
which the Special Servicer shall forward to the Master Servicer on or before May 31st of each such year), containing
such information and analyses for each Mortgage Loan (other than Non-Serviced Mortgage Loans) provided for in the respective forms
of a CREFC® Operating Statement Analysis Report, CREFC® Financial File and a CREFC®
NOI Adjustment Worksheet as would customarily be included in accordance with the Servicing Standard including, without limitation,
Debt Service Coverage Ratios and income, subject, in the case of any Non-Serviced Mortgage Loan, to the receipt of such report
from the applicable Non-Serviced Mortgage Loan Master Servicer or the applicable Non-Serviced Mortgage Loan Special Servicer.
The Master Servicer shall make reasonable efforts, consistent with the Servicing Standard, to obtain such reports from the applicable
Non-Serviced Mortgage Loan Master Servicer or the applicable Non-Serviced Mortgage Loan Special Servicer. In addition, the Master
Servicer shall deliver to the Certificate Administrator, and upon request the Master Servicer shall make available to the Rating
Agencies (subject to Section 5.7), the Special Servicer, the Custodian, the Trustee and the holder of any Serviced Companion
Loan, within thirty (30) days following the Master Servicer’s receipt thereof, copies of any annual, monthly or quarterly
financial statements and rent rolls collected with respect to the related Mortgaged Properties. If reasonably requested by the
Special Servicer, the Master Servicer shall discuss with the Mortgagor with respect to Non-Specially Serviced Mortgage Loans (i)
the annual, monthly or quarterly financial statements and rent rolls collected with respect to the related Mortgaged Properties
or (ii) the performance of the related Mortgaged Properties.

 

Section 8.15     Other
Available Information and Certain Rights of the Master Servicer.

 

(a)          Subject
to Section 5.7 and the restrictions described below, the Master Servicer shall afford any Privileged Person, any Seller,
any holder of a Serviced Companion Loan or any holder of a Serviced B Note, upon reasonable prior notice and during normal business
hours, reasonable access to all relevant, non-attorney-client-privileged records and documentation regarding the applicable Mortgage
Loans (other than Non-Serviced Mortgage Loans), any REO Property and all accounts, insurance policies and other relevant matters
relating to this Agreement (which access may occur by means of the availability of information on the Master Servicer’s internet
website), and access to Servicing Officers of the Master Servicer responsible for its obligations hereunder. Copies of information
or access will be provided to Certificateholders and each Certificate Owner and prospective investor providing satisfactory evidence
of legal or beneficial ownership of, or intent to purchase, a Certificate, as the case may be, which shall be in the form of an
Investor Certification (which shall include a certification that the Person requesting such information is not a Mortgagor under
any such Mortgage Loan, a Manager of any Mortgaged Property or an Affiliate or agent, principal,

 

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partner, member, joint venturer,
limited partner, employee, representative, director, trustee or advisor of, or any investor in, any of the foregoing). Copies (or
computer diskettes or other digital or electronic copies of such information if reasonably available in lieu of paper copies) of
any and all of the foregoing items shall be made available by the Master Servicer upon request; provided, that the Master
Servicer shall be permitted to require payment by the requesting party (other than the Depositor, the Trustee, the Custodian, the
Certificate Administrator, the Special Servicer, the Controlling Class Representative, the Trust Advisor, any Underwriter or any
Initial Purchaser) of a sum sufficient to cover the reasonable expenses actually incurred by the Master Servicer of providing access
or copies (including electronic or digital copies) of any such information requested in accordance with the preceding sentence.

 

(b)          Nothing
herein shall be deemed to require the Master Servicer to confirm, represent or warrant the accuracy of (or to be liable or responsible
for) any other Person’s information or report. Notwithstanding the above, the Master Servicer shall not have any liability
to any Person to whom it delivers information pursuant to this Section 8.15 or any other provision of this Agreement for
federal, state or other applicable securities law violations relating to the disclosure of such information. If any Person brings
any claims relating to or arising from the foregoing against the Master Servicer (or any employee, attorney, officer, director
or agent thereof), the Trust (from amounts held in any account (including, subject to the related Intercreditor Agreement, with
respect to any such claims relating to a Serviced Companion Loan or a Serviced B Note, from amounts held in the related Custodial
Account) or otherwise) shall hold harmless and indemnify the Master Servicer from any loss or expense (including attorney fees)
relating to or arising from such claims.

 

(c)          The
Master Servicer shall produce the reports required of it under this Agreement; provided, that the Master Servicer shall
not be required to produce any ad hoc non-standard written reports with respect to any Mortgage Loans. If the Master Servicer
elects to provide such non-standard reports, it may require the Person requesting such report (other than a Rating Agency) to pay
a reasonable fee to cover the costs of the preparation thereof. Any transmittal of information by the Master Servicer to any Person
other than the Trustee, the Custodian, the Certificate Administrator, the Master Servicer, the Special Servicer, the Trust Advisor,
any Underwriter, any Initial Purchaser, the Rating Agencies (subject to Section 5.7), the Controlling Class Representative
or the Depositor may be accompanied by a letter from the Master Servicer containing the following provision:

 

“By receiving
the information set forth herein, you hereby acknowledge and agree that the United States securities laws restrict any person who
possesses material, non-public information regarding the Trust which issued Morgan Stanley Capital I Trust 2015-UBS8, Commercial
Mortgage Pass-Through Certificates, Series 2015-UBS8 from purchasing or selling such Certificates in circumstances where the other
party to the transaction is not also in possession of such information. You also acknowledge and agree that such information is
being provided to you for the purpose of, and such information may be used only in connection with, evaluation by you or another
Certificateholder, Certificate Owner or prospective purchaser of such Certificates or beneficial interest therein.”

 

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(d)          The
Master Servicer may, at its discretion, make available by electronic media and bulletin board service certain information and may
make available by electronic media or bulletin board service (in addition to making such information available as provided herein)
any reports or information required by this Agreement that the Master Servicer is required to provide to any of the Rating Agencies,
the Depositor and anyone the Depositor reasonably designates.

 

(e)          Subject
to Section 5.7, the Master Servicer shall cooperate in providing the Rating Agencies with such other pertinent information
relating to the Mortgage Loans as is or should be in their respective possession as the Rating Agencies may reasonably request.

 

Section 8.16     Rule
144A Information. For as long as any of the Certificates are “restricted securities” within the meaning of Rule
144A under the Securities Act, the Master Servicer agrees to provide to the Certificate Administrator for delivery to any Holder
thereof, any Certificate Owner therein and to any prospective purchaser of the Certificates or beneficial interest therein reasonably
designated by the Certificate Administrator upon the request of such Certificateholder, such Certificate Owner or the Certificate
Administrator subject to this Section 8.16 and the provisions of Sections 5.4 and 8.15, any information prepared
by the Master Servicer that any such entity requests as being required to be provided to such holder or prospective purchaser
to satisfy the condition set forth in Rule 144A(d)(4) under the Securities Act.

 

Any recipient of information
provided pursuant to this Section 8.16 shall agree that such information shall not be disclosed or used for any purpose
other than the evaluation of the Certificates by such Person and the Master Servicer shall be permitted to use the letter referred
to in Section 8.15(c). Unless the Master Servicer chooses to deliver the information directly, the Depositor, the Underwriters,
the Initial Purchasers or the Certificate Administrator shall be responsible for the physical delivery of the information requested
pursuant to this Section 8.16. As a condition to the Master Servicer making any report or information available upon request
to any Person other than the parties hereto, the Master Servicer may require that the recipient of such information acknowledge
that the Master Servicer may contemporaneously provide such information to the Depositor, the Trustee, the Custodian, the Certificate
Administrator, the Special Servicer, the Trust Advisor, the Sellers, the Controlling Class Representative, the holder of a Serviced
Companion Loan, the holder of a Serviced B Note, the Underwriters, the Initial Purchasers, any Rating Agency (subject to Section
5.7) and/or the Certificateholders and Certificate Owners. The Master Servicer will be permitted to require payment of a sum
to be paid by the requesting party (other than the Depositor, the Rating Agencies, the Trustee, the Custodian, the Certificate
Administrator, the Underwriters or the Initial Purchasers) sufficient to cover the reasonable costs and expenses of making such
information available.

 

Section 8.17     Inspections.
The Master Servicer shall, at its own expense, inspect or cause to be inspected each Mortgaged Property other than Mortgaged
Properties related to Specially Serviced Mortgage Loans and Non-Serviced Mortgage Loans, every calendar year beginning in 2017,
or every second (2nd) calendar year beginning in 2018 if the Unpaid Principal Balance of the related Mortgage Loan
or Loan Pair is less than $2,000,000; provided that, to the extent the applicable Mortgaged Property has not been inspected
within the prior

 

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sixty (60) days, the Master Servicer shall, at the expense of the Trust, inspect or cause to be inspected each
Mortgaged Property related to a Mortgage Loan or Loan Pair (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage
Loan) that has a Debt Service Coverage Ratio that falls below 1.0x; provided, further, that with respect to any
Mortgage Loan (other than a Specially Serviced Mortgage Loan or Non-Serviced Mortgage Loan) or Loan Pair that has an Unpaid Principal
Balance of less than $2,000,000 and has been placed on the CREFC® Servicer Watch List, the Master Servicer shall
inspect or cause to be inspected the related Mortgaged Property every calendar year beginning in 2018 so long as such Mortgage
Loan or Loan Pair continues to be on the CREFC® Servicer Watch List; provided, if such Mortgage Loan or
Loan Pair is no longer on the CREFC® Servicer Watch List at the time the inspection was scheduled, no such inspection
shall be required. The Master Servicer shall prepare an Inspection Report relating to each inspection. The Master Servicer shall
promptly forward the applicable Inspection Report to the Certificate Administrator (who shall promptly upon receipt post it to
the Certificate Administrator’s Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly
upon receipt post it to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Controlling Class
Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during
any Subordinate Control Period), the Special Servicer, solely as it relates to any Loan Pair, to the holders of the related Serviced
Companion Loan and any related Serviced B Note, and solely as it relates to any A/B Whole Loan, to the holder of the related Serviced
B Note, and upon request, to any Certificateholder, any Certificate Owner and any Seller.

 

The Special Servicer shall
have the right (but not the obligation), in its sole discretion, to inspect or cause to be inspected (at its own expense) every
calendar year any Mortgaged Property related to a Non-Specially Serviced Mortgage Loan; provided that the Special Servicer
notifies the Master Servicer prior to such inspection. The Master Servicer is not required to inspect any Mortgaged Property that
has been inspected by the Special Servicer during the preceding twelve (12) months.

 

Section 8.18     Modifications,
Waivers, Amendments, Extensions and Consents.

 

(a)          With
respect to any Non-Specially Serviced Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall promptly
forward to the Special Servicer any written request for modification, waiver or amendment of such Mortgage Loan or any related
A/B Whole Loan or Loan Pair that constitutes a Major Decision or Special Servicer Decision, together with any information in the
possession of the Master Servicer that the Special Servicer may reasonably request for any such action that constitutes a Major
Decision or Special Servicer Decision. Unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer
shall process such request, the Special Servicer shall process any request for modification, waiver or amendment of any Mortgage
Loan (other than any Non-Serviced Mortgage Loan), A/B Whole Loan or Loan Pair that constitutes a Major Decision or Special Servicer
Decision. If the Special Servicer and the Master Servicer mutually agree that the Master Servicer shall process such request, the
Master Servicer and Special Servicer shall comply with the procedures in Section 10.3.

 

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(b)          Subject
to the limitations of Sections 10.3 and 12.3 hereof, the Master Servicer shall have the following powers:

 

(i)          Subject
to Section 10.3, the right of the Special Servicer to process Major Decisions and Special Servicer Decisions, and the terms
and conditions of any related Intercreditor Agreement, the Master Servicer in accordance with the Servicing Standard may agree
(without the consent of the Special Servicer or the Controlling Class Representative) to any modification, waiver, amendment or
consent of or relating to any term (other than a Money Term) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan), a Serviced
Companion Loan or a Serviced B Note that is not a Specially Serviced Mortgage Loan (such terms to include, without limitation,
Master Servicer Consent Matters set forth in Section 8.3(a) hereof), provided that such amendment would not result in an
Adverse REMIC Event or an Adverse Grantor Trust Event. In any event, the Master Servicer shall promptly notify the Special Servicer
of any material modification, waiver, amendment or consent executed by the Master Servicer pursuant to this Section 8.18(b)(i)
and provide to the Special Servicer a copy thereof. Notwithstanding the foregoing provisions of this Section 8.18, if the
related Mortgage Loan documents require a Mortgagor to pay a fee for an assumption, modification, waiver, amendment or consent
that would be due or partially due to the Special Servicer, then the Master Servicer shall not waive the portion of such fee due
to the Special Servicer without the Special Servicer’s written approval.

 

(ii)        Subject
to Section 10.3, the right of the Special Servicer to process Major Decisions and Special Servicer Decisions, and the terms
and conditions of any related Intercreditor Agreement, the Master Servicer may extend the maturity date of any Balloon Loan (other
than a Non-Serviced Mortgage Loan) that is not a Specially Serviced Mortgage Loan to a date that is not more than sixty (60) days
following the original Maturity Date, if in the Master Servicer’s sole judgment exercised in good faith (and evidenced by
an Officer’s Certificate delivered to the Special Servicer and the Trustee), a default in the payment of the Balloon Payment
is reasonably foreseeable and such extension is reasonably likely to produce a greater recovery to the Holders and the holders
of the related Serviced B Note and Serviced Companion Loan (as a collective whole) on a net present value basis (calculated in
accordance with Section 1.2(e)) than liquidation of such Balloon Loan and the Mortgagor has obtained an executed written
commitment (subject only to satisfaction of conditions set forth therein) for refinancing of such Balloon Loan or purchase of the
related Mortgaged Property. The Master Servicer shall process all such extensions.

 

(c)          In
connection with processing (or granting consent to the Master Servicer in connection with any action being processed by
the Master Servicer that is) any Major Decision or Special Servicer Decision, the Special Servicer (in accordance with
the Servicing Standard and subject to the terms and conditions of any related Intercreditor Agreement) shall also have the
right: (i) to agree to any modification, waiver, amendment or consent that is a Major Decision or Special Servicer Decision
relating to any term (other than a Money Term) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan), a Serviced Companion Loan or a Serviced B Note that is not a Specially Serviced
Mortgage Loan, provided that such amendment would not result in an Adverse REMIC Event or an Adverse Grantor Trust
Event; and (ii) to extend the maturity date of any Balloon Loan (other than a Non-Serviced Mortgage Loan) that is not a
Specially Serviced Mortgage Loan to a date that is not more than sixty (60)

 

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days following the original Maturity
Date, if in the Special Servicer’s sole judgment exercised in good faith (and evidenced by an Officer’s Certificate
delivered to the Trustee), a default in the payment of the Balloon Payment is reasonably foreseeable and such extension is reasonably
likely to produce a greater recovery to the Holders and the holders of the related Serviced B Note and Serviced Companion Loan
(as a collective whole) on a net present value basis (calculated in accordance with Section 1.2(e)) than liquidation of
such Balloon Loan and the Mortgagor has obtained an executed written commitment (subject only to satisfaction of conditions set
forth therein) for refinancing of such Balloon Loan or purchase of the related Mortgaged Property.

 

(d)          The
Master Servicer or the Special Servicer, as applicable, may require, in its discretion (unless prohibited or otherwise provided
in the Mortgage Loan documents), as a condition to granting any request by a Mortgagor for any consent, modification, waiver, amendment
or collateral release, that such Mortgagor pay to the Trust a reasonable and customary modification fee to the extent permitted
by law; provided that the collection of such fee shall not be permitted if collection of such fee would cause a “significant
modification” (within the meaning of Treasury Regulation Section 1.860G-2(b)) of the Mortgage Loan. The Master Servicer or
the Special Servicer, as applicable, may charge the Mortgagor for any costs and expenses (including attorneys’ fees and rating
agency fees) incurred by the Master Servicer or the Special Servicer (and any amounts incurred by the Special Servicer or the Master
Servicer, as applicable, shall be reimbursed to the Special Servicer or the Master Servicer, as applicable, as an Additional Trust
Expense) in connection with any request for a modification, waiver, amendment or collateral release. The Master Servicer shall
use its reasonable best efforts in accordance with the Servicing Standard to collect such costs, expenses and fees from the Mortgagor
and if the Master Servicer or the Special Servicer, as applicable, believes that the costs and expenses (including attorneys’
fees) to be incurred by the Master Servicer or the Special Servicer, as applicable, in connection with any request for a modification,
waiver or amendment will result in a payment or reimbursement by the Trust, then the Master Servicer or the Special Servicer, as
applicable, shall notify the Special Servicer or the Master Servicer, as applicable, prior to incurring any such costs and expenses,
provided that the failure or inability of the Mortgagor to pay any such costs and expenses shall not impair the right of
the Master Servicer or the Special Servicer, as applicable, to cause such costs and expenses (but not including any modification
fee), and interest thereon at the Advance Rate, to be paid or reimbursed by the Trust as a Servicing Advance (to the extent not
paid by the Mortgagor).

 

(e)          The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Custodian, the Certificate Administrator,
the 17g-5 Information Provider, the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period), the Trust Advisor (other than during any Subordinate Control Period) and the Special Servicer or the Master
Servicer, as applicable, of any modification, waiver or amendment of any term of any Mortgage Loan permitted by it under this Section
and the date thereof, and shall deliver to the Custodian (on the Trustee’s behalf) for deposit in the related Mortgage File,
an original counterpart of the agreement relating to such modification, waiver or amendment, promptly following the execution thereof
except to the extent such documents have been submitted to the applicable recording office, in which event the Master Servicer
or the Special Servicer, as applicable, shall promptly deliver copies of such documents to the Custodian (on the Trustee’s
behalf). Except in coordination with the Special Servicer as provided for in Section 8.18(a), the Master Servicer shall
not agree to any modification, waiver, or amendment

 

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of any term of (i) any Mortgage Loan that constitutes a Major Decision or Special
Servicer Decision or (ii) any Specially Serviced Mortgage Loan or a Non-Serviced Mortgage Loan. The Master Servicer shall notify
the holder of any related Serviced B Note or Serviced Companion Loan of any modification of the monthly payments of an A/B Whole
Loan or a Loan Pair, as the case may be, and such monthly payments shall be allocated in accordance with the related Intercreditor
Agreement (or with respect to a Joint Mortgage Loan treated as a Loan Pair in accordance with the related Intercreditor Agreement
(or with respect to a Joint Mortgage Loan treated as a Loan Pair in accordance with Section 8.30 hereof, the applicable
Mortgage Loan documents and Section 8.30 hereof).

 

Section 8.19     Specially
Serviced Mortgage Loans.

 

(a)          Within
five (5) Business Days after becoming aware of a Servicing Transfer Event with respect to a Mortgage Loan or any related Serviced
Companion Loan or Serviced B Note, the Master Servicer or the Special Servicer, as applicable, shall send a written notice to the
Special Servicer (if such notice is sent by the Master Servicer), the Master Servicer (if such notice is sent by the Special Servicer),
the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust
Advisor (other than during any Subordinate Control Period), the 17g-5 Information Provider (who shall promptly post such notice
on the 17g-5 Information Provider’s Website), the Certificate Administrator (who shall promptly post such notice on the Certificate
Administrator’s Website), the Trustee, the Custodian, the related Seller and, solely as it relates to any A/B Whole Loan,
to the holder of the related Serviced B Note and solely as it relates to any Loan Pair, to the holder of the related Serviced Companion
Loan, which notice shall identify the related Mortgage Loan and set forth in reasonable detail the nature and relevant facts of
such Servicing Transfer Event and whether such Mortgage Loan is covered by an Environmental Insurance Policy (and for purposes
of stating whether such Mortgage Loan is covered by an Environmental Insurance Policy the Master Servicer may rely on Schedule
IX attached hereto) and, in the case of a notice to the Special Servicer, shall be accompanied by a copy of the Servicer Mortgage
File.

 

(b)          Prior
to or concurrently with the transfer of the servicing of any Specially Serviced Mortgage Loan to the Special Servicer, the Master
Servicer shall notify the related Mortgagor of such transfer in accordance with the Servicing Standard (and shall send a copy of
such notice to the Special Servicer).

 

(c)          Any
calculations or reports prepared by the Master Servicer to the extent they relate to Specially Serviced Mortgage Loans shall be
based on information supplied to the Master Servicer in writing by the Special Servicer as provided hereby. The Master Servicer
shall have no duty to investigate or confirm the accuracy of any information provided to it by the Special Servicer and shall have
no liability for the inaccuracy of any of its reports due to the inaccuracy of the information provided by the Special Servicer.

 

(d)          Subject
to Section 5.4(e), on or prior to each Distribution Date, the Master Servicer shall provide to the Special Servicer, in
order for the Special Servicer to comply with its obligations under this Agreement, such information (and in the form and medium)
as the Special Servicer may reasonably request in writing from time to time.

 

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Section 8.20     Representations,
Warranties and Covenants of the Master Servicer.

 

(a)          The
Master Servicer hereby represents and warrants to and covenants with each other party to this Agreement and for the benefit of
the Certificateholders, as of the Closing Date:

 

(i)          the
Master Servicer is duly organized, validly existing and in good standing as a national banking association under the laws of the
United States of America, and shall be and thereafter remain, 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, except where the failure to so qualify
or comply would not adversely affect the Master Servicer’s ability to perform its obligations hereunder in accordance with
the terms of this Agreement;

 

(ii)        the
Master Servicer has the full power and authority to execute, deliver, perform, and to enter into and consummate all transactions
and obligations contemplated by this Agreement. The Master Servicer has duly and validly authorized the execution, delivery and
performance of this Agreement and this Agreement has been duly executed and delivered by the Master Servicer; and this Agreement,
assuming the due authorization, execution and delivery thereof by the other parties hereto, evidences the valid and binding obligation
of the Master Servicer enforceable against the Master Servicer in accordance with its terms subject, as to enforcement of remedies,
to applicable bankruptcy, reorganization, insolvency, conservatorship, moratorium, receivership and other similar laws affecting
creditors’ rights generally (and, to the extent applicable, the rights of creditors of national banks) as from time to time
in effect, and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law), and to matters of public policy with respect to indemnification or contribution as to violations of securities laws;

 

(iii)       the
execution and delivery of this Agreement by the Master Servicer, the consummation by the Master Servicer of the transactions contemplated
hereby, and the fulfillment of or compliance by the Master Servicer with the terms and conditions of this Agreement will not (1)
conflict with, result in a breach, violation or acceleration of, or result in a default under, the terms of any other material
agreement or instrument to which it is a party or by which it may be bound, or any law, governmental rule, regulation, or judgment,
decree or order applicable to it of any court, regulatory body, administrative agency or governmental body having jurisdiction
over it, in any manner that materially and adversely affects its ability to perform its obligations under this Agreement or (2)
result in a breach of any term or provision of its organizational documents;

 

(iv)        no
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened, against it, the outcome of which, in
the Master Servicer’s reasonable judgment, could reasonably be expected to materially and adversely affect the execution,
delivery or enforceability of this Agreement or its ability to service the Mortgage Loans it is required to service hereunder or
to perform any of its other obligations hereunder in accordance with the terms hereof;

 

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(v)          no
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by it of, or compliance by it with, this Agreement, or the consummation of the transactions contemplated hereby, or
if any such consent, approval, authorization or order is required, it has obtained the same or will obtain the same prior to the
time necessary to perform its obligations under this Agreement, and, except to the extent in the case of performance, that its
failure to be qualified to do business or licensed in one or more states does not materially and adversely affect the performance
by it of its obligations hereunder; and

 

(vi)        the
performance of the services by the Master Servicer contemplated by this Agreement are in the ordinary course of business of the
Master Servicer and the Master Servicer possesses all licenses, permits and other authorizations necessary to perform its duties
hereunder in each state, except to the extent that being licensed or having permits or other authorization in one or more states
is not necessary for the performance by it of its obligations hereunder.

 

(b)          It
is understood that the representations and warranties set forth in this Section 8.20 shall survive the execution and delivery
of this Agreement.

 

(c)          Any
cause of action against the Master Servicer arising out of the breach of any representations and warranties made in this Section
shall accrue upon the giving of written notice to the Master Servicer by any of the Depositor, the Trustee, the Special Servicer,
the Certificate Administrator, the Custodian or the Trust Advisor. The Master Servicer shall give prompt written notice to the
Trustee, the Certificate Administrator, the Custodian, the Depositor and the Special Servicer of the occurrence, or the failure
to occur, of any event that, with notice or the passage of time or both, would cause any representation or warranty in this Section
to be untrue or inaccurate in any respect.

 

Section 8.21     Merger
or Consolidation. Any Person into which the Master Servicer may be merged or consolidated, or any Person resulting from any
merger, conversion, consolidation or other change in form to which the Master Servicer shall be a party (but not the surviving
entity), or any Person succeeding to the business of the Master Servicer, shall be the successor of the Master Servicer hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that
the Master Servicer shall have provided a Rating Agency Communication to each Rating Agency and each other NRSRO with respect
to any securities rated by any such NRSRO evidencing direct beneficial ownership interests in any Serviced Companion Loan or Serviced
B Note. If a transaction described in the preceding sentence occurs and (i) the conditions to the provisions in such sentence
are not met, then the Trustee may terminate or (ii) the conditions set forth in the following paragraph are not met, the Trustee
shall terminate, the successor’s, survivor’s or resulting entity’s servicing of the Mortgage Loans pursuant
hereto, such termination to be effected in the manner set forth in Sections 8.28 and 8.29. The successor or surviving
Person shall provide prompt written notice of the merger or consolidation to the Trustee, the Certificate Administrator, the Custodian
and the 17g-5 Information Provider.

 

Notwithstanding the foregoing,
if, and for so long as, the Trust, or, with respect to any Serviced Companion Loan, the trust created pursuant to an Other Companion
Loan Pooling

 

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and Servicing Agreement, is subject to the reporting requirements of the Exchange Act, the Master Servicer may not
remain the Master Servicer under this Agreement after (x) being merged or consolidated with or into any Prohibited Party, or (y)
transferring all or substantially all of its assets to any Prohibited Party, unless (i) the Master Servicer is the surviving entity
of such merger, consolidation or transfer or (ii) the Depositor consents to such merger, consolidation or transfer, which consent
shall not be unreasonably withheld (and if, within forty-five (45) days following the date of delivery of a notice by the Master
Servicer to the Depositor of any merger or similar transaction described in the preceding paragraph, the Depositor shall have failed
to notify the Master Servicer of the Depositor’s determination to grant or withhold such consent, such failure shall be deemed
to constitute a grant of such consent).

 

Section 8.22     Resignation
of Master Servicer.

 

(a)          Except
as otherwise provided in Section 8.22(b) hereof, the Master Servicer shall not resign from the obligations and duties hereby
imposed on it unless it determines that the Master Servicer’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 it. Any such determination
permitting the resignation of the Master Servicer shall be evidenced by an opinion of counsel to such effect delivered to the Trustee.
No such resignation shall become effective until a successor master servicer designated by the Trustee, with the consent of the
Depositor and the Certificate Administrator, shall have assumed the Master Servicer’s responsibilities and obligations under
this Agreement and the Trustee shall have provided each Rating Agency and each other NRSRO with respect to any securities rated
by any such NRSRO evidencing interests in any Serviced Companion Loan or Serviced B Note with a Rating Agency Communication. Notice
of such resignation shall be given promptly by the Master Servicer to the other parties to this Agreement. The Master Servicer
shall bear all costs associated with its resignation and the transfer of servicing under this Section 8.22(a). Notwithstanding
the foregoing, if the Master Servicer shall cease to serve as such in accordance with this Section 8.22(a) and a successor
servicer shall not have been engaged, the Trustee or an agent of the Trustee shall assume the duties and obligations of the Master
Servicer under this Agreement. If the Trustee or an agent of the Trustee assumes the duties and obligations of the Master Servicer
pursuant to this Section 8.22(a), the Trustee or such agent shall be permitted to resign as master servicer if it has been
replaced by a successor servicer satisfying the criteria in the fourth (4th) preceding sentence above.

 

(b)          The
Master Servicer may resign from the obligations and duties imposed on it, upon thirty (30) days notice to the Depositor, the Trustee
and the Certificate Administrator; provided that (i) a successor master servicer (A) is available, (B) has a net worth of
at least $15,000,000 and (C) is willing to and does assume the obligations, responsibilities, and covenants to be performed hereunder
by the Master Servicer on substantially the same terms and conditions, and for not more than equivalent compensation to that herein
provided; (ii) the Master Servicer bears all costs associated with its resignation and the transfer of servicing; (iii) (A)(x)
such successor master servicer is acting as master servicer in a commercial mortgage loan securitization that was rated by KBRA
within the twelve (12) month period prior to the date of determination, and KBRA has not downgraded or withdrawn the then current
rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the
continuation of such master servicer as master servicer of such commercial

 

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mortgage securities as the sole or a material reason
for such downgrade or withdrawal (or placement on watch) or (y) if such successor master servicer is not acting as master servicer
in a commercial mortgage loan securitization that was rated by KBRA in such twelve (12) month period, then such Rating Agency shall
have provided a Rating Agency Confirmation; (B) such successor master servicer has a master servicer rating of at least “CMS3”
from Fitch; (C)(x) such successor master servicer is acting as master servicer in a commercial mortgage loan securitization that
was rated by an NRSRO within the twelve (12) month period prior to the date of determination and (y) Morningstar has not qualified,
downgraded or withdrawn the then-current rating or ratings of one or more classes of certificates issued in connection with such
securitization citing servicing concerns with such successor master servicer as the sole or material factor in such rating action;
and (D)(x) the successor master servicer confirms in writing that it was appointed to act as the master servicer on a transaction
level basis on the closing date of a commercial mortgage loan securitization with respect to which Moody’s rated one or more
classes of certificates and one or more of such classes of certificates are still outstanding and rated by Moody’s and (y)
Moody’s has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in any other commercial mortgage-backed securities transaction serviced by the applicable servicer prior to the time
of determination; and (iv) the resigning Master Servicer shall have provided each Rating Agency with a Rating Agency Communication
with respect to such servicing transfer.

 

Section 8.23     Assignment
or Delegation of Duties by Master Servicer. The Master Servicer shall have the right without the prior written consent of
the Trustee to (A) delegate or subcontract with or authorize or appoint anyone, or delegate certain duties to other professionals
such as attorneys and appraisers, as an agent of the Master Servicer (as provided in Section 8.4) to perform and carry
out any duties, covenants or obligations to be performed and carried out by the Master Servicer hereunder or (B) assign and delegate
all of its duties hereunder; provided that with respect to clause (B), (i) the Master Servicer gives the Depositor,
the Special Servicer, the holder of any related Serviced B Note (only if such assignment/delegation relates to an A/B Whole Loan
or, if applicable, a Loan Pair), the holder of any related Serviced Companion Loan (only if such assignment/delegation relates
to a Loan Pair) and the Trustee notice of such assignment and delegation; (ii) such purchaser or transferee accepting such assignment
and delegation executes and delivers to the Depositor and the Trustee an agreement accepting such assignment, which contains an
assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities of the Master Servicer,
with like effect as if originally named as a party to this Agreement or any other subservicing agreement with any Surviving Sub-Servicer;
(iii) the purchaser or transferee has a net worth in excess of $15,000,000; (iv) the Master Servicer shall have provided to each
Rating Agency a Rating Agency Communication with respect to such assignment and delegation; and (v) the Depositor consents to
such assignment and delegation, such consent not to be unreasonably withheld. In the case of any such assignment and delegation
in accordance with the requirements of subclause (B) of this Section, the Master Servicer shall be released from its obligations
under this Agreement, except that the Master Servicer shall remain liable for all liabilities and obligations incurred by it as
the Master Servicer hereunder prior to the satisfaction of the conditions to such assignment set forth in the preceding sentence.
Notwithstanding the above, the Master Servicer may appoint the sub-servicers in accordance with Section 8.4 hereof.

 

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Section 8.24     Limitation
on Liability of the Master Servicer and Others.

 

(a)          Neither
the Master Servicer nor any of the Affiliates, directors, officers, employees, members, managers or agents of the Master Servicer
shall be under any liability to the Trust, the holders of the Certificates, any other party to this Agreement, the Underwriters,
the Initial Purchasers, the holder of any Serviced Companion Loan or the holder of any Serviced B Note for any action taken or
for refraining from the taking of any action in good faith, or using reasonable business judgment, consistent with the Servicing
Standard; provided that this provision shall not protect the Master Servicer or any such person against any breach of a
representation or warranty contained herein or any liability which would otherwise be imposed by reason of willful misfeasance,
bad faith or negligence in its performance of duties under this Agreement or by reason of negligent disregard of obligations and
duties hereunder. The Master Servicer and any Affiliate, director, officer, employee, member, manager or agent of the Master Servicer
may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (including, without
limitation, the Special Servicer) respecting any matters arising hereunder. The Master Servicer shall not be under any obligation
to appear in, prosecute or defend any legal action which is not incidental to its duties to service the Mortgage Loans in accordance
with this Agreement; provided that the Master Servicer, subject to Section 9.34, may in its sole discretion undertake
any such action that it may reasonably deem necessary or desirable in order to protect the interests of the Certificateholders,
the Trustee and the Trust in the Mortgage Loans, the interests of the holder of any Serviced B Note or the interests of the holder
of any Serviced Companion Loan (subject to the Special Servicer’s servicing of Specially Serviced Mortgage Loans as contemplated
herein), or shall undertake any such action if instructed to do so by the Trustee. In such event, all legal expenses and costs
of such action shall be expenses and costs of the Trust, and the Master Servicer shall be entitled to be reimbursed therefor as
Servicing Advances as provided by Section 5.2, subject to the provisions of Section 4.4 hereof.

 

(b)          In
addition, the Master Servicer shall have no liability with respect to, and shall be entitled to conclusively rely on as to the
truth of the statements and the correctness of the opinions expressed in, any certificates or opinions furnished to the Master
Servicer and conforming to the requirements of this Agreement. Subject to the Servicing Standard, the Master Servicer shall have
the right to rely on information provided to it by the Special Servicer and Mortgagors, and will have no duty to investigate or
verify the accuracy thereof. Neither the Master Servicer, nor any Affiliate, director, officer, employee, member, manager or agent,
shall be personally liable for any error of judgment made in good faith by any officer, unless it shall be proved that the Master
Servicer or such Affiliate, director, officer, employee, member, manager or agent, was negligent in ascertaining the pertinent
facts. Neither the Master Servicer nor any director, officer, employee, agent or Affiliate, shall be personally liable for any
action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers
conferred upon it by this Agreement.

 

(c)          The
Master Servicer shall not be obligated to incur any liabilities, costs, charges, fees or other expenses which relate to or arise
from any breach of any representation, warranty or covenant made by any other party to this Agreement in this Agreement. The Trust
shall indemnify and hold harmless the Master Servicer from any and all claims, liabilities, costs, charges, fees or other expenses
which relate to or arise from any such breach of representation,

 

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warranty or covenant to the extent the Master Servicer is unable
to recover such amounts from the Person in breach.

 

(d)          Except
as otherwise specifically provided herein:

 

(i)          the
Master Servicer may rely, and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, financial
statement, agreement, appraisal, bond or other document (in electronic or paper format) reasonably believed or in good faith believed
by it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)        the
Master Servicer may consult with counsel, and any written advice 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; and

 

(iii)       the
Master Servicer, in preparing any reports hereunder, may rely, and shall be protected in acting or refraining from acting upon
any information (financial or other), statement, certificate, document, agreement, covenant, notice, request or other paper reasonably
believed by it to be genuine and provided by any Mortgagor or manager of a Mortgaged Property.

 

(e)          The
Master Servicer and any Affiliate, director, officer, employee, member, manager or agent of the Master Servicer shall be indemnified
by the Trustee, the Certificate Administrator, the Custodian and the Special Servicer, as the case may be, and held harmless against
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 any legal action relating to the Trustee’s, the Certificate Administrator’s,
the Custodian’s or the Special Servicer’s, as the case may be, respective willful misfeasance, bad faith or negligence
in the performance of its respective duties hereunder or by reason of negligent disregard of its respective duties hereunder, other
than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of any
of the Master Servicer’s duties hereunder or by reason of negligent disregard of the Master Servicer’s obligations
and duties hereunder. The Master Servicer shall immediately notify the Trustee, the Certificate Administrator, the Custodian and
the Special Servicer if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Master
Servicer to indemnification hereunder, whereupon the Trustee, the Certificate Administrator, the Custodian or the Special Servicer,
in each case, to the extent the claim is related to its respective willful misfeasance, bad faith or negligence, may assume the
defense of any such claim (with counsel reasonably satisfactory to the Master Servicer) and pay all expenses in connection therewith,
including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them
in respect of such claim. Any failure to so notify the Trustee, the Certificate Administrator, the Custodian and the Special Servicer
shall not affect any rights that the Master Servicer may have to indemnification under this Agreement or otherwise, unless the
Trustee’s, the Certificate Administrator’s, the Custodian’s or the Special Servicer’s defense of such claim
is materially prejudiced thereby. Such indemnity shall survive the termination of this

 

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Agreement or the resignation or removal
of the Master Servicer hereunder. Any payment hereunder made by the Trustee, the Certificate Administrator, the Custodian or the
Special Servicer pursuant to this paragraph to or at the direction of the Master Servicer shall be paid from the Trustee’s,
the Certificate Administrator’s, the Custodian’s or Special Servicer’s own funds, without reimbursement from
the Trust therefor except to the extent achieved through subrogation as provided in this Agreement. Any expenses incurred or indemnification
payments made by the Trustee, the Certificate Administrator, the Custodian or the Special Servicer shall be reimbursed by the party
so paid or at the direction of which a payment was made, if a court of competent jurisdiction makes a final judgment that the conduct
of the Trustee, the Certificate Administrator, the Custodian or the Special Servicer, as the case may be, was not culpable or such
indemnifying party was found to not have acted with willful misfeasance, bad faith or negligence.

 

Section 8.25     Indemnification;
Third-Party Claims.

 

(a)          The
Master Servicer and any Affiliate, director, officer, employee, member, manager or agent of the Master Servicer (the “Master
Servicer Indemnified Parties”) shall be indemnified and held harmless out of collections on, and other proceeds of, the
Mortgage Loans, any Serviced Companion Loans and any Serviced B Notes (including REO Loans), as provided in the following paragraph,
against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs,
liabilities, fees and expenses (collectively, “Master Servicer Losses”) incurred in connection with any legal
action relating to this Agreement, any Mortgage Loans, any Serviced Companion Loans, any Serviced B Notes, any REO Property or
the Certificates or any exercise of any right under this Agreement reasonably requiring the use of counsel or the incurring of
expenses, other than any loss, liability or expense: (i) specifically required to be borne by the party seeking indemnification,
without right of reimbursement pursuant to the terms of this Agreement; (ii) which constitutes a Servicing Advance that is otherwise
reimbursable under this Agreement; (iii) incurred in connection with any legal action or claim against the party seeking indemnification,
resulting from any breach on the part of that party of a representation or warranty made in this Agreement; or (iv) incurred in
connection with any legal action or claim against the party seeking indemnification, resulting from any willful misfeasance, bad
faith or negligence on the part of that party in the performance of its obligations or duties under this Agreement or negligent
disregard of such obligations or duties.

 

Except as provided in the
following sentence, indemnification for Master Servicer Losses described in the preceding paragraph (including in the case of such
Master Servicer Losses that relate primarily to the administration of the Trust, to any REMIC Pool or grantor trust formed hereunder
or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or provisions relating
to the grantor trust or the actual payment of any REMIC tax or grantor trust tax or expense with respect to any REMIC or grantor
trust formed hereunder) shall be paid out of collections on, and other proceeds of, the Mortgage Loans as a whole but not out of
collections on, or other proceeds of, any Serviced Companion Loan or any Serviced B Note. In the case of any such Master Servicer
Losses that do not relate primarily to the administration of the Trust, to any REMIC Pool or to any determination respecting the
amount, payment or avoidance of any tax under the REMIC Provisions of the Code or the actual payment of any REMIC tax or expense:

 

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(1)          if
such Master Servicer Losses relate to a Loan Pair, then (subject to the related Intercreditor Agreement) such indemnification shall
be paid (x) first, out of collections on, and other proceeds of, such Serviced Pari Passu Mortgage Loan and Serviced Companion
Loan, in the relative proportions, and from the sources, provided for in the applicable Intercreditor Agreement and (y) if the
collections and proceeds described in subclause (x) of this clause (1) are not sufficient to so indemnify the Master
Servicer Indemnified Parties on a current basis, then the balance of such indemnification shall be paid out of collections on,
and other proceeds of, the Mortgage Loans as a whole; and

 

(2)          if
such Master Servicer Losses relate to any A/B Whole Loan, then (subject to the related Intercreditor Agreement) such indemnification
shall be paid (x) first, if and to the extent permitted under the applicable Intercreditor Agreement, out of collections on, and
other proceeds of such A/B Whole Loan, and (y) if the collections and proceeds described in subclause (x) of this clause
(2) are not sufficient to so indemnify the Master Servicer Indemnified Parties on a current basis, then the balance of such
indemnification shall be paid out of collections on, and other proceeds of, the Mortgage Loans as a whole.

 

The Master Servicer shall
assume the defense of any such claim (with counsel reasonably satisfactory to the Master Servicer) and out of the Trust pay all
expenses in connection therewith, including counsel fees, and out of the Trust promptly pay, discharge and satisfy any judgment
or decree which may be entered against it or them in respect of such claim. The indemnification provided herein shall survive the
termination of this Agreement. The Trustee, the Certificate Administrator or the Master Servicer shall promptly make from the Collection
Account (and, if and to the extent that the amount due shall be paid from collections on, and other proceeds of, any Serviced Companion
Loan or any Serviced B Note, as set forth above, out of the related Custodial Account) any payments certified by the Master Servicer
to the Trustee and the Certificate Administrator as required to be made to the Master Servicer pursuant to this Section 8.25.

 

(b)          The
Master Servicer agrees to indemnify each other party to this Agreement, the Trust, and any director, officer, member, manager,
employee, agent or Controlling Person thereof, and hold them harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that any such Person may sustain arising
from or as a result of the willful misfeasance, bad faith or negligence in the performance of any of the Master Servicer’s
duties hereunder or by reason of negligent disregard of the Master Servicer’s obligations and duties hereunder (including
a breach of such obligations a substantial motive of which is to obtain an economic advantage from not complying with or not performing
such obligations), and if in any such situation the Master Servicer is replaced, the parties hereto agree that the amount of such
claims, losses, penalties, fines, legal fees and related costs, judgments, and other costs, liabilities, fees and expenses shall
at least equal the incremental costs, if any, of retaining a successor servicer. The Trustee, the Special Servicer, the Trust Advisor,
the Certificate Administrator, the Custodian or the Depositor, as applicable, shall immediately notify the Master Servicer if a
claim is made by any Person with respect to this Agreement or the Mortgage Loans entitling the Trustee, the Depositor, the Special
Servicer, the Trust Advisor, the Certificate Administrator, the Custodian or the Trust to indemnification under this Section
8.25(b), whereupon the Master Servicer shall assume the defense of any such claim (with counsel reasonably satisfactory to
the Trustee, the

 

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Special Servicer, the Trust Advisor, the Certificate Administrator, the Custodian 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. Any failure to so notify the Master Servicer shall not affect
any rights the Trustee, the Special Servicer, the Trust Advisor, the Depositor, the Certificate Administrator, the Custodian or
the Trust may have to indemnification under this Agreement or otherwise, unless the Master Servicer’s defense of such claim
is materially prejudiced thereby. The indemnification provided herein shall survive the termination of this Agreement and the resignation
or termination of the Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Administrator, the Custodian and
the Trustee. Any expenses incurred or indemnification payments made by the Master Servicer shall be reimbursed by the party so
paid or at the direction of which a payment was made, if a court of competent jurisdiction makes a final, non-appealable judgment
that the conduct of the Master Servicer was not culpable or that the Master Servicer did not act with willful misfeasance, bad
faith or negligence.

 

(c)          Any
Non-Serviced Mortgage Loan Master Servicer and any Affiliate, director, officer, employee, member, manager or agent of such Non-Serviced
Mortgage Loan Master Servicer shall be indemnified by the Trust and held harmless against the Trust’s pro rata share
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 any legal action relating to any Non-Serviced Mortgage Loan Pooling and Servicing
Agreement and this Agreement and relating to any Non-Serviced Mortgage Loan (but excluding any such losses allocable to the related
Non-Serviced Companion Loans), reasonably requiring the use of counsel or the incurring of expenses other than any losses incurred
by reason of any Non-Serviced Mortgage Loan Master Servicer’s willful misfeasance, bad faith or negligence in the performance
of its duties under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

Section 8.26     Loan Registry.
It is hereby acknowledged and agreed that the loan agreement for each of the Mortgage Loans identified on Schedule VIII
attached to this Agreement provides that the related Mortgagor or an agent of the related Mortgagor shall maintain a register
(the “Lender Register”) on which it will record the related Mortgage Loan and each assignment thereof and/or
participation therein. Promptly following the Closing Date, the Master Servicer shall confirm, with respect to each of the Mortgage
Loans identified on Schedule VIII attached to this Agreement, that the related Mortgagor or its agent has reflected the
Trustee on behalf of the Certificateholders as the new lender on the applicable Lender Register.

 

Section 8.27     Compliance
with REMIC Provisions and Grantor Trust Provisions. The Master Servicer shall act in accordance with this Agreement and the
REMIC Provisions and related provisions of the Code in order to create or maintain the status of any REMIC Pool as a REMIC and
the Grantor Trust created hereby as a grantor trust under the Code. The Master Servicer shall not (A) take any action or cause
any REMIC Pool to take any action that could (i) endanger the status of any REMIC Pool as a REMIC under the Code or (ii) result
in the imposition of a tax upon any REMIC Pool (including, but not limited to, the tax on prohibited transactions as defined in
Code Section 860F(a)(2) or on contributions pursuant to Section 860G(d)) or (B) take any action or cause the Grantor Trust to
take any action that could

 

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(i) endanger its status as a grantor trust or (ii) result in the imposition of any tax upon the Grantor
Trust unless the Trustee shall have received a Nondisqualification Opinion (at the expense of the party seeking to take such action)
to the effect that the contemplated action will not endanger such status or result in the imposition of such tax. The Master Servicer
shall comply with the provisions of Article XII hereof. Notwithstanding the foregoing, the Master Servicer shall not be
liable for an Adverse REMIC Event resulting from the failure of any Mortgage Loan by its terms to comply with Revenue Procedure
2010-30, provided that the Master Servicer directly pursues any available remedies against the relevant Seller with respect
to any breach or violation of a representation or warranty with respect to such Mortgage Loan’s compliance with Revenue
Procedure 2010-30.

 

Section 8.28     Termination.
The obligations and responsibilities of the Master Servicer created hereby (other than the obligation of the Master Servicer
to make payments to the Certificate Administrator as set forth in Section 8.29 and the obligations of the Master Servicer
to the Trustee, the Certificate Administrator, the Custodian, the Special Servicer and the Trust that survive termination of this
Agreement as provided herein) shall terminate (i) on the date which is the later of (A) the final payment or other liquidation
of the last of the Mortgage Loans remaining outstanding (and final distribution to the Certificateholders) or (B) the disposition
of all REO Property (and final distribution to the Certificateholders), (ii) if a Servicer Termination Event described in clauses
8.28(a)(iii), (iv), (viii), (ix) or (x) has occurred and is continuing, sixty (60) days following the
date on which the Trustee or Depositor gives written notice to the Master Servicer that the Master Servicer is terminated or (iii)
if a Servicer Termination Event described in clauses 8.28(a)(i), (ii), (v), (vi) or (vii) has
occurred and is continuing, immediately upon the date on which the Trustee or the Depositor gives written notice to the Master
Servicer that the Master Servicer is terminated. After any Servicer Termination Event (but subject, in the case of Section
8.28(a)(x), to the waiver right of the Depositor described therein), the Trustee (i) may elect to terminate the Master Servicer
by providing such notice, and (ii) shall provide such notice if holders of Certificates representing more than 25% of the aggregate
Voting Rights of all Certificates so direct the Trustee.

 

(a)          ”Servicer
Termination Event,” wherever used herein, means any one of the following events:

 

(i)          any
failure by the Master Servicer to remit to the Certificate Administrator or otherwise make any payment required to be remitted
by the Master Servicer under the terms of this Agreement, including any required Advances; provided that, if a payment is
required to be remitted by the Master Servicer to the Certificate Administrator on the Master Servicer Remittance Date, the failure
to remit that payment to the Certificate Administrator shall only be a “Servicer Termination Event” under this clause
(a)(i) if that payment has not been remitted to the Certificate Administrator prior to 10:00 a.m. (New York City time) on the related
Distribution Date; or

 

(ii)        any
failure by the Master Servicer to make a required deposit to the Collection Account which continues unremedied for one (1) Business
Day following the date on which such deposit was first required to be made; or

 

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(iii)       any
failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the duties, covenants
or agreements on the part of the Master Servicer contained in this Agreement (other than if, and for so long as, the Trust or a
trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement relating to a Non-Serviced Companion Loan or
a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act, the duties, covenants or agreements set
forth in Article XIII to the extent described in Section 8.28(a)(ix)) which continues unremedied for a period of
thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Master Servicer by the Depositor or the Trustee; provided such cure period will be extended to the extent necessary
to permit the Master Servicer to cure such failure if (A) the Master Servicer certifies to the Trustee and the Depositor that the
Master Servicer is in good faith attempting to remedy such failure and (B) the Certificateholders shall not be materially and adversely
affected thereby; provided, further, that such cure period may not exceed 90 days; or

 

(iv)        any
breach of the representations and warranties contained in Section 8.20 hereof that materially and adversely affects the
interest of any holder of any Class of Certificates and that 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 by the Depositor
or the Trustee, provided such cure period will be extended to the extent necessary to permit the Master Servicer to cure
such breach if (A) the Master Servicer certifies to the Trustee and the Depositor that the Master Servicer is in good faith attempting
to remedy such breach and (B) the Certificateholders shall not be materially and adversely affected thereby; provided, further,
that such cure period may not exceed 90 days; or

 

(v)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, 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 and such
decree or order shall have remained in force undischarged or unstayed for a period of sixty (60) days; or

 

(vi)        the
Master 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 of or relating to all or substantially all of its property; or

 

(vii)       the
Master 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; or

 

(viii)      (a)
Moody’s or KBRA has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or
one or more classes of securities backed by a Serviced B Note or Serviced Companion Loan (if such Rating Agency has

 

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been engaged
by the applicable Other Depositor to rate such securities) or (B) placed one or more Classes of Certificates or one or more classes
of securities backed by a Serviced B Note or Serviced Companion Loan (if such Rating Agency has been engaged by the applicable
Other Depositor to rate such securities) on “watch status” in contemplation of a ratings downgrade or withdrawal (and,
in the case of either of clauses (A) or (B), such qualification, downgrade, withdrawal or “watch status”
placement shall not have been withdrawn by Moody’s or KBRA, as applicable, within sixty (60) days) and, in the case of either
of clauses (A) or (B), Moody’s or KBRA, as applicable, publicly cited servicing concerns with the Master Servicer
as the sole or material factor in such rating action, (b) the Master Servicer ceases to have a master servicer rating of at least
“CMS3” from Fitch and such rating is not reinstated within sixty (60) days, or (c)(A) the Master Servicer has failed
to maintain a ranking by Morningstar equal to or higher than “MOR CS3” as a master servicer and such ranking is not
reinstated within sixty (60) days of actual knowledge of such event by the Master Servicer (if the Master Servicer has or had a
Morningstar ranking on or after the Closing Date) or (B) if the Master Servicer has not been ranked by Morningstar on or after
the Closing Date, Morningstar has (1) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates
or one or more classes of securities backed by a Serviced B Note or Serviced Companion Loan (if Morningstar has been engaged by
the applicable Other Depositor to rate such securities) or (2) within the prior twelve (12) months, placed one or more Classes
of Certificates or one or more classes of securities backed by a Serviced B Note or Serviced Companion Loan (if Morningstar has
been engaged by the applicable Other Depositor to rate such securities) on “watch status” in contemplation of rating
downgrade or withdrawal and, in the case of either of clauses (A) or (B), has publicly cited servicing concerns with the Master
Servicer as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status”
placement has not been withdrawn by Morningstar within sixty (60) days of such event); or

 

(ix)        if,
and for so long as the Trust or a trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement relating to
a Non-Serviced Companion Loan or a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act, the Master
Servicer or any Additional Servicer or Sub-Servicer appointed by such Master Servicer (other than any Additional Servicer that
is a Seller Sub-Servicer) shall fail to deliver any Regulation AB or any Exchange Act reporting items required to be delivered
by such servicer under Article XIII of this Agreement at the times required under such Article; or

 

(x)          if,
and for so long as the Trust or a trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement relating to
a Serviced Companion Loan is subject to the reporting requirements of Regulation AB or the Exchange Act, the Master Servicer shall
fail to terminate any Sub-Servicer that is a Reporting Servicer subject to and in accordance with Section 8.4(c); provided
that the Depositor may waive any such Servicer Termination Event (including waiving the failure by a Reporting Servicer to deliver
any applicable reports required pursuant to Regulation AB or the Exchange Act) under this clause (x) in its sole discretion without
the consent of the Trustee or any Certificateholders.

 

(b)          Reserved.

 

(c)          A
Servicer Termination Event may be waived by the Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting
Rights of the Certificates

 

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(except a default (i) in making any required deposits to or payments from the Collection Account or
the Distribution Account in accordance with this Agreement, (ii) in remitting payments as received in accordance with this Agreement
or (iii) under clauses (ix) and (x) of the definition of “Servicer Termination Event”). If a Servicer Termination
Event by the Master Servicer is waived in connection with an A/B Whole Loan or a Loan Pair, the holder of the related Serviced
B Note or Serviced Companion Loan, as applicable, shall, to the extent set forth in the related Intercreditor Agreement, be entitled
to require that the Master Servicer appoint a sub-servicer to service such A/B Whole Loan or Loan Pair, as the case may be, if
such sub-servicer meets the requirements that a successor master servicer would be required to satisfy to be a successor master
servicer set forth in Section 8.22(b); provided, that the Master Servicer shall be required to provide each Rating
Agency with a Rating Agency Communication.

 

Section 8.29     Procedure
Upon Termination.

 

(a)          Notice
of any termination pursuant to clause (i) of the first (1st) paragraph of Section 8.28, specifying the
Master Servicer Remittance Date upon which the final transfer by the Master Servicer to the Certificate Administrator shall be
made, shall be given promptly in writing by the Master Servicer to the Certificate Administrator no later than the later of (i)
five (5) Business Days after the final payment or other liquidation of the last of the Mortgage Loans or (ii) the sixth (6th)
day of the month of such final distribution. Promptly upon receipt of any such notice of termination, the Certificate Administrator
shall forward such notice of termination to the other parties to this Agreement. Upon any such termination, the duties of the Master
Servicer (other than the obligation of the Master Servicer to pay to the Certificate Administrator the amounts remaining in the
Collection Account as set forth below and the obligations of the Master Servicer to the Trustee and the Trust that survive termination
of this Agreement as provided herein) shall terminate and the Master Servicer shall transfer to the Certificate Administrator the
amounts remaining in the Collection Account (and any sub-account) after making the withdrawals permitted to be made pursuant to
Section 5.2 and shall thereafter terminate the Collection Account and any other account or fund maintained with respect
to the Mortgage Loans.

 

(b)          On
the date specified in a written notice of termination given to the Master Servicer pursuant to clause (ii) of the first
(1st) paragraph of Section 8.28, or on the date on which a written notice of termination is given to the Master
Servicer pursuant to clause (iii) of the first (1st) paragraph of Section 8.28 all authority, power and
rights of the Master Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall terminate (except
for any rights relating to indemnification, unpaid servicing compensation or unreimbursed Advances and related interest); provided,
that in no event shall the termination of the Master Servicer be effective until a successor master servicer shall have (i) succeeded
the Master Servicer as successor master servicer, (ii) notified the Master Servicer of such succession and (iii) assumed the Master
Servicer’s obligations and responsibilities under this Agreement pursuant to a writing executed by the successor master servicer
and delivered to each of the other parties hereto. Except as provided in the next sentence, the Trustee may not succeed the Master
Servicer as servicer until and unless it has satisfied the provisions that would apply to a Person succeeding to the business of
the Master Servicer pursuant to Section 8.22(b) hereof. Notwithstanding the foregoing sentence, if the Master Servicer is
terminated as a result of an event described in Section 8.28(a)(v), 8.28(a)(vi) or 8.28(a)(vii), the Trustee
shall act as

 

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successor servicer immediately upon delivery of a notice of termination to the Master Servicer and shall use commercially
reasonable efforts within ninety (90) days of assuming the duties of the Master Servicer, either to satisfy the conditions of Section
8.22(b) hereof or to transfer the duties of the Master Servicer to a successor servicer who has satisfied such conditions.
The Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Master Servicer, 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 agrees to cooperate with the Trustee, the Custodian and the Certificate
Administrator in effecting the termination of the Master Servicer’s responsibilities and rights hereunder as Master Servicer
including, without limitation, notifying Mortgagors of the assignment of the servicing function and providing the Trustee all documents
and records in electronic or other form reasonably requested by it to enable the successor servicer designated by the Trustee to
assume the Master Servicer’s functions hereunder and to effect the transfer to such successor for administration by it of
all amounts which shall at the time be or should have been deposited by the Master Servicer in the Collection Account and any other
account or fund maintained or thereafter received with respect to the Mortgage Loans.

 

(c)          If
(i) the Master Servicer receives a written notice of termination (A) pursuant to clause (ii) of the first (1st)
paragraph of Section 8.28 relating solely to a Servicer Termination Event set forth in clause (viii) or (ix)
of Section 8.28(a) or (B) pursuant to Section 8.21 and (ii) the Master Servicer provides the Trustee with the appropriate
“request for proposal” materials within five (5) Business Days after receipt of such written notice of termination,
then the Trustee shall promptly thereafter (using such “request for proposal” materials provided by the Master Servicer)
solicit good faith bids for the rights to service the Mortgage Loans under this Agreement from at least three (3) but no more than
five (5) Qualified Bidders or, if three (3) Qualified Bidders cannot be located, then from as many persons as the Trustee can determine
are Qualified Bidders. At the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from
whom to solicit such bids. In no event shall the Trustee be responsible if less than three (3) Qualified Bidders submit bids for
the right to service the Mortgage Loans under this Agreement.

 

(d)          Each
bid proposal shall require any Successful Bidder, as a condition of its bid, to (i) enter into this Agreement as successor master
servicer and (ii) agree to be bound by the terms hereof, not later than sixty (60) days after termination of the Master Servicer
hereunder. The Trustee shall select the Qualified Bidder with the highest cash bid (or such other Qualified Bidder as the Master
Servicer may direct) (the “Successful Bidder”) to act as successor master servicer hereunder. The Trustee shall
direct the Successful Bidder to enter into this Agreement as successor master servicer pursuant to the terms hereof, and in connection
therewith to deliver the amount of the Successful Bidder’s cash bid to the Trustee or its designee by wire transfer of immediately
available funds to an account specified by the Trustee or its designee no later than 10:00 a.m. New York City time on the date
specified for the assignment and assumption of the servicing rights hereunder.

 

(e)          Upon
the assignment and acceptance of the servicing rights hereunder to and by the Successful Bidder and receipt of such cash bid, the
Trustee shall remit or cause to be

 

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remitted to the terminated Master Servicer the amount of such cash bid received from the Successful
Bidder (net of all out-of-pocket expenses incurred in connection with obtaining such bid and transferring servicing) by wire transfer
of immediately available funds to an account specified by the terminated Master Servicer no later than 1:00 p.m. New York City
time on the date specified for the assignment and assumption of the servicing rights hereunder.

 

(f)          If
the Successful Bidder has not entered into this Agreement as successor Master Servicer within thirty (30) days after the termination
of the Master Servicer hereunder or no Successful Bidder was identified within such 30-day period, the Trustee shall have no further
obligations under Section 8.29(c) and may act or may select another successor to act as Master Servicer hereunder in accordance
with Section 8.29(b).

 

(g)          If
the Master Servicer is terminated as a result of an event described in Section 8.28(a)(viii), the Master Servicer shall
have the right to enter into a sub-servicing agreement or primary servicing agreement with the successor master servicer with respect
to all applicable Mortgage Loans that are not subject to a sub-servicing agreement or primary servicing agreement, if the Master
Servicer (i) is acting as primary servicer in a commercial mortgage loan securitization that was rated by Moody’s and a commercial
mortgage loan securitization that was rated by KBRA, in each case within the twelve (12) month period prior to the date of determination
(or, in the case of the initial master servicer, prior to the Closing Date), and neither Moody’s nor KBRA has downgraded
or withdrawn the then current rating on any class of related commercial mortgage securities or placed any related class of commercial
mortgage securities on watch publicly citing the continuation of such primary servicer as primary servicer of such commercial mortgage
securities as the sole or material reason for such downgrade or withdrawal (or placement on watch), (ii) has a master servicer
rating of at least “CMS3” from Fitch, and (iii) is acting as primary servicer in a commercial mortgage loan securitization
that was rated by an NRSRO within the twelve (12) month period prior to the date of determination, and Morningstar has not qualified,
downgraded or withdrawn the then-current rating or ratings of one or more classes of certificates citing servicing concerns with
the Master Servicer as the sole or material factor in such rating action; or, in the case of each such Rating Agency, be otherwise
acceptable to such Rating Agency as evidenced by a Rating Agency Confirmation.

 

(h)          If
the Trustee or an Affiliate acts pursuant to this Section 8.29 as successor to the resigning or terminated Master Servicer,
it may reduce the Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor Master Servicer
would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning
or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 8.29, it may reduce the Excess
Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified
successor Master Servicer that meets the requirements of this Section 8.29.

 

Section 8.30     Certain
Matters with Respect to Joint Mortgage Loans.

 

(a)          If
a Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes for, the Mortgage Note(s)
(as such term is defined in this Section 8.30(a)) (a “Repurchased Note”) related to such Joint Mortgage
Loan that it sold to the Depositor, but the other Seller of such Joint Mortgage Loan does not repurchase, or substitute

 

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for, the
Mortgage Note(s) related to such Joint Mortgage Loan that it sold to the Depositor, the provisions of this Section 8.30
shall apply prior to the adoption, pursuant to Section 14.3(i), of any amendment to this Agreement that provides otherwise.
Each 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 8.30 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 8.30, Section 14.3(i) and Section 14.9 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 (on behalf of the Trustee) as provided under this Agreement, except that the Repurchasing Seller shall hold and
retain title to its original Repurchased Note 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 Late Fees) 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 Repurchased Percentage Interest (as defined in Section 8.30(b)(ii)),
subject to Section 8.30(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 Seller and remitted (net of its pro rata share of any Master
Servicing Fees, Special Servicing Fees, Trust Advisor Fees and any other amounts due to the Master Servicer or the Special Servicer)
to the applicable Repurchasing Seller or its designee by the Master Servicer on each Distribution Date pursuant to instructions
provided by the applicable Repurchasing Seller and deposited and applied in accordance with this Agreement, subject to Section
8.30(b)(ii). If any Joint Mortgage Loan to which this Section 8.30 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 Repurchased Percentage Interest, subject to Section
8.30(b)(ii). Any Appraisal Reductions calculated with respect to any Joint Mortgage Loan subject to this Section 8.30
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 Seller shall receive from the Master Servicer
an amount equal to such Repurchasing Seller’s Repurchased 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, Nonrecoverable Advances,
interest

 

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on Servicing Advances, Trust Advisor Expenses, 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 Seller. For purposes of Section 8.30(b)(i), this Section 8.30(b)(ii) and Section 8.30(g), “Repurchased
Percentage Interest” shall mean the percentage interest of the applicable Seller in the applicable Joint Mortgage Loan.

 

(iii)       A
Joint Mortgage Loan to which this Section 8.30 applies shall be serviced for the benefit of the applicable Repurchasing
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 Loan Pair, (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, and (C) the related Repurchased Note were a Serviced Companion Loan. No Repurchasing Seller shall be permitted to terminate
the Master Servicer, the Special Servicer or the Trust Advisor as servicer, special servicer or trust 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, on behalf of the Trust to the extent of its interest therein and the applicable Repurchasing
Seller in accordance with this Agreement.

 

(iv)        The
related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan noteholder 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 Loan Pairs that are pari passu
in right of payment. Compensation shall be paid to the Master Servicer, the Special Servicer and the Trust Advisor with respect
to each Repurchased Note as provided in this Agreement as if each such Mortgage Note were a Serviced Companion Loan. None of the
Trustee, the Certificate Administrator, the Custodian, the Master Servicer, the Special Servicer or the Trust 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
Seller any document as is required to be delivered to a holder of a Serviced Companion Loan hereunder.

 

(c)          If
any non-repurchased Mortgage Note relating to a Joint Mortgage Loan to which this Section 8.30 applies is considered a Specially
Serviced Mortgage Loan, then any related Repurchased Note shall also be a Specially Serviced Mortgage Loan under this Agreement.
The Special Servicer shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing
Seller in accordance with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing Fee,
Workout Fee and/or Liquidation Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion
Loan.

 

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(d)          If
(A) the Master Servicer shall pay any amount to any Repurchasing 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 either or both of the applicable Mortgage
Notes and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing 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 Loans to which this Section
8.30 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 Seller, and such Repurchasing 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 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 Controlling Class Representative and
any consultation rights of the Trust 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 8.30, without
the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced
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
8.30 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the same extent as
set forth herein with respect to any holder of a Serviced Companion Loan.

 

(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 Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased
Percentage Interest of such Nonrecoverable Advance with interest thereon. Notwithstanding the foregoing, the applicable Repurchasing
Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer (and amounts due to the applicable
Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related to any Mortgage Loan or any other
Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To the

 

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extent that the applicable Repurchasing
Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the applicable Repurchasing Seller
shall receive a reimbursement from such recovery based on its Repurchased 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 Seller
shall not exceed an amount equal to its Repurchased Percentage Interest of the amount to be reimbursed.

 

(h)          Each
Repurchasing 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 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 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 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 Seller, shall not initiate any action in the name of such Repurchasing
Seller without indicating its representative capacity or take any action with the intent to cause and that actually causes, such
Repurchasing Seller to be registered to do business in any state.

 

Pursuant to the related
Mortgage Loan Purchase Agreement, the applicable Repurchasing 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.

 

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Section 8.31     Delivery
of Excluded Information to the Certificate Administrator.

 

Any Excluded Information
that the Master Servicer, the Special Servicer or the Trust Advisor identifies and delivers to the Certificate Administrator for
posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such
other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information”
followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt,
any information that is not appropriately labeled and delivered in accordance with this Section 8.31 shall not be separately
posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and
delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s
Website under the “Excluded Information” section, as provided under Section 5.4(a). When so posted, Excluded
Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling
Class Mortgage Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the
Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class
Mortgage Loans). None of the Master Servicer, the Special Servicer or the Trust Advisor shall have any obligations to separately
label and deliver any Excluded Information in accordance with this Section 8.31 until such party has received written notice
with respect to the related Excluded Controlling Class Mortgage Loan in the form of Exhibit I-1E to this Agreement. The
Controlling Class Representative and any Controlling Class Certificateholder shall be entitled to receive, request and review any
Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which the Controlling Class Representative
or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate
Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder that is not a Borrower
Party with respect to the related Excluded Controlling Class Mortgage Loan shall be permitted to obtain such information in accordance
with Section 5.6(c).

 

ARTICLE
IX

ADMINISTRATION AND SERVICING OF

SPECIALLY SERVICED MORTGAGE LOANS BY SPECIAL SERVICER

 

Section 9.1       Duties
of Special Servicer.

 

(a)          Subject
to the express provisions of this Agreement, for and on behalf of the Trust and for the benefit of the Certificateholders as a
whole, and, solely as it relates to any A/B Whole Loan, for the benefit of the holder of the related Serviced B Note and, solely
as it relates to any Loan Pair, for the benefit of the holder of the related Serviced Companion Loan and any related Serviced B
Note, the Special Servicer shall service the Specially Serviced Mortgage Loans and manage the related REO Properties and, with
respect to all Mortgage Loans (other than Non-Serviced Mortgage Loans and related Non-Serviced Companion Loans), Loan Pairs and
A/B Whole Loans, process (and its consent shall be required for all) Major Decisions and Special Servicer Decisions (provided,
that the Master Servicer and the Special Servicer may mutually agree that the Master Servicer shall process, and obtain the prior
written consent of the

 

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Special Servicer with respect to, any Major Decision or Special Servicer Decision with respect to Non-Specially
Serviced Mortgage Loans), in all cases in accordance with the Servicing Standard and the terms of this Agreement. Certain of the
provisions of this Article IX make explicit reference to their applicability to Mortgage Loans, any Serviced Companion Loan
and any Serviced B Note; notwithstanding such explicit references, references in this Article IX to “Mortgage Loans”
shall be construed, unless otherwise specified, to refer also to such Serviced B Note and such Serviced Companion Loan (but any
other terms that are defined in Article I and used in this Article IX shall be construed according to such definitions
without regard to this sentence).

 

(b)          Subject
to Section 5.4(e), the Special Servicer shall cooperate with the Master Servicer and provide the Master Servicer with the
information reasonably requested by the Master Servicer, in writing, to the extent required to allow the Master Servicer to perform
its servicing obligations with respect to the Specially Serviced Mortgage Loans hereunder. Except with respect to Major Decisions
and Special Servicer Decisions, the Special Servicer’s obligations with respect to the servicing of any Specially Serviced
Mortgage Loan and any related REO Properties shall terminate when such Specially Serviced Mortgage Loan has become a Rehabilitated
Mortgage Loan, unless and until another Servicing Transfer Event with respect to such Rehabilitated Mortgage Loan occurs.

 

(c)          The
Special Servicer shall send a written notice to the Master Servicer, the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), any
holder of a related Serviced B Note or Serviced Companion Loan and the Certificate Administrator within five (5) Business Days
after becoming aware that a Mortgage Loan has become a Rehabilitated Mortgage Loan, which notice shall identify the applicable
Mortgage Loan. Upon the receipt of such notice by the Master Servicer and the Certificate Administrator, such Mortgage Loan shall
constitute a Rehabilitated Mortgage Loan and will be serviced by the Master Servicer.

 

(d)          Upon
the occurrence of a Servicing Transfer Event with respect to a Mortgage Loan and upon the reasonable request of the Special Servicer,
the Master Servicer shall mark its records for such Mortgage Loan to cause any monthly statements for amounts due thereon to be
sent thereafter to the Special Servicer rather than the related Mortgagor. Upon receipt of any such monthly statement, the Special
Servicer shall, within two (2) Business Days, advise the Master Servicer of any changes to be made, and return the monthly statement
to the Master Servicer. The Master Servicer shall thereafter promptly send the corrected monthly statement to the Mortgagor. If
a Mortgage Loan becomes a Rehabilitated Mortgage Loan, the Master Servicer shall resume sending the monthly statements to the Mortgagor
as it did before such Mortgage Loan became a Specially Serviced Mortgage Loan.

 

(e)          (i)
All amounts collected by the Master Servicer with respect to a Specially Serviced Mortgage Loan (other than a Mortgage Loan that
has become an REO Mortgage Loan and a Specially Serviced Mortgage Loan that is a Serviced B Note or Serviced Companion Loan) shall
be deposited in the Collection Account (or applicable sub-account thereof), and (ii) all amounts collected by the Master Servicer
with respect to a Specially Serviced Mortgage Loan that is a Serviced B Note or a Serviced Companion Loan shall be

 

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deposited in
the related Custodial Account. The Master Servicer shall within three (3) Business Days after receipt of any such payment, notify
the Special Servicer of the receipt of such payment and the amount thereof. The Special Servicer shall, within two (2) Business
Days thereafter, instruct the Master Servicer in writing how to apply such payment (with the application of such payments to be
made in accordance with the related Mortgage Loan documents (including the related Intercreditor Agreement, if any) or in accordance
with this Agreement, as applicable). The Special Servicer shall make efforts consistent with the Servicing Standard and the terms
of this Agreement to collect all special servicing fees, liquidation fees and workout fees called for under the terms and provisions
of the Mortgage Loan documents for each applicable Specially Serviced Mortgage Loan.

 

(f)          After
the occurrence of any Servicing Transfer Event with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) if
it is the subject of any Environmental Insurance Policy, (i) the Special Servicer shall monitor the dates by which any claim must
be made or action must be taken under such Environmental Insurance Policy to achieve the payment of all amounts thereunder to which
the Trust is entitled if the Special Servicer has actual knowledge of any event giving rise to a claim under such Environmental
Insurance Policy and (ii) if the Special Servicer has actual knowledge of such an event with respect to such Mortgage Loan, the
Special Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of
the related Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust
is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard in connection
with any such claim shall be paid by, and reimbursable to, the Master Servicer (of if applicable, the Special Servicer) as a Servicing
Advance. All extraordinary expenses (but not ordinary and routine or anticipated expenses) incurred by the Special Servicer in
fulfilling its obligations under this Section 9.1(f) shall be paid by the Trust.

 

Section
9.2       Fidelity Bond and Errors and Omissions Insurance Policy of Special Servicer. The
Special Servicer, at its expense, shall maintain in effect a Servicer Fidelity Bond and a Servicer Errors and Omissions
Insurance Policy. The Servicer Errors and Omissions Insurance Policy and Servicer Fidelity Bond shall be issued by a
Qualified Insurer (unless the Special Servicer self-insures as provided below) and be in form and amount consistent with the
Servicing Standard. If any such Servicer Errors and Omissions Insurance Policy or Servicer Fidelity Bond ceases to be in
effect, the Special Servicer shall obtain a comparable replacement policy or bond from an insurer or issuer meeting the
requirements set forth above as of the date of such replacement. So long as the long-term debt obligation or deposit account
rating of the Special Servicer (or its corporate parent) is not less than two (2) rating categories (ignoring pluses or
minuses) lower than the highest rating of the Certificates, but not less than “A3” as rated by Moody’s and
not less than “A-” as rated by Fitch (or an A.M. Best equivalent), the Special Servicer may self-insure for the
Servicer Fidelity Bond and the Servicer Errors and Omissions Insurance Policy.

 

Section 9.3 Special
Servicer General Powers and Duties.

 

(a)          Subject
to the other terms and provisions of this Agreement (and, in the case of any Non-Serviced Mortgage Loan, subject to the servicing
of such Non-Serviced

  

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Mortgage Loan by the applicable Non-Serviced Mortgage Loan Master Servicer and the applicable Non-Serviced
Mortgage Loan Special Servicer), including Section 10.3, the Special Servicer is hereby authorized and empowered when the
Special Servicer believes it appropriate in accordance with the Servicing Standard, to take any and all the actions with respect
to Non-Specially Serviced Mortgage Loans (when processing or approving Major Decisions or Special Servicer Decisions in respect
thereof) and Specially Serviced Mortgage Loans, in each case, that the Master Servicer may perform as set forth in Section 8.3(a),
including (i) to execute and deliver, on behalf of itself or the Trust (or holder of a Serviced B Note or Serviced Companion Loan,
as applicable), any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other
comparable instruments, with respect to Non-Specially Serviced Mortgage Loans (when processing Major Decisions or Special Servicer
Decisions in respect thereof) and the Specially Serviced Mortgage Loans and with respect to the related REO Properties and (ii)
to effectuate foreclosure or other conversion of the ownership of any Mortgaged Property securing a Specially Serviced Mortgage
Loan. The Trustee shall execute on the Closing Date a Power of Attorney substantially in the form of Exhibit O-2 (or such
other form as mutually agreed to by the Trustee and the Special Servicer) hereto and otherwise reasonably acceptable to the Trustee
and Special Servicer and shall furnish the Special Servicer from time to time, upon a written request from a Special Servicing
Officer, with any additional powers of attorney of the Trustee, substantially in the form of Exhibit O-2 (or such other
form as mutually agreed to by the Trustee and the Special Servicer) with such additions as may be reasonably necessary to empower
the Special Servicer to take such actions as it determines to be reasonably necessary to comply with its servicing, administrative
and management duties hereunder, and the Trustee shall execute and deliver or cause to be executed and delivered such other documents
as a Special Servicing Officer may request in writing, that are necessary or appropriate to enable the Special Servicer to service,
administer and manage the Specially Serviced Mortgage Loans and carry out its duties hereunder, in each case as the Special Servicer
determines is in accordance with the Servicing Standard and the terms of this Agreement; provided, that, the Special Servicer
shall not (i) take any action with the intent to cause and that actually causes the Trustee to be registered to do business in
any state; and (ii) without the Trustee’s prior written consent initiate any action, suit or proceeding solely under the
Trustee’s name without indicating the Special Servicer’s representative capacity; provided, further,
that the preceding clause (ii) shall not apply to the initiation of actions relating to a Mortgage Loan that the Special
Servicer is servicing pursuant to its respective duties herein (in which case the Special Servicer shall give prompt prior notice
to the Trustee of the initiation of such action). Upon receipt of any such advice from the Trustee, the Special Servicer shall
take such action in the name of such Person or Persons, in trust for the Trust (or holder of a Serviced B Note or Serviced Companion
Loan, if applicable), as shall be consistent with the Opinion of Counsel obtained by the Trustee. Such Person or Persons shall
acknowledge in writing that such action is being taken by the Special Servicer in the name of the Trust (or holder of a Serviced
B Note or the Serviced Companion Loan, if applicable). In the performance of its duties hereunder, the Special Servicer shall be
an independent contractor and shall not, except in those instances where it is, after notice to the Trustee as provided above,
taking action in the name of the Trust (or holder of a Serviced B Note or the Serviced Companion Loan, if applicable), be deemed
to be the agent of the Trust (or holder of a Serviced B Note or the Serviced Companion Loan, as applicable). If the Special Servicer
receives any notice of a suit, litigation or proceeding in the name of Wells Fargo Bank, National Association, solely in its capacity
as Trustee, then the

 

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Special Servicer shall promptly forward a copy of same to the Trustee. The Special Servicer shall indemnify
the Trustee for any loss, liability or reasonable expense (including attorneys’ fees) incurred by the Trustee or any director,
officer, employee, agent or Controlling Person of it or its affiliates in connection with any negligent or intentional misuse of
the foregoing powers of attorney furnished to the Special Servicer by the Trustee. Such indemnification shall survive the resignation
or termination of the Special Servicer hereunder, the resignation or termination of the Trustee and the termination of this Agreement.
The Special Servicer shall not have any responsibility or liability for any act or omission of the Trustee, the Custodian, the
Master Servicer or the Depositor that is not attributable to the failure of the Special Servicer to perform its obligations hereunder.
The Special Servicer may conclusively rely on any advice of counsel rendered in a Nondisqualification Opinion.

 

(b)          In
servicing and administering the Specially Serviced Mortgage Loans, managing any related REO Properties and processing Major Decisions
and Special Servicer Decisions, the Special Servicer shall employ procedures consistent with the Servicing Standard. The Special
Servicer shall inspect, or cause to be inspected each Mortgaged Property relating to a Specially Serviced Mortgage Loan as soon
as practicable after the subject Mortgage Loan became a Specially Serviced Mortgage Loan and thereafter at least every twelve (12)
months until such Mortgage Loan ceases to be a Specially Serviced Mortgage Loan. The Special Servicer shall provide to the Master
Servicer (who shall provide, solely as it relates to any A/B Whole Loan, to the holder of the related Serviced B Note, and solely
as it relates to any Loan Pair, to the holder of the related Serviced Companion Loan and any related Serviced B Note), the Certificate
Administrator, the 17g-5 Information Provider and, during any Subordinate Control Period and any Collective Consultation Period,
the Controlling Class Representative copies of the Inspection Reports relating to such inspections as soon as practicable after
the completion of any inspection. Any cost of any inspection performed under this Section 9.3(b) shall be an expense of
the Trust and shall be treated as a Servicing Advance or as an Additional Trust Expense if such Servicing Advance would be a Nonrecoverable
Advance. Notwithstanding the foregoing, the Special Servicer shall not be liable for its failure to prepare the reports required
pursuant to this Section 9.3(b) with respect to any Specially Serviced Mortgage Loan or REO Property if such failure is
caused by the Master Servicer’s failure to perform its obligations or provide information to the Special Servicer as required
by this Agreement.

 

(c)          Pursuant
to the related Intercreditor Agreement, each owner of a Serviced Companion Loan has agreed that the Master Servicer and the Special
Servicer are authorized and obligated to service and administer such Serviced Companion Loan pursuant to this Agreement.

 

(d)          Pursuant
to the applicable Non-Serviced Mortgage Loan Intercreditor Agreement, the owners of a Non-Serviced Mortgage Loan have agreed that
such owner’s rights in, to and under such Non-Serviced Mortgage Loan are subject to the servicing and all other rights of
the applicable Non-Serviced Mortgage Loan Master Servicer and the applicable Non-Serviced Mortgage Loan Special Servicer and such
Non-Serviced Mortgage Loan Master Servicer and Non-Serviced Mortgage Loan Special Servicer are authorized and obligated to service
and administer such Non-Serviced Mortgage Loan pursuant to the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Special Servicer’s obligations
and responsibilities hereunder and the Special Servicer’s authority with respect to any Non-Serviced

 

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Mortgage Loan are limited
by and subject to the terms of the applicable Non-Serviced Mortgage Loan Intercreditor Agreement and the rights of the applicable
Non-Serviced Mortgage Loan Master Servicer and the applicable Non-Serviced Mortgage Loan Special Servicer with respect thereto
under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement. The Special Servicer shall take such actions as it
shall deem reasonably necessary to facilitate the servicing of any Non-Serviced Mortgage Loan by the applicable Non-Serviced Mortgage
Loan Master Servicer and the applicable Non-Serviced Mortgage Loan Special Servicer including, but not limited to, delivering appropriate
Requests for Release to the Trustee and Custodian (if any) in order to deliver any portion of the related Mortgage File to the
applicable Non-Serviced Mortgage Loan Master Servicer or applicable Non-Serviced Mortgage Loan Special Servicer under the related
Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

(e)          Notwithstanding
anything to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) during any Subordinate
Control Period and any Collective Consultation Period, the Controlling Class Representative shall be entitled to the rights of
the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the
Trust Advisor be entitled to the rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor
Agreement.

 

Section 9.4       Sub-Servicers.
The Special Servicer shall have the right to use a Sub-Servicer on the
same terms and conditions as those set forth in Section 8.4 for a Sub-Servicer of the Master Servicer, except as set forth
in this Section 9.4. The Special Servicer shall notify the Master Servicer, Trustee, Custodian and solely as it relates
to any A/B Whole Loan, the holder of the related Serviced B Note, and solely as it relates to any Loan Pair, the holder of the
related Serviced Companion Loan and any related Serviced B Note, of the appointment of any Sub-Servicer of the Special Servicer.
The Special Servicer shall be solely responsible for the payment of compensation to any Sub-Servicer appointed by it. The Special
Servicer shall not enter into future sub-servicing contracts unless it has provided to each Rating Agency a Rating Agency Communication
with respect thereto. Notwithstanding anything to the contrary contained in this Agreement, (i) the Special Servicer shall not
enter into any sub-servicing agreement with respect to any Mortgage Loan that provides for the performance by third parties of
any or all of its obligations hereunder, without the consent of the Applicable Control Party (which consent shall not be unreasonably
delayed or withheld), except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements,
(ii) no sub-servicer shall be permitted under any sub-servicing agreement to make material servicing decisions, such as loan modifications
or determinations as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the
Special Servicer and (iii) after the Closing Date, if and for so long as the Trust or, with respect to any Serviced Companion
Loan, the trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement, are subject to the reporting requirements
of the Exchange Act, the Special Servicer, shall not enter into a sub-servicing agreement with any Prohibited Party.

 

Section 9.5      ”Due-on-Sale”
Clauses; Assignment and Assumption Agreements; Modifications of Specially Serviced Mortgage Loans; Due-on-Encumbrance Clauses.
 Subject to Section 10.3, the terms and conditions of any related Intercreditor Agreement (in the case of any
A/B Whole Loan or Loan Pair) and the limitations of Section 12.3, the Special Servicer shall have the following duties
and rights:

 

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(a)          If
any Specially Serviced Mortgage Loan contains a provision in the nature of a “due-on-sale” clause, which by its terms:

 

(i)          provides
that such Specially Serviced Mortgage Loan shall (or may at the Mortgagee’s option) become due and payable upon the sale
or other transfer of an interest in the related Mortgaged Property or ownership interest in the related Mortgagor, or

 

(ii)         provides
that such Specially Serviced Mortgage Loan may not be assumed, or ownership interests in the related Mortgagor may not be transferred,
without the consent of the related Mortgagee in connection with any such sale or other transfer;

 

then, the Special Servicer,
on behalf of the Trust, shall, subject to Section 10.3 and, in the case of any A/B Whole Loan or Loan Pair, the related
Intercreditor Agreement, and in accordance with the Servicing Standard and the REMIC Provisions, take such actions as it deems
to be in the best economic interest of the Trust in accordance with the Servicing Standard, and may waive or enforce any due-on-sale
clause contained in the related Mortgage Note or Mortgage; provided, that the Special Servicer provides each Rating Agency
with a Rating Agency Communication prior to waiving the effect of such provision. In connection with each such Rating Agency Communication,
the Special Servicer shall prepare and, subject to Section 5.7, deliver to the Rating Agencies a memorandum outlining its
analysis and recommendation in accordance with the Servicing Standard, together with copies of all relevant documentation. As to
any Non-Specially Serviced Mortgage Loan that contains a provision in the nature of a “due-on-sale” clause, the Special
Servicer shall have the rights and duties set forth in Section 8.7.

 

In connection with the waiver
of any due-on-sale clause under a Specially Serviced Mortgage Loan in accordance with this Section 9.5(a), the Special Servicer
is authorized to take or enter into an assignment and assumption agreement from or with the Person to whom such property has been
or is about to be conveyed, and/or to release the original Mortgagor from liability upon the Specially Serviced Mortgage Loan and
substitute the new Mortgagor as obligor thereon; provided that, except as otherwise permitted by Section 9.5(c),
any such assignment and assumption or substitution agreement shall contain no terms that could result in an Adverse REMIC Event.
To the extent permitted by law, the Special Servicer shall enter into an assumption or substitution agreement that is required
under the related Mortgage Loan documents (either as a matter of right or upon satisfaction of specified conditions) and shall
otherwise enter into any assumption or substitution agreement only if the credit status of the prospective new mortgagor and the
underwriting of the new mortgagor is in compliance with the Special Servicer’s regular commercial mortgage origination or
servicing standards and criteria. The Special Servicer shall notify the Master Servicer of any such assignment and assumption or
substitution agreement and the Special Servicer shall forward to the Custodian (on the Trustee’s behalf) the original of
such agreement (and to the Master Servicer, a copy thereof), which original shall be added by the Custodian (on the Trustee’s
behalf) to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent
as all other documents and instruments constituting a part thereof.

 

(b)          In
connection with any assignment and assumption of a Specially Serviced Mortgage Loan, in no event shall the Special Servicer consent
to the creation of any lien on a Mortgaged Property that is senior to, or on a parity with, the lien of the related Mortgage unless

 

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it is consistent with the Servicing Standard and the REMIC Provisions and the Special Servicer has received the consent of the
Applicable Control Party. Nothing in this Section 9.5 shall constitute a waiver of the Trustee’s right, as the mortgagee
of record, to receive notice of any assignment and assumption of a Specially Serviced Mortgage Loan, any sale or other transfer
of the related Mortgaged Property or the creation of any lien or other encumbrance with respect to such Mortgaged Property.

 

(c)          Subject
to the Servicing Standard, the rights and duties of the Master Servicer under Section 8.18 and any rights of the Controlling
Class Representative set forth in Section 10.3, the Special Servicer may enter into any modification, waiver or amendment
(including, without limitation, the substitution or release of collateral or the pledge of additional collateral) of the terms
of any Specially Serviced Mortgage Loan, including any modification, waiver or amendment to (i) reduce the amounts owing under
any Specially Serviced Mortgage Loan by forgiving principal, accrued interest and/or any Prepayment Premium, (ii) reduce the amount
of the Scheduled Payment on any Specially Serviced Mortgage Loan, including by way of a reduction in the related Mortgage Rate,
(iii) forbear in the enforcement of any right granted under any Mortgage Note or Mortgage relating to a Specially Serviced Mortgage
Loan, (iv) extend the Maturity Date of any Specially Serviced Mortgage Loan and/or (v) accept a principal prepayment on any Specially
Serviced Mortgage Loan during any period during which voluntary Principal Prepayments are prohibited, provided, in the case
of any such modification, waiver or amendment, that (A) the related Mortgagor is in default with respect to the Specially Serviced
Mortgage Loan or, in the reasonable judgment of the Special Servicer, such default is reasonably foreseeable, (B) in the reasonable
judgment of the Special Servicer, such modification, waiver or amendment would result in a recovery to Certificateholders, the
holder of the related Serviced Companion Loan and the holder of any related Serviced B Note (as a collective whole) on a net present
value basis (calculated in accordance with Section 1.2(e)) that would be equal to or greater than the recovery that would
result if the applicable Specially Serviced Mortgage Loan were liquidated, as set forth in writing delivered by the Special Servicer
to the Trustee and the Certificate Administrator, (C) such modification, waiver or amendment would not cause an Adverse REMIC Event
or Adverse Grantor Trust Event (including with respect to any securities evidencing interests in any A Note or any B Note) to occur,
and (D) if notice to, receipt of consent, approval or direction from, or consultation with the Controlling Class Representative
(during any Subordinate Control Period and any Collective Consultation Period) or any related Loan-Specific Directing Holder (with
respect to an A/B Whole Loan or a Loan Pair as to which the holder of a related B Note or Companion Loan (or controlling portion
thereof), as applicable, or its designee is the related Loan-Specific Directing Holder), as applicable, is required in connection
with such modification, waiver or amendment pursuant to Section 10.3 or any applicable Intercreditor Agreement, then the
Special Servicer has made such notice, obtained (or been deemed to have obtained) such consent, approval or direction or completed
such consultation, as the case may be. The Special Servicer, with respect to any Serviced B Note and any Serviced Companion Loan
that is a Specially Serviced Mortgage Loan, shall notify the holder of the Serviced B Note and the Serviced Companion Loan, as
applicable, of any modification of the monthly payments of an A/B Whole Loan or a Loan Pair, as the case may be, and such monthly
payments shall be allocated in accordance with the related Intercreditor Agreement.

 

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In no event, however, shall
the Special Servicer (i) extend the Maturity Date of a Specially Serviced Mortgage Loan beyond a date that is five (5) years prior
to the Rated Final Distribution Date or (ii) if the Specially Serviced Mortgage Loan is secured by a ground lease, extend the Maturity
Date of such Specially Serviced Mortgage Loan unless the Special Servicer gives due consideration to the remaining term of such
ground lease. The Special Servicer shall not extend the Maturity Date of any Mortgage Loan secured by a Mortgaged Property covered
by a group secured creditor impaired property environmental insurance policy for more than five (5) years beyond such Mortgage
Loan’s Maturity Date unless a new Phase I Environmental Report indicates that there is no environmental condition or the
Mortgagor obtains, at its expense, an extension of such policy on the same material terms and conditions to cover the period through
five (5) years past the extended Maturity Date, provided that, if such Mortgage Loan is secured by a ground lease, the Special
Servicer shall give due consideration to the remaining term of the ground lease.

 

The determination of the
Special Servicer contemplated by clause (B) of the proviso to the first (1st) paragraph of this Section 9.5(c)
shall be evidenced by an Officer’s Certificate certifying the information in the proviso to the first (1st) paragraph
under this subsection (c).

 

(d)          If
the Special Servicer intends to permit a Mortgagor to substitute collateral for all or any portion of a Mortgaged Property pursuant
to Section 9.5(c) or pledge additional collateral for the Mortgage Loan pursuant to Section 9.5(c), if the security
interest of the Trust, the holder of any Serviced Companion Loan or the holder of any Serviced B Note in such collateral would
be perfected by possession, or if such collateral requires special care or protection, then prior to agreeing to such substitution
or addition of collateral, the Special Servicer shall make arrangements for such possession, care or protection, and prior to agreeing
to such substitution or addition of collateral (or such arrangement for possession, care or protection) shall obtain the prior
written consent of the Trustee with respect thereto (which consent shall not be unreasonably withheld, delayed or conditioned);
provided, that the Trustee shall not be required (but has the option) to consent to any substitution or addition of collateral
or to hold any such collateral which will require the Trustee to undertake any additional duties or obligations or incur any additional
expense. The Special Servicer shall provide each Rating Agency with a Rating Agency Communication in connection with any consent
to the substitution of collateral for any portion of the Mortgaged Property pursuant to Section 9.5(c).

 

(e)          The
Special Servicer shall promptly deliver to the Master Servicer, the Controlling Class Representative (during any Subordinate Control
Period and any Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period), the Trustee,
the Custodian, the Certificate Administrator and, subject to Section 5.7, the Rating Agencies (and, solely with respect
to an A/B Whole Loan, the holder of the related Serviced B Note and solely with respect to a Loan Pair, the holder of the related
Serviced Companion Loan and any related Serviced B Note) a notice, specifying any assignments and assumptions, modifications, waivers
or amendments executed pursuant to this Section 9.5, such notice identifying the affected Specially Serviced Mortgage Loan.
Such notice shall set forth the reasons for such waiver, modification, or amendment (including, but not limited to, information
such as related income and expense statements, rent rolls, occupancy status, property inspections, and an internal or external
appraisal performed in accordance with MAI standards and

 

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methodologies (and, if done externally, the cost of such appraisal shall
be recoverable as a Servicing Advance subject to the provisions of Section 4.4 hereof)). The Special Servicer shall also
deliver to the Custodian (on the Trustee’s behalf), for deposit in the related Mortgage File, an original counterpart of
the agreement relating to such modification, waiver or amendment promptly following the execution thereof (with a copy thereof
to the Master Servicer).

 

(f)          The
Special Servicer may require, in its discretion (unless prohibited or otherwise provided in the related Mortgage Loan documents),
as a condition to granting any request by a Mortgagor for any consent, modification, waiver or amendment, that such Mortgagor pay
a reasonable and customary modification fee to the extent permitted by law. No fee described in this Section shall be collected
by the Special Servicer from the Mortgagor (or on behalf of the Mortgagor) in conjunction with any consent or any modification,
waiver or amendment of the Mortgage Loan 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 Regulation Section 1.860G-2(b).
Subject to the foregoing, the Special Servicer shall use its reasonable efforts, in accordance with the Servicing Standard, to
collect any modification fees and other expenses connected with a permitted modification of a Mortgage Loan from the Mortgagor.
The inability of the Mortgagor to pay any costs and expenses of a proposed modification shall not impair the right of the Special
Servicer, the Master Servicer, the Custodian or the Trustee to be reimbursed by the Trust for such expenses (including any cost
and expense associated with any Opinion of Counsel).

 

(g)          The
Special Servicer shall cooperate with the Master Servicer (to the extent required by, and as provided in, Section 8.7) in
connection with assignments and assumptions of any Non-Specially Serviced Mortgage Loan. As to any Non-Specially Serviced Mortgage
Loan that contains a provision in the nature of a “due-on-encumbrance” clause, the Special Servicer shall have the
rights and duties set forth in Section 8.7.

 

(h)          If
any Specially Serviced Mortgage Loan which contains a provision in the nature of a “due-on-encumbrance” clause, which
by its terms:

 

(i)          provides
that such Specially Serviced Mortgage 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 a lien on an ownership interest in 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 a lien on an ownership interest in the Mortgagor,

 

then, for so long as such Specially Serviced
Mortgage Loan is included in the Trust, the Special Servicer, on behalf of the Trustee as the mortgagee of record, shall exercise
(or, subject to Section 10.3 and, in the case of any A/B Whole Loan or the related Loan Pair, the related Intercreditor
Agreement, waive its right to exercise) any right it may have with respect to such Specially Serviced Mortgage Loan (x) to accelerate
the payments thereon, or (y) to withhold its consent to the creation of any such additional lien or other encumbrance, in a manner
consistent with the Servicing Standard. Prior to waiving the effect of such provision with respect to such

 

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Specially Serviced Mortgage
Loan, the Special Servicer shall provide each Rating Agency with a Rating Agency Communication regarding such waiver.

 

Section 9.6       Custodian
to Cooperate; Release of Mortgage Files.

 

(a)          Upon
becoming aware of the payment in full of any Specially Serviced Mortgage Loan, or the receipt by the Special Servicer of a notification
that payment in full will be escrowed in a manner customary for such purposes, or the complete defeasance of a Mortgage Loan, the
Special Servicer will immediately notify the Master Servicer. The Special Servicer shall determine, in accordance with the Servicing
Standard, whether an instrument of satisfaction shall be delivered and, if the Special Servicer determines that such instrument
should be delivered, the Special Servicer shall deliver written approval of such delivery to the Master Servicer.

 

(b)          From
time to time and as appropriate for the servicing or foreclosure of any Specially Serviced Mortgage Loan or the management of the
related REO Property and in accordance with the Servicing Standard, the Trustee shall execute or cause to be executed such documents
as shall be prepared and furnished to the Trustee by a Special Servicing Officer (in form reasonably acceptable to the Trustee)
and as are necessary for such purposes. The Custodian (on the Trustee’s behalf) shall, upon request of the Special Servicer
and delivery to the Trustee and Custodian of a request for release signed by a Special Servicing Officer substantially in the form
of Exhibit C, release the related Mortgage File to the Special Servicer.

 

(c)          The
Special Servicer shall, with respect to any Rehabilitated Mortgage Loan, deliver to the Master Servicer copies of all documents
and instruments in the possession of the Special Servicer related to such Rehabilitated Mortgage Loan. Prior to the transfer of
servicing with respect to any Rehabilitated Mortgage Loan to the Master Servicer in accordance with the Servicing Standard, the
Special Servicer shall notify, in writing, the Mortgagor under such Rehabilitated Mortgage Loan of such transfer.

 

(d)          With
respect to any Non-Serviced Loan Combination, if pursuant to the related Intercreditor Agreement and the Other Companion Loan Pooling
and Servicing Agreement, and as appropriate for enforcing the terms of such Non-Serviced Loan Combination, the related Other Master
Servicer or Other Special Servicer requests delivery to it of the original Mortgage Note, then the Custodian shall release or cause
the release of such original Mortgage Note to such party or its designee and shall retain a copy thereof, subject to the execution
of an agreement by such party to safeguard such original Mortgage Note and to return such original Mortgage Note promptly when
no longer required by such party for such purpose.

 

(e)          With
respect to any Loan Pair, if pursuant to the related Intercreditor Agreement, and as appropriate for enforcing the terms of such
Loan Pair, the Special Servicer requests from the related Other Custodian delivery to it of the original mortgage note evidencing
the related Serviced Companion Loan, the Special Servicer shall agree to safeguard such original mortgage note and to return such
original mortgage note promptly when no longer required by it for such purpose.

 

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Section 9.7       Documents,
Records and Funds in Possession of Special Servicer To Be Held for the Trustee.

 

(a)          The
Special Servicer shall transmit to the Custodian (on the Trustee’s behalf) such documents and instruments coming into the
possession of the Special Servicer as from time to time are required by the terms hereof to be delivered to the Custodian (on the
Trustee’s behalf). Any funds received by the Special Servicer in respect of any Mortgage Loan, A/B Whole Loan, Loan Pair
and/or Specially Serviced Mortgage Loan or any REO Property or which otherwise are collected by the Special Servicer as Liquidation
Proceeds, Condemnation Proceeds or Insurance Proceeds shall
be transmitted to the Master Servicer within one (1) Business Day of receipt of properly identified funds for deposit into the
Collection Account (provided, that to the extent any of the foregoing amounts are received after 2:00 p.m. (Eastern time)
on any given Business Day, the Special Servicer shall use commercially reasonable efforts to remit such amounts to the Master Servicer
within one (1) Business Day of receipt of such amounts 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), except that if such amounts relate to REO Income, they
shall be deposited in the REO Account. Subject to the confidentiality provisions and restrictions on release of Privileged Information
contained in this Agreement, the Special Servicer shall provide access to information and documentation regarding the Specially
Serviced Mortgage Loans to the Trustee, the Custodian, the Master Servicer, the Certificate Administrator, the Controlling Class
Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust Advisor (other than during
any Subordinate Control Period), and their respective agents and accountants at any time upon reasonable written request and during
normal business hours, provided that the Special Servicer shall not be required to take any action or provide any information
that the Special Servicer determines will result in any material cost or expense to which it is not entitled to reimbursement hereunder
or will result in any material liability for which it is not indemnified hereunder; provided, further, that the Trustee,
the Certificate Administrator and the Custodian shall be entitled to receive from the Special Servicer all such information in
the Special Servicer’s possession as the Trustee, the Certificate Administrator and the Custodian shall reasonably require
to perform their respective duties hereunder. In fulfilling such a request, the Special Servicer shall not be responsible for determining
whether such information is sufficient for the Trustee’s, the Custodian’s, the Master Servicer’s, the Certificate
Administrator’s, the Controlling Class Representative’s or the Trust Advisor’s purposes.

 

(b)          The
Special Servicer hereby acknowledges that the Trust (and/or the holder of any related Serviced B Note (if not included in the Trust)
and/or related Serviced Companion Loan, if an A/B Whole Loan or Loan Pair is involved) owns the Specially Serviced Mortgage Loans
and all Mortgage Files representing such Specially Serviced Mortgage Loans and all funds now or hereafter held by, or under the
control of, the Special Servicer that are collected by the Special Servicer in connection with the Specially Serviced Mortgage
Loans (but excluding any Special Servicer Compensation and all other amounts to which the Special Servicer is entitled hereunder);
and the Special Servicer agrees that all documents or instruments constituting part of the Mortgage Files, and such funds relating
to the Specially Serviced Mortgage Loans which come into the possession or custody of, or which are subject to the control of,
the Special Servicer, shall be held by the Special Servicer for and on behalf of the

 

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Trust (and/or the holder of the related Serviced
B Note (if not included in the Trust) and/or related Serviced Companion Loan, if an A/B Whole Loan or Loan Pair is involved).

 

(c)          The
Special Servicer also agrees that it shall not create, incur or subject any Specially Serviced Mortgage Loans, or any funds that
are required to be deposited in any REO Account to any claim, lien, security interest, judgment, levy, writ of attachment or other
encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Specially Serviced Mortgage Loan
or any funds, collected on, or in connection with, a Specially Serviced Mortgage Loan.

 

Section 9.8       Representations,
Warranties and Covenants of the Special Servicer.

 

(a)          The
Special Servicer hereby represents and warrants to and covenants with each other party to this Agreement and for the benefit of
the Certificateholders, as of the Closing Date:

 

(i)          (A)
with respect to Rialto Capital Advisors, LLC, the Special Servicer is duly organized, validly existing and in good standing as
a limited liability company under the laws of the State of Delaware, and shall be and thereafter remain in compliance with the
laws of each State in which any Mortgaged Property (including any REO Property) which is, or is related to, a Specially Serviced
Mortgage Loan is located to the extent necessary to perform its obligations under this Agreement, except where the failure to so
qualify or comply would not adversely affect the Special Servicer’s ability to perform its obligations hereunder in accordance
with the terms of this Agreement;

 

(ii)         the
Special Servicer has the full power and authority to execute, deliver, perform, and to enter into and consummate all transactions
and obligations contemplated by this Agreement. The Special Servicer has duly and validly authorized the execution, delivery and
performance by it of this Agreement and this Agreement has been duly executed and delivered by the Special Servicer; and this Agreement,
assuming the due authorization, execution and delivery thereof by the other parties to this Agreement, evidences the valid and
binding obligation of the Special Servicer enforceable against the Special Servicer in accordance with its terms subject, as to
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, conservatorship, moratorium, receivership and other
similar laws affecting creditors’ rights generally (and, to the extent applicable, the rights of creditors of national banks)
as from time to time in effect, and to general principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law), and to matters of public policy with respect to indemnification or contribution as to violations
of securities laws;

 

(iii)        the
execution and delivery of this Agreement by the Special Servicer, the consummation by the Special Servicer of the transactions
contemplated hereby, and the fulfillment of or compliance by the Special Servicer with the terms and conditions of this Agreement
will not (1) conflict with, result in a breach, violation or acceleration of, or result in a default under, the terms of any other
material agreement or instrument to which it is a party or by which it may be bound, or any law, governmental rule, regulation,
or judgment, decree or order applicable to it of any court, regulatory body, administrative agency or governmental body

 

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having
jurisdiction over it, in any manner that materially and adversely affects its ability to perform its obligations under this Agreement
or (2) result in a breach of any term or provision of its organizational documents;

 

(iv)        no
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened, against it, the outcome of which,
in the Special Servicer’s reasonable judgment, could reasonably be expected to materially and adversely affect the execution,
delivery or enforceability of this Agreement or its ability to service the Specially Serviced Mortgage Loans it is required to
service hereunder or to perform any of its other obligations hereunder in accordance with the terms hereof;

 

(v)          no
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by it of, or compliance by it with, this Agreement, or the consummation of the transactions contemplated hereby, or
if any such consent, approval, authorization or order is required, it has obtained the same or will obtain the same prior to the
time necessary to perform its obligations under this Agreement, and, except to the extent in the case of performance, that its
failure to be qualified to do business or licensed in one or more states does not materially and adversely affect the performance
by it of its obligations hereunder; and

 

(vi)        the
Special Servicer possesses all licenses, permits and other authorizations necessary to perform its duties hereunder in each state,
except to the extent that being licensed or having permits or other authorization in one or more states is not necessary for the
performance by it of its obligations hereunder.

 

(b)          It
is understood that the representations and warranties set forth in this Section 9.8 shall survive the execution and delivery
of this Agreement.

 

(c)          Any
cause of action against the Special Servicer arising out of the breach of any representations and warranties made in this Section
shall accrue upon the giving of written notice to the Special Servicer by any of the Depositor, the Trustee, the Custodian, the
Master Servicer or the Certificate Administrator. The Special Servicer shall give prompt notice to the Trustee, the Custodian,
the Certificate Administrator, the Depositor, the Controlling Class Representative (during any Subordinate Control Period and any
Collective Consultation Period), the Trust Advisor (other than during any Subordinate Control Period) and the Master Servicer of
the occurrence, or the failure to occur, of any event that, with notice, or the passage of time or both, would cause any representation
or warranty in this Section to be untrue or inaccurate in any respect.

 

Section 9.9       Standard
Hazard, Flood and Commercial General Liability Policies.

 

(a)          For
all REO Properties (other than REO Properties relating to Non-Serviced Mortgage Loans), the Special Servicer shall use reasonable
efforts, consistent with the Servicing Standard, to maintain with a Qualified Insurer (A) a Standard Hazard Insurance Policy (that,
if the terms of the related Mortgage Loan documents and the related Mortgage so require, contains no exclusion as to any Act or
Acts of Terrorism, as defined in the Terrorism Risk

 

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Insurance Act of 2002) which does not provide for reduction due to depreciation
in an amount which is not less than the full replacement cost of the improvements of such REO Property or in an amount not less
than the Unpaid Principal Balance plus all unpaid interest and the cumulative amount of Servicing Advances (plus Advance Interest)
made with respect to such Mortgage Loan, any related Serviced B Note and Serviced Companion Loan, whichever is less, but, in any
event, in an amount sufficient to avoid the application of any co-insurance clause and (B) any other insurance coverage for such
REO Property that the related Mortgagor was required to maintain for the related Mortgaged Property under the related Mortgage,
subject, as to earthquake insurance, to the second (2nd) sentence following this sentence. If the improvements to the
Mortgaged Property are in an area identified in the Federal Register by the Federal Emergency Management Agency as having special
flood hazards (and flood insurance has been made available), the Special Servicer shall maintain a flood insurance policy meeting
the requirements of the current guidelines of the Federal Insurance Administration in an amount representing coverage equal to
the lesser of the then Unpaid Principal Balance of the Specially Serviced Mortgage Loan and unpaid Advances (plus Advance Interest)
and the maximum insurance coverage required under such current guidelines. It is understood and agreed that the Special Servicer
has no obligation to obtain earthquake or other additional insurance on REO Property, except as required by law but at its sole
option and at the Trust’s expense, it (if required at origination and is available at commercially reasonable rates) may
obtain such earthquake insurance. The Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard,
to obtain a commercial general liability policy for all REO Properties (other than any REO Property relating to any Non-Serviced
Mortgage Loan). The Special Servicer shall, to the extent available at commercially reasonable rates (as determined by the Special
Servicer in accordance with the Servicing Standard) and to the extent consistent with the Servicing Standard, use its reasonable
efforts to maintain a Rent Loss Policy covering revenues for a period of at least twelve months and a commercial general liability
policy with coverage comparable to prudent lending requirements in an amount not less than $1 million per occurrence. All applicable
policies required to be maintained by the Special Servicer pursuant to this Section 9.9(a) shall name the Trustee as loss
payee and be endorsed with a standard mortgagee clause. The costs of such insurance shall be a Servicing Advance, subject to the
provisions of Section 4.4 hereof.

 

(b)          Any
amounts collected by the Special Servicer under any insurance policies maintained pursuant to this Section 9.9 (other than
amounts to be applied to the restoration or repair of the REO Property) shall be deposited into the applicable REO Account for
further distribution to the Master Servicer pursuant to Section 9.10. Any cost incurred in maintaining the insurance required
hereby for any REO Property (other than any REO Property relating to any Non-Serviced Mortgage Loan) shall be a Servicing Advance,
subject to the provisions of Section 4.4 hereof.

 

(c)          Notwithstanding
the above, the Special Servicer shall not be required in any event to maintain or obtain any insurance coverage beyond what is
available at commercially reasonable rates or that is not of the type previously required by the Mortgage Loan documents; provided
that, subject to Section 10.3, and the terms and conditions of any related Intercreditor Agreement, the Special Servicer
shall maintain insurance against property damages resulting from terrorism or similar acts if the terms of the related Mortgage
Loan documents so require

 

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unless the Special Servicer determines that the failure to maintain such insurance would have been an
Acceptable Insurance Default under the related Mortgage Loan.

 

(d)          The
Special Servicer shall conclusively be deemed to have satisfied its obligations as set forth in this Section 9.9 either
(i) if the Special Servicer shall have obtained and maintained a master force placed or blanket insurance policy insuring against
hazard losses on all of the applicable Mortgage Loans, any Serviced Companion Loan and any Serviced B Note serviced by it, it being
understood and agreed that such policy may contain a deductible clause on terms substantially equivalent to those commercially
available and maintained by comparable servicers consistent with the Servicing Standard, and provided that such policy is
obtained from a Qualified Insurer or (ii) if the Special Servicer (or its corporate parent), for so long as the rating of such
Person’s long-term debt obligations or long-term deposit accounts are not less than “A3” as rated by Moody’s
and not less than “A-” as rated by Fitch (or an A.M. Best equivalent), self-insures for its obligations as set forth
in this Section 9.9. If the Special Servicer shall cause any Mortgage Loan, Serviced Companion Loan and Serviced B Note
to be covered by such a master force placed or blanket insurance policy, the incremental cost of such insurance allocable to such
Mortgage Loan, Serviced Companion Loan and Serviced B Note (i.e., other than any minimum or standby premium payable for
such policy whether or not any Mortgage Loan is then covered thereby), if not borne by the related Mortgagor, shall be paid by
the Special Servicer, at its option, or by the Master Servicer, in either case as a Servicing Advance, subject to the provisions
of Section 4.4 hereof. If such policy contains a deductible clause, the Special Servicer shall, if there shall not have
been maintained on the related Mortgaged Property a policy complying with this Section 9.9 and there shall have been a loss
that would have been covered by such policy, deposit in the Collection Account the amount not otherwise payable under such master
force placed or blanket insurance policy because of such deductible clause to the extent that such deductible exceeds (i) the deductible
under the related Mortgage Loan, A/B Whole Loan or Loan Pair or (ii) if there is no deductible limitation required under the Mortgage
Loan, A/B Whole Loan or Loan Pair, the deductible amount with respect to insurance policies generally available on properties similar
to the related Mortgaged Property which is consistent with the Servicing Standard, and deliver to the Trustee an Officer’s
Certificate describing the calculation of such amount. In connection with its activities as administrator and servicer of the Mortgage
Loans, any Serviced Companion Loan and any Serviced B Note, the Special Servicer agrees to present, on its behalf and on behalf
of the Trustee, claims under any such master force placed or blanket insurance policy.

 

Section 9.10     Presentment of Claims and Collection of Proceeds. The Special Servicer
will prepare and present or cause to be prepared and presented on behalf of the Trustee all claims under the Insurance Policies
with respect to REO Property (other than any REO Property relating to any Non-Serviced Mortgage Loan), and take such actions (including
the negotiation, settlement, compromise or enforcement of the insured’s claim) as shall be necessary to recover under such
policies. Any proceeds disbursed to the Special Servicer in respect of such policies shall be promptly remitted to the Master
Servicer for deposit into the Collection Account, upon receipt of properly identified funds, except for any amounts realized that
are to be applied to the repair or restoration of the applicable REO Property in accordance with the Servicing Standard. Any extraordinary
expenses (but not ordinary and routine or anticipated expenses) incurred by the Special Servicer in fulfilling its obligations
under this Section 9.10 shall be paid by the Trust.

 

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Section 9.11     Compensation
to the Special Servicer.

 

(a)          As
compensation for its activities hereunder, the Special Servicer shall be entitled to (i) the Special Servicing Fee, (ii) the Liquidation
Fee and (iii) the Workout Fee. Such amounts, if any, collected by the Special Servicer from the related Mortgagor shall be transferred
by the Special Servicer to the Master Servicer within one (1) Business Day of receipt thereof (provided, that to the extent
any of the foregoing amounts are received after 2:00 p.m. (Eastern time) on any given Business Day, the Special Servicer shall
use commercially reasonable efforts to remit such amounts to the Master Servicer within one (1) Business Day of receipt of such
amounts 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), and deposited by the Master Servicer in the Collection Account. The Special Servicer shall be entitled
to receive a Liquidation Fee from the Liquidation Proceeds received in connection with a Specially Serviced Mortgage Loan or REO
Property. With respect to each REO Mortgage Loan that is a successor to a Mortgage Loan secured by two or more Mortgaged Properties,
the reference to “REO Property” in the preceding sentence shall be construed on a property-by-property basis to refer
separately to the acquired real property that is a successor to each of such Mortgaged Properties, thereby entitling the Special
Servicer to a Liquidation Fee from the Liquidation Proceeds received in connection with a final disposition of, and Condemnation
Proceeds received in connection with, each such acquired property as the Liquidation Proceeds related to that property are received.
The Special Servicer shall also be entitled to additional special servicing compensation of an amount equal to the excess, if any,
of the aggregate Prepayment Interest Excess relating to Specially Serviced Mortgage Loans that have, during any Collection Period,
been the subject of voluntary Principal Prepayments not from Liquidation Proceeds or from modifications of Specially Serviced Mortgage
Loans for each Distribution Date over the aggregate Prepayment Interest Shortfalls incurred with respect to such Specially Serviced
Mortgage Loans during the same Collection Period. If the Special Servicer is terminated or resigns, the Special Servicer shall
retain the right (and the applicable successor Special Servicer shall not have the right) to receive (until the related Mortgage
Loan becomes a Specially Serviced Mortgage Loan or until the related Mortgaged Property becomes an REO Property) any and all Workout
Fees payable in respect of (i) any Specially Serviced Mortgage Loans serviced by the Special Servicer that became Rehabilitated
Mortgage Loans during the period that it acted as Special Servicer and that were still Rehabilitated Mortgage Loans at the time
of such termination or resignation and (ii) any Specially Serviced Mortgage Loans for which the Special Servicer has resolved the
circumstances and/or conditions causing any such Mortgage Loan to be a Specially Serviced Mortgage Loan such that the Mortgage
Loan would be deemed a Rehabilitated Mortgage Loan but for the related Mortgagor having not yet made, as of the date of such termination
or resignation, three (3) timely Scheduled Payments required by the terms of the workout; provided that in either case no
other event has occurred as of the time of the Special Servicer’s termination or resignation that would otherwise cause such
Mortgage Loan to again become a Specially Serviced Mortgage Loan.

 

(b)          The
Special Servicer shall be entitled to cause the Master Servicer to withdraw (i) from the Collection Account, the Special Servicer
Compensation in respect of each Mortgage Loan (but not a Serviced B Note) and (ii) from any Custodial Account, the Special Servicer
Compensation to the extent related solely to the related Serviced Companion Loan and/or Serviced B Note, as applicable, in each
case in the time and manner set forth in

 

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Section 5.2 of this Agreement. The Special Servicer shall be required to pay all
expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement therefor
except as expressly provided in this Agreement.

 

(c)          Notwithstanding
anything herein to the contrary (and, in the case of any A/B Whole Loan, Loan Pair or Non-Serviced Loan Combination, subject to
any provisions of the applicable Intercreditor Agreement relating to the allocation of the amounts set forth below), the Special
Servicer shall be entitled to receive the following items as additional special servicing compensation:

 

(i)          (x)
100% of Unallocable Modification Fees actually collected during the related Collection Period with respect to (A) any Specially
Serviced Mortgage Loans or REO Mortgage Loans (other than any REO Mortgage Loan that was a Non-Serviced Mortgage Loan) or (B) any
Non-Specially Serviced Mortgage Loan where the related action is a Special Servicer Decision processed solely by the Special Servicer;
(y) 50% of Unallocable Modification Fees collected during the related Collection Period with respect to Non-Specially Serviced
Mortgage Loans in connection with a consent, approval or other action that is a Major Decision (whether or not processed by the
Special Servicer) or is a Special Servicer Decision (if processed by the Master Servicer pursuant to a mutual agreement between
the Master Servicer and the Special Servicer that the Master Servicer shall process such request (or with respect to clause (b)(i)
and (ii) of the definition of “Special Servicer Decision”, which the Master Servicer shall process)) or (z) 0% if the
Master Servicer is permitted to take such action without the consent or approval (or deemed consent or approval) of the Special
Servicer under the other provisions of this Agreement so long as no Major Decision or Special Servicer Decision is involved;

 

(ii)        After
application as set forth in Section 5.2(b) hereof, (x) 100% of Allocable Modification Fees (that constitute Excess Modification
Fees) actually collected during the related Collection Period with respect to (A) any Specially Serviced Mortgage Loans or REO
Mortgage Loans (other than any REO Mortgage Loan that was a Non-Serviced Mortgage Loan) or (B) any Non-Specially Serviced Mortgage
Loan where the related action is a Special Servicer Decision processed solely by the Special Servicer; (y) 50% of Allocable Modification
Fees (that constitute Excess Modification Fees) collected during the related Collection Period with respect to Non-Specially Serviced
Mortgage Loans in connection with a consent, approval or other action that is a Major Decision (whether or not processed by the
Special Servicer) or is a Special Servicer Decision (if processed by the Master Servicer) or (z) 0% if the Master Servicer is permitted
to take such action without the consent or approval (or deemed consent or approval) of the Special Servicer under the other provisions
of this Agreement so long as no Major Decision or Special Servicer Decision is involved;

 

(iii)       (x)
100% of Assumption Fees collected during the related Collection Period with respect to (A) Specially Serviced Mortgage Loans or
(B) any Non-Specially Serviced Mortgage Loan where the related action is a Special Servicer Decision processed solely by the Special
Servicer, (y) 50% of Assumption Fees collected during the related Collection Period with respect to Non-Specially Serviced Mortgage
Loans in connection with a consent, approval or other action that is a Major Decision (whether or

 

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not processed by the Special
Servicer) or is a Special Servicer Decision (if processed by the Master Servicer) or (z) 0% if the Master Servicer is permitted
to take any such action without the consent or approval (or deemed consent or approval) of the Special Servicer under the other
provisions of this Agreement so long as no Major Decision or Special Servicer Decision is involved;

 

(iv)        100%
of assumption application fees collected during the related Collection Period with respect to Specially Serviced Mortgage Loans;

 

(v)          (x)
100% of Consent Fees in connection with a consent that involves no modification, assumption, extension, waiver or amendment of
the terms of any Mortgage Loan documents on (A) Specially Serviced Mortgage Loans or (B) any Non-Specially Serviced Mortgage Loan
where the related action is a Special Servicer Decision processed solely by the Special Servicer, (y) 50% of Consent Fees on Non-Specially
Serviced Mortgage Loans in connection with a consent that involves no modification, assumption, extension, waiver or amendment
of the terms of any Mortgage Loan documents and is paid in connection with a consent that is a Major Decision (whether or not processed
by the Special Servicer) or is a Special Servicer Decision (if processed by the Master Servicer) or (z) 0% if the Master Servicer
is permitted to take such action without the consent or approval (or deemed consent or approval) of the Special Servicer under
the other provisions of this Agreement so long as no Major Decision or Special Servicer Decision is involved;

 

(vi)        100%
of charges for beneficiary statements or demands actually paid by the Mortgagors under the Specially Serviced Mortgage Loans;

 

(vii)       (a)
50% of other loan processing fees actually paid by the Mortgagors under the Non-Specially Serviced Mortgage Loans which action
involves a Major Decision (whether or not processed by the Master Servicer) or is a Special Servicer Decision (if processed by
the Master Servicer pursuant to a mutual agreement between the Master Servicer and the Special Servicer that the Master Servicer
shall process such request (or with respect to clause (b)(i) and (ii) of the definition of “Special Servicer
Decision”, which the Master Servicer shall process)), (b) 100% of other loan processing fees actually paid by the Mortgagors
under (A) the Specially Serviced Mortgage Loans or (B) any Non-Specially Serviced Mortgage Loan where the related action is a Special
Servicer Decision processed solely by the Special Servicer, or (c) 0% if the Master Servicer is permitted to take such action without
the consent or approval (or deemed consent or deemed approval) of the Special Servicer under the other provisions of this Agreement;

 

(viii)      Interest
or other income earned during any Collection Period on deposits in any REO Account maintained by the Special Servicer, in accordance
with Section 9.14 (net of investment losses with respect to such REO Account for such Collection Period); and

 

(ix)        After
application as set forth in Section 5.2(b), any Excess Penalty Charges earned on the Specially Serviced Mortgage Loans;

 

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provided that, notwithstanding
the foregoing, regardless of whether the Master Servicer or the Special Servicer processes any request described in clause (b),
(f) or (g) of the definition of Special Servicer Decisions, each of the Master Servicer and the Special Servicer
shall be entitled to 50% of any fee paid in connection with such Special Servicer Decision on any Non-Specially Serviced Mortgage
Loan.

 

The Master Servicer and the
Special Servicer will each be entitled to retain reasonable review and/or processing fees in connection with any Mortgagor request
to the extent such fees are not prohibited under the related mortgage loan agreement and are actually paid by or on behalf of the
related Mortgagor.

 

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, the Master
Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective
portion of such fee; provided, that (A) neither the Master Servicer nor the Special Servicer will 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 its respective portion in any such fee, the party that reduced or
elected not to charge its respective portion of such fee will 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, 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 will not be entitled to any of such fee charged by the Special Servicer.

 

Notwithstanding the foregoing,
the Master Servicer and the Special Servicer may mutually agree as provided in this Agreement that the Master Servicer shall process
any Special Servicer Decision or Major Decision with respect to any Non-Specially Serviced Mortgage Loan. If the Master Servicer
and the Special Servicer do mutually agree that the Master Servicer shall process a Special Servicer Decision or Major Decision,
the Master Servicer shall be required to obtain the Special Servicer’s prior consent to such Special Servicer Decision or
such Major Decision. Regardless of whether the Master Servicer or the Special Servicer evaluates or processes a Major Decision,
the Master Servicer and the Special Servicer shall each be entitled to 50% of any fee paid in connection with such Major Decision
with respect to any Non-Specially Serviced Mortgage Loan.

 

(d)          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 Borrower, any Manager, any guarantor or indemnitor in respect of
a Mortgage Loan, Loan Pair or A/B Whole Loan and any purchaser of any Mortgage Loan, Loan Pair, A/B Whole Loan or REO Property)
in connection with the disposition, workout or foreclosure of any Mortgage Loan (or Loan Pair or A/B Whole Loan, if applicable),
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 Agreement; provided, that such prohibition shall not apply to Permitted Special
Servicer/Affiliate Fees.

 

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(e)          If
the Grove City Premium Outlets Loan Pair becomes a Specially Serviced Mortgage Loan prior to the Grove City Premium Outlets Companion
Loan Securitization Date, the Special Servicer shall service and administer the Grove City Premium Outlets Loan Pair and any related
REO Property in the same manner as any other Specially Serviced Mortgage Loan or REO Property and shall be entitled to all rights
and Special Servicer Compensation earned with respect to the Grove City Premium Outlets Loan Pair as special servicer of such
Loan Pair. Prior to the Grove City Premium Outlets Companion Loan Securitization Date, no other special servicer shall be entitled
to any such compensation or have such rights and obligations. If the Grove City Premium Outlets Loan Pair is still a Specially
Serviced Mortgage Loan on the Grove City Premium Outlets Companion Loan Securitization Date, the related Other Special Servicer
and the Special Servicer shall be entitled to compensation with respect to the Grove City Premium Outlets Loan Pair as if the
Special Servicer were being terminated as Special Servicer and the related Other Special Servicer were replacing, and acting as
successor to, the Special Servicer.

 

(f)           If the Gulfport Premium Outlets Loan Pair
becomes a Specially Serviced Mortgage Loan prior to the Gulfport Premium Outlets Companion Loan Securitization Date, the Special
Servicer shall service and administer the Gulfport Premium Outlets Loan Pair and any related REO Property in the same manner as
any other Specially Serviced Mortgage Loan or REO Property and shall be entitled to all rights and Special Servicer Compensation
earned with respect to the Gulfport Premium Outlets Loan Pair as special servicer of such Loan Pair. Prior to the Gulfport Premium
Outlets Companion Loan Securitization Date, no other special servicer shall be entitled to any such compensation or have such
rights and obligations. If the Gulfport Premium Outlets Loan Pair is still a Specially Serviced Mortgage Loan on the Gulfport
Premium Outlets Companion Loan Securitization Date, the related Other Special Servicer and the Special Servicer shall be entitled
to compensation with respect to the Gulfport Premium Outlets Loan Pair as if the Special Servicer were being terminated as Special
Servicer and the related Other Special Servicer were replacing, and acting as successor to, the Special Servicer.

 

Section 9.12          Realization
Upon Defaulted Loans.

 

(a)            The Special Servicer,
in accordance with the Servicing Standard and subject to Section 9.3(a), Section 9.12(b), Section 9.12(c),
Section 9.12(e), Section 9.17 and Section 10.3 and the terms and conditions of any related
Intercreditor Agreement, shall use its reasonable efforts to foreclose upon, repossess or otherwise comparably convert the ownership
of Mortgaged Properties securing such of the Specially Serviced Mortgage Loans as come into and continue in default and as to which
no satisfactory arrangements can be made for collection of delinquent payments of such Specially Serviced Mortgage Loan, the sale
of such Specially Serviced Mortgage Loan in accordance with this Agreement or the modification of such Specially Serviced Mortgage
Loan in accordance with this Agreement. In connection with such foreclosure or other conversion of ownership, the Special Servicer
shall follow the Servicing Standard. The foregoing is subject to the proviso that the Special Servicer shall not request that the
Master Servicer make a Servicing Advance for Liquidation Expenses that would be a Nonrecoverable Advance unless the Special Servicer
determines that such Servicing Advance is in the best interest of the Certificateholders (or, with respect to any A/B Whole Loan
or Loan Pair, the Trust and the holders of any related Serviced B Note or Serviced Companion Loan, as

 

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applicable, as a collective
whole, but taking into account the subordinate nature of any related Serviced B Note).

 

(b)           The Special Servicer
shall not acquire any personal property relating to any Specially Serviced Mortgage Loan pursuant hereto unless:

 

(i)          such personal
property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by the Special Servicer;

 

(ii)         such personal
property is the capital stock of a settlor and both (A) the Special Servicer takes such action as may be necessary in order to
treat the settlor as an entity that is disregarded as an entity separate from a REMIC Pool under Treasury Regulation Section 301.7701-3
(including by filing an election under such regulation and by creating a wholly-owned LLC of the REMIC for the purpose of acquiring
part of such capital stock) and (B) the property owned by such settlor at the time the capital stock is acquired consists solely
of “foreclosure property” under the REMIC Provisions; or

 

(iii)        the Special
Servicer shall have received a Nondisqualification Opinion (the cost of which shall be reimbursed by the Trust) to the effect that
the holding of such personal property by any REMIC Pool will not cause the imposition of a tax on any REMIC Pool under the Code
or cause any REMIC Pool to fail to qualify as a REMIC.

 

(c)           Notwithstanding
anything to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust, obtain title to a Mortgaged
Property as a result of or in lieu of foreclosure or otherwise, and shall not otherwise acquire possession of, or take any other
action with respect to, any Mortgaged Property, if, as a result of any such action the Trust, or any trust that holds a Serviced
B Note or Serviced Companion Loan 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 applicable
comparable federal, state or local law, or a “discharger” or “responsible party” thereunder, unless, subject
to Section 10.3 and the terms and conditions of any related Intercreditor Agreement, the Special Servicer has also
previously determined in accordance with the Servicing Standard, based on a Phase I Environmental Report prepared by a Person (who
may be an employee or affiliate of the Master Servicer or the Special Servicer) who regularly conducts environmental site assessments
in accordance with the standards of Fannie Mae in the case of multi-family mortgage loans and customary servicing practices in
the case of commercial loans for environmental assessments, which report shall be delivered to the Trustee, the Custodian, the
Certificate Administrator and the 17g-5 Information Provider, that:

 

(i)          such Mortgaged
Property is in compliance with applicable Environmental Laws or, if not, after consultation with an environmental expert, that
taking such actions as are necessary to bring the Mortgaged Property in compliance therewith is reasonably likely to produce a
greater recovery on a net present value basis (calculated in accordance with Section 1.2(e)) than not taking such actions;

 

(ii)         taking such
actions as are necessary to bring the Mortgaged Property in compliance with applicable Environmental Laws is reasonably likely
to produce a

 

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greater recovery on a net present value basis (calculated in accordance with Section 1.2(e)) than pursuing a claim
under the Environmental Insurance Policy; and

 

(iii)        there are
no circumstances or conditions present or threatened at such Mortgaged Property relating to the use, management, disposal or release
of any hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials for which investigation, testing,
monitoring, removal, clean-up or remediation could be required under any federal, state or local law or regulation, or that, if
any such materials are present for which such action could be required, after consultation with an environmental expert, that taking
such actions with respect to the affected Mortgaged Property is reasonably likely to produce a greater recovery on a net present
value basis (calculated in accordance with Section 1.2(e)) than not taking such actions (after taking into account the projected
costs of such actions);

 

provided that such compliance pursuant
to clause (i) and (ii) above or the taking of such action pursuant to this clause (iii) shall
only be required to the extent that the cost thereof is a Servicing Advance of the Master Servicer or the Special Servicer pursuant
to this Agreement, subject to the provisions of Section 4.4 hereof.

 

(d)           The cost of the
Phase I Environmental Report contemplated by Section 9.12(c) may be treated as a Liquidation Expense, or in the event
the related Specially Serviced Mortgage Loan is not liquidated and a Final Recovery Determination has been made with respect to
such Specially Serviced Mortgage Loan, the Master Servicer shall treat such cost as a Servicing Advance subject to the provisions
of Section 4.4 hereof; provided that, in the latter event, the Special Servicer shall use its good faith reasonable
business efforts to recover such cost from the Mortgagor in connection with the curing of the default under the Specially Serviced
Mortgage Loan.

 

(e)           If the Special
Servicer determines, pursuant to Section 9.12(c), and subject to Section 10.3 and the terms and conditions
of any related Intercreditor Agreement, that taking such actions as are necessary to bring any Mortgaged Property into compliance
with applicable Environmental Laws, or taking such actions with respect to the containment, removal, clean-up or remediation of
hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials affecting any such Mortgaged Property,
is not reasonably likely to produce a greater recovery on a net present value basis (calculated in accordance with Section 1.2(e))
than not taking such actions (after taking into account the projected costs of such actions) or than not pursuing a claim under
the Environmental Insurance Policy, then the Special Servicer shall take such action as it deems to be in the best economic interest
of the Trust (and, with respect to any A/B Whole Loan or Loan Pair, the holders of any related Serviced B Note or Serviced Companion
Loan, as applicable, but taking into account the subordinate nature of any related Serviced B Note), including, without limitation,
releasing the lien of the related Mortgage, and the Special Servicer shall provide written notice of such circumstances to the
Trustee, the Certificate Administrator (who shall promptly post such written notice on the Certificate Administrator’s Website
pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly post such written notice on the 17g-5 Information
Provider’s Website pursuant to Section 5.7). In connection with the foregoing, if the Special Servicer determines
that a material possibility exists that Liquidation Expenses with respect to Mortgaged Property (taking into account the cost of
bringing it into compliance with applicable Environmental Laws) would

 

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exceed the Unpaid Principal Balance of the related Specially
Serviced Mortgage Loan, the Special Servicer shall provide written notice of such circumstances to the Trustee, the Certificate
Administrator (who shall promptly post such written notice on the Certificate Administrator’s Website pursuant to Section
5.4) and the 17g-5 Information Provider (who shall promptly post such written notice on the 17g-5 Information Provider’s
Website pursuant to Section 5.7).

 

(f)            Subject to Section 10.3
and the terms and conditions of any related Intercreditor Agreement, the Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, the advisability of maintaining any action with respect to any Specially Serviced Mortgage
Loan, including, without limitation, any action to obtain a deficiency judgment with respect to any Specially Serviced Mortgage
Loan.

 

Section 9.13          Foreclosure.
 If the Trust obtains, through foreclosure on a Mortgage or otherwise, the right to receive title to a Mortgaged Property (other
than any Mortgaged Property relating to any Non-Serviced Mortgage Loan), the Special Servicer, as its agent, shall direct the
appropriate party to deliver title to the related REO Property to the Trustee or its nominee (which may be a special purpose entity
owned by the Trust).

 

The Special Servicer
may consult with counsel to determine when an Acquisition Date shall be deemed to occur under the REMIC Provisions with respect
to the Mortgaged Property, the expense of such consultation being treated as a Servicing Advance related to the foreclosure, subject
to the provisions of Section 4.4 hereof. The Special Servicer, on behalf of the Trust (and, with respect to any A/B
Whole Loan or Loan Pair, the holders of any related Serviced B Note or Serviced Companion Loan, as applicable) shall sell such
REO Property expeditiously, but in any event within the time period, and subject to the conditions, set forth in Section 9.15.
Subject to Section 9.15, the Special Servicer shall manage, conserve, protect and operate such REO Property for the
holders of beneficial interests in the Trust (and, with respect to any A/B Whole Loan or Loan Pair, the holders of any related
Serviced B Note or Serviced Companion Loan, as applicable) solely for the purpose of its prompt disposition and sale.

 

In connection with causing
the Trust to foreclose on collateral that consists of multiple properties held for sale to customers by the Mortgagor (such as
unsold condominium units in a single project), the Special Servicer shall consider the effect of the bidding price for the properties
on the tax basis of such properties if such properties are likely to be treated in the hands of the Trust as properties held for
sale to customers.

 

Section 9.14          Operation
of REO Property.

 

(a)            The Special Servicer
shall segregate and hold all funds collected and received in connection with the operation of each REO Property separate and apart
from its own funds and general assets and shall establish and maintain with respect to each REO Property one or more accounts held
in trust for the benefit of the Certificateholders (and, with respect to any A/B Whole Loan or Loan Pair, the holders of any related
Serviced B Note or Serviced Companion Loan, as applicable) in the name of Rialto Capital Advisors, LLC, as Special Servicer (or,
with respect to any Excluded Special Servicer Mortgage Loan, the Excluded Special Servicer, as Special Servicer) on behalf of Wells
Fargo Bank, National Association, as Trustee for the benefit of the Holders of Morgan Stanley Capital I Trust 2015-UBS8,

 

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Commercial
Mortgage Pass-Through Certificates, Series 2015-UBS8, the holder of any Serviced Companion Loan and the holder of any Serviced
B Note as their interests may appear (each, an “REO Account”), which shall be an Eligible Account. The Special
Servicer shall deposit all funds received with respect to an REO Property in the applicable REO Account within two (2) days of
receipt of properly identified funds. The Special Servicer shall account separately for funds received or expended with respect
to each REO Property. All funds in each REO Account may be invested only in Eligible Investments at the risk of the Special Servicer.
The Special Servicer shall notify the Trustee and the Master Servicer in writing of the location and account number of each REO
Account and shall notify the Trustee prior to any subsequent change thereof.

 

(b)           On or before each
Special Servicer Remittance Date, the Special Servicer shall withdraw from each REO Account and remit to the Master Servicer for
deposit into the Collection Account, the REO Income received or collected during the Collection Period immediately preceding such
Special Servicer Remittance Date on or with respect to the related REO Properties; provided that (i) the Special Servicer
may retain in such REO Account such portion of such proceeds and collections as may be necessary to maintain in the REO Account
sufficient funds for the proper operation, management and maintenance of the related REO Property, including, without limitation,
the creation of reasonable reserves for repairs, replacements, and necessary capital improvements and other related expenses. The
Special Servicer shall notify the Master Servicer of all such remittances (and the REO Properties to which the deposits relate)
made into the Collection Account and (ii) the Special Servicer shall be entitled to withdraw from the REO Account and pay
itself as additional special servicing compensation any interest or net reinvestment income earned on funds deposited in the REO
Account. The amount of any losses incurred in respect of any such investments shall be for the account of the Special Servicer
which shall deposit the amount of such loss (to the extent not offset by income from other investments) in the REO Account, out
of its own funds immediately as realized; provided that, such investment losses shall not include any loss with respect
to such investment which is incurred solely as a result of the insolvency of the federal or state chartered depositary institution
or trust company at which such Investment Account is maintained, so long as such depositary institution or trust company (a) satisfied
the qualifications set forth in the definition of “Eligible Account” both at the time such investment was made and
as of a date not more than thirty (30) days prior to the date of such loss and (b) is not the Person that made the relevant
investment. If the Special Servicer deposits in any REO Account any amount not required to be deposited therein, it may at any
time withdraw such amount from the REO Account, any provision herein to the contrary notwithstanding.

 

(c)            If the Trust acquires
the Mortgaged Property, the Special Servicer shall have full power and authority, subject to Section 10.3 and the terms
and conditions of any related Intercreditor Agreement, to do any and all things in connection therewith as are consistent with
the Servicing Standard, subject to the REMIC Provisions, and in such manner as the Special Servicer deems to be in the best interest
of the Trust (or, with respect to any A/B Whole Loan or Loan Pair, the Trust and the holders of any related Serviced B Note
or Serviced Companion Loan, as applicable, as a collective whole), and, consistent therewith, may advance from its own funds to
pay for the following items (which amounts shall be reimbursed by the Master Servicer or the Trust subject to Sections 4.4
in accordance with Section 4.6(e)), to the extent such amounts cannot be paid from REO Income:

 

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(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 could result or have resulted in the imposition of a lien thereon; and

 

(iii)        all costs
and expenses necessary to maintain, operate, lease and sell such REO Property (other than capital improvements and, to the extent
necessary to comply with the REMIC Provisions, capital expenditures).

 

(d)           The Special Servicer
may, and to the extent necessary to (i) preserve the status of the REO Property as “foreclosure property” under
the REMIC Provisions or (ii) avoid the imposition of a tax on “income from nonpermitted assets” within the meaning
of the REMIC Provisions, shall contract with any Independent Contractor for the operation and management of the REO Property, provided
that:

 

(i)          the terms and
conditions of any such contract shall not be inconsistent herewith;

 

(ii)          the terms of
such contract shall be consistent with the provisions of Section 856 of the Code and Treasury Regulation Section 1.856-4(b)(5);

 

(iii)        only to the
extent consistent with (ii) above, 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 Mortgaged Property underlying
the REO Property and (B) deposit on a daily basis all amounts payable to the Trust in accordance with the contract between
the Trust and the Independent Contractor in an Eligible Account;

 

(iv)        none of the
provisions of this Section 9.14 relating to any such contract or to actions taken through any such Independent Contractor
shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trustee with respect to the operation
and management of any such REO Property;

 

(v)         if the Independent
Contractor is an Affiliate of the Special Servicer, the consent of the Applicable Control Party, and a Nondisqualification Opinion,
must be obtained; and

 

(vi)        the Special
Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in
connection with the operation and management of such REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for the Trust (and, if applicable,
the holder of a Serviced B Note or a Serviced Companion Loan) pursuant to this subsection (d) for indemnification of
the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.
All fees of the Independent Contractor (other than fees paid for performing services within the ordinary duties of a Special

 

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Servicer
which shall be paid by the Special Servicer) shall be paid from the income derived from the REO Property (or if not available from
amounts on deposit in the related REO Account, shall be an Additional Trust Expense). To the extent that the income from the REO
Property is insufficient, such fees shall be advanced by the Master Servicer or the Special Servicer as a Servicing Advance, subject
to the provisions of Section 4.4 and Section 4.6(e) hereof.

 

(e)            Notwithstanding
any other provision of this Agreement, the Special Servicer shall not rent, lease, or otherwise earn income on behalf of the Trust
or the beneficial owners thereof with respect to REO Property which might cause the REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (without giving effect to the final sentence thereof)
or result in the receipt by any REMIC of any “income from nonpermitted assets” within the meaning of Section 860F(a)(2)
of the Code or any “net income from foreclosure property” which is subject to tax under the REMIC Provisions unless
(i) the Trustee and the Special Servicer have received an Opinion of Counsel (at the Trust’s sole expense) to the effect
that, under the REMIC Provisions and any relevant proposed legislation, any income generated for REMIC I by the REO Property
would not result in the imposition of a tax upon REMIC I or (ii) in accordance with the Servicing Standard, the Special
Servicer determines the income or earnings with respect to such REO Property will offset any tax under the REMIC Provisions relating
to such income or earnings and will maximize the net recovery from the REO Property to the Certificateholders. The Special Servicer
shall notify the Trustee, the Certificate Administrator and the Master Servicer of any election by it to incur such tax, and the
Special Servicer (i) shall hold in escrow in an Eligible Account an amount equal to the tax payable thereby from revenues
collected from the related REO Property, (ii) provide the Certificate Administrator with all information for the Certificate
Administrator to file the necessary tax returns in connection therewith and (iii) upon request from the Certificate Administrator,
pay from such account to the Certificate Administrator the amount of the applicable tax. The Certificate Administrator shall file
the applicable tax returns based on the information supplied by the Special Servicer and pay the applicable tax from the amounts
collected by the Special Servicer.

 

Subject to, and without
limiting the generality of the foregoing, the Special Servicer, on behalf of the Trust, shall not:

 

(i)          permit the Trust
to enter into, renew or extend any New Lease with respect to the 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 the REO Property, other than the completion of a building or other improvement thereon, and then
only if more than ten (10) percent of the construction of such building or other improvement was completed before default on the
Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

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(iv)        Directly Operate,
other than through an Independent Contractor, or allow any other Person to Directly Operate, other than through an Independent
Contractor, the REO Property on any date more than ninety (90) days after the Acquisition Date; unless, in any such case, the Special
Servicer has requested and received an Opinion of Counsel at the Trust’s sole expense 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 (without giving effect to the final sentence thereof) at any time that it is held by the applicable REMIC Pool, in
which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

(f)            Notwithstanding
any other provision of this Agreement, the Special Servicer shall not have any obligations with respect to an REO Property that
relates to a Mortgaged Property that secures a Non-Serviced Mortgage Loan and all references to the Special Servicer’s obligations
in this Agreement with respect to “REO Property” shall exclude any such Mortgaged Property that secures a Non-Serviced
Mortgage Loan.

 

Section 9.15          Sale
of REO Property.

 

(a)            If title to any
REO Property is acquired by the Trust (or its nominee) in respect of any Specially Serviced Mortgage Loan, the deed or certificate
of sale shall be issued to the Trust, the Trustee or to its nominees.  The Special Servicer, subject to Section 10.3
and the terms and conditions of any related Intercreditor Agreement, shall use its reasonable best efforts to sell any REO Property
for cash as soon as practicable consistent with the objective of maximizing proceeds for all Certificateholders (and, with respect
to a Loan Pair or A/B Whole Loan, for the Certificateholders and the holder of the related Serviced Companion Loan and/or Serviced
B Note, as applicable, as a collective whole), but in no event later than the end of the third (3rd) calendar year following the
end of the year of its acquisition, and in any event prior to the Rated Final Distribution Date or earlier to the extent necessary
to comply with REMIC Provisions, unless (i) the Trustee or the Special Servicer, on behalf of the applicable REMIC Pool, (A)
has been granted an extension of time (an “Extension”) (which extension shall be applied for at least sixty
(60) days prior to the expiration of the period specified above) by the IRS for the orderly liquidation of such REO Property (a
copy of which Extension and the related application shall be delivered to the Certificate Administrator upon request), or (B) is
permitted under the REMIC Provisions to continue to hold such REO Property during the period in which the application for such
an Extension is pending, in either of which cases the Special Servicer may continue to attempt to sell the REO Property for cash
for its fair market value for such longer period as such Extension permits or while the application for such Extension is pending,
as the case may be, or (ii) the Special Servicer seeks and subsequently receives, at the expense of the Trust, a Nondisqualification
Opinion, addressed to the Trustee and the Special Servicer, to the effect that the holding by the Trust of such REO Property subsequent
to the period specified above after its acquisition will not result in the imposition of taxes on “prohibited transactions”
of a REMIC, as defined in Section 860F(a)(2) of the Code, or cause any REMIC Pool to fail to qualify as a REMIC at any time
that any Certificates are outstanding; provided that in no event shall the Trust be permitted to hold any REO Property beyond
the end of the sixth (6th) calendar year following the end of the year of such REO Property’s acquisition.   If
the Trustee has not received such an Extension or Opinion of Counsel and the Special Servicer is not able to sell such REO Property
for cash within the period specified above, or if an Extension has been

 

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granted and the Special Servicer is unable to sell such
REO Property within the extended time period, the Special Servicer shall, after consultation with the Applicable Control Party,
before the end of such period or extended period, as the case may be, auction the REO Property to the highest cash bidder (which
may be the Special Servicer or another Interested Person) in accordance with the Servicing Standard; provided, that if the
Special Servicer, any other Interested Person or any of their respective affiliated entities intends to bid on or otherwise purchase
any REO Property, (i) the Special Servicer shall notify the Trustee of such intent, (ii) the Trustee shall promptly obtain,
at the expense of the Trust, an Appraisal of such REO Property (or internal valuation in accordance with the procedures specified
in Section 6.9) and (iii) the applicable Interested Person shall not bid less than the fair market value set forth in
such Appraisal.  Neither the Trustee nor any Affiliate thereof may purchase an REO Property.

 

(b)           Within thirty
(30) days of the sale of the REO Property, the Special Servicer shall provide to the Trustee, the Certificate Administrator, the
Custodian, the 17g-5 Information Provider, the Trust Advisor (during any Collective Consultation Period and any Senior Consultation
Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and
the Master Servicer (and, with respect to any A/B Whole Loan or Loan Pair, the holders of any related Serviced B Note or Serviced
Companion Loan, as applicable) a statement of accounting for such REO Property, including without limitation, (i) the Acquisition
Date for the REO Property, (ii) the date of disposition of the REO Property, (iii) the sale price and related selling
and other expenses, (iv) accrued interest (including interest deemed to have accrued) on the Specially Serviced Mortgage Loan
to which the REO Property related, calculated from the Acquisition Date to the disposition date, (v) final property operating
statements, and (vi) such other information as the Trustee or the Certificate Administrator (or, with respect to any A/B Whole
Loan or Loan Pair, the holders of any related Serviced B Note or Serviced Companion Loan, as applicable) may reasonably request
in writing.

 

(c)            The Liquidation
Proceeds from the final disposition of the REO Property shall be remitted to the Master Servicer for deposit into the Collection
Account within one (1) Business Day of receipt; provided that, to the extent any of the foregoing amounts are received after
2:00 p.m. (Eastern) on any Business Day, the Special Servicer shall use commercially reasonable efforts to remit such amounts to
the Master Servicer within one (1) Business Day of receipt but in any event with two (2) Business Days of receipt.

 

(d)           Notwithstanding
any other provision of this Agreement, the Special Servicer shall not have any obligations with respect to an REO Property that
relates to a Mortgaged Property that secures a Non-Serviced Mortgage Loan and all references to the Special Servicer’s obligations
in this Agreement with respect to “REO Property” shall exclude any such Mortgaged Property that secures a Non-Serviced
Mortgage Loan.

 

Section 9.16          Realization
on Collateral Security.  In connection with the enforcement of the rights of the Trust to any property securing any Specially
Serviced Mortgage Loan other than the related Mortgaged Property, the Special Servicer shall consult with counsel to determine
how best to enforce such rights in a manner consistent with the REMIC Provisions and shall not, based on a Nondisqualification
Opinion addressed to the Special Servicer and the Trustee (the cost of which shall be an expense of the Trust) take any action
that could result in

 

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the failure of any REMIC Pool to qualify as a REMIC
while any Certificates are outstanding or could result in the imposition of a tax upon any REMIC Pool (including, but not limited
to, the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code or on contributions pursuant
to Section 860G(d)), unless such action has been approved by a vote of 100% of the Certificateholders (including the Class R Certificateholders).

 

Section 9.17          Sale
of Defaulted Loans.

 

(a)           Promptly upon
a Mortgage Loan becoming a Defaulted Loan and if the Special Servicer determines in accordance with the Servicing Standard that
it would be in the best interests of the Certificateholders (as a collective whole as if such Certificateholders constituted a
single lender) to attempt to sell such Defaulted Loan, the Special Servicer shall use reasonable efforts to solicit offers for
such Defaulted Loan on behalf of the Certificateholders and any related Serviced B Note holder or Serviced Companion Loan holder
in such manner as will be reasonably likely to realize a fair price. Subject to the provisions of this Section 9.17 and
Section 10.3, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, the highest)
cash offer received from any Person that constitutes a fair price for such Defaulted Loan.

 

(b)           The Special Servicer
shall give the Trustee, the Certificate Administrator, the Custodian, the 17g-5 Information Provider, the Controlling Class Representative
(during any Subordinate Control Period and any Collective Consultation Period), the Master Servicer, the Trust Advisor (other than
during any Subordinate Control Period) and the holder of any related Serviced B Note or Serviced Companion Loan not less than five
(5) Business Days’ prior written notice of its intention to sell any Defaulted Loan. No Interested Person shall be obligated
to submit an offer to purchase any Defaulted Loan, and notwithstanding anything to the contrary contained herein, neither the Trustee,
in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Defaulted Loan pursuant hereto.

 

(c)           Whether any cash
offer constitutes a fair price for any Defaulted Loan for purposes of this Section 9.17 shall be determined by the
Special Servicer, if the highest offer is from a Person other than an Interested Person, or by the Trustee (determined either by
itself or by retaining an independent third party as set forth below), if the highest offer is from an Interested Person; provided
that, no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at
least one (1) other offer is received from an independent third party. In all cases under this Section 9.17, in determining
whether any offer received from an Interested Person represents a fair price for any Defaulted Loan, the Trustee, if making such
determination itself, shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance
with this Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. The
appraiser conducting any such new appraisal shall be an Appraiser selected by the Special Servicer if no Interested Person is making
an offer with respect to a Defaulted Loan and selected by the Trustee if an Interested Person is so making an offer. The cost of
any such narrative appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. Where any Interested Person
is among those making an offer with respect to a Defaulted Loan, the Special Servicer shall require that all offers be submitted
to the Trustee in writing. In determining whether any such offer from a Person other than an Interested Person constitutes a fair
price for any such Defaulted Loan, the

 

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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 nine (9) months), and in
determining whether any offer from an Interested Person constitutes a fair price for any such Defaulted Loan, any appraiser shall
be instructed to take into account, as applicable, among other factors, the period and amount of any delinquency on the Defaulted
Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy. The Purchase
Price for any Defaulted Loan shall in all cases be deemed a fair price. Notwithstanding anything contained in this paragraph to
the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the
Trustee may (at its option and at the expense of the Trust) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least five (5) years’ experience in valuing mortgage loans similar to the subject Defaulted
Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such
Defaulted Loan.  If the Trustee designates such a third party to make such determination, the Trustee shall be entitled to
rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker
opinions of value, incurred by any such third party pursuant to this paragraph will be covered by, and will be reimbursable as,
a Servicing Advance; provided that, the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable
amount as determined by the Trustee.

 

(d)           Subject to the
other subsections of this Section 9.17, the Special Servicer shall act on behalf of the Trust in negotiating and taking
any other action necessary or appropriate in connection with the sale of any Defaulted Loan, and the collection of all amounts
payable in connection therewith. In connection therewith, the Special Servicer may charge prospective offerors, and may retain,
fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such
sales or exchanging offers without obligation to deposit such amounts into the Collection Account. Any sale of any Defaulted Loan
shall be for cash. Any sale of any Defaulted Loan shall be final and without recourse to the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Custodian or the Trust (except such recourse to the Trust imposed by those representations
and warranties typically given in such transactions and any customary closing matters), and if such sale is consummated in accordance
with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Custodian, the Certificate
Administrator or the Trustee shall have any liability to any Certificateholder with respect to the purchase price therefor accepted
by the Special Servicer or the Trustee.

 

(e)            Subject to the
rights of a holder of any related Serviced B Note, Serviced Companion Loan or mezzanine loan, under the respective Intercreditor
Agreement or mezzanine loan intercreditor agreement, as applicable, to purchase a Mortgage Loan, unless and until a Defaulted Loan
is sold pursuant to this Section 9.17, the Special Servicer shall continue to service and administer such Defaulted
Loan in accordance with the Servicing Standard and this Agreement and shall pursue such other resolutions or recovery strategies
including workout, foreclosure or sale of such Defaulted Loan, as is consistent with this Agreement and the Servicing Standard.

 

(f)            The purchase price
for any Defaulted Loan purchased under this Section 9.17 shall be remitted to the Master Servicer for deposit into
the Collection Account, and

 

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the Custodian (on the Trustee’s behalf), upon receipt of a request for release from the Master
Servicer or the Special Servicer, as applicable, to the Custodian and the Trustee, shall release or cause to be released to the
purchaser of the Defaulted Loan the related Mortgage File, and the Trustee, the Master Servicer or the Special Servicer, as applicable,
shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest
in such purchaser ownership of such Mortgage Loan. In connection with any such purchase, the Special Servicer (to the extent it
has possession of such file) and the Master Servicer (to the extent it has possession of such file) shall deliver the related Servicer
Mortgage File to such purchaser.

 

(g)           Notwithstanding
any of the foregoing paragraphs of this Section 9.17, but subject to Section 10.3, the Special Servicer
shall not be obligated to accept the highest cash offer if the Special Servicer determines (in consultation with the Trust Advisor,
during any Collective Consultation Period and any Senior Consultation Period, and subject to the rights of the Controlling Class
Representative set forth in Section 10.3), in accordance with the Servicing Standard, that rejection of such offer
would be in the best interests of the Certificateholders (as a collective whole as if such Certificateholders constituted a single
lender), and the Special Servicer may accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines,
in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders
(as a collective whole as if such Certificateholders constituted a single lender) (for example, if the prospective buyer making
the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer
are more favorable).

 

(h)           In no event shall
the Trust or the Trustee, the Master Servicer or the Special Servicer on the Trustee’s behalf purchase, or pay or advance
costs to purchase, any B Note or Serviced Companion Loan.

 

(i)             In the case of
a Defaulted Loan that is part of a Loan Pair, if the Special Servicer determines to attempt to sell such Mortgage Loan it shall
sell such Defaulted Loan together with the related Serviced Companion Loan as a whole loan pursuant to this Agreement and the terms
of the related Intercreditor Agreement.

 

With respect to any such
Defaulted Loan, the Special Servicer shall solicit offers for such Defaulted Loan together with the related Serviced Companion
Loan as a whole loan and shall require that all offers be submitted to the Trustee in writing. Whether any cash offer constitutes
a fair price for any such Loan Pair for purposes of this Section 9.17 shall be determined by the Special Servicer (unless
the offeror is an Interested Person, in which case the Trustee shall make such determination); provided, that no offer from
an Interested Person (as defined in the related Intercreditor Agreement) for a Loan Pair shall constitute a fair price unless (i)
it is the highest offer received and (ii) at least two bona fide other offers are received from independent third parties. In determining
whether any offer received represents a fair price for any such Loan Pair, the Trustee shall be supplied with and shall rely on
the most recent Appraisal or updated Appraisal conducted in accordance with this Agreement within the preceding nine (9)-month
period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the appraiser conducting any such
new Appraisal. The cost of any such Appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In

 

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determining
whether any such offer from a Person constitutes a fair price for any such Loan Pair, the Trustee shall instruct the appraiser
to take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to this
Agreement within the prior nine (9) months), as applicable, among other factors, the period and amount of any delinquency on the
affected Loan Pair, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.
The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters
selected with reasonable care and retained by the Trustee at the expense of the Trust and the holder of the related Serviced Companion
Loan in connection with making such determination. Notwithstanding the foregoing, the Special Servicer shall not be permitted to
sell the Loan Pair without the written consent of the related Serviced Companion Loan holder unless the Special Servicer has delivered
to such holder: (a) at least 15 Business Days prior written notice of any decision to attempt to sell the Loan Pair; (b) at least
10 days prior to the proposed sale, 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 10 days prior to the proposed sale, a copy of the
most recent Appraisal for the Loan Pair, and any documents in the Servicer Mortgage File requested by such holder and (d) until
the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Controlling
Class Representative) prior to the proposed sale date, all information and other documents being provided to other offerors and
all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed
sale; provided, that such holder may waive any of the delivery or timing requirements set forth in this sentence. Subject
to the foregoing, each of the Controlling Class Representative, the Serviced Companion Loan holder or a representative thereof
shall be permitted to submit an offer at any sale of a Loan Pair.

 

Notwithstanding anything
contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested
Person constitutes a fair price, the Trustee may (at its option and at the expense of the Trust) 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. If the Trustee designates such a third party to make such determination, the Trustee
shall be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals, inspection
reports and broker opinions of value incurred by any such third party pursuant to this paragraph shall be covered by, and shall
be reimbursable from, the Collection Account, to the extent of the pro rata portion allocable to the related Mortgage Loan,
and the related Custodial Account, to the extent of the applicable portion allocable to the related Serviced Companion Loan in
accordance with the related Intercreditor Agreement; provided, that, the Trustee shall not engage a third party expert whose
fees exceed a commercially reasonable amount as determined by the Trustee.

 

(j)            Notwithstanding
anything to the contrary herein, any purchase of a Defaulted Loan pursuant to this Section 9.17 will remain subject
to the cure and purchase rights of, in each case if applicable, the holder of any related B Note or Serviced Companion Loan
as set forth in the related Intercreditor Agreement and any holder of a related mezzanine loan as set forth in the related mezzanine
loan intercreditor agreement. The Special Servicer shall determine the price to be paid in accordance with the terms of the Intercreditor
Agreement or the related

 

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mezzanine loan intercreditor agreement in connection with any such purchase rights in favor of the holder
of the related B Note, Serviced Companion Loan or mezzanine loan, as applicable, and shall provide such notices to the holder
of the related B Note, Serviced Companion Loan or mezzanine loan, as applicable, as are required by the Intercreditor Agreement
or the related mezzanine loan intercreditor agreement, as the case may be, in connection with each such holders’ purchase
rights.

 

Section 9.18          A/B
Whole Loans.  The parties acknowledge that, the Special Servicer shall not be entitled or required to exercise the
rights and powers granted to any “Note B Holder” as defined under the related Intercreditor Agreement. Subject
to Section 10.3, when (i) any A Note or Serviced B Note under any A/B Whole Loan, (ii) any Serviced Pari Passu Mortgage
Loan or Serviced Companion Loan under any Loan Pair, or (iii) any Mortgage Loan with any related mezzanine loan, as applicable,
constitutes a Specially Serviced Mortgage Loan, the Special Servicer shall be entitled to exercise the rights and powers granted
under the related Intercreditor Agreement or mezzanine loan intercreditor agreement that the Master Servicer would be entitled
to exercise under Section 8.3(j) hereof with respect to the related A Note, Serviced Pari Passu Mortgage Loan or Mortgage
Loan, as applicable.

 

Section 9.19          Reserved.

 

Section 9.20          Merger
or Consolidation.     Any Person into which the Special Servicer
may be merged or consolidated, or any Person resulting from any merger, conversion, other change in form or consolidation to which
the Special Servicer shall be a party, or any Person succeeding to the business of the Special Servicer, shall be the successor
of the Special Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties
hereto; provided, that the Special Servicer shall have provided a Rating Agency Communication to each Rating Agency and
each other NRSRO with respect to any securities rated by any such NRSRO evidencing interests in any Serviced Companion Loan or
Serviced B Note; provided, further, that the successor or surviving Person meets the requirements set forth in Section 9.30(g)
for a successor Special Servicer and if, and for so long as, the Trust, or with respect to any Serviced Companion Loan the trust
created pursuant to an Other Companion Loan Pooling and Servicing Agreement, is subject to the reporting requirements of the Exchange
Act, the Depositor or the depositor under such Other Companion Loan Pooling and Servicing Agreement, as the case may be, shall
have consented thereto (which consent shall not be unreasonably delayed or withheld). If the conditions to the proviso in the foregoing
sentence are not met, the Trustee may terminate the Special Servicer’s servicing of the Specially Serviced Mortgage Loans
pursuant hereto, such termination to be effected in the manner set forth in Section 9.31. The successor or surviving
Person shall provide prompt notice of the merger or consolidation to the other parties hereto and the 17g-5 Information Provider.
If the Special Servicer enters into a merger and the Special Servicer is the surviving entity under applicable law, the Special
Servicer shall not, as a result of the merger, be required to provide a Rating Agency Communication, meet the requirements of Section
9.30(g), or obtain the consent of the Depositor or any depositor under an Other Companion Loan Pooling and Servicing Agreement.

 

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Section 9.21          Resignation
of Special Servicer.

 

(a)           Except as otherwise
provided in this Section 9.21, the Special Servicer shall not resign from the obligations and duties hereby imposed
on it unless it determines that the Special Servicer’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 it. Any such determination permitting
the resignation of the Special Servicer shall be evidenced by an opinion of counsel to such effect delivered to the Master Servicer,
the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the Trustee.
In connection with any such resignation, the successor special servicer shall either: (i) during any Subordinate Control Period,
be appointed by the Controlling Class Representative in accordance with the first (1st) paragraph of Section 9.30(c);
or (ii) during any Collective Consultation Period or any Senior Consultation Period, be appointed by the Trustee and, during any
Collective Consultation Period, be reasonably acceptable to the Controlling Class Representative, and otherwise satisfy the requirements
for a successor Special Servicer set forth in Section 9.30(g); provided that in either case the Trustee shall
have provided each Rating Agency and each other NRSRO with respect to any securities rated by any such NRSRO evidencing interests
in any Serviced Companion Loan or Serviced B Note with a Rating Agency Communication with respect to the replacement of the existing
Special Servicer with the proposed successor. Notice of such resignation shall be given promptly by the Special Servicer to the
other parties to this Agreement. The Special Servicer shall bear all costs associated with its resignation and the transfer of
servicing under this Section 9.21(a). Notwithstanding the foregoing, if the Special Servicer shall cease to serve as
such in accordance with this Section 9.21(a) and a successor servicer shall not have been engaged (or, if applicable
in the case of an A/B Whole Loan or Loan Pair, shall not have been appointed by a related Loan-Specific Directing Holder and engaged
or, otherwise during any Subordinate Control Period, shall not have been appointed by the Controlling Class Representative and
engaged), the Trustee or an agent of the Trustee shall assume the duties and obligations of the Special Servicer under this Agreement.
If the Trustee or an agent of the Trustee assumes the duties and obligations of the Special Servicer pursuant to this Section 9.21(a),
the Trustee or such agent shall be permitted to resign as special servicer if it has been replaced by a successor servicer satisfying
the criteria in the fourth (4th) preceding sentence above.

 

(b)           The Special Servicer
may resign from the obligations and duties hereby imposed on it, upon thirty (30) days’ notice to the Depositor, the Trust
Advisor, the Trustee, the Custodian and the Certificate Administrator; provided that (i) a successor special servicer
(A) is available, (B) during any Subordinate Control Period, is acceptable to or has been appointed by the Controlling Class
Representative, (C) during any Collective Consultation Period, is reasonably acceptable to the Controlling Class Representative,
the Depositor, and the Trustee, (D) during any Senior Consultation Period, is reasonably acceptable to the Depositor and the Trustee,
(E) is willing to assume the obligations, responsibilities and covenants to be performed hereunder by the Special Servicer
on substantially the same terms and conditions, and for not more than equivalent compensation as that herein provided (unless a
successor cannot be found for existing compensation), and (F) otherwise satisfies the requirements for a successor Special
Servicer set forth in Section 9.30(g), (ii) the successor special servicer has a net worth of at least $15,000,000,
(iii)(A)(x) such successor special servicer is acting as special servicer in a commercial mortgage loan securitization that was
rated by KBRA within the twelve (12) month

 

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period prior to the date of determination, and KBRA has not downgraded or withdrawn
the then current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on
watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities as the sole or
a material reason for such downgrade or withdrawal (or placement on watch) or (y) if such successor special servicer is not
acting as special servicer in a commercial mortgage loan securitization that was rated by KBRA in such twelve (12) month period,
then such Rating Agency shall have provided a Rating Agency Confirmation; (B) such successor special servicer has a special servicer
rating of at least “CSS3” from Fitch; (C) (x) such successor special servicer is acting as special servicer in a commercial
mortgage loan securitization that was rated by an NRSRO within the twelve (12) month period prior to the date of determination
and (y) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of certificates
issued in connection with such securitization citing servicing concerns with such successor special servicer as the sole or material
factor in such rating action; and (D)(x) the successor special servicer confirms in writing that it was appointed to act as the
special servicer on a transaction level basis on the closing date of a commercial mortgage loan securitization with respect to
which Moody’s rated one or more classes of certificates and one or more of such classes of certificates are still outstanding
and rated by Moody’s and (y) Moody’s has not cited servicing concerns of the applicable replacement as the sole or
material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction serviced by
the applicable servicer prior to the time of determination; and (iv) the resigning Special Servicer shall have provided each
Rating Agency with a Rating Agency Communication with respect to such resignation. Any costs of such resignation and of obtaining
a replacement Special Servicer and of transfer of servicing shall be borne by the Special Servicer and shall not be an expense
of the Trust.

 

(c)            No such resignation
under paragraph (a) or (b) above shall become effective unless and until such successor Special Servicer enters into
an agreement with the other parties hereto assuming the obligations and responsibilities of the Special Servicer hereunder in form
and substance reasonably satisfactory to the Trustee.

 

(d)           If the Special
Servicer resigns under this Section 9.21, it shall continue to have rights to any and all compensation, indemnification,
reimbursement of Advances and any other amounts due to the Special Servicer hereunder which were earned, accrued or expended prior
to termination.

 

Section 9.22          Assignment
or Delegation of Duties by Special Servicer. The Special Servicer shall have the right without the prior written consent of
the Trustee to (A) delegate or subcontract with or authorize or appoint anyone, or delegate certain duties to other professionals
such as attorneys and appraisers, as an agent of the Special Servicer or Sub-Servicers (as provided in Section 9.3)
to perform and carry out any duties, covenants or obligations to be performed and carried out by the Special Servicer hereunder
or (B)  assign and delegate all of its duties hereunder. In the case of any such assignment and delegation in accordance
with the requirements of clause (A) of this Section, the Special Servicer shall not be released from its obligations
under this Agreement. In the case of any such assignment and delegation in accordance with the requirements of clause (B)
of this Section, the Special Servicer

 

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shall be released from its obligations under this Agreement, except
that the Special Servicer shall remain liable for all liabilities and obligations incurred by it as the Special Servicer hereunder
prior to the satisfaction of the following conditions: (i) the Special Servicer gives the Depositor, the Master Servicer,
the Certificate Administrator, the 17g-5 Information Provider, the Controlling Class Representative (during any Subordinate Control
Period and any Collective Consultation Period) and the Trustee notice of such assignment and delegation; (ii) such purchaser
or transferee accepting such assignment and delegation executes and delivers to the other parties hereto an agreement accepting
such assignment, which contains an assumption by such Person of the rights, powers, duties, responsibilities, obligations and liabilities
of the Special Servicer, with like effect as if originally named as a party to this Agreement; (iii) the purchaser or transferee
has a net worth in excess of $15,000,000 and otherwise satisfies the requirements for a successor Special Servicer set forth in
Section 9.30(g); (iv) the Special Servicer shall have provided to each Rating Agency a Rating Agency Communication
with respect to such assignment and delegation; (v) during any Subordinate Control Period and any Collective Consultation Period,
the Controlling Class Representative consents to such assignment and delegation, such consent not to be unreasonably withheld during
any Collective Consultation Period; (vi) the Depositor consents to such assignment and delegation, such consent not to be
unreasonably withheld and (vii)(A)(x) the successor special servicer is acting as special servicer in a commercial mortgage loan
securitization that was rated by Moody’s and a commercial mortgage loan securitization that was rated by KBRA, in each case
within the twelve (12) month period prior to the date of determination, and neither KBRA nor Moody’s has downgraded or withdrawn
the then current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on
watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities, as applicable,
as the sole or a material reason for such downgrade or withdrawal (or placement on watch) or (y) if such successor special servicer
is not acting as special servicer in a commercial mortgage loan securitization that was rated by KBRA and/or Moody’s in such
twelve (12) month period, then such Rating Agency shall have provided a Rating Agency Confirmation; (B) the successor special servicer
has a special servicer rating of at least “CSS3” from Fitch; and (C)(x) such successor special servicer is acting special
servicer in a commercial mortgage loan securitization that was rated by an NRSRO within the twelve (12) month period prior to the
date of determination and (y) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one
or more classes of certificates citing servicing concerns with such successor special servicer as the sole or material factor in
such rating action. Notwithstanding the above, the Special Servicer may appoint Sub-Servicers in accordance with Section 9.4
hereof.

 

Section 9.23          Limitation
on Liability of the Special Servicer and Others.

 

(a)            Neither the Special
Servicer nor any of the Affiliates, directors, officers, employees, members, managers or agents of the Special Servicer shall be
under any liability to the Certificateholders, any other party to this Agreement, the Underwriters, the Initial Purchasers, the
holder of any Serviced B Note or the holder of any Serviced Companion Loan for any action taken or for refraining from the taking
of any action in good faith and using reasonable business judgment; provided that this provision shall not protect the Special
Servicer or any such person against any breach of a representation or warranty contained herein or any liability which would otherwise
be imposed by reason of willful misfeasance, bad faith or

 

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negligence in its performance of duties hereunder or by reason of negligent
disregard of obligations and duties hereunder. The Special Servicer and any Affiliate, director, officer, employee, member, manager
or agent of the Special Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted
by any Person (including, without limitation, the information and reports delivered by or at the direction of the Master Servicer
or any Affiliate, director, officer, employee, member, manager or agent of the Master Servicer) respecting any matters arising
hereunder. Except as specifically provided in Section 9.34, the Special Servicer shall not be under any obligation to appear
in, prosecute or defend any legal action which is not incidental to its duties to service the Specially Serviced Mortgage Loans
in accordance with this Agreement; provided that the Special Servicer may in its sole discretion undertake any such action
which it may reasonably deem necessary or desirable in order to protect the interests of the Certificateholders, the holder of
any Serviced B Note, the holder of any Serviced Companion Loan and the Trustee in the Specially Serviced Mortgage Loans, or shall
undertake any such action if instructed to do so by the Trustee. In such event, all legal expenses and costs of such action (other
than those that are connected with the routine performance by the Special Servicer of its duties hereunder) shall be expenses and
costs of the Trust, and the Special Servicer shall be entitled to be reimbursed therefor as a Servicing Advance, together with
interest thereon, as provided by Section 5.2 hereof.

 

(b)           In addition, the
Special Servicer shall have no liability with respect to, and shall be entitled to conclusively rely on as to the truth of the
statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Special Servicer and
conforming to the requirements of this Agreement, including by the Master Servicer. Neither the Special Servicer, nor any Affiliate,
director, officer, employee, member, manager or agent, shall be personally liable for any error of judgment made in good faith
by any officer, unless it shall be proved that the Special Servicer or such officer was negligent in ascertaining the pertinent
facts. Neither the Special Servicer, nor any Affiliate, director, officer, employee, member, manager or agent, shall be personally
liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion,
rights or powers conferred upon it by this Agreement. The Special Servicer shall be entitled to rely on reports and information
supplied to it by the Master Servicer and the related Mortgagors and shall have no duty to investigate or confirm the accuracy
of any such report or information unless otherwise required hereunder.

 

(c)            The Special Servicer
shall not be obligated to incur any liabilities, costs, charges, fees or other expenses which relate to or arise from any breach
of any representation, warranty or covenant made by any other party to this Agreement in this Agreement. The Trust shall indemnify
and hold harmless the Special Servicer from any and all claims, liabilities, costs, charges, fees or other expenses which relate
to or arise from any such breach of representation, warranty or covenant to the extent such amounts are not recoverable from the
party committing such breach.

 

(d)           Except as otherwise
specifically provided herein:

 

(i)          the Special
Servicer may rely, and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal,

 

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bond or other paper or document reasonably believed or in good faith believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

(ii)         the Special
Servicer may consult with counsel, and any written advice 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; and

 

(iii)        the Special
Servicer, in preparing any reports hereunder, may rely, and shall be protected in acting or refraining from acting upon any information
(financial or other), statement, certificate, document, agreement, covenant, notice, request or other paper reasonably believed
or in good faith believed by it to be genuine.

 

(e)            The Special Servicer
and any Affiliate, director, officer, employee, member, manager or agent of the Special Servicer shall be indemnified by the Master
Servicer, the Trustee, the Certificate Administrator and the Custodian, as the case may be, and held harmless against any loss,
liability or expense including reasonable attorneys’ fees incurred in connection with any legal action relating to the Master
Servicer’s, the Trustee’s, the Certificate Administrator’s or the Custodian’s, as the case may be, respective
willful misfeasance, bad faith or negligence in the performance of its respective duties hereunder or by reason of negligent disregard
by such Person of its respective duties hereunder, other than any loss, liability or expense incurred by reason of willful misfeasance,
bad faith or negligence in the performance of any of the Special Servicer’s duties hereunder or by reason of negligent disregard
of the Special Servicer’s obligations and duties hereunder. The Special Servicer shall promptly notify the Master Servicer,
the Trustee, the Certificate Administrator and the Custodian, if a claim is made by a third party entitling the Special Servicer
to indemnification hereunder, whereupon, subject to Section 9.34, the Master Servicer, the Trustee, the Certificate Administrator
or the Custodian, in each case, to the extent the claim was made in connection with its willful misfeasance, bad faith or negligence,
shall assume the defense of any such claim (with counsel reasonably satisfactory to the Special Servicer). Any failure to so notify
the Master Servicer, the Trustee, the Certificate Administrator or the Custodian shall not affect any rights the Special Servicer
may have to indemnification hereunder or otherwise, unless the interest of the Master Servicer, the Trustee, the Certificate Administrator
or the Custodian is materially prejudiced thereby. The indemnification provided herein shall survive the termination of this Agreement
and the termination, removal or resignation of the Special Servicer. Any payment hereunder made by the Master Servicer, the Trustee,
the Certificate Administrator or the Custodian, as the case may be, pursuant to this paragraph to or at the direction of the Special
Servicer shall be paid from the Master Servicer’s, the Trustee’s, the Certificate Administrator’s or the Custodian’s,
as the case may be, own funds, without reimbursement from the Trust therefor, except achieved through subrogation as provided in
this Agreement. Any expenses incurred or indemnification payments made by the Trustee, the Certificate Administrator, the Custodian
or the Master Servicer shall be reimbursed by the party so paid or at the direction of which a payment was made, if a court of
competent jurisdiction makes a final judgment that the conduct of the Trustee, the Certificate Administrator, the Custodian or
the Master Servicer, as the case may be, was not culpable or such indemnifying party was found to not have acted with willful misfeasance,
bad faith or negligence.

 

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Section 9.24          Indemnification;
Third-Party Claims.

 

(a)            The Special Servicer
and any Affiliate, director, officer, employee, member, manager or agent of the Special Servicer (the “Special Servicer
Indemnified Parties”) shall be indemnified and held harmless out of the proceeds of the Mortgage Loans, any Serviced
Companion Loans and any Serviced B Notes (including REO Loans), against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments and any other costs, liabilities, fees and expenses (“Special Servicer Losses”)
incurred in connection with any legal action relating to (i) this Agreement, any Mortgage Loans, any Serviced Companion Loans,
any Serviced B Notes, any REO Property or the Certificates or any exercise of any right under this Agreement reasonably requiring
the use of counsel or the incurring of expenses and (ii) any action properly taken by the Special Servicer in accordance with
this Agreement based on an instruction delivered in writing to the Special Servicer by the Trustee, the Controlling Class Representative,
any Loan-Specific Directing Holder or the Master Servicer pursuant to any provision of this Agreement or the applicable Intercreditor
Agreement, and the Special Servicer and each of its Affiliates, directors, officers, employees, members, managers and agents shall
be entitled to indemnification from the Trust for any loss, liability or expense (including attorneys’ fees) incurred in
connection with the provision by the Special Servicer of any information included by the Special Servicer in the report required
to be provided by the Special Servicer pursuant to this Agreement, in each case other than any loss, liability or expense: (A)
specifically required to be borne by the party seeking indemnification, without right of reimbursement pursuant to the terms of
this Agreement; (B) which constitutes a Servicing Advance that is otherwise reimbursable under this Agreement; (C) incurred in
connection with any legal action or claim against the party seeking indemnification, resulting from any breach on the part of that
party of a representation or warranty made in this Agreement; or (D) incurred in connection with any legal action or claim against
the party seeking indemnification, resulting from any willful misfeasance, bad faith or negligence on the part of that party in
the performance of its obligations or duties under this Agreement or negligent disregard of such obligations or duties.

 

Except as provided in
the following sentence, indemnification for Special Servicer Losses described in the preceding paragraph (including in the case
of such Special Servicer Losses that relate primarily to the administration of the Trust, to any REMIC Pool or grantor trust formed
hereunder or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or provisions
relating to the grantor trust or the actual payment of any REMIC tax or grantor trust tax or expense with respect to any REMIC
or grantor trust formed hereunder) shall be paid out of collections on, and other proceeds of, the Mortgage Loans as a whole but
not out of collections on, or other proceeds of, any Serviced Companion Loan or any Serviced B Note. In the case of any such Special
Servicer Losses that do not relate primarily to the administration of the Trust, to any REMIC Pool or to any determination respecting
the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense:

 

(1) if such Special Servicer
Losses relate to a Loan Pair, then (subject to the related Intercreditor Agreement) such indemnification shall be paid (x) first,
out of collections on, and other proceeds of, such Serviced Pari Passu Mortgage Loan and Serviced Companion Loan, in the relative
proportions, provided for in the applicable Intercreditor Agreement and (y) if the

 

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collections and proceeds described in subclause (x)
of this clause (1) are not sufficient to so indemnify the Special Servicer Indemnified Parties on a current basis,
then the balance of such indemnification shall be paid out of collections on, and other proceeds of, the Mortgage Loans as a whole;
and

 

(2) if such Special Servicer
Losses relate to any A/B Whole Loan, then (subject to the related Intercreditor Agreement) such indemnification shall be paid (x) first,
if and to the extent permitted under the applicable Intercreditor Agreement, out of collections on, and other proceeds of such
A/B Whole Loan, and (y) if the collections and proceeds described in subclause (x) of this clause (2) are
not sufficient to so indemnify the Special Servicer Indemnified Parties on a current basis, then the balance of such indemnification
shall be paid out of collections on, and other proceeds of, the Mortgage Loans as a whole.

 

Subject to Section
9.34, the Special Servicer shall assume the defense of any such claim (with counsel reasonably satisfactory to the Trustee)
and the Trust shall pay, from amounts on deposit in the Collection Account pursuant to Section 5.2, 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. The Master Servicer shall promptly make from the Collection Account (and, if and to
the extent that the amount due shall be paid from collections on, and other proceeds of, any Serviced Companion Loan or any Serviced
B Note, as set forth above, out of the related Custodial Account) any payments certified by the Special Servicer to the Master
Servicer, the Trustee and the Certificate Administrator as required to be made to the Special Servicer pursuant to this Section 9.24.

 

(b)           The Special Servicer
agrees to indemnify the Trust, and each other party to this Agreement and any director, officer, member, manager, employee or agent
or Controlling Person thereof, and hold them harmless against any and all claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments, and any other costs, liabilities, fees and expenses that such person may sustain arising from
or as a result of the willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of negligent
disregard of obligations and duties hereunder by the Special Servicer. The Trustee, the Depositor, the Certificate Administrator,
the Custodian, the Trust Advisor or the Master Servicer shall immediately notify the Special Servicer if a claim is made by a third
party with respect to this Agreement or the Specially Serviced Mortgage Loans entitling the Trust or the Trustee, the Depositor,
the Certificate Administrator, the Custodian, the Trust Advisor or the Master Servicer, as the case may be, to indemnification
hereunder, whereupon the Special Servicer shall assume the defense of any such claim (with counsel reasonably satisfactory to the
Trustee, the Depositor, the Certificate Administrator, the Custodian, the Trust Advisor or the Master 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. Any failure to so notify the Special Servicer shall
not affect any rights the Trust or the Trustee, the Depositor, the Certificate Administrator, the Custodian, the Trust Advisor
or the Master Servicer may have to indemnification under this Agreement or otherwise, unless the Special Servicer’s defense
of such claim is materially prejudiced thereby. Any expenses incurred or indemnification payments made by the Special Servicer
shall be reimbursed by the party so paid or at the direction of which a payment was made, if a court of competent jurisdiction
makes a final, non-appealable judgment that the conduct of the Special Servicer was

 

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not culpable or such indemnifying party was
found to not have acted with willful misfeasance, bad faith or negligence.

 

(c)            The indemnification
provided in Sections 9.24(a) and 9.24(b) shall survive the termination of this Agreement and the termination or resignation
of the Special Servicer, the Certificate Administrator, the Custodian, the Trust Advisor, the Master Servicer or the Trustee.

 

(d)           Any Non-Serviced
Mortgage Loan Special Servicer and any Affiliate, director, officer, employee, member, manager or agent of such Non-Serviced Mortgage
Loan Special Servicer shall be indemnified by the Trust and held harmless against the Trust’s pro rata share 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 any legal action relating to any Non-Serviced Mortgage Loan Pooling and Servicing
Agreement and this Agreement, and relating to any Non-Serviced Mortgage Loan (but excluding any such losses allocable to the related
Non-Serviced Companion Loans), reasonably requiring the use of counsel or the incurring of expenses other than any losses incurred
by reason of any Non-Serviced Mortgage Loan Special Servicer’s willful misfeasance, bad faith or negligence in the performance
of its duties under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

Section 9.25          Reserved.

 

Section 9.26          Special
Servicer May Own Certificates. The Special Servicer or any agent of
the Special Servicer in its individual capacity or in any other capacity may become the owner or pledgee of Certificates with the
same rights as it would have if they were not the Special Servicer or such agent. Any such interest of the Special Servicer or
such agent in the Certificates shall not be taken into account when evaluating whether actions of the Special Servicer are consistent
with its obligations in accordance with the Servicing Standard regardless of whether such actions may have the effect of benefiting
the Class or Classes of Certificates owned by the Special Servicer.

 

Section 9.27          Tax
Reporting. The Special Servicer shall provide the
necessary information to the Master Servicer to allow the Master Servicer to comply with the Mortgagor tax reporting requirements
imposed by Sections 6050H, 6050J and 6050P of the Code with respect to any Specially Serviced Mortgage Loan and any REO Property.
The Special Servicer shall provide to the Master Servicer copies of any such reports. The Master Servicer shall forward such reports
to the Certificate Administrator.

 

Section 9.28          Application
of Funds Received. It is anticipated that the Master Servicer
will be collecting all payments with respect to the Mortgage Loans, any Serviced Companion Loan and any Serviced B Note (other
than payments with respect to REO Income). If, however, the Special Servicer should receive any payments with respect to any Mortgage
Loan (other than REO Income) it shall, within one (1) Business Day of receipt from the Mortgagor or otherwise of any amounts attributable
to payments with respect to or the sale of any Mortgage Loan or any Specially Serviced Mortgage Loan, if any (but not including
REO Income, which shall be deposited in the applicable REO Account as provided in Section 9.14 hereof) remit such payment
or other amounts (endorsed, if applicable, to the order of the Master

 

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Servicer), to the Master Servicer for deposit into the Collection
Account. The Special Servicer shall notify the Master Servicer of each such amount received on or before the date required for
the making of such deposit or transfer, as the case may be, indicating the Mortgage Loan or the Specially Serviced Mortgage Loan
to which the amount is to be applied and the type of payment made by or on behalf of the related Mortgagor.

 

Section 9.29          Compliance
with REMIC Provisions and Grantor Trust Provisions. The Special Servicer shall act in accordance
with this Agreement and the REMIC Provisions and related provisions of the Code in order to create or maintain the status of any
REMIC Pool as a REMIC and the Grantor Trust created hereby as a grantor trust or, as appropriate, adopt a plan of complete liquidation.
The Special Servicer shall not (A) take any action or cause any REMIC Pool to take any action that could (i) endanger
the status of any REMIC Pool as a REMIC under the Code or (ii) subject to Section 9.14(e), result in the imposition
of a tax upon any REMIC Pool (including, but not limited to, the tax on prohibited transactions as defined in Code Section 860F(a)(2)
or on contributions pursuant to Section 860G(d)) or (B) take any action or cause the Grantor Trust to take any action
that could (i) endanger its status as a grantor trust, an “investment trust” under Treasury Regulations Section
301.7701-4(c), or a “domestic trust” under Treasury Regulations Section 301.7701-7 or (ii) result in the imposition
of any tax upon the Grantor Trust unless the Master Servicer and the Certificate Administrator have received a Nondisqualification
Opinion (at the expense of the party seeking to take such action) to the effect that the contemplated action will not endanger
such status or result in the imposition of such tax. The Special Servicer shall comply with the provisions of Article XII
hereof. Notwithstanding the foregoing, the Special Servicer shall not be liable for an Adverse REMIC Event resulting from the failure
of any Mortgage Loan by its terms to comply with Revenue Procedure 2010-30 or other REMIC Provisions.

 

Section 9.30          Termination.

 

(a)            The obligations
and responsibilities of the Special Servicer created hereby (other than the obligation of the Special Servicer to make payments
to the Master Servicer as set forth in Section 9.28 and the obligations of the Special Servicer pursuant to Sections
9.3, 9.8 and 9.24 hereof) shall terminate on the date which is the earliest of (i) the later of (A) the
final payment or other liquidation of the last of the Mortgage Loans remaining outstanding (and final distribution to the Certificateholders)
or, (B) the disposition of all REO Property in respect of any Specially Serviced Mortgage Loan (and final distribution to
the Certificateholders), (ii) thirty (30) days following the date on which the Trustee or the Controlling Class Representative
has given written notice to the Special Servicer that the Special Servicer is terminated pursuant to Section 9.30(b)
or 9.30(c), respectively and (iii) the effective date of any resignation of the Special Servicer effected pursuant
to and in accordance with Section 9.21.

 

(b)           The Trustee may
(and, if holders of Certificates representing at least 25% of the aggregate Voting Rights of all Certificates so direct the Trustee,
shall) terminate the Special Servicer if any of the following have occurred and are continuing or have not been cured:

 

(i)          the Special
Servicer has failed to remit any amount required to be remitted to the Master Servicer within one (1) Business Day following
the date such amount was required to have been remitted under the terms of this Agreement;

 

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(ii)         the Special
Servicer has failed to deposit into any account any amount required to be so deposited or remitted under the terms of this Agreement
which failure continues unremedied for one (1) Business Day following the date on which such deposit or remittance was first required
to be made;

 

(iii)        the Special
Servicer has failed to duly observe or perform in any material respect any of the other covenants or agreements of the Special
Servicer set forth in this Agreement (other than if and for so long as the Trust or a trust created pursuant to an Other Companion
Loan Pooling and Servicing Agreement relating to a Non-Serviced Companion Loan or a Serviced Companion Loan is subject to the reporting
requirements of the Exchange Act, the duties, covenants or agreements set forth in Article XIII to the extent described in Section
9.30(b)(ix)), and the Special Servicer has failed to remedy such failure within thirty (30) days after written notice of such
failure, requiring the same to be remedied, shall have been given to the Special Servicer by the Depositor or the Trustee; provided
such cure period may be extended to the extent necessary to permit the Special Servicer to cure such failure if (A) the Special
Servicer certifies to the Trustee and the Depositor that the Special Servicer is in good faith attempting to remedy such failure,
and (B) the Certificateholders would not be materially and adversely affected thereby; provided, that such cure period may
not exceed 90 days;

 

(iv)        the Special
Servicer has made one or more false or misleading representations or warranties herein that materially and adversely affects the
interest of any Class of Certificates, and has failed to cure such breach within thirty (30) days after notice of such breach,
requiring the same to be remedied, shall have been given to the Special Servicer by the Depositor or the Trustee, provided
such cure period may be extended to the extent necessary to permit the Special Servicer to cure such failure if (A) the Special
Servicer certifies to the Trustee and the Depositor that the Special Servicer is in good faith attempting to remedy such failure,
and (B) the Certificateholders shall not be materially and adversely affected thereby; provided that such cure period may
not exceed 90 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 Special Servicer and such decree or order
shall have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(vi)        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 relating to the Special Servicer
or of or relating to all or substantially all of its property;

 

(vii)       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;

 

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(viii)      (a) Moody’s
or KBRA has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more
classes of securities backed by a Serviced B Note or Serviced Companion Loan (if such Rating Agency has been engaged by the applicable
Other Depositor to rate such securities) or (B) placed one or more Classes of Certificates or one or more classes of securities
backed by a Serviced B Note or Serviced Companion Loan (if such Rating Agency has been engaged by the applicable Other Depositor
to rate such securities) on “watch status” in contemplation of a ratings downgrade or withdrawal (and, in the case
of either of clauses (A) or (B), such qualification, downgrade, withdrawal or “watch status” placement
shall not have been withdrawn by Moody’s or KBRA, as applicable, within sixty (60) days) and, in the case of either of clauses
(A) or (B), Moody’s or KBRA, as applicable, publicly cited servicing concerns with the Special Servicer as the
sole or material factor in such rating action, (b) the Special Servicer ceases to have a special servicer rating of at least “CSS3”
from Fitch and such rating is not reinstated within sixty (60) days, or (c)(A) the Special Servicer has failed to maintain a ranking
by Morningstar equal to or higher than “MOR CS3” as a special servicer and such ranking is not reinstated within sixty
(60) days of actual knowledge of such event by the Special Servicer (if the Special Servicer has or had a Morningstar ranking on
or after the Closing Date) or (B) if the Special Servicer has not been ranked by Morningstar on or after the Closing Date, Morningstar
has (1) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more classes
of securities backed by a Serviced B Note or Serviced Companion Loan (if Morningstar has been engaged by the applicable Other Depositor
to rate such securities) or (2) within the prior twelve (12) months, placed one or more Classes of Certificates or one or more
classes of securities backed by a Serviced B Note or Serviced Companion Loan (if Morningstar has been engaged by the applicable
Other Depositor to rate such securities) on “watch status” in contemplation of rating downgrade or withdrawal and,
in the case of either of clauses (A) or (B), has publicly cited servicing concerns with the Special Servicer as the sole or material
factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been
withdrawn by Morningstar within sixty (60) days of such event);

 

(ix)        if, and for
so long as the Trust or a trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement relating to a Non-Serviced
Companion Loan or a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act, the Special Servicer,
or any Servicing Function Participant appointed by the Special Servicer, shall fail to comply with any of its obligations under
Article XIII of this Agreement; or

 

(x)          if, and for
so long as the Trust or a trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement relating to a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, the Special Servicer shall fail to terminate, on the
same terms and conditions as those set forth in Section 8.4 for a Sub-Servicer of the Master Servicer, any Sub-Servicer
appointed by the Special Servicer.

 

Such termination shall
be effective on the date that the Trustee specifies in a written notice to the Special Servicer that the Special Servicer is terminated
due to the occurrence of one of the foregoing events and the expiration of any applicable cure period or grace period specified
above for such event. During any Subordinate Control Period, the

 

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Controlling Class Representative shall have the right to appoint
a successor Special Servicer if the Trustee terminates the existing Special Servicer.

 

With respect to any Loan
Pair, if any event described clauses 9.30(b)(i)-(x) has occurred that affects the holder of the related Serviced Companion Loan,
such holder shall have the right to direct the Trustee to terminate the Special Servicer under this Agreement solely with respect
to such Loan Pair.

 

Any event described in
clauses (i) through (viii) of the first (1st) sentence of the first paragraph of this subsection
(b) may be waived by the Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates
(except a default in making any required deposits to or payments from the Collection Account or the Distribution Account or in
remitting payments as received, in each case in accordance with this Agreement).

 

(c)           During any Subordinate
Control Period, the Controlling Class Representative, if any, shall have the right to terminate the Special Servicer at any time,
with or without cause, and the Controlling Class Representative shall have the right to, and shall, appoint a successor Special
Servicer meeting the requirements of Section 9.30(g), who shall execute and deliver to the other parties hereto an agreement,
in form and substance reasonably satisfactory to the Trustee, whereby the successor Special Servicer agrees to assume and perform
punctually the duties of the Special Servicer specified in this Agreement; provided that the Trustee shall have provided
each Rating Agency and each other NRSRO with respect to any securities rated by any such NRSRO evidencing interests in any Serviced
Companion Loan or Serviced B Note with a Rating Agency Communication prior to the termination of the Special Servicer; provided,
further, that the Special Servicer with respect to any Excluded Mortgage Loan shall not be subject to termination pursuant
to this Section 9.30(c). The Special Servicer shall not be terminated pursuant to this paragraph until a successor Special
Servicer shall have been appointed. The Controlling Class Representative shall pay any costs and expenses incurred by the Trust
in connection with the removal and appointment of a Special Servicer pursuant to this paragraph (unless such removal is based on
any of the events or circumstances set forth in Section 9.30(b)). Notwithstanding anything to the contrary in this
Agreement, no successor Special Servicer appointed by the Controlling Class Representative pursuant to Section 9.21(a),
Section 9.30(b) or this Section 9.30(c) will be required to meet any net worth requirements.

 

During any Collective
Consultation Period and any Senior Consultation Period, upon (i) the written direction of Holders of Certificates evidencing
not less than 25% of the aggregate Voting Rights of the Certificates requesting a vote to terminate and replace the Special Servicer
with a proposed successor Special Servicer meeting the requirements of Section 9.30(g), (ii) payment by such Holders
to the Certificate Administrator and/or the Trustee of the reasonable fees and expenses to be incurred by the Certificate Administrator
and/or the Trustee in connection with administering such vote and (iii) delivery by, and at the expense of, such Holders to
each Rating Agency (with a copy to the Certificate Administrator and the Trustee) of a Rating Agency Communication with respect
to the termination of the existing Special Servicer and the replacement thereof with the proposed successor, the Certificate Administrator
shall promptly provide written notice thereof to all Certificateholders by posting such notice on its internet website and by mailing
such notice to their addresses appearing in the Certificate Register. Upon the written direction of Holders of Certificates evidencing
at least 75% of the

 

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aggregate Voting Rights of the Certificates, the Trustee shall terminate all of the rights and obligations
of the Special Servicer under this Agreement, and the proposed successor Special Servicer shall succeed to the duties of the Special
Servicer all as if a removal and replacement were occurring pursuant to Section 9.30(b) and Section 9.31;
provided that if such written direction is not provided within 180 days of the initial request for a vote to terminate and
replace the Special Servicer, then such written direction shall have no force and effect. The provisions set forth in the foregoing
sentences of this paragraph shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as
between each other. The Special Servicer shall not have any cause of action based upon or arising from any breach or alleged breach
of such provisions. As between the Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Special Servicer.
The Holders of the Certificates that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred
in connection with the removal and replacement of the Special Servicer pursuant to this paragraph.

 

In addition, during any
Senior Consultation Period, if the Trust Advisor determines that the Special Servicer is not performing its duties in accordance
with the Servicing Standard, the Trust Advisor may recommend the replacement of the Special Servicer. In such event, the Trust
Advisor shall deliver to the Trustee and Certificate Administrator, with a copy to the Special Servicer, a written recommendation
(along with the relevant information justifying its recommendation) of a suggested replacement special servicer. The Certificate
Administrator shall notify each Certificateholder of the recommendation and post it on the Certificate Administrator’s Website.
The replacement of the Special Servicer based on the Trust Advisor’s recommendation must be confirmed by an affirmative vote
of the Holders of Principal Balance Certificates evidencing greater than 50% of the aggregate Voting Rights of all Principal Balance
Certificates on an aggregate basis; provided that if a proposed termination and replacement of the Special Servicer following
the initial recommendation of the Trust Advisor is not consummated within 180 days following the initial recommendation of the
Trust Advisor, then the proposed termination and replacement shall have no further force and effect. If the Holders of such Principal
Balance Certificates elect to remove and replace the Special Servicer, the Trustee shall provide to each Rating Agency a Rating
Agency Communication at that time. If the successor special servicer agrees to be bound by the terms of this Agreement, the Trustee
shall terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor special
servicer approved by the Certificateholders, provided such successor special servicer satisfies the requirements of Section 9.30(g),
subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees, reimbursement of Advances
and other rights set forth in this Agreement which survive termination. The reasonable costs and expenses associated with the Trust
Advisor’s identification of a replacement special servicer, providing the Rating Agency Communications and administering
the vote of the applicable Principal Balance Certificates will be an Additional Trust Expense. In any case, the Trustee shall notify
the outgoing Special Servicer promptly of the effective date of its termination.

 

(d)           Notwithstanding
any of the foregoing to the contrary, the holder of a Serviced Companion Loan or Serviced B Note or its designee, to the extent
set forth in the related Intercreditor Agreement and only for so long as it is the related Loan-Specific Directing Holder, shall
have the sole right to terminate the Special Servicer with respect to the related Loan

 

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Pair or A/B Whole Loan, as applicable, upon
the appointment and acceptance of such appointment by a successor to the Special Servicer; provided that, if such holder
of the related Serviced Companion Loan or Serviced B Note or its designee so terminates the Special Servicer, such holder of that
Serviced Companion Loan or Serviced B Note or its designee shall appoint a successor Special Servicer who will (i) in the
case of the related Loan Pair or A/B Whole Loan, be reasonably satisfactory to the Trustee and to the Depositor; and (ii) execute
and deliver to the Trustee an agreement, in form and substance reasonably satisfactory to the Trustee, whereby the successor Special
Servicer agrees to assume and perform punctually the duties of the Special Servicer specified in this Agreement; and provided,
further, that the Trustee shall provide to each Rating Agency a Rating Agency Communication prior to the termination of
the Special Servicer. The Special Servicer shall not be terminated pursuant to this Section 9.30(d) until a successor
Special Servicer shall have been appointed. The holder of the applicable Serviced Companion Loan or Serviced B Note or its designee
shall pay any costs and expenses incurred by the Trust in connection with the removal and appointment of a Special Servicer pursuant
to this paragraph (unless such removal is based on any of the events or circumstances set forth in Section 9.30(b)).
If the holder of a Serviced Companion Loan or Serviced B Note or its designee terminates the Special Servicer with respect to the
related Loan Pair or A/B Whole Loan, as applicable, and appoints a successor special servicer with respect to such Loan Pair or
A/B Whole Loan, as applicable, then the Controlling Class Representative (or the Holders of the applicable percentage of Certificates)
shall not have the right to terminate any such successor special servicer without cause until the holder of the related Serviced
Companion Loan or Serviced B Note or its designee is no longer the Loan-Specific Directing Holder with respect to such Loan Pair
or A/B Whole Loan, as applicable.

 

(e)           Notwithstanding
anything to the contrary contained in this Section 9.30, with respect to any Excluded Special Servicer Mortgage Loan,
the Special Servicer shall resign at its own cost with respect to such Excluded Special Servicer Mortgage Loan. During any Subordinate
Control Period, if the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, the Controlling Class Representative
shall be entitled to appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning Special
Servicer, for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement. During a Subordinate Control
Period, if such Excluded Special Servicer Mortgage Loan is also an Excluded Mortgage Loan, the largest Controlling Class Certificateholder
(by Certificate Balance) that is not an Excluded Controlling Class Holder shall be entitled to appoint (and replace with or without
cause) the Excluded Special Servicer for the related Excluded Special Servicer Mortgage Loan in accordance with this Agreement.
During any Collective Consultation Period, the largest Controlling Class Certificateholder that is not an Excluded Controlling
Class Certificateholder shall have the right to appoint the Excluded Special Servicer. If a Subordinate Control Period is not in
effect, neither the Controlling Class Representative nor any other Controlling Class Certificateholder shall be entitled to remove
or replace the Excluded Special Servicer with respect to any Excluded Special Servicer Mortgage Loan.

 

During any Senior Consultation
Period and any Collective Consultation Period, or during a Subordinate Control Period if each Controlling Class Certificateholder
is an Excluded Controlling Class Holder, upon resignation of the Special Servicer with respect to an Excluded

 

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Special Servicer
Mortgage Loan, such resigning Special Servicer shall appoint the applicable successor Excluded Special Servicer.

 

In connection with any
resignation of the Special Servicer as described in the second preceding paragraph, if any party referred to above is entitled
(but not required) to appoint the Excluded Special Servicer but does not so appoint within thirty (30) days, the resigning Special
Servicer shall appoint the Excluded Special Servicer.

 

The resigning Special
Servicer shall not have any liability for the identity of the newly appointed Excluded Special Servicer, and will not have any
liability for, and will be indemnified by the newly appointed Excluded Special Servicer for, any willful misfeasance, bad faith
or negligence on the part of such Excluded Special Servicer.

 

If at any time the Special
Servicer that had acted as the Special Servicer for an Excluded Special Servicer Mortgage Loan prior to it becoming a Excluded
Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged
Property becoming REO Property) with respect to an Excluded Special Servicer Mortgage Loan, (1) the related Excluded Special Servicer
shall resign with respect to the related Mortgage Loan, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer
Mortgage Loan, (3) such Special Servicer shall become the Special Servicer again for such related Mortgage Loan and (4) such Special
Servicer shall be entitled to all Special Servicer Compensation with respect to such Mortgage Loan earned during such time on and
after such Mortgage Loan is no longer an Excluded Special Servicer Mortgage Loan.

 

The Excluded Special
Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage Loan and
shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Mortgage Loan earned during
such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan.

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer,
as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class
Mortgage Loan or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Special Servicer
or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

(f)            If a separate
special servicer is appointed or remains in place with respect to a Loan Pair or an A/B Whole Loan at the request of the Loan-Specific
Directing Holder of such Loan Pair or A/B Whole Loan, at the request of a Serviced Companion Loan holder or in respect of any Excluded
Special Servicer Mortgage Loan, as applicable, in accordance with Section 9.30(b), Section 9.30(c), Section 9.30(d),
Section 9.30(e) or otherwise (any such separate special servicer for a Loan Pair, A/B Whole Loan or Excluded Special
Servicer Mortgage Loan, a “Loan-Specific Special Servicer”), such that there are multiple parties acting as
Special Servicer hereunder, then, unless the context clearly requires otherwise: (i) when used in the context of imposing
duties and obligations on the Special Servicer hereunder or the performance of such duties and obligations, the term “Special
Servicer” shall mean the related Loan-Specific

 

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Special Servicer, insofar as such duties and obligations relate to a Loan
Pair, A/B Whole Loan or Excluded Special Servicer Mortgage Loan, as applicable, as to which a Loan-Specific Special Servicer has
been appointed or otherwise relates, and shall mean the General Special Servicer, in all other cases; (ii) when used in the
context of identifying the recipient of any information, funds, documents, instruments and/or other items, the term “Special
Servicer” shall mean the related Loan-Specific Special Servicer, insofar as such information, funds, documents, instruments
and/or other items relate to a Loan Pair, A/B Whole Loan or Excluded Special Servicer Mortgage Loan, as applicable, as to which
a Loan-Specific Special Servicer has been appointed or otherwise relates, and shall mean the General Special Servicer, in all other
cases; (iii) when used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and
any REO Properties remaining in the Trust pursuant to Section 11.1(b), the term “Special Servicer” shall
mean the General Special Servicer only; (iv) when used in the context of granting the Special Servicer any protections, limitations
on liability, immunities and/or indemnities hereunder or for purposes of the duties and obligations of the Trust Advisor with respect
to the “Special Servicer,” the term “Special Servicer” shall mean each Loan-Specific Special Servicer and
the General Special Servicer; and (v) when used in the context of requiring indemnification from, imposing liability on, or
exercising any remedies against, the Special Servicer for any breach of a representation or warranty hereunder or for any negligence,
bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard of such duties
and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special Servicer”
shall mean the related Loan-Specific Special Servicer or the General Special Servicer, as applicable. References in this Section 9.30(f)
to “General Special Servicer” mean the Person performing the duties and obligations of Special Servicer with respect
to the Mortgage Loans (exclusive of each and every A/B Whole Loan and Loan Pair as to which a Loan-Specific Special Servicer has
been appointed and exclusive of the Excluded Special Servicer Mortgage Loans).

 

(g)           In no event may
a successor Special Servicer be a current or former Trust Advisor or any Affiliate of such current or former Trust Advisor. Further,
such successor must be a Person that satisfies all of the eligibility requirements applicable to special servicers contained in
this Agreement (other than any net worth requirement during any Subordinate Control Period when the Controlling Class Representative
is appointing the successor Special Servicer in accordance with Section 9.21(a), Section 9.30(b) or Section 9.30(c))
and, if applicable, any Intercreditor Agreement; provided, that no Rating Agency Confirmation shall be required in connection
with the appointment of any Special Servicer other than pursuant to Section 9.21(b) of this Agreement. The Special Servicer,
any successor Special Servicer and any of their respective Affiliates shall not (i) pay, or become obligated, whether by agreement
or otherwise, and whether or not subject to any condition or contingency, to pay the Trust Advisor or any Affiliate thereof any
fee, or otherwise compensate or grant monetary or other consideration to the Trust Advisor or any Affiliate thereof (x) in
connection with its obligations under this Agreement or the performance thereof or (y) in connection with the appointment
of such Person as, or any recommendation by the Trust Advisor for such Person to become, the successor Special Servicer, (ii) become
entitled to receive any compensation from the Trust Advisor (x) in connection with its obligations under this Agreement or
the performance thereof or (y) in connection with the appointment of such Person as, or any recommendation by the Trust Advisor
for such Person to become, the successor Special Servicer or (iii) become entitled to receive any fee from the Trust Advisor or
any Affiliate thereof in connection with the

 

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appointment of such Person as Special Servicer, unless, in each of the foregoing clauses
(i) through (iii), such transaction has been expressly approved by 100% of the Certificateholders.

 

(h)           If the Special
Servicer is terminated under this Agreement, it shall continue to have any indemnification rights that survive termination and
any rights to any and all compensation, reimbursement of Advances and any other amounts due to the Special Servicer hereunder which
were earned, accrued or expended prior to termination.

 

Section 9.31          Procedure
Upon Termination.

 

(a)           Notice of any
termination pursuant to clause (i) of Section 9.30(a), specifying the Distribution Date upon which the
final distribution shall be made, shall be given promptly by the Special Servicer to the Trustee and the Certificate Administrator
no later than the later of (i) five (5) Business Days after the final payment or other liquidation of the last Mortgage Loan
or (ii) the sixth (6th) day of the month in which the final Distribution Date will occur. Upon any such termination,
the rights and duties of the Special Servicer (other than the rights and duties of the Special Servicer pursuant to Sections 9.8,
9.11 (with respect to any outstanding fees earned prior to such termination), 9.21, 9.23, 9.24 and
9.28 hereof) shall terminate and the Special Servicer shall transfer to the Master Servicer the amounts remaining in each
REO Account and shall thereafter terminate each REO Account and any other account or fund maintained with respect to the Specially
Serviced Mortgage Loans.

 

(b)           On the date specified
in a written notice of termination given to the Special Servicer pursuant to clause (ii) of Section 9.30(a),
all authority, power and rights of the Special Servicer under this Agreement, whether with respect to the Specially Serviced Mortgage
Loans or otherwise, shall terminate, subject to the Special Servicer’s right to receive compensation and indemnification
as expressly provided herein, as well as the benefit of any other rights that survive termination hereunder; provided, that
in no event shall the termination of the Special Servicer be effective until the Trustee or other successor Special Servicer shall
have succeeded the Special Servicer as successor Special Servicer, notified the Special Servicer of such designation, and such
successor Special Servicer shall have assumed the Special Servicer’s obligations and responsibilities, as set forth in an
agreement substantially in the form hereof, with respect to the Specially Serviced Mortgage Loans. The Trustee or other successor
Special Servicer may not succeed the Special Servicer as Special Servicer until and unless it has satisfied the provisions that
would apply to a Person succeeding to the business of the Special Servicer pursuant to Section 9.20 hereof and otherwise
complies with Section 9.30(g). The Trustee is hereby authorized and empowered to execute and deliver, on behalf of
the Special Servicer, 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. The Special Servicer agrees
to cooperate with the Trustee in effecting the termination of the Special Servicer’s responsibilities and rights hereunder
as Special Servicer including, without limitation, providing the Trustee all documents and records in electronic or other form
reasonably requested by it to enable the successor Special Servicer designated by the Trustee to assume the Special Servicer’s
functions hereunder and to effect the transfer to such successor for administration by it of all amounts which shall at the time
be or should have been deposited by the Special Servicer in any REO Account and any other account or fund maintained or thereafter
received with respect to the Specially Serviced Mortgage Loans. On the date

 

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specified in a written notice of termination given
to the Special Servicer pursuant to clause (ii) of Section 9.30(a), all authority, power and rights of the Special
Servicer under this Agreement with respect to the applicable Serviced Pari Passu Mortgage Loan, whether such Mortgage Loan is a
Specially Serviced Mortgage Loan or otherwise, shall terminate. The Trustee is hereby authorized and empowered to execute and deliver,
on behalf of the Special Servicer, 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.

 

Section 9.32          Certain
Special Servicer Reports.

 

(a)            The Special Servicer,
for each Specially Serviced Mortgage Loan, shall provide to the Master Servicer no later than the Special Servicer Remittance Date
for each month, the CREFC® Special Servicer Loan File, in such electronic format as is mutually acceptable to the
Master Servicer and the Special Servicer and in CREFC® format. The Master Servicer may use such reports or information
contained therein to prepare its reports and the Master Servicer shall forward such reports directly to the Depositor and the Certificate
Administrator.

 

(b)           The Special Servicer
shall maintain accurate records, prepared by a Special Servicing Officer, of each Final Recovery Determination with respect to
any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced B Note, Serviced Companion Loan or REO Property and the
basis thereof. Each Final Recovery Determination shall be evidenced by an Officer’s Certificate delivered to the Trustee,
the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), the Trust
Advisor (other than during any Subordinate Control Period), the Certificate Administrator, the Custodian and the Master Servicer
no later than the tenth (10th) Business Day following such Final Recovery Determination. The Special Servicer shall
promptly provide the Master Servicer with electronic written notice of any Final Recovery Determination with respect to any Specially
Serviced Mortgage Loan upon making such determination. The Special Servicer shall promptly provide a copy of such notice electronically
to the Trustee, the Custodian, the Certificate Administrator (who shall promptly post a copy thereof on the Certificate Administrator’s
Website pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly post a copy thereof on the
17g-5 Information Provider’s Website pursuant to Section 5.7)).

 

(c)            The Special Servicer
shall provide to the Master Servicer, at the reasonable request in writing of the Master Servicer, any information in its possession
with respect to the Specially Serviced Mortgage Loans which the Master Servicer shall require in order for the Master Servicer
to comply with its obligations under this Agreement; provided that the Special Servicer shall not be required to take any
action or provide any information that the Special Servicer determines will result in any material cost or expense to which it
is not entitled to reimbursement hereunder or will result in any material liability for which it is not indemnified hereunder.
The Master Servicer shall provide the Special Servicer at the request of the Special Servicer any information in its possession
with respect to the Mortgage Loans which the Special Servicer shall require in order for the Special Servicer to comply with its
obligations under this Agreement.

 

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(d)           Not later than
twenty (20) days after any calendar month end, the Special Servicer shall forward to the Master Servicer a statement setting forth
the status of each REO Account as of the close of business for such related calendar month end, stating that all remittances required
to be made by it as required by this Agreement to be made by the Special Servicer have been made (or, if any required distribution
has not been made by the Special Servicer, specifying the nature and status thereof) and showing, for the related calendar month
the aggregate of deposits into and withdrawals from each REO Account.

 

(e)            With respect to
Specially Serviced Mortgage Loans and REO Properties, the Special Servicer shall use reasonable efforts to obtain and, to the extent
obtained, to deliver electronically to the Master Servicer (and the Master Servicer shall, upon receipt, deliver electronically
to the Certificate Administrator, the 17g-5 Information Provider, the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period) and the Trust Advisor (other than during any Subordinate Control Period)),
on or before April 15 of each year, commencing with April 15, 2016, (i) copies of the prior year operating statements and
quarterly statements, if available, for each Mortgaged Property underlying a Specially Serviced Mortgage Loan or REO Property as
of its fiscal year end, provided that either the related Mortgage Note or Mortgage requires the Mortgagor to provide such
information, or if the related Mortgage Loan has become an REO Loan, (ii) a copy of the most recent rent roll available for
each Mortgaged Property, and (iii) a table, setting forth the Debt Service Coverage Ratio and occupancy with respect to each
Mortgaged Property covered by the operating statements delivered above; provided, that, with respect to any Mortgage Loan
that becomes a Specially Serviced Mortgage Loan prior to April 15, 2016 and for which the items in clause (i) and
(ii) above have not been delivered, the Special Servicer shall use reasonable efforts to obtain and, to the extent obtained,
deliver such items to the Master Servicer, the Certificate Administrator, the Rating Agencies (subject to Section 5.7),
the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the Trust
Advisor (other than during any Subordinate Control Period), as soon as possible after receipt of such items.

 

(f)            The Special Servicer
shall deliver to the Master Servicer, the Depositor, the Certificate Administrator, the Trustee and the Custodian all such other
information with respect to the Specially Serviced Mortgage Loans at such times and to such extent as the Master Servicer, the
Trustee, the Certificate Administrator or the Depositor may from time to time reasonably request; provided that the Special
Servicer shall not be required to produce any ad hoc non-standard written reports with respect to such Specially Serviced
Mortgage Loans except if any Person (other than the Certificate Administrator or the Trustee) requesting such report pays a reasonable
fee to be determined by the Special Servicer.

 

(g)           The Special Servicer
shall deliver electronically a written Inspection Report of each Mortgaged Property securing a Specially Serviced Mortgage Loan
in accordance with Section 9.3(b) to the Master Servicer (who shall deliver electronically such written inspection
report to the Certificate Administrator, the 17g-5 Information Provider, the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period), and the Trust Advisor (other than during any Subordinate Control Period)).

 

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(h)           The Special Servicer
shall prepare a report (the “Asset Status Report”) recommending the taking of certain actions for each Mortgage
Loan that becomes a Specially Serviced Mortgage Loan and deliver such Asset Status Report, together with all information reasonably
requested by the Applicable Control Party in the possession of the Special Servicer that is reasonably necessary to make a decision
regarding the Asset Status Report, to the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period, except with respect to any Excluded Mortgage Loan) or any related Loan-Specific Directing Holder (with respect
to an A/B Whole Loan or a Loan Pair as to which the holder of a related B Note or Companion Loan (or controlling portion
thereof), as applicable, or its designee is the related Loan-Specific Directing Holder), as applicable, and the Master Servicer,
the Certificate Administrator, the 17g-5 Information Provider and, during any Collective Consultation Period and any Senior Consultation
Period, the Trust Advisor not later than forty-five (45) days after the servicing of such Specially Serviced Mortgage Loan is transferred
to the Special Servicer. Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)          a summary of
the status of such Specially Serviced Mortgage Loan and any negotiations with the related Mortgagor;

 

(ii)         a discussion
of the legal and environmental considerations reasonably known to the Special Servicer (including without limitation by reason
of any Phase I Environmental Assessment and any additional environmental testing contemplated by Section 9.12(c)),
consistent with the Servicing Standard, that are applicable to the exercise of remedies set forth herein and to the enforcement
of any related guaranties or other collateral for the related Specially Serviced Mortgage Loan and whether outside legal counsel
has been retained;

 

(iii)        the most current
rent roll and income or operating statement available for the related Mortgaged Property or Mortgaged Properties;

 

(iv)        a summary of
the applicable Special Servicer’s recommended action with respect to such Specially Serviced Mortgage Loan;

 

(v)         the Appraised
Value of the related Mortgaged Property or Mortgaged Properties, together with the assumptions used in the calculation thereof
(which the Special Servicer may satisfy by providing a copy of the most recently obtained Appraisal); and

 

(vi)        such other
information as the applicable Special Servicer deems relevant in light of the Servicing Standard.

 

If (i) the Applicable
Control Party affirmatively approves in writing an Asset Status Report, (ii) after ten (10) Business Days from receipt of
an Asset Status Report, together with all information in the possession of the Special Servicer that is necessary for the Applicable
Control Party to make a decision regarding the Asset Status Report, the Applicable Control Party does not object to such Asset
Status Report or (iii) within ten (10) Business Days after receipt of an Asset Status Report, together with all information
in the possession of the Special Servicer that is necessary for the Applicable Control Party to make a decision regarding the Asset
Status

 

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Report, the Applicable Control Party objects to such Asset Status Report and the Special Servicer makes a determination
in accordance with the Servicing Standard that such objection is not in the best interest of all the Certificateholders and any
holder of a related Serviced B Note or Serviced Companion Loan, as a collective whole, then the Special Servicer shall take the
recommended actions described in the Asset Status Report. Within ten (10) Business Days after receipt of an Asset Status Report,
together with all information reasonably requested by the Applicable Control Party in the possession of the Special Servicer that
is reasonably necessary to make a decision regarding the Asset Status Report, the Applicable Control Party may object to such Asset
Status Report; provided that following the occurrence of an extraordinary event with respect to the related Mortgaged Property,
or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Special Servicer may
take actions with respect to the related Mortgaged Property before the expiration of such ten (10) Business Day period if the Special
Servicer reasonably determines in accordance with the Servicing Standard that failure to take such action before the expiration
of such ten (10) Business Day period would materially and adversely affect the interest of the Certificateholders and the holder
of any related Serviced B Note or Serviced Companion Loan, and the Special Servicer has made a reasonable effort to contact the
Applicable Control Party, as applicable. If the Applicable Control Party objects to an Asset Status Report, together with all information
reasonably requested by the Applicable Control Party in the possession of the Special Servicer that is reasonably necessary for
the Applicable Control Party to make a decision regarding the Asset Status Report, within the above-referenced ten (10) Business
Day period, then the Special Servicer (absent a determination set forth in clause (iii) of the first sentence of this paragraph)
shall revise such Asset Status Report as soon as practicable thereafter, but in no event later than thirty (30) days after the
objection to the Asset Status Report by the Applicable Control Party. The Special Servicer shall revise such Asset Status Report
as provided in the prior sentence until the earlier of (a) the delivery by the Applicable Control Party of an affirmative
approval in writing of such revised Asset Status Report, and (b) the failure of the Applicable Control Party to disapprove
such revised Asset Status Report in writing within ten (10) Business Days of its receipt thereof. In any event, if the Applicable
Control Party does not approve an Asset Status Report within ninety (90) days from the submission of such Asset Status Report,
the Special Servicer shall take such action as directed by the Applicable Control Party, provided that such action does
not violate the Servicing Standard. The Special Servicer may, from time to time, modify any Asset Status Report it has previously
delivered and implement the new action in such revised report so long as such revised report has been prepared, reviewed and either
approved or not rejected as provided above.

 

Other than with respect
to an A/B Whole Loan or a Loan Pair as to which the holder of a related B Note or Companion Loan (or controlling portion thereof),
as applicable, or its designee is the related Loan-Specific Directing Holder, each of the Trust Advisor (during any Collective
Consultation Period and any Senior Consultation Period) and the Controlling Class Representative (during any Collective Consultation
Period) will be entitled to consult with the Special Servicer and propose alternative courses of action in respect of any Asset
Status Report. During any Collective Consultation Period and any Senior Consultation Period, other than with respect to an A/B
Whole Loan or a Loan Pair as to which the holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable,
or its designee is the related Loan-Specific Directing Holder, the Special Servicer shall consider such alternative courses of
action and any other feedback provided by the Trust Advisor or the Controlling Class

 

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Representative, as applicable. The Special
Servicer may revise the Asset Status Reports as it deems reasonably necessary in accordance with the Servicing Standard to take
into account any input and/or recommendations of the Trust Advisor (and, during any Collective Consultation Period, the Controlling
Class Representative).

 

The Asset Status Report
is not intended to replace or satisfy any other specific consent or approval right which the Applicable Control Party may have.
Any Asset Status Report delivered with respect to an Excluded Controlling Class Mortgage Loan shall be sent via email (or such
other electronic means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded
Information” followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer
may not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless such action would
be required in order to act in accordance with the Servicing Standard. If the Special Servicer takes any action inconsistent with
an Asset Status Report that has been adopted as provided above, the Special Servicer shall promptly notify the Applicable Control
Party of such inconsistent action and provide a reasonably detailed explanation of the reasons therefor.

 

The Special Servicer
shall deliver to the Master Servicer, the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period), the Trust Advisor and the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information
Provider’s Website) a copy of each Final Asset Status Report, in each case with reasonable promptness following the adoption
thereof. In addition, the Special Servicer shall prepare and forward to the Certificate Administrator (who shall promptly post
same on the Certificate Administrator’s Website) and the 17g-5 Information Provider (who shall promptly post same on the
17g-5 Information Provider’s Website) a summary of any Final Asset Status Report (which summary shall solely reflect such
Final Asset Status Report and not include extraneous information).

 

Notwithstanding anything
herein to the contrary: (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or obtain
consent or approval from any Controlling Class Representative prior to acting (and provisions of this Agreement requiring such
consultation, consent or approval shall be of no effect) during the period following any resignation or removal of a Controlling
Class Representative and before a replacement is selected; and (ii) no advice, direction or objection from or by (x) the Controlling
Class Representative, as contemplated by Section 10.3 or any other provision of this Agreement, (y) a Loan-Specific
Directing Holder, as contemplated by this Agreement or the related Intercreditor Agreement, or (z) the Trust Advisor, as contemplated
by this Agreement, may (and the applicable Special Servicer shall ignore and act without regard to any such advice, direction or
objection that such Special Servicer has determined, in its reasonable, good faith judgment, would): (A) require or cause
such Special Servicer to violate applicable law, the terms of any Mortgage Loan or any other Section of this Agreement, including
the applicable Special Servicer’s obligation to act in accordance with the Servicing Standard, (B) result in an Adverse
REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust, (C) expose
the Trust, any Certificateholder the Depositor, the Master Servicer, the Special Servicer, Certificate Administrator, the Custodian,
the Trustee or any of

 

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their respective Affiliates, members, managers, officers, directors, employees or agents, to any material
claim, suit or liability or (D) materially expand the scope of the Master Servicer’s or Special Servicer’s responsibilities
under this Agreement; provided, that with respect to any Excluded Mortgage Loan, there shall be no Controlling Class Representative
and no such consent or consultation with a Controlling Class Representative shall be required.

 

(i)            With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer, without
charge and within one (1) Business Day following the end of such Collection Period, and the Master Servicer to the extent it has
received such report shall forward or cause to be forwarded to the Certificate Administrator, without charge and on the Master
Servicer 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
during the related Collection Period, provided that no such report shall be due in respect of any Collection Period during which
no Disclosable Special Servicer Fees were received. For the avoidance of doubt, the Master Servicer shall not have any obligation
to review, or any right or obligation to edit, the Special Servicer’s report on Disclosable Special Servicer Fees.

 

Section 9.33          Special
Servicer to Cooperate with the Master Servicer, the Trustee, the Custodian and the Certificate Administrator.

 

(a)            Subject to Section
5.4(e), the Special Servicer shall furnish on a timely basis such reports, certifications, and information as are reasonably
requested by the Master Servicer, the Trustee, the Custodian or the Certificate Administrator to enable it to perform its duties
under this Agreement; provided that no such request shall (i) require or cause the Special Servicer to violate the
Code, 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 any REMIC Pool and the grantor trust status of the Grantor Trust or (ii) expose
the Special Servicer, the Trust, the Certificate Administrator, the Custodian or the Trustee to liability or materially expand
the scope of the Special Servicer’s responsibilities under this Agreement. In addition, the Special Servicer shall notify
the Master Servicer of all expenditures incurred by it with respect to the Specially Serviced Mortgage Loans which are required
to be made by the Master Servicer as Servicing Advances as provided herein, subject to the provisions of Section 4.4
hereof. The Special Servicer shall also remit all invoices relating to Servicing Advances promptly upon receipt of such invoices.

 

(b)           In addition to
any other rights that a Controlling Class Representative or Loan-Specific Directing Holder may have hereunder, the Special Servicer
shall from time to time make reports, recommendations and analyses to the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period and other than with respect to an A/B Whole Loan or a Loan Pair as to which
the holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable, or its designee is the related
Loan-Specific Directing Holder) or any related Loan-Specific Directing Holder (with respect to an A/B Whole Loan or a Loan Pair
as to which the holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable, or its designee is
the related Loan-Specific Directing

 

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Holder), as applicable, with respect to the following matters, the expense of which shall not
be an expense of the Trust (except for out-of-pocket expenses of the Special Servicer, which shall be reimbursable in accordance
with Section 4.6(e)):

 

(i)          whether the
foreclosure of a Mortgaged Property relating to a Specially Serviced Mortgage Loan would be in the best economic interest of the
Trust;

 

(ii)         if the Special
Servicer elects to proceed with a foreclosure, whether a deficiency judgment should or should not be sought because the likely
recovery will or will not be sufficient to warrant the cost, time and exposure of pursuing such judgment;

 

(iii)        whether the
waiver or enforcement of any “due-on-sale” clause or “due-on-encumbrance” clause contained in a Mortgage
Loan (other than any Non-Serviced Mortgage Loan) or a Specially Serviced Mortgage Loan is in the best economic interest of the
Trust;

 

(iv)        in connection
with entering into an assumption agreement from or with a person to whom a Mortgaged Property securing a Specially Serviced Mortgage
Loan has been or is about to be conveyed, whether to release the original Mortgagor from liability upon a Specially Serviced Mortgage
Loan and substitute a new Mortgagor, and whether the credit status of the prospective new Mortgagor is in compliance with the Special
Servicer’s regular commercial mortgage origination or servicing standard;

 

(v)         in connection
with the foreclosure on a Specially Serviced Mortgage Loan secured by a Mortgaged Property which is not in compliance with CERCLA,
or any comparable environmental law, whether it is in the best economic interest of the Trust to bring the Mortgaged Property into
compliance therewith and an estimate of the cost to do so; and

 

(vi)        with respect
to any proposed modification (which shall include any proposed release, substitution or addition of collateral), extension, waiver,
amendment, discounted payoff or sale of a Mortgage Loan (other than any Non-Serviced Mortgage Loan), prepare a summary of such
proposed action and an analysis of whether or not such action is reasonably likely to produce a greater recovery on a net present
value basis (calculated in accordance with Section 1.2(e)) than liquidation of such Mortgage Loan; such analysis shall specify
the basis on which the Special Servicer made such determination, including the status of any existing material default or the grounds
for concluding that a payment default is imminent.

 

Section 9.34          Litigation
Control.

 

(a)            With respect to
any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any Serviced Companion
Loan, Serviced B Note 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, other obligor on the related Note
or any affiliates thereof (each a “Borrower-Related Party”) against the Trust (including, without limitation, any action
in which both the Trust and the Master Servicer are named), 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 of the Trust, or of the Mortgagor or
other Borrower-Related Party

 

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under the related Mortgage Loan documents, or with respect to a Mortgage Loan (other than a Non-Serviced
Mortgage Loan), Loan Pair or A/B Whole Loan, as applicable, the related Mortgaged Property
or other collateral securing such Mortgage Loan, Loan Pair or A/B Whole Loan, or otherwise with respect to the enforcement of the
obligations of a Borrower-Related Party under the related Mortgage Loan documents (“Loan-Related Litigation”). In the
event that the Master Servicer is named in any Loan-Related Litigation but the Special Servicer is not named in such Loan-Related
Litigation (and regardless of whether the Trust is named in such Loan-Related Litigation), the Master Servicer shall notify the
Special Servicer of such litigation as soon as reasonably practicable but in any event no later than within ten (10) Business Days
of the Master Servicer receiving service of such Loan-Related Litigation.

 

(b)           To the extent
the Master Servicer is named in Loan-Related Litigation, and neither the Trust nor the Special Servicer is named, in order to effectuate
the role of the Special Servicer as contemplated by the immediately preceding paragraph, the Master Servicer shall (i) provide
quarterly (unless requested in writing from time to time on a more frequent basis) status reports to the Special Servicer, regarding
such Loan-Related Litigation; (ii) use reasonable efforts 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 Loan-Related Litigation, including but not limited to the selection of counsel. If and/or once the Trust and/or the Special
Servicer are named, the Special Servicer shall assume control of the Loan-Related Litigation as provided in Section 9.34(a) above,
the Master Servicer shall no longer have the reporting obligations set forth above and the Special Servicer’s selection of counsel
shall be subject to the consent of the Master Servicer which consent shall not be unreasonably withheld, delayed or conditioned.
Further, if there are claims against the Master Servicer, the Trust, and the Special Servicer, each party at the request of the
other shall enter into a joint defense agreement in accordance with Section 9.34(h) below.

 

(c)            The Special Servicer
shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any Loan-Related Litigation or
(ii) initiate any material Loan-Related Litigation unless and until it has notified in writing the Controlling Class Representative
(only during a Subordinate Control Period and/or Collective Consultation Period and to the extent the identity of the Controlling
Class Representative 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 Controlling Class Representative), and the related holder of any Serviced Companion
Loan or Serviced B Note (if such matter affects such Serviced Companion Loan or Serviced B Note and to the extent the identity
of the holder of such Serviced Companion Loan or Serviced B Note is actually known to the Special Servicer), and the Controlling
Class Representative (only during a Subordinate Control Period) and the holder of any related Serviced Companion Loan or Serviced
B Note (for so long as such holder is the Loan-Specific Directing Holder in respect of the related A/B Whole Loan or Loan Pair)
has not objected in writing within five (5) Business Days (or such longer period specified in the related Intercreditor Agreement)
of having been notified thereof and having been provided with all information that it 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

 

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received by the Special Servicer
within such time period, then the Controlling Class Representative or the Loan Specific Directing Holder, as applicable,
shall be deemed to have approved the taking of such action); provided, that, if the Special Servicer determines
(consistent with the Servicing Standard) that immediate action is necessary to protect the interests of the
Certificateholders and, with respect to a Loan Pair or A/B Whole Loan, the related Serviced Companion Loan and/or Serviced B
Note holders, the Special Servicer may take such action without waiting for the Controlling Class Representative’s or
any Loan-Specific Directing Holder’s response.

 

(d)           Notwithstanding
Section 9.34(c) above, neither the Special Servicer nor the Master Servicer shall follow any advice, direction or consultation
provided by the Controlling Class Representative or any Loan-Specific Directing Holder 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, Loan Pair or A/B Whole Loan,
expose any Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit
or liability, result in an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to
the Grantor Trust or materially expand the scope of the Special Servicer’s, the Master Servicer’s, the
Certificate Administrator’s or the Trustee’s, as applicable, responsibilities under this Agreement.

 

(e)            Notwithstanding
the right of the Special Servicer provided in this Section to represent the interests of the Trust in Loan-Related Litigation,
the Master Servicer shall retain the right at all times to make determinations in the Master Servicer’s sole discretion,
relating to material and direct claims against the Master Servicer where a settlement by the Special Servicer has not otherwise
been resolved pursuant to the terms of clause (g) below, including but not limited to the right to engage separate counsel, to
make settlement decisions and to appear in any proceeding on its own behalf. The cost related to or incurred in connection with
exercising such rights shall be subject to indemnification as and to the extent provided in this Agreement.

 

(f)            Further, nothing
in this Section 9.34 shall require the Master Servicer, the Special Servicer or any other party to this Agreement to take
or fail to take any action which, in such party’s reasonable judgment, may result in a violation of the REMIC Provisions,
Grantor Trust provisions, subject the Master Servicer, the Special Servicer or other such party to liability, or materially expand
the scope of the Master Servicer’s, the Special Servicer’s or such other party’s obligations under this Agreement.

 

(g)           In the event where
the Master Servicer or Special Servicer is a named party neither the Special Servicer nor the Master Servicer shall settle on behalf
of the other such party, any Loan-Related Litigation without such other party’s consent unless: (i) such settlement does
not contain or require any admission of liability, wrongdoing or consent to injunctive relief on the part of such other party and
such other party is fully released, (ii) the cost of such settlement or any resulting judgment is and shall be paid by the Trust
and payment of such cost or judgment is provided for in this Agreement, (iii) such other party is and shall be indemnified

 

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as and
to the extent provided in this Agreement for all costs and expenses incurred in defending and settling the Loan-Related Litigation
and for any judgment, (iv) 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 (v) the Master Servicer or the Special Servicer,
as applicable, provides such other party with assurance reasonably satisfactory to such other party, as to the items in clauses
(i), (ii), (iii) and (iv).

 

(h)           In the event both
the Master Servicer and the Special Servicer or the Trust are named in Loan-Related Litigation, to the extent that the Master Servicer
and the Special Servicer deem it appropriate, the Master Servicer and the Special Servicer shall (i) use reasonable efforts to
enter into a joint defense agreement and (ii) otherwise cooperate with each other to afford the Master Servicer and the Special
Servicer the rights afforded to such party in this Section 9.34.

 

(i)             This Section
9.34 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 Loan-Related Litigation on behalf of the
Trust in accordance with the Servicing Standard.

 

(j)             Notwithstanding
the foregoing, and subject to the requirements of Section 8.3(c) and Section 9.3(a) of this Agreement, (i) in the
event that any action, suit, litigation or proceeding names the Trustee, Certificate Administrator or Custodian, in its respective
individual capacity, or in the event that any judgment is rendered against the Trustee, Certificate Administrator or Custodian,
as applicable, in its individual capacity, the Trustee, Certificate Administrator or Custodian, as applicable, upon prior written
notice to the Master Servicer or the Special Servicer, as applicable, may retain counsel and appear in any such proceeding on its
own behalf in order to protect and represent its interests (but not to otherwise direct, manage or prosecute such litigation or
claim); (ii) in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding relating
to the enforcement of the obligations of a Mortgagor, guarantor or other obligor under the related Mortgage Loan documents, or
otherwise relating to one or more Mortgage Loans or Mortgaged Properties, neither the Master Servicer nor the Special Servicer
shall, without the prior written consent of the Trustee, 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, Certificate Administrator or 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, the Certificate Administrator or the Custodian, as applicable, shall have the right to retain counsel
and appear in any such proceeding on its own behalf in order to protect and

 

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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, nothing in this subsection shall be interpreted to preclude the Special Servicer (with respect to any
material Loan-Related Litigation, with the consent or consultation of the Controlling Class Representative during a Subordinate
Control Period or Collective Consultation Period, respectively) from initiating any action, suit, litigation or proceeding in its
name as representative of the Trust.

 

(k)           Notwithstanding
the foregoing or anything to the contrary in this Section 9.34, this Section 9.34 shall not apply to any Loan-Related Litigation
and shall have no force and effect with respect thereto, in the event that either (i) at the time such Loan-Related Litigation
is commenced or at any time during the continuance of such Loan-Related Litigation, Rialto Capital Advisors, LLC is no longer the
Special Servicer with respect to the related Mortgage Loan or related Loan Pair or A/B Whole Loan or has received notice of its
replacement as Special Servicer with respect to the related Mortgage Loan or related Loan Pair or A/B Whole Loan whether or not
such replacement is effective or (ii) the Depositor, any Seller, any Underwriter, any Initial Purchaser, or any of their respective
affiliates is an adverse party (with respect to the Trust or the Special Servicer) to such Loan-Related Litigation or holds any
interest which is adverse to the Trust or the Special Servicer in the related Mortgage Loan or related Loan Pair or A/B Whole Loan
(or any portion thereof) or the related Mortgaged Property to which Loan-Related Litigation relates, unless otherwise agreed to
in writing by each of the Depositor, Seller, Underwriter, Initial Purchaser, or affiliate that is such a party or holds such interest,
and in each case under clauses (i) and (ii) above, the applicable party listed above shall provide notice of such occurrence to
the Master Servicer pursuant to the terms of this Agreement. 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 in this Agreement.

 

Section 9.35          Excluded
Mortgage Loan Notices. Upon a Servicing Officer or Special Servicing
Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer or the Special Servicer, as applicable, having
actual knowledge, or receiving notice from any party indicating that such party believes, that a Mortgage Loan is no longer an
Excluded Mortgage Loan, Excluded Controlling Class Mortgage Loan or an Excluded Special Servicer Mortgage Loan, as applicable,
it shall provide prompt written notice thereof (in no event more than five (5) Business Days after receipt thereof) to each of
the other parties hereto.

 

ARTICLE
X

CERTAIN MATTERS RELATING TO THE CONTROLLING CLASS

REPRESENTATIVE, THE TRUST ADVISOR AND THE HOLDERS

OF THE SERVICED B NOTES AND SERVICED COMPANION LOANS

 

Section 10.1          Selection
and Removal of the Controlling Class Representative.

 

(a)            The Majority Controlling
Class Certificateholders may elect the Controlling Class Representative.

 

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(b)            The Controlling
Class Representative shall be the representative appointed by the Majority Controlling Class Certificateholders, as determined
by the Certificate Registrar from time to time; provided that (i) absent such selection, or (ii) until a Controlling
Class Representative is so selected, or (iii) upon receipt of notice from the Majority Controlling Class Certificateholders
that a Controlling Class Representative is no longer so designated, the Controlling Class Certificateholder which owns, and is
identified (with contact information) to the Master Servicer, the Special Servicer and Certificate Administrator as owning, the
largest aggregate Certificate Balance of Certificates of the Controlling Class shall be the Controlling Class Representative; provided
that, if such Holder elects or has elected to not be the Controlling Class Representative, then the Holder of the next largest
aggregate Certificate Balance shall be the Controlling Class Representative. Each Holder of the Certificates of the Controlling
Class shall be entitled to vote in each election of the Controlling Class Representative.

 

(c)            Notwithstanding
anything to the contrary herein, (i) neither the Depositor nor any Affiliate thereof may serve as Controlling Class Representative,
and solely for purposes of determining the identity of or selecting the Controlling Class Representative as described in clauses
(a) and (b) above, any Control Eligible Certificates held by the Depositor or any Affiliate thereof shall be deemed
not to be outstanding, and (ii) so long as a Mortgage Loan is an Excluded Mortgage Loan, there shall be no Controlling Class Representative
with respect to such Excluded Mortgage Loan, and the Special Servicer shall not be required to obtain the consent of a Controlling
Class Representative for, or consult with a Controlling Class Representative on, any matters described in Section 10.3 below
with respect to any Excluded Mortgage Loan.

 

(d)           The initial Controlling
Class Representative is RREF III Debt AIV, LP. The Controlling Class shall give written notice
to the Trustee, the Custodian, the Certificate Administrator, the Trust Advisor, the Master Servicer and the Special Servicer of
the appointment of any subsequent Controlling Class Representative (in order to receive notices hereunder).

 

On the Closing Date,
the initial Controlling Class Representative shall deliver a certification substantially in the form of Exhibit I-1G to
this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class
Representative shall also deliver a certification substantially in the form of Exhibit I-1G to this Agreement prior to being
recognized as the new Controlling Class Representative.

 

(e)            The Controlling
Class Representative may be removed at any time by the written vote of the Majority Controlling Class Certificateholders, and a
copy of the results of such vote must be delivered to each of the parties to this Agreement.

 

(f)             Each Controlling
Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address
to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Certificate of the Controlling
Class, the selection of a Controlling Class Representative or the resignation or removal thereof. Any Certificateholder or its
designee at any time appointed Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase of a
Certificate to notify the Certificate Administrator when such Certificateholder or its designee is appointed Controlling Class
Representative and when it is removed or resigns. Upon receipt of such

 

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notice, the Certificate Administrator shall notify the Trustee,
the Special Servicer and the Master Servicer of the identity of the Controlling Class Representative and any resignation or removal
thereof. In addition, upon the request of the Master Servicer or the Special Servicer, as applicable, the Certificate Administrator
shall provide the name of the then-current Controlling Class and a list of the Certificateholders (or Certificate Owners, if applicable,
at the expense of the requesting party) of the Controlling Class to such requesting party.

 

(g)           Once a Controlling
Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Trust Advisor, the Depositor, the
Certificate Administrator, the Trustee, the Custodian and each other Certificateholder (or Certificate Owner, if applicable) shall
be entitled to rely on such selection unless the Majority Controlling Class Certificateholders shall have notified each other party
to this Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Controlling
Class Representative or the selection of a new Controlling Class Representative.

 

(h)           Until it receives
notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with respect to
the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

Section 10.2          Limitation
on Liability of Controlling Class Representative; Acknowledgements of the Certificateholders. The Controlling Class Representative
shall not be liable to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action,
in accordance with or as permitted by this Agreement.

 

Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Controlling Class Representative, the Holders
of the Control Eligible Certificates and/or the Loan-Specific Directing Holders may each have special relationships and interests
that conflict with those of Holders of one or more other Classes of Certificates; (ii) the Controlling Class Representative
and/or the Holders of the Control Eligible Certificates may act solely in the interests of the Holders of the respective Classes
of the Control Eligible Certificates (or any of them), and any Loan-Specific Directing Holder may act solely in its own interests;
(iii) the Controlling Class Representative, the Holders of the Control Eligible Certificates and the Loan-Specific Directing
Holders do not have any duties to the Holders of any other Class of Certificates; (iv) the Controlling Class Representative
and/or the Holders of the Control Eligible Certificates may take actions that favor interests of the Holders of the respective
Classes of the Control Eligible Certificates (or any of them), and any Loan-Specific Directing Holder may take actions that favor
its interests, over the interests of the Holders of one or more other Classes of Certificates; (v) none of the Controlling
Class Representative, the Holders of the Control Eligible Certificates and/or the Loan-Specific Directing Holders shall have any
liability whatsoever to the Trust, the other parties to this Agreement, the Certificateholders or any other Person (including any
Mortgagor) for having acted or refrained from acting in accordance with or as permitted under the terms of this Agreement; and
(vi) the Holders of the Certificates may not take any action whatsoever against the Controlling Class Representative, the
Controlling Class, any Holder of a Control Eligible Certificate, any Loan-Specific Directing Holder or any of the respective affiliates,
directors, officers, shareholders, members, partners, agents or principals thereof as a result of the Controlling Class Representative,
the Controlling Class, the Holders of the Control Eligible Certificates and/or any Loan-Specific Directing Holder as applicable,
for 

 

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having acted or refrained from
acting in accordance with the terms of and as permitted under this Agreement.

 

Section 10.3          Rights
and Powers of Controlling Class Representative.

 

(a)            Notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to, Section 10.3(b), Section 10.3(c)
and the second (2nd) and third (3rd) paragraphs of this Section 10.3(a), (i) the Master Servicer
(solely to the extent it is permitted to take any of the following actions as provided for in any other section of this Agreement)
shall not be permitted to take (to the extent that it is authorized to do so hereunder) any of the actions constituting a Major
Decision unless it has obtained the consent of the Special Servicer (which approval shall be deemed given if the Special Servicer
does not object within fifteen (15) Business Days (or (A) in the case of an action relating to an A/B Whole Loan or Loan Pair,
while the holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable, or its designee is the
related Loan-Specific Directing Holder, within the period expiring five (5) Business Days following the expiration of the related
Loan-Specific Directing Holder’s decision period under the related Intercreditor Agreement, and (B) in the case of a determination
of an Acceptable Insurance Default, ninety (90) days) of receipt of the Master Servicer’s written analysis and recommendation
together with any information in the possession of the Master Servicer that is reasonably required to make a decision regarding
the subject action), and (ii) the Special Servicer shall not be permitted to take, or to consent to the Master Servicer’s
taking, any of the actions constituting a Major Decision, nor shall the Special Servicer itself be permitted to take any of the
actions constituting a Major Decision, (A) during any Subordinate Control Period, as to which the Controlling Class Representative
has objected in writing within ten (10) Business Days (or in the case of a determination of an Acceptable Insurance Default, thirty
(30) days), or (B) in the case of an action relating to an A/B Whole Loan or Loan Pair, while the holder of a related B Note
or Companion Loan (or controlling portion thereof), as applicable, is the related Loan-Specific Directing Holder, as to which the
related Loan-Specific Directing Holder has objected within the decision period provided for under the related Intercreditor Agreement,
in each case after receipt of the written recommendation and analysis from the Special Servicer, together with any information
in the possession of the Special Servicer that is reasonably necessary to make a decision regarding the subject action (provided
that if such written objection has not been received by the Special Servicer within such ten (10) Business Day (or, in the case
of a determination of an Acceptable Insurance Default, thirty (30) day) period, then the Controlling Class Representative shall
be deemed to have approved such action); provided that if the Special Servicer or Master Servicer (if the Master Servicer
is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to
a Major Decision, or any other matter requiring consent of the Controlling Class Representative during any Subordinate Control
Period, is necessary to protect the interests of the Certificateholders and, with respect to any A/B Whole Loan or Loan Pair, the
holder of the related Serviced B Note or Serviced Companion Loan, as applicable (as a collective whole as if such Certificateholders
and the holder of such Serviced B Note or Serviced Companion Loan, as the case may be, constituted a single lender), the Special
Servicer or Master Servicer, as applicable, may take any such action without waiting for the Controlling Class Representative’s
(or, if applicable, the Special Servicer’s) response; provided, further, that the Special Servicer is not required
to obtain the consent of the Controlling Class Representative for any of the foregoing actions during any Collective Consultation
Period or any Senior Consultation Period

 

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(or, in the case of an Excluded Mortgage Loan, at any time that the subject Mortgage Loan
is an Excluded Mortgage Loan); provided, further, that the Special Servicer shall be required to consult, solely
on a non-binding basis (and to consider alternative actions recommended by each such party) (i) during any Collective Consultation
Period and any Senior Consultation Period, with the Trust Advisor, as to any of the Major Decisions, and (ii) during any Collective
Consultation Period, with the Controlling Class Representative with respect to any of the Major Decisions and any other matter
as to which consent of the Controlling Class Representative would have been required during any Subordinate Control Period.

 

In addition, during any
Subordinate Control Period, subject to Section 10.3(b), Section 10.3(c) and the immediately following paragraph,
the Controlling Class Representative may direct the Special Servicer to take, or to refrain from taking, such other actions with
respect to a Mortgage Loan, A/B Whole Loan or Loan Pair (other than (x) any Non-Serviced Mortgage Loan or Non-Serviced Loan Combination,
(y) any Excluded Mortgage Loan, or (z) any A/B Whole Loan or Loan Pair as long as the holder of a related B Note or Companion Loan
(or controlling portion thereof), as applicable, or its designee is the Loan-Specific Directing Holder of such A/B Whole Loan or
Loan Pair) as the Controlling Class Representative may deem advisable or as to which provision is otherwise made herein. Notwithstanding
anything herein to the contrary, no such direction, and no direction or objection contemplated by the preceding paragraph or any
other provision of this Agreement, may require or cause the Master Servicer or the Special Servicer to violate any provision of
any loan documents, any Intercreditor Agreement, applicable law, this Agreement or the REMIC Provisions, including without limitation
the Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Trust Advisor, the Certificate Administrator, the Custodian, the Trustee or the Trust to liability, or materially
expand the scope of the Special Servicer’s responsibilities hereunder. Furthermore, in addition to the Controlling Class
Representative’s rights of consent and consultation (as applicable) as set forth in Section 10.3(a) above, it
is understood and agreed that to the extent any other provision of this Agreement requires the provision of notice to, the obtaining
of consent of, and/or consultation with, the Controlling Class Representative, or otherwise provides for any right of the Controlling
Class Representative thereunder, then none of the Trustee, the Master Servicer or the Special Servicer shall be entitled to take
any action (or omit to take any action) in contravention of the applicable rights of the Controlling Class Representative contained
in such provision; provided that this sentence is not intended to in any way (i) expand the rights of the Controlling Class
Representative, (ii) limit the application of the immediately preceding sentence, (iii) remove any limitations on the exercise
of such rights set forth in, such other provisions, or (iv) require the Trustee, the Master Servicer and/or the Special Servicer
to send a notice to, obtain the consent of, or consult with a new Controlling Class Representative whose name and contact information
have not yet been provided to the Trustee, the Master Servicer and/or the Special Servicer; and provided, further,
that if such other provisions are in any way subject to this Section 10.3, then the exercise of such rights shall be
subject to Section 10.3(b) and the immediately following paragraph.

 

If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Controlling Class Representative or any direction
or advice from the Controlling Class Representative would otherwise cause the Special Servicer or Master Servicer, as applicable,
to violate the terms of any loan documents, any Intercreditor Agreement,

 

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applicable law, the REMIC Provisions or this Agreement,
including without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such
refusal to consent, direction or advice and notify the Controlling Class Representative, the Trustee, the Certificate Administrator
and the 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the basis therefor. The
taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of
or approval of the Controlling Class Representative that does not violate any loan documents, any Intercreditor Agreement, any
applicable law, the REMIC Provisions, 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.

 

(b)           During any Senior
Consultation Period, the Controlling Class Representative shall have no consultation rights under this Agreement and shall have
no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to
all Certificateholders) or any other rights as Controlling Class Representative; provided that the Controlling Class Representative
(if and to the extent that it is a Certificateholder) will maintain the right to exercise its Voting Rights for the same purposes
as any other Certificateholder under this Agreement. Notwithstanding anything to the contrary contained herein: (i) for so
long as the holder of a related B Note or Companion Loan (or controlling portion thereof), as applicable, or its designee is the
Loan-Specific Directing Holder with respect to any A/B Whole Loan or Loan Pair, the Controlling Class Representative shall not
be entitled to exercise any of the rights in Section 10.3(a) with respect to such A/B Whole Loan or Loan Pair, as the
case may be, or any related REO Property; and (ii) the Controlling Class Representative shall not have any consent rights
with respect to any Non-Serviced Mortgage Loan but (during any Subordinate Control Period or Collective Consultation Period) shall
have consultation rights with respect to such Non-Serviced Mortgage Loans, in each case as and to the extent set forth in the related
Intercreditor Agreement.

 

(c)           Notwithstanding
anything to the contrary contained herein, for so long as the holder of a related B Note or Companion Loan (or controlling portion
thereof), as applicable, or its designee is the Loan-Specific Directing Holder with respect to any A/B Whole Loan or Loan Pair,
(i) such Loan-Specific Directing Holder shall be entitled to exercise with respect to such A/B Whole Loan or Loan Pair, as the
case may be, or any related REO Property all of the rights and powers of such Loan-Specific Directing Holder under the related
Intercreditor Agreement, and (ii) the Controlling Class Representative shall not have any of the consent rights or rights to direct
the Special Servicer contemplated by Section 10.3(a) with respect to such A/B Whole Loan or Loan Pair, as the case may be,
or any related REO Property except as set forth in the related Intercreditor Agreement. The rights of the holder of any related
B Note or Companion Loan, as applicable, or its designee as Loan-Specific Directing Holder with respect to any A/B Whole Loan or
Loan Pair will be unaffected by the existence of any Subordinate Control Period, Collective Consultation Period or Senior Consultation
Period.

 

(d)           No Controlling
Class Certificateholder or Controlling Class Representative shall be permitted to direct the Master Servicer to accept a Principal
Prepayment (including payment of a Balloon Payment other than in connection with the foreclosure or liquidation of a Mortgage Loan)
prior to the Due Date for such Mortgage Loan for the related

 

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Collection Period unless, to the extent otherwise permitted pursuant
to the terms of this Agreement, such Mortgage Loan is a Specially Serviced Mortgage Loan.

 

Section 10.4          Controlling
Class Representative and Trust Advisor Contact with Master Servicer and Special Servicer. Upon reasonable request, each of the
Master Servicer and the Special Servicer shall, without charge, make a Servicing Officer or Special Servicing Officer, as applicable,
available to answer questions from the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period) and the Trust Advisor (other than during any Subordinate Control Period) regarding the performance and servicing
of the Mortgage Loans (or, in the case of the Special Servicer, Specially Serviced Mortgage Loans and REO Properties) for which
the Master Servicer or the Special Servicer, as the case may be, is responsible (but shall not respond to questions of the Trust
Advisor with any information regarding communications between the Controlling Class Representative or a Loan-Specific Directing
Holder, on the one hand, and the Master Servicer or Special Servicer, on the other hand).

 

Section 10.5          Appointment,
Duties and Compensation of the Trust Advisor.

 

(a)            (i) The Trust
Advisor shall promptly review all information available to Privileged Persons on the Certificate Administrator’s Website
related to any Specially Serviced Mortgage Loan or REO Property and included as part of the CREFC® Investor Reporting
Package (IRP) and each Asset Status Report delivered to the Trust Advisor by the Special Servicer; provided, that during
any Subordinate Control Period, the Trust Advisor shall only be permitted to review Final Asset Status Reports.

 

(ii)          During any
Collective Consultation Period and any Senior Consultation Period, within sixty (60) days after the end of each calendar year during
which any Mortgage Loan was a Specially Serviced Mortgage Loan or any Mortgaged Property was an REO Property, the Trust Advisor
shall meet with representatives of the Special Servicer (if it was acting as Special Servicer as of December 31st in the prior
calendar year and has continued in such capacity through the date of such meeting) to perform a review of the Special Servicer’s
operational practices in light of the Servicing Standard and the requirements of this Agreement and shall discuss the Special Servicer’s
stated policies and procedures, operational controls and protocols, risk management systems, intellectual resources, the Special
Servicer’s reasoning for believing it is in compliance with this Agreement and other pertinent information the Trust Advisor
may consider relevant, in each case, insofar as such information relates to the resolution or liquidation of Specially Serviced
Mortgage Loans and REO Properties.

 

(iii)         The Trust
Advisor shall provide the Special Servicer at least thirty (30) days’ prior written notice of the date proposed for the annual
meeting described in this Section 10.5(a)(iii). The Trust Advisor and the Special Servicer shall determine a mutually
acceptable date for the annual meeting. The Trust Advisor shall deliver, at least fourteen (14) days prior to such annual meeting,
a proposed written agenda to the Special Servicer and such agenda shall identify the Asset Status Reports that shall be discussed
during the annual meeting. The Trust Advisor and the Special Servicer may discuss any of the Asset Status Reports produced and
any Specially Serviced Mortgage Loan and any REO Property as part of the Trust Advisor’s annual assessment of the Special
Servicer’s performance hereunder. The Special

 

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Servicer shall make available senior Special Servicing Officers with relevant
knowledge regarding the applicable Specially Serviced Mortgage Loans and REO Properties and the related platform level information
for each annual meeting.

 

(iv)         During any
Collective Consultation Period and any Senior Consultation Period, based on the Trust Advisor’s meeting with the Special
Servicer, the Trust Advisor’s review of any Asset Status Reports and other information delivered to the Trust Advisor by
the Special Servicer (other than any communications between the Controlling Class Representative or a Loan-Specific Directing Holder
and the Special Servicer that would be Privileged Information) and any other information available to Privileged Persons on the
Certificate Administrator’s Website, the Trust Advisor shall, in each case, deliver to the Certificate Administrator and
the 17g-5 Information Provider (each of which shall promptly post such Trust Advisor Annual Report on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website, respectively) within 120 days of the end of the prior calendar year
an annual report (the “Trust Advisor Annual Report”), substantially in the form of Exhibit L hereto;
provided, that in no event shall the information or any other content included in any Trust Advisor Annual Report consist
of Privileged Information or otherwise contravene any provision of this Agreement; provided, further, that any applicable
Trust Advisor Annual Report may describe any limitations resulting from any lack of access to Privileged Information. Each Trust
Advisor Annual Report shall set forth the Trust Advisor’s assessment of the Special Servicer’s performance of its duties
under this Agreement during the prior calendar year on a platform-level basis with respect to the resolution or liquidation of
Specially Serviced Mortgage Loans and REO Properties. Each of the Special Servicer and, during any Collective Consultation Period,
the Controlling Class Representative shall be given an opportunity to review any Trust Advisor Annual Report at least five (5)
Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider; provided, that
the Trust Advisor shall have no obligation to adopt any comments to such Trust Advisor Annual Report that are provided by the Special
Servicer and/or the Controlling Class Representative. Subject to the restrictions in this Agreement, each such Trust Advisor Annual
Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations
under this Agreement with respect to the resolution or liquidation of Specially Serviced Mortgage Loans and REO Properties and
(B) comply with all of the confidentiality requirements described in this Agreement regarding Privileged Information. Notwithstanding
the foregoing provisions of this Section 10.5(a)(iv), no Trust Advisor Annual Report shall be required to be prepared or
delivered with respect to any calendar year as to which no annual meeting described in Section 10.5(a)(ii) shall have
been required to be held or with respect to any calendar year during which no Asset Status Reports have been prepared.

 

As used in connection with the Trust Advisor
Annual Report, the term “platform-level basis” refers to the Special Servicer’s performance of its duties as
they relate to the resolution or liquidation of Specially Serviced Mortgage Loans, taking into account the Special Servicer’s
specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing
Standard, with reasonable consideration by the Trust Advisor of any annual compliance statement, assessment of compliance report,
attestation report, Asset Status Report and other information delivered to the Trust Advisor by the Special Servicer (other than
any communications between the Controlling Class Representative or any related Directing

 

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Holder, as applicable, and the Special Servicer that would
be Privileged Information) pursuant to the provisions of this Agreement.

 

(b)           The Trust Advisor,
as an independent contractor, shall review the Special Servicer’s operational practices in respect of Specially Serviced
Mortgage Loans and REO Properties, consult (on a non-binding basis) with the Special Servicer and perform each other obligation
of the Trust Advisor as set forth in this Agreement in accordance with the Trust Advisor Standard. The Trust Advisor shall not
owe any fiduciary duty to the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee,
any Holder of a Certificate or any other Person in connection with this Agreement. Certificateholders are hereby deemed to have
acknowledged and agreed that (i) there could be multiple strategies to resolve any Specially Serviced Mortgage Loan and the objective
of the Trust Advisor’s participation in any resolution process is to provide additional oversight relating to the Special
Servicer’s compliance with the Servicing Standard in making its determinations as to which strategy to execute; (ii) the
Trust Advisor shall have no authority or duty to make a determination on behalf of the Trust, nor any responsibility for decisions
made by or on behalf of the Trust; (iii) the Trust Advisor is not an advisor to any Person, including without limitation any Certificateholder;
and (iv) the Trust Advisor is not an “investment adviser” within the meaning of the Investment Advisers Act of 1940,
as amended.

 

(c)           During any related
Subordinate Control Period, the Special Servicer will forward any Appraisal Reduction and net present value calculations used in
the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a
Specially Serviced Mortgage Loan to the Trust Advisor after such calculations have been finalized. The Trust Advisor shall review
such calculations but shall not take any affirmative action with respect to such Appraisal Reduction calculations and/or net present
value calculations.

 

(d)           During
any Collective Consultation Period and any Senior Consultation Period, after the calculation but prior to the utilization by the
Special Servicer of any of the calculations related to (i) Appraisal Reductions or (ii) net present value, the
Special Servicer shall promptly forward such calculations, and the Special Servicer shall promptly forward any supporting material
or additional information necessary in support thereof (including such additional information reasonably requested by the Trust
Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information), to the Trust
Advisor but in any event no later than two (2) Business Days after preparing such calculations, and the Trust Advisor shall promptly,
but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials, recalculate
and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portions of
the applicable formulas required to be utilized in connection with any such calculation prior to utilization by the Special Servicer
provided, that notwithstanding the foregoing, the Trust Advisor will not be permitted to recalculate or verify any Appraisal
Reduction or net present value calculations performed by the Special Servicer with respect to any Serviced B Note or Serviced Companion
Loan for so long as the related Serviced B Note holder or Serviced Companion Loan holder is the related Applicable Control Party
with respect to the related A/B Whole Loan or Loan Pair. The Trust Advisor may not opine on or call into question these calculations,
other than with respect to mathematical errors and the corresponding

 

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application of the non-discretionary portions of the applicable
formulas required to be utilized in connection with any such calculation prior to utilization by the Special Servicer.

 

In connection with this
Section 10.5(d), if the Trust Advisor does not agree with the mathematical calculations or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Trust Advisor and Special Servicer
shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application of the non-discretionary
portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days
of delivery of such calculations. If the Trust Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement
prior to the end of such five (5) Business Day period, the Trust Advisor shall promptly notify the Trustee of such disagreement
and the Trustee shall determine which calculation is to apply. In making such determination, the Trustee may hire an independent
third-party to assist with any such calculation at the expense of the Trust.

 

(e)            Notwithstanding
anything herein to the contrary, the Trust Advisor shall have no consultation rights or obligations with respect to any Non-Serviced
Mortgage Loans (or any related REO Property), the Grove City Premium Outlets Mortgage Loan, the Gulfport Premium Outlets Mortgage
Loan or any Non-Serviced Loan Combination.

 

(f)            During any Collective
Consultation Period and any Senior Consultation Period, the Special Servicer shall consult (on a non-binding basis) with the Trust
Advisor in connection with any Major Decision involving any Mortgage Loan, A/B Whole Loan, Loan Pair or any related REO Property
and consider alternative actions recommended by the Trust Advisor; provided, that with respect to matters related to any
A/B Whole Loan and any Loan Pair, the Special Servicer shall only be required to consult with the Trust Advisor in respect of such
A/B Whole Loan or Loan Pair, as applicable, if the holder of a related B Note or Companion Loan (or controlling portion thereof),
as applicable, or its designee is not, or has ceased to be, the related Loan-Specific Directing Holder, and prior to such time,
the Trust Advisor shall have no obligations under this Agreement with respect to such A/B Whole Loan or Loan Pair, as applicable.

 

(g)           Subject to the
requirements of confidentiality imposed on the Trust Advisor herein (including without limitation in respect of Privileged Information),
the Trust Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with the terms of Section 5.4.

 

(h)           The Trust Advisor
shall keep all Privileged Information confidential and shall not disclose such Privileged Information to any other person (including
any Certificateholders), other than to the other parties to this Agreement, to the extent expressly required by this Agreement,
which parties, in turn, if they have been advised that such information is Privileged Information, shall not without the prior
written consent of the Special Servicer and the Controlling Class Representative (or with respect to an A/B Whole Loan or a Loan
Pair any other Applicable Control Party), disclose such information to any other Person, except that such parties and the Trust
Advisor may disclose such information if (a) such Privileged Information becomes generally available and known to the public
other than as a result of a disclosure directly or indirectly by such parties or the Trust Advisor, as applicable,

 

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(b) it
is reasonable and necessary for such parties or the Trust Advisor, as applicable, to do so in working with legal counsel, auditors,
taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such party or the
Trust Advisor, as applicable, and not otherwise subject to a confidentiality obligation and/or (d) such disclosure is required
by applicable law, as evidenced by an opinion of counsel (which, in the case of any opinion of counsel for the Trust Advisor, shall
be a Trust Advisor Expense) delivered to the Trust Advisor, the Special Servicer, the Controlling Class Representative (or with
respect to an A/B Whole Loan or a Loan Pair the Applicable Control Party), as applicable, the Certificate Administrator and the
Trustee. Notwithstanding the foregoing, the Trust Advisor will be permitted to share Privileged Information with its Affiliates
and any subcontractors of the Trust Advisor to the extent reasonably necessary to perform the Trust Advisor’s obligations
under this Agreement and provided such Trust Advisor Affiliates and subcontractors agree in writing prior to their receipt of such
Privileged Information to be bound by the same confidentiality provisions applicable to the Trust Advisor. Subject to the terms
and conditions in this Agreement related to Privileged Information, the Trust Advisor agrees that it shall use information received
from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations
hereunder.

 

(i)             The Trust Advisor
shall be entitled to the Trust Advisor Fee. In addition, the Trust Advisor Consulting Fee shall be payable to the Trust Advisor
with respect to each Major Decision as to which the Trust Advisor has consultation rights. The Trust Advisor Fee and any Trust
Advisor Consulting Fees (to the extent such Trust Advisor Consulting Fee is actually received from the related Mortgagor) shall
be payable from funds on deposit in the Collection Account as provided in Section 5.2. When the Trust Advisor has consultation
rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall
use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Trust Advisor Consulting Fee
from the related Mortgagor in connection with such Major Decision, but only to the extent not prohibited by the related Mortgage
Loan documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Trust Advisor Consulting
Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with the Servicing Standard,
but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of
such Trust Advisor Consulting Fee other than requests for collection; provided, that the Master Servicer or the Special
Servicer, as applicable, shall consult with the Trust Advisor prior to any such waiver or reduction.

 

(j)             The Trust Advisor
shall be entitled to reimbursement of any Trust Advisor Expenses provided for pursuant to Section 10.11, such amounts
to be reimbursed from amounts on deposit in the Distribution Account as provided by Section 5.3, but solely to the
extent payable from amounts available as set forth in Section 6.11. The Trust Advisor hereby acknowledges and agrees
that in no event will any Trust Advisor Expenses be payable from, and the Trust Advisor hereby waives any and all claims to, amounts
distributable in respect of, the Class F Certificates and the Control Eligible Certificates. Each successor Trust Advisor shall
be required to acknowledge and agree to the terms of the preceding sentence.

 

(k)           Except as set
forth in this Agreement, the Trust Advisor, any successor trust advisor and any of their respective affiliates shall not accept
any fees or other compensation

 

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or other consideration (x) in respect of the Trust Advisor’s (or successor trust advisor’s)
obligations under this Agreement or the performance thereof or (y) in connection with the appointment of a successor special servicer
or the recommendation by the Trust Advisor (or successor trust advisor) for a replacement special servicer to become the special
servicer under this Agreement.

 

Section 10.6          Representations,
Warranties and Covenants of the Trust Advisor.

 

(a)            The Trust Advisor
hereby represents and warrants to and covenants with each other party to this Agreement and for the benefit of the Certificateholders,
as of the Closing Date:

 

(i)          the Trust Advisor
is duly organized, validly existing and in good standing as a limited liability company under the laws of the State of Delaware;

 

(ii)         the Trust Advisor
has the full power and authority to execute, deliver, perform, and to enter into and consummate all transactions and obligations
contemplated by this Agreement; the Trust Advisor has duly and validly authorized the execution, delivery and performance by it
of this Agreement and this Agreement has been duly executed and delivered by the Trust Advisor; and this Agreement, assuming the
due authorization, execution and delivery thereof by the other parties hereto, evidences the valid and binding obligation of the
Trust Advisor enforceable against the Trust Advisor in accordance with its terms subject, as to enforcement of remedies, to applicable
bankruptcy, conservatorship, reorganization, insolvency, moratorium, receivership and other similar laws affecting creditors’
rights generally as from time to time in effect, and to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law), and to matters of public policy with respect to indemnification or contribution
as to violations of securities laws;

 

(iii)        the execution
and delivery of this Agreement by the Trust Advisor, the consummation by the Trust Advisor of the transactions contemplated hereby,
and the fulfillment of or compliance by the Trust Advisor with the terms and conditions of this Agreement will not (A) result in
a breach of any term or provision of its organizational documents or (B) conflict with, result in a breach, violation or acceleration
of, or result in a default under, the terms of any other material agreement or instrument to which it is a party or by which it
may be bound, or any law, governmental rule, regulation, or judgment, decree or order applicable to it of any court, regulatory
body, administrative agency or governmental body having jurisdiction over it, which materially and adversely affects its ability
to perform its obligations under this Agreement;

 

(iv)          no litigation
is pending or, to the best of the Trust Advisor’s knowledge, threatened, against it, the outcome of which, in the Trust Advisor’s
reasonable judgment, could reasonably be expected to materially and adversely affect the execution, delivery or enforceability
of this Agreement or its ability to perform any of its obligations hereunder in accordance with the terms hereof; and

 

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(v)         no consent,
approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance
by it of, or compliance by it with, this Agreement, or the consummation of the transactions contemplated hereby, or if any such
consent, approval, authorization or order is required, it has obtained the same or will obtain the same prior to the time necessary
to perform its obligations under this Agreement, and, except to the extent in the case of performance, that its failure to be qualified
as a foreign corporation or licensed in one or more states does not materially and adversely affect the performance by it of its
obligations hereunder.

 

(b)           It is understood
that the representations and warranties set forth in this Section 10.6 shall survive the execution and delivery of
this Agreement.

 

Any cause of action against
the Trust Advisor arising out of the breach of any representations and warranties made in this Section shall accrue upon the giving
of written notice to the Trust Advisor by any of the Trustee, the Master Servicer or the Certificate Administrator. The Trust Advisor
shall give prompt notice to each other party to this Agreement and the Controlling Class Representative (during any Subordinate
Control Period and any Collective Consultation Period) of the occurrence, or the failure to occur, of any event that, with notice,
or the passage of time or both, would cause any representation or warranty in this Section to be untrue or inaccurate in any respect.

 

Section 10.7          Merger
or Consolidation of the Trust Advisor. Any Person into which the Trust Advisor may be merged or consolidated, or any Person
resulting from any merger, conversion, other change in form or consolidation to which the Trust Advisor shall be a party, or any
Person succeeding to the business of the Trust Advisor, shall be the successor of the Trust Advisor hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto; provided that the successor or surviving
Person is an Eligible Trust Advisor. If the conditions to the proviso in the foregoing sentence are not met, the Trustee may terminate
the successor or surviving Person as Trust Advisor, such termination to be effected in the manner set forth in Section 10.12.
The successor or surviving Person shall provide prompt written notice of the merger or consolidation to the Trustee, the Certificate
Administrator and the 17g-5 Information Provider.

 

Notwithstanding the foregoing,
if, and for so long as, the Trust, or, with respect to any Serviced Companion Loan, the trust created pursuant to an Other Companion
Loan Pooling and Servicing Agreement, is subject to the reporting requirements of the Exchange Act, the Trust Advisor may not remain
the Trust Advisor under this Agreement after (x) being merged or consolidated with or into any Prohibited Party, or (y) transferring
all or substantially all of its assets to any Prohibited Party, unless (i) the Trust Advisor is the surviving entity of such merger,
consolidation or transfer or (ii) the Depositor consents to such merger, consolidation or transfer, which consent shall not be
unreasonably withheld (and if, within forty-five (45) days following the date of delivery of a notice by the Trust Advisor to the
Depositor of any merger or similar transaction described in the preceding paragraph, the Depositor shall have failed to notify
the Trust Advisor of the Depositor’s determination to grant or withhold such consent, such failure shall be deemed to constitute
a grant of such consent).

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Section
10.8     Resignation of Trust Advisor.

 

(a)          Except
as otherwise provided in Section 10.8(b), the Trust Advisor shall not resign from the obligations and duties hereby
imposed on it unless it determines that its duties hereunder are no longer permissible under applicable law or are in material
conflict by reason of applicable law with any other activities carried on by it. Any such determination permitting the resignation
of the Trust Advisor shall be evidenced by an opinion of counsel to such effect delivered to the Master Servicer, the Certificate
Administrator, the Depositor and the Trustee.

 

(b)         The
Trust Advisor (at its cost and expense and not at the expense of the Trust) shall have the right to resign from its obligations
and duties under this Agreement and recommend the replacement of the Trust Advisor (which shall be an Eligible Trust Advisor),
provided that the Trust Advisor shall (i) pay, or reimburse the Certificate Administrator or the Trust, as applicable, for,
all of the reasonable costs and expenses to be incurred by the Trust Advisor, the Certificate Administrator and/or the Trust, as
applicable, in connection with obtaining any vote to replace the Trust Advisor (and such fees and expenses will not constitute
Additional Trust Expenses), (ii) pay any amounts in the nature of Trust Advisor Fees, costs or expenses, to the extent such amounts
are in excess of the amounts being paid to the Trust Advisor prior to its resignation, necessary to obtain or payable to a replacement
Trust Advisor, (iii) except in the case of a recommended replacement that is an Eligible Trust Advisor (in which event no consent
shall be required), obtain the consent (which shall be obtained prior to any solicitation of votes described below) of the Controlling
Class Representative during any Subordinate Control Period and any Collective Consultation Period, which consent shall be deemed
to have been granted if no objection is made within thirty (30) days following the Controlling Class Representative’s receipt
of the request for consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn and (iv) except
in the case of a recommended replacement that is an Eligible Trust Advisor (in which event no vote seeking consent shall be conducted),
obtain the requisite vote of Certificateholders as provided below. If the Trust Advisor resigns pursuant to clause (A) of the preceding
sentence, the Trust Advisor shall deliver to the Certificate Administrator, with a copy to the Trustee, the 17g-5 Information Provider
and the Special Servicer, a written recommendation (along with relevant information justifying its recommendation) of a suggested
replacement Trust Advisor, which recommendation shall include a ballot that identifies the proposed replacement and that allows
the Holders of Principal Balance Certificates to approve or object to such recommendation and, further, shall clearly and conspicuously
include on the face thereof the following legend (in all capital letters and at least 14 point font): “FAILURE TO AFFIRMATIVELY
OBJECT TO THIS RECOMMENDATION WITHIN 180 DAYS OF THE DATE HEREOF SHALL BE DEEMED AN AFFIRMATIVE CONSENT TO REPLACE THE EXISTING
TRUST ADVISOR WITH THE RECOMMENDED SUCCESSOR TRUST ADVISOR IDENTIFIED IN THIS RECOMMENDATION”. The Certificate Administrator
shall post such written recommendation on the Certificate Administrator’s Website. Except in the case of a recommended replacement
that is an Eligible Trust Advisor, the Trust Advisor’s recommendation of a successor Trust Advisor must be confirmed by an
affirmative vote of Holders of Principal Balance Certificates evidencing at least 66-2/3% of the aggregate Voting Rights of all
Principal Balance Certificates; provided that if any Holder of Principal Balance Certificates does not affirmatively object
within 180 days of the date on which such written recommendation was posted on the Certificate

 

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Administrator’s Website, then
such Holder shall be deemed to have consented to the replacement of the existing Trust Advisor with the recommended successor Trust
Advisor. If so confirmed, the Trustee shall terminate all of the rights and obligations of the then existing Trust Advisor under
this Agreement and appoint the successor Trust Advisor approved or deemed approved by the Certificateholders (provided that such
successor trust advisor is an Eligible Trust Advisor). The terminated or resigning Trust Advisor’s rights to indemnification,
payment of outstanding fees, reimbursement of expenses and other rights set forth in this Agreement shall survive its termination
or resignation.

 

(c)         No
resignation pursuant to this Section 10.8 shall become effective until a successor Trust Advisor appointed as provided
in Section 10.12(d) shall have assumed the Trust Advisor’s responsibilities and obligations under this Agreement.

 

Section
10.9     Assignment or Delegation of Duties by Trust Advisor. Except as provided in
Section 10.7, the Trust Advisor may not assign or delegate its rights and duties under this Agreement.

 

Section
10.10   Limitation on Liability of the Trust Advisor and Others.

 

(a)         Neither
the Trust Advisor nor any of the Affiliates, directors, officers, employees, members, managers or agents of the Trust Advisor shall
be under any liability to any other party to this Agreement, the Holders of the Certificates, the Underwriters, the Initial Purchasers,
the holder of any Serviced B Note or the holder of any Serviced Companion Loan for any action taken or for refraining from the
taking of any action in good faith and using reasonable business judgment; provided that this provision shall not protect
the Trust Advisor or any such person against any breach of a representation or warranty contained herein or any liability which
would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in its performance of duties hereunder or
by reason of negligent disregard of obligations and duties hereunder. The Trust Advisor and any Affiliate, director, officer, employee,
member, manager or agent of the Trust Advisor may rely in good faith on any document of any kind prima facie properly executed
and submitted by any Person (including, without limitation, the information and reports delivered by or at the direction of the
Master Servicer or any Affiliate, director, officer, employee, member, manager or agent of the Master Servicer) respecting any
matters arising hereunder. The Trust Advisor shall not be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its duties under this Agreement.

 

(b)         In
addition, the Trust Advisor shall have no liability with respect to, and shall be entitled to conclusively rely on as to the truth
of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Trust Advisor
and conforming to the requirements of this Agreement. Neither the Trust Advisor, nor any Affiliate, director, officer, employee,
member, manager or agent, shall be personally liable for any error of judgment made in good faith by any officer, unless it shall
be proved that the Trust Advisor or such officer was negligent in ascertaining the pertinent facts. Neither the Trust Advisor,
nor any Affiliate, director, officer, employee, member, manager or agent, shall be personally liable for any action taken, suffered
or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it
by this Agreement. The Trust Advisor

 

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shall be entitled to rely on reports and information supplied to it by the Master Servicer,
the Special Servicer and the related Mortgagors and shall have no duty to investigate or confirm the accuracy of any such report
or information.

 

(c)         The
Trust Advisor shall not be obligated to incur any liabilities, costs, charges, fees or other expenses which relate to or arise
from any breach of any representation, warranty or covenant made by any other party to this Agreement in this Agreement. The Trust
shall indemnify and hold harmless the Trust Advisor from any and all claims, liabilities, costs, charges, fees or other expenses
which relate to or arise from any such breach of representation, warranty or covenant to the extent such amounts are not recoverable
from the party committing such breach.

 

(d)         Except
as otherwise specifically provided herein:

 

(i)         the
Trust Advisor may rely, and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal,
bond or other paper or document believed or in good faith believed by it to be genuine and to have been signed or presented by
the proper party or parties;

 

(ii)        the
Trust Advisor may consult with counsel, and any written advice 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; and

 

(iii)       the
Trust Advisor, in preparing any reports hereunder, may rely, and shall be protected in acting or refraining from acting upon any
information (financial or other), statement, certificate, document, agreement, covenant, notice, request or other paper reasonably
believed or in good faith believed by it to be genuine.

 

(e)         The
Trust Advisor and any Affiliate, director, officer, employee, member, manager or agent of the Trust Advisor shall be indemnified
by the Depositor, the Master Servicer, the Special Servicer, the Custodian, the Trustee and the Certificate Administrator, as the
case may be, and held harmless against any loss, liability or expense including reasonable attorneys’ fees incurred in connection
with any legal action relating to the Depositor’s, the Master Servicer’s, the Special Servicer’s, the Custodian’s,
the Trustee’s or the Certificate Administrator’s, as the case may be, respective willful misfeasance, bad faith or
negligence in the performance of its respective duties hereunder or by reason of negligent disregard by such Person of its respective
duties hereunder, other than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence
in the performance of any of the Trust Advisor’s duties hereunder or by reason of negligent disregard of the Trust Advisor’s
obligations and duties hereunder. The Trust Advisor shall promptly notify the Depositor, the Master Servicer, the Special Servicer,
the Custodian, the Trustee and the Certificate Administrator, if a claim is made by a third party entitling the Trust Advisor to
indemnification hereunder, whereupon the Depositor, the Master Servicer, the Special Servicer, the Custodian, the Trustee or the
Certificate Administrator, in each case, to the extent the claim was made in connection with its willful misfeasance, bad faith
or negligence, shall assume the defense of any such claim

 

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(with counsel reasonably satisfactory to the Trust Advisor). Any failure
to so notify the Depositor, the Master Servicer, the Special Servicer, the Custodian, the Trustee or the Certificate Administrator
shall not affect any rights the Trust Advisor may have to indemnification hereunder or otherwise, unless the interest of the Depositor,
the Master Servicer, the Special Servicer, the Custodian, the Trustee or the Certificate Administrator is materially prejudiced
thereby. The indemnification provided herein shall survive the termination of this Agreement and the termination or resignation
of the Trust Advisor hereunder. Any payment hereunder made by the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or the Custodian, as the case may be, pursuant to this paragraph to the Trust Advisor shall be paid
from the Depositor’s, the Master Servicer’s, the Special Servicer’s, the Trustee’s, the Certificate Administrator’s
or the Custodian’s, as the case may be, own funds, without reimbursement from the Trust therefor, except achieved through
subrogation as provided in this Agreement. Any expenses incurred or indemnification payments made by the Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer or the Depositor shall be reimbursed by the party so paid
or at the direction of which a payment was made, if a court of competent jurisdiction makes a final judgment that (x) the
conduct of the Trustee, the Certificate Administrator, the Custodian, the Special Servicer, the Master Servicer or the Depositor,
as the case may be, was not culpable or (y) such indemnifying party was found to not have acted with willful misfeasance,
bad faith or negligence.

 

Section
10.11   Indemnification; Third-Party Claims.

 

(a)         The
Trust Advisor and any Affiliate, director, officer, employee, member, manager or agent of the Trust Advisor shall be indemnified
and held harmless by the Trust, out of the proceeds of the Mortgage Loans (subject to Section 6.11) against 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 any legal action relating to this Agreement, other than any loss, liability or expense
(i) specifically required to be borne by the party seeking indemnification, without right of reimbursement pursuant to the terms
of this Agreement; (ii) incurred in connection with any legal action or claim against the party seeking indemnification, resulting
from any breach on the part of that party of a representation or warranty made in this Agreement; or (iii) incurred in connection
with any legal action or claim against the party seeking indemnification, resulting from any willful misfeasance, bad faith or
negligence on the part of that party in the performance of its obligations or duties under this Agreement or negligent disregard
of such obligations or duties. The Trust shall pay, from amounts on deposit in the Collection Account pursuant to Section 5.2,
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. The indemnification provided herein shall survive the termination of
this Agreement and the termination or resignation of the Trust Advisor. Any expenses incurred or indemnification payments made
by the Trust shall be reimbursed by the Trust Advisor, if a court of competent jurisdiction makes a final, non-appealable judgment
that the Trust Advisor was found to have acted with willful misfeasance, bad faith or negligence.

 

(b)         The
Trust Advisor agrees to indemnify the Trust and each other party to this Agreement and any of their respective directors, officers,
employees or agents or Controlling Persons, and hold them harmless against any and all claims, losses, penalties, fines, forfeitures,

 

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legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that the Trust or any such party may
sustain arising from or as a result of the willful misfeasance, bad faith or negligence in the performance of duties hereunder
or by reason of negligent disregard of obligations and duties hereunder by the Trust Advisor. The Trustee, the Depositor, the Certificate
Administrator, the Custodian, the Special Servicer or the Master Servicer shall immediately notify the Trust Advisor if a claim
is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust or the Trustee, the Depositor,
the Certificate Administrator, the Custodian, the Special Servicer or the Master Servicer, as the case may be, to indemnification
hereunder, whereupon the Trust Advisor shall assume the defense of any such claim (with counsel reasonably satisfactory to the
Trustee, the Depositor, the Certificate Administrator, the Custodian, the Special Servicer or the Master 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. Any failure to so notify the Trust Advisor shall not
affect any rights the Trust or the Trustee, the Depositor, the Certificate Administrator, the Custodian, the Special Servicer or
the Master Servicer may have to indemnification under this Agreement or otherwise, unless the Trust Advisor’s defense of
such claim is materially prejudiced thereby. The indemnification provided herein shall survive the termination of this Agreement
and the termination or resignation of the Trust Advisor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee. The Trust Advisor shall not be entitled to reimbursement from the Trust for any payment made by the
Trust Advisor pursuant to this paragraph. Any expenses incurred or indemnification payments made by the Trust Advisor shall be
reimbursed by the party so paid or at the direction of which a payment was made, if a court of competent jurisdiction makes a final,
non-appealable judgment that the conduct of the Trust Advisor was not culpable or such indemnifying party was found to not have
acted with willful misfeasance, bad faith or negligence.

 

Section
10.12   Termination of the Trust Advisor.

 

(a)         A
“Trust Advisor Termination Event” means any one of the following events whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(i)         any
failure by the Trust Advisor to observe or perform in any material respect any of its covenants or agreements or the material breach
of its representations or warranties under this Agreement, which failure or breach shall continue unremedied for a period of thirty
(30) days after the date on which written notice of such failure or breach shall have been given to the Trust Advisor by the Trustee
or the Certificate Administrator or to the Trust Advisor and the Certificate Administrator by the Holders of Certificates having
greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided that with respect to any
such failure or breach which is not curable within such 30-day period, the Trust Advisor shall have an additional cure period of
thirty (30) days to effect such cure so long as it has commenced to cure such failure or breach within the initial 30-day period
and has provided the Trustee and the Certificate Administrator with an Officer’s Certificate certifying that it has diligently
pursued, and is continuing to pursue, such cure;

 

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(ii)        any
failure by the Trust Advisor to perform in accordance with the Trust Advisor Standard which failure shall continue unremedied for
a period of thirty (30) days;

 

(iii)       any
failure by the Trust Advisor to be an Eligible Trust Advisor, which failure shall continue unremedied for a period of thirty (30)
days;

 

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

 

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

 

(vi)       the
Trust Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations; or

 

(vii)      if,
and for so long as the Trust or a trust created pursuant to an Other Companion Loan Pooling and Servicing Agreement is subject
to the reporting requirements of the Exchange Act, the Trust Advisor shall fail to deliver any Regulation AB and any Exchange Act
reporting items required to be delivered by it under Article XIII of this Agreement at the times required under such Article.

 

Upon receipt by the Certificate
Administrator of notice of the occurrence of any Trust Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on its internet website and by mail, unless the Certificate
Administrator has received notice that it has been remedied. If a Trust Advisor Termination Event shall occur, then, and in each
and every such case, so long as such Trust Advisor Termination Event shall not have been remedied, either (i) the Trustee
may or (ii) upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of all
the Certificates, the Trustee shall, terminate all of the rights and obligations of the Trust Advisor under this Agreement, other
than rights and obligations accrued prior to such termination, by notice in writing to the Trust Advisor. Notwithstanding anything
herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate Administrator and
the Trustee of any Trust Advisor Termination Event of which the Depositor becomes aware.

 

(b)         Upon
(i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of all the Certificates
requesting a vote to terminate the existing Trust Advisor and to replace the existing Trust Advisor with a proposed successor Trust

 

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Advisor that is an Eligible Trust Advisor, (ii) payment by such Holders to the Trust, the Certificate Administrator and the
Trust Advisor, as applicable, of the reasonable fees and expenses to be incurred by the Trust, the Certificate Administrator and
the Trust Advisor, as applicable, in connection with such vote (which fees and expenses will not constitute Additional Trust Expenses)
and (iii) obtaining the consent (which shall be obtained prior to any solicitation of votes below) of the Controlling Class Representative
during any Subordinate Control Period and any Collective Consultation Period (such consent not to be unreasonably withheld, and
such consent shall be deemed to have been granted if no objection is made within ten (10) Business Days following the Controlling
Class Representative’s receipt of the request for consent and, if granted or deemed granted, such consent cannot thereafter
be revoked or withdrawn), the Certificate Administrator shall promptly provide written notice of the requested vote described in
clause (i) above to all Certificateholders by (A) posting such notice on its internet website and including in
the next Distribution Date Statement a statement that such request was received, and (B) mailing it to their addresses appearing
in the Certificate Register. Upon the written direction of Holders of Certificates evidencing more than 75% of all the Voting Rights
of the Certificates, the Trustee shall terminate all of the rights (other than the right to receive accrued and unpaid fees and
expense reimbursements and the right to indemnification hereunder) and obligations of the Trust Advisor under this Agreement by
notice in writing to the Trust Advisor; provided that if that written direction is not provided within 180 days of the initial
request for a vote to terminate and replace the Trust Advisor, then that written direction will have no force and effect. In addition,
the Holders of Certificates evidencing more than 75% of all the Voting Rights of the Certificates may direct the Trustee not to
replace the terminated Trust Advisor); provided that if at any time there is no Trust Advisor acting in such capacity, the
provisions of this Agreement relating to the rights (other than the right to receive accrued and unpaid fees and expense reimbursements
and the right to indemnification hereunder) and obligations of the Trust Advisor will have no force and effect; and provided,
further, that, if the Holders of at least 25% of the Voting Rights of the Certificates subsequently request a vote to reinstate
the role of Trust Advisor and appoint a new Trust Advisor under this Agreement, and the Holders of at least 75% of the Voting Rights
of the Certificates vote in favor of such reinstatement and appointment, then a new Trust Advisor will be appointed and references
to Trust Advisor in this Agreement will again be applicable. The provisions set forth in the foregoing sentences of this Section 10.12(b)
shall be binding upon and inure solely to the benefit of the Certificateholders and the Trustee as between each other. The Trust
Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions; provided
that this sentence shall not affect the Trust Advisor’s right to receive accrued and unpaid fees and expense reimbursements
and the right to indemnification hereunder. As between the Trust Advisor, on the one hand, and the Certificateholders, on the other,
the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of
the Trust Advisor.

 

(c)         If
there are no Classes of Principal Balance Certificates outstanding other than the Class F Certificates and the Control Eligible
Certificates, then the Holders of Certificates representing greater than 50% of the junior-most Class of such Classes of Certificates
outstanding may elect to terminate the Trust Advisor without payment of any termination fee by written notice delivered to the
Depositor and the Trust Advisor. Upon its receipt of notice from such Holders of their election to so terminate the Trust Advisor,
the Trustee shall terminate all of the rights and obligations of the Trust Advisor under this

 

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Agreement by notice in writing to
the Trust Advisor. If the Trust Advisor is terminated pursuant to this Section 10.12(c), then no replacement Trust
Advisor will be appointed.

 

(d)         On
or after the receipt by the Trust Advisor of written notice of termination pursuant to Section 10.12(a), Section 10.12(b)
or Section 10.12(c), or the effectiveness of any resignation by the Trust Advisor pursuant to Section 10.8,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Trust Advisor shall
execute any and all documents and other instruments, and do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination. As soon as practicable, but in no event later than fifteen (15) Business Days
(or such longer period of time as may be reasonably necessary to find a willing successor trust advisor if no willing successor
trust advisor can be identified in such fifteen (15) Business Day period) after (1) the Trust Advisor resigns pursuant to
Section 10.8 or (2) the Trustee delivers such written notice of termination to the Trust Advisor pursuant to Section 10.12(a)
or Section 10.12(b), the Trustee shall appoint a successor Trust Advisor (to the extent a willing successor trust advisor
can be identified) that is an Eligible Trust Advisor (which successor Trust Advisor may be an Affiliate of the Trustee) and shall
be the recommended or proposed Trust Advisor in the case of a resignation pursuant to Section 10.8(b) or a termination
pursuant to Section 10.12(b). During any Subordinate Control Period and any Collective Consultation Period, the Controlling
Class Representative shall have the right to consent, such consent not to be unreasonably withheld, to any replacement for a Trust
Advisor terminated pursuant to Section 10.12(a) (except that such consent will be deemed to have been granted if no objection
is made within ten (10) Business Days following the Controlling Class Representative’s receipt of the request for consent
and, if granted, such consent cannot thereafter be revoked or withdrawn). If the Trustee is the successor Master Servicer or successor
Special Servicer, neither the Trustee nor any of its Affiliates shall be the successor Trust Advisor. If the termination of the
Trust Advisor is pursuant to Section 10.12(b), and if the Holders of Certificates representing more than 75% of the
aggregate Voting Rights of the Certificates so direct, then the Trustee shall not replace the terminated Trust Advisor (subject
to the provisos to the third (3rd) sentence of Section 10.12(b)). Except as contemplated by Section 10.12(b),
and except for any consent rights of the Controlling Class Representative expressly set forth in this Article X, the appointment
of the successor Trust Advisor shall not be subject to the vote, consent or approval of the Holder of any Class of Certificates.
The Trust Advisor shall not at any time be the Depositor, the Master Servicer, the Special Servicer, a Seller or an Affiliate of
any of them. If any of such entities becomes the Trust Advisor, including by means of an affiliation arising after the date hereof,
the Trust Advisor shall immediately resign, and the Trustee shall appoint a successor Trust Advisor subject to and in accordance
with this Section 10.12(d).

 

Upon any resignation
or termination of the Trust Advisor and, if applicable, appointment of a successor Trust Advisor, the Trustee shall, as soon as
possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who shall promptly
post such notice to the Certificateholder’s Website pursuant to Section 5.4), the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 5.7), the Depositor,
the Certificateholders and, during any Subordinate Control Period and any Collective Consultation Period, the Controlling Class
Representative. If the Trust Advisor resigns or is terminated for any reason, all of its rights and obligations under this Agreement
shall terminate, other than any rights or obligations that

 

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accrued prior to the date of such termination (including the right to
receive all fees, expenses and indemnities accrued and owing to it under this Agreement which shall be payable in accordance with
the priorities and subject to the limitations set forth herein including, without limitation, Section 6.11).

 

Section
10.13  Rights of the Holders of a Serviced B Note and Serviced Companion Loan. With respect to each A/B Whole
Loan (if any) and Loan Pair (if any), the holder of any related Serviced B Note and the holder of any related Serviced Companion
Loan shall have such consent rights or consultation rights, if any, during the specified time periods, as are set forth in the
related Intercreditor Agreement.

 

Notwithstanding the foregoing,
if the Master Servicer or Special Servicer, as applicable, determines, in accordance with the Servicing Standard, that immediate
action is necessary to protect the interest of the Certificateholders and the holder of any related Serviced B Note or Serviced
Companion Loan (as a collective whole), then the Master Servicer or Special Servicer, as applicable may take any such action without
waiting for the response of the holder of the Serviced B Note or holder of the Serviced Companion Loan provided for in the related
Intercreditor Agreement.

 

In addition, with respect
to any A/B Whole Loan or Loan Pair, to the extent provided for in the related Intercreditor Agreement, the holder of a Serviced
B Note or holder of a Serviced Companion Loan may direct the Master Servicer or Special Servicer, as applicable, to take, or to
refrain from taking, such actions as such holder may deem advisable or as to which provision is otherwise made herein. Upon reasonable
request, to the extent provided for in the related Intercreditor Agreement, the Master Servicer or Special Servicer, as applicable,
shall, with respect to any A/B Whole Loan or Loan Pair, provide the holder of a Serviced B Note or holder of a Serviced Companion
Loan with any information in the Master Servicer’s or Special Servicer’s, as applicable, possession with respect to
such matters, including its reasons for determining to take a proposed action.

 

If the holder of a related
B Note or Companion Loan (or controlling portion thereof) (in each case for so long as it is the related Loan-Specific Directing
Holder) shall direct the Master Servicer or the Special Servicer to take any action (other than those provided for in the related
Intercreditor Agreement or in this Agreement), the Master Servicer or the Special Servicer shall be entitled to receive reimbursement
from collections on and other proceeds of such Serviced B Note or Serviced Companion Loan for (i) its reasonable out-of-pocket
expenses incurred in taking such action and (ii) to the extent that such action constitutes an extraordinary action not in
the ordinary course of administering and servicing such mortgage loan, other reasonable costs incurred by the Master Servicer or
the Special Servicer in taking such action. The Master Servicer or the Special Servicer shall notify such holder, prior to taking
the related action, if the Master Servicer or the Special Servicer anticipates that it will seek reimbursement therefor under the
preceding sentence, and of the estimated amount of such reimbursement, and shall further notify such holder if it intends to obtain
actual reimbursement in excess of the estimated amount.

 

Notwithstanding anything
herein to the contrary, no advice, direction or objection from the holder of a Serviced B Note or holder of a Serviced Companion
Loan, as contemplated

 

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by this Agreement, may (and the Master Servicer and Special Servicer, as applicable, shall ignore and act
without regard to any such advice, direction or objection that the Master Servicer or Special Servicer, as applicable, has determined,
in accordance with the Servicing Standard, will) (i) require or cause the Master Servicer or the Special Servicer to violate
applicable law, the terms of any Mortgage Loan, any provision of this Agreement or the REMIC Provisions, including the Master Servicer’s
or the Special Servicer’s obligation to act in accordance with the Servicing Standard, (ii) result in an Adverse REMIC
Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust, (iii) expose the
Trust, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, or any of their
respective Affiliates, officers, directors, employees or agents, to any material claim, suit or liability, or (iv) materially
expand the scope of the Master Servicer’s or Special Servicer’s responsibilities under this Agreement.

 

With respect to any Serviced
B Note or Serviced Companion Loan, the Master Servicer (if the Serviced B Note or Serviced Companion Loan has not become a Specially
Serviced Mortgage Loan and the related Mortgaged Property has not become an REO Property) or the Special Servicer (if the Serviced
B Note or Serviced Companion Loan has become a Specially Serviced Mortgage Loan or the related Mortgaged Property has become an
REO Property) shall prepare and make available (or to the extent required pursuant to the terms of the related Intercreditor Agreement,
deliver) to the holder of such Serviced B Note or Serviced Companion Loan, the related Loan-Specific Directing Holder and the related
Non-Directing Holder (or its designee or representative) all notices, reports, statements and communications to be delivered by
the holder of the related Mortgage Loan under the Intercreditor Agreement, and shall perform all duties and obligations to be performed
by a servicer and perform all servicing-related duties and obligations to be performed by the holder of the related Mortgage Loan
pursuant to the related Intercreditor Agreement.

 

If the holder of any
Serviced Companion Loan notifies the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer of any
changes in the name and contact information of the holder of such Serviced Companion Loan, the party receiving such information
shall promptly notify the other such parties thereof. The Trustee, the Certificate Administrator, the Custodian, the Master Servicer
and the Special Servicer may each conclusively rely on the information so provided to it by any other such party regarding identity
and/or contact information of the holder of any Serviced Companion Loan, and none of the Trustee, the Certificate Administrator,
the Custodian, the Master Servicer or the Special Servicer, as applicable, shall have any liability for notices or reports not
sent to the correct holder of any Serviced Companion Loan or any obligation to obtain the consent of or consult with the correct
holder of any Serviced Companion Loan to the extent any other such party or the holder of such Serviced Companion Loan has not
provided updated or correct information regarding the holder of such Serviced Companion Loan or has not provided the most recent
identity and/or contact information regarding the holder of such Serviced Companion Loan to the Trustee, the Certificate Administrator,
the Custodian, the Master Servicer or the Special Servicer, as applicable.

 

Section
10.14  Rights of Non-Directing Holders. With respect to each Loan Pair (as and to the extent provided for
under the related Intercreditor Agreement), the Master Servicer or the Special Servicer, as applicable, shall:

 

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(a)         consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such
Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Loan Pair, as applicable, and to consider alternative actions recommended by
such Non-Directing Holder (or its designee or representative); provided, that, subject to the related Intercreditor Agreement,
if the related Non-Directing Holder fails to respond within ten (10) Business Days from the delivery to the related Non-Directing
Holder (or its designee or representative) of written notice of a proposed action, together with copies of the related notice,
information or report, or any other communication relating to a proposed action, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from the action
previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder,
the Master Servicer or the Special Servicer, as applicable, may take any “major decision” or “major action”
set forth in the related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration of the
aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate
action with respect thereto is necessary to protect the interests of the Certificateholders and the holder of the related Serviced
Companion Loan. Unless otherwise specified in the related Intercreditor Agreement, neither the Master Servicer nor the Special
Servicer shall be obligated at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and

 

(b)         in
addition to the foregoing non-binding consultation rights, as and to the extent provided for in the related Intercreditor Agreement,
the Non-Directing Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer 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 A/B Whole Loan or Loan Pair, as applicable, are discussed.

 

ARTICLE
XI

PURCHASE AND TERMINATION OF THE TRUST

 

Section
11.1      Termination of Trust Upon Repurchase or Liquidation of All Mortgage Loans.

 

(a)          The
obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation of
the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 and
other than the obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later
of (A) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to
the Certificateholders) and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the
sale of the property held by the Trust in accordance with Section 11.1(b) or (iii) voluntary exchange by the Sole Certificateholder
of all

 

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the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining Mortgage Loans and
REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d) below; provided that in no event shall
the Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

(b)         If
on any date the Aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to 1.0% of the initial Aggregate
Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date, the Master Servicer shall give the Trustee, the Custodian,
the Certificate Administrator and the 17g-5 Information Provider notice of such date. The Certificate Administrator shall promptly
forward such notice to the Trustee, the Custodian, the Depositor, the Holders of a majority of the most subordinate Class of REMIC
III Regular Certificates, the Special Servicer, the Master Servicer and the Holders of the Class R Certificates. The Holders of
a majority of the most subordinate Class of REMIC III Regular Certificates then outstanding, the Special Servicer, the Master Servicer
and the Holder of Certificates representing a majority interest in the Class R Certificates, in such priority (and in the case
of the Class R Certificateholders, a majority of the Class R Certificateholders), may purchase, in whole only, the Mortgage Loans
(in the case of any A/B Whole Loan or Loan Pair, subject to the rights of the holder of the related Serviced B Note or Serviced
Companion Loan provided for in the related Intercreditor Agreement) and any other property, if any (including, without limitation,
any REO property), remaining in the Trust. If any party desires to exercise such option, it will notify the Certificate Administrator
who shall notify any party with a prior right to exercise such option. If any party that has been provided notice by the Certificate
Administrator (excluding the Depositor) notifies the Certificate Administrator within ten (10) Business Days after receiving notice
of the proposed purchase that it wishes to purchase the assets of the Trust, then such party (or, if more than one of such parties
notifies the Certificate Administrator that it wishes to purchase the assets of the Trust, the party with the first right to purchase
the assets of the Trust) may purchase the assets of the Trust in accordance with this Agreement. Upon the Certificate Administrator’s
receipt of the Termination Price set forth below, the Certificate Administrator shall promptly notify the Trustee and the Custodian
in writing of its receipt thereof, and the Trustee shall thereupon direct the Custodian promptly to release or cause to be released
to the Master Servicer for the benefit of the Person(s) exercising the option set forth in this Section 11.1(b) the Mortgage
Files pertaining to the Mortgage Loans. The “Termination Price” shall equal 100% of the aggregate Unpaid Principal
Balances of the Mortgage Loans (other than REO Mortgage Loans and Mortgage Loans as to which a Final Recovery Determination has
been made) on the day of such purchase plus accrued and unpaid interest thereon at the applicable Mortgage Rates (or Mortgage Rates
less the Master Servicing Fee Rate if the Master Servicer is the purchaser), to the Due Date for each Mortgage Loan ending in the
Collection Period with respect to which such purchase occurs, plus unreimbursed Advances and interest on such unreimbursed Advances
at the Advance Rate, and the fair market value of any REO Properties and other property remaining in REMIC I. Any person or
entity making the purchase shall also be responsible for reimbursing the parties to this Agreement for all reasonable out-of-pocket
costs and expenses incurred by the parties in connection with such purchase. The Trustee shall consult with the Underwriters and
the Initial Purchasers or their respective successors, as advisers, in order for the Trustee to determine whether the fair market
value of the property constituting the Trust has been offered; provided that, if an Affiliate of any Underwriter or Initial
Purchaser is exercising its right to purchase the Trust assets, the Trustee

 

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shall consult with the Special Servicer in order for
the Trustee to determine whether the fair market value of the property constituting the Trust has been offered, provided
that the Special Servicer is not an Affiliate of any Holder of Class R Certificates, the Master Servicer or the Trustee (the fees
and expenses of such determination which shall be paid for by the buyer of the property constituting the Trust). If the Trustee
consults with any Underwriter or Initial Purchaser or their respective successors, or with the Special Servicer, in each case pursuant
to the immediately preceding sentence, the Trustee shall be entitled to rely conclusively on any written confirmation given by
such party as to whether the fair market value of the property constituting the Trust has been offered. 
As a condition to the purchase of the Trust assets pursuant to this Section 11.1(b), the Person(s) exercising
the option must deliver to the Trustee an Opinion of Counsel, which shall be at the expense of such Person(s) stating that such
termination will be a “qualified liquidation” under section 860F(a)(4) of the Code. Such purchase shall be made in
accordance with Section 11.3. Notwithstanding the foregoing, if the Trustee is required to determine whether an offer
represents the fair market value of the property constituting the Trust, unless it is otherwise required to consult with any Underwriter
or Initial Purchaser or their respective successors, or with the Special Servicer, in each case pursuant to this Section, the Trustee
shall be permitted to designate an independent third party expert (the fees and expenses of which shall be paid for by the buyer
of the property constituting the Trust) in real estate or commercial mortgage loan matters with at least five (5) years’
experience in valuing commercial real estate assets similar to the property constituting the Trust, to determine whether the fair
market value of the property constituting the Trust has been offered.  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. 

 

(c)         [Reserved]

 

(d)         Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class X-A, Class X-B,
Class X-D, Class B, Class C, Class D and Class E Certificates are retired, the Sole Certificateholder shall have the right
to exchange all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund as contemplated by Section 11.1(a)(iii) by giving written notice to all the parties
hereto no later than sixty (60) days prior to the anticipated date of exchange. If the Sole Certificateholder elects to exchange
all of its Certificates (other than the Class V and Class R Certificates) for all of the Mortgage Loans and the Trust Fund’s
portion of each REO Property remaining in the Trust (in each case, and where applicable, subject to the terms of the related Intercreditor
Agreement) 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 (i) deposit in the Collection Account an amount in immediately available
funds equal to all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer, the Custodian, the Trustee,
the Trust Advisor and the Certificate Administrator hereunder through the date of the liquidation of the Trust Fund that may be
withdrawn from the Collection Account pursuant to Section 5.2 or that may be withdrawn from the Distribution Account
pursuant to Section 5.3, but only to the extent that such amounts are not already on deposit in the Collection Account
and (ii) pay to the Master Servicer an amount equal to (x) the product of (a) the Advance Rate, (b) the Aggregate Certificate Balance
of the then-outstanding Principal Balance Certificates as of the date of such exchange and (c) three, divided by (y) 360. In addition,
the Servicer shall transfer all amounts required to be transferred to the Excess

 

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Interest Sub-account on the Master Servicer Remittance
Date related to such Distribution Date in which the final distribution on the Certificates is to occur from the Collection Account.
Upon confirmation that such final deposits have been made and following the surrender of all its Certificates (other than the Class
V and Class R Certificates) on the final Distribution Date, the Certificate Administrator 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 any REO Properties remaining in the Trust
Fund, and the Trust Fund shall be liquidated in accordance with Section 11.2. Solely for federal income tax purposes,
the Sole Certificateholder shall be deemed to have purchased the assets of the REMIC I 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 REMIC I Interests.

 

(e)         Upon
the termination of the Trust, any Class V Specific Grantor Trust Assets held by the Grantor Trust shall be distributed to the Class
V Certificateholders on a pro rata basis.

 

(f)         Upon
the sale of the A Note relating to an A/B Whole Loan by the Trust or the payment in full of such A Note, the related
Serviced B Note shall no longer be subject to this Agreement and shall no longer be serviced by the Master Servicer or the Special
Servicer.

 

Section
11.2       Procedure Upon Termination of Trust.

 

(a)         Notice
of any termination pursuant to the provisions of Section 11.1, specifying the Distribution Date upon which the final
distribution shall be made, shall be given promptly by the Certificate Administrator to the Trustee, the 17g-5 Information Provider,
the Holders of the Class V and Class R Certificates and the REMIC III Regular Certificates mailed no later than ten (10)
days prior to the date of such termination. Such notice shall specify (A) the Distribution Date upon which final distribution
on the Class V and Class R Certificates and the REMIC III Regular Certificates will be made, and upon presentation and surrender
of such Certificates at the office or agency of the Certificate Registrar therein specified, and (B) that the Record Date
otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender
of such Certificates at the office or agency of the Certificate Registrar therein specified. The Certificate Administrator shall
give such notice to the Depositor, the Trustee and the Certificate Registrar at the time such notice is given to Holders of such
Certificates. Upon any such termination, the duties of the Certificate Registrar with respect to the Class V and Class R Certificates
and the REMIC III Regular Certificates shall terminate and the Trustee shall terminate, or request the Master Servicer and
the Certificate Administrator to terminate, the Collection Account and the Distribution Account and any other account or fund maintained
with respect to the Certificates, subject to the Certificate Administrator’s obligation hereunder to hold all amounts payable
to the Holders of the Class V and Class R Certificates and the REMIC III Regular Certificates in trust without interest pending
such payment.

 

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(b)         If
all of the Holders do not surrender their certificates evidencing the Class V and Class R Certificates and the REMIC III
Regular Certificates for cancellation within three (3) months after the time specified in the above-mentioned written notice, then
the Certificate Registrar shall give a second (2nd) written notice to the remaining Holders of such Certificates to
surrender their Certificates evidencing such Certificates for cancellation and receive the final distribution with respect thereto.
If within one year after the second (2nd) notice any such Certificates shall not have been surrendered for cancellation,
the Certificate Registrar may take appropriate steps to contact the remaining Holders of such Certificates concerning surrender
of such Certificates, and the cost thereof shall be paid out of the amounts distributable to such Holders. If within two (2) years
after the second (2nd) notice any such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator shall, subject to applicable state law relating to escheatment, hold all amounts distributable to such Holders for
the benefit of such Holders. No interest shall accrue on any amount held by the Trustee and not distributed to a Holder of such
Certificates due to such Certificateholder’s failure to surrender its Certificate(s) for payment of the final distribution
thereon in accordance with this Section. Any money held by the Certificate Administrator pending distribution under this Section 11.2
after ninety (90) days after the adoption of a plan of complete liquidation shall be deemed for tax purposes to have been distributed
from the REMIC Pools and shall be beneficially owned by the related Holder.

 

Section
11.3      Additional Trust Termination Requirements.

 

(a)         The
Trust and each REMIC Pool shall be terminated in accordance with the following additional requirements, unless at the request of
the Master Servicer or the Class R Certificateholders, as the case may be, the Trustee seeks, and the Certificate Administrator
subsequently receives an Opinion of Counsel (at the expense of the Master Servicer or the Class R Certificateholders, as the case
may be), addressed to the Depositor, the Trustee and the Certificate Administrator to the effect that the failure of the Trust
to comply with the requirements of this Section 11.3 will not (i) result in the imposition of taxes on “prohibited
transactions” on any REMIC Pool under the REMIC Provisions or (ii) cause any REMIC Pool to fail to qualify as a REMIC
at any time that any Certificates are outstanding:

 

(i)          Within
eighty-nine (89) days prior to the time of the making of the final payment on the REMIC III Regular Certificates and the Class
V and Class R Certificates, the Master Servicer shall prepare and the Trustee (on behalf of REMIC I, REMIC II or REMIC III)
shall adopt a plan of complete liquidation of each REMIC Pool, meeting the requirements of a qualified liquidation under the REMIC
Provisions, which plan need not be in any special form and the date of which, in general, shall be the date of the notice specified
in Section 11.2(a) and shall be specified in a statement attached to the federal income tax return of each applicable
REMIC Pool;

 

(ii)         At
or after the date of adoption of such a plan of complete liquidation and at or prior to the time of making of the final payment
on the REMIC III Regular Certificates, the Trustee shall sell all of the assets of the Trust for cash at the Termination Price;
provided that if the Holders of the Class R Certificates are purchasing the assets of the Trust or REMIC I, the amount
to be paid by such Holders may be paid net of the

 

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amount to be paid to such Holders as final distributions on any Certificates
held by such Holders;

 

(iii)        At
the time of the making of the final payment on the REMIC III Regular Interests, the Certificate Administrator shall distribute
or credit, or cause to be distributed or credited, (A) to the Holders of the Class R Certificates all assets of REMIC I
remaining after such final payment of the REMIC I Regular Interests, (B) to the Holders of the Class R Certificates all
assets of REMIC II remaining after such final payment of the REMIC II Regular Interests and (C) to the Holders of
the Class R Certificates all remaining assets of REMIC III (in each case other than cash retained to meet claims); and upon
making of the final payment to all Class R Certificates of all remaining assets of each REMIC Pool, and the Trust shall terminate
at that time; and

 

(iv)        In
no event may the final payment on the REMIC I Regular Interests, REMIC II Regular Interests or REMIC III Regular
Interests, or the final distribution or credit to the Holders of the Class R Certificates, respectively, be made after the 89th
day from the date on which the plan of complete liquidation is adopted.

 

(b)         By
their acceptance of the Class R Certificates, the Holders thereof hereby (i) authorize the Trustee to take such action as
may be necessary to adopt a plan of complete liquidation of each REMIC Pool, and (ii) agree to take such other action as may
be necessary to adopt a plan of complete liquidation of the Trust upon the written request of the Depositor, which authorization
shall be binding upon all successor Class R Certificateholders.

 

ARTICLE
XII

REMIC AND GRANTOR TRUST ADMINISTRATION

 

The provisions of this
Article XII shall apply to each REMIC Pool and the Grantor Trust, as applicable.

 

Section
12.1     REMIC Administration.

 

(a)         An
election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting
of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time
be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account),
the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any
related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other
than any portion of the foregoing amounts allocable to a Serviced B Note or Serviced Companion Loan. Such elections will be made
on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending
on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I
Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest
(which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests”
in REMIC I.

 

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An election will be made
by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC
under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066
or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last
day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II
Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest
(which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests”
in REMIC II.

 

An election will be made
by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a
REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on
Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on
the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class A-1,
Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class
J Certificates and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III,
and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole
class of “residual interests” in REMIC III.

 

The Trustee and the Certificate
Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code)
in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

 

Any Threshold Event Collateral
posted by a Loan-Specific Directing Holder pursuant to the related Intercreditor Agreement shall be held by the Master Servicer
in an outside reserve fund which shall not be an asset of any REMIC, and the Loan-Specific Directing Holder that posted such Threshold
Event Collateral shall be the owner of such outside reserve fund, all within the meaning of Treasury Regulation Section 1.860G-2(h).
Any such Threshold Event Collateral shall be applied in the same manner as collections on the related Loan Pair or A/B Whole Loan,
as applicable, as and to the extent provided for in the related Intercreditor Agreement, including without limitation by means
of the Trustee, the Master Servicer or the Special Servicer drawing on any letter of credit delivered as Threshold Event Collateral
as and to the extent provided for in the related Intercreditor Agreement.

 

(b)         The
Closing Date is hereby designated as the “Startup Day” of each REMIC Pool within the meaning of Section 860G(a)(9)
of the Code.

 

(c)          The
Certificate Administrator shall pay all routine tax related expenses (not including any taxes, however denominated, including any
additions to tax, penalties and interest) of each REMIC Pool, excluding any professional fees or extraordinary expenses related
to audits or any administrative or judicial proceedings with respect to each REMIC Pool that involve the Internal Revenue Service
or state tax authorities.

 

(d)         The
Certificate Administrator shall cause to be prepared, signed, and timely filed with the Internal Revenue Service, on behalf of
each REMIC Pool, an application for a taxpayer identification number for such REMIC Pool on Internal Revenue Service Form SS-4.

 

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The Certificate Administrator, upon receipt from the Internal Revenue Service of the Notice of Taxpayer Identification Number Assigned,
shall promptly forward a copy of such notice to the Depositor and the Master Servicer. The Certificate Administrator shall prepare
and file Form 8811 on behalf of each REMIC Pool and shall designate an appropriate Person to respond to inquiries by or on behalf
of Certificateholders for original issue discount and related information in accordance with applicable provisions of the Code.

 

(e)          The
Certificate Administrator shall prepare and file, or cause to be prepared and filed, all of each REMIC Pool’s federal and
state income or franchise tax and information returns as such REMIC Pool’s direct representative, and the Certificate Administrator
(or, if necessary, the Trustee) shall sign such returns; the expenses of preparing and filing such returns shall be borne by the
Certificate Administrator, except that if additional state tax returns are required to be filed in more than three (3) states,
the Certificate Administrator shall be entitled, with respect to any such additional filings, to (i) be paid a reasonable
fee and (ii) receive its reasonable costs and expenses, both as amounts reimbursable pursuant to Section 5.2(a)(I)(vi)
hereof. Each of the Depositor, the Master Servicer and the Special Servicer shall provide on a timely basis to the Certificate
Administrator or its designee such information with respect to the Trust or any REMIC Pool as is in its possession, which the Depositor,
the Master Servicer or the Special Servicer, as the case may be, has received or prepared by virtue of its role as Depositor, Master
Servicer or the Special Servicer, as the case may be, hereunder and reasonably requested by the Certificate Administrator to enable
it to perform its obligations under this subsection, and the Certificate Administrator shall be entitled to conclusively rely on
such information in the performance of its obligations hereunder. The Depositor shall indemnify the Trust, the Trustee and the
Certificate Administrator for any liability or assessment against any of them or cost or expense (including attorneys’ fees)
incurred by them resulting from any error in any of such tax or information returns resulting from errors in the information provided
by the Depositor or caused by the negligence, willful misconduct or bad faith of the Depositor in providing any information for
which the Depositor is responsible for preparing. The Master Servicer and the Special Servicer shall indemnify the Trustee, the
Certificate Administrator and the Depositor for any liability or assessment against the Trustee, the Depositor, the Certificate
Administrator or any REMIC Pool and any expenses incurred in connection with such liability or assessment (including attorneys’
fees) resulting from any error in any of such tax or information returns resulting from errors in the information provided by the
Master Servicer or the Special Servicer, as the case may be, or caused by the negligence, willful misconduct or bad faith of the
Master Servicer or the Special Servicer, as the case may be. The Certificate Administrator shall indemnify the Master Servicer,
the Depositor or any REMIC Pool for any expense incurred by the Master Servicer, the Depositor and any REMIC Pool resulting from
any error in any of such tax or information returns resulting from errors in the preparation of such returns caused by the negligence,
willful misconduct or bad faith of the Certificate Administrator. Each indemnified party shall immediately notify the indemnifying
party or parties of the existence of a claim for indemnification under this Section 12.1(e), and provide the indemnifying
party or parties, at the expense of such indemnifying party or parties, an opportunity to contest the tax or assessment or expense
giving rise to such claim, provided that the failure to give such notification shall not affect the indemnification rights
in favor of any REMIC Pool under this Section 12.1(e). Any such indemnification shall survive the resignation or termination
of the Master Servicer, the Certificate Administrator or the Special Servicer, or the termination of this Agreement.

 

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(f)          The
Certificate Administrator shall perform on behalf of each REMIC Pool all reporting and other tax compliance duties that are the
responsibility of such REMIC Pool under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue
Service or any state or local taxing authority. Among its other duties, the Certificate Administrator shall provide (i) to
the Internal Revenue Service or other Persons (including, but not limited to, the Transferor of a Class R Certificate, a Disqualified
Organization or an agent that has acquired such Class R Certificate on behalf of a Disqualified Organization) such information
as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Disqualified Organization
and (ii) to the Certificateholders such information or reports as are required by the Code or the REMIC Provisions.

 

(g)         The
Certificate Administrator shall forward to the Depositor copies of quarterly and annual REMIC tax returns and Internal Revenue
Service Form 1099 information returns and such other information within the control of the Certificate Administrator as the Depositor
may reasonably request in writing. Moreover, the Certificate Administrator shall forward to each Certificateholder such forms and
furnish such information within its control as are required by the Code to be furnished to them, shall prepare and file with the
appropriate state authorities as may to the actual knowledge of a Responsible Officer of the Certificate Administrator be required
by applicable law and shall prepare and disseminate to Certificateholders Internal Revenue Service Forms 1099 (or otherwise furnish
information within the control of the Certificate Administrator) to the extent required by applicable law. The Certificate Administrator
will make available to any Certificateholder any tax related information required to be made available to Certificateholders pursuant
to the Code and any regulations thereunder.

 

(h)         The
Holder of more than 50% of the Percentage Interests in the Class R Certificates (or of the greatest percentage of the Class R Certificates
if no Holder holds more than 50% thereof) shall be the Tax Matters Person for each of REMIC I, REMIC II and REMIC III.
The duties of the Tax Matters Person for each of the REMIC Pools are hereby delegated to the Certificate Administrator, and each
Class R Certificateholder, by acceptance of its Class R Certificate, agrees, on behalf of itself and all successor holders of such
Class R Certificate, to such delegation to the Certificate Administrator as their agent and attorney in fact. If the Code or applicable
regulations prohibits the Certificate Administrator (or, if necessary, the Trustee) from signing any applicable Internal Revenue
Service, court or other administrative documents or from acting as Tax Matters Person (as an agent or otherwise), the Certificate
Administrator shall take whatever action is necessary for the signing of such documents and designation of a Tax Matters Person,
including the designation of the Holder of more than 50% of the Percentage Interests in the Class R Certificates (or of the greatest
percentage of the Class R Certificates if no Holder holds more than 50% thereof). The Certificate Administrator shall not be required
to expend or risk its own funds or otherwise incur any other financial liability in the performance of its duties hereunder or
in the exercise of any of its rights or powers (except to the extent of the ordinary expenses of performing its duties under this
Agreement), if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.

 

(i)          The
Trustee, the Certificate Administrator, the Custodian, the Holders of the Class R Certificates, the Master Servicer and the Special
Servicer shall each exercise

 

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reasonable care, to the extent within its control, and with respect to each of the Trustee, the Certificate
Administrator, the Custodian, the Master Servicer and the Special Servicer, within the scope of its express duties, and shall each
act in accordance with this Agreement and the REMIC Provisions in order to create and maintain the status of each REMIC Pool as
a REMIC for so long as any REMIC III Regular Certificates are outstanding and the Grantor Trust as a grantor trust for so long
as any Class V Certificates are outstanding.

 

(j)          The
Trustee, the Certificate Administrator, the Custodian, the Master Servicer, the Special Servicer and the Holders of Class R Certificates
shall not take any action or fail to take any action or cause any REMIC Pool to take any action or fail to take any action if any
of such Persons knows or could, upon the exercise of reasonable diligence, know, that, under the REMIC Provisions such action or
failure, as the case may be, could (i) endanger the status of any REMIC Pool as a REMIC (ii) result in the imposition
of a tax upon any REMIC Pool (including but not limited to the tax on “prohibited transactions” as defined in Code
Section 860F(a)(2)) or (iii) endanger the status of the Grantor Trust as a grantor trust unless the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party seeking to take such action) to the effect that
the contemplated action will not endanger such status or result in the imposition of such a tax. Any action required under this
Section which would result in an unusual or unexpected expense shall be undertaken at the expense of the party requiring the Trustee,
the Certificate Administrator, the Custodian or the Holders of the Class R Certificates to undertake such action.

 

(k)         If
any tax is imposed on any REMIC Pool, including, without limitation, “prohibited transactions” taxes as defined in
Section 860F(a)(2) of the Code, any tax on “net income from foreclosure property” as defined in Section 860G(c)
of the Code, any taxes on contributions to any REMIC Pool after the Startup Day pursuant to Section 860G(d) of the Code, and
any other tax imposed by the Code or any applicable provisions of state or local tax laws (other than any tax permitted to be incurred
by the Special Servicer pursuant to Section 9.14(e)), then such tax, together with all incidental costs and expenses
(including, without limitation, penalties and reasonable attorneys’ fees), shall be charged to and paid by: (i) the
Certificate Administrator, if such tax arises out of or results from a breach of any of its obligations under this Agreement; (ii) the
Special Servicer, if such tax arises out of or results from a breach by the Special Servicer of any of its obligations under this
Agreement; (iii) the Master Servicer, if such tax arises out of or results from a breach by the Master Servicer of any of
its obligations under this Agreement; and (iv) the Trust in all other instances. Any tax permitted to be incurred by the Special
Servicer pursuant to Section 9.14(e) shall be charged to and paid by the Trust from the net income generated on the
related REO Property. Any such amounts payable by the Trust in respect of taxes shall be paid by the Certificate Administrator
out of amounts on deposit in the Distribution Account.

 

(l)           The
Certificate Administrator and, to the extent that books and records are maintained by the Master Servicer or the Special Servicer
in the normal course of its business, the Master Servicer and the Special Servicer shall, for federal income tax purposes, maintain
books and records with respect to each REMIC Pool on a calendar year and on an accrual basis. The books and records must be sufficient
concerning the nature and amount of each REMIC Pool’s investments to show that such REMIC Pool has complied with the REMIC
Provisions.

 

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(m)         None
of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any arrangement by
which any REMIC Pool will receive a fee or other compensation for services.

 

(n)         In
order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide, or cause
to be provided, to the Certificate Administrator within ten (10) days after the Closing Date all information or data that the Certificate
Administrator reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates,
including, without limitation, the yield, prepayment assumption, issue prices and projected cash flows of the Certificates, as
applicable, and the projected cash flows of the Mortgage Loans. Thereafter, the Depositor shall provide to the Certificate Administrator
or its designee, promptly upon request therefor, any such additional information or data within the Depositor’s possession
or knowledge that the Certificate Administrator may, from time to time, reasonably request in order to enable the Certificate Administrator
to perform its duties as set forth herein. The Certificate Administrator is hereby directed to use any and all such information
or data provided by the Depositor in the preparation of all federal and state income or franchise tax and information returns and
reports for each REMIC Pool to Certificateholders as required herein. The Depositor hereby indemnifies the Trustee, the Certificate
Administrator and each REMIC Pool for any losses, liabilities, damages, claims, expenses (including attorneys’ fees) or assessments
against the Trustee, the Certificate Administrator and each REMIC Pool arising from any errors or miscalculations of the Certificate
Administrator pursuant to this Section that result from any failure of the Depositor to provide, or to cause to be provided, accurate
information or data to the Certificate Administrator (but not resulting from the methodology employed by the Certificate Administrator)
on a timely basis and such indemnification shall survive the termination of this Agreement and the termination or resignation of
the Certificate Administrator.

 

The Certificate Administrator
agrees that all such information or data so obtained by it are to be regarded as confidential information and agrees that it shall
use its reasonable best efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain
in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data,
or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result
of a breach of this Section 12.1(n)) or is required by law or applicable regulations to be disclosed or is disclosed
(i) to independent auditors and accountants, counsel and other professional advisers of the Certificate Administrator and
its parent, or (ii) in connection with its rights and obligations under this Agreement.

 

(o)         At
all times as may be required by the Code, the Master Servicer 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 REMIC Pool 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.

 

(p)         For
the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the “latest possible maturity date” for
each Class of the Class A-1, Class A-2,

 

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Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E, Class
F, Class G, Class H and Class J Certificates, for each Class X REMIC III Regular Interest, for each REMIC I Regular Interest
and for each REMIC II Regular Interest is the related Rated Final Distribution Date.

 

(q)         The
Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent,
of each REMIC Pool and shall on behalf of each REMIC Pool, make any elections allowed under the Code (i) to avoid the application
of Section 6221 (or successor provision) to any REMIC Pool and (ii) to avoid payment by any REMIC Pool under Section 6225 of any
tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any holder of any residual interest
of any REMIC Pool, past or present.

 

A holder of any residual
interest in each REMIC Pool agrees, by acquiring such interest, to any such elections and to the Certificate Administrator’s
acting as agent for any tax matters person or other representative of a REMIC Pool that can be designated under the Code.

 

Section
12.2     Prohibited Transactions and Activities. None of the Trustee, the Certificate Administrator, the Custodian,
the Master Servicer or the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except
in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of
any REMIC Pool, (iii) the termination of any REMIC Pool in a “qualified liquidation” as defined in Section 860F(a)(4)
of the Code, or (iv) a repurchase or substitution contemplated by Article II hereof), nor acquire any assets for the
Trust, except as contemplated by Article II hereof, nor sell or dispose of any investments in the Collection Account or
Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month
period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such
action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status
of any REMIC Pool as a REMIC or of the regular interests therein, (B) affect the distribution of interest or principal on
the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant
to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on “prohibited transactions”
or “prohibited contributions” or other tax pursuant to the REMIC Provisions.

 

Section
12.3     Modifications of Mortgage Loans. Notwithstanding anything to the contrary in this Agreement, none of
the Trustee, the Certificate Administrator, the Custodian, the Master Servicer or the Special Servicer shall permit any modification
of a Money Term of a Mortgage Loan (or of a related Serviced B Note or Serviced Companion Loan) unless (i) the Trustee, the
Special Servicer, the Certificate Administrator, the Custodian and the Master Servicer have received a Nondisqualification Opinion
or a ruling from the Internal Revenue Service (at the expense of the related Mortgagor, any holder of a related Serviced B Note
or Serviced Companion Loan or the Trust) to the effect that such modification would not be treated as an exchange pursuant to
Section 1001 of the Code (or, if it would be so treated, would not be treated as a “significant modification”
for purposes of Section 1.860G-2(b) of the Treasury Regulations) or (ii) such modification meets the requirements set
forth in Sections 8.18 or 9.5.

 

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Section
12.4     Liability with Respect to Certain Taxes and Loss of REMIC Status. If any REMIC Pool fails to qualify
as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or tax as a result of a prohibited transaction or prohibited
contribution subject to taxation under the REMIC Provisions due to the negligent performance by either the Trustee or the Certificate
Administrator of its respective duties and obligations set forth herein, the Trustee or the Certificate Administrator, as the
case may be, shall be liable to the REMIC Pools and the Holders of the Class R Certificates for any and all losses, claims, damages,
liabilities or expenses (“Losses”) resulting from such negligence and relating to the Class R Certificates;
provided, that the Trustee or the Certificate Administrator, as applicable, shall not be liable for any such Losses attributable
to the action or inaction of the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator),
the Certificate Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R Certificates nor for
any such Losses resulting from any actions or failure to act based upon reliance on an Opinion of Counsel or from misinformation
provided by the Master Servicer, the Special Servicer, the Trustee (with respect to the Certificate Administrator), the Certificate
Administrator (with respect to the Trustee), the Depositor or the Holders of the Class R Certificates on which the Trustee or
the Certificate Administrator, as the case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights
and remedies of the Holders of the Class R Certificates now or hereafter existing at law or in equity. The Trustee or the Certificate
Administrator shall be entitled to intervene in any litigation in connection with the foregoing and to maintain control over its
defense.

 

Section
12.5     Grantor Trust.

 

(a)         Any
Class V Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the
ARD Mortgage Loans and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee
for the benefit of the Holders of the Class V Grantor Trust Interest, represented by the Class V Certificates, which Class V Certificates,
in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date.

 

(b)         [Reserved]

 

(c)         Under
no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in
the market so as to improve the rate of return of Holders of the Class V Certificates. The Certificate Administrator shall be deemed
to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II
and REMIC III created hereunder.

 

(d)         The
parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust
(exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code,
as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under
Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance
of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V Certificates
and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a

 

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WHFIT, information
will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating
their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as
the case may be.

 

(e)         The
Grantor Trust is a WHFIT that is a WHMT.

 

Section
12.6     Grantor Trust Reporting Requirements.

 

(a)          The
Certificate Administrator will report as required under the WHFIT Regulations to the extent such information that is reasonably
necessary to enable the Certificate Administrator to do so, and that is not already in its possession, is provided to the Certificate
Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that Depository is the only “middleman”
as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen”
that are Certificateholders. The Certificate Administrator shall be entitled to rely on the first (1st) sentence of
this paragraph and shall be entitled to indemnification in accordance with the terms of this Agreement if the Internal Revenue
Service makes a determination that the first (1st) sentence of this paragraph is incorrect.

 

(b)         The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make
available 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.

 

(c)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information that is not already in its
possession being provided to the Certificate Administrator, or (ii) incomplete, inaccurate or untimely information being provided
to the Certificate Administrator. Each owner of a class of securities representing, in whole or in part, beneficial ownership of
an interest in a WHFIT, by acceptance of its interest in such class of securities, will be deemed to have agreed to provide the
Certificate Administrator with information regarding any sale of such securities, including the price, amount of proceeds and date
of sale. Absent receipt of information regarding any sale of Certificates, including the price, amount of proceeds and date of
sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market
trading of WHFIT interests.

 

(d)         To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on an appropriate
website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will represent the Rule 144A
CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the
extent CUSIPs have been received. Absent the

 

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receipt of a CUSIP, the Certificate Administrator will use a reasonable identifier
number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the
receipt of inaccurate or untimely CUSIP information.

 

ARTICLE
XIII

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
13.1      Intent of the Parties; Reasonableness. Except
with respect to Section 13.9, Section 13.10 and Section 13.11, the parties hereto acknowledge and agree that
the purpose of this Article XIII is to facilitate compliance by the Depositor with the provisions of Regulation AB and
related rules and regulations of the Commission. Neither the Depositor nor the Certificate Administrator shall exercise its right
to request delivery of information or other performance under these provisions other than in reasonable good faith, or (except
with respect to Section 13.9, Section 13.10 or Section 13.11) 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, whether due to
interpretive guidance provided by the Commission or its staff, or otherwise, and agree to comply with reasonable requests made
by the Depositor or the Certificate Administrator in good faith for delivery of information under these provisions on the basis
of such evolving interpretations of the requirements of Regulation AB (to the extent such interpretations require compliance and
are not “grandfathered” and do not mandate compliance). In connection with the Morgan Stanley Capital I Trust 2015-UBS8
transaction, each of the parties to this Agreement shall cooperate fully with the Depositor and the Certificate Administrator,
as applicable, to deliver or make available to the Depositor or the Certificate Administrator, as applicable (including any of
their assignees or designees), any and all statements, reports, certifications, records and any other information in its possession
and necessary in the reasonable good faith determination of the Depositor or the Certificate Administrator, as applicable, to
permit the Depositor to comply with the provisions of Regulation AB, together with such disclosure relating to the Master Servicer,
the Special Servicer, the Trust Advisor, the Trustee, the Custodian and the Certificate Administrator, as applicable, and any
Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed by the Depositor or the Certificate Administrator, as
applicable, to be necessary in order to effect such compliance. None of the Master Servicer, the Trust Advisor, the Trustee, the
Custodian, any Sub-Servicer or the Special Servicer are responsible for filing any Exchange Act report with the Commission on
behalf of the Trust. Each party to this Agreement shall have a reasonable period of time to comply with any written request
made under this Section 13.1, but in any event, shall, upon reasonable advance written request, provide information in sufficient
time to allow the Depositor or the Certificate Administrator, as applicable, to satisfy any related filing requirements. For purposes
of this Article XIII, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a
third party to perform, such party hereunder shall not be required to bring any legal action against such third party in connection
with such obligation.

 

Section
13.2     Information to be Provided by the Master Servicer, the Special Servicer, the Custodian, any Primary Servicer
and the Certificate Administrator.

 

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(a)         For
so long as the Trust, and with respect to any Serviced Companion Loan that is deposited into an Other Securitization, such Other
Securitization, is subject to the reporting requirements of the Exchange Act, the Master Servicer, the Special Servicer, the Trustee,
the Custodian and the Certificate Administrator shall (and each of the Master Servicer, the Special Servicer, the Trustee, the
Custodian and the Certificate Administrator, as applicable, shall (a) use commercially reasonable efforts to cause each Sub-Servicer
(other than any party to this Agreement) with which it has entered into a servicing relationship on or prior to the Closing Date
with respect to the Mortgage Loans and (b) cause each Sub-Servicer (other than any party to this Agreement) with which it has entered
into a servicing relationship after the Closing Date with respect to the Mortgage Loans, to) (i) notify the Depositor, or the depositor
in the Other Securitization with respect to the related Serviced Companion Loan, in writing of (A) any litigation or governmental
proceedings pending against the Master Servicer, the Special Servicer, the Trustee, the Custodian, the Certificate Administrator
or such Sub-Servicer, as the case may be, or with respect to any of its property, that, in each such case, would be material to
Certificateholders and (B) any affiliations of the type described in Item 1119 of Regulation AB or relationships of the type described
in Item 1119 of Regulation AB that develop following the Closing Date between the Master Servicer, the Special Servicer, the Trustee,
the Custodian or the Certificate Administrator (or, if applicable, any Sub-Servicer) (and any other parties identified in writing
by the requesting party), on the one hand, and any other such party on the other, as the case may be, as such affiliation or relationship
relates to the Morgan Stanley Capital I Trust 2015-UBS8 transaction
(or an Other Securitization, if applicable), and (ii) provide to the Depositor a description of such legal proceedings, affiliations
or relationships, in each case, in a form that would enable the Depositor to satisfy its reporting obligations under Item 1117
or 1119 of Regulation AB, as applicable.

 

(b)         In
connection with the succession to the Master Servicer, the Special Servicer, the Custodian, any Additional Servicer, any Sub-Servicer
or the Trustee as servicer or trustee under this Agreement by any Person (i) into which the Master Servicer, the Special Servicer,
the Custodian, any Additional Servicer, any Sub-Servicer or the Trustee, as the case may be, may be merged or consolidated, or
(ii) which may be appointed as a successor to the Master Servicer, the Special Servicer, the Custodian, any Additional Servicer,
any Sub-Servicer or the Trustee, as the case may be, the Master Servicer, the Special Servicer, the Custodian, any Additional Servicer,
any Sub-Servicer or the Trustee, as the case may be, shall (and each of the Master Servicer, the Special Servicer, the Custodian
or the Trustee, as applicable, shall (a) use commercially reasonable efforts to cause each Additional Servicer and each Sub-Servicer
(other than any party to this Agreement) with which it has entered into a servicing relationship on or prior to the Closing Date
with respect to the Mortgage Loans and (b) cause each Additional Servicer and each Sub-Servicer (other than any party to this Agreement)
with which it has entered into a servicing relationship after the Closing Date with respect to the Mortgage Loans, to) provide
to the Depositor, at least fifteen (15) calendar days prior to the effective date of such succession or appointment, as long as
such disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise
no later than the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment
and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by
the Depositor so that it may comply with its reporting obligation under Item 6.02 of Form 8-K as it relates to the Servicing Function
with respect to any class of Certificates.

 

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(c)          With
respect to any Serviced Companion Loan that is deposited into an Other Securitization, the Master Servicer, the Special Servicer,
the Trustee, the Custodian and the Certificate Administrator shall, to the extent the out-of-pocket cost thereof (including any
reasonable attorney fees) is paid or caused to be paid by the applicable party set forth below in this Section 13.2(c),
take all actions reasonably requested of it to enable such Other Securitization to comply with Regulation AB. For the avoidance
of doubt and without limiting the foregoing, the Master Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate
Administrator shall, if requested by the depositor for such Other Securitization, provide disclosure (in substantially the same
form as the disclosure provided by it in the Prospectus Supplement, to the extent reasonably necessary to comply with Regulation
AB) regarding the Master Servicer, the Special Servicer, the Trustee, the Custodian and the Certificate Administrator, respectively,
as reasonably and in good faith determined by the depositor in such Other Securitization to be required by Regulation AB for inclusion
in disclosure documents with respect to such Other Securitization, together with an opinion of counsel as to the compliance of
such disclosure with the requirements of Regulation AB and indemnification substantially similar to that provided in connection
with the offering of the Certificates regarding damages incurred in connection with the non-compliance with the requirements of
Regulation AB relating to the disclosure referred to in this sentence.

 

The out-of-pocket cost
of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Master
Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator pursuant to this Section 13.2(c)
shall be paid or caused to be paid (pursuant to a payment arrangement reasonably acceptable to the delivering party and the receiving
party and agreed to as a condition precedent to delivery of such items) by the applicable Seller that transferred the related Serviced
Companion Loan to the related Other Depositor for inclusion in such Other Securitization; provided, that if any such information
is provided in connection with the termination, removal, resignation or any other replacement of the Master Servicer, the Special
Servicer, the Trustee, the Custodian or the Certificate Administrator under this Agreement, the out-of-pocket cost of the information,
opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special
Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, pursuant to this Section 13.2(c)
shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses relating to such termination,
removal, resignation or other replacement pursuant to this Agreement.

 

(d)         If
any Person appointed as a subcontractor or agent of the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee,
the Custodian or the Certificate Administrator (whether appointed directly by such party or by a Sub-Servicer or subcontractor
or agent) would be a Servicing Function Participant, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee,
the Custodian or the Certificate Administrator, as the case may be, shall promptly following request provide to the Depositor and
the Certificate Administrator a written description (in form and substance satisfactory to the Depositor) of the role and function
of such Person, which description shall include (i) the identity of such subcontractor, and (ii) which elements of the Servicing
Criteria will be addressed in the assessments of compliance to be provided by such subcontractor or agent. In addition, except
with respect to any Seller Sub-Servicer under a sub-servicing agreement effective as of the Closing Date, if any Sub-Servicer,
or any subcontractor or agent described above, would be a “servicer” within the meaning of Item

 

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1101 of Regulation
AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, the engagement of such Person in such capacity
shall not be effective unless and until five (5) Business Days have elapsed following the delivery of notice of the proposed engagement
and the related agreement to the Depositor and the Certificate Administrator. Such notice shall contain all information reasonably
necessary, and in such form as may be necessary, to enable the Certificate Administrator to accurately and timely report the event
under Item 6.02 of Form 8-K pursuant to Section 13.7 (if such reports under the Exchange Act are required to be filed under
the Exchange Act).

 

(e)         Each
of the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian, the Certificate Administrator and the Trustee shall
(i) terminate, in accordance with the related sub-servicing agreement, any Sub-Servicer with which it has entered into such sub-servicing
agreement, if such Sub-Servicer is in breach of any of its obligations under such sub-servicing agreement whose purpose is to facilitate
compliance by the Depositor with the reporting requirements of the Exchange Act or with the provisions of Regulation AB and the
related rules and regulations of the Commission; and (ii) cause each such sub-servicing agreement to entitle the Depositor to terminate
such sub-servicing agreement upon any such breach without the consent of any other Person. The Depositor is hereby authorized to
exercise the rights described in the preceding clause (ii) in its sole discretion.

 

Section
13.3     Filing Obligations. The Master Servicer, the
Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Sub-Servicer shall (and the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Sub-Servicer, as
applicable, shall (a) use commercially reasonable efforts to cause each Sub-Servicer (other than any party to this Agreement)
with which it has entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage Loans
and (b) cause each Sub-Servicer (other than any party to this Agreement) with which it has entered into a servicing
relationship after the Closing Date with respect to the Mortgage Loans, to) reasonably cooperate with the Depositor in
connection with the satisfaction of the Trust’s reporting requirements under the Exchange Act.

 

Section
13.4      Form 10-D Filings.

 

Within 15 calendar days
after each Distribution Date (or, if such 15th day is not a Business Day, the immediately preceding Business Day) (the
“10-D Filing Deadline”) (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 and as approved by the Depositor. The Certificate Administrator shall file each Form 10-D with a copy of the related
Distribution Date Statement attached thereto. Any necessary 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 immediately succeeding
paragraph, be reported by the parties set forth on Schedule XI and directed to the Depositor and the Certificate Administrator
(or the Master Servicer, as specified in the immediately succeeding paragraph) for approval by the Depositor. The Certificate Administrator
will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure (other than
such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule XI) absent such reporting, direction
and approval. The Certificate

 

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Administrator
shall include in any Form 10-D filed by it (i) to the extent such information is provided to the Certificate Administrator by
the Depositor for inclusion therein, (a) the information required by Rule 15Ga-1(a) under the Exchange Act concerning all assets
of the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties and (b) a
reference to the most recent Form ABS-15G filed by the Depositor and each Seller, if applicable, and the Commission assigned “Central
Index Key” number for each such filer, (ii) to the extent such information is provided to the Certificate Administrator
by the Master Servicer for inclusion therein within the time period described in the immediately succeeding paragraph, the balances
of the Collection Account and any REO Account as of the related Distribution Date and as of the immediately preceding Distribution
Date and (iii) the balances of the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Reserve
Account and the TA Unused Fees Account, in each case as of the related Distribution Date and as of the immediately preceding Distribution
Date. The Certificate Administrator and the Depositor shall be entitled together to determine the manner of the presentation of
such information (including the dates as of which such information is presented) in accordance with applicable laws and regulations.

 

For so long as the
Trust is subject to the reporting requirements of the Exchange Act, within five (5) calendar days after the related Distribution
Date, each Person identified on Schedule XI shall be required to provide to the Depositor and the Certificate Administrator
(or, with respect to any Serviced Companion Loan that is deposited into an Other Securitization, the depositor and the trustee
in such Other Securitization), to the extent known by such person, the form and substance of the corresponding Additional Form
10-D Disclosure set forth on Schedule XI, if applicable, and in a form readily convertible to an EDGAR-compatible format,
or in such other form as otherwise agreed by the Depositor, the Certificate Administrator and such party; provided, that
information relating to any REO Account to be reported under Item 8: Other Information on Schedule XI shall be reported
by the Special Servicer to the Master Servicer within four (4) calendar days after the related Distribution Date. Any such Additional
Form 10-D Disclosure to be delivered to the Certificate Administrator shall be delivered to it via email at cts.sec.notifications@wellsfargo.com.
Each Person set forth on Schedule XI hereto shall include with such Additional Form 10-D Disclosure an Additional Disclosure
Notification in the form attached hereto as Schedule XIV. The Certificate Administrator shall provide prompt notice to the
Depositor (or, with respect to a Serviced Companion Loan deposited into an Other Securitization, the depositor and the trustee
in such Other Securitization) to the extent the Certificate Administrator is notified of an event reportable on Form 10-D for which
it has not received the necessary Additional Form 10-D Disclosure from such party. The Certificate Administrator shall have no
duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule XI of their duties under
this paragraph or proactively solicit or procure from any such parties any Additional Form 10-D Disclosure information. Unless
otherwise directed by the Depositor, and subject to any comments received to such disclosure from the Depositor by the second (2nd)
calendar day after such fifth (5th) calendar day after the related Distribution Date, the Certificate Administrator
shall include the form and substance of the Additional Form 10-D Disclosure on the related Form 10-D. The Depositor will be responsible
for any reasonable fees charged and out-of-pocket expenses incurred by the Certificate Administrator in connection with including
any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph. Any notice delivered to the Certificate Administrator
pursuant to this paragraph shall be delivered by facsimile to (410) 715-2380 and by email to

 

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cts.sec.notifications@wellsfargo.com,
or such other address as may hereafter be furnished by the Certificate Administrator to the other parties in writing.

 

On or prior to the
end of business on the 11th calendar day (or, if such day is not a Business Day, the immediately preceding Business
Day) after the related Distribution Date the Certificate Administrator shall prepare and deliver electronically the Form 10-D to
the Depositor for review. No later than the end of business on the 12th calendar day after the related Distribution
Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes
to such Form 10-D. No later than the end of business on the 13th calendar day after the related Distribution Date, the
Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of its approval of such
Form 10-D, and shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. Form 10-D requires the registrant to indicate (by checking
“yes” or “no”) that it “(1) has filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.” The Depositor hereby instructs the Certificate
Administrator, with respect to each Form 10-D, to check “yes” for each item unless the Certificate Administrator has
received prior written notice (which may be furnished electronically) from the Depositor that the answer should be “no”
for an item which notice shall be delivered to the Certificate Administrator no later than the end of business on the 5th
calendar day after the related Distribution Date. The Certificate Administrator shall (a) file such Form 10-D not later than 5:30
p.m. (New York City time) on the 10-D Filing Deadline or (b) use commercially reasonable best efforts to file such Form 10-D, if
the Certificate Administrator received the signed Form 10-D after the signing deadline set forth in Section 13.14, not later
than 5:30 p.m. (New York City time) on the 10-D Filing Deadline; provided that if the Certificate Administrator cannot file
the Form 10-D prior to the deadline set forth in the immediately preceding clause (b), the Certificate Administrator shall file
such Form 10-D as soon as possible thereafter. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
to be amended, the Certificate Administrator will follow the procedures set forth in Section 13.8(b). After filing with
the Commission, the Certificate Administrator shall promptly, pursuant to Section 5.4, make available on its internet website
a final executed copy of each Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge
(and each Additional Servicer and each Servicing Function Participant shall be required to acknowledge) that the performance by
the Certificate Administrator of its duties under this Section 13.4 related to the timely preparation and filing of Form
10-D is contingent upon such parties (and, to the extent applicable, any Additional Servicer or Servicing Function Participant)
observing all applicable deadlines in the performance of their duties under this Section 13.4. 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 or file such Form 10-D where such failure results from the Certificate Administrator’s inability or
failure to receive on a timely basis any information from any other party hereto needed to prepare, arrange for execution or file
such Form 10-D, not resulting from its own negligence, bad faith or willful misconduct. Any notices or draft Form 10-D delivered
to the Depositor pursuant to this Section 13.4 shall be delivered by email to

  

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cmbs_filings@morganstanley.com, or
such other address as may hereafter be furnished by the Depositor to the other parties in writing.

 

Section
13.5     Form 10-K Filing. On or prior to 5:30 p.m. (New York City time) on the 90th calendar day
(or if such day is not a Business Day, the immediately preceding Business Day) after the end of each fiscal year of the Trust
or such earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood
that the fiscal year for the Trust ends on December 31st of each year), commencing in March 2016, the Certificate Administrator
shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form
10-K shall include the following items, in each case to the extent they have been delivered to the Certificate Administrator within
the applicable time frames set forth in this Agreement, (i) an annual compliance statement for each Certifying Servicer, as set
forth under Section 13.9, (ii)(A) the annual reports on assessment of compliance with Servicing Criteria for each Reporting
Servicer, as set forth under Section 13.10, and (B) if any Reporting Servicer’s report on assessment of compliance
with Servicing Criteria described under Section 13.10 identifies any material instance of noncompliance, disclosure identifying
such instance of noncompliance, or if any Reporting Servicer’s report on assessment of compliance with Servicing Criteria
described under Section 13.10 is not included as an exhibit to such Form 10-K, disclosure that such report is not included
and an explanation as to why such report is not included, (iii)(A) the registered public accounting firm attestation report for
each Reporting Servicer, as set forth under Section 13.11, and (B) if any registered public accounting firm attestation
report described under Section 13.11 identifies any material instance of noncompliance, disclosure identifying such instance
of noncompliance, or if any such registered public accounting firm attestation report is not included as an exhibit to such Form
10-K, disclosure that such report is not included and an explanation as to why such report is not included, and (iv) a Sarbanes-Oxley
Certification as set forth in Section 13.6. Any disclosure or information in addition to (i) through (iv) above that is
required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall, pursuant to the paragraph immediately
below, be reported by the parties set forth on Schedule XII and directed to the Depositor and the Certificate Administrator
for approval by the Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder to determine
or prepare any Additional Form 10-K Disclosure (other than such Additional Form 10-K Disclosure which is to be reported by it
as set forth on Schedule XII) absent such reporting, direction and approval.

 

For so long as the
Trust, and, with respect to any Serviced Companion Loan, the trust in the related Other Securitization, are subject to the reporting
requirements of the Exchange Act, no later than March 7th of each year subsequent to the fiscal year that the Trust
is subject to the Exchange Act reporting requirements, commencing in 2016, each Person identified on Schedule XII shall
be required to provide to the Depositor (or, with respect to any Serviced Companion Loan that is deposited into an Other Securitization,
the depositor and the trustee in such Other Securitization) and the Certificate Administrator, to the extent known by such Person,
the form and substance of the corresponding Additional Form 10-K Disclosure as set forth on Schedule XII, if applicable,
and in a form that is readily convertible to an EDGAR-compatible form (to the extent available to such party in such format), or
in such other form as otherwise agreed by the Depositor, the Certificate Administrator and such Person. Any such Additional Form
10-K Disclosure to be delivered to the Certificate Administrator shall be delivered to it via email at cts.sec.notifications@wellsfargo.com.
Each Person set forth on Schedule XII hereto shall

 

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include with such Additional Form 10-K Disclosure an Additional Disclosure
Notification in the form attached hereto as Schedule XIV. The Certificate Administrator shall, at any time prior to filing
the related Form 10-K, provide prompt notice to the Depositor to the extent the Certificate Administrator is notified of an event
reportable on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from such party. The Certificate
Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule XII
of their duties under this paragraph or to proactively solicit or procure from such parties any Additional Form 10-K Disclosure
information. Unless otherwise directed by the Depositor, and subject to any comments received to such disclosure from the Depositor
by March 15th, the Certificate Administrator shall include the form and substance of the Additional Form 10-K Disclosure
on the related Form 10-K. The Depositor will be responsible for any reasonable fees charged and out-of-pocket expenses incurred
by the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
paragraph. Any notice delivered to the Certificate Administrator pursuant to this paragraph shall be delivered by facsimile to
(410) 715-2380 and by email to cts.sec.notifications@wellsfargo.com, or such other address as may hereafter be furnished
by the Certificate Administrator to the other parties in writing.

 

On or prior to the
end of business on March 23rd (or, if such day is not a Business Day, the immediately preceding Business Day), the Certificate
Administrator shall prepare and deliver electronically a draft copy of the Form 10-K to the Depositor for review. No later than
5:00 p.m. (New York City time) on the 3rd Business Day prior to the 10-K Filing Deadline, a senior officer in charge
of securitization of the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with
an original executed hard copy to follow by overnight mail) to the Certificate Administrator. Form 10-K requires the registrant
to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days.” The Depositor hereby instructs
the Certificate Administrator, with respect to each Form 10-K, to check “yes” for each item unless the Certificate
Administrator has received prior written notice (which may be furnished electronically) from the Depositor that the answer should
be “no” for an item which notice shall be delivered to the Certificate Administrator no later than 5:00 p.m. (New York
City time) on the 15th calendar day of March in any year in which the Trust is required to file a Form 10-K. The Certificate Administrator
shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-K. If a Form 10-K cannot be
filed on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures
set forth in Section 13.8(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section
5.4, make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator.
The signing party at the Depositor can be contacted at the address identified in Section 14.5. The parties to this Agreement
acknowledge (and each Additional Servicer and each Servicing Function Participant shall be required to acknowledge) that the performance
by the Certificate Administrator of its duties under this Section 13.5 related to the timely preparation and filing of Form
10-K is contingent upon such parties (and, to the extent applicable, any Additional Servicer or Servicing Function Participant)
observing all applicable deadlines in the performance of their duties under this Article XIII. The Certificate Administrator
shall have no liability with respect to any failure to properly prepare, arrange for

 

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execution or file such Form 10-K resulting
from the Certificate Administrator’s inability or failure to receive on a timely basis any information from any other party
hereto needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence,
bad faith or willful misconduct. Any notices or draft Form 10-K delivered to the Depositor pursuant to this Section 13.5
shall be delivered by email to cmbs_filings@morganstanley.com, or such other address as may hereafter be furnished by the
Depositor to the other parties in writing.

 

If a Form 10-K is permitted
to be filed notwithstanding any missing information for inclusion therein, the Certificate Administrator shall nonetheless file
such Form 10-K and, if Regulation AB (or Form 10-K itself) permits the inclusion of an explanation why such information is missing,
the Certificate Administrator shall include such explanation of the circumstances (such explanation to be based solely on such
notice regarding the same as may have been delivered to the Certificate Administrator by the person responsible for the missing
information).

 

Section
13.6     Sarbanes-Oxley Certification.

 

Each Form 10-K shall
include a certification (the “Sarbanes-Oxley Certification”), exactly as set forth in Exhibit P-1 attached
hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each Reporting Servicer shall provide, and each Reporting
Servicer shall (a) use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to this
Agreement) with which it has entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage
Loans and (b) cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into
a servicing relationship after the Closing Date with respect to the Mortgage Loans to provide, to the Person who signs the Sarbanes-Oxley
Certification (the “Certifying Person”), by noon (New York City time) on March 10th (with no grace
period) of each year subsequent to the fiscal year in which the Trust is subject to the reporting requirements of the Exchange
Act, a certification (each, a “Performance Certification”), in the form attached hereto as Exhibit P-2,
upon which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers,
directors and Affiliates (collectively with the Certifying Person, the “Certification Parties”) can reasonably
rely. The senior officer in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust.
Such officer of the Certifying Person can be contacted at the address identified in Section 14.5. If any Reporting Servicer
is terminated or resigns pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing
agreement, as the case may be, such Reporting Servicer shall provide a Performance Certification and a reliance certificate to
the Certifying Person pursuant to this Section 13.6 with respect to the period of time it was subject to this Agreement
or the applicable sub-servicing or primary servicing agreement, as the case may be.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
(as applicable) provided pursuant to Section 13.9, (ii) annual report on assessment of compliance with Servicing Criteria
provided pursuant to Section 13.10 and (iii) registered public accounting firm attestation report provided pursuant to Section
13.11 and shall include a certification that each such annual report on assessment of compliance discloses any material instances
of noncompliance described to the

 

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registered public accountants of such Reporting Servicer to enable such accountants to render
the attestation provided for in Section 13.11.

 

If any Serviced Companion
Loan is deposited into a commercial mortgage securitization, and the applicable Reporting Servicer is provided with timely and
complete contact information for the parties to the Other Securitization and the person signing the Other Securitization’s
Sarbanes-Oxley Certification, such Reporting Servicer shall provide to the Person who signs the Sarbanes-Oxley Certification with
respect to an Other Securitization a Performance Certification (which shall address the matters contained in the Performance Certification,
but solely with respect to the related Serviced Companion Loan), upon which such certifying person, the entity for which the certifying
person acts as an officer, and such entity’s officers, directors and Affiliates can reasonably rely. With respect to any
Non-Serviced Mortgage Loan serviced under a Non-Serviced Mortgage Loan Pooling and Servicing Agreement, the Master Servicer shall
use its commercially reasonable efforts to procure a Sarbanes-Oxley back-up certification from the Non-Serviced Mortgage Loan Master
Servicer, Non-Serviced Mortgage Loan Special Servicer, Non-Serviced Mortgage Loan Certificate Administrator, Non-Serviced Mortgage
Loan Custodian and the Non-Serviced Mortgage Loan Trustee in form and substance similar to a Performance Certification or in the
form specified in the Non-Serviced Mortgage Loan Pooling and Servicing Agreement. The Master Servicer shall promptly forward to
the Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section
13.7     Form 8-K Filings.

 

Within four (4) Business
Days after the occurrence of an event requiring disclosure (the “8-K Filing Deadline”) under Form 8-K (each
a “Reportable Event”), the Certificate Administrator, at the direction of the Depositor, shall prepare and file
on behalf of the Trust any Form 8-K, as required by the Exchange Act, provided that the Depositor shall file the initial
Form 8-K in connection with the issuance of the Certificates. Any disclosure or information related to a Reportable Event or that
is otherwise required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall, pursuant to the
paragraph immediately below, be reported by any party set forth on Schedule XIII to which such Reportable Event relates
and such Form 8-K Disclosure Information shall be directed to the Depositor and the Certificate Administrator for approval by the
Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Form
8-K Disclosure Information (other than such Form 8-K Disclosure Information which is to be reported by it as set forth on Schedule
XIII) absent such reporting, direction and approval.

 

As set forth on Schedule
XIII hereto, for so long as the Trust, and, with respect to any Serviced Companion Loan, the trust in the related Other Securitization,
are subject to the Exchange Act reporting requirements, no later than noon (New York City time) on the second (2nd)
Business Day after the occurrence of a Reportable Event the applicable Person identified on such Schedule XIII shall be
required to provide written notice to the Depositor (or with respect to any Serviced Companion Loan that is deposited into an Other
Securitization, the depositor and the trustee in such Other Securitization) and the Certificate Administrator of, to the extent
known by such Person, the form and substance of the corresponding Form 8-K Disclosure Information, as set forth on Schedule
XIII, if applicable, and in a form that is readily convertible to an

 

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EDGAR-compatible form (to the extent available to such
party in such format), or in such other form as otherwise agreed by the Depositor, the Certificate Administrator and such Party.
Each Person set forth on Schedule XIII hereto shall include with such Form 8-K Disclosure Information an Additional Disclosure
Notification in the form attached hereto as Schedule XIV. Unless otherwise directed by the Depositor, and subject to any
comments received to such disclosure from the Depositor by the close of business on the second (2nd) Business Day after
such Reportable Event, the Certificate Administrator shall include the form and substance of the Form 8-K Disclosure Information
on the related Form 8-K. The Depositor will be responsible for any reasonable fees charged and out-of-pocket expenses incurred
by the Certificate Administrator in connection with including any Form 8-K Disclosure Information on Form 8-K pursuant to this
paragraph. Any notice delivered to the Certificate Administrator pursuant to this paragraph shall be delivered by facsimile to
(410) 715-2380 and by email to cts.sec.notifications@wellsfargo.com, or such other address as may hereafter be furnished
by the Certificate Administrator to the other parties in writing.

 

No later than noon
(New York City time) on the 3rd Business Day after the Reportable Event, the Certificate Administrator shall prepare
the Form 8-K. No later than the end of business on the 3rd Business Day after the Reportable Event, the Depositor (or
with respect to any Serviced Companion Loan that is deposited into an Other Securitization, the depositor in such Other Securitization)
shall sign the Form 8-K. If so directed by the Depositor, the Certificate Administrator shall (a) file such Form 8-K not later
than 5:30 p.m. (New York City time) on the 4th Business Day after the related Reportable Event or (b) use reasonable
best efforts to file such Form 8-K, if the Certificate Administrator received the signed Form 8-K after the end of business on
the 3rd Business Day after the Reportable Event, not later than 5:30 pm (New York City time) on the 4th Business
Day after the related Reportable Event; provided that if the Certificate Administrator cannot file the Form 8-K prior to
the deadline set forth in the immediately preceding clause (b), the Certificate Administrator shall file such Form 8-K as soon
as possible thereafter. 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 13.8(b). After filing with the Commission, the Certificate
Administrator will, pursuant to Section 5.4, make available on its internet website a final executed copy of each Form 8-K
prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge (and each Additional Servicer and
each Servicing Function Participant shall be required to acknowledge) that the performance by the Certificate Administrator of
its duties under this Section 13.7 related to the timely preparation and filing of Form 8-K is contingent upon such parties
(and, to the extent applicable, any Additional Servicer or Servicing Function Participant) observing all applicable deadlines in
the performance of their duties under this Section 13.7. The Certificate Administrator shall have no liability for any loss,
expense, damage, claim arising out of or with respect to any failure to properly prepare and/or timely file such Form 8-K, where
such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information
from any other party hereto needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence,
bad faith or willful misconduct; provided that the Certificate Administrator shall prepare, arrange for execution and file
such Form 8-K where such information from such other party is not received on a timely basis or not provided by such other party.
Any notices or draft Form 8-K delivered to the Depositor pursuant to this Section 13.7 shall be delivered by email to cmbs_filings@morganstanley.com,
or such other address as may hereafter be furnished by the Depositor to the other parties in writing.

 

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Notwithstanding
the second preceding paragraph, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian,
each Sub-Servicer and each Servicing Function Participant, shall promptly notify (and the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Custodian, each Sub-Servicer and each Servicing Function Participant shall (a)
use commercially reasonable efforts to cause each Sub-Servicer and each Servicing Function Participant (other than any party to
this Agreement) with which it has entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage
Loans and (b) cause each Sub-Servicer and each Servicing Function Participant (other than any party to this Agreement) with which
it has entered into a servicing relationship after the Closing Date with respect to the Mortgage Loans, to promptly notify) the
Depositor and the Certificate Administrator, but in no event later than noon on the second (2nd) Business Day after
its occurrence, of any Reportable Event of which it has actual knowledge to the extent such party is identified as a “Responsible
Party” on Schedule XIII with regard to such Reportable Event.

 

Section
13.8          Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports.

 

(a)          On
or before January 30 of the first year in which the Certificate Administrator is able to do so under applicable law, the Certificate
Administrator, at the direction of the Depositor, shall prepare and file any form necessary to be filed with the Commission to
suspend reporting in respect of the Trust under the Exchange Act. After the filing of any such form, the obligations of the parties
to this Agreement under Sections 13.2(b), 13.4, 13.5, 13.6 and 13.7 shall be suspended
for so long as neither the Trust nor, with respect to any Serviced Companion Loan, the trust in the related Other Securitization,
is subject to the reporting requirements of the Exchange Act. The Certificate Administrator shall provide each Reporting Servicer
and each Seller with prompt written notice (which notice may be sent via facsimile or by email) if the Certificate Administrator
files any such forms that effectuates the suspension of the Trust’s Exchange Act reporting obligations pursuant to this
Section 13.8(a).

 

(b)          The
Certificate Administrator shall promptly notify the Depositor (which notice may be sent by facsimile or by email and which shall
include the identity of those Reporting Servicers who did not deliver such information) and each Reporting Servicer that failed
to deliver such information required to be delivered by it under this Agreement, if all, or any portion of, any required disclosure
information to be included in any Form 8-K, Form 10-D or Form 10-K required to be filed pursuant to this Agreement is not delivered
to it within the delivery deadlines set forth in this Agreement (including annual compliance statements pursuant to Section
13.9, annual reports on assessment of compliance with servicing criteria pursuant to Section 13.10 and attestation
reports pursuant to Section 13.11). If the Certificate Administrator is unable to timely file with the Commission all or
any required portion of any Form 8-K, Form 10-D or Form 10-K required to be filed by this Agreement because required disclosure
information either was not delivered to it or was delivered to it after the delivery deadlines set forth in this Agreement or
for any other reason, the Certificate Administrator shall promptly notify the Depositor (which may be sent by facsimile or by
email, and which notice shall include the identity of those Reporting Servicers who either did not deliver such information or
delivered such information to it after the delivery deadlines set forth in this Agreement) and each Reporting Servicer that failed
to make such delivery. In the case of Form 10-D and Form 10-K,

 

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each such Reporting Servicer shall reasonably cooperate with the
Depositor and the Certificate Administrator to prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable,
pursuant to Rule 12b-25 of the Exchange Act, which forms shall be filed no later than one calendar day after the original due
date for the related Form 10-D or Form 10-K, as applicable. In the case of Form 8-K, the Certificate Administrator shall, upon
receipt of all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure
information on the next Form 10-D that is required to be filed on behalf of the Trust. If any previously filed Form 8-K, Form
10-D or Form 10-K needs to be amended, the Certificate Administrator shall notify the Depositor and such other parties as may
be required and such parties shall reasonably cooperate to prepare any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any form
filed under Section 13.8(a), Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed, in the case
of form filed under Section 13.8(a), Form 12b-25 or any amendment to Form 8-K or Form 10-D, by a duly authorized officer
of the Depositor, and in the case of Form 10-K, by a senior officer of the Depositor in charge of securitization. The parties
to this Agreement acknowledge (and each Additional Servicer and each Servicing Function Participant shall be required to acknowledge)
that the performance by the Certificate Administrator of its duties under this Section 13.8 related to the timely preparation
and filing of any form filed under Section 13.8(a), a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K
is contingent upon such parties (and, to the extent applicable, any Additional Servicer or Servicing Function Participant) performing
their duties under this Section 13.8(b). The Certificate Administrator shall have no liability for any loss, expense, damage,
claim arising out of or with respect to any failure to properly prepare and/or timely file any such form filed under Section
13.8(a), Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate
Administrator’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to
prepare, arrange for execution or file such form filed under Section 13.8(a), Form 12b-25 or any amendments to Forms 8-K,
10-D or 10-K, not resulting from its own negligence, bad faith or willful misconduct.

 

Section
13.9          Annual Compliance Statements.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, and, if it has made an Advance during the
applicable calendar year, the Trustee (each a “Certifying Servicer”) shall (and the Master Servicer, the Special
Servicer, the Certificate Administrator and the Custodian shall (a) use commercially reasonable efforts to cause each Additional
Servicer and each Sub-Servicer with which it has entered into a servicing relationship on or prior to the Closing Date with respect
to the Mortgage Loans and (b) cause each Additional Servicer and each Sub-Servicer with which it has entered into a servicing
relationship after the Closing Date with respect to the Mortgage Loans, to) deliver electronically to the Depositor, the Certificate
Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section
5.4) and the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s Website pursuant
to Section 5.7), with a copy to the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period), solely in the case of the Special Servicer to the Trust Advisor (during any Collective Consultation Period
and any Senior Consultation Period) and, solely in the case of the Master Servicer and the Special Servicer of any A/B Whole Loan
or Loan Pair, to the holder of the related Serviced B Note or Serviced Companion Loan, as applicable, on or

 

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before March 10th
with respect to any Certifying Servicer or on or before March 1st (or, if such day is not a Business Day, the
immediately succeeding Business Day), with respect to any Additional Servicer and each Sub-Servicer, or if any such day is not
a Business Day, the immediately preceding Business Day (with no cure period), with respect to the Master Servicer, the Special
Servicer, the Certificate Administrator or the Custodian, of each year, commencing in March 2016, an Officer’s Certificate
stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s or Additional Servicer’s, as the
case may be, activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s or Additional
Servicer’s, as the case may be, performance under this Agreement, or the applicable sub-servicing agreement or primary servicing
agreement in the case of an Additional Servicer, has been made under such officer’s supervision and (B) to the best of such
officer’s knowledge, based on such review, such Certifying Servicer or Additional Servicer’s, as the case may be,
has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement
in the case of an Additional Servicer, in all material respects throughout such year or portion thereof, or, if there has been
a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature
and status thereof. Each Certifying Servicer shall, and the Master Servicer, the Special Servicer, the Certificate Administrator
and the Custodian shall (a) use commercially reasonable efforts to cause each Additional Servicer and each Sub-Servicer with which
it has entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage Loans to, and (b) cause
each Additional Servicer and each Sub-Servicer with which it has entered into a servicing relationship after the Closing Date
with respect to the Mortgage Loans to, forward a copy of each such statement to the Rating Agencies (subject to Section 5.7)
and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period). Promptly
after receipt of each such Officer’s Certificate, the Depositor and, if applicable, the depositor under any Other Companion
Loan Pooling and Servicing Agreement, shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer in the fulfillment
of any of the Certifying Servicer’s obligations hereunder, or any failures by an Additional Servicer retained by such Certifying
Servicer in the fulfillment of any of such Additional Servicer’s obligations under the applicable sub-servicing or primary
servicing agreement. None of the Certifying Servicers or any Additional Servicer or any Sub-Servicer shall be required to deliver,
or to endeavor to cause the delivery of, any such Officer’s Certificate until April 15, in the case of a Certifying Servicer,
or April 1, in the case of any Additional Servicer or any Sub-Servicer, in any given year so long as it has received written confirmation
(which shall be provided prior to March 1st) from the Certificate Administrator that a Form 10-K is not required to
be filed in respect of the Trust for the preceding calendar year.

 

If
any Serviced Companion Loan is deposited into an Other Securitization, each Certifying Servicer, to the extent applicable, shall
provide (within the time periods provided for under the related Other Companion Loan Pooling and Servicing Agreement to permit
such requesting party to comply with its reporting obligations thereunder), if requested by a party to the Other Companion Loan
Pooling and Servicing Agreement, an Officer’s Certificate as set forth in this Section. With respect to any Non-Serviced
Mortgage Loan serviced under a Non-Serviced Mortgage Loan Pooling and Servicing Agreement, the Master Servicer shall use reasonable
best efforts to procure an Officer’s Certificate as set forth in this Section, or in the form specified in the applicable
Non-Serviced Mortgage Loan Pooling and Servicing Agreement,

 

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from the Non-Serviced Mortgage Loan Master Servicer, Non-Serviced
Mortgage Loan Special Servicer, the Non-Serviced Mortgage Loan Certificate Administrator and the Non-Serviced Mortgage Loan Custodian
in form and substance similar to the Officer’s Certificate described in this Section. The Master Servicer shall promptly
forward to the Certificate Administrator and the Depositor any such Officer’s Certificate received by the Master Servicer.

 

Section
13.10          Annual Reports on Assessment of Compliance with Servicing Criteria.

 

By
March 10th of each year, or if such day is not a Business Day, the immediately preceding Business Day (with no cure
period), commencing in March 2016, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced
special servicing of any Mortgage Loan), the Certificate Administrator, the Custodian, the Trust Advisor and, to the extent it
is a Servicing Function Participant, the Trustee, each at its own expense, shall furnish electronically (and each of the preceding
parties, as applicable, shall (a) use commercially reasonable efforts to cause, by March 1st (or, if such day is not
a Business Day, the immediately succeeding Business Day), each Servicing Function Participant (other than a party to this Agreement)
with which it has entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage Loans and
(b) cause, by March 1st (or, if such day is not a Business Day, the immediately succeeding Business Day), each Servicing
Function Participant (other than a party to this Agreement) with which it has entered into a servicing relationship after the
Closing Date with respect to the Mortgage Loans, to furnish, each at its own expense), to the Depositor, the Trustee, the Certificate
Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website pursuant to Section
5.4) and the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s Website pursuant
to Section 5.7), with a copy to the Controlling Class Representative (during any Subordinate Control Period and any Collective
Consultation Period) and, solely in the case of the Master Servicer and the Special Servicer of any A/B Whole Loan or Loan Pair,
to the holder of the related Serviced B Note or Serviced Companion Loan, as applicable, a report on an assessment of compliance
with the Relevant Servicing Criteria with respect to commercial mortgage backed securities transactions taken as a whole involving
such party that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant
Servicing Criteria, (B) a statement that such Reporting Servicer used the 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 13.5,
including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each
such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation
report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period.

 

No
later than ten (10) Business Days after the end of each fiscal year for the Trust for which a Form 10-K is required to be filed,
the Master Servicer, the Special Servicer, the Custodian and the Trustee (if applicable) shall each forward to the Certificate
Administrator, the Depositor and each Seller, and the Certificate Administrator and the Depositor shall each forward to each Seller,
the name and address of each Additional Servicer and each Servicing

 

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Function Participant engaged by it and (other than with respect
to a notice to any Seller) what Relevant Servicing Criteria will be addressed in the report on assessment of compliance prepared
by such Additional Servicer or Servicing Function Participant. When the Master Servicer, the Special Servicer, the Custodian,
the Trustee (if applicable) and each Sub-Servicer submit their respective assessments by March 1st (or the immediately
succeeding Business Day, if applicable) or March 10th, as applicable, to the Certificate Administrator, each such party
shall also at such time include, in its submission to the Certificate Administrator, the assessment (and attestation pursuant
to Section 13.11) of each Servicing Function Participant engaged by it. Not later than the end of each fiscal year for
which the Trust (or any other securitization trust which owns a Serviced Companion Loan or a Non-Serviced Companion Loan) is required
to file a Form 10-K and upon written request, the Certificate Administrator shall provide to each Seller written notice of any
change in the identity of any party to this Agreement, including the name and address of any new party to this Agreement.

 

Promptly
after receipt of each such report on assessment of compliance, (i) the Depositor and, if applicable, the depositor under any Other
Companion Loan Pooling and Servicing Agreement, shall have the right to review each such report and, if applicable, consult with
the Master Servicer, the Custodian, the Special Servicer, the Certificate Administrator, the Trust Advisor, the Trustee (if applicable)
and any Servicing Function Participant as to the nature of any material instance of noncompliance with the Relevant Servicing
Criteria by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Advisor, the Trustee (if applicable),
the Custodian or any Servicing Function Participant, respectively, and (ii) the Certificate Administrator shall confirm that the
assessments taken individually address the Relevant Servicing Criteria for each party as set forth on Schedule X and notify
the Depositor of any exceptions. None of the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee (if applicable),
the Custodian or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any
such reports until April 15 in the case of the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian or the
Trustee (if applicable), or April 1 in the case of any Servicing Function Participant, in any given year so long as it has received
written confirmation (which shall be provided prior to March 1st) from the Certificate Administrator that a Form 10-K
is not required to be filed in respect of the Trust for the preceding calendar year. If any Reporting Servicer is terminated or
resigns pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as
the case may be, such Reporting Servicer shall provide the reports and statements pursuant to this Section 13.10 with respect
to the period of time it was subject to this Agreement or the applicable sub-servicing agreement or primary servicing agreement,
as the case may be. The parties hereto acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria
reported on an assessment of compliance pursuant to this Section 13.10 by the Master Servicer, the Special Servicer, the
Custodian, the Certificate Administrator, the Trust Advisor or the Trustee shall not, as a result of being so reported, in and
of itself, constitute a breach of such parties’ obligations, as applicable, under this Agreement unless otherwise provided
for in this Agreement.

 

If
any Serviced Companion Loan is deposited into an Other Securitization, each of the Master Servicer, the Special Servicer (regardless
of whether the Special Servicer has commenced special servicing of any Mortgage Loan), the Custodian, the Certificate Administrator
and the Trustee, each at its own expense, shall furnish (and each of the preceding parties, as applicable,

 

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shall (a) use commercially
reasonable efforts to cause each Servicing Function Participant (other than a party to this Agreement) with which it has entered
into a servicing relationship on or prior to the Closing Date with respect to the Mortgage Loans and (b) cause each Servicing
Function Participant (other than a party to this Agreement) with which it has entered into a servicing relationship after the
Closing Date with respect to the Mortgage Loans, to furnish, each at its own expense), if requested by a party to the Other Companion
Loan Pooling and Servicing Agreement, an annual report on assessment of compliance as set forth in this Section and an attestation
as set forth in Section 13.11. With respect to any Non-Serviced Mortgage Loan serviced under a Non-Serviced Mortgage Loan
Pooling and Servicing Agreement, the Master Servicer shall use commercially reasonable best efforts to procure an annual report
on assessment of compliance as set forth in this Section and an attestation as set forth in Section 13.11 from the Non-Serviced
Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Special Servicer, the Non-Serviced Mortgage Loan Certificate Administrator,
the Non-Serviced Mortgage Loan Custodian and the Non-Serviced Mortgage Loan Trustee in form and substance similar to the annual
report on assessment of compliance described in this Section and the attestation described in Section 13.11 or in the form
required under the Non-Serviced Mortgage Loan Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such annual report on assessment of compliance received by the Master Servicer.

 

Section
13.11          Annual Independent Public Accountants’ Servicing Report.

 

By
March 10th of each year, or if such day is not a Business Day, the immediately preceding Business Day (with no cure
period), commencing in March 2016, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the
Trust Advisor and, to the extent it is a Servicing Function Participant, the Trustee, each at its own expense, shall cause (and
each of the preceding parties, as applicable, shall (a) use commercially reasonable efforts to cause, by March 1st
(or, if such day is not a Business Day, the immediately succeeding Business Day), each Servicing Function Participant (other than
a party to this Agreement) with which it has entered into a servicing relationship on or prior to the Closing Date with respect
to the Mortgage Loans and (b) cause, by March 1st (or, if such day is not a Business Day, the immediately succeeding
Business Day), each Servicing Function Participant (other than a party to this Agreement) with which it has entered into a servicing
relationship after the Closing Date with respect to the Mortgage Loans, to cause, each at its own expense) a registered public
accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trust Advisor, the Trustee, the Custodian, such Sub-Servicer or such other Servicing Function Participant, as the case may
be) that is a member of the American Institute of Certified Public Accountants to furnish electronically a report to the Depositor,
the Trustee, the Certificate Administrator (who shall promptly upon receipt post it to the Certificate Administrator’s Website
pursuant to Section 5.4) and the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s
Website pursuant to Section 5.7), with a copy to the Controlling Class Representative (during any Subordinate Control Period
and any Collective Consultation Period), solely in the case of the Special Servicer to the Trust Advisor (during any Collective
Consultation Period and any Senior Consultation Period), and, solely in the case of the Master Servicer and the Special Servicer
of any A/B Whole Loan or Loan Pair, to the holder of the related Serviced B Note or Serviced Companion Loan, as applicable, to
the effect that (i) it has obtained a representation regarding certain matters from the

 

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management of such Reporting Servicer,
which includes an assessment from such Reporting Servicer of its compliance with the Relevant Servicing Criteria, and (ii) on
the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted
by the PCAOB, it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Relevant Servicing
Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria. If an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Such report must be available for general
use and not contain restricted use language.

 

Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Advisor,
the Custodian or the Trustee (if applicable) (or any Sub-Servicer or Servicing Function Participant with which the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trust Advisor, the Custodian or the Trustee (if applicable) has entered
into a servicing relationship with respect to the Mortgage Loans (other than a party to this Agreement)), (i) the Depositor and,
if applicable, the depositor under any Other Companion Loan Pooling and Servicing Agreement, shall have the right to review the
report and, if applicable, consult with the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Advisor,
the Trustee (if applicable), the Custodian, any Sub-Servicer or any such Servicing Function Participant as to the nature of any
material instance of noncompliance by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Advisor,
the Trustee, the Custodian or any such Servicing Function Participant with the Servicing Criteria applicable to such Person, and
(ii) the Certificate Administrator shall confirm that each assessment submitted pursuant to Section 13.10 is coupled with
an attestation meeting the requirements of this Section and notify the Depositor of any exceptions. The Master Servicer, the Special
Servicer, the Certificate Administrator, the Trust Advisor, the Trustee (if applicable), the Custodian or any Servicing Function
Participant shall not be required to deliver, or to endeavor to cause the delivery of, such reports until April 15 in the case
of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Advisor, the Custodian or the Trustee (if
applicable), or April 1, in the case of any Servicing Function Participant, in any given year so long as it has received written
confirmation from the Certificate Administrator that a Form 10-K is not required to be filed in respect of the Trust for the preceding
fiscal year.

 

Section
13.12          Indemnification.

 

Each
of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian and the Trust Advisor
(each an “Indemnifying Party”) shall indemnify and hold harmless each Certification Party (and, with respect
only to clauses (ii), (iii) and (iv) below, any comparable party in an Other Securitization), their respective
directors and officers, and each other person who controls any such entity within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act (each a “Certification Indemnitee”), against any and all expenses, losses,
claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any amounts
paid in settlement of any claim or litigation arising out of or based upon: (i) an actual breach by the Indemnifying Party of
such Indemnifying Party’s representations under Section 3(xiv) of the related indemnification agreement in the case
of the Master Servicer, the Special Servicer, the Trustee, the Custodian or

 

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the Certificate Administrator or under Section
3(xix) of the related indemnification agreement in the case of the Trust Advisor, each dated the Pricing Date, between the
related Indemnifying Party, the Depositor, the Underwriters and the Initial Purchasers; (ii) the failure of any Indemnifying Party
to perform its obligations under this Article XIII; (iii) the failure of any Servicing Function Participant or Additional
Servicer retained by it (other than a Seller Sub-Servicer) to perform its obligations to the Depositor (or any depositor related
to any Other Securitization which owns any Serviced Companion Loan) or the Certificate Administrator (or any trustee or certificate
administrator related to any Other Securitization which owns any Serviced Companion Loan) under this Article XIII by the
time required after giving effect to any applicable grace period and cure period; (iv) any untrue statement or alleged untrue
statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing Function Participant,
Additional Servicer or subcontractor engaged by it (other than any Seller Sub-Servicer), (y) prepared by any such party described
in clause (x) or any registered public accounting firm, attorney or other agent retained by such party to prepare such information
and (z) delivered by or on behalf of such Indemnifying Party in connection with the performance of such Indemnifying Party’s
obligations described in this Article XIII, or the omission or alleged omission to state in any such information a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
that such Indemnifying Party shall be entitled to participate in any action arising out of the foregoing and the Depositor shall
consult with such Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing
and any potential settlement terms related thereto; (v) negligence, bad faith or willful misconduct on the part of the Indemnifying
Party in the performance of such obligations; or (vi) any Deficient Exchange Act Deliverable with respect to such Indemnifying
Party.

 

In
addition, each of the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian, the Certificate Administrator and
the Trustee shall cooperate (and require each Servicing Function Participant and Sub-Servicer retained by it to cooperate under
the applicable subservicing agreement) with the Depositor as necessary for the Depositor to conduct any reasonable due diligence
necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the
applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder (“Reporting Requirements”).

 

In
connection with comments provided to the Depositor from the Commission regarding information (x) delivered by the Master Servicer,
the Special Servicer, the Trust Advisor, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant
or a Sub-Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected Reporting Party,
and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by
such party to prepare such information, which information is contained in a report (an “ARP Report”) filed
by the Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s filing of
such report, the Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected
Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission
for inclusion in the Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent
of the Depositor (which consent shall not be unreasonably denied, withheld or delayed),

 

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to directly communicate with the Commission
and negotiate a response and/or resolution with the Commission; provided, that if an Affected Reporting Party is a Servicing
Function Participant or Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, the Master Servicer
or the Special Servicer, as applicable, shall require the Servicing Function Participant or Sub-Servicer to provide it with, and
the Master Servicer or the Special Servicer, as applicable, shall be entitled to receive, copies of all material communications
pursuant to this paragraph. If such election is made, the applicable Affected Reporting Party shall be responsible for directly
negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting
Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission and copy the Depositor on
all correspondence with the Commission and provide the Depositor with the opportunity to participate (at the Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor shall cooperate with such Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the
Commission of such authorization. The Depositor and such Affected Reporting Party shall cooperate and coordinate with one another
with respect to any requests made to the Commission for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the circumstances described in the first sentence of this paragraph (other than those
costs and expenses required to be at the Depositor’s expense as set forth above) and any amendments to any ARP Reports filed
with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice
from the Depositor. Each of the Master Servicer, the Special Servicer, the Trust Advisor, the Custodian, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Sub-Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator, the Trust Advisor, the Custodian and the Trustee shall (a)
use commercially reasonable efforts to cause each Additional Servicer (other than a party to this Agreement) with which it has
entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage Loans and (b) cause each Additional
Servicer (other than a party to this Agreement) with which it has entered into a servicing relationship after the Closing Date
with respect to the Mortgage Loans, to indemnify and hold harmless each Certification Party (and any comparable party in an Other
Securitization) from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach of its obligations to
provide any of the annual compliance statements or annual assessment of servicing criteria or attestation reports pursuant to
this Agreement, or the applicable sub-servicing or primary servicing agreement, as applicable, (ii) negligence, bad faith or willful
misconduct on its part in the performance of such obligations thereunder or (iii) any Deficient Exchange Act Deliverable with
respect to such Additional Servicer.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Trust Advisor, the

 

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Trustee, the Custodian and the Certificate Administrator, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall (and the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trust Advisor, the Custodian and the Trustee shall (a) use commercially reasonable
efforts to cause each Additional Servicer or other Servicing Function Participant with which it has entered into a servicing relationship
on or prior to the Closing Date with respect to the Mortgage Loans (other than a party to this Agreement) and (b) cause each Additional
Servicer or other Servicing Function Participant with which it has entered into a servicing relationship after the Closing Date
with respect to the Mortgage Loans (other than a party to this Agreement), to) contribute to the amount paid or payable to the
Certification Party as a result of the losses, claims, damages or liabilities of the Certification Party in such proportion as
is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article XIII (or breach of its
representations or obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual
compliance statements or annual servicing criteria compliance reports or attestation reports or otherwise comply with the requirements
of this Article XIII) or the Performing Party’s negligence, bad faith or willful misconduct in connection therewith.
The Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Administrator, the Custodian and the Trustee shall
(a) use commercially reasonable efforts to cause each Additional Servicer or Servicing Function Participant with which it has
entered into a servicing relationship on or prior to the Closing Date with respect to the Mortgage Loans (other than a party to
this Agreement) and (b) cause each Additional Servicer or Servicing Function Participant with which it has entered into a servicing
relationship after the Closing Date with respect to the Mortgage Loans (other than a party to this Agreement), to agree to the
foregoing indemnification and contribution obligations.

 

Promptly
after receipt by the Certification Party of notice of the commencement of any action, such Certification Party shall, if a claim
in respect thereof is to be made against an Indemnifying Party hereunder, notify in writing the Indemnifying Party of the commencement
thereof; but the omission to so notify the Indemnifying Party shall not relieve it from any liability which it may have to the
Certification Party under this Agreement except to the extent that such omission to notify materially prejudices the Indemnifying
Party. In case any such action is brought against the Certification Party, after the Indemnifying Party has been notified of the
commencement of such action, such Indemnifying Party shall be entitled to participate therein (at its own expense) and, to the
extent that it may wish, shall be entitled to assume the defense thereof (jointly with any other Indemnifying Party similarly
notified) with counsel reasonably satisfactory to the Certification Party (which approval shall not be unreasonably withheld or
delayed), and after notice from the Indemnifying Party to the Certification Party of its election to so assume the defense thereof,
the Indemnifying Party shall not be liable to the Certification Party for any expenses subsequently incurred in connection with
the defense thereof other than reasonable costs of investigation. In any such proceeding, the Certification Party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of the Certification Party
unless (i) the Indemnifying Party and the Certification Party shall have agreed to the retention of such counsel, (ii) the named
parties to any such proceeding (including any impleaded parties and, in the case of an investigation by the Commission, any parties
that are, or whose reporting materials are, the subject of such investigation) include both the Indemnifying Party and the Certification
Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them or (iii)

 

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the Indemnifying Party fails within a reasonable period of time to designate counsel that is reasonably
satisfactory to the Certification Party (which approval shall not be unreasonably withheld or delayed). In no event shall the
Indemnifying Parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) in any one jurisdiction
separate from their own counsel for the Certification Party in connection with any one action or separate but similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances. An Indemnifying Party shall not
be liable for any settlement of any proceeding effected without its written consent. However, if settled with such consent, the
Indemnifying Party shall indemnify the Certification Party from and against any loss or liability by reason of such settlement
to the extent that the Indemnifying Party is otherwise required to do so under this Agreement. If an Indemnifying Party assumes
the defense of any proceeding, it shall be entitled to settle such proceeding with the consent of the Certification Party (which
consent shall not be unreasonably withheld or delayed) or, if such settlement (i) provides for an unconditional release of the
Certification Party in connection with all matters relating to the proceeding that have been asserted against the Certification
Party in such proceeding by the other parties to such settlement and (ii) does not require an admission of fault by the Certification
Party, without the consent of the Certification Party.

 

Section
13.13          Amendments.

 

This
Article XIII, Schedule X, Schedule XI, Schedule XII and Schedule XIII may be amended by the
written consent of all of the parties hereto and, if any such amendment to Schedule X, Schedule XI, Schedule
XII and Schedule XIII adds additional reporting obligations for a Seller, with the consent of the related Seller, pursuant
to Section 14.3 (without, in each case, any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement) for purposes of
complying with Regulation AB or the Trust’s Exchange Act reporting obligations.

  

Section
13.14          Exchange Act Report Signatures.

 

Each
Form 8-K report, Form 10-D report and Form 10-K report shall be signed by the Depositor. The Depositor shall provide its signature
to the Certificate Administrator by electronic or fax transmission (with hard copy to follow by overnight mail) no later than
the end of business on the 13th calendar day following the related Distribution Date for Form 10-D, and not later than
the end of business on the 3rd Business Day after the Reportable Event for Form 8-K (provided, that in each
case the Certificate Administrator shall not file the related form until the Depositor has given its approval thereof). If a Form
8-K or Form 10-D cannot be filed on time or if a previously filed Form 8-K or Form 10-D needs to be amended, the Certificate Administrator
will follow the procedures set forth in this Article XIII. The signing party at the Depositor can be contacted at the address
identified in Section 14.5.

 

Section
13.15          Significant Obligors.

 

If
the Master Servicer is in receipt of the updated financial statements of a Significant Obligor for any calendar quarter (other
than the fourth calendar quarter of any calendar year) or the updated financial statements of the Significant Obligor for any
calendar year, it shall deliver

 

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to the Depositor and the Certificate Administrator, on or prior to May 25, August 25, November
25 or March 25 (with respect to first quarter, second quarter, third quarter and annual financial statements, respectively), or
if such day is not a Business Day, the immediately preceding Business Day, such financial statements of the Significant Obligor,
together with the net operating income of such Significant Obligor for the applicable period (x) as calculated by the Master Servicer
in accordance with CREFC® guidelines or (y) if such financial statement receipt occurs prior to the applicable deadline above,
but after May 11, August 11, November 11 or March 11 (with respect to first quarter, second quarter, third quarter and annual
financial statements, respectively), or if such day is not a Business Day, the immediately preceding Business Day, as reported
by the related Mortgagor in such financial statements.

 

If
the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of a Significant Obligor with respect to the related Mortgage Loan 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 Depositor (or the Master Servicer shall cause a Sub-Servicer to notify the Depositor) that it has not
received such information. The Master Servicer shall use efforts consistent with the Servicing Standard (taking into account,
in addition, the ongoing reporting obligations of the Depositor under the Exchange Act) to obtain the periodic financial statements
of the related Mortgagor under the related Mortgage Loan documents.

 

The
Master Servicer shall (or shall cause a Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer)
attempts to contact the Mortgagor with respect to the applicable Mortgage Loan to obtain the required financial information and
is unsuccessful and on or prior to May 18, August 18, November 18 or March 18 (with respect to first quarter, second quarter,
third quarter and annual financial statements, respectively), or if such day is not a Business Day, the immediately preceding
Business Day, shall deliver to the Certificate Administrator and the Depositor an Officer’s Certificate evidencing its attempts
to obtain this information. With respect to any Mortgaged Property that secures a Mortgage Loan that constitutes a “significant
obligor” (within the meaning of Item 1101(k) of Regulation AB), the Certificate Administrator shall use commercially reasonable
efforts to obtain from the related Other Depositor or its agent a similar officer’s certificate evidencing such Other Depositor’s
(or agent’s) attempts to obtain such information.

 

If
the Certificate Administrator has not received financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, it shall include the following statement with respect to Item 6 on the related Form 10-D or
Item 1112(b)(1) on the related Form 10-K: “The information required for this [Item 6] [Item 1112(b)(1)] rests with a person
or entity which is not affiliated with the registrant. Oral and written requests have been made on behalf of the registrant, to
the extent required under the related pooling and servicing agreement, to obtain the information required for this [Item 6] [Item
1112(b)(1)], and the registrant has been unable to obtain such information to include on this [Form 10-D] [Form 10-K] by the related
filing deadline. The information is therefore being omitted herefrom in reliance on Rule 12b-21 under the Securities Exchange
Act of 1934, as amended” or such other statement as directed by the Depositor.

 

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With
respect to any Mortgaged Property that secures a Serviced Companion Loan that the Other Depositor has notified the Master Servicer
in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other
Securitization that includes such Serviced Companion Loan, the Master Servicer shall, if the Master Servicer is in receipt of
(i) the updated financial statements of such “significant obligor” for any calendar quarter (other than the fourth
calendar quarter of any calendar year), beginning with the first calendar quarter following receipt of such notice from the Other
Depositor, or (ii) the updated financial statements of such “significant obligor” for any calendar year, beginning
with the calendar year following such notice from the Other Depositor, deliver to the Other Depositor and Other Trustee, on or
prior to May 25, August 25, November 25 or March 25 (with respect to first quarter, second quarter, third quarter and annual financial
statements, respectively), or if such day is not a Business Day, the immediately preceding Business Day, such financial statements
of the Significant Obligor, together with the net operating income of such Significant Obligor for the applicable period (x) as
calculated by the Master Servicer in accordance with CREFC® guidelines or (y) if such financial statement receipt occurs prior
to the applicable deadline above, but after May 11, August 11, November 11 or March 11 (with respect to first quarter, second
quarter, third quarter and annual financial statements, respectively), or if such day is not a Business Day, the immediately preceding
Business Day, as reported by the related Mortgagor in such financial statements.

 

If
the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of such “significant obligor” within ten Business Days after the date such financial
information is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify the Other
Depositor with respect to such Other Securitization that includes the related Serviced Companion Loan (or the Master Servicer
shall cause a Sub-Servicer to notify such Other Depositor) that it has not received them. The Master Servicer shall use efforts
consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor
under the Exchange Act) to obtain the periodic financial statements of the related Mortgagor under the related Mortgage Loan documents.

 

The
Master Servicer shall (or shall cause a Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer)
attempts to contact the borrower related to such “significant obligor” to obtain the required financial information
and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is
required to be filed by the Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain
this information to the certificate administrator 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
Companion Loan Pooling and Servicing Agreement.

 

ARTICLE
XIV

MISCELLANEOUS PROVISIONS

 

Section 14.1          Binding
Nature of Agreement. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

 

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Section 14.2          Entire
Agreement. This Agreement contains the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express
terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

 

Section 14.3          Amendment.

 

(a)          This Agreement
may be amended from time to time by the parties hereto, without notice to or the consent of any of the Holders, (i) to cure
any ambiguity or to correct any error, (ii) to cause the provisions herein to conform to or be consistent with or in furtherance
of the statements made with respect to the Certificates, the Trust or this Agreement in the Preliminary Prospectus, the Final Prospectus
or the Private Placement Memorandum, or to correct or supplement any provision herein which may be inconsistent with any other
provisions herein, (iii) to amend any provision hereof to the extent necessary or desirable to maintain the status of each
REMIC Pool as a REMIC (or of the Grantor Trust as a grantor trust or to facilitate the administration or reporting thereof) for
the purposes of federal income tax law (or comparable provisions of state income tax law), (iv) to make any other provisions
with respect to matters or questions arising under or with respect to this Agreement not inconsistent with the provisions hereof,
(v) to modify, add to or eliminate the provisions of Article III relating to transfers of Class R Certificates, (vi) to
amend any provision herein to the extent necessary or desirable to list the Certificates on a stock exchange, including, without
limitation, the appointment of one or more sub-certificate administrators and the requirement that certain information be delivered
to such sub-certificate administrators, (vii) to modify the provisions relating to the timing of Advance reimbursements in
order to conform them to the commercial mortgage-backed securities industry standard for such provisions if (w) the Depositor,
the Trustee and the Master Servicer determine that that industry standard has changed, (x) such modification will not result
in an Adverse REMIC Event or Adverse Grantor Trust Event, as evidenced by an Opinion of Counsel, (y) each Rating Agency shall
have been provided with a Rating Agency Communication with respect to such modification and (z) during any Subordinate Control
Period and any Collective Consultation Period, the Controlling Class Representative consents to such modification, (viii) to
modify the procedures relating to Exchange Act Rule 17g-5, provided that if such modification materially increases
the obligations of the Trustee, the Certificate Administrator, the Custodian, the 17g-5 Information Provider, the Trust Advisor,
the Depositor, the Master Servicer or the Special Servicer, then the consent of such party shall be required; provided,
further, that notice of any such amendment must be provided by the Trustee to the 17g-5 Information Provider, who shall
post such notice to the 17g-5 Information Provider’s Website on the same Business Day of receipt provided that such information
is received by 2:00 p.m. (New York City time) or, if received after 2:00 p.m. (New York City time), by 2:00 p.m. (New York City
time) on the next Business Day, and deliver notice to the Rating Agencies, (ix) to modify, alter, amend, add to or rescind
any of the provisions contained in this Agreement if and to the extent necessary to comply with any rules or regulations promulgated,
or any guidance provided, with respect to Rule 15Ga-1 under the Exchange Act, (x) to amend Section 1.7 or the definition
of “Rating Agency Confirmation”, (xi) if a TIA Applicability Determination is made, to modify, eliminate or add to
the provisions of this Agreement (and, if necessary, the Certificates) to the extent necessary to (A) effect the

 

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qualification
of this Agreement under the TIA or under any similar federal statute hereafter enacted and to add to this Agreement (and, if necessary,
the Certificates) such other provisions as may be expressly required by the TIA, and (B) modify such other provisions of this Agreement
(and, if necessary, the Certificates) to the extent necessary to make those provisions consistent with, and conform to, the modifications
made pursuant to clause (A); provided that any amendment pursuant to this clause (xi) shall be at the sole cost and expense of
the Depositor, or (xii) to make any other amendment which does not adversely affect in any material respect the interests
of any Certificateholder (unless such Certificateholder consents). No such amendment effected pursuant to clause (i),
(ii) or (iv) of the preceding sentence shall (A) adversely affect in any material respect the interests
of any Certificateholder not consenting thereto without the consent of 100% of the Certificateholders (if adversely affected) or
(B) adversely affect the status of any REMIC Pool as a REMIC (or of the Grantor Trust as a grantor trust) for purposes of
federal income tax law (or comparable provisions of state income tax law). Prior to entering into any amendment without the consent
of Holders pursuant to this paragraph, the Trustee may require an Opinion of Counsel, addressed to the parties to this Agreement,
to the effect that such amendment is permitted under this paragraph and a Nondisqualification Opinion.

 

(b)          Reserved.

 

(c)          This Agreement
may also be amended from time to time by the parties with the consent of the Holders of Certificates representing not less than
51% of the aggregate Voting Rights of the Certificates then outstanding, 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; provided
that no such amendment may (i) directly or indirectly reduce in any manner the amount of, or delay the timing of, the distributions
required to be made on any Certificate without the consent of the Holder of such Certificate, (ii) modify this Section 14.3
without the consent of 100% of the Certificateholders, (iii) eliminate or reduce the Master Servicer’s or the Trustee’s
obligation to make an Advance, including without limitation, in the case of the Master Servicer, the obligation to advance on a
Serviced B Note or Serviced Companion Loan, or alter the Servicing Standard except as may be necessary or desirable to comply with
the REMIC Provisions, (iv) adversely affect the status of any REMIC Pool as a REMIC for federal income tax purposes (as evidenced
by a Nondisqualification Opinion) without the consent of 100% of the Certificateholders (including the Class R Certificateholders),
or the status of the Grantor Trust as a grantor trust without the consent of 100% of the holders of the Class V Certificates, (v)
adversely affect the interests of any Class of Certificateholders (other than as contemplated by clause (i), (ii)
or clause (vi) of this sentence) without the consent of Certificateholders entitled to 66-2/3% of the Voting Rights
allocated to such Class, and (vi) adversely affect the Voting Rights of any Class of Certificateholders without the consent of
Certificateholders entitled to 100% of the Voting Rights allocated to such Class. The Trustee may request, at its option, to receive
a Nondisqualification Opinion and an Opinion of Counsel that any amendment pursuant to this Section 14.3(c) is permitted
by this Agreement at the expense of the party requesting the amendment.

 

(d)          The costs and
expenses associated with any such amendment, including those related to Opinions of Counsel, shall be borne by the Depositor if
the Trustee is the party requesting such amendment or if pursuant to clauses (i), (ii) and (iii)
of Section 14.3(a). In all other cases, the costs and expenses shall be borne by the party requesting the amendment.

 

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(e)          Promptly after
the execution of any such amendment, the Certificate Administrator shall furnish written notification of the substance of such
amendment to each Holder, the other parties hereto and the 17g-5 Information Provider.

 

(f)          It shall not be
necessary for the consent of Holders under this Section 14.3 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 Holders shall be in writing and shall be subject to such reasonable regulations as
the Trustee may prescribe.

 

(g)          Notwithstanding
anything to the contrary contained in this Section 14.3, the parties hereto agree that this Agreement may not be amended
in any manner materially adverse to any Underwriter or any Initial Purchaser, the holder of any Serviced B Note or the holder of
any Serviced Companion Loan without the prior written consent of such Underwriter or Initial Purchaser, the holder of such Serviced
B Note or the holder of such Serviced Companion Loan, respectively.

 

(h)          Notwithstanding
any contrary provisions of this Agreement, this Agreement may not be amended in a manner that would increase the obligations or
impair the rights of any Seller under the related Mortgage Loan Purchase Agreement without the prior written consent of such Seller.

 

(i)          In addition, if
one but not all of the Mortgage Notes evidencing a Joint Mortgage Loan is repurchased by the applicable Sellers, this Agreement
may be amended by the parties hereto (at the expense of the party requesting such amendment), 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 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 8.30 shall govern the servicing and administration of such Joint Mortgage Loan.

 

(j)          If neither the
Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 14.3 shall be effective with
the consent of the Trustee, the Certificate Administrator, the Custodian, the Trust Advisor, the Master Servicer and the Special
Servicer, in writing, and to the extent required by this Section 14.3, the Certificateholders and the holder of any Serviced
B Note or Serviced Companion Loan.

 

Section
14.4          GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES,
OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS AND DECISIONS OF THE STATE OF NEW YORK. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE

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NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section 14.5          Notices.
     All demands, notices and communications hereunder shall be in writing and shall be deemed to
have been duly given when received by:

 

		(a)	in the case of the Depositor, Morgan Stanley Capital I Inc., 1585 Broadway, New York, New York
10036, Attention: Stephen Holmes (with a copy to Morgan Stanley Capital I Inc., 1221 Avenue of the Americas, New York, New York
10020, Attention: Legal Compliance Division);

 

		(b)	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, facsimile:
(913) 253-9001 (with a copy to Stinson Leonard Street LLP, 1201 Walnut Street, Suite 2900, Kansas City, Missouri 64106-2150, Attention:
Kenda K. Tomes, facsimile: (816) 412-9338;

 

		(c)	in the case of UBSRES, UBS Real Estate Securities Inc., 1285 Avenue of the Americas, New York,
New York 10019, Attention: David Schell, with a copy to: UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019,
Attention: Henry Chung and Office of General Counsel, with a copy to: UBS AG, 153 West 51st Street, New York, New York 10019, Attention:
Chad Eisenberger, Executive Director & Counsel;

 

		(d)	in the case of BANA, Bank of America, National Association, One Bryant Park, New York, New York
10036, Attention: Leland F. Bunch, III, facsimile: (646) 855-5044 (with a copy to W. Todd Stillerman, Esq., Assistant General Counsel
and Director, Bank of America Corporation, 214 North Tryon Street, 20th Floor, NC1-027-20-05, Charlotte, North Carolina 28255,
facsimile: (404) 736-2127 and with a copy to Henry A. LaBrun, Esq., Cadwalader, Wickersham & Taft LLP, 227 West Trade Street,
Charlotte, North Carolina 28202, facsimile: (704) 348-5200);

 

		(e)	in the case of MSMCH, Morgan Stanley Mortgage Capital Holdings LLC, 1585 Broadway, New York, New
York 10036, Attention: Stephen Holmes (with a copy to Morgan Stanley Mortgage Capital Holdings LLC, 1221 Avenue of the Americas,
New York, New York 10020, Attention: Legal Compliance Division);

 

		(f)	in the case of the Special Servicer, Rialto Capital Advisors, LLC, 790 NW 107th Avenue, 4th Floor,
Miami, Florida 33172, Attention: Liat Heller, facsimile: (305) 229-6425 (with separate copies to the attention of Jeff Krasnoff,
Niral Shah and Adam Singer, Rialto Capital Advisors, LLC, 790 NW 107th Avenue, 4th Floor, Miami, Florida 33172, facsimile: (305)
229-6425);

 

		(g)	in the case of the Trust Advisor,
                                         Situs Holdings, LLC, 2 Embarcadero Center, Suite 1300, San Francisco, California 94111,
                                         Attention: Stacey Ciarlanti, Email: Stacey.Ciarlanti@situs.com (with a copy to
                                         Situs Group, LLC, 5065 Westheimer

 

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	 	 	Road, Suite 700E, Houston, Texas 77056, Attention: Legal Department,
                              Email: Legal@situs.com);

 

		(h)	in the case of the initial Controlling Class Representative, RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Josh Cromer, facsimile: (212) 751-4646
(with a copy to RREF III Debt AIV, LP, c/o Rialto Capital Management LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022,
Attention: Joseph Bachkosky, facsimile: (212) 751-4646);

 

		(i)	in the case of the Trustee, the Certificate Administrator or the 17g-5 Information Provider, Wells
Fargo Bank, National Association, the Corporate Trust Office thereof. Attention: MSCI 2015-UBS8, facsimile (410) 715-2380; and

 

		(j)	in the case of the Custodian, Wells Fargo Bank, National Association, 1055 10th Avenue SE, Minneapolis,
Minnesota 55414, Attention: Mortgage Document Custody Services, Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through
Certificates, Series 2015-UBS8;

 

or as to each party such other address
as may hereafter be furnished by such party to the other parties in writing. Any notice required or permitted to be mailed to a
Holder shall be given by first class mail, postage prepaid, at 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 Holder
receives such notice. Solely to the extent the provisions herein contemplate electronic delivery of information, such information
shall be transmitted via electronic mail with a subject reference of “MSCI 2015-UBS8” and an identification of the
type of information being provided in the body of such electronic mail:

 

		(a)	in the case of the Depositor, to stephen.holmes@morganstanley.com;

 

		(b)	in the case of the Master Servicer, to NoticeAdmin@midlandls.com (and solely with respect to notices
under Section 5.7 of this Agreement, with a copy to AskMidland@midlandls.com);

 

		(c)	in the case of UBSRES, to david.schell@ubs.com, nicholas.galeone@ubs.com, henry.chung@ubs.com and
chad.eisenberger@ubs.com;

 

		(d)	in the case of BANA, to william.stillerman@bankofamerica.com,
leland.f.bunch@baml.com, paul.kurzeja@bankofamerica.com and henry.labrun@cwt.com;

 

		(e)	in the case of MSMCH, to stephen.holmes@morganstanley.com
and james.y.lee@morganstanley.com;

 

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		(f)	in the case of the Special Servicer, to liat.heller@rialtocapital.com; jeff.krasnoff@rialtocapital.com;
niral.shah@rialtocapital.com; adam.singer@rialtocapital.com;

 

		(g)	in the case of the Trust Advisor, to Stacey.Ciarlanti@situs.com;

 

		(h)	in the case of the initial Controlling Class Representative, to josh.cromer@rialtocapital.com;
joseph.bachkosky@rialtocapital.com;

 

		(i)	in the case of the Trustee and Certificate Administrator, to trustadministrationgroup@wellsfargo.com
and cts.cmbs.bond.admin@wellsfargo.com; and

 

		(j)	in the case of the 17g-5 Information Provider, to the extent not described in Section 5.7, to 17g5informationprovider@wellsfargo.com.

 

Section 14.6          Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions
of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 14.7          Indulgences;
No Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of
any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

 

Section 14.8          Headings
Not to Affect Interpretation. The headings contained in this Agreement are for convenience of reference only, and shall not
be used in the interpretation hereof.

 

Section 14.9          Benefits
of Agreement. Nothing in this Agreement or in the Certificates, express or implied, shall give to any Person, other than the
parties to this Agreement and their successors hereunder and the Holders of the Certificates, any benefit or any legal or equitable
right, power, remedy or claim under this Agreement; provided, that: (i) the Underwriters and Initial Purchasers are
intended third-party beneficiaries of Section 5.7, of Section 14.3(g) and of any other provision hereunder
that expressly grants them any rights, including the right to indemnity and the right to receive notices, reports and access to
information; (ii) each Seller and any related Seller Guarantor is an intended third-party beneficiary of Section 2.3(e),
Section 5.7, Section 8.3(h) and any other Section of this Agreement that affords such Seller and any related
Seller Guarantor rights hereunder; (iii) the holder of any Serviced Companion Loan and any Serviced B Note, if any, is an intended
third-party beneficiary in respect of the rights afforded it hereunder; (iv) the applicable Non-Serviced

 

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Mortgage Loan Master
Servicer, Non-Serviced Mortgage Loan Special Servicer, Non-Serviced Mortgage Loan Trustee, Non-Serviced Mortgage Loan Fiscal Agent
and Non-Serviced Mortgage Loan securitization trust are intended third-party beneficiaries of Section 4.1A, Section
4.4(c), Section 5.2(a)(I)(ii)(B), Section 8.1(f) and Article XIII; (v) each Other Indemnified Party
and each related Other Securitization is an intended third-party beneficiary of Section 1.6(r) and Section 5.2(a)(I)(vi);
(vi) the Mortgagor(s) set forth in Schedule VI hereto are intended third-party beneficiaries of the fifth and sixth paragraphs
of Section 2.3(a); and (vii) if one, but not all, of the Mortgage Notes with respect to any Joint Mortgage Loan is repurchased,
the applicable Repurchasing Seller shall be a third party beneficiary of this Agreement to the same extent as if it was a holder
of a Serviced Companion Loan, as contemplated by Section 8.30 hereof.

 

Section 14.10          Reserved.

  

Section 14.11         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement
in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original
counterpart of this Agreement.

 

Section 14.12          Intention
of Parties. It is the express intent of the parties hereto that the conveyance of the Mortgage Loans and related rights and
property to the Trustee, for the benefit of the Certificateholders, by the Depositor as provided in Section 2.1 be,
and be construed as, an absolute sale of the Mortgage Loans and related property. It is, further, not the intention of the parties
that such conveyance be deemed a pledge of the Mortgage Loans and related property by the Depositor to the Trustee to secure a
debt or other obligation of the Depositor. However, if, notwithstanding the intent of the parties, the Mortgage Loans or any related
property is held to be the property of the Depositor, or if for any other reason this Agreement is held or deemed to create a
security interest in the Mortgage Loans or any related property, then this Agreement shall be deemed to be a security agreement;
and the conveyance provided for in Section 2.1 shall be deemed to be a grant by the Depositor to the Trustee, for
the benefit of the Certificateholders, of, and the Depositor hereby grants to the Trustee, for the benefit of the Certificateholders,
a security interest in all of the Depositor’s right, title, and interest, whether now owned or existing or hereafter acquired
or arising, in, to and under:

 

(i)          the property
described in clauses (1)-(4) below (regardless of whether subject to the UCC or how classified thereunder) and all
accounts, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit and investment property consisting of, arising from or relating to any of the property described
in clauses (1)-(4) below: (1) the Mortgage Loans identified on the Mortgage Loan Schedule, including the related
Mortgage Notes, Mortgages, security agreements, and title, hazard and other insurance policies, including all Qualifying Substitute
Mortgage Loans, all distributions with respect thereto payable on and after the Cut-Off Date, and the Mortgage Files; (2) the
Distribution Account, all REO Accounts, the Collection Account, and the Reserve Accounts, including all property therein and all
income from the investment of funds therein (including any accrued discount realized on liquidation of any investment purchased
at a discount); (3) the REMIC I Regular Interests and the REMIC II Regular Interests; and (4) the

 

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Mortgage Loan
Purchase Agreements that are permitted to be assigned to the Trustee pursuant to Section 14 thereof;

 

(ii)          all accounts,
general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit, investment property, and other rights arising from or by virtue of the disposition of, or collections
with respect to, or insurance proceeds payable with respect to, or claims against other Persons with respect to, all or any part
of the collateral described in clause (i) above (including any accrued discount realized on liquidation of any investment
purchased at a discount); and

 

(iii)          all cash and
non-cash Proceeds (as defined in the Uniform Commercial Code) of the collateral described in clauses (i) and (ii)
above.

 

The possession by the
Custodian (on the Trustee’s behalf) of the Mortgage Notes, the Mortgages and such other goods, advices of credit, instruments,
money, documents, chattel paper or certificated securities and the possession by the Master Servicer (on the Trustee’s behalf)
of the letters of credit shall be deemed to be possession by the secured party or possession by a purchaser for purposes of perfecting
the security interest pursuant to the Uniform Commercial Code (including, without limitation, Sections 8-301 and 9-315 thereof)
as in force in the relevant jurisdiction.

 

Notifications to Persons
holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed to be
notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents of, or persons
holding for, the Trustee, as applicable, for the purpose of perfecting such security interest under applicable law.

 

The Depositor and, at
the Depositor’s direction, the Master Servicer and the Trustee, shall, to the extent consistent with this Agreement, take
such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the
property described above, such security interest would be deemed to be a perfected security interest of first priority under applicable
law and will be maintained as such throughout the term of the Agreement. The Master Servicer shall prepare and make all filings
necessary to maintain the effectiveness of any original filings necessary under the Uniform Commercial Code as in effect in any
jurisdiction to perfect the Trustee’s security interest in such property, including without limitation (i) continuation
statements, and (ii) such other statements as may be occasioned by any transfer of any interest of the Master Servicer or
the Depositor in such property. In connection herewith, the Trustee shall have all of the rights and remedies of a secured party
and creditor under the Uniform Commercial Code as in force in the relevant jurisdiction.

 

Section 14.13          Recordation
of Agreement. 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, if any, shall be effected by the Master Servicer
at the expense of the Trust as an Additional Trust Expense, but only upon direction of the Depositor accompanied by an opinion
of counsel to the

 

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effect that such recordation materially and beneficially affects the interests of the Certificateholders of
the Trust.

 

Section 14.14          Rating
Agency Surveillance Fees. The parties hereto acknowledge that on the Closing Date the Sellers will pay the ongoing monitoring
fees of the Rating Agencies relating to the rating of the Certificates and that no surveillance fees are payable subsequent to
the Closing Date in respect of the rating of the Certificates.

 

Section 14.15          Waiver
of Jury Trial. EACH PARTY HERETO WAIVES ITS 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, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING
OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS,
OR OTHERWISE. EACH PARTY 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, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

Section 14.16          Submission
to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO
THE JURISDICTION OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING
TO THIS AGREEMENT; (II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
OR FEDERAL COURTS; (III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY
SUCH COURT; AND (IV) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 14.17          Limitation
on Rights of Holders.

 

(a)          The death or incapacity
of any Certificateholder shall not operate to terminate this Agreement or the Trust, nor entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or 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.

 

    	431

    	 

    

 

(b)          Except as otherwise
expressly provided herein, no Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right to
vote or in any manner otherwise control the Master Servicer or operation and management of the Trust, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms of the Certificates, be construed so as to constitute
the Certificateholders from time to time as partners or members of an association, nor shall any Certificateholder be under any
liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

 

(c)          No Certificateholder,
solely by virtue of its status as Certificateholder, shall have any right by virtue or by availing of any provision of this Agreement
or any Certificate to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement
or any Certificate unless the Holders of Certificates evidencing greater than 50% of the Aggregate Certificate Balance of the Certificates
then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the cost, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for sixty (60) days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and no direction inconsistent
with such written request has been given the Trustee during such sixty-day period by such Certificateholders; it being understood
and intended, and being expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that
no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing of any provision of
this Agreement or any Certificate to affect, disturb or prejudice the rights of the Holders of any other of such Certificates,
or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Agreement
or any Certificate, except in the manner herein provided and for the benefit of all Certificateholders. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.

 

(d)          No Certificateholder
shall be “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership of a Certificate.

 

Section 14.18          Acts
of Holders of Certificates.

 

(a)          Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee or the Custodian, as applicable, and, where it is hereby expressly required, to the
Depositor and the Certificate Administrator. Such instrument or instruments (as the action embodies therein and evidenced thereby)
are herein sometimes referred to as an “Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agents shall be sufficient for any purpose of this Agreement and conclusive
in favor of the Trustee, the Custodian, the Depositor and the Certificate

 

    	432

    	 

    

 

Administrator, if made in the manner provided in this
Section. Each of the Trustee and the Custodian agrees to promptly notify the Depositor of any such instrument or instruments received
by it, and to promptly forward copies of the same.

 

(b)          The fact and date
of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by the certificate of any notary public or other officer authorized by law to take acknowledgments or deeds, certifying that
the individual signing such instrument or writing acknowledged to such notary public or other officer the execution thereof. Whenever
such execution is by an officer of a corporation or a member of a partnership on behalf of such corporation or partnership, such
certificate or affidavit shall also constitute sufficient proof of such officer’s or member’s authority. The fact and
date of the execution of any such instrument or writing, or the authority of the individual executing the same, may also be proved
in any other manner which the Trustee deems sufficient.

 

(c)          The ownership
of Certificates (notwithstanding any notation of ownership or other writing thereon made by anyone other than the Trustee or the
Custodian) shall be proved by the Certificate Register, and none of the Trustee, the Custodian, the Depositor or the Certificate
Administrator shall be affected by any notice to the contrary.

 

(d)          Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder of any Certificate shall bind every future Holder
of the same Certificate and the Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Custodian, the Certificate
Administrator or the Depositor in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

    	433

    	 

    

 

Section 14.19          
Compliance with 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 parties hereto may be required to obtain, verify and
record certain information relating to individuals and entities which maintain a business relationship with such party. Accordingly,
each of the parties to this Agreement agrees to provide to any other party to this Agreement, upon request from time to time,
such identifying information and documentation as may be available in order to enable the requesting party to comply with Applicable
Laws.

 

Section
14.20          Precautionary Trust Indenture Act Provisions. If the
Depositor notifies the parties to this Agreement that it has determined, in consultation with the Trustee, that the TIA
applies to this Agreement or that qualification under the TIA or any similar federal statute hereafter enacted is required
(any such determination by the Depositor, a “TIA Applicability Determination”), then, (i) in the case of
the TIA, pursuant to Section 318 of the TIA (assuming such section is then in effect), the provisions of Sections 310 to and
including Section 317 of the TIA that impose duties on any person are part of and govern this Agreement, whether or not
physically contained herein, as and to the extent provided in Section 318 of the TIA; provided, that it shall be
deemed that the parties to this Agreement have agreed that, to the extent permitted under the TIA, this Agreement shall
expressly exclude any non-mandatory provisions that (x) conflict with the provisions of this Agreement or would otherwise
alter the provisions of this Agreement or (y) increase the obligations, liabilities or scope of responsibility of any party
hereto; (ii) the parties agree to cooperate in good faith with the Depositor to make such amendments to modify, eliminate or
add to the provisions of this Agreement to the extent necessary to effect the qualification of this Agreement under the TIA
or such similar statute and to add to this Agreement such other provisions as may be expressly required by the TIA or as may
be determined by the parties to be beneficial for compliance with the TIA; and (iii) upon the direction of the Depositor, the
Trustee shall file a Form T-1 or such other form as the Depositor informs the Trustee is required, with the Commission or
other appropriate institution.

 

Section 14.21          Limitation
on Liability of the Depositor and Others. Neither the Depositor nor any of the Affiliates,
directors, officers, employees, members, managers or agents of the Depositor shall be under any liability to the Certificateholders,
the Trust, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian, the Underwriters,
the Initial Purchasers, the holder of any Serviced B Note or the holder of any Serviced Companion Loan, and the Depositor (and
any of its Affiliates, directors, officers, employees, members, managers or agents) shall be entitled to indemnification from
the Trust for 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 any legal action incurred by it, arising out of or for any action
taken, or for refraining from the taking of any action, in good faith and using reasonable business judgment; provided,
that this provision shall not protect the Depositor or any such person against any breach of a representation or warranty contained
herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in its performance
of duties hereunder or by reason of negligent disregard of obligations and duties hereunder. The Depositor and any Affiliate,
director, officer, employee, member, manager or agent of the Depositor may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person

 

    	434

    	 

    

 

respecting any matters arising hereunder. In addition, in no event shall the
Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC® License
Fee to CREFC® (as described in Section 5.2(a)), to report any such CREFC® License Fee so
paid (as described in Section 8.11(a)) or to make available any Distribution Date Statement to the general public (as described
in Section 5.4(a) (or, in particular, CREFC®, as described in Section 5.4(k))).

 

Section 14.22          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.

 

[SIGNATURES
COMMENCE ON FOLLOWING PAGE]

 

    	435

    	 

    

 

 

IN WITNESS WHEREOF, the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Custodian, the Certificate Administrator, the 17g-5 Information Provider, the Certificate Registrar,
the Authenticating Agent and the Trust Advisor have caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.

	 	 	 
	 	MORGAN STANLEY CAPITAL I INC., 

as Depositor
	 	 	 
	 	By:	/s/ Zachary Fischer
	 	 	Name: Zachary Fischer
	 	 	Title:   Vice
    President 
	 	 	 

 

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

	STATE OF New York	)	 
	 	)	ss.:
	COUNTY OF New York	)	 

On this 14 day of December 2015,
before me, a notary public in and for said State, personally appeared Zachary Fischer, personally known to me (or proved to me
on the basis of satisfactory evidence) to be the person who executed the within instrument as Vice President on behalf of Morgan
Stanley Capital I Inc., and acknowledged to me that such corporation executed the within instrument pursuant to its by-laws or
a resolution of its Board of Directors.

IN WITNESS WHEREOF, I have hereunder
set my hand and affixed my official seal the day and year in this certificate first above written.

	 	 
	 	/s/ MATTHEW A. BAVOSO 
	 	Notary Public
	 	 
	[SEAL]	
        MATTHEW A. BAVOSO

        Notary Public, State of New York

        No. 02BA6276232

        Qualified in New York County

        Commission Expires 02/11/2017

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

	 	MIDLAND LOAN SERVICES, A DIVISION 

OF PNC BANK, NATIONAL 

ASSOCIATION, 

as Master Servicer
	 	 	 
	 	By:	PNC Bank, National Association
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title:   Senior
    Vice President
	 	 	 

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

	STATE OF KANSAS	)	 
	 	)	ss.:
	COUNTY OF JOHNSON	)	 

On
this 14th day of December 2015, before me, a notary public in and for said State, personally appeared David A. Eckels, personally
known to me (or proved to me on the basis of satisfactory evidence) to be the person who executed the within instrument as a Senior
Vice President of Midland Loan Services, a Division of PNC Bank, National Association, and acknowledged to me that such corporation
executed the within instrument pursuant to its by-laws or a resolution of its Board of Directors.

IN WITNESS WHEREOF, I have hereunder set my hand and affixed my official seal the day and year in this certificate
first above written.

 

	 	 
	 	/s/ Brent Kinder
	 	Notary Public
	 	 
	 	
        BRENT KINDER

        NOTARY PUBLIC - State of Kansas

        My Appt. Exp. January 30, 2018

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

 

	 	RIALTO CAPITAL ADVISORS, LLC, 

as Special Servicer
	 	 	 
	 	By:	/s/ Cheryl Baizan
	 	 	Name: Cheryl Baizan
	 	 	Title:   Chief
    Financial Officer
	 	 	 

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

 

	STATE OF FLORIDA	)	 
	 	)	ss.:
	COUNTY OF MIAMI-DADE	)	 

On this 14 day of December 2015, before me, a notary
public in and for said State, personally appeared Cheryl Baizan, personally known to me to be the person who executed the within
instrument as Chief Financial Officer of Rialto Capital Advisors, LLC, and acknowledged to me that such limited liability company
executed the within instrument pursuant to its limited liability company agreement or a resolution of its governing body.

IN WITNESS WHEREOF, I have hereunder set my hand and
affixed my official seal the day and year in this certificate first above written.

	 	 
	 	/s/ MARIA GONZALEZ-RODRIGUEZ
	 	Notary Public
	 	 
	[SEAL]	
        MARIA GONZALEZ-RODRIGUEZ

        Commission # FF 902618

        Expires August 24, 2019

        Bonded thru Troy Fahn Insurance 800-385-7019

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

 

	 	SITUS HOLDINGS, LLC, 

as Trust Advisor
	 	 	 
	 	By:	/s/ George Wisniewski
	 	 	Name: George Wisniewski 
	 	 	Title:   Senior
    Managing Director

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

 

 

 

ACKNOWLEDGMENT

 

	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 
	 	 
	State of California	 
	County of San Francisco)	 	 
	 	 
	On December 10, 2015 before me, Theresa R. Dye, Notary Public
	 	(insert name and title of the officer)
	 	 
	
        personally appeared  George Wisniewski,

        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 executed the same in his authorized
        capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed
        the instrument.

        I certify under PENALTY OF PERJURY under the laws
        of the State of California that the foregoing paragraph is true and correct.

        WITNESS my hand and official seal.

	Signature     Theresa R. Dye    (Seal)	
        THERESA R. DYE

        Commission # 2069588

        Notary Public - California

        San Francisco County

        My Comm. Expires Jun 26, 2018

	 	 	 	 

 

 

    	 

    	 

    

 

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, 

as Trustee, Certificate Administrator, 17g-5 

Information Provider, Authenticating Agent, 

Certificate Registrar and Custodian
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title:   Vice
    President 

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

 

    	 

    	 

    

 

	STATE OF Maryland	)	 
	 	)	ss.:
	COUNTY OF Howard	)	 

 

On
this 11th day of December 2015, before me, a notary public in and for said State, personally appeared Stacey Gross, personally
known to me (or proved to me on the basis of satisfactory evidence) to be the person who executed the within instrument as VP
of Wells Fargo Bank, NA and acknowledged to me that such corporation executed the within instrument pursuant to its by-laws or
a resolution of its Board of Directors.

IN WITNESS WHEREOF, I have hereunder set my hand and affixed my official seal the day and year in this certificate
first above written.

 

	 	 
	 	/s/ AMY MARTIN
	 	Notary Public
		 
		
        AMY MARTIN

        NOTARY PUBLIC

        ANNE ARUNDEL COUNTY

        MARYLAND

        My Commission Expires 2-22-2017

 

MSCI 2015-UBS8 – Pooling and
Servicing Agreement

 

    	 

    	 

    

 

 

 

 

MORGAN STANLEY CAPITAL I INC.,

AS DEPOSITOR,

 

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

AS MASTER SERVICER,

 

RIALTO CAPITAL ADVISORS, LLC,

AS SPECIAL SERVICER,

 

SITUS HOLDINGS, LLC,

AS TRUST ADVISOR,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, CERTIFICATE ADMINISTRATOR, CERTIFICATE REGISTRAR, AUTHENTICATING AGENT AND CUSTODIAN

 

 

 

EXHIBITS AND SCHEDULES TO

POOLING AND SERVICING AGREEMENT

 

DATED AS OF DECEMBER 1, 2015

 

 

 

MORGAN STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 2015-UBS8

 

 

 

    	 

    	 

    

 

EXHIBIT
A-1

[FORM OF CLASS A-1 CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-1-1

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: 1.966% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS A-1 CERTIFICATES AS OF THE CLOSING DATE: $32,700,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS A-1 CERTIFICATE AS OF THE CLOSING DATE: $32,700,000

         

        NO. A-1-1

        
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.   61691A
        BG7

         

        ISIN NO.       US61691ABG76

         

		

 

CLASS A-1
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the
Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent
provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time
to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent
not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

    	A-1-2

    	 

    

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class A-1 Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of
the Class A-1 Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class A-1 Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

    	A-1-3

    	 

    

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding
the above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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-1-4

    	 

    

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

    	A-1-5

    	 

    

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-1-6

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-1 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        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-1-8

    	 

    

 

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-1-9

    	 

    

 

EXHIBIT
A-2

 

[FORM OF CLASS A-2 CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-2-1

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: 3.324% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS A-2 CERTIFICATES AS OF THE CLOSING DATE: $6,300,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS A-2 CERTIFICATE AS OF THE CLOSING DATE: $6,300,000

         

        NO. A-2-1

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.   61691A
        BH5

         

        ISIN NO.      US61691ABH59

         

CLASS A-2
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the
Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent
provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time
to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent
not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

    	A-2-2

    	 

    

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class A-2 Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of
the Class A-2 Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class A-2 Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

    	A-2-3

    	 

    

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding
the above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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-2-4

    	 

    

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

    	A-2-5

    	 

    

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-2-6

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-2 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        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-2-8

    	 

    

 

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-2-9

    	 

    

 

EXHIBIT
A-3

[FORM OF CLASS A-SB CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-3-1

    	 

    

 

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: 3.626% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS A-SB CERTIFICATES AS OF THE CLOSING DATE:
        $51,500,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS A-SB CERTIFICATE AS OF THE CLOSING DATE: $51,500,000

         

        NO. A-SB-1

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.   61691A
        BJ1

         

        ISIN NO.      US61691ABJ16

         

CLASS A-SB
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian,
the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent provisions
of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time to time be
held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

    	A-3-2

    	 

    

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class A-SB Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of
the Class A-SB Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class A-SB Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

    	A-3-3

    	 

    

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding
the above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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-3-4

    	 

    

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

    	A-3-5

    	 

    

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-3-6

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-SB CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        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-3-8

    	 

    

 

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-3-9

    	 

    

 

EXHIBIT
A-4

[FORM OF CLASS A-3 CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-4-1

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: 3.540% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS A-3 CERTIFICATES AS OF THE CLOSING DATE: $160,000,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS A-3 CERTIFICATE AS OF THE CLOSING DATE: $160,000,000

         

        NO. A-3-1

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.   61691A
        BK8

         

        ISIN NO.      US61691ABK88

         

CLASS A-3
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian,
the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent provisions
of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time to time be
held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

    	A-4-2

    	 

    

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class A-3 Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of
the Class A-3 Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class A-3 Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

    	A-3-3

    	 

    

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding
the above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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-4-4

    	 

    

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

    	A-4-5

    	 

    

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-4-6

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-3 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        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-4-8

    	 

    

 

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-4-9

    	 

    

 

EXHIBIT
A-5

[FORM OF CLASS A-4 CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-5-1

    	 

    

 

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: 3.809% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS A-4 CERTIFICATES AS OF THE CLOSING DATE: $313,000,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS A-4 CERTIFICATE AS OF THE CLOSING DATE: $313,000,000

         

        NO. A-4-1

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.     61691A
        BL6

         

        ISIN NO.         US61691ABL61

         

CLASS A-4
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the
Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent
provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time
to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent
not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

    	A-5-2

    	 

    

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class A-4 Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of
the Class A-4 Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class A-4 Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

    	A-5-3

    	 

    

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a
Certificateholder by wire transfer in immediately available funds to an account specified in the request of such Certificateholder.
Notwithstanding the above, the final distribution on any Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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-5-4

    	 

    

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

    	A-5-5

    	 

    

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-5-6

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-4 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-5-8

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-5-9

    	 

    

 

EXHIBIT
A-6

[FORM OF CLASS X-A CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS MULTIPLE
“REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE

 

    	A-6-1

    	 

    

  

 DEFINED, RESPECTIVELY,
IN SECTION 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-6-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

 COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: VARIABLE

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        NOTIONAL AMOUNT OF THE CLASS x-a CERTIFICATES AS OF THE CLOSING DATE: $563,500,000

         

        Notional
        Amount of this Class X-A Certificate as of the Closing Date: $[_]

         

        NO. X-A-[_]

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.     61691A
        BM4

         

        ISIN NO.         US61691ABM45

         

CLASS X-A
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the
Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent
provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time
to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent
not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,

 

    	A-6-1

    	 

    

 

Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-A Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-A
Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-A Certificates 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.

 

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 Certificates are limited in right of payment
to 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, 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.

 

    	A-6-2

    	 

    

 

All distributions under the Pooling and Servicing
Agreement to a nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a
Certificateholder by wire transfer in immediately available funds to an account specified in the request of such Certificateholder.
Notwithstanding the above, the final distribution on any Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 duly authorized in writing, and thereupon
one or more new Certificates of the same Class in authorized denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-A Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole dollar
denomination in excess thereof.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of

 

    	A-6-3

    	 

    

 

DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-6-4

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-A CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-6-6

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-6-7

    	 

    

 

EXHIBIT
A-7

[FORM OF CLASS A-S CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THIS
CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THE
CERTIFICATE BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS
AND/OR EXCESS TRUST ADVISOR EXPENSES ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,

 

    	A-7-1

    	 

    

 

RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-7-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH
        RATE: 4.114% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS A-S CERTIFICATES AS OF THE CLOSING DATE: $48,300,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS A-S CERTIFICATE AS OF THE CLOSING DATE: $48,300,000

         

        NO. A-S-1

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.   61691A
        BN2

         

        ISIN NO.     US61691ABN28

         

CLASS
A-S CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued pursuant
to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”), between
Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian,
the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent provisions
of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time to time be
held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,

 

    	A-7-3

    	 

    

 

Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class A-S Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
A-S Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class A-S Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F

 

    	A-7-4

    	 

    

 

Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a
Certificateholder by wire transfer in immediately available funds to an account specified in the request of such Certificateholder.
Notwithstanding the above, the final distribution on any Certificate will be made only upon presentation and surrender of such
Certificate at the location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 duly authorized in writing, and thereupon
one or more new Certificates of the same Class in authorized denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

    	A-7-5

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,

 

    	A-7-6

    	 

    

 

AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-7-7

    	 

    

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-S CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-7-9

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-7-10

    	 

    

 

EXHIBIT
A-8

[FORM OF CLASS B CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THIS CERTIFICATE IS SUBORDINATED IN
RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,

 

    	A-8-1

    	 

    

 

RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-8-2

    	 

    

  

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	PASS-THROUGH
        RATE: LESSER OF 4.315% PER ANNUM and the weighted average remic i net mortgage rate

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF december 1, 2015

         

        CUT-OFF
        DATE: DECEMBER 1, 2015

         

        CLOSING
        DATE: DECEMBER 15, 2015

         

        FIRST
        DISTRIBUTION DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS B CERTIFICATES AS OF THE CLOSING DATE: $53,331,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS B CERTIFICATE AS OF THE CLOSING DATE: $53,331,000

         

        NO.
        b-1
	 	MASTER
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: rialto capital advisors, LLC

         

        TRUST
        ADVISOR: situs holdings, LLC

         

        TRUSTEE/CERTIFICATE
ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.      61691A BP7

         

        ISIN
        NO.          US61691ABP75

 

CLASS
B CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the
Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent
provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time
to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties.

 

    	A-8-3

    	 

    

 

To the extent
not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class B Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
B Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal  and interest
on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class B Certificates 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.

 

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.

 

Collateral Support Deficits shall be
allocated on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set
forth in the Pooling 

  

    	A-8-4

    	 

    

 

and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F
Certificates and the Control Eligible
Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor Expenses allocated to any
such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding
the above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 duly authorized in writing, and

 

    	A-8-5

    	 

    

 

thereupon
one or more new Certificates of the same Class in authorized denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

    	A-8-6

    	 

    

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-8-7

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS B CERTIFICATES REFERRED
TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional abbreviations may also be used
though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

 

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-8-9

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-8-10

    	 

    

 

EXHIBIT
A-9

[FORM OF CLASS C CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE UNDERWRITERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

THIS CERTIFICATE IS SUBORDINATED IN
RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO THIS CERTIFICATE. 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.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR OR ITS AGENT 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 HEREON 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.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,

 

    	A-9-1

    	 

    

 

RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-9-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	PASS-THROUGH
        RATE: THE WEIGHTED AVERAGE REMIC I NET MORTGAGE RATE

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF december 1, 2015

         

        CUT-OFF
        DATE: December 1, 2015

         

        CLOSING
        DATE: December 15, 2015

         

        FIRST
        DISTRIBUTION DATE: january 15, 2016

         

        AGGREGATE
        CERTIFICATE BALANCE OF THE CLASS C CERTIFICATES AS OF THE CLOSING DATE: $37,231,000

         

        CERTIFICATE
        BALANCE OF THIS CLASS C CERTIFICATE AS OF THE CLOSING DATE: $37,231,000

         

        NO.
        C-1
	 	MASTER
        SERVICER: MIDLAND LOAN
SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: rialto capital advisors, LLC

         

        TRUST
        ADVISOR: Situs holdings, LLC

         

        TRUSTEE/CERTIFICATE
ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.   61691A BQ5

         

        ISIN
        NO.      US61691ABQ58 

 

CLASS
C CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT CEDE & CO. is the
registered owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued
pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”),
between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the
Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent
provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time
to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent
not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

    	A-9-3

    	 

    

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class C Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
C Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal  and interest
on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class C Certificates 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.

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

    	A-9-4

    	 

    

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates and the Control Eligible
Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor Expenses allocated to any
such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 nominee of The Depository Trust Company (“DTC”) will be made by or on behalf of the Certificate
Administrator by check mailed to such Holder’s address as it appears on the Certificate Register of the Certificate Registrar
or, upon written request to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions
given to the Certificate Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time
thereafter upon written notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder
by wire transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding
the above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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-9-5

    	 

    

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

Notwithstanding the foregoing, for so long
as this Certificate is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC, transfers of interests in this Certificate shall be made through the book entry facilities of DTC.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

    	A-9-6

    	 

    

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-9-7

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS C CERTIFICATES REFERRED
TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional abbreviations may also be used
though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

 

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-9-9

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following
for purposes of distribution:

 

Distributions shall be made, by wire transfer
or otherwise, in immediately available funds to_____________ for the account of _________________________________________________
account number ______________ or, if mailed by check, to _________________ ______________________. Statements should be mailed
to ____________________. This information is provided by assignee named above, or _______________________, as its agent.

 

    	A-9-10

    	 

    

 

EXHIBIT
A-10

[FORM OF CLASS X-B CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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 

 

    	A-10-1

    	 

    

 

INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY: THE INITIAL
NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS MULTIPLE
“REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTION 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-10-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	PASS-THROUGH
        RATE: VARIABLE

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2015

         

        CUT-OFF
        DATE: December 1, 2015

         

        CLOSING
        DATE: decEMBER 15, 2015

         

        FIRST
        DISTRIBUTION DATE: january 15, 2016

         

        AGGREGATE
        NOTIONAL AMOUNT OF THE CLASS X-B CERTIFICATES AS OF THE CLOSING DATE: $101,631,000

         

        NOTIONAL
        AMOUNT OF THIS Class X-B CERTIFICATE AS OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO
        SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO.
        X-B-[_]
	 	MASTER
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: rialto capital advisors, LLC

         

        TRUST
        ADVISOR: situs holdings, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE REGISTRAR/ AUTHENTICATING AGENT/Custodian: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.     61691a aa11

                                 U7501u
        aa72

                                 61691a
        ab93

         

        ISIN
        NO.         US61691aaa164

                                 usu7501uaa705

                                 US61691aab986

         

 

CLASS X-B
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6 For Definitive Certificates

 

    	A-10-3

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-B Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-B
Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-B Certificates 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.

 

    	A-10-4

    	 

    

 

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 Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of

 

    	A-10-5

    	 

    

 

this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-B Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole
dollar denomination in excess thereof.

 

    	A-10-6

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the
property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of
Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the

 

    	A-10-7

    	 

    

 

Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-10-8

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS X-B CERTIFICATES
REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional abbreviations may also be used
though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

 

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-10-10

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following
for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-10-11

    	 

    

 

 

[TO BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The following exchanges of a part of this Global Certificate
have been made:

 

    	A-10-12

    	 

    

 

EXHIBIT
A-11

[FORM OF CLASS X-D CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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

 

    	A-11-1

    	 

    

 

INSTITUTIONAL ACCREDITED INVESTOR WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY: THE INITIAL
NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS MULTIPLE
“REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY,
IN SECTION 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-11-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	PASS-THROUGH
        RATE: VARIABLE

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF december 1, 2015

         

        CUT-OFF
        DATE: December 1, 2015

         

        CLOSING
        DATE: december 15, 2015

         

        FIRST
        DISTRIBUTION DATE: january 15, 2016

         

        AGGREGATE
        NOTIONAL AMOUNT OF THE CLASS X-d CERTIFICATES AS OF THE CLOSING DATE: $43,269,000

         

        NOTIONAL
        AMOUNT OF THIS Class X-d CERTIFICATE AS OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO
        SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO.
        X-d-[_]
	 	MASTER
        SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: rialto capital advisors, LLC

         

        TRUST
        ADVISOR: situs holdings, LLC

         

        TRUSTEE/CERTIFICATE
ADMINISTRATOR/ CERTIFICATE REGISTRAR/ AUTHENTICATING AGENT/Custodian: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
NO.   61691A AC71

                       U7501U
AB52

                       61691A
AD53

         

        ISIN
        NO.      US61691AAC714

                              USU7501UAB535

                              US61691AAD546 

 

CLASS X-D
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as 

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6 For Definitive Certificates

 

    	A-11-3

    	 

    

 

specified above (the “Pooling and
Servicing Agreement”), between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer,
the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating
Agent, a summary of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies
and any REO Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned
in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-D Certificates equal to the quotient expressed as a percentage obtained by dividing
the initial Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-D
Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-D Certificates 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.

 

    	A-11-4

    	 

    

 

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 Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of 

 

    	A-11-5

    	 

    

 

this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-D Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole
dollar denomination in excess thereof.

 

    	A-11-6

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the
property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of
Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the 

 

    	A-11-7

    	 

    

 

Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-11-8

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS X-D CERTIFICATES
REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional abbreviations may also be used
though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

 

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

 

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-11-10

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following
for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-11-11

    	 

    

 

[TO BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The following exchanges of a part of this Global Certificate
have been made:

 

    	A-11-12

    	 

    

 

EXHIBIT
A-12

[FORM OF CLASS X-F CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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

 

    	A-12-1

    	 

    

 

INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY: THE INITIAL
NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-12-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: VARIABLE

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-F CERTIFICATES
        AS OF THE CLOSING DATE: $18,700,000

         

        NOTIONAL AMOUNT OF THIS CLASS X-F CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. X-F-[_]

         
	 	
        MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/ AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.          61691A AG81

                                     U7501U
        AD12
                                      61691A
        AH63

         

        ISIN
        NO.             US61691AAG854

                                     USU7501UAD105
                                      US61691AAH686

       

 

CLASS
X-F CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6 For Definitive Certificates

 

    	A-12-3

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-F Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-F Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-F Certificates 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.

 

    	A-12-4

    	 

    

 

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 Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of

 

    	A-12-5

    	 

    

 

this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-F Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole dollar
denomination in excess thereof.

 

    	A-12-6

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the
property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of
Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the

 

    	A-12-7

    	 

    

 

Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-12-8

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Dated: December 15, 2015	 

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS X-F CERTIFICATES
REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

 

    	A-12-10

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

 

    	A-12-11

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-12-12

    	 

    

 

EXHIBIT
A-13

[FORM OF CLASS X-G CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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

 

    	A-13-1

    	 

    

 

INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY: THE INITIAL
NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-13-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: VARIABLE

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-G CERTIFICATES
        AS OF THE CLOSING DATE: $10,481,000

         

        NOTIONAL AMOUNT OF THIS CLASS X-G CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. X-G-[_]
	 	
        MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/ AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.          61691A AJ21
                                       U7501U
        AE92
                                       61691A
        AK93

         

        ISIN NO.              US61691AAJ254

                                      USU7501UAE925

                                      US61691AAK976

         

CLASS
X-G CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6 For Definitive Certificates

 

    	A-13-3

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-G Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-G Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-G Certificates 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.

 

    	A-13-4

    	 

    

 

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 Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of

 

    	A-13-5

    	 

    

 

this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-G Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole dollar
denomination in excess thereof.

 

    	A-13-6

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the
property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of
Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the

 

    	A-13-7

    	 

    

 

Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-13-8

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December 15,
2015

  

CERTIFICATE
OF AUTHENTICATION 

 

THIS IS ONE OF THE CLASS
X-G CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-13-10

    	 

    

  

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-13-11

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-13-12

    	 

    

 

EXHIBIT
A-14

[FORM OF CLASS X-H CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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

 

    	A-14-1

    	 

    

 

INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY: THE INITIAL
NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-14-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: VARIABLE

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-H CERTIFICATES
        AS OF THE CLOSING DATE: $7,293,000

         

        NOTIONAL AMOUNT OF THIS CLASS X-H CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. X-H-[_]
	
        MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/ AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.          61691A AL71
                                      U7501U
        AF62
                                      61691A
        AM53

         

        ISIN NO.             US61691AAL704

                             USU7501UAF675

                             US61691AAM536

 

CLASS
X-H CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by 

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6 For Definitive Certificates

 

    	A-14-3

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-H Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-H Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-H Certificates 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.

 

    	A-14-4

    	 

    

 

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 Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of

 

    	A-14-5

    	 

    

 

this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-H Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole dollar
denomination in excess thereof.

 

    	A-14-6

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the
property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of
Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the

 

    	A-14-7

    	 

    

 

Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-14-8

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December  15,
2015

  

CERTIFICATE
OF AUTHENTICATION 

 

THIS IS ONE OF THE CLASS X-H
CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-14-1

    	 

    

 

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-14-2

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-14-3

    	 

    

 

EXHIBIT
A-15

[FORM OF CLASS X-J CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE
IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON
MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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

 

    	A-15-1

    	 

    

 

RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (3) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY: THE INITIAL
NOTIONAL AMOUNT HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR EXCESS TRUST ADVISOR EXPENSES
ALLOCABLE TO REDUCE THE NOTIONAL AMOUNT OF THIS CERTIFICATE. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE MAY BE LESS THAN
THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT NOTIONAL AMOUNT BY INQUIRY OF THE CERTIFICATE
ADMINISTRATOR. 

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE
PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-15-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: VARIABLE

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-J CERTIFICATES
        AS OF THE CLOSING DATE: $22,895,200

         

        NOTIONAL AMOUNT OF THIS CLASS X-J CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. X-J-[_]
	
        MASTER SERVICER: MIDLAND LOAN SERVICES,
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/ AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP
        NO.          61691A AN31
                                      U7501U
        AG42
                                      61691A
        AP83

         

        ISIN NO.             US61691AAN374

                             USU7501UAG415

                             US61691AAP846

 

CLASS
X-J CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6 For Definitive Certificates

 

    	A-15-3

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class X-J Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Notional Amount of this Certificate specified on the face hereof by the initial aggregate Notional Amount of the Class X-J Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of interest on this Certificate
will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth in the Pooling and
Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution Date”) commencing
on the First Distribution Date specified above, to the Person in whose name this Certificate is registered on the applicable Record
Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day, the next succeeding Business
Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate on the Notional Amount of this Certificate immediately prior to each Distribution
Date. Interest allocated to this Certificate on any Distribution Date will be in an amount due to this Certificate’s pro
rata share of the amount to be distributed on the Class X-J Certificates 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.

 

    	A-15-4

    	 

    

 

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 Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of

 

    	A-15-5

    	 

    

 

this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Class X-J Certificates will be issued in denominations of $100,000 initial Notional Amount and in any whole dollar
denomination in excess thereof.

 

    	A-15-6

    	 

    

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the
property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of
Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the

 

    	A-15-7

    	 

    

 

Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-15-8

    	 

    

 

IN WITNESS WHEREOF, the
Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

 

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate Registrar

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated: December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION 

 

THIS IS ONE OF THE CLASS X-J
CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

  

	 	
        WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-15-10

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-15-11

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-15-12

    	 

    

 

 EXHIBIT
A-16

[FORM OF CLASS D CERTIFICATE]

[FOR
REGULATION S CERTIFICATES ONLY: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE, ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN).

NO
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

THIS
CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE,
THE CUSTODIAN, THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST
ADVISOR, THE AUTHENTICATING AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY
OR BY ANY GOVERNMENTAL AGENCY.

IF
THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS
CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST BE AN ACCREDITED INVESTOR.

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 TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
(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 UNDER THE SECURITIES ACT, (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 

    	A-16-1

    	 

    

 

INSTITUTIONAL
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (OR AN ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE FEDERAL SECURITIES
LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

[FOR
GLOBAL CERTIFICATES ONLY: THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN
THE SCHEDULE OF EXCHANGES ATTACHED HERETO.]

THIS
CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THE
CERTIFICATE BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS
AND/OR EXCESS TRUST ADVISOR EXPENSES ALLOCABLE TO THIS CERTIFICATE. 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
GLOBAL CERTIFICATES ONLY: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON 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.]

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTION 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

    	A-16-2

    	 

    

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

	
        PASS-THROUGH RATE: 3.180% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE CERTIFICATE BALANCE OF THE CLASS D CERTIFICATES
        AS OF THE CLOSING DATE: $25,156,000

         

        CERTIFICATE BALANCE OF THIS CLASS D CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. D-[_]

         
	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

CUSIP
NO.                61691A AQ61

                                   U7501U
AH22

                                   61691A
AR43

         

        ISIN NO.                   US61691AAQ674

                                           USU7501UAH245

                                           US61691AAR416

         

 

CLASS
D CERTIFICATE

 

evidencing
a beneficial ownership interest in a New York common law trust (the “Trust”), consisting primarily of a pool
of commercial mortgage loans (the “Mortgage Loans”) and certain other property, formed and sold by

MORGAN
STANLEY CAPITAL I INC.

THIS
CERTIFIES THAT [FOR GLOBAL CERTIFICATES ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through
certificate (this “Certificate”), which has been issued pursuant to the Pooling and Servicing Agreement, dated
as specified above (the “Pooling and Servicing Agreement”), between Morgan Stanley Capital I Inc.

 

1
For Rule 144A Global Certificates

2
For Regulation S Global Certificates

3
For Definitive Certificates

4
For Rule 144A Global Certificates

5
For Regulation S Global Certificates

6
For Definitive Certificates

 

    	A-16-3

    	 

    

 

(hereinafter
called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement),
the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the
Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent provisions of which is set forth hereafter.
The Trust consists primarily of the Mortgage Loans, such amounts as shall from time to time be held in the Collection Account
and Distribution Account, the Insurance Policies and any REO Properties. To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

This
Certificate is one of a duly authorized issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial
Mortgage Pass-Through Certificates, Series 2015-UBS8 (herein called the “Certificates”). The Certificates are
issued in the Classes specified in the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial
ownership of the Trust. This Certificate represents an interest in the Class D Certificates equal to the quotient expressed as
a percentage obtained by dividing the initial Certificate Balance of this Certificate specified on the face hereof by the initial
Aggregate Certificate Balance of the Class D Certificates.

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 parties thereto. 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 Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder 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.

Distributions
of principal and interest on this Certificate will be made out of the Available Distribution Amount, to the extent and subject
to the limitations set forth in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date
(a “Distribution Date”) commencing on the First Distribution Date specified above, to the Person in whose name
this Certificate is registered on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the
11th day is not a Business Day, the next succeeding Business Day (a “Determination Date”), commencing on January
11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s pro rata share of the amount to be distributed on the Class D Certificates
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.

    	A-16-4

    	 

    

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.

Collateral
Support Deficits shall be allocated on the applicable Distribution Date to the respective Classes of Principal Balance Certificates
in the manner set forth in the Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal
Balance Certificates will be allocated pro rata among the outstanding Certificates of such Class.

Excess
Trust Advisor Expenses shall be allocated on the applicable Distribution Date to the respective Classes of Principal Balance
Certificates (other than the Class F Certificates and the Control Eligible Certificates) in the manner set forth in
the Pooling and Servicing Agreement. Any Excess Trust Advisor Expenses allocated to any such Class of Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

The
Certificates are limited in right of payment to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company
(“DTC”)] will be made by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s
address as it appears on the Certificate Register of the Certificate Registrar or, upon written request to the Certificate Administrator
on or prior to the related Record Date (or upon standing instructions given to the Certificate Administrator on the Closing Date
prior to any Record Date, which instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator
five (5) days prior to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to
an account specified in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate
will be made only upon presentation and surrender of such Certificate at the location that will be specified in a notice of the
pendency of such final distribution.

[FOR
REGULATION S CERTIFICATES ONLY: Until this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S
Permanent Global Certificates, the Holder hereof shall not be entitled to receive payments hereon; until so exchanged in full,
this Regulation S Temporary Global Certificate shall in all other respects be entitled to the same benefits as other Certificates
under the Pooling and Servicing Agreement.]

The
Pooling and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification
of the rights and obligations of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of not less than 51% of the aggregate Voting Rights of the Certificates then outstanding, as specified
in the Pooling and Servicing Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and

    	A-16-5

    	 

    

 

upon
all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

[FOR
REGULATION S CERTIFICATES ONLY: This Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or
more Global Certificates only (i) on or after the termination of the 40-day distribution compliance period (as defined in
Regulation S) and (ii) upon presentation of a Regulation S Certificate (as defined in the Pooling Agreement) required by
Article III of the Pooling and Servicing Agreement. Upon exchange of this Regulation S Temporary Global Certificate for one or
more Global Certificates, the Certificate Registrar shall cancel this Regulation S Temporary Global Certificate.]

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the Corporate Trust
Office of the Certificate Registrar, 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
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.

No
transfer, sale, pledge or other disposition of this Certificate or interest therein shall be made unless such transfer, sale,
pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable
state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. If a transfer
of any Non-Registered Certificate held as a Definitive Certificate is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a transfer of such Certificate by the Depositor or
one of its Affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt,
may conclusively rely upon) either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially
in the form attached as Exhibit D-1 to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s
prospective Transferee substantially in the form attached either as Exhibit D-2A or Exhibit D-2B to the
Pooling and Servicing Agreement; or (ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that
such transfer shall be made without registration under the Securities Act, together with the written certification(s) as to the
facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s
prospective Transferee on which such opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust
or of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the
Trust Advisor or the Certificate Registrar in their respective capacities as such). No Person may hold an interest in a Rule 144A
Global Certificate unless that Person is a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined
in Rule 902(k) under the Securities Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests
in the Global Certificates that would result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing
Agreement is obligated to register or qualify any Class of Non-Registered Certificates under the Securities Act or any other

    	A-16-6

    	 

    

 

securities
law or to take any action not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate.
Any Certificateholder or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does
hereby agree to, indemnify each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against
any liability that may result if the transfer is not exempt from such registration or qualification or is not made in accordance
with such federal and state laws.

Subject
to the terms of the Pooling and Servicing Agreement, the Certificates are issuable in fully registered form only, without coupons,
in minimum denominations specified in the Pooling and Servicing Agreement.

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Certificates are exchangeable
for new Certificates of the same Class in authorized denominations as requested by the Holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

As
and when provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, including but not
limited to the transfer restrictions described above, a Definitive Certificate may be converted into an interest in a Global Certificate
of the applicable Class, an interest in a Global Certificate may be converted into a Definitive Certificate of the applicable
Class, an interest in a Rule 144A Global Certificate may be converted into an interest in a Regulation S Global Certificate of
the applicable Class and an interest in a Regulation S Global Certificate may be converted into an interest in a Rule 144A Global
Certificate of the applicable Class.

[FOR
GLOBAL CERTIFICATES ONLY: Notwithstanding the foregoing, for so long as this Certificate is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC, transfers of interests in this Certificate shall
be made through the book entry facilities of DTC.]

The
Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator,
the Certificate Registrar, the Authenticating Agent and any of their agents may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating Agent
or any such agents shall be affected by notice to the contrary.

The
obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation of
the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 of the
Pooling and Servicing Agreement and other than the obligations in the nature of information or tax reporting) shall terminate
on the earliest of (i) the later of (A) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust
(and final distribution to the Certificateholders) and (B) the disposition of all REO Property (and final distribution to the
Certificateholders), (ii) the

    	A-16-7

    	 

    

 

sale
of the property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary
exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates)
for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms
of Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement
may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination
of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust
and payment of the Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust
shall be distributed to the holders of the Class R Certificates.

The
Certificate Registrar has executed this Certificate under the Pooling and Servicing Agreement.

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF THE STATE OF NEW YORK, AND THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO
THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT.

    	A-16-8

    	 

    

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
    Registrar
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated:
December 15, 2015

CERTIFICATE
OF AUTHENTICATION

THIS
IS ONE OF THE CLASS D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
    Agent
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

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

        

        TEN ENT

        

        JT TEN

         
	- 

        - 

        -

         
	as tenant in common 

        as tenants by
        the entireties 

        as joint tenants
        with rights of survivorship

        and not as tenants in common

         
	 	UNIF GIFT MIN
        ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform
        Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE
    INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING
    NUMBER OF ASSIGNEE
	  	 
	 
    	 	 

  

	Please
                                         print or typewrite name and address of assignee 

	 
	the
                                         within Certificate and does hereby or irrevocably constitute and appoint 

	 
	to
                                                                transfer the said Certificate in the Certificate Register of the within-named Trust, with full power of substitution in the
                                                                premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED	 	 
	The signature must be guaranteed
    by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized
    or witnessed signatures are not acceptable.	 	 

 

    	A-16-10

    	 

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of _________________________________________________
account number ______________ or, if mailed by check, to _________________ ______________________. Statements should be mailed
to ____________________. This information is provided by assignee named above, or _______________________, as its agent.

 

    	A-16-11

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

The
following exchanges of a part of this Global Certificate have been made:

    	A-16-12

    	 

    

 

EXHIBIT
A-17

[FORM OF CLASS E CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES
ONLY: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

IF THE TRANSFEREE OF THIS CERTIFICATE IS AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF SUCH PLAN TO ACQUIRE OR HOLD THIS CERTIFICATE, SUCH PLAN OR SUCH PERSON MUST BE AN ACCREDITED INVESTOR.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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

 

    	A-17-1

    	 

    

 

INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

[FOR GLOBAL CERTIFICATES ONLY:
THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED
HERETO.]

 

THIS CERTIFICATE IS SUBORDINATED
IN RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THE CERTIFICATE BALANCE OF
THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF ANY PRINCIPAL DISTRIBUTIONS, COLLATERAL SUPPORT DEFICITS AND/OR
EXCESS TRUST ADVISOR EXPENSES ALLOCABLE TO
THIS CERTIFICATE. 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 GLOBAL CERTIFICATES ONLY:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

    	A-17-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: 3.180% PER ANNUM

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE CERTIFICATE BALANCE OF THE CLASS E CERTIFICATES
        AS OF THE CLOSING DATE: $18,113,000

         

        CERTIFICATE BALANCE OF THIS CLASS E CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. E-[_]

         
	
        MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

CUSIP
NO.             61691A AS21

                                U7501U AJ82

                                61691A AT03

         

ISIN
NO.                US61691AAS244

                                USU7501UAJ895

                                US61691AAT076

         

CLASS
E CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6
For Definitive Certificates

 

    	A-17-3

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class E Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
E Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest
on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class E Certificates 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.

 

    	A-17-4

    	 

    

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

Excess Trust Advisor Expenses shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates (other than the Class F Certificates
and the Control Eligible Certificates) in the manner set forth in the Pooling and Servicing Agreement. Any Excess Trust Advisor
Expenses allocated to any such Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and

 

    	A-17-5

    	 

    
 

upon
all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other

 

    	A-17-6

    	 

    

 

securities
law or to take any action not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate.
Any Certificateholder or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does
hereby agree to, indemnify each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against
any liability that may result if the transfer is not exempt from such registration or qualification or is not made in accordance
with such federal and state laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described
above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in
a Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The
obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation of
the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling
and Servicing Agreement and other than the obligations in the nature of information or tax reporting) shall terminate on the earliest
of (i) the later of (A) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution
to the Certificateholders) and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii)
the

 

    	A-17-7

    	 

    

 

sale
of the property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii)
voluntary exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R
Certificates) for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant
to the terms of Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing
Agreement may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the
termination of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination
of the Trust and payment of the Certificates and of all administrative expenses associated with the Trust, any remaining assets
of the Trust shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND
THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-17-8

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Dated:   December 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS E CERTIFICATES REFERRED
TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

  

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-17-12

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-17-13

    	 

    

  

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-17-14

    	 

    

  

EXHIBIT
A-18

[FORM OF CLASS F CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES
ONLY: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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 INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

    	A-18-1

    	 

    

 

EXCEPT AS OTHERWISE DESCRIBED HEREIN
AND IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED
TO (1) TO ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH
PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS” UNDER
U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS
SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY APPLICABLE
FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR
(2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH PLAN, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

[FOR GLOBAL CERTIFICATES ONLY:
THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED
HERETO.]

 

THIS CERTIFICATE IS SUBORDINATED
IN RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THE CERTIFICATE BALANCE OF THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS AND COLLATERAL SUPPORT DEFICITS ALLOCABLE TO THIS CERTIFICATE.
ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE
MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

    	A-18-2

    	 

    

 

[FOR GLOBAL CERTIFICATES ONLY:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-18-3

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: 3.430% PER ANNUM

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE CERTIFICATE BALANCE OF THE CLASS F CERTIFICATES
        AS OF THE CLOSING DATE: $18,700,000

         

        CERTIFICATE BALANCE OF THIS CLASS F CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. F-[_]

         
	
        MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

CUSIP
NO.             61691A AU71

                                 U7501U AK52

                                61691A AV53

         

ISIN
NO.                US61691AAU794

                                USU7501UAK525

                                US61691AAV526

         

CLASS F
CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6
For Definitive Certificates

 

    	A-18-4

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class F Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
F Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest
on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class F Certificates 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.

 

    	A-18-5

    	 

    

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior
to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified
in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only
upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such
final distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

    	A-18-6

    	 

    

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing

 

    	A-18-7

    	 

    

 

Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

No transfer of this Certificate or any interest
herein shall be made (A) to any employee benefit plan or other retirement arrangement, including individual retirement accounts
and annuities, Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without
limitation, insurance company general accounts, that is subject to Title I of ERISA or Section 4975 of the Code or any
applicable federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions of ERISA
or the Code (each, a “Plan”), or (B) to any Person who is directly or indirectly purchasing this Certificate
or such interest herein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan, unless:
(i) the purchase and holding of this Certificate or such interest herein qualifies for the exemptive relief available under
Sections I and III of U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60;
or (ii) in the case of a Non-Investment Grade Certificate held as a Definitive Certificate, the prospective Transferee provides
the Certificate Registrar with a certification of facts and an Opinion of Counsel which establish to the satisfaction of the Certificate
Registrar that such transfer will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or any Similar Laws or subject any party to the Pooling and Servicing Agreement to any obligation in
addition to those undertaken in the Pooling and Servicing Agreement. Each Person who acquires any Non-Investment Grade Certificate
as a Definitive Certificate (unless it shall have acquired such Certificate from the Depositor or an Affiliate thereof or unless
it shall have delivered to the Certificate Registrar the certification of facts and Opinion of Counsel referred to in clause (ii)
of the preceding sentence) shall be required to deliver to the Certificate Registrar a certification in the form of Exhibit
D-2A or Exhibit D-2B to the Pooling and Servicing Agreement that includes a certification to the effect that: (i) it
is neither a Plan nor any Person who is directly or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with “plan assets” of a Plan; or (ii) the purchase and holding of such Certificate
or interest therein by such Person qualifies for the exemptive relief available under Sections I and III of PTCE 95-60 or
another exemption from the “prohibited transactions” rules under ERISA issued by the U.S. Department of Labor
or similar exemption under Similar Laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described

 

    	A-18-8

    	 

    

 

above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The
obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation of
the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling
and Servicing Agreement and other than the obligations in the nature of information or tax reporting) shall terminate on the earliest
of (i) the later of (A) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution
to the Certificateholders) and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii)
the sale of the property held by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement
or (iii) voluntary exchange by the Sole Certificateholder of all the outstanding Certificates (other than the Class V and
Class R Certificates) for the remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund
pursuant to the terms of Section 11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James, living on the date hereof. The parties designated in the Pooling and
Servicing Agreement may exercise their option to purchase the Mortgage Loans and any other property remaining in the Trust and
cause the termination of the Trust in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination
of the Trust and payment of the Certificates and of all administrative expenses associated with the Trust, any remaining assets
of the Trust shall be distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,

 

    	A-18-9

    	 

    

 

AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-18-10

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

  

Dated: December 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS F CERTIFICATES REFERRED
TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-18-9

    	 

    

 

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-18-9

    	 

    

  

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-18-10

    	 

    

 

EXHIBIT
A-19

[FORM OF CLASS G CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES
ONLY: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN). 

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

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 TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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 INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE
IN ACCORDANCE WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

    	A-19-1

    	 

    

 

EXCEPT AS OTHERWISE DESCRIBED HEREIN
AND IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED
TO (1) TO ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH
PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS” UNDER
U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS
SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY APPLICABLE
FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR
(2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH PLAN, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

[FOR GLOBAL CERTIFICATES ONLY:
THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED
HERETO.]

 

THIS CERTIFICATE IS SUBORDINATED
IN RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THE CERTIFICATE BALANCE OF
THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS AND COLLATERAL SUPPORT DEFICITS ALLOCABLE TO THIS CERTIFICATE. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS
THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE
CERTIFICATE ADMINISTRATOR.

 

    	A-19-2

    	 

    

 

[FOR GLOBAL CERTIFICATES ONLY:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-19-3

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: 3.430% PER ANNUM

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER
        1, 2015

         

        CUT-OFF DATE: DECEMBER 1, 2015

         

        CLOSING DATE: DECEMBER 15, 2015

         

        FIRST DISTRIBUTION DATE: JANUARY 15, 2016

         

        AGGREGATE CERTIFICATE BALANCE OF THE CLASS G CERTIFICATES
        AS OF THE CLOSING DATE: $10,481,000

         

        CERTIFICATE BALANCE OF THIS CLASS G CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. G-[_]

         
	
        MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR: SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE ADMINISTRATOR/ CERTIFICATE
REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

CUSIP
NO.             61691A AW31
 
                                U7501U AL32
                                 61691A AX13

         

ISIN
NO.                US61691AAW364

                                USU7501UAL365

                                US61691AAX196

         

CLASS
G CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

 

 

1
For Rule 144A Global Certificates

 

2
For Regulation S Global Certificates

 

3
For Definitive Certificates

 

4
For Rule 144A Global Certificates

 

5
For Regulation S Global Certificates

 

6
For Definitive Certificates

 

    	A-19-4

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class G Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
G Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest
on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class G Certificates 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.

 

    	A-19-5

    	 

    

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior to
the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only upon
presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such final
distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than
51% of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement.
Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders
of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or
not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof,
in certain circumstances, without the consent of the Holders of any of the Certificates.

 

    	A-19-6

    	 

    

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No
transfer, sale, pledge or other disposition of this Certificate or interest therein shall be made unless such transfer, sale, pledge
or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable
state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. If a transfer
of any Non-Registered Certificate held as a Definitive Certificate is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a transfer of such Certificate by the Depositor or one
of its Affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt,
may conclusively rely upon) either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially
in the form attached as Exhibit D-1 to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s
prospective Transferee substantially in the form attached either as Exhibit D-2A or Exhibit D-2B to the
Pooling and Servicing Agreement; or (ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect
that such transfer shall be made without registration under the Securities Act, together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s
prospective Transferee on which such opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust
or of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the
Trust Advisor or the Certificate Registrar in their respective capacities as such). No Person may hold an interest in a Rule 144A
Global Certificate unless that Person is a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined
in Rule 902(k) under the Securities Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests
in the Global Certificates that would result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing
Agreement is obligated to register or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities
law or to take any action not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate.
Any Certificateholder or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does
hereby agree to, indemnify each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing

 

    	A-19-7

    	 

    

 

Agreement against
any liability that may result if the transfer is not exempt from such registration or qualification or is not made in accordance
with such federal and state laws.

 

No transfer of this Certificate or any interest
herein shall be made (A) to any employee benefit plan or other retirement arrangement, including individual retirement accounts
and annuities, Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without
limitation, insurance company general accounts, that is subject to Title I of ERISA or Section 4975 of the Code or any
applicable federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions of ERISA
or the Code (each, a “Plan”), or (B) to any Person who is directly or indirectly purchasing this Certificate
or such interest herein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan, unless:
(i) the purchase and holding of this Certificate or such interest herein qualifies for the exemptive relief available under
Sections I and III of U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60;
or (ii) in the case of a Non-Investment Grade Certificate held as a Definitive Certificate, the prospective Transferee provides
the Certificate Registrar with a certification of facts and an Opinion of Counsel which establish to the satisfaction of the Certificate
Registrar that such transfer will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or any Similar Laws or subject any party to the Pooling and Servicing Agreement to any obligation in
addition to those undertaken in the Pooling and Servicing Agreement. Each Person who acquires any Non-Investment Grade Certificate
as a Definitive Certificate (unless it shall have acquired such Certificate from the Depositor or an Affiliate thereof or unless
it shall have delivered to the Certificate Registrar the certification of facts and Opinion of Counsel referred to in clause (ii)
of the preceding sentence) shall be required to deliver to the Certificate Registrar a certification in the form of Exhibit
D-2A or Exhibit D-2B to the Pooling and Servicing Agreement that includes a certification to the effect that: (i) it
is neither a Plan nor any Person who is directly or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with “plan assets” of a Plan; or (ii) the purchase and holding of such Certificate
or interest therein by such Person qualifies for the exemptive relief available under Sections I and III of PTCE 95-60 or
another exemption from the “prohibited transactions” rules under ERISA issued by the U.S. Department of Labor
or similar exemption under Similar Laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described

 

    	A-19-8

    	 

    

 

above,
a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest in a Global
Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global Certificate
may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a Regulation
S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The
obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation
of the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 of
the Pooling and Servicing Agreement and other than the obligations in the nature of information or tax reporting) shall
terminate on the earliest of (i) the later of (A) the final payment or other liquidation of the last Mortgage Loan remaining
in the Trust (and final distribution to the Certificateholders) and (B) the disposition of all REO Property (and final
distribution to the Certificateholders), (ii) the sale of the property held by the Trust in accordance with Section
11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole Certificateholder of all
the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining Mortgage Loans and
the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d) of the
Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their
option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in
accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment
of the Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be
distributed to the holders of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,

 

    	A-19-9

    	 

    

 

AND
THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-19-10

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Certificate
Registrar
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

  

Dated: December 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS G CERTIFICATES REFERRED
TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Authenticating
Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

  

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        Act ............................................................................

(State) 

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	  	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
	  	 
	  	 	 
	 	 	 

  

	Please
print or typewrite name and address of assignee 

	 
	the within Certificate
and does hereby or irrevocably constitute and appoint 

	 
	to transfer the said Certificate in the
Certificate Register of the within-named Trust, with full power of substitution in the premises. 

  

	Dated:	 	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this
Certificate in every particular without alteration or enlargement or any change whatever.
	 	 	 	 
	SIGNATURE GUARANTEED
	 	 
	The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.	 	 

 

    	A-19-10

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

    	A-19-11

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	A-19-12

    	 

    

 

EXHIBIT
A-20

[FORM OF CLASS H CERTIFICATE]

[FOR REGULATION S CERTIFICATES
ONLY: THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN).

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

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 TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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 INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

    	A-20-1

    	 

    

EXCEPT AS OTHERWISE DESCRIBED HEREIN
AND IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED
TO (1) TO ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH
PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS” UNDER
U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS
SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY APPLICABLE
FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR
(2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH PLAN, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

[FOR GLOBAL CERTIFICATES ONLY:
THE INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED
HERETO.]

THIS CERTIFICATE IS SUBORDINATED
IN RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

THE CERTIFICATE BALANCE OF THIS
CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS AND COLLATERAL SUPPORT DEFICITS ALLOCABLE TO THIS CERTIFICATE.
ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE
MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

    	A-20-2

    	 

    

[FOR GLOBAL CERTIFICATES ONLY:
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

    	A-20-3

    	 

    

 MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

	
        PASS-THROUGH RATE: 3.430% PER ANNUM

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

        CUT-OFF DATE:
        dECEMBER 1, 2015

        CLOSING DATE:
        dECEMBER 15, 2015

        FIRST DISTRIBUTION
        DATE: january 15, 2016

        AGGREGATE CERTIFICATE BALANCE OF THE CLASS H CERTIFICATES
        AS OF THE CLOSING DATE: $7,293,000

        CERTIFICATE BALANCE OF THIS CLASS H CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

        NO. H-[_]
	 	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

        CUSIP NO.          61691A AY91

                                      U7501U AM12

                                      61691A AZ63

        ISIN NO.             US61691AAY914

                                      USU7501UAM195

                                     US61691AAZ666

 CLASS
H CERTIFICATE

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

MORGAN
STANLEY CAPITAL I INC.

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

 

1 For Rule 144A Global
Certificates

2 For Regulation S
Global Certificates

3 For Definitive Certificates

4 For Rule 144A Global
Certificates

5 For Regulation S
Global Certificates

6 For Definitive Certificates

 

    	A-20-4

    	 

    

(hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer,
the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating
Agent, a summary of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage
Loans, such amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies
and any REO Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned
in the Pooling and Servicing Agreement.

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class H Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
H Certificates.

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

Distributions of principal and interest
on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due
to this Certificate’s pro rata share of the amount to be distributed on the Class H Certificates 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.

    	A-20-5

    	 

    

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.

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

The Certificates are limited in right of
payment to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will
be made by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on
the Certificate Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to
the related Record Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any
Record Date, which instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five
(5) days prior to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account
specified in the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be
made only upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

    	A-20-6

    	 

    

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

As provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar,
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 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.

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing 

    	A-20-7

    	 

    

 

Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

No transfer of this Certificate or any
interest herein shall be made (A) to any employee benefit plan or other retirement arrangement, including individual retirement
accounts and annuities, Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without
limitation, insurance company general accounts, that is subject to Title I of ERISA or Section 4975 of the Code or any
applicable federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions of ERISA
or the Code (each, a “Plan”), or (B) to any Person who is directly or indirectly purchasing this Certificate
or such interest herein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan, unless:
(i) the purchase and holding of this Certificate or such interest herein qualifies for the exemptive relief available under
Sections I and III of U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60;
or (ii) in the case of a Non-Investment Grade Certificate held as a Definitive Certificate, the prospective Transferee provides
the Certificate Registrar with a certification of facts and an Opinion of Counsel which establish to the satisfaction of the Certificate
Registrar that such transfer will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or any Similar Laws or subject any party to the Pooling and Servicing Agreement to any obligation in
addition to those undertaken in the Pooling and Servicing Agreement. Each Person who acquires any Non-Investment Grade Certificate
as a Definitive Certificate (unless it shall have acquired such Certificate from the Depositor or an Affiliate thereof or unless
it shall have delivered to the Certificate Registrar the certification of facts and Opinion of Counsel referred to in clause (ii)
of the preceding sentence) shall be required to deliver to the Certificate Registrar a certification in the form of Exhibit
D-2A or Exhibit D-2B to the Pooling and Servicing Agreement that includes a certification to the effect that: (i) it
is neither a Plan nor any Person who is directly or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with “plan assets” of a Plan; or (ii) the purchase and holding of such Certificate
or interest therein by such Person qualifies for the exemptive relief available under Sections I and III of PTCE 95-60 or
another exemption from the “prohibited transactions” rules under ERISA issued by the U.S. Department of Labor
or similar exemption under Similar Laws.

Subject to the terms of the Pooling and
Servicing Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified
in the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same
Class in authorized denominations as requested by the Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

As and when provided in the Pooling and
Servicing Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions
described 

    	A-20-8

    	 

    

 

above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an
interest in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule
144A Global Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest
in a Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

The Depositor, the Master Servicer, the
Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the
Authenticating Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian,
the Certificate Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice
to the contrary.

The obligations and responsibilities of
the Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make
payments to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other
than the obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the
final payment or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders)
and (B) the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held
by the Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the
Sole Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the
remaining Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section
11.1(d) of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of
21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the Court of St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise
their option to purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust
in accordance with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment
of the Certificates and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed
to the holders of the Class R Certificates.

The Certificate Registrar has executed
this Certificate under the Pooling and Servicing Agreement.

THIS CERTIFICATE AND THE POOLING AND
SERVICING AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,

    	A-20-9

    	 

    

 

AND THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND
SERVICING AGREEMENT.

    	A-20-10

    	 

    

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS H CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        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-20-1

    	 

    

 

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-20-2

    	 

    

 

[TO BE ATTACHED TO GLOBAL CERTIFICATES]

SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

The following exchanges of a part of this Global Certificate
have been made:

    	A-20-3

    	 

    

 

EXHIBIT
A-21

[FORM OF CLASS J CERTIFICATE]

 

[FOR REGULATION S CERTIFICATES ONLY:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL CERTIFICATE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE,
ARE AS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN).

 

NO BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

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 TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (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 INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL

 

    	A-21-1

    	 

    

 

SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

EXCEPT AS OTHERWISE DESCRIBED HEREIN
AND IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED
TO (1) TO ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH
PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS” UNDER
U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS
SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY APPLICABLE
FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR
(2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH PLAN, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

[FOR GLOBAL CERTIFICATES ONLY: THE
INITIAL CERTIFICATE BALANCE HEREOF IS AS SET FORTH HEREIN, REDUCED OR INCREASED AS SET FORTH IN THE SCHEDULE OF EXCHANGES ATTACHED
HERETO.]

 

THIS CERTIFICATE IS SUBORDINATED IN
RIGHT OF PAYMENT TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THIS SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

THE CERTIFICATE BALANCE OF THIS CERTIFICATE
WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS AND COLLATERAL SUPPORT DEFICITS ALLOCABLE TO THIS CERTIFICATE. ACCORDINGLY,
THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN

 

    	A-21-2

    	 

    

 

ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

[FOR GLOBAL CERTIFICATES ONLY: UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR OR ITS AGENT 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 HEREON
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.]

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION
860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

    	A-21-3

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PASS-THROUGH RATE: 3.430% PER ANNUM

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        AGGREGATE CERTIFICATE BALANCE OF THE CLASS J CERTIFICATES
        AS OF THE CLOSING DATE: $22,895,200

         

        CERTIFICATE BALANCE OF THIS CLASS J CERTIFICATE AS
        OF THE CLOSING DATE: $[_____] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULE OF EXCHANGES ATTACHED)]

         

        NO. J-[_]
	 	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.              61691A BA01

                                         U7501u an92

                                         616991a bb83

         

        ISIN NO.                 US61691ABA074

                                 USU7501UAN915

                                 US61691ABB896

 

CLASS
J CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [FOR GLOBAL CERTIFICATES
ONLY: CEDE & CO.] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc.

  

 

 

1 For Rule 144A Global
Certificates 

 

2 For Regulation
S Global Certificates

 

3 For Definitive
Certificates 

 

4 For Rule 144A
Global Certificates

 

5 For Regulation
S Global Certificates 

 

6 For Definitive Certificates

 

    	A-21-4

    	 

    

 

(hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary
of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such
amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and any REO
Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned in the Pooling
and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of the beneficial ownership of the Trust. This Certificate
represents an interest in the Class J Certificates equal to the quotient expressed as a percentage obtained by dividing the initial
Certificate Balance of this Certificate specified on the face hereof by the initial Aggregate Certificate Balance of the Class
J Certificates.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

Distributions of principal and interest on
this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations set forth
in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”) commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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 related Pass-Through Rate 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 due to this Certificate’s
pro rata share of the amount to be distributed on the Class J Certificates 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.

 

    	A-21-5

    	 

    

 

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.

 

Collateral Support Deficits shall be allocated
on the applicable Distribution Date to the respective Classes of Principal Balance Certificates in the manner set forth in the
Pooling and Servicing Agreement. All Collateral Support Deficits allocated to any Class of Principal Balance Certificates will
be allocated pro rata among the outstanding Certificates of such Class.

 

The Certificates are limited in right of payment
to 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, 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 [FOR GLOBAL CERTIFICATES ONLY: to a nominee of The Depository Trust Company (“DTC”)] will be made
by or on behalf of the Certificate Administrator by check mailed to [such][the] Holder’s address as it appears on the Certificate
Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior to the related Record
Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any Record Date, which
instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five (5) days prior to
the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account specified in
the request of such Certificateholder. Notwithstanding the above, the final distribution on any Certificate will be made only upon
presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency of such final
distribution.

 

[FOR REGULATION S CERTIFICATES ONLY: Until
this Regulation S Temporary Global Certificate is exchanged for one or more Regulation S Permanent Global Certificates, the Holder
hereof shall not be entitled to receive payments hereon; until so exchanged in full, this Regulation S Temporary Global Certificate
shall in all other respects be entitled to the same benefits as other Certificates under the Pooling and Servicing Agreement.]

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

    	A-21-6

    	 

    

 

[FOR REGULATION S CERTIFICATES ONLY: This
Regulation S Temporary Global Certificate is exchangeable in whole or in part for one or more Global Certificates only (i) on
or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation
of a Regulation S Certificate (as defined in the Pooling Agreement) required by Article III of the Pooling and Servicing Agreement.
Upon exchange of this Regulation S Temporary Global Certificate for one or more Global Certificates, the Certificate Registrar
shall cancel this Regulation S Temporary Global Certificate.]

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached either as Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement; or
(ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer shall be made without
registration under the Securities Act, together with the written certification(s) as to the facts surrounding such transfer from
the Certificateholder desiring to effect such transfer and/or such Certificateholder’s prospective Transferee on which such
opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar
in their respective capacities as such). No Person may hold an interest in a Rule 144A Global Certificate unless that Person is
a Qualified Institutional Buyer, and no “U.S. person” (as that term is defined in Rule 902(k) under the Securities
Act) may hold an interest in a Regulation S Global Certificate, and transfers of interests in the Global Certificates that would
result in a violation of the foregoing are prohibited. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing

 

    	A-21-7

    	 

    

 

Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

No transfer of this Certificate or any interest
herein shall be made (A) to any employee benefit plan or other retirement arrangement, including individual retirement accounts
and annuities, Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without
limitation, insurance company general accounts, that is subject to Title I of ERISA or Section 4975 of the Code or any
applicable federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions of ERISA
or the Code (each, a “Plan”), or (B) to any Person who is directly or indirectly purchasing this Certificate
or such interest herein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan, unless:
(i) the purchase and holding of this Certificate or such interest herein qualifies for the exemptive relief available under
Sections I and III of U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60;
or (ii) in the case of a Non-Investment Grade Certificate held as a Definitive Certificate, the prospective Transferee provides
the Certificate Registrar with a certification of facts and an Opinion of Counsel which establish to the satisfaction of the Certificate
Registrar that such transfer will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or any Similar Laws or subject any party to the Pooling and Servicing Agreement to any obligation in
addition to those undertaken in the Pooling and Servicing Agreement. Each Person who acquires any Non-Investment Grade Certificate
as a Definitive Certificate (unless it shall have acquired such Certificate from the Depositor or an Affiliate thereof or unless
it shall have delivered to the Certificate Registrar the certification of facts and Opinion of Counsel referred to in clause (ii)
of the preceding sentence) shall be required to deliver to the Certificate Registrar a certification in the form of Exhibit
D-2A or Exhibit D-2B to the Pooling and Servicing Agreement that includes a certification to the effect that: (i) it
is neither a Plan nor any Person who is directly or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with “plan assets” of a Plan; or (ii) the purchase and holding of such Certificate
or interest therein by such Person qualifies for the exemptive relief available under Sections I and III of PTCE 95-60 or
another exemption from the “prohibited transactions” rules under ERISA issued by the U.S. Department of Labor
or similar exemption under Similar Laws.

 

Subject to the terms of the Pooling and Servicing
Agreement, the Certificates are issuable in fully registered form only, without coupons, in minimum denominations specified in
the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

As and when provided in the Pooling and Servicing
Agreement and subject to certain limitations therein set forth, including but not limited to the transfer restrictions described

 

    	A-21-8

    	 

    

 

above, a Definitive Certificate may be converted into an interest in a Global Certificate of the applicable Class, an interest
in a Global Certificate may be converted into a Definitive Certificate of the applicable Class, an interest in a Rule 144A Global
Certificate may be converted into an interest in a Regulation S Global Certificate of the applicable Class and an interest in a
Regulation S Global Certificate may be converted into an interest in a Rule 144A Global Certificate of the applicable Class.

 

[FOR GLOBAL CERTIFICATES ONLY: Notwithstanding
the foregoing, for so long as this Certificate is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC, transfers of interests in this Certificate shall be made through the book entry facilities
of DTC.]

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator, the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining
Mortgage Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d)
of the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, 

  

    	A-21-9

    	 

    

 

AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-21-10

    	 

    

 

IN WITNESS WHEREOF, the Certificate Registrar
has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated: December 15, 2015

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS J CERTIFICATES REFERRED
TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	- 

        - 

        -

         
	as tenant in common 

        as tenants by
        the entireties 

        as joint tenants
        with rights of survivorship

        and not as tenants in common

         
	 	UNIF GIFT MIN
        ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform
        Gifts to Minors

 

        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.	 	 

 

    	 

    	 

    

 

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.

 

    	 

    	 

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES]

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    	 

    	 

    

 

EXHIBIT
A-22

[FORM OF CLASS V CERTIFICATE]

 

THIS
CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE,
THE CUSTODIAN, THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST
ADVISOR, THE AUTHENTICATING AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY
OR BY ANY GOVERNMENTAL AGENCY.

 

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 TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
(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 UNDER THE SECURITIES ACT, OR (2) TO AN INSTITUTIONAL ACCREDITED INVESTOR
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED (1) TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE
BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH PLANS AND COLLECTIVE
INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS” UNDER U.S. DEPARTMENT OF
LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS SUBJECT TO TITLE I OF
ERISA OR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR ANY APPLICABLE FEDERAL, STATE OR LOCAL LAW MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR (2) TO

 

    	A-22-1 

     

    

 

ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE
OF, OR WITH ASSETS OF ANY SUCH PLAN.

 

THIS
CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN CERTAIN EXCESS INTEREST AS FURTHER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.

 

    	A-22-2 

     

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	PERCENTAGE
                                         INTEREST OF THIS CLASS V CERTIFICATE: [_]%

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF
        DATE: dECEMBER 1, 2015

         

        CLOSING
        DATE: dECEMBER 15, 2015

         

        FIRST
        DISTRIBUTION DATE: january 15, 2016

         

        NO.
        V-[_]

        
	 	MASTER
                                         SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: RIALTO CAPITAL ADVISORS, LLC

         

        TRUST
        ADVISOR: SITUS HOLDINGS, LLC

         

        

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.        61691A BD4

         

        ISIN NO.           US61691ABD46

        

 

CLASS V
CERTIFICATE

 

evidencing
a beneficial ownership interest in a New York common law trust (the “Trust”), consisting primarily of a pool
of commercial mortgage loans (the “Mortgage Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS
CERTIFIES THAT [_____] is the registered owner of this commercial mortgage pass-through certificate (this “Certificate”),
which has been issued pursuant to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing
Agreement”), between Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term
includes any successor entity under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust
Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a
summary of certain of the pertinent provisions of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans,
such amounts as shall from time to time be held in the Collection Account and Distribution Account, the Insurance Policies and
any REO Properties. To the extent not defined herein, the capitalized terms used herein have the respective meanings assigned
in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial
Mortgage Pass-Through Certificates, Series 2015-UBS8 (herein called the “Certificates”). The Certificates are
issued in the Classes specified in the Pooling and Servicing Agreement and will evidence in the aggregate 100% of

 

    	A-22-3 

     

    

 

the
beneficial ownership of the Trust. This Certificate represents an interest in the Class V Certificates equal to the percentage
interest specified on the face hereof.

 

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 parties thereto. 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 Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder 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.

 

The
Holder of this Certificate shall be entitled to receive only certain amounts set forth in the Pooling and Servicing Agreement
in respect of Excess Interest. Distributions on this Certificate will be made out of the Available Distribution Amount, to the
extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the 4th Business Day after the related
Determination Date (a “Distribution Date”), commencing on the First Distribution Date specified above, to the
Person in whose name this Certificate is registered on the applicable Record Date. The Determination Date is the 11th day of each
month, or, if the 11th day is not a Business Day, the next succeeding Business Day (a “Determination Date”),
commencing on January 11, 2016. 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.

 

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
Certificates are limited in right of payment to 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, 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 will be made by or on behalf of the Certificate Administrator by check
mailed to the Holder’s address as it appears on the Certificate Register of the Certificate Registrar or, upon written request
to the Certificate Administrator on or prior to the related Record Date (or upon standing instructions given to the Certificate
Administrator on the Closing Date prior to any Record Date, which instructions may be revoked at any time thereafter upon written
notice to the Certificate Administrator five (5) days prior to the related Record Date) made by a Certificateholder by wire
transfer in immediately available funds to an account specified in the request of such Certificateholder. Notwithstanding the
above, the final distribution on any Certificate will be made only upon presentation and surrender of such Certificate at the
location that will be specified in a notice of the pendency of such final distribution.

 

    	A-22-4 

     

    

 

The
Pooling and Servicing Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification
of the rights and obligations of the Certificateholders under the Pooling and Servicing Agreement at any time by the parties thereto
with the consent of the Holders of not less than 51% of the aggregate Voting Rights of the Certificates then outstanding, as specified
in the Pooling and Servicing Agreement. Any such consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate. The Pooling and Servicing Agreement
also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the Corporate Trust
Office of the Certificate Registrar, 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
duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized denominations will be issued
to the designated transferee or transferees.

 

The
Class V Certificates will be issued in fully registered, certificated form in minimum percentage interests of 5% and in multiples
of 1% in excess thereof.

 

No
transfer, sale, pledge or other disposition of this Certificate or interest therein shall be made unless such transfer, sale,
pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable
state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. If a transfer
of any Non-Registered Certificate held as a Definitive Certificate is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a transfer of such Certificate by the Depositor or
one of its Affiliates), then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt,
may conclusively rely upon) either: (i) a certificate from the Certificateholder desiring to effect such transfer substantially
in the form attached as Exhibit D-1 to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s
prospective Transferee substantially in the form attached either as Exhibit D-2A or Exhibit D-2B to the
Pooling and Servicing Agreement; or (ii) an opinion of counsel satisfactory to the Certificate Registrar to the effect that
such transfer shall be made without registration under the Securities Act, together with the written certification(s) as to the
facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or such Certificateholder’s
prospective Transferee on which such opinion of counsel is based (which opinion of counsel shall not be an expense of the Trust
or of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the
Trust Advisor or the Certificate Registrar in their respective capacities as such). No transfer of a Class V Certificate may be
made to a Person that is not a Qualified Institutional Buyer or an Institutional Accredited Investor. No transfer of a Class V
Certificate may be made in book-entry form. No party to the Pooling and Servicing Agreement is obligated to register or qualify
any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action not otherwise
required under the Pooling and

 

    	A-22-5 

     

    

 

Servicing
Agreement to permit the transfer of any Certificate. Any Certificateholder or Certificate Owner desiring to effect a transfer
of this Certificate or interests therein shall, and does hereby agree to, indemnify each Underwriter, each Initial Purchaser and
each party to the Pooling and Servicing Agreement against any liability that may result if the transfer is not exempt from such
registration or qualification or is not made in accordance with such federal and state laws.

 

No
transfer of this Certificate or any interest herein shall be made (A) to any employee benefit plan or other retirement arrangement,
including individual retirement accounts and annuities, Keogh plans and collective investment funds and separate accounts, the
assets of which are considered “plan assets” under U.S. Department of Labor Regulation Section 2510.3-101, as modified
by Section 3(42) of ERISA, including, without limitation, insurance company general accounts, that is subject to Title I
of ERISA or Section 4975 of the Code or any applicable federal, state or local law (“Similar Laws”) materially
similar to the foregoing provisions of ERISA or the Code (each, a “Plan”), or (B) to any Person who is
directly or indirectly purchasing this Certificate or interest herein on behalf of, as named fiduciary of, as trustee of, or with
“plan assets” of a Plan. Each Person who acquires any Class V Certificate (unless it shall have acquired such
Certificate from the Depositor or an Affiliate thereof) shall be required to deliver to the Certificate Registrar a certification
in the form of Exhibit D-2A or Exhibit D-2B to the Pooling and Servicing Agreement that includes a certification
to the effect that it is neither a Plan nor any Person who is directly or indirectly purchasing such Certificate or interest therein
on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Certificates are exchangeable
for new Certificates of the same Class in authorized denominations as requested by the Holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

The
Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator,
the Certificate Registrar, the Authenticating Agent and any of their agents may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating Agent
or any such agents shall be affected by notice to the contrary.

 

The
obligations and responsibilities of the Trustee and the Certificate Administrator created hereby (other than the obligation of
the Certificate Administrator, to make payments to the Class R Certificateholders, as set forth in Section 11.3 of
the Pooling and Servicing Agreement and other than the obligations in the nature of information or tax reporting) shall terminate
on the earliest of (i) the later of (A) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust
(and final distribution to the Certificateholders) and (B) the disposition of all REO Property (and final distribution to the
Certificateholders), (ii) the sale of the property held by the Trust in accordance with Section 11.1(b) of the Pooling
and Servicing Agreement or (iii) voluntary exchange by the Sole Certificateholder of all the

 

    	A-22-6 

     

    

 

outstanding
Certificates (other than the Class V and Class R Certificates) for the remaining Mortgage Loans and the Trust’s
interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d) of the Pooling and Servicing
Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date
hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to purchase the Mortgage Loans
and any other property remaining in the Trust and cause the termination of the Trust in accordance with the requirements set forth
in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates and of all administrative
expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders of the Class R
Certificates.

 

The
Certificate Registrar has executed this Certificate under the Pooling and Servicing Agreement.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF THE STATE OF NEW YORK, AND THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO
THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT.

 

    	A-22-7 

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS  V CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	- 

        - 

        -

         
	as tenant in common 

        as tenants by
        the entireties 

        as joint tenants
        with rights of survivorship

        and not as tenants in common

         
	 	UNIF GIFT MIN
        ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform
        Gifts to Minors

 

        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-22-9

    	 

    

 

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-22-10

    	 

    

 

EXHIBIT
A-23

[FORM OF CLASS R CERTIFICATE]

 

THIS CERTIFICATE DOES NOT CONSTITUTE
AN OBLIGATION OF OR AN INTEREST IN THE SELLERS, THE DEPOSITOR, THE INITIAL PURCHASERS, THE TRUSTEE, THE CUSTODIAN, THE CERTIFICATE
REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE MASTER SERVICER, ANY SPECIAL SERVICER, THE TRUST ADVISOR, THE AUTHENTICATING AGENT
OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

 

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 TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT (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 UNDER THE SECURITIES ACT, AND (B) 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 APPLICABLE
JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED (1) TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS,
THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS” UNDER U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), INCLUDING, WITHOUT
LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS SUBJECT TO TITLE I OF ERISA OR TO THE PROHIBITED TRANSACTION PROVISIONS
OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY APPLICABLE FEDERAL, STATE
OR LOCAL LAW MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR (2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY
PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
PLAN.

 

    	A-23-1

    	 

    

 

THIS CERTIFICATE REPRESENTS “RESIDUAL
INTERESTS” IN MULTIPLE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 3.3 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED
TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT
A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER
MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS
THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES
WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING
THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN
PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S.
PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED
TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS
SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC
RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE
MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL
NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE
PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

    	A-23-2

    	 

    

 

MORGAN
STANLEY CAPITAL I TRUST 2015-UBS8,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2015-UBS8

 

	
        PERCENTAGE INTEREST OF THIS CLASS R CERTIFICATE:
        [_]%

         

        DATE OF POOLING
        AND SERVICING AGREEMENT: AS OF dECEMBER 1, 2015

         

        CUT-OFF DATE:
        dECEMBER 1, 2015

         

        CLOSING DATE:
        dECEMBER 15, 2015

         

        FIRST DISTRIBUTION
        DATE: january 15, 2016

         

        NO. R-[_]

         
	 	
        MASTER SERVICER:
        MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER:
        RIALTO CAPITAL ADVISORS, LLC

         

        TRUST ADVISOR:
        SITUS HOLDINGS, LLC

         

        TRUSTEE/CERTIFICATE
        ADMINISTRATOR/CERTIFICATE REGISTRAR/AUTHENTICATING AGENT/CUSTODIAN: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        CUSIP NO.          61691A BE2

         

        ISIN NO.              US61691ABE29

         

CLASS
R CERTIFICATE

 

evidencing a beneficial ownership interest in a New York common
law trust (the “Trust”), consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”) and certain other property, formed and sold by

 

MORGAN
STANLEY CAPITAL I INC.

 

THIS CERTIFIES THAT [_____] is the registered
owner of this commercial mortgage pass-through certificate (this “Certificate”), which has been issued pursuant
to the Pooling and Servicing Agreement, dated as specified above (the “Pooling and Servicing Agreement”), between
Morgan Stanley Capital I Inc. (hereinafter called the “Depositor”, which term includes any successor entity
under the Pooling and Servicing Agreement), the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian,
the Certificate Administrator, the Certificate Registrar and the Authenticating Agent, a summary of certain of the pertinent provisions
of which is set forth hereafter. The Trust consists primarily of the Mortgage Loans, such amounts as shall from time to time be
held in the Collection Account and Distribution Account, the Insurance Policies and any REO Properties. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized
issue of Certificates designated as the Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates,
Series 2015-UBS8 (herein called the “Certificates”). The Certificates are issued in the Classes specified in
the Pooling and Servicing Agreement and will evidence in the aggregate 100% of

 

    	A-23-3

    	 

    

 

the beneficial ownership of the Trust. This Certificate
represents an interest in the Class R Certificates equal to the percentage interest specified on the face hereof.

 

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 parties thereto. 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 Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder 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.

 

The Holder of this Certificate shall be entitled
to receive only certain amounts set forth in the Pooling and Servicing Agreement, including a distribution upon termination of
the Pooling and Servicing Agreement and the respective REMICs created thereby of the amounts which remain on deposit in the Distribution
Account after payment to the holders of all other Certificates of all amounts set forth in the Pooling and Servicing Agreement.
Distributions on this Certificate will be made out of the Available Distribution Amount, to the extent and subject to the limitations
set forth in the Pooling and Servicing Agreement, on the 4th Business Day after the related Determination Date (a “Distribution
Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered
on the applicable Record Date. The Determination Date is the 11th day of each month, or, if the 11th day is not a Business Day,
the next succeeding Business Day (a “Determination Date”), commencing on January 11, 2016. 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.

 

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 Certificates are limited in right of payment
to 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, 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 will be made by or on behalf of the Certificate Administrator by check mailed to the Holder’s address as it appears
on the Certificate Register of the Certificate Registrar or, upon written request to the Certificate Administrator on or prior
to the related Record Date (or upon standing instructions given to the Certificate Administrator on the Closing Date prior to any
Record Date, which instructions may be revoked at any time thereafter upon written notice to the Certificate Administrator five
(5) days prior to the related Record Date) made by a Certificateholder by wire transfer in immediately available funds to an account
specified in the request of such Certificateholder.

 

    	A-23-4

    	 

    

 

Notwithstanding the above, the final distribution on any Certificate will be
made only upon presentation and surrender of such Certificate at the location that will be specified in a notice of the pendency
of such final distribution.

 

The Pooling and Servicing Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Certificateholders
under the Pooling and Servicing Agreement at any time by the parties thereto with the consent of the Holders of not less than 51%
of the aggregate Voting Rights of the Certificates then outstanding, as specified in the Pooling and Servicing Agreement. Any such
consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Pooling and Servicing Agreement also permits the amendment thereof, in certain circumstances,
without the consent of the Holders of any of the Certificates.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register
upon surrender of this Certificate for registration of transfer at the Corporate Trust Office of the Certificate Registrar, 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 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 R Certificates will be issued in
fully registered, certificated form in minimum percentage interests of 10% and in multiples of 1% in excess thereof.

 

No transfer, sale, pledge or other disposition
of this Certificate or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the
registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise
made in accordance with the Securities Act and such state securities laws. If a transfer of any Non-Registered Certificate held
as a Definitive Certificate is to be made without registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a transfer of such Certificate by the Depositor or one of its Affiliates), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) either: (i)
a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached as Exhibit D-1
to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective Transferee substantially
in the form attached as Exhibit D-2A to the Pooling and Servicing Agreement; or (ii) an opinion of counsel satisfactory
to the Certificate Registrar to the effect that such transfer shall be made without registration under the Securities Act, together
with the written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder’s prospective Transferee on which such opinion of counsel is based (which opinion
of counsel shall not be an expense of the Trust or of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Trustee, the Trust Advisor or the Certificate Registrar in their respective capacities as such).
No transfer of a Class R Certificate may be made in book-entry form or

 

    	A-23-5

    	 

    

 

otherwise to a Person that is not a Qualified Institutional
Buyer, and any certificate and/or opinion of counsel delivered pursuant to the preceding sentence must reflect that the Transferee
of a Class R Certificate is a Qualified Institutional Buyer. No party to the Pooling and Servicing Agreement is obligated to register
or qualify any Class of Non-Registered Certificates under the Securities Act or any other securities law or to take any action
not otherwise required under the Pooling and Servicing Agreement to permit the transfer of any Certificate. Any Certificateholder
or Certificate Owner desiring to effect a transfer of this Certificate or interests therein shall, and does hereby agree to, indemnify
each Underwriter, each Initial Purchaser and each party to the Pooling and Servicing Agreement against any liability that may result
if the transfer is not exempt from such registration or qualification or is not made in accordance with such federal and state
laws.

 

No transfer of a Class R Certificate or any
interest therein shall be made (A) to any employee benefit plan or other retirement arrangement, including individual retirement
accounts and annuities, Keogh plans and collective investment funds and separate accounts, the assets of which are considered “plan
assets” under U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without
limitation, insurance company general accounts, that is subject to Title I of ERISA or Section 4975 of the Code or any applicable
federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions of ERISA or the
Code (each, a “Plan”), or (B) to any Person who is directly or indirectly purchasing such Certificate or interest
therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan. Each Person who acquires
any Class R Certificate (unless it shall have acquired such Certificate from the Depositor or an Affiliate thereof) shall be required
to deliver to the Certificate Registrar a certification in the form of Exhibit D-2A to the Pooling and Servicing Agreement
that includes a certification to the effect that it is neither a Plan nor any Person who is directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of a Plan.

 

Each Person who has or who acquires any Ownership
Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest to have agreed to
be bound by the following provisions and to have irrevocably authorized the Certificate Administrator under clause (F) of Section
3.3(e) of the Pooling and Servicing Agreement to deliver payments to a Person other than such Person and to have irrevocably
authorized the Certificate Registrar under clause (G) of Section 3.3(e) of the Pooling and Servicing Agreement to negotiate
the terms of any mandatory sale and to execute all instruments of Transfer and to do all other things necessary in connection with
any such sale. The rights of such person acquiring any Ownership Interest in a Class R Certificate are expressly subject to the
following provisions:

 

(A)          (1) Each Person holding or
acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and a United States Tax Person other
than a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) any interest in which is
owned (or, may be owned pursuant to the applicable partnership agreement) directly or indirectly (other than through a U.S. corporation)
by any person that is not a United States Tax Person, and shall promptly notify the Certificate Registrar of any change or impending
change in its status as a Permitted Transferee and (2) each Person holding or acquiring any Ownership Interest in a Class R Certificate
shall be a Qualified Institutional Buyer and shall promptly notify the

 

    	A-23-6

    	 

    

 

Certificate Registrar of any change or impending change
in its status as a Qualified Institutional Buyer.

 

(B)           In connection with any proposed
Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar shall require delivery to it, and no Transfer
of any Class R Certificate shall be registered until the Certificate Registrar receives, an affidavit and agreement substantially
in the form attached to the Pooling and Servicing Agreement as Exhibit E-1 (a “Transfer Affidavit and Agreement”)
from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar.

 

(C)           Notwithstanding the delivery
of a Transfer Affidavit and Agreement by a proposed Transferee under clause (B) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed Transferee is not a Permitted Transferee or is not a United States Tax Person,
no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected.

 

(D)           Each Person holding or acquiring
an Ownership Interest in a Class R Certificate shall agree (1) to require a Transfer Affidavit and Agreement from any prospective
Transferee to whom such Person attempts to transfer its Ownership Interest in such Class R Certificate and (2) not to transfer
its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a certificate substantially
in the form attached to the Pooling and Servicing Agreement as Exhibit E-2.

 

(E)           Each Person holding or acquiring
an Ownership Interest in a Class R Certificate that is a “pass-through interest holder” within the meaning of temporary
Treasury Regulations Section 1.67-3T(a)(2)(i)(A) or is holding an Ownership Interest in a Class R Certificate on behalf of a “pass-through
interest holder”, by purchasing an Ownership Interest in such Certificate, agrees to give the Certificate Registrar written
notice of its status as such immediately upon holding or acquiring such Ownership Interest in a Class R Certificate.

 

(F)           If any purported Transferee
shall become a Holder of a Class R Certificate in violation of the provisions of Section 3.3(e) of the Pooling and Servicing
Agreement or if any Holder of a Class R Certificate shall lose its status as a Permitted Transferee or a United States Tax Person,
then the last preceding Holder of such Class R Certificate that was in compliance with the provisions of Section 3.3(e)
of the Pooling and Servicing Agreement shall be restored, to the extent permitted by law, to all rights and obligations as Holder
thereof retroactive to the date of registration of such Transfer of such Class R Certificate. None of the Trustee, the Custodian,
the Master Servicer, the Special Servicer, the Trust Advisor, the Certificate Registrar or the Certificate Administrator shall
be under any liability to any Person for any registration of Transfer of a Class R Certificate that is in fact not permitted by
Section 3.3(e) of the Pooling and Servicing Agreement or for making any payments due on such Certificate to the Holder thereof
or for taking any other action with respect to such Holder under the provisions of the Pooling and Servicing Agreement.

 

    	A-23-7

    	 

    

 

(G)           If any purported Transferee
shall become a Holder of a Class R Certificate in violation of the restrictions in Section 3.3(e) of the Pooling and Servicing
Agreement, or if any Holder of a Class R Certificate shall lose its status as a Permitted Transferee or a United States Tax Person,
and to the extent that the retroactive restoration of the rights and obligations of the prior Holder of such Class R Certificate
as set forth in clause (F) above shall be invalid, illegal or unenforceable, then the Certificate Registrar shall have the right,
without notice to the Holder or any prior Holder of such Class R Certificate, but not the obligation, to sell or cause to be sold
such Class R Certificate to a purchaser selected by the Certificate Registrar on such terms as the Certificate Registrar may choose.
Such noncomplying Holder shall promptly endorse and deliver such Class R Certificate in accordance with the instructions of the
Certificate Registrar. Such purchaser may be the Certificate Registrar itself or any Affiliate of the Certificate Registrar. The
proceeds of such sale, net of the commissions (which may include commissions payable to the Certificate Registrar or its Affiliates),
expenses and taxes due, if any, will be remitted by the Certificate Registrar to such noncomplying Holder. The terms and conditions
of any sale under this clause (G) shall be determined in the sole discretion of the Certificate Registrar, and the Certificate
Registrar shall not be liable to any Person having an Ownership Interest in a Class R Certificate as a result of its exercise of
such discretion.

 

“Permitted Transferee”
means any Transferee other than: (a) a Disqualified Organization; (b) any other Person identified in an Opinion of Counsel delivered
to the Certificate Administrator and the Trustee to the effect that the transfer of an ownership interest in any Class R Certificate
to such Person may cause any REMIC Pool to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a
Person that is a non-United States 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 non-United States Tax Person or
(e) a United States 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 United States
Tax Person.

 

“United States Tax Person”
means a citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury
regulations) or other entity created or organized in or under the laws of the United States, any state of the United States or
the District of Columbia, an estate whose income is subject to United States federal income tax regardless of the source of its
income, 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 United States 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 United States Tax Persons). A person not described in the immediately preceding sentence shall nevertheless be treated
as a United States Tax Person if (i) in the hands of such person the income from a Class R Certificate is effectively connected
with the conduct of a trade or business within the United States and such person has furnished the transferor and the Certificate
Registrar with an effective IRS Form W-8ECI or other prescribed form or (ii) if in connection with the proposed transfer of a Class
R Certificate, the transferor provides an opinion of counsel to the Certificate Registrar to the effect that such

 

    	A-23-8

    	 

    

 

transfer will
not be disregarded for federal income tax purposes under Treasury Regulations Section 1.860G-3.

 

“Disqualified Organization”
means any of (i) the United States, any State or any political subdivision thereof, or any agency or instrumentality of any of
the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except for
the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit),
(ii) a foreign government, international organization or any agency or instrumentality of either of the foregoing, (iii) an organization
that is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable
income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain
farmers’ cooperatives described in Code Section 521), (iv) rural electric and telephone cooperatives described in Section
1381(a)(2) of the Code, and (v) any other Person so designated by the Certificate Administrator based upon an Opinion of Counsel
that the holding of an ownership interest in a Class R Certificate by such Person may cause (A) any of REMIC I, REMIC II or REMIC
III to fail to qualify as a REMIC at any time that the Certificates are outstanding, or (B) any of REMIC I, REMIC II or REMIC III,
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.

 

The provisions of Section 3.3(e) of
the Pooling and Servicing Agreement may be modified, added to or eliminated, provided that there shall have been delivered to the
Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Master Servicer, the Depositor, an Opinion
of Counsel (subject to Section 5.7 of the Pooling and Servicing Agreement, a copy of which shall be provided to each Rating
Agency), in form and substance satisfactory to the Trustee, the Certificate Registrar and the Depositor, to the effect that such
modification of, addition to or elimination of such provisions will not cause any REMIC Pool to (A) cease to qualify as a REMIC
or (B) be subject to an entity-level tax caused by the Transfer of any Class R Certificate to a Person which is not a Permitted
Transferee, or cause a Person other than the prospective Transferee to be subject to a tax caused by the Transfer of a Class R
Certificate to a Person which is not a Permitted Transferee.

 

As provided in the Pooling and Servicing Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer
or exchange but the Certificate Registrar may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Certificates.

 

The Depositor, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate Administrator, the Certificate Registrar, the Authenticating
Agent and any of their agents may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Trust Advisor, the Trustee, the Custodian, the Certificate
Administrator,

 

    	A-23-9

    	 

    

 

the Certificate Registrar, the Authenticating Agent or any such agents shall be affected by notice to the contrary.

 

The obligations and responsibilities of the
Trustee and the Certificate Administrator created hereby (other than the obligation of the Certificate Administrator, to make payments
to the Class R Certificateholders, as set forth in Section 11.3 of the Pooling and Servicing Agreement and other than the
obligations in the nature of information or tax reporting) shall terminate on the earliest of (i) the later of (A) the final payment
or other liquidation of the last Mortgage Loan remaining in the Trust (and final distribution to the Certificateholders) and (B)
the disposition of all REO Property (and final distribution to the Certificateholders), (ii) the sale of the property held by the
Trust in accordance with Section 11.1(b) of the Pooling and Servicing Agreement or (iii) voluntary exchange by the Sole
Certificateholder of all the outstanding Certificates (other than the Class V and Class R Certificates) for the remaining Mortgage
Loans and the Trust’s interest in any REO Properties in the Trust Fund pursuant to the terms of Section 11.1(d) of
the Pooling and Servicing Agreement; provided that in no event shall the Trust continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof. The parties designated in the Pooling and Servicing Agreement may exercise their option to
purchase the Mortgage Loans and any other property remaining in the Trust and cause the termination of the Trust in accordance
with the requirements set forth in the Pooling and Servicing Agreement. Upon termination of the Trust and payment of the Certificates
and of all administrative expenses associated with the Trust, any remaining assets of the Trust shall be distributed to the holders
of the Class R Certificates.

 

The Certificate Registrar has executed this
Certificate under the Pooling and Servicing Agreement.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, AND THE
PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS CERTIFICATE AND THE POOLING AND SERVICING
AGREEMENT.

 

    	A-23-10

    	 

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Certificate Registrar
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

Dated:
December 15, 2015

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

    ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:

 

    	 

    	 

    

 

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

        

        TEN ENT

        

        JT TEN

         
	
        - 

        - 

        -

         
	
        as tenant in common 

        as tenants by the entireties 

        as joint tenants with rights of survivorship

        and not as tenants in common

         
	 	
        UNIF GIFT MIN ACT ..................................... Custodian

                      (Cust)

        

        Under Uniform Gifts to Minors

 

        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-23-12

    	 

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include
the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to_____________ for the account of
_________________________________________________ account number ______________ or, if mailed by check, to _________________
______________________. Statements should be mailed to ____________________. This information is provided by assignee named
above, or _______________________, as its agent.

 

 

    	A-23-13

    	 

    

 

 

 

 

EXHIBIT
B-1

FORM OF INITIAL CERTIFICATION

 

December
15, 2015

 

		To:	The parties listed on Schedule
                                         1 hereto

 

		Re:	Pooling and Servicing Agreement                                          (“Pooling
                                                                                                    and Servicing Agreement”) relating to Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through
                                                                                                    Certificates, Series 2015-UBS8

 

Ladies and Gentlemen:

 

In accordance
with the provisions of Section 2.2 of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with
respect to each Mortgage Loan listed in the Mortgage Loan Schedule and subject to the exceptions noted in the schedule of exceptions
attached hereto, that: (a) all documents specified in clauses (i), (ii), (vii), (viii), (x) and (xii) of the definition of
“Mortgage File” are in its possession, (b) such documents have been reviewed by it and have not been materially
mutilated, damaged, defaced, torn or otherwise physically altered, and such documents relate to such Mortgage Loan and (c) each
Mortgage Note has been endorsed as provided in clause (i) of the definition of “Mortgage File” of the Pooling and
Servicing Agreement. The Custodian on behalf of the Trustee makes no representations as to: (i) the validity, legality, sufficiency,
enforceability or genuineness of any such documents contained in each Mortgage File of any of the Mortgage Loans identified in
the Mortgage Loan Schedule, or (ii) the collectibility, insurability, effectiveness or suitability of any such Mortgage Loan.

 

The Custodian
on behalf of the Trustee acknowledges receipt of notice that the Depositor has granted to the Trustee for the benefit of the Certificateholders
a security interest in all of the Depositor’s right, title and interest in and to the Mortgage Loans, the REMIC I Regular
Interests, and the REMIC II Regular Interests.

 

Capitalized
words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Pooling
and Servicing Agreement. This Certificate is subject in all respects to the terms of the Pooling and Servicing Agreement.

	 	 	 
	 	Wells Fargo Bank, National Association, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

Schedule
1

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

Morgan Stanley Capital I Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

Morgan Stanley Mortgage Capital
Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

Morgan Stanley Mortgage Capital
Holdings LLC

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

Bank of America, National Association

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch

 

W. Todd Stillerman, Esq.

Assistant General Counsel and Director

Bank of America Corporation

214 North Tryon Street, 20th Floor

NC1-027 20-05

Charlotte, North Carolina 28255

 

Henry A. LaBrun, Esq.

Cadwalader, Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

 

UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

 

UBS Securities LLC

1285 Avenue of the Americas

 

    	B-1-2

    	 

    

 

New York, New York 10019

Attention: Henry Chung and Office of General Counsel

 

UBS AG

153 West 51st Street

New York, New York 10019

Attention: Chad Eisenberger, Executive Director & Counsel

 

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: (913) 253-9001

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile: (816) 412-9338

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile: (305) 229-6425

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile: (305) 229-6425

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile: (305) 229-6425

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile: (305) 229-6425

 

    	B-1-3

    	 

    

 

Situs Holdings, LLC

2 Embarcadero Center, Suite 1300

San Francisco, California 94111

Attention: Stacey Ciarlanti

 

Situs Group, LLC

5065 Westheimer Road, Suite 700E

Houston, Texas 77056

Attention: Legal Department

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Client Manager – Morgan Stanley Capital I Trust 2015-UBS8

Facsimile: (410) 715-2380

 

Alston & Bird LLP

Bank of America Plaza

101 S. Tryon Street, 40th Floor

Charlotte, North Carolina 28280

Attention: Peter S. Barwick

Facsimile: (704) 444-1955

 

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile: (212) 751-4646

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile: (212) 751-4646

 

 

    	B-1-4

    	 

    

 

SCHEDULE
OF EXCEPTIONS

[_____]

 

    	B-1-5

    	 

    

 

 

EXHIBIT
B-2

FORM OF FINAL CERTIFICATION

 

__________,
2015

 

		To:	The parties on Schedule 1 attached
                                         hereto

 

		Re:	Pooling and Servicing Agreement
                                         (“Pooling and Servicing Agreement”) relating to Morgan Stanley Capital
                                         I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8

 

Ladies and Gentlemen:

 

In accordance
with the provisions of Section 2.2 of the Pooling and Servicing Agreement, the undersigned hereby certifies that, with
respect to each Mortgage Loan listed in the Mortgage Loan Schedule and subject to the exceptions noted in the schedule of exceptions
attached hereto, that: (a) all documents specified in clauses (i), (ii), (iv), (v), (vi), (vii), (viii), (x) and (xii) of
the definition of “Mortgage File” required to be included in the Mortgage File (to the extent required to be delivered
pursuant to the Pooling and Servicing Agreement), and with respect to all documents specified in the other clauses of the definition
of “Mortgage File” (to the extent known by a Responsible Officer of the Custodian on behalf of the Trustee to be required
pursuant to the Pooling and Servicing Agreement), are in its possession, (b) such documents have been reviewed by it and
have not been materially mutilated, damaged, defaced, torn or otherwise physically altered, and such documents relate to such
Mortgage Loan, (c) based on its examination and only as to the Mortgage Note and the Mortgage, the street address (excluding
zip code) of the Mortgaged Property set forth in the Mortgage Loan Schedule respecting such Mortgage Loan accurately reflects
the information contained in the documents in the Mortgage File, and (d) each Mortgage Note has been endorsed. The Custodian
on behalf of the Trustee makes no representations as to: (i) the validity, legality, sufficiency, enforceability or genuineness
of any of the documents contained in each Mortgage File of any of the Mortgage Loans identified in the Mortgage Loan Schedule,
or (ii) the collectibility, insurability, effectiveness or suitability of any such Mortgage Loan.

 

The Custodian
on behalf of the Trustee acknowledges receipt of notice that the Depositor has granted to the Trustee for the benefit of the Certificateholders
a security interest in all of the Depositor’s right, title and interest in and to the Mortgage Loans, the REMIC I Regular
Interests, and the REMIC II Regular Interests.

 

Capitalized
words and phrases used herein shall have the respective meanings assigned to them in the Pooling and Servicing Agreement. This
Certificate is qualified in all respects by the terms of the Pooling and Servicing Agreement including but not limited to Section 2.2
thereof.

 

    	B-2-1

    	 

    

	 	 	 
	 	Wells Fargo Bank, National Association, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	B-2-2

    	 

    

 

Schedule
1

 

Morgan Stanley Capital I Inc.

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

Morgan Stanley Capital I Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

Morgan Stanley Mortgage Capital
Holdings LLC

1585 Broadway

New York, New York 10036

Attention: Stephen Holmes

 

Morgan Stanley Mortgage Capital
Holdings LLC

1221 Avenue of the Americas

New York, New York 10020

Attention: Legal Compliance Division

 

Bank of America, National Association

One Bryant Park

New York, New York 10036

Attention: Leland F. Bunch

 

W. Todd Stillerman, Esq.

Assistant General Counsel and Director

Bank of America Corporation

214 North Tryon Street, 20th Floor

NC1-027 20-05

Charlotte, North Carolina 28255

 

Henry A. LaBrun, Esq.

Cadwalader, Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

 

UBS Real Estate Securities Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

 

UBS Securities LLC

1285 Avenue of the Americas

 

    	B-2-3

    	 

    

New York, New York 10019

Attention: Henry Chung and Office of General Counsel

 

UBS AG

153 West 51st Street

New York, New York 10019

Attention: Chad Eisenberger, Executive Director & Counsel

 

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: (913) 253-9001

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile: (816) 412-9338

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile: (305) 229-6425

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff

Facsimile: (305) 229-6425

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Niral Shah

Facsimile: (305) 229-6425

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Adam Singer

Facsimile: (305) 229-6425

 

    	B-2-4

    	 

    

 

Situs Holdings, LLC

2 Embarcadero Center, Suite 1300

San Francisco, California 94111

Attention: Stacey Ciarlanti

 

Situs Group, LLC

5065 Westheimer Road, Suite 700E

Houston, Texas 77056

Attention: Legal Department

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Client Manager – Morgan Stanley Capital I Trust 2015-UBS8

Facsimile: (410) 715-2380

 

Alston & Bird LLP

Bank of America Plaza

101 S. Tryon Street, 40th Floor

Charlotte, North Carolina 28280

Attention: Peter S. Barwick

Facsimile: (704) 444-1955

 

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile: (212) 751-4646

RREF III Debt AIV, LP

c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile: (212) 751-4646

 

 

    	B-2-5

    	 

    

 

SCHEDULE
OF EXCEPTIONS

 

[_____]

 

    	B-2-6

    	 

    

 

 

EXHIBIT
C

FORM OF REQUEST FOR RELEASE

 

	To:	Wells Fargo Bank, National
                                         Association, as Custodian

                                         1055 10th Avenue SE

                                         Minneapolis, Minnesota 55414

	 	Attn: 	Global Securities and Trust Services

    Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates,

    Series 2015-UBS8

 

		cc:	Wells Fargo Bank, National Association,
                                         as Trustee

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Client Manager – Morgan Stanley Capital I Trust 2015-UBS8

 

		Re:	Morgan Stanley Capital I Trust
                                         2015-UBS8,

                                         Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8

 

DATE:
_________________

 

In connection
with the administration of the Mortgage Loans held by you as Custodian on behalf of the Trustee under the Pooling and Servicing
Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), and executed in connection
with the above-referenced transaction, the undersigned hereby requests a release of the Trust Mortgage File held by you as Custodian
on behalf of the Trustee with respect to the following described Mortgage Loan for the reason indicated below.

 

Mortgagor’s
Name:

 

Address:

 

Loan No.:

 

Reason for
requesting file:

 

	_______	1.	Mortgage
                                         Loan paid in full.

                                         (The [Master] [Special] Servicer hereby certifies that all amounts received in connection
                                         with the Mortgage Loan have been or will be, following the [Master] [Special] Servicer’s
                                         release of the Trust Mortgage File, credited to the Collection Account or the Distribution
                                         Account, as applicable, pursuant to the Pooling and Servicing Agreement.)

 

	_______	2.	Mortgage
                                         Loan repurchased.

                                         (The [Master] [Special] Servicer hereby certifies that the Purchase Price has been credited
                                         to the Collection Account or the Distribution Account, as applicable, pursuant to the
                                         Pooling and Servicing Agreement.)

 

    	C-1

    	 

    

 

	_______	3.	Mortgage
                                         Loan Defeased.

 

	_______	4.	Mortgage
                                         Loan replaced.

                                         (The [Master] [Special] Servicer hereby certifies that a Qualifying Substitute Mortgage
                                         Loan has been assigned and delivered to you along with the related Trust Mortgage File
                                         pursuant to the Pooling and Servicing Agreement.)

 

	_______	5.	The
                                         Mortgage Loan is being foreclosed.

 

	_______	6.	Other. (Describe)	 
	 	 	 	.

 

 

The undersigned
acknowledges that once received, the above Trust Mortgage File will be held by the undersigned in accordance with the provisions
of the Pooling and Servicing Agreement and will be returned to you, except if the Mortgage Loan has been paid in full, repurchased
or replaced by a Qualifying Substitute Mortgage Loan (in which case the Trust Mortgage File will be retained by us permanently),
when no longer required by us for such purpose.

 

Capitalized
terms used herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement.

	 	 	 
	 	[Name of [Master] [Special] Servicer]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-2

    	 

    

 

 

EXHIBIT
D-1

FORM OF TRANSFEROR CERTIFICATE FOR

TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Bondholder Services – Morgan Stanley Capital I Trust 2015-UBS8

 

		Re:	Morgan Stanley Capital I Trust
                                         2015-UBS8, Commercial Mortgage Pass-Through

 Certificates, Series 2015-UBS8 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter
is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of a Class ___ Certificate having an initial Certificate Balance or Notional Amount
as of ________ (the “Settlement Date”) of $__________ (the “Transferred Certificate”). The
Certificates were issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
dated as of December 1, 2015 and executed in connection with the above-referenced transaction. All terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you, as Certificate Registrar, that:

 

1.          The
Transferor is the lawful owner of the Transferred Certificate with the full right to transfer such Certificate free from any and
all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Certificate,
any interest in any Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy
or accept a transfer, pledge or other disposition of any Certificate, any interest in any Certificate or any other similar security
from any person in any manner, (c) otherwise approached or negotiated with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any manner, (d) made any general solicitation by means of general
advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses
(a) through (e) hereof) would constitute a distribution of any Certificate under the Securities Act of 1933, as amended (the
“Securities Act”), or would render the disposition of any Certificate a violation of Section 5 of the Securities
Act or any state securities laws, or

 

    	D-1-1

    	 

    

 

would require registration
or qualification of any Certificate, or any offer or sale thereof, pursuant to the Securities Act or any state securities laws.

 

	 	Very truly yours,
	 	 	 	 	 	 
	 	(Transferor)
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 
	 	Title:	 	 

 

 

    	D-1-2

    	 

    

 

EXHIBIT
D-2A

FORM I OF TRANSFEREE CERTIFICATE

FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Bondholder Services – Morgan Stanley Capital I Trust 2015-UBS8

		Re:	Morgan Stanley Capital I Trust
                                         2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter
is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of Class ______ Certificates having an initial Certificate Balance or Notional Amount as
of _________ (the “Settlement Date”) of $__________ (the “Transferred Certificates”). The
Certificates, including the Transferred Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 2015 (the “Pooling and Servicing Agreement”), and executed in connection with the above-referenced
transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Certificate Registrar, that:

 

1.          The
Transferee is a “qualified institutional buyer” (a “Qualified Institutional Buyer”) as that term
is defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), and has completed one of the forms of certification to that effect attached hereto as Annex 1 and Annex 2. The
Transferee is aware that the sale to it of the Transferred Certificates is being made in reliance on Rule 144A. The Transferee
is acquiring the Transferred Certificates for its own account or for the account of a Qualified Institutional Buyer, and understands
that such Transferred Certificates may be resold, pledged or transferred only (i) to a person reasonably believed to be a
Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified Institutional Buyer to whom
notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption
from registration under the Securities Act.

 

2.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Transferred Certificates and
distributions thereon, (c) the nature, performance and servicing of the Mortgage Loans, (d) the Pooling and Servicing

 

    	D-2A-1

    	 

    

 

Agreement, (e) any
credit enhancement mechanism associated with the Transferred Certificates and (f) all related matters that it has requested.

 

3.          Check
one of the following:

 

___      The
Transferee is a “U.S. Person” and has attached hereto an Internal Revenue Service (“IRS”) Form
W-9 (or successor form).

 

___      The
Transferee is an institution that is not a “U.S. Person” and under applicable law in effect on the date hereof, no
taxes will be required to be withheld by the Certificate Administrator (or its agent) with respect to distributions to be made
on the Transferred Certificates. The Transferee has attached hereto either (i) a duly executed IRS Form W-8BEN, IRS Form
W-8BEN-E (or successor forms), which identifies the Transferee as the beneficial owner of the Transferred Certificates and states
that the Transferee is not a U.S. Person, (ii) Form W-8IMY (with appropriate attachments) or (iii) two duly executed
copies of IRS Form W-8ECI (or successor form), which identify the Transferee as the beneficial owner of the Transferred Certificates
and states that interest and original issue discount on the Transferred Certificates is, or is expected to be, effectively connected
with a U.S. trade or business. The Transferee agrees to provide to the Certificate Administrator (or its agent) 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 Administrator (or its agent) may reasonably request, on or before the date that any such
IRS form or certification expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the
most recent IRS form of certification furnished by it to the Certificate Administrator (or its agent).

 

For
this purpose, “U.S. Person” means a citizen or resident of the United States for U.S. federal income tax purposes,
a corporation or partnership (except to the extent provided in applicable Treasury Regulations) 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 the income of which is subject to U.S. federal income taxation 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 United States fiduciaries 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 October 20, 1996 which are eligible
to elect to be treated as U.S. Persons).

 

The
Depositor, the Trustee and the Certificate Administrator are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

 

4.          If
the Transferred Certificates are Class V or Class R Certificates, then the Transferee (A) is not an employee benefit plan
or other retirement arrangement, including an individual retirement account or annuity, a Keogh plan or a collective

 

    	D-2A-2

    	 

    

 

investment fund or
separate account, the assets of which are considered “plan assets” under U.S. Department of Labor Regulation Section
2510.3-101, as modified by Section 3(42) of ERISA, including, without limitation, an insurance company general account, that is
subject to Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any applicable federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions
of ERISA or the Code (each, a “Plan”), and (B) is not directly or indirectly purchasing the Transferred
Certificates or any interest therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of
a Plan.

 

5.          If
the Transferred Certificates are Non-Investment Grade Certificates (other than Class V or Class R Certificates), then
check the following paragraph that is applicable:

 

___          The
Transferee (A) is not a Plan (as defined in paragraph 4 above), and (B) is not directly or indirectly purchasing the
Transferred Certificates or any interest therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets”
of a Plan.

 

___      The
Transferee has provided the Certificate Registrar with a certification of facts and an Opinion of Counsel (copies of which are
attached hereto) to the effect that the transfer of the Transferred Certificates from the Transferor to the Transferee will not
constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
any Similar Laws or subject the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer,
the Trust Advisor or the Certificate Registrar to any obligation in addition to those undertaken in the Pooling and Servicing
Agreement.

 

___      The
purchase and holding of such Certificate or interest therein by such person qualifies for the exemptive relief available under
Sections I and III of Prohibited Transaction Class Exemption 95-60 or another exemption from the “prohibited transactions”
rules under ERISA issued by the U.S. Department of Labor or similar exemption under Similar Laws.

 

	 	Very truly yours,
	 	 	 	 	 	 
	 	(Transferee)
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 
	 	Title:	 	 

 

 

    	D-2A-3

    	 

    

 

ANNEX
1 TO EXHIBIT D-2A

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[for
Transferees other than Registered Investment Companies]

 

The undersigned
hereby certifies as follows to [name of Transferor] (the “Transferor”) and Wells Fargo Bank, National Association,
as Certificate Registrar, with respect to the commercial mortgage pass-through certificate being transferred (the “Transferred
Certificates”) as described in the Transferee Certificate to which this certification relates and to which this certification
is an Annex:

 

1.          As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Transferee”).

 

2.          The
Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”) because (i) the Transferee owned and/or invested on a discretionary basis $______________________1
in securities (other than the excluded securities referred to below) as of [specific date since the close of the Transferee’s
most recent fiscal year][the end of the Transferee’s most recent fiscal year] (such amount being calculated in accordance
with Rule 144A) and (ii) the Transferee satisfies the criteria in the category marked below.

 

		___	Corporation, etc. The Transferee
                                         is a corporation (other than a bank, savings and loan association or similar institution),
                                         Massachusetts or similar business trust, partnership, or any organization described in
                                         Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

 

		___	Bank. The Transferee (a) is
                                         a national bank or a banking institution organized under the laws of any State, U.S.
                                         territory or the District of Columbia, the business of which is substantially confined
                                         to banking and is supervised by the State or territorial banking commission or similar
                                         official or is a foreign bank or equivalent institution, and (b) has an audited
                                         net worth of at least $25,000,000 as demonstrated in its latest annual financial statements,
                                         a copy of which is attached hereto, as of a date not more than 16 months preceding the
                                         date of sale of the Transferred Certificate in the case of a U.S. bank, and not more
                                         than 18 months preceding such date of sale for a foreign bank or equivalent institution.

 

		___	Savings and Loan. The Transferee
                                         (a) is a savings and loan association, building and loan association, cooperative
                                         bank, homestead association or similar institution, which is supervised and examined
                                         by a State or Federal authority having supervision over any such institutions or is a
                                         foreign savings and loan association or equivalent institution and (b) has an

 

 

1
Transferee must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Transferee is a dealer,
and, in that case, Transferee must own and/or invest on a discretionary basis at least $10,000,000 in securities.

 

    	D-2A-4

    	 

    

 

	 	 	audited net worth of at least $25,000,000 as demonstrated in its
                              latest annual financial statements, a copy of which is attached hereto, as of a date not more than
                              16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. savings
                              and loan association, and not more than 18 months preceding such date of sale for a foreign savings
                              and loan association or equivalent institution.
	 	 	 
		___	Broker-dealer. The Transferee
                                         is a dealer registered pursuant to Section 15 of the Securities Exchange Act of
                                         1934, as amended.

 

		___	Insurance Company. The Transferee
                                         is an insurance company whose primary and predominant business activity is the writing
                                         of insurance or the reinsuring of risks underwritten by insurance companies and which
                                         is subject to supervision by the insurance commissioner or a similar official or agency
                                         of a State, U.S. territory or the District of Columbia.

 

		___	State or Local Plan. The
                                         Transferee is a plan established and maintained by a State, its political subdivisions,
                                         or any agency or instrumentality of the State or its political subdivisions, for the
                                         benefit of its employees.

 

		___	ERISA Plan. The Transferee
                                         is an employee benefit plan within the meaning of Title I of the Employee Retirement
                                         Income Security Act of 1974, as amended.

 

		___	Investment Advisor. The
                                         Transferee is an investment advisor registered under the Investment Advisers Act of 1940,
                                         as amended.

 

		___	Other. (Please supply a
                                         brief description of the entity and a cross-reference to the paragraph and subparagraph
                                         under subsection (a) (1) of Rule 144A pursuant to which it qualifies. Note
                                         that registered investment companies should complete Annex 2 rather than this Annex 1.)

	 	 	 
	 	 	 
	 	 	 

 

3.          The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Transferee,
(ii) securities that are part of an unsold allotment to or subscription by the Transferee, if the Transferee is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi)
securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of
determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee
did not include any of the securities referred to in this paragraph.

 

    	D-2A-5

    	 

    

 

4.          For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the
Transferee used the cost of such securities to the Transferee, unless the Transferee reports its securities holdings in its financial
statements on the basis of their market value, and no current information with respect to the cost of those securities has been
published, in which case the securities were valued at market. Further, in determining such aggregate amount, the Transferee may
have included securities owned by subsidiaries of the Transferee, but only if such subsidiaries are consolidated with the Transferee
in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Transferee’s direction. However, such securities were not included if the Transferee
is a majority-owned, consolidated subsidiary of another enterprise and the Transferee is not itself a reporting company under
the Securities Exchange Act of 1934, as amended.

 

5.          The
Transferee acknowledges that it is familiar with Rule 144A and understands that the Transferor and other parties related to the
Transferred Certificates are relying and will continue to rely on the statements made herein because one or more sales to the
Transferee may be in reliance on Rule 144A.

 

___          ___          Will
the Transferee be purchasing the Transferred Certificate

Yes          No             only
for the Transferee’s own account

 

6.          If
the answer to the foregoing question is “no”, then in each case where the Transferee is purchasing for an account
other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within
the meaning of Rule 144A, and the “qualified institutional buyer” status of such third party has been established
by the Transferee through one or more of the appropriate methods contemplated by Rule 144A.

 

7.          The
Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Transferee’s purchase of the Transferred Certificates will constitute a reaffirmation
of this certification as of the date of such purchase. In addition, if the Transferee is a bank or savings and loan as provided
above, the Transferee agrees that it will furnish to such parties any updated annual financial statements that become available
on or before the date of such purchase, promptly after they become available.

 

8.          Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
to which the Transferred Certificates were issued.

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Print Name of Transferee
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 
	 	Title:	 	 
	 	Date:	 	 

 

    	D-2A-6

    	 

    

 

ANNEX
2 TO EXHIBIT D-2A

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[for Transferees
that are Registered Investment Companies]

 

The undersigned
hereby certifies as follows to [name of Transferor] (the “Transferor”) and Wells Fargo Bank, National Association,
as Certificate Registrar, with respect to the mortgage pass-through certificate being transferred (the “Transferred Certificates”)
as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex:

 

1.          As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificates (the “Transferee”) or, if the Transferee is a
“qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended
(“Rule 144A”) because the Transferee is part of a Family of Investment Companies (as defined below), is
an executive officer of the investment adviser (the “Adviser”).

 

2.          The
Transferee is a “qualified institutional buyer” as defined in Rule 144A because (i) the Transferee is an
investment company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Transferee
alone owned and/or invested on a discretionary basis, or the Transferee’s Family of Investment Companies owned, at least
$100,000,000 in securities (other than the excluded securities referred to below) as of [specific date since the close of the
Transferee’s most recent fiscal year][the end of the Transferee’s most recent fiscal year]. For purposes of determining
the amount of securities owned by the Transferee or the Transferee’s Family of Investment Companies, the cost of such securities
was used, unless the Transferee or any member of the Transferee’s Family of Investment Companies, as the case may be, reports
its securities holdings in its financial statements on the basis of their market value, and no current information with respect
to the cost of those securities has been published, in which case the securities of such entity were valued at market.

 

		____	The Transferee owned and/or invested
                                         on a discretionary basis $___________________ in securities (other than the excluded
                                         securities referred to below) as of the end of the Transferee’s most recent fiscal
                                         year (such amount being calculated in accordance with Rule 144A).

 

		____	The Transferee is part of a Family
                                         of Investment Companies which owned in the aggregate $______________ in securities (other
                                         than the excluded securities referred to below) as of the end of the Transferee’s
                                         most recent fiscal year (such amount being calculated in accordance with Rule 144A).

 

3.          The
term “Family of Investment Companies” as used herein means two or more registered investment companies (or series
thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries
of the same parent or because one investment adviser is a majority owned subsidiary of the other).

 

    	D-2A-7

    	 

    

 

4.          The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Transferee
or are part of the Transferee’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement
and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Transferee, or owned by the Transferee’s Family of Investment Companies,
the securities referred to in this paragraph were excluded.

 

5.          The
Transferee is familiar with Rule 144A and understands that the parties to which this certification is being made are relying
and will continue to rely on the statements made herein because one or more sales to the Transferee will be in reliance on Rule 144A.

 

___          ___          Will
the Transferee be purchasing the Transferred Certificates

Yes          No            only
for the Transferee’s own account

 

6.          If
the answer to the foregoing question is “no”, then in each case where the Transferee is purchasing for an account
other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within
the meaning of Rule 144A, and the “qualified institutional buyer” status of such third party has been established
by the Transferee through one or more of the appropriate methods contemplated by Rule 144A.

 

7.          The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.
Until such notice, the Transferee’s purchase of the Transferred Certificates will constitute a reaffirmation of this certification
by the undersigned as of the date of such purchase.

 

8.          Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Pooling and Servicing Agreement pursuant
to which the Transferred Certificates were issued.

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Print Name of Transferee or Adviser
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 
	 	Title:	 	 
	 	 	 	 
	 	IF AN ADVISER:
	 	 
	 	Print Name of Transferee 
	 	 	 	 
	 	Date:	 	 

 

    	D-2A-8

    	 

    

 

EXHIBIT
D-2B

FORM II OF TRANSFEREE CERTIFICATE

FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Bondholder Services – Morgan Stanley Capital I Trust 2015-UBS8

 

		Re:	Morgan Stanley Capital I Trust
                                         2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter
is delivered to you in connection with the transfer by _______________________ (the “Transferor”) to _______________________________
(the “Transferee”) of Class ___ Certificates having an initial Certificate Balance or Notional Amount as of
________ (the “Settlement Date”) of $__________ (the “Transferred Certificates”). The Certificates,
including the Transferred Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015
(the “Pooling and Servicing Agreement”), and executed in connection with the above-referenced transaction.
All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as Certificate Registrar, that:

 

1.          The
Transferee is acquiring the Transferred Certificates for its own account for investment and not with a view to or for sale or
transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the Securities Act
of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.          The
Transferee understands that (a) the Class of Certificates to which the Transferred Certificates belong has not been
and will not be registered under the Securities Act or registered or qualified under any applicable state securities laws, (b) none
of the Depositor, the Trustee or the Certificate Registrar is obligated so to register or qualify the Class of Certificates
to which the Transferred Certificates belong, and (c) no Transferred Certificate may be resold or transferred unless it is
(i) registered pursuant to the Securities Act and registered or qualified pursuant any applicable state securities laws or
(ii) sold or transferred in transactions which are exempt from such registration and qualification and the Certificate Registrar
has received either: (A) a certificate from the Certificateholder desiring to effect such transfer substantially in the form attached
as Exhibit D-1 to the Pooling and Servicing Agreement and a certificate from such Certificateholder’s prospective
transferee substantially in the form attached either as Exhibit D-2A or, except in the case of Class R Certificates,
as Exhibit D-2B to the Pooling and Servicing Agreement; or (C) an opinion of counsel satisfactory to the Certificate Registrar
with respect to the availability of such exemption from registration under the Securities 

 

    	D-2B-1

    	 

    

 

Act, together with copies of the written
certification(s) from the transferor and/or transferee setting forth the facts surrounding the transfer upon which such opinion
is based.

 

3.          The
Transferee understands that it may not sell or otherwise transfer any Transferred Certificate except in compliance with the provisions
of Section 3.3 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Transferee
understands that each Transferred Certificate will bear the following legend:

 

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 TO A PERSON THAT
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (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 UNDER THE SECURITIES ACT, (2) (EXCEPT WITH RESPECT TO THE CLASS V AND
CLASS R CERTIFICATES) 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) (EXCEPT WITH RESPECT TO THE
CLASS R CERTIFICATES) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT (OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

5.          The
Transferee understands that each Transferred Certificate (if it is a Non-Investment Grade Certificate (other than a Class V or
Class R Certificate)) will bear the following legend:

 

EXCEPT AS OTHERWISE
DESCRIBED HEREIN AND IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE
TRANSFERRED TO (1) TO ANY EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND
ANNUITIES, KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS”
UNDER U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”),

 

    	D-2B-2

    	 

    

 

INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS SUBJECT
TO TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY APPLICABLE
FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE OR
(2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS NAMED FIDUCIARY
OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH PLAN, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING
AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY
GOVERNMENTAL PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH GOVERNMENTAL PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

6.          The
Transferee understands that each Transferred Certificate (if it is a Class V or Class R Certificate) will bear the following
legends:

 

FOR THE CLASS
V AND CLASS R CERTIFICATES: THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED (1) TO ANY PERSON
THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND ANNUITIES,
KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS AND SEPARATE ACCOUNTS, THE ASSETS OF WHICH ARE CONSIDERED “PLAN ASSETS”
UNDER U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS, THAT IS SUBJECT
TO TITLE I OF ERISA OR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR ANY APPLICABLE FEDERAL, STATE OR LOCAL LAW MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA
OR THE CODE OR (2) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING SUCH CERTIFICATE OR INTEREST THEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH PLAN.

 

FOR THE CLASS
R CERTIFICATES: THIS CERTIFICATE REPRESENTS “RESIDUAL INTERESTS” IN MULTIPLE “REAL ESTATE MORTGAGE INVESTMENT
CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, NON-U.S. PERSONS OR

 

    	D-2B-3

    	 

    

 

AGENTS OF EITHER, AS SET FORTH IN SECTION
3.3 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE
ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE
SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE
A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME
DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS
GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT
CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE
MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE
TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER
PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND
SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS,”
AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL
INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR
MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO
TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

7.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy
or accept a pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any other similar security
from any person in any manner, (c) otherwise approached or negotiated with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any manner, (d) made any general solicitation by means of general
advertising or in any other manner, or (e) taken any other action with respect to any Certificate, any interest in any Certificate
or any other similar security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute
a distribution of the Transferred Certificates under the Securities Act, would render the disposition of the Transferred Certificates
a violation of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the
Transferred Certificates pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person
to act, in any manner set forth in the foregoing sentence with respect to any Certificate, any interest in any Certificate or
any other similar security.

 

    	D-2B-4

    	 

    

 

8.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Transferred Certificates and
distributions thereon, (c) the Pooling and Servicing Agreement and the Trust created pursuant thereto, (d) the nature,
performance and servicing of the Mortgage Loans, (e) any credit enhancement mechanism associated with the Transferred Certificates,
and (f) all related matters, that it has requested.

 

9.          The
Transferee is an “accredited investor” as defined in any of paragraphs (1), (2), (3) or (7) of Rule 501(a) under the
Securities Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Transferred
Certificate; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

10.        Check
one of the following:

 

___      The
Transferee is a “U.S. Person” and has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or
successor form).

 

___      The
Transferee is an institution that is not a “U.S. Person” and under applicable law in effect on the date hereof, no
taxes will be required to be withheld by the Certificate Administrator (or its agent) with respect to distributions to be made
on the Transferred Certificates. The Transferee has attached hereto either (i) a duly executed IRS Form W-8BEN, IRS Form
W-8BEN-E (or successor forms), which identifies the Transferee as the beneficial owner of the Transferred Certificates and states
that the Transferee is not a U.S. Person, (ii) Form W-8IMY (with appropriate attachments) or (iii) two duly executed
copies of IRS Form W-8ECI (or successor form), which identify the Transferee as the beneficial owner of the Transferred Certificates
and states that interest and original issue discount on the Transferred Certificates is, or is expected to be, effectively connected
with a U.S. trade or business. The Transferee agrees to provide to the Certificate Administrator (or its agent) 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 Administrator (or its agent) may reasonably request, on or before the date that any such
IRS form or certification expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the
most recent IRS form of certification furnished by it to the Certificate Administrator (or its agent).

 

For this purpose,
“U.S. Person” means a citizen or resident of the United States for U.S. federal income tax purposes, a corporation
or partnership (except to the extent provided in applicable Treasury Regulations) 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 the income of which is subject to U.S. federal income taxation 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 United States fiduciaries have the authority to control all substantial decisions of such trust (or, 

 

    	D-2B-5

    	 

    

 

to the extent
provided in applicable Treasury Regulations, certain trusts in existence on October 20, 1996 which are eligible to elect to be
treated as U.S. Persons).

 

11.        If
the Transferred Certificates are Class V or Class R Certificates, then the Transferee (A) is not an employee benefit
plan or other retirement arrangement, including an individual retirement account or annuity, a Keogh plan or a collective investment
fund or separate account, the assets of which are considered “plan assets” under U.S. Department of Labor Regulation
Section 2510.3-101, as modified by Section 3(42) of ERISA, including, without limitation, an insurance company general account,
that is subject to Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
or any applicable federal, state or local law (“Similar Laws”) materially similar to the foregoing provisions
of ERISA or the Code (each, a “Plan”), and (B) is not directly or indirectly purchasing the Transferred
Certificates or any interest therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets” of
a Plan.

 

12.        If
the Transferred Certificates are Non-Investment Grade Certificates (other than Class V or Class R Certificates), then check the
following paragraph that is applicable:

 

___      The
Transferee (A) is not a Plan (as defined in paragraph 11 above), and (B) is not directly or indirectly purchasing the
Transferred Certificates or any interest therein on behalf of, as named fiduciary of, as trustee of, or with “plan assets”
of a Plan.

 

___      The
Transferee has provided the Certificate Registrar with a certification of facts and an Opinion of Counsel (copies of which are
attached hereto) to the effect that the transfer of the Transferred Certificates from the Transferor to the Transferee will not
constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
any Similar Laws or subject the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer,
the Trust Advisor or the Certificate Registrar to any obligation in addition to those undertaken in the Pooling and Servicing
Agreement.

 

___      The
purchase and holding of such Certificate or interest therein by such person qualifies for the exemptive relief available under
Sections I and III of Prohibited Transaction Class Exemption 95-60 or another exemption from the “prohibited transactions”
rules under ERISA issued by the U.S. Department of Labor or similar exemption under Similar Laws.

 

The Depositor,
the Trustee and the Certificate Administrator are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect
to the matters covered hereby.

 

		Very truly yours,

 

    	D-2B-6

    	 

    

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	(Transferee)
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 
	 	Title:	 	 

 

    	D-2B-7

    	 

    

 

 

EXHIBIT
D-3

FORM OF TRANSFER CERTIFICATE

TO AN INTEREST IN A RULE 144A GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to 

Section 3.7(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Bondholder Services – Morgan Stanley Capital I Trust 2015-UBS8

 

		Re:	Morgan
                                         Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-UBS8, Class [___]

		 	 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate initial [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Definitive Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Current Holder”). The Current Holder has requested an exchange or transfer of such Definitive Certificates
for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) (the “Rule 144A Beneficial
Interest”).

 

In
connection with such request, and in respect of such Certificates, the Current Holder does hereby certify that [it is a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and intends to hold the Rule 144A Beneficial Interest for its own account] [such Certificates are being transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Current Holder 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].

 

    	D-3-1

    	 

    

 

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 Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Trust Advisor and the Initial Purchasers.

 

	 	[Insert Name of Current
    Holder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

    	D-3-2

    	 

    

 

EXHIBIT
E-1

FORM OF TRANSFEREE AFFIDAVIT AND AGREEMENT (CLASS R)

 

	STATE OF	)	 
	 	)	ss:
	COUNTY OF	)	 

  

____________________,
being first duly sworn, deposes and says that:

 

1.          He/She
is the ____________________ of ____________________ (the prospective transferee (the “Transferee”) of Morgan
Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, Class R, evidencing a ____%
Percentage Interest in such Class (the “Residual Certificates”)), a ________________ duly organized and validly
existing under the laws of ____________________, on behalf of which he/she makes this affidavit. All capitalized terms used but
not otherwise defined herein shall have the respective meanings set forth in the pooling and servicing agreement pursuant to which
the Residual Certificates were issued (the “Pooling and Servicing Agreement”).

 

2.          The
Transferee (i) is, and as of the date of transfer will be, a “Permitted Transferee” and will endeavor to remain
a “Permitted Transferee” for so long as it holds the Residual Certificates, and (ii) is acquiring the Residual
Certificates for its own account or for the account of another prospective transferee from which it has received an affidavit
in substantially the same form as this affidavit. A “Permitted Transferee” is any Person other than a “disqualified
organization” or a possession of the United States. (For this purpose, a “disqualified organization” means the
United States, any state or political subdivision thereof, any agency or instrumentality of any of the foregoing (other than an
instrumentality, all of the activities of which are subject to tax and a majority of whose board of directors is not selected
by any such governmental unit) or any foreign government, international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative, or any organization (other than certain farmers’
cooperatives) that is generally exempt from federal income tax unless such organization is subject to the tax on unrelated business
taxable income.

 

3.          The
Transferee (i) is, and as of the date of transfer will be, a “Qualified Institutional Buyer” and will endeavor
to remain a “Qualified Institutional Buyer” for so long as it holds the Residual Certificates, and (ii) is acquiring
the Residual Certificates for its own account or for the account of another prospective transferee from which it has received
an affidavit in substantially the same form as this affidavit. A “Qualified Institutional Buyer” is a qualified institutional
buyer qualifying pursuant to Rule 144A under the Securities Act of 1933, as amended.

 

4.          The
Transferee is aware (i) of the tax that would be imposed on transfers of the Residual Certificates to “disqualified
organizations” under the Code that applies to all transfers of the Residual Certificates; (ii) that such tax would
be on the transferor or, if such transfer is through an agent (which Person includes a broker, nominee or middleman) for a non-

 

    	E-1-1

    	 

    

  

Permitted
Transferee, on the agent; (iii) that the Person otherwise liable for the tax shall be relieved of liability for the tax if
the transferee furnishes to such Person an affidavit that the transferee is a Permitted Transferee and, at the time of transfer,
such Person does not have actual knowledge that the affidavit is false; and (iv) that the Residual Certificates may be a
“noneconomic residual interest” within the meaning of Treasury regulation Section 1.860E-1(c) and that the transferor
of a “noneconomic residual interest” will remain liable for any taxes due with respect to the income on such residual
interest, unless no significant purpose of the transfer is to enable the transferor to impede the assessment or collection of
tax.

 

5.          The
Transferee is aware of the tax imposed on a “pass-through entity” holding the Residual Certificates if at any time
during the taxable year of the pass-through entity a non-Permitted Transferee is the record holder of an interest in such entity.
(For this purpose, a “pass-through entity” includes a regulated investment company, a real estate investment trust
or common trust fund, a partnership, trust or estate, and certain cooperatives.)

 

6.          The
Transferee is aware that the Certificate Registrar will not register any transfer of the Residual Certificates by the Transferee
unless the Transferee’s transferee, or such transferee’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 Transferee 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.

 

7.          The
Transferee 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 Residual Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

8.          The
Transferee’s taxpayer identification number is _________________.

 

9.          The
Transferee has reviewed the provisions of Section 3.3(e) of the Pooling and Servicing Agreement, a description of which
provisions is set forth in the Residual Certificates (in particular, clause (F) of the first paragraph of Section 3.3(e)
which authorizes the Certificate Administrator or the Trustee to deliver payments on the Residual Certificate to a Person other
than the Transferee and clause (G) of the first paragraph of Section 3.3(e) which authorizes the Certificate Registrar
to negotiate a mandatory sale of the Residual Certificates, in either case, in the event that the Transferee holds such Residual
Certificates in violation of Section 3.3(e)); and the Transferee expressly agrees to be bound by and to comply with such
provisions.

 

10.        No
purpose of the Transferee relating to its purchase or any sale of the Residual Certificates is or will be to impede the assessment
or collection of any tax.

 

11.        The
Transferee hereby represents to and for the benefit of the transferor that the Transferee intends to pay any taxes associated
with holding the Residual Certificates as they become due, fully understanding that it may incur tax liabilities in excess of
any cash flows generated by the Residual Certificates.

 

    	E-1-2

    	 

    

 

12.          The
Transferee will not cause income with respect to the Residual Certificates to be attributable to a foreign permanent establishment
or fixed base, within the meaning of any applicable income tax treaty, of such proposed Transferee or any other United States
Tax Person.

 

13.          The
Transferee will, in connection with any transfer that it makes of the Residual Certificates, deliver to the Certificate Registrar
a representation letter substantially in the form of Exhibit E-2 to the Pooling and Servicing Agreement in which it
will represent and warrant, among other things, that it is not transferring the Residual Certificates to impede the assessment
or collection of any tax and that it has at the time of such transfer conducted a reasonable investigation of the financial condition
of the proposed transferee as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and has satisfied the requirements
of such provision.

 

14.          The
Transferee is a citizen or resident of the United States, a corporation, a partnership or other entity created or organized in,
or under the laws of, the United States or any political subdivision thereof, or an estate or trust whose income from sources
without the United States is includible in gross income for United States federal income tax purposes regardless of its connection
with the conduct of a trade or business within the United States.

 

15.          [Select
a or b, as applicable] [a] The Transferee has computed any consideration paid to it to acquire the Class R Certificate in accordance
with U.S. Treasury Regulations Sections 1.860E-1(c)(7) and 1.860E-1(c)(8) by computing present values using a discount rate equal
to the Federal short-term rate prescribed by Section 1274(d) of the Code for the month of the transfer and the compounding period
used by the Transferee.

 

[b]
The transfer of the Class R Certificate complies with Treasury Regulation Sections 1.860E-1(c)(5) and 1.860E-1(c)(6) and,
accordingly,

 

(i)           the
Transferee is an “eligible corporation,” as defined in Treasury Regulation Section 1.860E-1(c)(6), 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 Transferee’s two fiscal years preceding the Transferee’s fiscal
year of the transfer, the Transferee had gross assets for financial reporting purposes (excluding any obligation of a person related
to the Transferee within the meaning of Treasury Regulation Section 1.860E-1(c)(6)(ii) and excluding any other asset if a principal
purpose for holding or acquiring that asset is to permit the Transferee to satisfy this Section 15(ii)) in excess
of $100 million and net assets in excess of $10 million;

 

(iii)         the
Transferee will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulation
Section 1.860E-1(c)(6), in a transaction that satisfies the requirements of Treasury Regulation Section 1.860E-1(c)(5)(i), (ii)
and (iii) and this Section 15 and the transfer is not to a foreign permanent establishment (within the meaning of
an applicable income tax treaty) of such eligible corporation or any other arrangement by which the Class R Certificate will be
at any time subject to net tax by a foreign country or possession of the United States; and

 

    	E-1-3

    	 

    

 

(iv)          the
Transferee 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 Transferee) that it has determined in good faith, is a reasonable amount.

 

16.          The
Transferee (i) is, and at the time of transfer will be, a United States Tax Person other than a partnership (including any
entity treated as a partnership for U.S. federal income tax purposes) any interest in which is owned (or, may be owned pursuant
to the applicable partnership agreement) directly or indirectly (other than through a U.S. corporation) by any person that is
not a United States Tax Person, and (ii) is not, and at the time of the transfer will not be, a foreign permanent establishment
or fixed base, within the meaning of any applicable income tax treaty, of any United States Tax Person. If the Transferee is a
partnership, trust or disregarded entity for U.S. federal income tax purposes, then each person that may be allocated income from
the Class R Certificate is, and at the time of transfer will be, a United States Tax Person.

 

17.          The
Transferee has historically paid its debts as they have come due and will continue to do so in the future.

 

    	E-1-4

    	 

    

 

IN
WITNESS WHEREOF, the Transferee has caused this instrument to be executed on its behalf, pursuant to the authority of its Board
of Directors, by its ____________________ and its corporate seal to be hereunto attached this ___ day of ___________, ____.

 

	 	[NAME OF TRANSFEREE]
	 	 	 
	 	By:	 
	 	 	[Name
    of Officer]
	 	 	[Title of Officer]

 

    	E-1-5

    	 

    

 

Personally
appeared before me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed
and sworn before me this          day of                        ,
20     . 

___________________________     

NOTARY
PUBLIC

COUNTY
OF                       ________

STATE
OF                                            

My
commission expires the          day of                        ,
20     .

  

    	E-1-6

    	 

    

 

EXHIBIT
E-2

FORM OF TRANSFEROR AFFIDAVIT AND AGREEMENT (CLASS R)

 

_______________,
20__

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Bondholder Services – Morgan Stanley Capital I Trust 2015-UBS8

 

		Re:	Morgan
                                         Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series
                                         2015-UBS8 (the “Certificates”)

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of Class R Certificates evidencing a ____% Percentage Interest in such Class (the
“Residual Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the
Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. All capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

 

1.          No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

2.          The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Pooling and Servicing Agreement. The Transferor has no knowledge or reason to know that any representation contained therein is
false.

 

3.          The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined
that the Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that
the Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer
of the Residual Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be
liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

4.          The
Transferor does not know and has no reason to know that the Transferee is not a Permitted Transferee, is not a United States Tax
Person or a partnership

 

    	E-2-1

    	 

    

 

(including
any entity treated as a partnership for U.S. federal income tax purposes) any interest in which is owned (or, may be owned pursuant
to the applicable partnership agreement) directly or indirectly (other than through a U.S. corporation) by any person that is
not a United States Tax Person, is a foreign permanent establishment or fixed base, within the meaning of any applicable income
tax treaty, of any United States Tax Person, or is a Person with respect to which income on the Residual Certificate is attributable
to a foreign permanent establishment or fixed base, within the meaning of any applicable income tax treaty.

 

5.          The
Transferor does not know and has no reason to know that the Transferee will not honor the restrictions on subsequent transfers
by the Transferee under the Transfer Affidavit and Agreement, delivered in connection with this transfer.

 

	 	Very truly yours,
	 	 	 	 	 	 
	 	(Transferor)
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name: 	 
	 	Title:	 	 

 

    	E-2-2

    	 

    

 

Personally
appeared before me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed
and sworn before me this          day of                        ,
20     .

_____________________  ______     

NOTARY
PUBLIC

COUNTY
OF _________________

STATE
OF                                            

My
commission expires the          day of                        ,
20     .

 

    	E-2-3

    	 

    

 

EXHIBIT
F

FORM OF REGULATION S CERTIFICATE

 

Morgan
Stanley Capital I Trust 2015-UBS8

Commercial Mortgage Pass-Through Certificates,

Series 2015-UBS8, Class ___ (the “Certificates”)

 

		TO:	Euroclear
                                         Bank, SA/NV

                                                     or

                                         CLEARSTREAM

		 	 

This
is to certify that as of the date hereof, and except as set forth below, the above-captioned Certificates held by you or on your
behalf for our account are beneficially owned by non-U.S. person(s). As used in this paragraph, the term “U.S. person”
has the meaning given to it by Regulation S under the United States Securities Act of 1933, as amended (the “Securities
Act”). To the extent that we hold an interest in any of the Certificates on behalf of person(s) other than ourselves,
we have received certifications from such person(s) substantially identical to the certifications set forth herein.

 

We
undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating
to the Certificates held by you or on your behalf for our account in accordance with your operating procedures 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.

 

This
certification excepts and does not relate to $__________ of such beneficial interest in the above Certificates in respect of which
we are not able to certify and as to which we understand the exercise of any rights to payments thereon and the exchange for definitive
Certificates or for an interest in definitive Certificates in global form cannot be made until we do so certify.

 

We
understand that this certification 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 certification is or
would be relevant, we irrevocably authorize you to produce this certification to any interested party in such proceedings.

 

Dated:
__________, 2015

 

	 	 	 
	 	By:	 
	 	As, or as agent for, the beneficial owner(s) of the
    
 Certificates to which this certificate relates.

 

    	F-1

    	 

    

 

EXHIBIT
G

FORM OF EXCHANGE CERTIFICATION

 

(“Exchange
Certificate”)

 

__________
__, 201_

 

			
	TO:	The Depository Trust
            Company

		 	 

		CLEARSTREAM	 or

		Euroclear	 Bank,
                                         SA/NV

		 	 

			 
	 	Wells
               Fargo Bank, National Association,
 as Certificate Registrar

		 	 

This
is to notify you as to the transfer of the beneficial interest in $_______________ of Morgan Stanley Capital I Trust 2015-UBS8
Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, Class __(the “Certificates”).

 

The
undersigned is the owner of a beneficial interest in the Class __ [Rule 144A Global Certificate] [Regulation S Global Certificate]
and requests that on [INSERT DATE], (i) [Euroclear] [CLEARSTREAM] [DTC] debit account #__________, with respect to $__________
principal denomination of the Class __ [Rule 144A Global Certificate] [Regulation S Global Certificate] and (ii) [DTC] [Euroclear]
[CLEARSTREAM] credit the beneficial interest of the below-named purchaser, account #__________, in the Class __ [Rule 144A Global
Certificate] [Regulation S Global Certificate] in the same principal denomination as follows:

 

Name:

Address:

Taxpayer I.D. No.:

 

The
undersigned hereby represents that this transfer is being made in accordance with an exemption from the provisions of Section
5 of the United States Securities Act of 1933, as amended (the “Securities Act”), which representation is based
upon the reasonable belief that the purchaser is [an institution that is not a U.S. Person as defined in Regulation S under the
Securities Act] [a “qualified institutional buyer,” as defined in Rule 144A under the Securities Act, and that such
purchaser has acquired the Certificates in a transaction effected in accordance with the exemption from the registration requirements
of the Securities Act provided by Rule 144A and, if the purchaser has purchased the Certificates for one or more accounts for
which it is acting as fiduciary or agent, each such account is a qualified institutional buyer] and that the purchaser is acquiring
beneficial interests in the applicable Certificate1 for its own account or for

 

 

	1	[NOTE:
                                         INFORMATION PROVIDED ABOVE WITH RESPECT TO PURCHASER AND THE FOREGOING REPRESENTATION
                                         MUST BE PROVIDED TO THE

		 	 

 

    	G-1

    	 

    

 

one
or more institutional accounts for which it is acting as fiduciary or agent in a minimum amount equivalent to not less than U.S.$[FOR
PRINCIPAL BALANCE CERTIFICATES: $100,000] [FOR CLASS X CERTIFICATES: $100,000] and integral multiples of U.S. $1 in excess thereof
for each such account.

 

	 	Very truly yours,
	 	 	 
	 	[NAME OF HOLDER OF CERTIFICATE]
	 	 	 
	 	By: 	 
	 	 	[Name], [Chief Financial or other Executive Officer]
	 	 	

 

 

CERTIFICATE
REGISTRAR UPON ANY TRANSFER OF CERTIFICATES IF THE CERTIFICATES ARE NO LONGER HELD IN GLOBAL FORM.]

 

 

    	G-2

    	 

    

 

EXHIBIT
H

FORM OF EUROCLEAR BANK OR CLEARSTREAM BANK CERTIFICATE

 

Morgan
Stanley Capital I Trust 2015-UBS8

Commercial Mortgage Pass-Through Certificates,

Series 2015-UBS8, Class ___ (the “Certificates”)

 

	TO:	Wells
                                         Fargo Bank, National Association, as Certificate Registrar

                                         Attn:      Morgan Stanley Capital I Trust 2015-UBS8

                                                       Commercial
                                         Mortgage Pass-Through Certificates, Series 2015-UBS8

 

This
is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission
from member organizations appearing in our records as persons being entitled to a portion of the principal amount of the Certificates
set forth below (our “Member Organizations”) substantially to the effect set forth in the Pooling and Servicing
Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”), and executed in connection
with the above-referenced transaction, U.S. $__________ principal amount of the above-captioned Certificates held by us or on
our behalf are beneficially owned by non-U.S. person(s). As used in this paragraph, the term “U.S. person” has the
meaning given to it by Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”).

 

We
further certify that as of the date hereof we have not received any notification from any of our Member Organizations to the effect
that the statements made by such Member Organizations with respect to any interest in the Certificates identified above are no
longer true and cannot be relied upon as of the date hereof.

 

[On
Release Date: We hereby acknowledge that no portion of the Class __ Regulation S Temporary Global Certificate shall be exchanged
for an interest in the Class __ Regulation S Permanent Global Certificate (as each such term is defined in the Pooling and Servicing
Agreement) with respect to the portion thereof for which we have not received the applicable certifications from our Member Organizations.]

 

[Upon
any payments under the Regulation S Temporary Global Certificate: We hereby agree to hold (and return to the Certificate Administrator
upon request) any payments received by us on the Class __ Regulation S Temporary Global Certificate (as defined in the Pooling
and Servicing Agreement) with respect to the portion thereof for which we have not received the applicable certifications from
our Member Organizations.]

 

    	H-1

    	 

    

 

We
understand that this certification 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 certification is or
would be relevant, we irrevocably authorize you to produce this certification to any interested party in such proceedings.

 

Dated:

	 	 	 
	 	[EUROCLEAR BANK, SA/NV,

    as operator of the Euroclear System]
	 	 	 
	 	or
	 	 
	 	[CLEARSTREAM]
	 	 	 
	 	By:	 

  

    	H-2

    	 

    

 

EXHIBIT
I-1A

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE 

AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – MSCI 2015-UBS8

Email: trustadministrationgroup@wellsfargo.com, cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the
Controlling Class Representative nor a Controlling Class Certificateholder.

 

2.          In
the case of a Registered Certificate, the undersigned has received a copy of the Prospectus.

 

3.          The
undersigned is not a Borrower Party.

 

4.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except (i) from such outside persons as are assisting it in making an evaluation in connection with purchasing the
related Certificates, from its accountants, attorneys, affiliates (other than any with respect to any Mortgage Loan as to which
such affiliate is a Borrower Party and the related employees are involved in the management of any investment in the related Borrower
or the related Mortgaged Property), officers, directors, partners, employees, agents or representatives, and otherwise from such
governmental or banking authorities or agencies to which the undersigned is subject, (ii) to the extent such Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the undersigned,
(iii) to the extent such Information was already known to the undersigned and not otherwise subject to a confidentiality obligation
or becomes available to the undersigned on a non-confidential basis from another source, (iv) to the extent such Information is
independently developed by the undersigned, and/or (v) to the extent

 

    	I-1A-1

    	 

    

 

such
Information is requested by a judicial, administrative or government agency or pursuant to a court order or a subpoena or in the
opinion of the undersigned’s counsel disclosure is legally required to be made in a judicial, administrative or governmental
proceeding or filing, or pursuant to any law or regulation), and such Information shall not, without the prior written consent
of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives
(collectively, the “Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, each Special Servicer, the Trust Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

6.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.]

	 	 	 
	 	[Certificateholder][Certificate
Owner][Prospective Purchaser]

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:

 

    	I-1A-2

    	 

    

 

EXHIBIT
I-1B

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE 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

        

        Facsimile:
        (913) 253-9001

         
	Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        

        Columbia,
        Maryland 21045 

        Attention:
        Corporate Trust Services – MSCI 

        2015-UBS8

        

        Email:
        

        trustadministrationgroup@wellsfargo.com, 

        cts.cmbs.bond.admin@wellsfargo.com

         

	Rialto
    Capital Advisors, LLC

    790 NW 107th Avenue, 4th Floor

    Miami, Florida 33172

    Attention:  Liat Heller 

    Facsimile: (305) 229-6425	Situs
    Holdings, LLC

    2 Embarcadero Center, Suite 1300

    San Francisco, California 94111

    Attention: Stacey Ciarlanti

    Email: Stacey.Ciarlanti@situs.com
	[Insert
    contact information for any Excluded 

    Special Servicer]	

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) 

                                         relating to MSCI 2015-UBS8 Commercial Mortgage Pass-Through 

                                         Certificates

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2.          The
undersigned is not a Borrower Party.

 

3.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except (i) from such outside persons as are assisting it in making an evaluation in connection with purchasing the
related Certificates, from its accountants, attorneys, affiliates (other than any with respect to any

 

    	I-1B-1

    	 

    

 

Mortgage
Loan as to which such affiliate is a Borrower Party and the related employees are involved in the management of any investment
in the related Borrower or the related Mortgaged Property), officers, directors, partners, employees, agents or representatives,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject, (ii) to the extent
such Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly
by the undersigned, (iii) to the extent such Information was already known to the undersigned and not otherwise subject to a confidentiality
obligation or becomes available to the undersigned on a non-confidential basis from another source, (iv) to the extent such Information
is independently developed by the undersigned, and/or (v) to the extent such Information is requested by a judicial, administrative
or government agency or pursuant to a court order or a subpoena or in the opinion of the undersigned’s counsel disclosure
is legally required to be made in a judicial, administrative or governmental proceeding or filing, or pursuant to any law or regulation),
and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, each Special Servicer, the Trust Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.          At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit I-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit I-1E and Exhibit I-1F to the Pooling and Servicing Agreement.

 

6.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.          The
undersigned hereby certifies that an executed copy of this certification has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above.

 

8.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	I-1B-2

    	 

    

 

[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.]

	 	 	 
	 	[The
                    Controlling Class Representative][a 

                    Controlling Class Certificateholder]

	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:

 

    	I-1B-3

    	 

    

 

EXHIBIT
I-1C

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR PERSONS OTHER THAN THE CONTROLLING CLASS REPRESENTATIVE 

AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – MSCI 2015-UBS8

Email: 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

Facsimile: (913) 253-9001

 

[Insert
contact information for any Excluded Special Servicer]

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the
Controlling Class Representative nor a Controlling Class Certificateholder.

 

2          The
undersigned is a Borrower Party.

 

3.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except (i) from such outside persons as are assisting it in making an evaluation in connection with purchasing the
related Certificates, from its accountants, attorneys, affiliates (other than any with respect to any Mortgage Loan as to which
such affiliate is a Borrower Party and the related employees are involved in the management of any investment in the related Borrower
or the related Mortgaged Property), officers, directors, partners, employees, agents or representatives, and otherwise from

 

    	I-1C-1

    	 

    

 

such
governmental or banking authorities or agencies to which the undersigned is subject, (ii) to the extent such Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the undersigned,
(iii) to the extent such Information was already known to the undersigned and not otherwise subject to a confidentiality obligation
or becomes available to the undersigned on a non-confidential basis from another source, (iv) to the extent such Information is
independently developed by the undersigned, and/or (v) to the extent such Information is requested by a judicial, administrative
or government agency or pursuant to a court order or a subpoena or in the opinion of the undersigned’s counsel disclosure
is legally required to be made in a judicial, administrative or governmental proceeding or filing, or pursuant to any law or regulation),
and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, each Special Servicer, the Trust Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

6.          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 caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.] 

	 	 	 
	 	

[Certificateholder][Certificate
 
	 	 	Owner][Prospective Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:

 

    	I-1C-2

    	 

    

 

EXHIBIT
I-1D

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE CONTROLLING CLASS REPRESENTATIVE 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

        

        Facsimile:
        (913) 253-9001

         
	Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road 

        Columbia,
        Maryland 21045

        

        Attention:
        Corporate Trust Services – MSCI 

        2015-UBS8 

        Email:
        

        trustadministrationgroup@wellsfargo.com, 

        cts.cmbs.bond.admin@wellsfargo.com

        

	Rialto
    Capital Advisors, LLC

    790 NW 107th Avenue, 4th Floor

    Miami, Florida 33172

    Attention:  Liat Heller	Situs
    Holdings, LLC

    2 Embarcadero Center, Suite 1300

    San Francisco, California 94111

    Attention: Stacey Ciarlanti

    Email: Stacey.Ciarlanti@situs.com
	[Insert contact
    information for any Excluded 

    Special Servicer]	
	 	 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2          The
undersigned is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY
EXCLUDED CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

3.          Except
with respect to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and
Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s Website.

 

    	I-1D-1

    	 

    

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except (i) from such outside persons as are assisting it in making an evaluation in connection with purchasing the
related Certificates, from its accountants, attorneys, affiliates (other than any with respect to any Mortgage Loan as to which
such affiliate is a Borrower Party and the related employees are involved in the management of any investment in the related Borrower
or the related Mortgaged Property), officers, directors, partners, employees, agents or representatives, and otherwise from such
governmental or banking authorities or agencies to which the undersigned is subject, (ii) to the extent such Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the undersigned,
(iii) to the extent such Information was already known to the undersigned and not otherwise subject to a confidentiality obligation
or becomes available to the undersigned on a non-confidential basis from another source, (iv) to the extent such Information is
independently developed by the undersigned, and/or (v) to the extent such Information is requested by a judicial, administrative
or government agency or pursuant to a court order or a subpoena or in the opinion of the undersigned’s counsel disclosure
is legally required to be made in a judicial, administrative or governmental proceeding or filing, or pursuant to any law or regulation),
and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as
defined in the Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned
receives access to such Excluded Information on the Certificate Administrator’s website or otherwise receives access to
such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.          The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify
each party to the Pooling and Servicing Agreement, 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.          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 agrees that it (i) will not directly or indirectly provide such
Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate involved in
the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any
non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain

 

    	I-1D-2

    	 

    

 

sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

7.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.          The
undersigned hereby certifies that an executed copy of this certification has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above.

 

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 caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

	 	 	 
	 	
 [The Controlling Class Representative][a

 
	 	 	Controlling Class Certificateholder]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:

 

    	I-1D-3

    	 

    

 

EXHIBIT
I-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

        

        Facsimile:
        (913) 253-9001

         
	Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road 

        Columbia,
        Maryland 21045

        

        Attention:
        Corporate Trust Services – MSCI 

        2015-UBS8 

        With
        a copy to:         
         trustadministrationgroup@wellsfargo.com, 

        cts.cmbs.bond.admin@wellsfargo.com

         

	Rialto
    Capital Advisors, LLC

    790 NW 107th Avenue, 4th Floor

    Miami, Florida 33172

    Attention:  Liat Heller 

    Facsimile: (305) 229-6425	Situs
    Holdings, LLC

    2 Embarcadero Center, Suite 1300

    San Francisco, California 94111

    Attention: Stacey Ciarlanti

    Email: Stacey.Ciarlanti@situs.com
	[Insert
    contact information for any Excluded Special Servicer]	

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates

 

THIS
NOTICE IDENTIFIES AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE MSCI 2015-UBS8 COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 8.31 OF THE POOLING AND SERVICING AGREEMENT.

 

In
accordance with Section 5.4(a) 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 Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

    	I-1E-1

    	 

    

 

2.          The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

	Mortgage
    Loan Number	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 Senior Consultation Period is in effect with respect to the
Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is an Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding
    Certificate Balance	Initial
    Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.          The
undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit I-1F to the Pooling and
Servicing Agreement, requesting termination of access to any Excluded Information, subject to Section 5.6(c) of the Pooling and
Servicing Agreement. The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information
relating to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above 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 5.4(a) of the Pooling and Servicing Agreement.

 

5.          The
undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial
Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing
this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative
or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans listed in
Paragraph 2 above.

 

    	I-1E-2

    	 

    

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

	 	 	 	 
	 	[Controlling
                    Class Representative] [a Controlling 

                    Class Certificateholder]

	 	 	 	 
	 	By: 	 	 
	 	Name:
	 	Title:
	 	Phone:
	 	Email:
	 	Address:	 
	 	 		 

  

    	I-1E-3

    	 

    

 

EXHIBIT
I-1F

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	Via:
        Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – MSCI 2015-UBS8

        trustadministrationgroup@wellsfargo.com, cts.cmbs.bond.admin@wellsfargo.com

         

        with
        a copy to:

         

        Wells
        Fargo Bank, National Association

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: MSCI 2015-UBS8

         

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates

 

In
accordance with Section 5.4(a) 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 [Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.          The
undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

  

3.          The
following USER IDs for CTSLink are affiliated with the undersigned and access to any Excluded Information on the Certificate Administrator’s
Website with respect

 

    	I-1F-1

    	 

    

 

to
the MSCI 2015-UBS8 securitization should be revoked as to such users, subject to Section 5.6(c) of the Pooling and Servicing
Agreement:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          The
undersigned acknowledges that, subject to its rights under Section 5.6(c) of the Pooling and Servicing Agreement, it is not permitted
to access and shall not access any Excluded Information with respect to such Excluded Controlling Class Mortgage Loans listed
in Paragraph 2 above on the Certificate Administrator’s website unless and until it (i) is no longer an Excluded Controlling
Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered notice of the related Excluded
Controlling Class Holder status and (iii) has submitted an investor certification in the form of Exhibit I-1E 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.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

	 	 	 	 
	 	[Controlling
                    Class Representative] [a Controlling 

                    Class Certificateholder]

	 	 	 	 
	 	Name:
	 	Title:
	 	Phone:
	 	Email:
	 	Address:	 

 

The
undersigned hereby acknowledges that

access to CTSLink has been revoked to the

 

    	I-1F-2

    	 

    

 

extent provided, and with respect to the users

listed, in Paragraph 3.

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

	 	

Name:

Title:

 

    	I-1F-3

    	 

    

 

EXHIBIT
I-1G

FORM OF CERTIFICATION OF THE CONTROLLING CLASS REPRESENTATIVE

 

[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 

        Facsimile: (913) 253-9001

         
	
        Wells Fargo Bank,
National Association

9062 Old Annapolis Road 

        Columbia, Maryland
21045 

        Attention: Corporate
Trust Services – MSCI 

2015-UBS8 

        With a copy to: 

trustadministrationgroup@wellsfargo.com,
        

cts.cmbs.bond.admin@wellsfargo.com

         

	Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention:  Liat Heller 

Facsimile: (305) 229-6425	Situs Holdings, LLC

2 Embarcadero Center, Suite 1300

San Francisco, California 94111

Attention: Stacey Ciarlanti

Email: Stacey.Ciarlanti@situs.com
	 

                                                                                [Insert contact information for any Excluded Special Servicer]

                                                                                 
	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to MSCI 2015-UBS8 Commercial Mortgage Pass-Through Certificates

 

In accordance with Section
10.1(d) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned has been appointed to act as the Controlling Class Representative.

 

2.          The
undersigned [is not][is] a Borrower Party.

 

    	I-1G-1

    	 

    

 

3.          [If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit I-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit I-1E and Exhibit I-1F to the Pooling and Servicing Agreement.][The undersigned has become an Excluded Controlling Class
Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

]

 

4.          The
undersigned hereby certifies that an executed copy of this certification has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above.

 

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 caused its name to be signed hereto by its duly authorized signatory, as of the date certified.] 

	 	 	 
	 	[The Controlling Class Representative][a
Controlling Class Certificateholder]
	 	 	 
	 	By:	 
		 	Name:

Title:

Phone:

 

    	I-1G-2

    	 

    

  

EXHIBIT
J

 

FORM OF NRSRO CERTIFICATION (“NRSRO
Certification”)

 

Wells Fargo Bank, National Association,

as Certificate Administrator

Corporate Trust Office

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:             Morgan Stanley Capital I Trust 2015-UBS8

Commercial Mortgage Pass-Through Certificates

Series 2015-UBS8

 

Re:                         Morgan Stanley Capital I
Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8

 

Ladies and Gentlemen:

 

In accordance with the
requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2015 (the
“Pooling and Servicing Agreement”), executed in connection with the above-referenced transaction with respect
to Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.           (a)         The undersigned is a Rating Agency; or

 

(b)         The
undersigned is a nationally recognized statistical rating organization that either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is
requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the 17g-5 website pursuant to the provisions of the Pooling and Servicing Agreement, and agrees that any confidentiality agreement
applicable to the undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing
Date shall also be applicable to information obtained from the 17g-5 Information Provider’s website (including without limitation,
to any information received by the Depositor for posting on the 17g-5 Information Provider’s website), or (y) if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by
the provisions of the confidentiality agreement provided by the 17g-5 Information Provider and executed and delivered in connection
with this certification hereto which shall be applicable to it with respect to any information obtained from the 17g-5 Information
Provider’s website, including any information that is obtained from the section of the 17g-5 Information Provider’s
website that hosts the Depositor’s 17g-5 website related to the Certificates after the Closing Date.

 

2.           The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

    	J-1

    	 

    

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

    	J-2

    	 

    

 

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.

	 	 	 	 	 	 
	 	[NRSRO]	 
	 	 	 
	 	By:	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 	 
	 	 	 
	 	Company:	 

 

Dated: [_____]

 

    	J-3

    	 

    

 

EXHIBIT
K

FORM OF DISTRIBUTION DATE STATEMENT

 

[See attached]

 

    	K-1

    	 

    

 

 

  

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	7-9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15-16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21-22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Trust Advisor	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Morgan Stanley Capital I Inc.	 	 	 	Midland Loan Services	 	 	 	Rialto Capital Advisors, LLC	 	 	 	Situs Holdings, LLC	 	 	 
	 	 	 	1585 Broadway	 	 	 	A Division of PNC Bank, N.A.	 	 	 	790 NW 107th Avenue, Suite 400	 	 	 	2 Embarcadero Center, Suite 1300	 	 	 
	 	 	 	New York, NY 10036	 	 	 	10851 Mastin Street, Building 82	 	 	 	Miami, FL 33172	 	 	 	San Francisco, CA 94111	 	 	 
	 	 	 	 	 	 	 	Overland Park, KS 66210	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Contact:	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Contact: General Information Number	 	 	 	Heather Wagner	 	 	 	Contact: Thekla Salzman	 	 	 	Contact:            George Wisniewski	 	 	 
	 	 	 	Phone Number: (212) 761-4000	 	 	 	Phone Number: (913) 253-9570	 	 	 	Phone Number: (305) 229-6465	 	 	 	Phone Number: (415) 374-2832	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.

         

        Please visit www.ctslink.com for additional information and special notices.  In addition, certificateholders may register online for email notification when special notices are posted.  For information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 1 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class
    (2)	 	CUSIP	Pass-
 Through
 Rate	Original
 Balance	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized Loss/
 Additional Trust
 Fund Expenses	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (1)	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	J	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-J	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                     Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i)
                     the ending balance of the designated class and (ii) the ending certificate balance of all classes which are
                     not subordinate to the designated class and dividing the result by (A).

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	J	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-H	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-J	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 3 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00    	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	  	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	X-J	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 	 
	 	 	H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 	 
	 	 	J	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 5 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee - Midland Loan Services	0.00	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations	0.00	 	 	Trustee Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administration Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Trust Advisor Fee - Situs Holdings, LLC	0.00	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	 	 	 	 
	 	Interest Reserve Withdrawal	0.00	 	 	Additional Trust Fund Expenses:	 	 	 
	 	Total Interest Collected	 	0.00	 	Reimbursement for Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal after Maturity
    Date	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Recoveries from Liquidation and Insurance
    Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve Deposit	 	0.00	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders &
    Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield Maintenance	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	Equity Payments Received	0.00	 	 	Equity Payments Paid	0.00	 	 
	 	Net Swap Counterparty Payments Received	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders
    & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    	Page 6 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property Type (1)	 	State   (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Property Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Seasoning	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 								 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page of this section.	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 7 of 24

    	 

    
 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	Anticipated Remaining Term (ARD and Balloon Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

Balance	# of

loans	Scheduled

Balance	% of

Agg.

Bal.	WAM

(2)	WAC	Weighted

Avg DSCR (3)	 	Anticipated Remaining

Term (2)	# of

loans	Scheduled

Balance	% of

Agg.

Bal.	WAM

(2)	WAC	Weighted

Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Remaining Amortization Term (ARD and Balloon Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Remaining			% of				 
	 	 	 	 	 	 	 	 	 	Amortization	# of	Scheduled	Agg.	WAM	 	Weighted	 
	 	Note Rate	 	Term	loans	Balance	Bal.	 (2)	 WAC	Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 				% of				 	 	 	 	 	 	 	 	 
	 	Note	# of	Scheduled	Agg	WAM	 	Weighted	 	 	 	 	 	 	 	 	 
	 	 Rate	 loans	 Balance	Bal.	(2)	WAC	Avg DSCR (3)	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Remaining Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Remaining			% of				 
	 	 	 	 	 	 	 	 	 	Stated	# of	Scheduled	Agg.	WAM	 	Weighted	 
	 	 	 	 	 	 	 	 	 	Term	 loans	Balance	Bal.	 (2)	WAC	Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	See footnotes on last page of this section.	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	Page 8 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Age of Most Recent NOI	 	Debt Service Coverage Ratio
    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Age
of Most

Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (3)	 	Debt Service
 Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-Off Date balance of each property as disclosed in the offering document.	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the Maturity Date.	 
	 	(3) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the most current DSCR provided by the Master Servicer is used. To the extent that no DSCR is provided by the Master Servicer, information from the offering document is used. The DSCRs reported by the Master Servicer may be based on a period of less than 12 months. Regardless, DSCRs are normalized based on the Most Recent Financial as of Start and End Dates as reported on the NOI Detail page of this statement. The Certificate Administrator makes no representations as to the accuracy of the data provided by the borrower for this calculation.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 

 

    	Page 9 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	6	-	Capitalization of Interest	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	Foreclosure	2	-	Amortization Change	7	-	Capitalization of Taxes	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	8	-	Principal Write-Off	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Blank	9	-	Combination	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	5	-	Termporary Rate Reduction	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 10 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 
	(1) The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report NOI figures in their loan level reporting.
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 11 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 12 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 13 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A  	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon  	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 14 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	- Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	 -	 Multi-Family	OF	-	Office	 
	 	2	- Foreclosure	7	-	REO	 	 	Foreclosure	RT	 -	 Retail	MU	-	Mixed use	 
	 	3	- Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	 -	 Health Care	LO	-	Lodging	 
	 	4	- Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	 -	 Industrial	SS	-	Self Storage	 
	 	5	- Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	 -	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	 -	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 15 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 16 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	Page 17 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 18 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 19 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 20 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	 	 	Stated
    Principal

    Balance at

    Contribution	 	 	Current
    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 21 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 22 of 24

    	 

    

 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	Page 23 of 24

    	 

    
 

	 	 	 	 
		Morgan Stanley Capital I Trust 2015-UBS8

    Commercial Mortgage Pass-Through Certificates

    Series 2015-UBS8	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	1/15/16
	8480 Stagecoach Circle	Record Date:	12/31/15
	Frederick, MD 21701-4747	Determination Date:	1/11/16

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	Other Disclosable Special Servicer Fees	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Page 24 of 24

    	 

    

 

  

EXHIBIT
L

FORM OF TRUST ADVISOR ANNUAL REPORT

 

Report
Date: Report will be delivered annually no later than [INSERT DATE].

Transaction: Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through 

Certificates, Series 2015-UBS8

Trust Advisor: Situs Holdings, LLC

Special Servicer: [                ]

Controlling Class Representative: [                ]

 

I. Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing
Agreement”), executed in connection with the above-referenced transaction, as well as the items listed below, the Trust
Advisor has undertaken a limited review of the Special Servicer’s operational practices in light of the Servicing Standard
and the requirements of the Pooling and Servicing Agreement and has discussed with the Special Servicer its stated policies and
procedures, operational controls and protocols, risk management systems, intellectual resources, the Special Servicer’s reasoning
for believing it is in compliance with the Pooling and Servicing Agreement and other pertinent information the Trust Advisor considers
relevant, in each case, insofar as such information relates to the resolution or liquidation of the Specially Serviced Mortgage
Loans and REO Properties and provides this Trust Advisor Annual Report.

 

No information or any
other content included in this Trust Advisor Annual Report contravenes any provision of the Pooling and Servicing Agreement. This
Trust Advisor Annual Report sets forth the Trust Advisor’s assessment of the Special Servicer’s performance of its
duties under the Pooling and Servicing Agreement during the prior calendar year on a platform-level basis with respect to the resolution
or liquidation of Specially Serviced Mortgage Loans and REO Properties during the prior calendar year.

 

Subject to the restrictions
in the Pooling and Servicing Agreement, this Trust Advisor Annual Report (A) identifies any material deviations, if any (i) from
the Servicing Standard and (ii) from the Special Servicer’s obligations under the Pooling and Servicing Agreement with respect
to the resolution or liquidation of Specially Serviced Mortgage Loans and REO Properties and (B) complies with all of the confidentiality
requirements described in the Pooling and Servicing Agreement.

 

In connection with
the assessment set forth in this report, the Trust Advisor:

 

		1.	Reviewed any annual compliance statement delivered to the Trust Advisor by the Special Servicer
pursuant to Section 13.9 the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

    	L-1

    	 

    

 

Trust Advisor Actions:

 

		2.	Reviewed any annual independent public accountants’ servicing report delivered to the Trust
Advisor by the Special Servicer pursuant to Section 13.11 of the Pooling and Servicing Agreement and the following issues
were noted therein: [ ]

 

Trust Advisor Actions:

 

		3.	Reviewed any [Final] Asset Status Report and other information or communications delivered to the
Trust Advisor and the following issues were noted therein: [ ]

 

Trust Advisor Actions:

 

Based on such review
and/or consultation with, or other information provided by the Special Servicer, and on the Trust Advisor’s performance of
its obligations under the Pooling and Servicing Agreement, the Trust Advisor [does] [does not] believe there are material violations
of the Special Servicer’s compliance with its obligations under the Pooling and Servicing Agreement.

 

Qualifications related
to the work product undertaken and opinions related to this report:

 

		1.	The Trust Advisor did not participate in, or have access to, the Special Servicer’s and Controlling
Class Representative’s discussion(s) regarding any Specially Serviced Mortgage Loan.

 

		2.	The Special Servicer has the legal authority and responsibility to service the Specially Serviced
Mortgage Loans pursuant to the Pooling and Servicing Agreement. The Trust Advisor has no responsibility or authority to alter the
standards set forth therein.

 

		3.	Confidentiality and other contractual restrictions limit the Trust Advisor’s ability to outline
herein the details or substance of certain information it reviewed in connection with its duties under the Pooling and Servicing
Agreement. As a result, this report may not reflect all the relevant information that the Trust Advisor is given access to by the
Special Servicer. However, all such information is considered in preparing this report.

 

		4.	There are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially
Serviced Mortgage Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions, capital
reserve changes, etc. The Trust Advisor does not participate in discussions regarding such actions. As such, the Trust Advisor
has not assessed the Special Servicer’s operational compliance with respect to those types of actions.

 

    	L-2

    	 

    

 

Terms used but not
defined herein have the meaning set forth in the Pooling and Servicing Agreement as described herein.

	 	 	 
	 	Situs Holdings, LLC
	 	 	 
	 	By:	 
		 	Name:

Title:

 

    	L-3

    	 

    

  

EXHIBIT
M

FORM OF FINANCIAL MARKET PUBLISHERs CERTIFICATION (SECTION 5.4(h))

and CREFC® Certification (Section 5.4(k)) 

 

This Certification has been prepared
for provision of information to the market data providers listed in the second paragraph below pursuant to the direction of the
Depositor or the CRE Finance Council®. If you represent a Financial Market Publisher not listed herein and would
like access to the information, please contact CTSLink at (866) 846-4526, or at ctslink.customerservice@wellsfargo.com.  

 

In connection with the Morgan Stanley Capital
I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates Series 2015-UBS8 (the “Certificates”), the
undersigned hereby certifies and agrees as follows:

 

The undersigned is [an employee or agent of
BlackRock Financial Management, Inc., Trepp, LLC, Bloomberg L.P., Thomson Reuters, CMBS.com, Inc., Intex Solutions, Inc., Markit
Group Limited or a market data provider that has been given access to the Distribution Date Statements, CREFC® reports
and supplemental notices on www.ctslink.com by request of the Depositor][an employee or agent of the CRE Finance Council®
that has been given access to the Distribution Date Statements and CREFC® reports on www.ctslink.com].

 

The undersigned agrees that each time it accesses
www.ctslink.com, the undersigned is deemed to have recertified that the representation above remains true and correct.

 

Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF, the undersigned
has made the representations above and has caused, or shall be deemed to have caused, its name to be signed hereto by its duly
authorized signatory, as of the date certified. 

	 	 	 
	 	[______________________]
	 	 	 
	 	By:	 
		 	Name:

Title:

Phone:

E-mail:

 

Dated:

 

    	M-1

    	 

    

 

EXHIBIT
N-1

 

[Reserved]

 

    	N-1-1

    	 

    

 

EXHIBIT
N-2

 

[Reserved]

 

    	N-2-1

    	 

    

EXHIBIT
O-1

FORM OF POWER OF ATTORNEY TO 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

Facsimile: (913) 253-9001

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

Wells Fargo Bank, National Association, a
national banking association organized and existing under the laws of the United States and having an office at 9062 Old
Annapolis Road, Columbia, Maryland 21045, not in its individual capacity but solely as Trustee (in such capacity,
the “Trustee”), hereby constitutes and appoints [_____] (the “Master Servicer”), as its
true and lawful Attorney-in-Fact, and in its name, aforesaid Attorney-In-Fact, by and through any authorized representative
appointed by the Board of Directors of the Master Servicer, to execute and acknowledge in writing or by facsimile stamp
all documents customarily and reasonably necessary and appropriate for the tasks described in the items (1) through (12)
below; provided however, that the documents described below may only be executed and delivered by such Attorney-In-Fact if
such documents are required or permitted under the terms of the Pooling and Servicing Agreement, dated as of December 1,
2015 (the “Agreement”) between Morgan Stanley Capital I Inc., as depositor
(the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as Trustee,
certificate administrator (in such capacity, the “Certificate Administrator”), certificate registrar,
authenticating agent and custodian, and Situs Holdings, LLC, as trust advisor relating to the Morgan Stanley Capital I Trust
2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, and no power is granted hereunder to take any
action that would be adverse to the interests of Wells Fargo Bank, National Association.

This Limited Power of Attorney is being issued in connection
with the Master Servicer’s responsibilities to service certain mortgage loans (the “Loans”) held by Wells
Fargo Bank, National Association, as Trustee. The Loans are comprised of mortgages or deeds of trust (the “Mortgages”
and “Deeds of Trust” respectively), and other forms of security instruments (collectively, the “Security
Instruments”) and the Mortgage Notes secured thereby. Capitalized terms used but not defined herein shall have the respective
meanings assigned thereto in the Agreement.

		1.	Demand, sue for, recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter
shall become due and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take
any lawful means for recovery by legal process or otherwise, including but not limited to

    	O-1-1 

    	 

    

 

 

			the substitution of trustee serving under a Deed of Trust, the preparation and issuance of statements
of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed
by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-judicial foreclosure,
actions for temporary restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and all other tort,
contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications in support thereof,
as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action. 

		2.	Execute and/or file such documents and take such other action as is proper and necessary to defend Wells Fargo Bank, National
Association, as Trustee, in litigation and to resolve any litigation where the Master Servicer has an obligation to defend Wells
Fargo Bank, National Association, as Trustee, including but not limited to dismissal, termination, cancellation, rescission and
settlement.

		3.	Transact business of any kind regarding the Loans and the Mortgaged Properties

		4.	Obtain an interest therein and/or building thereon, as Wells Fargo Bank, National Association, as Trustee’s act and deed,
to contract for, purchase, receive and take possession and evidence of title in and to the property and/or to secure payment of
a promissory note or performance of any obligation or agreement.

		5.	Execute, complete, indorse or file bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments
regarding the Mortgagors, the Loans and/or the Mortgaged Properties, including but not limited to the execution of estoppel certificates,
financing statements, continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans,
waivers, consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment
agreements, non-disturbance and attornment agreements, leasing agreements, management agreements, listing agreements, purchase
and sale agreements, and other instruments pertaining to Mortgages or Deeds of Trust, and execution of deeds and associated instruments,
if any, conveying the Mortgaged Properties, in the interest of Wells Fargo Bank, National Association, as Trustee.

		6.	Endorse on behalf of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned
and draw upon, replace, substitute, release or amend letters of credit as property securing the Loans.

		7.	[RESERVED]

		8.	Such other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish
the Master Servicer’s duties and responsibilities under the Agreement.

		9.	Execute any document or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust
as necessary to transfer ownership of the

    	O-1-2 

    	 

    

 

			affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership
of the Loans.

		10.	Subordinate the lien of a Mortgage, Deed of Trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable,
or (ii) to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including
but not limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose,
and the execution or requests to the trustees to accomplish the same.

		11.	Convey the Mortgaged Property to the mortgage insurer, or close the title to the Mortgaged Property to be acquired as real
estate owner, or convey title to real estate owned property (“REO Property”).

		12.	Execute and deliver the following documentation with respect to the sale of the REO Property acquired through a foreclosure
or deed-in-lieu of foreclosure, including, without limitation, listing agreements, purchase and sale agreements, grant / limited
or special warranty / quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the
Mortgaged Property to a party contracted to purchase same, escrow instructions and any all documents necessary to effect the transfer
of REO Property.

The undersigned gives said Attorney-in-Fact full power and
authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect
the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do as of [date].

This appointment is to be construed and interpreted as a
limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give
rise to, and it is not to be construed as a general power of attorney.

The Master Servicer hereby agrees to indemnify and hold Wells
Fargo Bank, National Association, as Trustee, and its directors, officers, employees and agents harmless from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever incurred by the Trustee by reason or result of the misuse of this Limited Power of Attorney by the Master
Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier
resignation or removal of Wells Fargo Bank, National Association, as Trustee under the Agreement.

    	O-1-3 

    	 

    

Witness my hand and seal this            
day of                              ,
2015.

		Wells Fargo Bank, National Association, as Trustee, for Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8

 

	 	 	By:  	 
	Witness:       	 	 	, Vice President
	 	 	 	 
	 	 	 	 
	Witness:	 	 	 
	 	 	 	 
	 	 	 	 
	Attest:                                     ,
    Assistant Secretary	 	 	 

    	O-1-4 

    	 

    

CORPORATE ACKNOWLEDGMENT

State of Maryland

County of                                       

On this                                          
day of                                           
, 2015, before me, the undersigned, a Notary Public in and for said County and State,
personally appeared __________________ , personally known to me (or proved to me on the basis of satisfactory
evidence) to be the persons who executed the within instrument as a Vice President of Wells Fargo Bank, National Association,
a national banking association, and acknowledged to me that Wells Fargo Bank, National Association, as Trustee for Morgan
Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 executed the within
instrument pursuant to its by-laws or a resolution of its Board of Directors.

	WITNESS my hand and official seal.	 
	Signature:  		 
	 	 
	My commission expires:	
	 	

    	O-1-5 

    	 

    

 EXHIBIT
O-2

 

FORM
OF POWER OF ATTORNEY TO Special SERVICER

 

RECORDING REQUESTED BY:

[insert address]

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wells Fargo Bank, National Association, a national banking association, incorporated and
existing under the laws of the United States, having its usual place of business at 9062 Old Annapolis Road, Columbia, Maryland
21045, as Trustee (the “Trustee”) pursuant to that Pooling and Servicing Agreement dated as of December 1, 2015
(the “Agreement”) entered into between Morgan Stanley Capital I Inc., as depositor (the “Depositor”),
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special
servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as Trustee, certificate administrator,
certificate registrar, authenticating agent and custodian, and Situs Holdings, LLC, as trust advisor relating to the Morgan Stanley
Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, and the Trustee hereby constitutes
and appoints [_________________] (the “Special Servicer”), by and through the Special Servicer’s officers
and authorized employees, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and
for the Trustee’s benefit, in connection with all mortgage loans serviced by the Special Servicer (the “Mortgage
Loans”) and all properties (“REO Properties”) administered by the Special Servicer pursuant to the
Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items (1) through (13) below with respect to the Mortgage Loans and REO
Properties; provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if
such documents are required or permitted under the terms of the Agreement. Capitalized terms used herein and not otherwise defined
herein have the meanings set forth in the Agreement.

 

1.          The
endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

2.          The
modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the purpose
of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct title
errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance, (i)
does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of
the Agreement.

 

    	O-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 any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged Property”)
to be acquired as REO Property, or conveyance of title to any REO Property.

 

5.          The
completion of loan assumption agreements and transfers of interest in borrower entities.

 

6.          The
full satisfaction/release of a Mortgage or full conveyance upon payment and discharge of all sums secured thereby, including, without
limitation, cancellation of the related promissory note.

 

7.          The
assignment of any Mortgage and the related promissory note and other loan documents, in connection with the purchase or repurchase
of the Mortgage Loan secured and evidenced thereby.

 

8.          The
full assignment of a Mortgage upon payment and discharge of all sums secured thereby in conjunction with the refinancing thereof,
including, without limitation, the assignment of the related promissory note and other loan documents.

 

9.          The
full enforcement of and preservation of the Trustee’s interests in any Mortgage or the related promissory note, and in the
proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of the Trust, foreclosure,
the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure and/or any related litigation,
including without limitation, guaranty or receivership litigation, or litigation on the note, or the termination, cancellation
or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings with respect
to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the initiation or defense of any
litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any
Mortgage or the related promissory note;

 

    	O-2-2

    	 

    

 

		f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions;

 

		h.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

		i.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the
terms of the Mortgage or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

10.          With
respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation, the
execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property
to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to
effect the transfer of property.

 

11.          The
modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement of
personal property.

 

12.          Execute
and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in its capacity
as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission of fault
or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.

 

13.          The
execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage or other security document in the related Mortgage File or the related Mortgaged Property
and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments;

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any 

 

    	O-2-3

    	 

    

 

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 Wells Fargo Bank, National Association, as Trustee, under this Limited Power of
Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of its
attorneys-in-fact as are necessary for such purpose. The Special Servicer’s attorneys-in-fact shall have no greater authority
than that held by the Special Servicer.

 

Nothing contained herein
shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights
and protections afforded the 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 Wells Fargo Bank, 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 Wells
Fargo Bank, National Association, solely in its capacity as Trustee, then the Special Servicer shall promptly forward a copy of
same to the Trustee.

 

    	O-2-4

    	 

    

 

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

 

The
Special Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever incurred by the Trustee by reason or result of 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.

 

    	O-2-5

    	 

    

 

IN WITNESS WHEREOF, Wells Fargo Bank, National Association,
as Trustee for MSCI 2015-UBS8 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                                ,
2015.

	 	 	 	 
	 	 	Wells Fargo Bank, National
    Association, as Trustee, for Morgan Stanley Capital I Trust 2015-UBS8
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	Address:	Wells Fargo Bank, National
	 	 	 	Association
	 	 	 	9062 Old Annapolis Road
	 	 	 	Columbia, Maryland 21045

	 	 
	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 

 

    	O-2-6

    	 

    

  

	STATE OF	)	 
	 	)     ss.:
	COUNTY OF	)	 

 

On
________________________, before me, _________________________________ Notary Public, personally appeared ___________________________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of __________ that the foregoing paragraph is true and correct.

 

Witness
my hand and official seal. 

	 	 
	 	Notary signature
	 	 
	[SEAL]	 
	 	 
	My commission expires:	 
	 	 

  

    	O-2-7

    	 

    

 

EXHIBIT
P-1

FORM OF CERTIFICATION 

 

Re:Morgan
Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 (the “Transaction”),
issued pursuant to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
executed in connection with the Transaction (capitalized terms used but not defined herein have the meanings set forth in the Pooling
and Servicing Agreement).

 

 

 

I, [identity of 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 Morgan Stanley Capital I Trust 2015-UBS8 (the “Exchange Act periodic reports”);

 

2.          Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

  

3.          Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

  

4.          Based
on my knowledge and the servicer compliance statement(s) required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreement(s)
in all material respects; and

  

5.          All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

		·	Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer;

		·	Rialto Capital Advisors, LLC, as Special Servicer;

		·	Situs Holdings, LLC, as Trust Advisor;

 

    	P-1-1

    	 

    

 

		·	Wells Fargo Bank, National Association, as Trustee, Certificate Administrator, Certificate Registrar,
Authenticating Agent and Custodian;

		·	[names of sub-servicers]

 

Date: [___]

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	P-1-2

    	 

    

 

EXHIBIT
P-2

REPORTING SERVICER FORM OF PERFORMANCE CERTIFICATION

  

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York, New York 10036

Attention: Stephen Holmes

 

Re:       Morgan
Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 (the “Transaction”),
issued pursuant to the Pooling and Servicing Agreement dated as of December 1, 2015 (the “Pooling and Servicing Agreement”),
executed in connection with the Transaction.

 

     Capitalized terms
used but not defined herein have the meanings set forth in the [Pooling and Servicing Agreement] [the Subservicing Agreement, dated
as of [_] (the “Subservicing Agreement”) between [identify parties] or, if not defined in the Subservicing Agreement,
then the meanings set forth in the Pooling and Servicing Agreement].

 

 

 

I, [identity of certifying individual],
hereby certify to [Name of Certifying Person(s) for the Sarbanes-Oxley Certification], the Depositor and its officers, directors
and Affiliates (collectively, the “Certification Parties”) as follows, with the knowledge and intent that the
Certification Parties will rely on this Certification in connection with the certification concerning the Trust to be signed by
an officer of the Depositor and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

  

1.          I
[(or an officer supervised by me)] have reviewed the report of [servicing] information provided by the [Master Servicer/Special
Servicer/Trust Advisor/Certificate Administrator/Custodian/Trustee/Sub-Servicer] required in accordance with the Pooling and Servicing
Agreement for inclusion in the Annual Report on Form 10-K (“Form 10-K”) relating to the Trust and all reports
of information by the [Master Servicer/Special Servicer/Trust Advisor/Certificate Administrator/Custodian/Trustee/Sub-Servicer]
required in accordance with the Pooling and Servicing Agreement for inclusion in the Asset-Backed Issuer Distribution Reports on
Form 10-D (“Form 10-D”) relating to the Trust (such reports by the [Master Servicer/Special Servicer/Trust Advisor/Certificate
Administrator/Custodian/Trustee/Sub-Servicer], collectively, the “Applicable Periodic Reports”);

  

2.          Based
on my knowledge, the Applicable Periodic Reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Applicable Periodic Reports; 

 

3.          Based
on my knowledge, all of the [distribution], servicing and other information required to be provided in the Applicable Periodic
Reports under the provisions of the [Pooling

 

    	P-2-1

    	 

    

 

and Servicing/Subservicing] Agreement for the calendar year ending December 31, [____]
is included in the Applicable Periodic Reports;

  

4.          Based
on my knowledge and the compliance review conducted in preparing the [Master Servicer/Special Servicer/Trust Advisor/Certificate
Administrator/Custodian/Trustee/Sub-Servicer]’s compliance statement under Section [13.9] of the [Pooling and Servicing/Subservicing]
Agreement in connection with Item 1123 of Regulation AB, and except as disclosed in the Applicable Periodic Reports, the [Master
Servicer/Special Servicer/Trust Advisor/Certificate Administrator/Custodian/Trustee/Sub-Servicer] has fulfilled its obligations
under the [Pooling and Servicing/Subservicing] Agreement; and

 

5.          All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required under the [Pooling and Servicing/Subservicing]
Agreement to be included in this certification in connection with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18 have been delivered in accordance with the [Pooling and Servicing/Subservicing] Agreement and included as an exhibit to
this certification, except as otherwise disclosed in this certification. Any material instances of noncompliance required to be
described in such reports have been disclosed in such reports. 

 

In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: [name of trustee, custodian, certificate
administrator or other similar party; name of depositor; name of master servicer; name of trust advisor; name of special servicer;
name of other sub-servicer].

 

This Certification is being signed by me
as an officer of the [Master Servicer/Special Servicer/Trust Advisor/Certificate Administrator/Custodian/Trustee/Sub-Servicer]
responsible for reviewing [or overseeing review of] the activities performed by the [Master Servicer/Special Servicer/Trust Advisor/Certificate
Administrator/Custodian/Trustee/Sub-Servicer] under the [Pooling and Servicing/Subservicing] Agreement.

  

Date: [___] 

	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	P-2-2

    	 

    

 

Exhibit(s)

 

[List and attach applicable Item 1122 and
Item 1123 reports.]

 

    	P-2-3

    	 

    

 

EXHIBIT
Q

 

[Reserved]

 

    	Q-1

    	 

    

 

EXHIBIT
R

 

[Reserved]

 

    	R-1

    	 

    

 

EXHIBIT
S-1

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New
York, New York 10036

Attention:
Stephen Holmes 

 

		Re:	Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through
Certificates, Series 2015-UBS8 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”) and executed in connection with the issuance of the Certificates. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.          The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees (the “Excess Servicing Fee Right”),
with the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.          Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

    	S-1-1

    	 

    

 

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
		 	Name:

Title:

 

    	S-1-2

    	 

    

  

EXHIBIT
S-2

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Morgan Stanley Capital I Inc. 

1585 Broadway 

New York,
New York 10036

Attention: Stephen Holmes

  

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: (913) 253-9001

  

		Re:	Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through
Certificates, Series 2015-UBS8 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”) and executed in connection with the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.          The
Transferee is acquiring the right to receive Excess Servicing Fees (the “Excess Servicing Fee Right”) for its
own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof, in whole
or in part, in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state securities laws.

 

2.          The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit S-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor
have received a certificate from the

 

    	S-2-1

    	 

    

 

prospective transferee substantially in the form attached as Exhibit S-2 to the Pooling
and Servicing Agreement.

 

3.          The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 8.10 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.          The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.          The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess

 

    	S-2-2

    	 

    

 

Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or
representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such Persons’ auditors, legal counsel and regulators.

 

8.          The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 8.10 of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very truly yours,
	 	 	 
	 	By:	 
		 	Name:

Title:

  

cc:          Stinson
Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile: (816) 412-9338 

 

    	S-2-3

    	 

    

 

EXHIBIT
T

FORM OF NOTE HOLDER CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

 

Attention:             Morgan Stanley Capital I Trust 2015-UBS8,

Commercial Mortgage Pass-Through Certificates,

Series 2015-UBS8

 

Re:                        Morgan Stanley Capital I
Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement, dated as of December 1, 2015 (the “Pooling
and Servicing Agreement”; capitalized terms used but not defined herein shall have the meanings assigned thereto in the
Pooling and Servicing Agreement), executed in connection with the above-referenced transaction, the undersigned hereby certifies
and agrees as follows:

 

1.          The
undersigned is a holder of the following Serviced Companion Loan, B Note or Non-Serviced Companion Loan: [_]

 

2.          The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

 

3.          The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website pursuant to the provisions of the Pooling and Servicing Agreement.

 

In consideration of the disclosure to the
undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from such
outside persons as are assisting it in making an evaluation of the related Certificates and from its accountants and attorneys
(such persons, in each case, to be subject to the same requirement of confidentiality) 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.

 

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.

 

    	T-1

    	 

    

 

4.          The
undersigned shall be fully liable for any breach of the covenants or representations made by it or by any of its Representatives
in this certification and shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Trust Advisor, the Trust Fund, the Underwriters and the Initial Purchasers for any loss, liability or expense incurred
thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

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

	 	 	 
	 	[___________________]
	 	 	 
	 	By:	 
		 	Name:

Title:

Phone:

 

    	T-2

    	 

    

 

SCHEDULE
I

 

UBSRES Loan Schedule

 

(See attached)

 

    	Schedule I-1

    	 

    

  

  

	MSCI 2015-UBS8
	Mortgage Loan Schedule
	UBSRES
	 

	Mortgage

Loan Seller		Loan ID		Property Name 		Cut-off Date

Balance		Address 		City 		State 		Note Date		Maturity

 Date		Mortgage

Rate 		Original Term

to Maturity (mos.) 		Remaining Term

to Maturity (mos.)		Original 

Amortization 

Term (mos.) 		ARD 

(Yes/No) 		Primary Servicing

Fee Rate		Pari
Passu

Loan Primary

Servicing

Fee Rate
	UBSRES		1		525 Seventh Avenue		$70,000,000		525 Seventh Avenue		New York		NY		10/8/2015		11/6/2025		4.118%		120		119		360		No		0.00250%		0.00000%
	UBSRES		2		Ellenton Premium Outlets		$68,000,000		5461 Factory Shops Boulevard		Ellenton		FL		11/3/2015		12/1/2025		4.299%		120		120		0		No		0.00250%		0.00000%
	UBSRES		4		Meridian Office Complex		$52,000,000		10330 North Meridian Street & 101 West 103rd Street		Carmel		IN		11/16/2015		12/6/2025		4.982%		120		120		360		No		0.00250%		0.00000%
	UBSRES		5		Grove City Premium Outlets		$40,000,000		1911 Leesburg Grove City Road		Grove City		PA		11/3/2015		12/1/2025		4.309%		120		120		0		No		0.00250%		0.00000%
	UBSRES		6		Mall de las Aguilas		$25,000,000		455 South Bibb Avenue		Eagle Pass		TX		9/10/2015		9/6/2025		4.015%		120		117		360		No		0.00250%		0.00000%
	UBSRES		7		Gulfport Premium Outlets		$24,000,000		10000 Factory Shops Boulevard		Gulfport		MS		11/3/2015		12/1/2025		4.349%		120		120		0		No		0.00250%		0.00000%
	UBSRES		8		Holiday Inn Express - SFO		$22,973,660		1250 Bayshore Highway 		Burlingame		CA		11/5/2015		11/6/2025		5.259%		120		119		360		No		0.04000%		0.00000%
	UBSRES		9		Action Properties Portfolio		$22,541,472								11/3/2015		11/6/2025		5.221%		120		119		360		No		0.00250%		0.00000%
	UBSRES		9.01		Dyersburg Mall		$7,865,917		2700 Lake Road		Dyersburg		TN																		
	UBSRES		9.02		Center Marketplace		$3,221,280		639-677 Hurst Street		Center		TX																		
	UBSRES		9.03		Breckenridge Marketplace		$2,097,578		3732 West Walker Street		Breckenridge		TX																		
	UBSRES		9.04		Hamilton Heights		$1,797,924		1500 Military Street South		Hamilton		AL																		
	UBSRES		9.05		Rend Lake Plaza		$1,760,467		NWC of Washington Street and Central Street		Benton		IL																		
	UBSRES		9.06		Haleyville Marketplace		$1,573,183		42417 Highway 195		Haleyville		AL																		
	UBSRES		9.07		Pearl Marketplace		$1,528,235		3111 US Highway 80 East		Pearl		MS																		
	UBSRES		9.08		Lucedale Centre		$1,423,356		12114 Old Highway 63		Lucedale		MS																		
	UBSRES		9.09		Memorial Plaza		$1,273,529		200 Veterans Memorial Drive		Kosciusko		MS																		
	UBSRES		10		WPC Department Store Portfolio		$19,900,000								6/26/2015		7/6/2025		4.407%		120		115		360		No		0.00000%		0.00250%
	UBSRES		10.01		Brookfield		$4,735,978		95 North Moorland Road		Brookfield		WI																		
	UBSRES		10.02		Mayfair		$4,380,224		2400 North Mayfair Road		Wauwatosa		WI																		
	UBSRES		10.03		Southridge		$4,002,235		5300 South 76th Street		Greendale		WI																		
	UBSRES		10.04		Bay Park		$2,823,799		303 Bay Park Square		Ashwaubenon		WI																		
	UBSRES		10.05		Joliet		$2,134,525		3340 Mall Loop Drive		Joliet		IL																		
	UBSRES		10.06		West Acres		$1,823,240		3902 13th Avenue South		Fargo		ND																		
	UBSRES		12		Florida Keys Outlet Center		$17,000,000		250 East Palm Drive		Florida City		FL		11/3/2015		12/1/2025		4.169%		120		120		0		No		0.00250%		0.00000%
	UBSRES		14		Cape May Hotels		$15,924,543								7/17/2015		8/6/2025		4.833%		120		116		360		No		0.00000%		0.00250%
	UBSRES		14.01		Congress Hall		$13,600,790		200 Congress Place		Cape May		NJ																		
	UBSRES		14.02		The Star		$2,323,753		29 Perry Street		Cape May		NJ																		
	UBSRES		15		Patricia & Southway Manor		$15,718,795								11/5/2015		11/6/2025		5.109%		120		119		270		No		0.00250%		0.00000%
	UBSRES		15.01		Southway Manor		$7,923,295		7315-7497 Southway Drive 		Houston		TX																		
	UBSRES		15.02		Patricia Manor		$7,795,500		2503-2525 Patricia Manor Place		Houston		TX																		
	UBSRES		16		Porterwood		$12,600,000		23741 US 59 North		Porter		TX		10/29/2015		11/6/2025		4.826%		120		119		360		No		0.00250%		0.00000%
	UBSRES		17		Chimneys of Oak Creek Apartments		$12,467,264		1848 Chimney Lane		Kettering		OH		10/1/2015		10/6/2025		4.294%		120		118		360		No		0.05000%		0.00000%
	UBSRES		19		Lafayette Shopping Center		$11,486,011		424-472 Pike Street		Marietta		OH		10/20/2015		11/6/2025		4.933%		120		119		360		No		0.00250%		0.00000%
	UBSRES		20		Viva Branchburg		$11,300,000		3140 Route 22 West		Branchburg		NJ		11/2/2015		11/6/2025		4.575%		120		119		360		No		0.00250%		0.00000%
	UBSRES		22		Waterfall Village		$11,000,000		245 Hamburg Turnpike		Bloomingdale		NJ		8/31/2015		9/6/2025		4.488%		120		117		360		No		0.00250%		0.00000%
	UBSRES		23		Crowne Plaza Englewood		$10,972,666		401 South Van Brunt Street		Englewood		NJ		10/30/2015		11/6/2025		4.816%		120		119		240		No		0.00250%		0.00000%
	UBSRES		24		Holiday Inn Express - Atlanta Airport		$10,963,417		3833 Princeton Lakes Court		Atlanta		GA		9/10/2015		9/6/2025		5.226%		120		117		360		No		0.00250%		0.00000%
	UBSRES		25		Staybridge Suites Lincolnshire		$10,247,621		100 Barclay Boulevard		Lincolnshire		IL		11/6/2015		11/6/2025		4.978%		120		119		360		No		0.00250%		0.00000%
	UBSRES		27		Hampton Inn Panama City Beach		$9,477,538		2909 Thomas Drive		Panama City Beach		FL		10/9/2015		10/6/2025		4.800%		120		118		360		No		0.06000%		0.00000%
	UBSRES		28		Staybridge Suites Glenview		$9,128,972		2600 Lehigh Avenue		Glenview		IL		11/6/2015		11/6/2025		4.978%		120		119		360		No		0.00250%		0.00000%
	UBSRES		31		TownePlace Suites Dallas Desoto		$8,979,141		2700 Travis Street		DeSoto		TX		10/9/2015		10/6/2025		4.897%		120		118		360		No		0.00250%		0.00000%
	UBSRES		34		Hampton Inn - Harvey		$8,485,766		1651 5th Street		Harvey		LA		10/30/2015		11/6/2025		5.019%		120		119		300		No		0.00250%		0.00000%
	UBSRES		36		Chelsea Lane Apartments		$8,086,617		8039 Boone Road		Houston		TX		11/5/2015		11/6/2025		5.109%		120		119		300		No		0.00250%		0.00000%
	UBSRES		37		Charles River Plaza North		$7,945,877		185 Cambridge Street		Boston		MA		7/7/2015		8/6/2025		4.187%		120		116		315		Yes		0.00000%		0.00250%
	UBSRES		39		34 Executive Drive		$7,374,034		34 Executive Drive		Danbury		CT		8/26/2015		9/6/2025		4.959%		120		117		360		No		0.00250%		0.00000%
	UBSRES		42		Rivercrest Arms Apartments		$5,984,933		23560 Denton Street		Charter Township of Clinton		MI		10/1/2015		10/6/2025		4.504%		120		118		360		No		0.05000%		0.00000%
	UBSRES		43		Romeoville Town Center		$5,604,725		377 South Weber Road		Romeoville		IL		9/4/2015		9/6/2025		4.824%		120		117		360		No		0.00250%		0.00000%
	UBSRES		44		Shoppes at Grove City		$5,500,000		1760-1790 Stringtown Road		Grove City		OH		9/14/2015		10/6/2025		4.696%		120		118		360		No		0.00250%		0.00000%
	UBSRES		45		Crystal Industrial Park		$5,400,000		11901 Amedicus Lane		Fort Myers		FL		10/8/2015		10/6/2025		5.114%		120		118		360		No		0.06000%		0.00000%
	UBSRES		47		River Forest Apartments		$4,787,807		3500 Rue Foret		Flint Township		MI		10/1/2015		10/6/2025		4.447%		120		118		360		No		0.05000%		0.00000%
	UBSRES		48		The Shoppes at Blueberry Hill		$4,489,317		1715 South Easton Road		Doylestown		PA		9/18/2015		10/6/2025		4.781%		120		118		360		No		0.00250%		0.00000%
	UBSRES		51		StorQuest Aurora		$3,750,000		16650 East Alameda Parkway 		Aurora		CO		11/5/2015		11/6/2025		4.652%		120		119		0		No		0.08000%		0.00000%
	UBSRES		52		2071 Ringwood Avenue		$3,700,000		2071 Ringwood Avenue		San Jose		CA		9/2/2015		9/6/2025		4.207%		120		117		360		No		0.00250%		0.00000%
	UBSRES		55		CVS - Mobile		$2,342,759		7101 Cottage Hill Road		Mobile		AL		9/1/2015		9/6/2025		4.868%		120		117		240		No		0.06000%		0.00000%
	UBSRES		56		Carlsborg MHC		$1,997,936		491 Mill Road		Sequim		WA		10/30/2015		11/6/2025		5.812%		120		119		360		No		0.00250%		0.00000%
	UBSRES		57		148 Tunnel Road		$1,747,914		148 Tunnel Road		Asheville		NC		10/21/2015		11/6/2025		5.044%		120		119		360		No		0.00250%		0.00000%

  

 

    	Schedule I-2

    	 

    

 

SCHEDULE
II

 

Bank of America Loan Schedule

 

(See attached)

 

    	Schedule II-1

    	 

    

  

 

MSCI 2015-UBS8 

Mortgage Loan Schedule

BANA

 

	Mortgage

Loan Seller		Loan ID		Property Name 		Cut-off Date

Balance		Address 		City 		State 		Note Date		Maturity

 Date		Mortgage

Rate 		Original Term

to Maturity (mos.) 		Remaining Term

to Maturity (mos.)		Original 

Amortization 

Term (mos.) 		ARD 

(Yes/No) 		Primary Servicing

Fee Rate		Pari
Passu

Loan Primary

Servicing

Fee Rate
	BANA		3		Camino Village		$66,485,000		256-296 North El Camino Real		Encinitas		CA		10/29/2015		11/1/2025		4.567%		120		119		0		No		0.00250%		0.00000%
	BANA		11		Radisson - Buena Park, CA		$17,550,000		7762 Beach Boulevard		Buena Park		CA		11/5/2015		12/1/2025		5.082%		120		120		300		No		0.00250%		0.00000%
	BANA		26		2424 & 2500 Wilcrest Drive		$9,981,877		2424 & 2500 Wilcrest Drive		Houston		TX		10/23/2015		11/1/2025		4.485%		120		119		300		No		0.00250%		0.00000%
	BANA		29		Sunshine Lake Estates MHC		$9,075,000		6530 Accent Lane		New Port Richey		FL		11/5/2015		12/1/2025		5.045%		120		120		360		No		0.00250%		0.00000%
	BANA		33		Holiday Inn - New London, CT		$8,600,000		35 Governor Winthrop Boulevard		New London		CT		3/13/2015		4/1/2025		4.480%		120		112		360		No		0.00250%		0.00000%
	BANA		35		Continental West MHC		$8,250,000		3740 North Romero Road		Tucson		AZ		10/29/2015		11/1/2025		4.499%		120		119		360		No		0.00250%		0.00000%
	BANA		40		Lakeview Terrace MHC		$6,600,000		5800 North Madison Avenue		Kansas City		MO		10/15/2015		11/1/2020		4.500%		60		59		360		No		0.00250%		0.00000%
	BANA		41		2250 Point Boulevard		$6,300,000		2250 Point Boulevard		Elgin		IL		11/6/2015		12/1/2025		5.168%		120		120		360		No		0.00000%		0.00000%
	BANA		46		CVS Detroit		$4,800,000		6862 Michigan Avenue		Detroit		MI		11/9/2015		12/1/2025		4.867%		120		120		360		No		0.00250%		0.00000%
	BANA		49		Diamond Grove Estates MHC		$4,125,000		5151 North Kain Avenue		Tucson		AZ		10/29/2015		11/1/2025		4.499%		120		119		360		No		0.00250%		0.00000%
	BANA		50		Katy Nottingham		$3,844,932		940-970 South Fry Road		Katy		TX		10/30/2015		11/1/2025		4.502%		120		119		360		No		0.00250%		0.00000%
	BANA		53		Garland Firewheel		$3,495,509		5129-5301 North Garland Avenue		Garland		TX		10/30/2015		11/1/2025		4.642%		120		119		360		No		0.00250%		0.00000%

 

 

    	Schedule II-2

    	 

    

 

SCHEDULE
III

 

MSMCH Loan Schedule

 

(See attached)

 

    	Schedule III-1 

     

    

 

 

	MSCI 2015-UBS8
	Mortgage Loan Schedule
	MSMCH

 

	Mortgage

Loan
Seller		Loan ID		Property Name 		Cut-off Date

Balance		Address 		City 		State 		Note Date		Maturity

 Date		Mortgage

Rate 		Original
Term

to Maturity

(mos.) 		Remaining Term

to Maturity (mos.)		Original 

Amortization 

Term (mos.) 		ARD 

(Yes/No) 		Primary Servicing

Fee Rate		Pari
Passu

Loan Primary

Servicing

Fee Rate
	MSMCH		13		Landmark at Siena Springs Apartments		$16,050,000		6101, 6107, 6113, 6119, 6125, 6131, 6143, 6137, 6149, 6155, 6161, 6167, 6173, 6179, 6185, 6191, 6197 Westgate Drive		Orlando		FL		10/8/2015		11/1/2025		4.800%		120		119		360		No		0.00250%		0.00000%
	MSMCH		18		Security Public Storage - Herndon, VA		$11,969,537		385 Spring Street & 303 Victory Drive		Herndon		VA		10/1/2015		10/1/2025		4.450%		120		118		360		No		0.00250%		0.00000%
	MSMCH		21		Imperial Suites		$11,000,000		27600 Franklin Road		Southfield		MI		9/18/2015		10/1/2025		4.290%		120		118		360		No		0.00250%		0.00000%
	MSMCH		30		166 Elizabeth Street		$9,000,000		166 Elizabeth Street		New York		NY		11/2/2015		12/1/2025		4.450%		120		120		0		No		0.00250%		0.00000%
	MSMCH		32		Lawrenceville Shopping Center		$8,651,651		455 Grayson Highway		Lawrenceville		GA		10/9/2015		11/1/2025		4.775%		120		119		360		No		0.00250%		0.00000%
	MSMCH		38		349 East 10th Street		$7,500,000		349 East 10th Street		New York		NY		10/30/2015		11/1/2025		4.450%		120		119		0		No		0.00250%		0.00000%
	MSMCH		54		Deer Hill Industrial		$2,842,909		209 AABC Avenue (Units A-H)		Aspen		CO		10/1/2015		10/1/2025		4.550%		120		118		360		No		0.00250%		0.00000%

 

  

 

    	Schedule III-2 

     

    

 

SCHEDULE
IV

 

[Reserved]

 

    	Schedule IV-1 

     

    

 

SCHEDULE
V

 

List of Mortgage Loans Secured by the
Interest of the Related Mortgagor Under a Ground Lease, Space Lease or Air Rights Lease (Section 8.3(i))

 

Gulfport Premium Outlets

Crowne Plaza Englewood

 

    	Schedule V-1 

     

    

 

SCHEDULE
VI

 

List of Mortgagors that are Third-Party
Beneficiaries Under Section 2.3(a)

 

None

 

    	Schedule VI-1 

     

    

 

SCHEDULE
VII

 

Certain Escrow Accounts for Which a
Required Repair is Outstanding Under Section 5.1(g)

 

Camino Village

Meridian Office Complex

Mall de las Aguilas

Action Properties Portfolio

WPC Department Store Portfolio

Waterfall Village

Crowne Plaza Englewood

2424 & 2500 Wilcrest Drive

Continental West MHC

Chelsea Lane Apartments

River Forest Apartments

 

    	Schedule VII-1 

     

    

 

SCHEDULE
VIII

 

Mortgage Loans as to Which a Lender
Register is to be Maintained

 

None

 

    	Schedule VIII-1 

     

    

 

SCHEDULE
IX

 

Mortgage Loans Secured by Mortgaged Properties

Covered by an Environmental Insurance Policy

 

Camino Village

34 Executive Drive

 

    	Schedule IX-1 

     

    

 

SCHEDULE X

 

SERVICING CRITERIA TO BE ADDRESSED
IN ASSESSMENT OF COMPLIANCE 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria”.

 

	 	Relevant Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	
		General Servicing Considerations	
	 	 	 
			
	1122(d)(1)(i)	
        Policies and procedures are instituted to monitor any performance
        or other triggers and events of default in accordance with the transaction agreements.

         
	
        Certificate Administrator 

        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 

        Custodian (if such entity is not
also the Certificate Administrator) 

	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	
        Certificate Administrator

Trustee

Master Servicer

Special Servicer 

        Custodian (if such entity is not
also the Certificate Administrator) 

	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.1	
        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

 

 

 

1 The servicing criteria
in Item 1122(d)(1)(v) of Regulation AB shall be applicable on and after November 23, 2015. 

 

    	Schedule X-1 

     

    

 

	 	Relevant Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate Administrator
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	
        Master Servicer

Special Servicer 

        Trustee 

	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	
        Certificate Administrator 

        Master Servicer 

        Special Servicer 

	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	
        Certificate Administrator 

        Master Servicer 

        Special Servicer 

	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	
        Master Servicer 

        Special Servicer 

        Certificate Administrator 

	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	
        

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 Servicer.	
        Certificate Administrator 

        Trust Advisor (excluding clauses (C) and
        (D) in the case of the Trust Advisor)

         

	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Certificate Administrator
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Certificate Administrator’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 	Certificate 

 

    	Schedule X-2 

     

    

 

	 	Relevant Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	
	 	checks,
    or other form of payment, or custodial bank statements.	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 

        Special Servicer 

	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	
        Master Servicer

         

	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 

        Trust Advisor 

	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	
        Master Servicer 

        Special Servicer 

	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	
        Master Servicer

         

	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	
        Master Servicer

         

	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, 	
        Master Servicer

         

 

    	Schedule X-3 

     

    

 

	 	Relevant Servicing Criteria	Applicable

Party(ies)
	Reference	Criteria	
	 	or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	
        Master Servicer

         

	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	
        Master Servicer

         

	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	
        Master Servicer

         

	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

At all times that the Master Servicer and Special Servicer are
the same entity, the Master Servicer and the Special Servicer may provide a combined assessment of compliance in respect of their
combined responsibilities under Section 1122 of Regulation AB.

 

    	Schedule X-4 

     

    

 

SCHEDULE
XI

 

Additional Form 10-D Disclosure

 

The parties identified in the “Party Responsible”
column are obligated pursuant to Section 13.4 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 13.4 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 financial statements required to be provided in connection with
Item 6 below, possession) of such information (other than information as to itself). Each of the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the
Prospectus Supplement (other than information with respect to itself that is set forth in or omitted from the Prospectus Supplement),
in the absence of specific notice to the contrary from the Depositor or Seller. Each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no
“significant obligor” other than a party identified as such in the Prospectus Supplement. For this Pooling and Servicing
Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as
such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the
meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.

 

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution and Pool Performance Information: 

        ·   Item
        1121 of Regulation AB (other than information contained in the Distribution Date Statement)

         
	
        ·  Master
Servicer (only with respect to Item 1121(a)(12) of Regulation AB as to non-Specially Serviced Mortgage Loans) 

        ·  Certificate
Administrator 

        ·   Depositor

         

	
        Item 2: Legal Proceedings: 

        ·   Item
        1117 of Regulation AB (to the extent material to Certificateholders)

         
	
        ·  Master
Servicer (as to itself) 

        ·  Special
Servicer (as to itself) 

        ·  Certificate
Administrator (as to itself) 

        ·  Trustee
(as to itself) 

        ·  Custodian
(as to itself) (if such entity is not also the Certificate Administrator) 

        ·  Depositor
(as to itself) 

        ·  Any
other Reporting Servicer (as to itself) 

        ·  Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

        ·  Each
Seller as sponsor (as defined in Regulation AB) 

        ·  Originators
under Item 1110 of Regulation AB 

        ·  Party
under Item 1100(d)(1) of Regulation  

 

    	Schedule XI-1 

     

    

 

 

	 	AB
	Item 3:  Sale of Securities and Use of Proceeds	·   Depositor
	Item 4:  Defaults Upon Senior Securities	
        ·   Certificate
Administrator 

        ·   Trustee 

	Item 5:  Submission of Matters to a Vote of Security Holders	
        ·   Certificate
Administrator 

        ·   Trustee 

        ·   Depositor 

	Item 6:  Significant Obligors of Pool Assets	
        ·   Depositor 

        ·   Sponsor 

        ·   Applicable
Seller 

        ·   Master
Servicer 

	[Item 7:  Change in Sponsor Interest in the Securities]**	[Each Seller as to itself and its affiliates]**
	[Item 7][Item 8]**:  Significant Enhancement Provider Information	·   Depositor
	[Item 8][Item 9]**:  Other Information	
        ·  Certificate
Administrator (including the balances of the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds
Account and the TA Unused Fees Account as of the related Distribution Date and the preceding Distribution Date) 

        ·   Master
Servicer (with respect to the balances of each REO Account (to the extent the related information has been received from the Special
Servicer within the time period specified in Section 13.4 of the Pooling and Servicing Agreement) and the Collection Account as
of the related Distribution Date and the preceding Distribution Date) 

        ·   Special
Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date) 

        ·  Any
other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
AB to the extent material to Certificateholders) 

	[Item 9][Item 10]**:  Exhibits	
        ·  Certificate
Administrator 

        ·  Depositor 

        

 

    	Schedule XI-2 

     

    

 

	 	
        

        ·  Master
Servicer 

        ·  Special
Servicer 

 

* Effective from and after November 23, 2016, unless otherwise
indicated by the Commission in a manner satisfactory to the Depositor. 

** Effective from and after November 23, 2015.

 

    	Schedule XI-3 

     

    

 

SCHEDULE
XII

 

Additional Form 10-K Disclosure

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 13.5 of the Pooling and Servicing Agreement to disclose to the
Depositor and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item
on Form 10-K” column to the extent such party has actual knowledge (and in the case of financial statements required to be
provided in connection with 1112(b) below, possession) of such information (other than information as to itself). Each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on
the accuracy of the Prospectus Supplement (other than information with respect to itself that is set forth in or omitted from the
Prospectus Supplement), in the absence of specific notice to the contrary from the Depositor or a Seller. Each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively
assume that there is no “significant obligor” other than a party identified as such in the Prospectus Supplement. For
this Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer
(in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus Supplement.

 

	Item on Form 10-K	Party Responsible
	
        Item 1B: Unresolved Staff Comments

         
	·  Depositor
	Item 9B:  Other Information	
        ·  Certificate
Administrator 

        ·  Any
other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
AB to the extent material to Certificateholders) 

	Item 15:  Exhibits, Financial Statement Schedules	
        ·  Certificate
Administrator 

        ·  Depositor 

	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB (to the extent material
        to Certificateholders)

         
	
        ·  Master
Servicer (as to itself) 

        ·  Special
Servicer (as to itself) 

        ·  Certificate
Administrator (as to itself) 

        ·  Trustee
(as to itself) 

        ·  Custodian
(as to itself) (if such entity is not also the Certificate Administrator) 

        ·  Depositor
(as to itself) 

        ·  Any
other Reporting Servicer (as to itself) 

        ·  Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

        ·  Each
Seller as sponsor (as defined in  

 

    	Schedule XII-1 

     

    

 

 

	
        

         
	
        

           Regulation AB) 

        ·  Originators
under Item 1110 of Regulation AB 

        ·  Party
under Item 1100(d)(1) of Regulation AB 

	
        Additional Item: 

        Disclosure per Item 1119 of Regulation AB

         
	
        ·  Master
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under Item 1119(a) with the
Trustee, the Custodian (if such entity is not also the Certificate Administrator), the Certificate Administrator, the Special
Servicer, significant obligor contemplated by Item 1112, the Trust Advisor, any sub-servicer meeting any of the descriptions in
Item 1108(a)(3) or any enhancement or support provider contemplated by Items 1114 or 1115) 

        ·  Special
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under Item 1119(a) with the
Trustee, the Custodian (if such entity is not also the Certificate Administrator), the Certificate Administrator, the Master Servicer,
significant obligor contemplated by Item 1112, the Trust Advisor, any sub-servicer meeting any of the descriptions in Item 1108(a)(3)
or any enhancement or support provider contemplated by Items 1114 or 1115) 

        ·  Certificate
Administrator (as to itself) (to the extent material to Certificateholders) 

        ·  Trustee
(as to itself) (to the extent material to Certificateholders) 

        ·  Custodian
(as to itself, if such entity is not also the Certificate Administrator) (to the extent material to Certificateholders) 

        ·  Depositor
(as to itself and the Trust) 

        ·  Trustee/Certificate
Administrator/Custodian (if such entity is not also the Certificate Administrator)/Master Servicer/Depositor/Trust Advisor/Special
Servicer as to the Trust 

        ·  Each
Seller as sponsors (as defined in Regulation AB) 

        ·  Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        

 

    	Schedule XII-2 

     

    

 

 

	 	·  Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)
	
        Additional Item: 

        Disclosure per Item 1112(b) of Regulation AB 
	
        ·  Depositor 

        ·  Each
Applicable Seller as sponsor (as defined in Regulation AB) 

        ·  Master
Servicer 

	
        Additional Item: 

        Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB

         
	
        ·  Depositor 

 

    	Schedule XII-3 

     

    

 

SCHEDULE
XIII

 

Form 8-K Disclosure Information

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 13.7 of the Pooling and Servicing Agreement to report to the
Depositor and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K Item described
in the “Item on Form 8-K” column to the extent such party has actual knowledge of such information (other than information
as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity
as such) shall be entitled to rely on the accuracy of the Prospectus Supplement (other than information with respect to itself
that is set forth in or omitted from the Prospectus Supplement), in the absence of specific notice to the contrary from the Depositor
or a Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified
as such in the Prospectus Supplement. For this Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of
credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a
party identified as such in the Prospectus Supplement.

 

	Item on Form 8-K	Party Responsible 
	
        Item 1.01- Entry into a Material Definitive Agreement

         

        Disclosure is required regarding entry into or amendment of
        any definitive agreement that is material to the securitization, even if depositor is not a party.

        

        Examples: servicing agreement, custodial agreement.

        

        Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus

         
	·  Trustee/Certificate Administrator/Custodian (if such entity is not also the Certificate Administrator)/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	
        Item 1.02- Termination of a Material Definitive Agreement

         

        Disclosure is required regarding termination of any
definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor
is not a party.

Examples: servicing agreement, custodial 
	·   Trustee/Certificate Administrator/Custodian (if such entity is not also the Certificate Administrator)/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

 

    	Schedule XIII-1 

     

    

 

 

	agreement.	 
	Item 1.03- Bankruptcy or Receivership	·   Depositor
	
        Item 2.04- Triggering Events that Accelerate or Increase a Direct
        Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

         

        Includes an early amortization, performance trigger or other
        event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

        

        Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.

         
	
        ·   Depositor 

        ·   Certificate
        Administrator (with respect to an Obligation under an Off-Balance Sheet Arrangement, if any)

         

	
        Item 3.03- Material Modification to Rights of Security Holders

         

        Disclosure is required of any material modification to documents
        defining the rights of Certificateholders, including the Pooling and Servicing Agreement.

         
	 ·  Certificate Administrator
	
        Item 5.03- Amendments to Articles of Incorporation or Bylaws;
        Change in Fiscal Year

         

        Disclosure is required of any amendment “to the governing
        documents of the issuing entity”.

         
	 ·  Depositor
	Item 5.07 - Submission of Matters to a Vote of Security Holders	
        ·   Certificate
Administrator 

        ·   Trustee 

        ·   Depositor 

	Item 6.01- ABS Informational and Computational Material	  ·   Depositor
	
        Item 6.02- Change of Servicer or Trustee

         

        Requires disclosure of any removal, replacement, substitution
or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report,
other material servicers or trustee. 
	
        ·   Master
Servicer (as to itself or a servicer retained by it) 

        ·   Special
Servicer (as to itself or a servicer retained by it) 

        ·   Certificate
Administrator (as to itself as Certificate Administrator) 

        ·   Custodian
(as to itself as Custodian) (if such entity is not also the Certificate 

 

    	Schedule XIII-2 

     

    

 

	
         

         
	
             Administrator) 

        ·  Trustee
(as to Trustee) 

        ·  Depositor 

	Reg AB disclosure about any new servicer or master servicer is required.	·   Master Servicer or Special Servicer, as applicable (in each case, as to itself, or a sub-servicer retained by it)
	Reg AB disclosure about any new Trustee is required.	·   Trustee
	Reg AB disclosure about any new Certificate Administrator is required.	·   Certificate Administrator
	Reg AB disclosure about any new Custodian is required.	·   Custodian (if such entity is not also the Certificate Administrator)
	Item 6.03- Change in Credit Enhancement or Other External Support	
        ·  Depositor 

        ·  Certificate
Administrator 

	Item 6.04- Failure to Make a Required Distribution	  ·  Certificate Administrator
	
        Item 6.05- Securities Act Updating Disclosure

         

        If any material pool characteristic differs by 5% or more at
        the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the
        actual asset pool.

        

        If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
        the information called for in Items 1108 and 1110 respectively.

         
	  ·  Depositor
	Item 7.01- Regulation FD Disclosure	  ·   Depositor
	
        Item 8.01 – Other Events

         

        Any event, with respect to which information is not otherwise
        called for in Form 8-K, that the registrant deems of importance to certificateholders.

         
	
        ·   Depositor 

        ·   Master
Servicer, Special Servicer and each Applicable Seller as sponsor (as defined in Regulation AB) 

	Item 9.01 - Financial Statements and Exhibits	 ·   Responsible party for reporting/disclosing the financial statement or exhibit

 

    	Schedule XIII-3 

     

    

 

SCHEDULE
XIV

 

Additional Disclosure Notification

 

INSTRUCTIONS: 

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO [cts.sec.notifications@wellsfargo.com],
stephen.holmes@morganstanley.com AND VIA FIRST CLASS MAIL TO MORGAN STANLEY CAPITAL I INC.

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT
MAIL TO THE ADDRESSES IMMEDIATELY BELOW

 

Wells Fargo Bank, National Association, as Certificate Administrator 

9062 Old Annapolis Road 

Columbia, Maryland 21045 

Attn: [Corporate Trust Services—]MSCI 2015-UBS8[—SEC
REPORT PROCESSING] 

Email: [cts.sec.notifications@wellsfargo.com]

 

Morgan Stanley Capital I Inc., as Depositor 

1585 Broadway 

New York, New York 10036 

Attn:Stephen Holmes 

Facsimile: (646) 435-2881 

Email: stephen.holmes@morganstanley.com

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [  ] of the Pooling
and Servicing Agreement, dated as of [          ][  ], 2015, among [          ], as [          ], [          ], as [          ], [          ], as [          ] and [          ], as [          ]. the undersigned,
as [          ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

[With respect to Collection Account and REO
Account balance information:

 

	Account Name	Beginning Balance as

of MM/DD/YYYY	Ending Balance as of

MM/DD/YYYY
	Collection Account		
	REO Account		

 

    	Schedule XIV-1 

     

    

 

]

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification
should be directed to [                    ],
phone number: [          ]; email address: [                    ]. 

	 	 	 
	 	[NAME OF PARTY],
 as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Schedule XIV-2 

     

    

 

SCHEDULE
XV

 

Seller Sub-Servicers

 

Berkadia Commercial Mortgage LLC

Bernard Financial Corporation d/b/a Bernard
Financial Servicing Group

Grandbridge Real Estate Capital LLC

NorthMarq Capital, LLC

Preferred Capital Advisors

 

    	 

    	 

    

 

    	Schedule XV-1 

     

    

 

SCHEDULE
XVI

 

Letters of Credit

 

Viva Branchburg

 

    	Schedule XVI-1 

     

    

 

SCHEDULE
XVII

 

Class A-SB Planned Principal Balance

 

	Month	Balance
    ($)	Month	Balance
    ($)	Month	Balance($)
	0	51,500,000.00	40	51,500,000.00	80	32,292,810.76
	1	51,500,000.00	41	51,500,000.00	81	31,381,447.40
	2	51,500,000.00	42	51,500,000.00	82	30,399,327.85
	3	51,500,000.00	43	51,500,000.00	83	29,480,259.01
	4	51,500,000.00	44	51,500,000.00	84	28,490,652.01
	5	51,500,000.00	45	51,500,000.00	85	27,563,815.48
	6	51,500,000.00	46	51,500,000.00	86	26,633,207.07
	7	51,500,000.00	47	51,500,000.00	87	25,499,538.35
	8	51,500,000.00	48	51,500,000.00	88	24,560,527.62
	9	51,500,000.00	49	51,500,000.00	89	23,551,542.97
	10	51,500,000.00	50	51,500,000.00	90	22,604,603.50
	11	51,500,000.00	51	51,500,000.00	91	21,587,914.44
	12	51,500,000.00	52	51,500,000.00	92	20,632,982.19
	13	51,500,000.00	53	51,500,000.00	93	19,674,162.97
	14	51,500,000.00	54	51,500,000.00	94	18,645,930.30
	15	51,500,000.00	55	51,500,000.00	95	17,679,022.36
	16	51,500,000.00	56	51,500,000.00	96	16,642,929.82
	17	51,500,000.00	57	51,500,000.00	97	15,667,867.81
	18	51,500,000.00	58	51,500,000.00	98	14,688,836.38
	19	51,500,000.00	59	51,455,403.73	99	13,576,107.46
	20	51,500,000.00	60	50,552,318.52	100	12,588,559.74
	21	51,500,000.00	61	49,715,242.09	101	11,532,411.38
	22	51,500,000.00	62	48,874,761.32	102	10,536,542.85
	23	51,500,000.00	63	47,822,831.53	103	9,472,309.11
	24	51,500,000.00	64	46,974,652.18	104	8,468,052.57
	25	51,500,000.00	65	46,053,928.81	105	7,459,706.98
	26	51,500,000.00	66	45,198,554.09	106	6,383,349.20
	27	51,500,000.00	67	44,270,838.96	107	5,366,514.79
	28	51,500,000.00	68	43,408,210.79	108	4,281,908.35
	29	51,500,000.00	69	42,542,073.66	109	3,256,516.53
	30	51,500,000.00	70	41,603,900.66	110	2,226,949.06
	31	51,500,000.00	71	40,730,423.21	111	1,003,531.76
	32	51,500,000.00	72	39,785,117.58	112
    and	0.00
	33	51,500,000.00	73	38,904,240.55	thereafter	
	34	51,500,000.00	74	38,019,779.85		
	35	51,500,000.00	75	36,927,963.62		
	36	51,500,000.00	76	36,035,460.99		
	37	51,500,000.00	77	35,071,668.50		
	38	51,500,000.00	78	34,171,612.69		
	39	51,500,000.00	79	33,200,480.74		 

 

    	Schedule XVII-1 

     

    

 

SCHEDULE
XVIII

 

Hospitality Properties Subject to Franchise,
Management or Similar Agreement

 

Holiday Inn Express - SFO

Radisson - Buena Park, CA

Crowne Plaza Englewood

Holiday Inn Express - Atlanta Airport

Staybridge Suites Lincolnshire

Hampton Inn Panama City Beach

Staybridge Suites Glenview

TownePlace Suites Dallas Desoto

Holiday Inn - New London, CT

Hampton Inn - Harvey

  

    	Schedule XVIII-1

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